“芯片+应用”双引擎，拥抱人工智能广阔前景

Core Viewpoint - The investment opportunities in the artificial intelligence (AI) industry chain can be better grasped through a dual layout of chips and applications [1] Group 1: Chip Engine - The domestic computing power market is experiencing significant growth, with a projected market size of $50 billion and an annual compound growth rate of approximately 30% [3] - The domestic GPU market presents substantial investment opportunities, with several domestic computing power companies seeing notable increases in market value despite previous losses [2][3] - The penetration rate of domestic computing power chips is expected to rise from 20-30% this year to over 50% in the coming years, driven by advancements in domestic chip technology and restrictions on foreign chip procurement [4][6] Group 2: Application Engine - The application side is benefiting from the continuous evolution of large models, with domestic companies like Meituan releasing new versions of their AI models [8] - The demand for applications, including humanoid robots and AI-enabled consumer electronics, is expected to grow as the capabilities of large models improve, leading to clearer business models and enhanced monetization [9] - The AI market is transitioning from a training focus to a reasoning focus, with reasoning-side demand likely to dominate future AI computing power needs [9]