瑞银解读中国AI价值链：算力本土化迎来810亿美元机遇

Core Insights - China is accelerating its self-reliance in the AI sector, with a significant market opportunity in localized computing power projected to reach $81 billion in the next five years [2][3]. Group 1: Empowerment Layer - The empowerment layer provides the foundational infrastructure for AI development, including semiconductor production, chip design, cloud computing, data centers, and power supply [2]. - China has made notable progress in certain areas, such as achieving self-sufficiency in industrial AI capital expenditure related to power and resource component manufacturing, but still relies on foreign suppliers for critical semiconductor supply chains [2]. - In the high bandwidth memory (HBM) sector, China is currently dependent on overseas suppliers, but domestic companies are actively seeking alternatives and increasing investments [2]. Group 2: Localization of Computing Power - The localization of AI computing power is expected to be a key battleground for China's AI industry, driven by geopolitical tensions and U.S. restrictions [3]. - AI computing expenditure in China is projected to grow from $18 billion in 2024 to $90 billion by 2029, with the self-sufficiency ratio expected to rise from 33% to 90% during the same period [3]. Group 3: Intelligent and Application Layers - The intelligent layer includes companies developing large language models and those converting data assets into intelligent assets, while the application layer consists of companies embedding intelligent tools into specific use cases [4]. - China has a relatively high degree of self-sufficiency in both the intelligent and application layers, with domestic internet platforms dominating the application layer [4]. Group 4: Investment Outlook - The company maintains a positive outlook on investment opportunities, particularly in leading internet firms that play a crucial role in China's AI development [5]. - The acceleration of domestic chip innovation presents attractive investment opportunities across the semiconductor supply chain, including equipment manufacturers and chip packaging companies [5]. - The anticipated easing of U.S.-China trade relations is expected to provide strong upward momentum for the technology sector, with projected earnings growth of 30% for Chinese tech stocks this year [5].