Zhi Tong Cai Jing·2025-12-25 02:24Group 1 - The overall high-end AI chip market in China is expected to grow by over 60% by 2026, with local AI chip manufacturers aiming for a market share of around 50% [1] - Nvidia's H200 chip, which has significantly improved performance compared to the H20, is anticipated to attract terminal customers, potentially maintaining a market share of about 30% if successfully sold in China [1] - Nvidia plans to deliver between 5,000 to 10,000 H200 chip modules to Chinese customers by mid-February next year, translating to approximately 40,000 to 80,000 H200 chips [1] Group 2 - Guosen Securities believes that the development of domestic AI chips and the easing of overseas restrictions will benefit the construction of domestic computing infrastructure, with related companies expected to gain significantly [2] - Companies to watch include Industrial Fulian (601138.SH), Huqin Technology (603296.SH), Hushan Electronics (002463.SZ), Loongson Technology (688047.SH), Lenovo Group (00992), Luxshare Precision (002475.SZ), and Amlogic (688099.SH) [2]