Nvidia(US:NVDA) Sou Hu Cai Jing·2025-12-10 01:17Core Viewpoint - Nvidia may be allowed to export H200 AI chips to China, which has positively impacted the computing power industry chain, leading to strong performance in related stocks and ETFs [1][3]. Group 1: Impact on Nvidia's Supply Chain - The potential approval for H200 exports is expected to directly benefit Nvidia's supply chain, including sectors like optical modules and PCBs [3]. - The news has led to a significant increase in the stock prices of companies involved in the optical module segment, such as Zhongji Xuchuang and Xinyi Sheng [1]. Group 2: Domestic Market Implications - If H200 exports are permitted, it may boost domestic investment in computing power infrastructure, benefiting local server manufacturers [3]. - The sentiment around domestic computing chips may experience short-term fluctuations, but the long-term focus will remain on self-sufficiency [3]. Group 3: Broader Industry Effects - The cloud computing ETF (159890) tracks a comprehensive index covering leading companies in optical modules, electronic terminals, and software development, reflecting strong market confidence in high-growth sectors [4]. - The approval of H200 chips could catalyze the domestic AI computing power construction process, sustaining the industry's growth [4]. - Open-source Securities suggests that if H200 is approved, it will benefit the domestic AI industry chain and accelerate the development of domestic AI models [4]. Group 4: Sector-Specific Demand Increases - Demand for Nvidia's series of computing power servers may restart, leading to increased needs in AI servers, supernode servers, and server power supply sectors [4]. - There may be a rise in demand for supporting infrastructure such as cooling equipment and power supply for AI servers [4]. - Networking demands may increase, driving the need for switching chips, data communication switches, optical modules, and copper connections [4]. - The recovery of H200 chip supply could promote the comprehensive upgrade of domestic large models, further expanding the demand for domestic computing chips [4].