电子行业点评报告：国产算力腾飞，看好Ascend 910C产业链

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The Ascend 910C chip, developed by Huawei, has significantly improved its yield rate, increasing from 20% to nearly 40% over the past year, with a substantial production plan enhancement for 2025 [1] - The performance of the Ascend 910C is reported to be equivalent to 60% of Nvidia's H100 GPU, indicating strong competitive positioning in the AI chip market [1] - The demand for high-performance connectors and advanced printed circuit boards (PCBs) is expected to rise due to the increasing computational power requirements of AI servers [2] - AI servers, such as Huawei's Atlas 800T A2, have high power consumption, necessitating advancements in power supply solutions to meet these demands [3] Industry Chain Related Companies - Huafeng Technology is one of Huawei's domestic suppliers for high-speed backplane connectors, with plans to start mass production in July 2024 [4] - Shennan Circuits operates in PCB manufacturing and has products applied in the AI server sector [4] - Nanya Technology has achieved domestic substitution in high-speed copper-clad laminates and has received certification for its high-end products from global AI server manufacturers [4] - Xingsen Technology focuses on PCB materials essential for chip packaging and testing processes [4] - Oulutong provides high-power server power supplies suitable for large model AI servers, anticipating growth opportunities in this segment [4]