Soochow Securities·2025-06-29 23:30Investment Rating - The industry investment rating is maintained as "Add" [1] Core Insights - The computing power sector is experiencing strong momentum, with stocks of companies like Broadcom and NVIDIA reaching new highs due to optimistic statements from NVIDIA's shareholder meeting and the first China AI Computing Power Conference [1][2] - The report identifies "Tokens consumption" as a key observation point for the domestic computing power market, highlighting significant growth in token consumption by major companies like ByteDance [2][3] - The report emphasizes that the domestic computing power industry is expected to grow significantly, driven by terminal computing power demand and advancements in domestic accelerator chip architecture [3] Summary by Sections Industry Performance - The computing power industry has seen a robust performance, with notable stock price increases in various segments, including PCB/CCL, copper cable, and optical chips [1] - NVIDIA's stock recovery reflects market recognition of the sustained growth in AI demand, with a reported fivefold increase in AI model request volume from Microsoft compared to the same period last year [1] Market Dynamics - The rebound in computing power is divided into two phases: the first phase was driven by optimistic spending guidance from major North American CSPs, while the second phase saw a significant increase in token consumption reported by Google [2] - The report notes that domestic companies are approaching or even surpassing international standards in several technological dimensions, indicating a strong competitive position [3] Key Companies - Relevant companies in the industry include SMIC, Chipone, Cambricon, Haiguang Information, Shenzhen South Circuit, Nanya Technology, Huafeng Technology, Chipbond, and Huaqin Technology [3]