爱建电子行业周报：H20芯片销售受限，关注国产算力芯片

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The ongoing US-China trade tensions are intensifying the urgency for domestic chip production, particularly in high-performance computing [4][12] - The introduction of the NVIDIA H20 chip has led to increased competition among domestic chip manufacturers, highlighting the need for differentiation in performance and capabilities [14][17] - TSMC reported a significant revenue increase of 41.76% year-on-year, with a net profit growth of 60.3%, indicating strong demand for advanced semiconductor processes [24] Summary by Sections Section 1: Chip Export Restrictions - The US government has imposed export restrictions on NVIDIA's H20 chip to China, which has prompted a shift towards domestic chip development [8][12] - The H20 chip, manufactured using TSMC's 4nm process, features 296 TFLOPS FP8 performance and 148 TFLOPS FP16 performance, but faces competition from domestic alternatives like Huawei's Ascend 910B [14][15] Section 2: Global Industry Dynamics - Intel and MAXHUB launched a new enterprise-level AI PC aimed at enhancing AI model deployment at the edge [20] - NVIDIA plans to produce AI supercomputers entirely in the US, indicating a strategic shift in manufacturing and supply chain management [22][23] - TSMC's first-quarter results exceeded market expectations, with advanced process technologies contributing significantly to revenue [24][25] Section 3: Market Performance - The electronic industry experienced a decline of 0.6% in the past week, ranking 26th out of 31 sectors [4][32] - Notable stock performances included Si Rui Pu (+26.0%) and Shi Hua Technology (+22.7%), while stocks like Kai De Quartz (-17.9%) and Min De Electronics (-10.7%) faced significant declines [4][36][37]