Nvidia(US:NVDA) Shanxi Securities·2025-05-30 03:19Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected performance exceeding the benchmark index by over 10% [1]. Core Insights - NVIDIA confirmed the smooth mass production of the Blackwell series and introduced NVLINK Fusion at the Computex event, with the GB200 system set for mass production by the end of 2024 and the GB300 expected in Q3 2025. The GB300 will have 1.5 times the inference performance and HBM capacity of the GB200, with doubled communication bandwidth at 800Gb/s [3][4]. - The report highlights the increasing demand for AI infrastructure, particularly in edge computing, as NVIDIA launches products like DGX Spark and RTX Pro Server, which cater to various market segments including AI developers and enterprises [4][5]. - Huawei's Ascend Developer Conference 2025 showcased the 384 supernode cluster, emphasizing the importance of system design capabilities in next-generation AI chips. The cluster is the largest in the industry and can be expanded significantly [5][6]. Summary by Sections Industry Trends - NVIDIA's advancements in cloud infrastructure and the introduction of NVLINK Fusion are expected to drive growth in the optical module industry, with optimistic projections for 2026 [3][4]. - The report notes the competitive landscape, with NVIDIA leveraging its NVLINK advantages to penetrate the ASIC market and enhance the adoption of supernodes in non-NVIDIA chips [3][4]. Market Performance - The overall market experienced a decline during the week of May 19-23, 2025, with the Shanghai Composite Index down by 0.57% and the Shenzhen Component Index down by 0.46%. However, the industrial internet sector saw a notable increase of 9.7% [6][17]. - Specific stocks such as Dongtu Technology and Haige Communication showed significant gains, while others like Cambridge Technology faced declines [6][32]. Recommended Companies - The report suggests focusing on companies in various sectors, including optical communication (e.g., Zhongji Xuchuang, New Yisheng) and AI IoT (e.g., Guanghetong, Yiyuan Communication) [6][17].