2025-10-09 02:00Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the electronic industry, particularly in the context of computing power, storage, and end-device technology [1][3][11]. Core Insights and Arguments Computing Power - There is a sustained growth in computing power demand, with companies like AMD and ATC expected to gain market share alongside NVIDIA. The collaboration between OpenAI and AMD is anticipated to significantly increase the production of AMD's MI series, potentially doubling existing order volumes [3][11]. - Domestic ASIC and computing power solutions are seen as having rebound opportunities, with Tongfu Microelectronics highlighted as a direct beneficiary in the A-share market [1][3]. Huawei Ascend Series Chips - The Huawei Ascend series chips are projected to underperform in 2025 due to the 910B and 910C models not meeting the needs of major CSPs. However, the newly released 950, 960, and 970 series have shown significant improvements in ecosystem compatibility and technical support, suggesting a growth trajectory for the Huawei Ascend supply chain in 2026 [4][11]. PCB and Liquid Cooling Technologies - In the PCB sector, new technologies such as focus doubling and embedded capacitors are noteworthy. The liquid cooling technology is expected to continue its growth due to increasing heat dissipation density and energy-saving demands, particularly in overseas markets like the U.S. [5][11]. Storage Industry Performance - The storage industry has seen a significant quarter-over-quarter price increase in Q3, outperforming Q1 and Q2. This trend indicates a strong performance outlook for the storage sector, with particular emphasis on SSD, DRAM, and HDD opportunities [6][9][11]. - The HPD performance in the U.S. market has driven stock prices up, with HDD shortages leading to price increases and a shift towards SSDs due to their superior speed in enterprise storage applications [7][8][9]. Future Trends in Storage - The current storage cycle is driven by a supply-demand resonance, surpassing the previous cycle. Recent price tracking indicates notable increases in DRAM and SSD prices, particularly in early October and late September [9][11]. End-Device Market Opportunities - In the end-device sector, Meta's glasses have exceeded sales expectations, and the upcoming flagship model is expected to introduce new technologies, such as micro-pump liquid cooling for mobile devices. Meta is positioned as a leader in the VR and AI glasses market, with inventory levels significantly higher than previous years [2][10][11]. Other Important Insights - The focus for Q4 investment includes computing power, storage, and end-device technologies, with a particular emphasis on overseas ASIC, domestic computing power, and enterprise-level storage opportunities [11].