CITIC Securities: Investment Opportunities in the Storage Industry Chain

The CITIC Securities research report stated that NVIDIA's Rubin has entered mass production, and the next generation Feynman will further boost the demand for computational hardware. The server architecture is shifting from training dominance to a balance of training and inference, and from GPU dominance to a GPU+LPU architecture, introducing storage racks, CPU racks, LPX racks, etc., to further optimize system solutions. Manufacturers such as Google, AWS, Meta, and others are also accelerating the iteration of ASIC. The demand for computational chips continues to grow strongly, with advanced process technology, advanced storage, advanced packaging, PCB, and optical communication still being the most significant areas of hardware demand increment and technological innovation. TSMC, Samsung, Intel, and others are developing and expanding production of 2nm advanced process technology, HBM evolving to HBM4 and leading to custom chips, and advanced packaging forms like CoPoS and CoWoP emerging. The supply and demand for CPUs and traditional storage are gradually becoming tight.