Nvidia(US:NVDA) KAIYUAN SECURITIES·2025-06-02 05:23Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the continuous growth of Nvidia's data center revenue, with expectations for the GB300 to begin shipping by the end of the quarter. Nvidia reported a revenue of $44.1 billion for FY2026 Q1, marking a 69% year-on-year increase and a 12% quarter-on-quarter increase. The data center business alone generated $39.1 billion, up 73% year-on-year and 10% quarter-on-quarter [2][10] - The DeepSeek R1 model has been upgraded, showcasing enhanced reasoning and programming capabilities. Major cloud giants are integrating this model, which significantly improves inference capabilities and code quality [3][13] - The report emphasizes a positive outlook on the domestic AI computing power industry chain, satellite internet, and 6G, recommending seven key investment directions including AIDC data center construction, IT equipment, network devices, cloud computing platforms, AI applications, and satellite internet & 6G [4][16] Summary by Sections Section 1: Investment Insights - Nvidia's data center revenue continues to grow, with GB300 expected to start shipping soon. The company has deployed nearly 72,000 Blackwell GPUs weekly among major hyperscale enterprises, with Microsoft as a key customer [2][10] - The DeepSeek R1 model has been launched, with significant improvements in structured reasoning and code generation, now being adopted by various major tech companies [3][13] - The report suggests focusing on the domestic AIDC computing power industry chain and highlights the importance of AI applications and infrastructure development [4][16] Section 2: Communication Data Tracking - As of March 2025, China has 4.395 million 5G base stations, with a net increase of 145,000 stations from the end of 2024. The number of 5G mobile phone users reached 1.068 billion, a year-on-year growth of 22.20% [26] - The report notes that 5G mobile phone shipments reached 19.424 million units in March 2025, accounting for 85.3% of total shipments, with a year-on-year increase of 9.52% [26] Section 3: Operator Performance - The three major operators have shown strong growth in cloud computing revenues, with China Mobile's cloud revenue reaching 100.4 billion yuan in 2024, a year-on-year increase of 20.4% [42] - The ARPU values for the three major operators remained stable, with slight variations noted among them [42][48]