电子行业事件点评报告：对英伟达反垄断调查凸显国产替代紧迫性

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1] Core Insights - The antitrust investigation against Nvidia highlights the urgency for domestic alternatives in the context of escalating US-China tech competition [1] - The investigation is seen as a countermeasure to US export restrictions, particularly in light of Nvidia's alleged violations of China's antitrust laws [1] - Nvidia's dominant position in the global GPU market, with a market share of 90%-95% in 2020 and 98% in 2023 for data center GPUs, underscores the critical need for domestic GPU alternatives [1] Summary by Sections Recent Developments - On December 9, 2023, China's State Administration for Market Regulation announced an investigation into Nvidia for suspected violations of the Antitrust Law [1] - The investigation is perceived as a response to increasing US export restrictions on advanced chips to China, which have been tightening since 2022 [1] Market Impact - Nvidia's GPUs are crucial for AI applications, and despite contributing around 20% of Nvidia's revenue from the Chinese market, the need for domestic alternatives remains pressing due to supply constraints [1] - The report suggests that the urgency for domestic GPU alternatives is heightened by the ongoing geopolitical tensions and the need for self-sufficiency in computing power [1] Investment Recommendations - The report recommends focusing on domestic companies that could benefit from the shift towards local alternatives, specifically mentioning Jingjia Micro (300474.SZ) and Cambricon Technologies (688256.SH) as potential beneficiaries [1]