中银晨会聚焦-20250703

Core Insights - The report highlights the sustained high demand for domestic computing power driven by ongoing U.S. restrictions on advanced chip imports, accelerating the domestic substitution process [3][7] - Domestic cloud service providers are increasing capital expenditures, gradually releasing industrial demand, while the iteration of domestic AI large models and applications is further boosting computing power needs [3][7] Industry Performance - The report provides a snapshot of market indices, with the Shanghai Composite Index closing at 3454.79, down 0.09%, and the Shenzhen Component Index at 10412.63, down 0.61% [4] - The performance of various sectors is noted, with steel up 3.37% and electronics down 2.01% [5] Key Focus Areas - The domestic computing power market is experiencing a boom, with Huawei's Ascend 910C servers being deployed in significant quantities, indicating a new phase in domestic computing commercialization [7] - The Ascend 910C chip boasts a single-chip computing power of 320 TFLOPS (FP16), designed for efficiency and low power consumption, suitable for AI tasks [7] - Major domestic internet companies are ramping up investments in AI infrastructure, with Alibaba planning to invest 380 billion RMB over three years, and Tencent's capital expenditure reaching 275 billion RMB in Q1 2025, up 91% year-on-year [8] Demand Drivers - The report notes that application-side inference is expected to drive demand growth, with significant increases in token usage reported by major companies like Alphabet and ByteDance [9] - The domestic supply side, including chips and supernode deployments, has achieved technological breakthroughs, which will lead to increased demand for computing power as industry applications evolve [9]