Nvidia(US:NVDA) Mei Ri Jing Ji Xin Wen·2025-05-19 06:11Core Viewpoint - The recent restrictions imposed by the U.S. government on NVIDIA's H20 chip exports to China are prompting the company to reassess its market strategy in China, leading to the discontinuation of the Hopper series chips, which were the only high-performance AI chips previously allowed for export to China [1] Group 1: Market Impact - Over the past five days, the chip ETF (512760) has seen a net inflow exceeding 200 million yuan [1] - The termination of the Hopper series is expected to create a supply gap in the Chinese AI chip market, which local manufacturers are likely to fill [1] Group 2: Local Manufacturers - Huawei's Ascend 910 series is projected to ship over 700,000 units by 2025, with a peak performance of 800 TFLOP/s in FP16, comparable to NVIDIA's H100, marking a significant moment for China's AI development [1] - TrendForce forecasts that the proportion of NVIDIA/AMD chips used in Chinese AI servers will decrease from 63% in 2024 to 42% by 2025, while local chip supply is expected to rise to 40% due to policy support [1] Group 3: Long-term Outlook - According to CITIC Securities, the U.S. government's stringent regulatory measures are likely to accelerate the domestic substitution in China's AI industry in the medium to long term [1] - Key areas for investment focus include wafer foundry, computing chip design, domestic equipment and components, and advanced packaging [1]