Nvidia(US:NVDA) Shanxi Securities·2025-05-30 03:23Investment Rating - The report maintains an "Outperform" rating for the communication 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 communication bandwidth doubled to 800Gb/s [3][13]. - 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 enterprise applications [4][14]. - Huawei introduced the Ascend 384 supernode technology, significantly enhancing communication bandwidth and reducing latency, marking a substantial advancement in AI chip system design capabilities [5][15]. Summary by Sections Industry Dynamics - Nvidia's advancements in supernode technology and partnerships with major companies like Alchip and Marvell are expected to drive growth in the ASIC market and enhance the penetration of supernodes in non-Nvidia chips [3][13]. - The report anticipates a linear growth trend in capital expenditure within the optical module industry, with optimism for its beta in 2026 [3][13]. 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]. - Individual stock performance varied, with notable gains from companies like Dongtu Technology and Haige Communication, while others like Cambridge Technology and Aofei Data faced significant 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].