英伟达COMPUTEX发布会点评：GB300赋能AI工厂，机器人引领未来

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - Nvidia is repositioning itself as an AI infrastructure company, emphasizing the distinction between traditional data centers and AI factories, which generate high-value "tokens" from power and data inputs [4]. - The next-generation GB300 AI system is set to launch in Q3 2025, boasting a 50% increase in computing power and memory compared to the GB200, with enhanced capabilities for LLM inference and training [4]. - Nvidia's DGX Spark, aimed at individual developers and small teams, will provide significant AI computing power, while the upgraded DGX Station will support large models with 1 trillion parameters [4]. - The robotics sector is projected to become a trillion-dollar industry, with Nvidia showcasing its leadership in AI-driven robotics development at COMPUTEX 2025 [4]. Summary by Sections Industry Overview - Nvidia's focus on AI ecosystems was highlighted during Huang Renxun's keynote at COMPUTEX 2025, where advancements in GPU architecture and AI systems were discussed [2]. Investment Highlights - The report emphasizes Nvidia's core role in the AI hardware and software ecosystem, with a strong recommendation for investment in SMIC [4]. - The Blackwell architecture supports more complex AI models and reduces computational costs, enhancing multi-modal processing capabilities [4]. Financial Projections - The earnings forecast for SMIC indicates an EPS of 0.46 RMB for 2024, increasing to 0.71 RMB in 2025, with a PE ratio projected to decrease from 178.26 in 2024 to 115.49 in 2025 [5].