山西证券研究早观点-20250528

Group 1: Agricultural Sector Insights - The agricultural sector's performance saw a decline, with the HuShen 300 index down by 0.18% and the agriculture, forestry, animal husbandry, and fishery sector down by 0.36% during the week of May 19-25, 2025 [4] - Pig prices showed a mixed trend, with the average price of external three yuan pigs in Sichuan, Guangdong, and Henan at 14.05, 15.39, and 14.25 yuan per kilogram respectively, reflecting a week-on-week change of -2.09%, +0.65%, and -3.72% [4] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Hai Da Group, which is expected to see an upward trend in its business fundamentals [4] Group 2: AI Computing Industry Insights - The AI computing industry is experiencing sustained high demand, particularly from the internet and intelligent computing centers, with a rapid push for domestic procurement of AI computing power [6] - Major domestic AI chip manufacturers like Huawei, Haiguang Information, and Cambricon are accelerating their performance and capacity breakthroughs, with Huawei's Ascend 910B chip being comparable to NVIDIA's A100 [6] - The AI server market is projected to grow significantly, with IDC forecasting that the market size will reach 25.3 billion USD by 2028, driven by strong demand from domestic internet companies and intelligent computing centers [6]