汇丰：2025年上半年GB200的增长速度较慢，但重点关注2025年下半年B300以及GB300的发展规划。

Investment Rating - The report maintains a "Buy" rating for major AI companies including Nvidia, Quanta, Wistron, KYEC, and EMC, with target prices adjusted for some companies [4][42][46]. Core Insights - The GB200 server assembly is experiencing slow ramp-up but is expected to improve in 2H25, with a focus on transitioning to GB300 and B300 production [1][10][11]. - CSPs (Cloud Service Providers) are projected to see significant capital expenditure growth, supporting ongoing demand for AI hardware, with expected capex growth rates ranging from 20% to 61% in 2025 [2][26]. - Long-term potential exists in Edge AI, although its near-term contribution is limited; the Edge AI market is expected to grow at a 21% CAGR from 2024 to 2034 [3][30]. Summary by Sections GB200 and GB300 Production - GB200 assembly is still slow but is expected to pass the trough, with gradual improvements in yield rates anticipated in 2Q25 [1][10]. - Overall estimates for GB200 and GB300 racks in 2025 are projected at 24-25k [1][10]. - Nvidia is shifting production focus towards B300 and GB300, with significant increases in production targets for these models [11][10]. CSPs' Capex Outlook - CSPs are optimistic about continued investment in AI technology, with no dramatic changes expected in AI capex trends despite concerns regarding competition from cheaper AI applications [2][26]. - Major CSPs like Amazon, Microsoft, and Google are forecasting substantial capex growth in 2025, with Amazon's capex expected to exceed USD 100 billion [26][28]. Edge AI Potential - The R1 model by DeepSeek allows large language models to run on edge devices, indicating a long-term growth opportunity in Edge AI applications [3][30]. - The global edge AI market is projected to reach USD 143.1 billion by 2034, driven by lower inference costs and increased adoption of AI applications [30]. Company-Specific Insights - Wistron is expected to benefit significantly from GB300 and B300 orders, with a target price increase to TWD 135 due to anticipated market share gains [37][39]. - Quanta's target price has been adjusted to TWD 370, reflecting its role as a major assembler for next-gen HGX servers and GB300 for Microsoft [42][43]. - Hon Hai's target price has been lowered to TWD 245 due to slower GB200 assembly, but it maintains a "Buy" rating based on future growth potential [45][46].