Nvidia(US:NVDA) GOLDEN SUN SECURITIES·2025-04-19 12:58Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector [4]. Core Viewpoints - The report highlights the improvement in the cost-performance ratio of domestic computing power, suggesting a broad space for replacement of foreign products due to export restrictions on NVIDIA's H20 chip [1][12]. - The launch of Huawei's CloudMatrix 384 super node cluster, which has achieved a performance of 300 PFlops, represents a significant advancement in domestic computing capabilities, surpassing NVIDIA's NVL72 by 67% [2][16]. - The report emphasizes that the development of domestic computing power is driven by both policy support and market demand, with 2025 expected to be a pivotal year for domestic computing power [2][12]. Summary by Sections 1. Domestic Computing Power Cost-Performance Improvement - The export restrictions on NVIDIA's H20 chip are expected to accelerate the replacement process by domestic chip manufacturers, as H20 is a mainstream computing chip in China [12][13]. - Major Chinese companies, including ByteDance and Tencent, have ordered approximately $16 billion worth of H20 chips in Q1 2025, indicating strong demand for AI accelerators [1][12]. 2. Significant Enhancement in Multi-Card Cluster Capabilities - Huawei's CloudMatrix 384 super node cluster has been launched in Wuhu Data Center, achieving a computing power of 300 PFlops, which is a 67% improvement over NVIDIA's NVL72 [2][16]. - The CloudMatrix 384 is positioned as a competitive alternative to NVIDIA's offerings, providing robust AI inference capabilities [15][16]. 3. Market Review - The report notes a slight decline of 0.64% in the semiconductor sector from April 14 to April 18, 2025, with specific stocks showing significant gains [43][46]. - The semiconductor sector's performance is contrasted with the overall electronic sector, which has seen varying degrees of performance across different sub-sectors [48]. 4. Related Stocks - Key stocks highlighted in the report include SMIC, Hua Hong Semiconductor, and various chip manufacturers and supporting companies, indicating a focus on domestic semiconductor development [51].