山西证券：国内外算力需求持续强劲 AI有望从云端走向端侧

Core Insights - Domestic AI chips are expected to accelerate localization due to policy support and strong demand in the computing power market [1] - Multiple AI applications based on Doubao AI model are continuously being launched, indicating a growing market for AI applications [1] - By 2025, both domestic and international demand for computing power is anticipated to remain strong, with AI expected to transition from cloud to edge computing [1] Industry Outlook - The semiconductor industry is projected to accelerate domestic replacement, driven by the demand for high-performance chips and advanced packaging technologies [1] - Long-term focus is recommended on domestic replacement in equipment, materials, and components, as well as opportunities arising from the AI-driven hardware upgrade wave [1] - The emergence of AI edge applications is expected to create significant opportunities for device upgrades and market expansion [1]