东吴证券：AI需求带动设备供应链，先进制程持续扩产

Group 1 - The report from Dongwu Securities indicates that AI demand is driving the equipment supply chain, with advanced processes continuing to expand production [1] - Historically, training cards were primarily supplied by Nvidia, with the necessary advanced processes like 3D stacking being outsourced to TSMC; however, inference cards do not necessarily require 3-5nm advanced processes and can be effectively produced on domestic 12nm platforms [1] - Domestic IC design companies such as TianShu ZhiXin, MuXi, SuiYuan, and DengLin are beginning to migrate inference cards to the domestic supply chain, with companies like ShengHe JingWei and SMIC expected to benefit from this shift [1] Group 2 - From an advanced logic perspective, domestic advanced logic production is expected to exceed expectations by 2025 [1] - In terms of memory, a new iteration cycle is anticipated next year, which is expected to lead to more projects being launched [1]