Organization: Paying attention to opportunities for the extension of the computing power industry chain.

First Shanghai Securities stated that they continue to strongly favor the continuous high growth of computing power demand driven by AI applications. The inflection point of popularization of AI applications at home and abroad is approaching, and the computing power industry chain at home and abroad is resonating. The brokerage firm pointed out that the overseas computing power industry chain has strong demand, and discussions on capital expenditure plans for major companies in the next year are heating up, while the computing power prosperity continues. The tight balance of domestic computing power will continue, and bottleneck factors in domestic computing power such as advanced process capacity, advanced packaging capacity, large model adaptation, and HBM supply will gradually be overcome over time. It is expected that good news in the industry chain will continue to catalyze the market, and the investment opportunities in domestic computing power are promising in the second half of this year and even next year. It is recommended to focus on high-end PCBs, optical modules, server ODMs, and other segmented industries. Zhongjin Corporation believes that global computing power demand is undergoing systematic expansion, with GPUs and ASICs experiencing significant production growth. Additionally, the application of materials such as high frequency and high speed, combined with advancements in high-level and multi-layered design, is expected to significantly increase the value of single boards, driving the PCB industry to rise in both quantity and price. The total global market size of AI-related PCBs is expected to reach $5.6 billion/$10 billion in 2025/2026.