CITIC Securities' Yan Guicheng: PCB, optical module and other sectors are expected to maintain high prosperity.

Yan Guicheng, head of the TMT and overseas research group at CITIC Securities, and chief analyst in the communication and artificial intelligence sectors, stated in an interview with reporters that the market trends in the communication and artificial intelligence fields are closely related to the improvement in industrial prosperity, with the core underlying logic coming from the development of the artificial intelligence industry. Since the release of the new generation of large models at the end of 2022, this core logic has remained unchanged, and market confidence in the artificial intelligence industry is mainly derived from the continuous iteration and upgrading of large model technology, which in turn drives the continued strong demand for computing power. "As a result, sectors related to computing power infrastructure, covering GPUs, CPUs, PCBs, optical modules, and many other areas, continue to benefit," Yan Guicheng believes that according to the laws of industrial development, the gap in computing power demand brought about by the iteration of large models continues to widen, combined with the continuous increase in capital expenditure by major companies, the prosperity of the above-mentioned sectors is expected to maintain a high growth trend.