Sinolink Securities has released a research report expressing optimism for AI-PCB and computing hardware, Apple supply chain, AI-driven and autonomous industrial chains. With surging downstream inference demand driving robust ASIC growth and continuous NVIDIA technology upgrades, PCB prices and volumes are rising together. Currently, multiple AI-PCB companies are experiencing strong order momentum, operating at full capacity with aggressive expansion plans, positioning for sustained high growth in the second half of the year.

AI copper clad laminates are also experiencing strong demand. Due to slow overseas copper clad laminate capacity expansion, leading mainland manufacturers are well-positioned to benefit significantly. The robust demand for AI copper clad laminates and PCBs is also driving demand for supporting equipment (drilling machines, direct write lithography equipment, drill bits) and upstream materials like electronic fabrics and copper foil.

**Key Investment Themes**

The firm highlights several directions expected to outperform in Q3 results. AI-PCB supply chain performance is anticipated to continue exceeding expectations, driven by several factors: NVIDIA's NVL72 racks (GB200/300) and eight-card servers are actively ramping up with improving yields and significantly higher second-half shipments; strong ASIC demand with Google and Amazon ASIC server shipments growing rapidly year-over-year; AI-PCB manufacturers actively expanding capacity with new production coming online in Q3, while traditional PCB enters peak demand season in the second half alongside copper clad laminate price increases.

The firm projects that PCBs carrying CPX will see significant value enhancement, combined with new PCB demand from CX9 network cards, resulting in substantial PCB value increases for VR NVL144 CPX. NVIDIA is advancing orthogonal backplane development, potentially adopting M9+Q layouts, which could more than double single-rack PCB value if implemented.

Additionally, ASIC chip PCB technology continues upgrading from high multi-layer to HDI, with future evolution from M8 to M9 expected, driving continuous value enhancement. Multiple AI-PCB companies currently show strong orders, full production capacity, and aggressive expansion plans, supporting continued optimism for the AI-PCB beneficiary supply chain.

**Market Developments**

The iPhone 17 series offers strong value proposition with hot sales at launch, potentially driving Apple supply chain performance above expectations in Q3 and Q4. Semiconductor fab utilization rates continue improving, combined with domestic substitution trends, positioning semiconductor materials for significant benefits with sustained high growth momentum from Q1 and Q2.

Memory chip price increases are expected to drive outperformance for related companies. The firm also recommends attention to semiconductor equipment and SOC chip subsectors.

According to reports, OpenAI has partnered with Luxshare Precision to develop a new consumer device. This pocket-sized prototype features contextual awareness capabilities and deep integration with ChatGPT's large language model, potentially becoming a new AI interaction method beyond smartphones, supporting continued optimism for AI application implementation.

**Technical Value Projections**

The firm forecasts significant PCB value enhancement for VR NVL144 CPX. NVIDIA may potentially adopt M9+Q layouts, which could enable more than double growth in single-rack PCB value if implemented. ASIC chip PCB technology continues upgrading from high multi-layer to HDI, with future M8 to M9 evolution expected, driving sustained value growth.

Overall, the firm maintains a bullish outlook on AI-PCB and core computing hardware, AI-driven applications, Apple supply chain, and autonomous industrial chains.

**Industry Outlook Indicators**

Consumer electronics (steady upward), PCB (accelerating upward), semiconductor chips (steady upward), semiconductor foundry/equipment/materials/components (steady upward), displays (bottom stabilization), passive components (steady upward), assembly and testing (steady upward).

**Risk Factors**

Demand recovery below expectations; AIGC progress below expectations; escalating external sanctions.