AI算力产业链更新报告：DeepSeek携手昇腾，核心供应链或迎放量机遇

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [29]. Core Insights - The report highlights that the DeepSeek application is experiencing rapid growth, with web traffic reaching 571.4 million in February 2025, a month-on-month increase of 122.73%, making it the top AI chatbot in China and third globally [6][8]. - The collaboration between DeepSeek and Huawei's Ascend chips is expected to enhance AI computing capabilities, with Ascend's 910C chip achieving a yield rate of 40%, doubling from the previous year, which indicates significant improvements in production processes [18][20]. - The report anticipates a surge in demand for AI computing power driven by advancements in AI applications, particularly with the introduction of the Manus product, which requires significantly more computational resources compared to previous models [10][11]. Summary by Sections Investment Recommendations - Recommended stocks to watch include: - CCL: Nanya Technology, Shengyi Technology - PCB: Founder Technology, Shenzhen South Circuit, Shengyi Electronics - High-speed backplane module: Huafeng Technology - Power supply: Taijia Co., Ltd. [3][23] AI Computing Supply Chain - The report emphasizes the importance of domestic AI supply chains, particularly in light of potential restrictions on AI chips from the U.S. This shift could favor domestic suppliers like Huawei's Ascend [11][12]. - The integration of DeepSeek with domestic GPU technologies is expected to enhance the self-sufficiency of the AI industry in China, reducing reliance on foreign hardware [12][13]. Market Trends - The report notes that Alibaba plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, indicating a robust growth trajectory for the domestic AI sector [11]. - The rising yield rates of advanced chips, such as the Ascend 910C, are expected to lead to increased shipments and benefits for the domestic AI supply chain [20][21].