AI算力专题报告：AI产业高景气持续，算力国产化大势所趋

Investment Rating - The report maintains an "Outperform" rating for the AI computing industry, with a specific focus on the domestic computing power sector [1]. Core Insights - The AI industry continues to experience high growth, with a strong trend towards domestic computing power localization. The demand for AI computing power is driven by both internet companies and intelligent computing centers, with rapid advancements in domestic chip procurement [1][3]. - The report highlights that the domestic AI chip market is expanding, with leading domestic manufacturers accelerating their performance and capacity breakthroughs to compete with Nvidia [4][36]. - The AI server market is undergoing significant changes, with the Ascend series of chips gaining market share among traditional server manufacturers [5][6]. Summary by Sections 1. AI Industry Growth and Localization - The demand for computing power is being driven by the need for training and inference in AI applications, with significant investments expected to rise from $1 billion in 2023 to$6.5 billion in 2024, marking a 5.5-fold increase [13][16]. - Internet companies are expected to maintain strong capital expenditures for AI, with a projected 163% year-on-year increase in capital spending from major players like Baidu, Tencent, and Alibaba in 2024 [22][24]. - The intelligent computing center projects are increasing, with a focus on domestic chip procurement due to government policies and the need for secure and controllable technology [31][34]. 2. AI Chips: Domestic Replacement Opportunities - Nvidia currently dominates the domestic AI chip market, holding an 85% share in 2022, but domestic chip manufacturers are expected to increase their market share to approximately 30% by 2024 [36][37]. - The tightening of U.S. export controls on high-performance AI chips is creating opportunities for domestic manufacturers to fill the gap left by Nvidia [39][40]. - Domestic chip manufacturers are rapidly advancing, with companies like Huawei, Haiguang Information, and Cambricon making significant strides in performance and ecosystem development [4][43]. 3. AI Servers: Market Dynamics - The AI server market is projected to grow significantly, with the market size expected to reach $25.3 billion by 2028, growing at a compound annual growth rate of over 20% from 2024 to 2028 [5][6]. - The Ascend series of chips is gaining traction among major internet companies and intelligent computing centers, leading to increased market share for manufacturers like Inspur [5][6]. - The report emphasizes the importance of domestic manufacturers in the AI server market, with companies like Haiguang Information and Inspur expected to benefit from the growing demand for AI-driven servers [5][6].