算力行业深度报告（系列一）：算力供需双向走强，AI催化Infra建设新征程

Industry Investment Rating - Overweight (Maintained) [1] Core Views - Computing power is the foundation of AI systems, driving GDP growth, digital transformation, and industrial digitization [2] - The computing power industry chain spans GPU chips, servers, IDC providers, and AIGC application service providers, offering significant investment opportunities [2] - Key investment logic includes the evolution of GPU chips, server market growth, IDC customization, computing power leasing, and computing power scheduling [2] Industry Chain Analysis Upstream: GPU Chips and Moore's Law - Traditional Moore's Law is gradually becoming obsolete, with computing power driving a new version of Moore's Law [2][11] - GPU, ASIC, and FPGA are becoming increasingly important due to the growing demand for AI computing power [13] Midstream: Server Market - The AI server market is experiencing rapid growth, with global AI server shipments expected to reach 1.9 million units by 2025, a CAGR of 29% from 2022-2026 [15] - AI server prices are significantly higher than general-purpose servers, with mainstream AI servers priced between $100,000-$150,000 per unit [15] Downstream: Data Centers and AIGC Applications - Data centers are expanding rapidly, with China Mobile and China Telecom leading in computing power scale and regional node construction [25] - AIGC applications are expected to grow significantly, with China's AIGC industry projected to reach 7.2 trillion yuan by 2028 and 11.4 trillion yuan by 2030 [19][20] Company Analysis Industrial Fulian - A key supplier for NVIDIA's A100 and H100 GPU boards, with a dominant market share in high-speed switches [34] - The company is advancing in AI-driven switch iterations, with 800G switches expected to contribute to revenue by 2024 [34] Inspur Information - A global leader in server market share, ranking second globally and first in China [36] - The company has launched the G7 computing platform and AI training servers with significant performance improvements [36] Sugon - Specializes in high-end servers with advanced cooling technologies and strong R&D capabilities [38] - The company has made breakthroughs in domestic chip-based server development and holds multiple patents [38] Yunsai Zhilian - Focuses on big data, industry solutions, and intelligent products, with significant investments in AI computing centers [40] - The company's Yidian Computing Center is expected to become a leading AI computing facility in China [40] Da Ming City - Transitioning into computing power leasing, with a focus on the "Hong Kong Data, Fujian Computing" model [42] - The company is exploring new business models in collaboration with Fujian Big Data Group [42] Hengwei Technology - A leader in network visualization, transitioning towards intelligent visualization [44] - The company has strong relationships with telecom operators and has secured significant contracts in the visualization sector [44]