Guoxin Securities·2025-04-06 02:15Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].