LENOVO GROUP(HK:00992) Zhi Tong Cai Jing·2025-10-09 05:49Core Insights - The Chinese accelerated server market is projected to reach $16 billion in the first half of 2025, more than doubling from the first half of 2024, with expectations to exceed $140 billion by 2029 [1][3] Market Overview - The top three vendors by sales revenue in the first half of 2025 are Inspur, H3C, and Lenovo, collectively holding nearly 50% of the market share [3] - In terms of server shipments, Inspur, H3C, and Ningchang lead the market with approximately 43% share [3] - The internet sector remains the largest purchaser, accounting for nearly 69% of the overall accelerated server market, with significant growth observed in finance, education, telecommunications, and healthcare sectors [3] Policy and Industry Dynamics - The computing power voucher policy has significantly lowered the entry barriers for domestic AI computing power through substantial funding and multi-level support systems [3] - This initiative has facilitated a strategic shift for domestic manufacturers from single product replacements to comprehensive ecosystem innovation [3] - The market is transitioning from a phase of demand driven by large-scale commercial deployment in 2024 to a focus on product competitiveness in the first half of 2025 [3] Application and Technology Trends - In the industrial sector, AI servers are enhancing real-time process optimization, predictive maintenance, and digital twin simulations, improving manufacturing precision [3] - In finance, applications include high-frequency trading risk control and intelligent investment research, capable of processing high-dimensional real-time data [3] - In smart healthcare, technologies such as genomic analysis and surgical robot control are emerging, emphasizing ultra-low latency and high reliability [3] - Traditional industries like retail, energy, and agriculture are leveraging edge computing for real-time analysis and localized decision-making [3] Accelerated Chip Market - The market for accelerated chips in China is expected to exceed 1.9 million units in the first half of 2025 [5] - Demand for non-GPU cards is growing rapidly, supported by policies, capturing 30% of the market share, while domestic chip brands account for approximately 35% of the overall market [5] Competitive Landscape - The Chinese AI accelerated server market is currently in a phase of scale expansion and domestic substitution, with a need for breakthroughs in high-end computing efficiency and ecosystem maturity [7] - Future competition will shift focus from single-chip performance to system efficiency, open ecosystem collaboration, and green computing cost control [7] - The industry is encouraged to avoid low-level redundant construction and enhance international competitiveness through technological collaboration and standard optimization [7]