第一上海——科技行业周报26052025

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and$8,000, significantly lower than the previous H20 model priced at $10,000 to$12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].