美AI芯片/大模型出口管制新规解读：巩固美国AI领导地位，加速中国国产化进程

Investment Rating - The report suggests a positive outlook for U.S. AI companies and highlights potential benefits for Chinese companies involved in AI server power and power management due to new U.S. export regulations [5]. Core Insights - The U.S. government has introduced new export control regulations for AI chips and models to strengthen its leadership in the AI sector and accelerate the domestic production process in China [3][5]. - The new framework categorizes countries into three tiers, with varying levels of export restrictions on advanced computing chips [4][7]. - The first tier includes U.S. allies who can access advanced computing chips without restrictions, while the second tier faces total processing performance limits, and the third tier, which includes countries like China, faces a complete ban on advanced chip exports [4][7]. Summary by Sections Export Control Framework - The U.S. has established a 120-day public comment period for the new AI export control framework, which aims to regulate the global dissemination of advanced AI models and computing integrated circuits [3]. - Countries are classified into three categories: - Tier 1: U.S. allies with unrestricted access to advanced chips [4]. - Tier 2: Other countries facing total processing performance limits, with a cap of 790 million TPP (Total Processing Performance) over 2025-2027 [7]. - Tier 3: Countries under arms embargo, such as China, facing a complete ban on advanced chip exports [4][7]. Investment Recommendations - The report recommends focusing on U.S. AI chip companies like TSMC, NVIDIA, and AMD, which are expected to benefit from the new regulations [5]. - It also suggests monitoring Chinese companies that may benefit from the domestic AI production process, including Huahong Semiconductor, SMIC, and others involved in AI server power and management [5].