未知机构：假期综合版0223继续看好国产AI海外上游通胀东北计算机-20260224

Summary of Conference Call Notes Industry Overview - The focus is on the domestic AI sector and its rapid development, particularly in China, where advancements in model capabilities and computational resources are critical for growth [1] - The call highlights the increasing demand for multi-modal AI and the competitive landscape among major players in the industry [1] Key Points on Domestic AI Development 1. Model Performance: The Daily Active Users (DAU) for Doubao doubled during the Spring Festival, indicating strong user engagement. Major companies are beginning to showcase differences in large models as they enter the multi-modal space [1] 2. Computational Power: There is an emerging demand for computational resources driven by multi-modal AI. Domestic third-party computational power providers, such as H and Haiguang, are expected to see significant growth. The trend of self-developed GPUs and CPUs among major firms is becoming a certainty, comparable to overseas giants like Google [1] 3. Storage Sector: Since August and September of the previous year, there has been a strong bullish sentiment in the storage sector. Many domestic companies have started stockpiling, and the D5 segment is experiencing explosive growth, with the inference ecosystem rapidly expanding [1] Key Points on Overseas Inflation and PCB Industry 1. PCB Upstream Dynamics: Since recommending PCB upstream stocks in June of the previous year, the call notes that the sector is characterized by a "winner takes all" scenario. The domestic production breakthrough is crucial, with CCL prices increasing by 30-40%, electronic cloth prices continuing to rise, and copper foil prices increasing by 40-50% since October [1] 2. Liquid Cooling Technology: The call emphasizes the growing importance of liquid cooling solutions, with companies like NV and Google adopting these technologies. The market share for domestic products is expected to increase, with potential breakthroughs in core liquid cooling boards and CDU (Cooling Distribution Unit) [1] Additional Insights - The call suggests that the competitive landscape for liquid cooling components, such as liquid cooling boards and CDU, is favorable and warrants attention [1] - The transition in resin materials from PPO to OPE to hydrocarbons is noted as part of the ongoing changes in the PCB supply chain [1]