传媒：AI大基建时代：从“AI云”到“晶圆制造”

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [6][13]. Core Insights - The core indicator for the implementation of AI is the scale of AI cloud, which is expected to reflect the trend of AI application success rates [3][4]. - The AI infrastructure is essential for accelerating multimodal implementation and improving the success rate of AI applications, drawing parallels with the mobile internet era [4]. - The AI infrastructure supply chain is structured as follows: AI Cloud → IDC → Chip Design → Wafer Manufacturing, with each segment playing a critical role in the overall ecosystem [5]. Summary by Sections AI Cloud - The growth of AI applications such as Deepseek, Doubao, and Yuanbao is anticipated to significantly drive the growth of major cloud service providers like Alibaba Cloud, Volcano Cloud, and Tencent Cloud, as well as Xiaomi's AI terminal boosting Kingsoft Cloud [5]. IDC - The expansion of AI cloud services relies heavily on resource reserves, which will determine the ability to secure orders from AI cloud vendors [5]. Chip Design - Leading companies in chip design such as Huawei and Cambricon are expected to benefit from the strong demand for domestic chips in inference scenarios, with a focus on the production capacity of top chip designers in 2025 [5]. Wafer Manufacturing - As the foundational layer of AI infrastructure, wafer manufacturing is crucial, with the production capacity of advanced processes being a key factor influencing the output of AI chips [5]. Investment Recommendations - Recommended companies to focus on include: 1. AI Cloud: Alibaba Group, Tencent Holdings, Xiaomi Group (Kingsoft Cloud) 2. Wafer Manufacturing: SMIC (Hong Kong), Hua Hong Semiconductor (Hong Kong) 3. IDC: A-share companies like Runze Technology and Guanghuan Xinwang; US-listed companies like GDS Holdings and CenturyLink 4. Chip Design: Cambricon and Huafeng Technology (Huawei's computing power supply chain) [6].