Guodu Securities·2025-03-05 01:47Investment Rating - The industry investment rating is "Recommended" [3] Core Insights - The demand for computing power is expected to rise in the long term, with domestic AI companies making significant advancements, such as the release of the DeepSeek-R1 model, which offers performance on par with global leaders and has notable cost advantages [3][4] - The semiconductor equipment sector is projected to benefit from accelerated domestic substitution and technological breakthroughs, with key recommendations including SMIC, North Huachuang, and Tuojing Technology [3][4][15] - The consumer electronics sector is experiencing a recovery, driven by renewed demand and innovation in product forms, particularly with the integration of AI technologies into new terminal products like AI PCs and AI smartphones [3][5] Summary by Sections AI Computing Power - Since the explosion of AI in 2023, domestic AI manufacturers and internet giants have entered a phase of large-scale AI business deployment, with the DeepSeek-R1 model marking a new milestone for domestic large models [4] - Key sectors benefiting from this development include foundry services, GPU, and ASIC chips, with recommendations for companies such as SMIC and Huahong [4] Semiconductor - The semiconductor equipment sector is positioned to benefit from the acceleration of domestic substitution, with the consumer electronics industry showing signs of recovery since Q3 2024, leading to over 10% year-on-year price increases in storage [4] - Domestic manufacturers are expected to gain greater market space due to increased restrictions on the semiconductor industry by the U.S. [4] Consumer Electronics - The Chinese government is supporting the replacement of consumer electronics, providing subsidies for digital products, which is expected to stimulate demand [5] - The commercialization of AI applications is accelerating, leading to a diverse range of new terminal products that will enhance the consumer electronics sector's growth [5]