电子行业周观点：AI基建如火如荼，自主可控愈演愈烈

Investment Rating - The report maintains a "Buy" rating for key stocks such as Shenghong Technology, Wavelength Optoelectronics, and SMIC, indicating a positive outlook for these companies in the electronic and EDA sectors [6][7]. Core Insights - The AI infrastructure is rapidly developing, with significant demand for computing power driven by companies like NVIDIA, which reported a record revenue of $44.062 billion in FY26Q1, a year-on-year increase of 69% [10][11]. - The EDA industry is experiencing a shift towards domestic production due to export restrictions from the U.S., with the Chinese EDA market projected to reach 18.49 billion yuan by 2025 [19][23]. - Huawei has introduced the Pangu Ultra MOE model, a significant advancement in AI model training, showcasing the capabilities of the Ascend AI computing platform [39][40]. Summary by Sections NVIDIA Performance - NVIDIA's FY26Q1 revenue reached $44.062 billion, with a gross margin of 60.5% and a net profit of $18.775 billion, reflecting strong growth in data center and gaming sectors [10][11][12]. - The data center segment generated $39.112 billion, a 73% increase year-on-year, driven by demand for accelerated computing platforms [11][14]. - The gaming segment saw revenues of $3.763 billion, up 42% year-on-year, attributed to the sales of new graphics cards [12][16]. EDA Industry Developments - The U.S. has imposed export restrictions on leading EDA software companies, prompting a rise in domestic EDA firms aiming for self-sufficiency [19][31]. - The global EDA market is expected to grow to $17.42 billion by 2025, with China's market projected to reach 18.49 billion yuan [23][29]. - Domestic EDA companies are accelerating mergers and acquisitions to enhance their product offerings and capabilities [35][36]. Huawei's Pangu Ultra MOE Model - Huawei's Pangu Ultra MOE model features 718 billion parameters and utilizes advanced training techniques to optimize performance and efficiency [39][41]. - The model's architecture includes innovative methods for load balancing and training stability, enhancing its capabilities in AI applications [40][41]. - The introduction of this model signifies Huawei's commitment to advancing AI technology and its competitive position in the market [39][40].