小米搭建万卡集群，巨头相继发力，国产算力崛起

Investment Rating - The investment rating for the industry is "Positive" (Maintain) [1] Core Insights - Major internet companies in China are significantly increasing their capital expenditures on computing power infrastructure, with a total capital expenditure of 86.721 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 119.80% [23] - ByteDance's AI model, Doubao, has seen a daily token usage exceeding 4 trillion, growing over 33 times since its launch in May [3] - Xiaomi is building a GPU cluster with 65,000 GPU resources to enhance its AI model capabilities, achieving an average improvement of over 45% across ten capability dimensions compared to its first-generation model [11] Summary by Sections Industry Investment Rating - The report maintains a "Positive" investment rating for the communication industry, indicating expectations for the industry to outperform the overall market [1] AI and Computing Power Development - The demand for AI intelligent computing is strong among end customers, prompting internet companies to increase their procurement of AIDC and server infrastructure [23] - The capital expenditure for servers globally is projected to be approximately 229 billion USD, with significant contributions from major players like ByteDance, Tencent, and Alibaba [23] Key Players and Beneficiaries - The report identifies several beneficiaries in the domestic computing power supply chain, including companies in various sectors such as chip manufacturing, AIDC suppliers, and server manufacturers [12] - Specific recommended stocks include Cambricon, Huagong Technology, and ZTE Communications among others, indicating a broad spectrum of investment opportunities within the industry [12]