英伟达H20解禁，或驱动供应链业绩进一步提升

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The U.S. government has approved the export license for H20, and NVIDIA will release the RTX PRO GPU, which is designed for computer graphics, digital twins, and artificial intelligence [2] - The lifting of restrictions on H20 after three months will benefit domestic AI large model training and inference, as H20 is NVIDIA's most advanced AI chip that can be exported to China [2] - The resumption of H20 supply is expected to enhance supply chain performance, alleviating previous pessimistic expectations and improving order visibility for NVIDIA's core suppliers [2] Summary by Sections H20 Export License Approval - NVIDIA's CEO stated that the company is submitting an application to resume sales of H20 GPUs to China, with the U.S. government guaranteeing the issuance of the license [2] - H20 chips, based on the Hopper architecture, are a simplified version of H100 and are crucial for AI acceleration in the Chinese market [2] Impact on Domestic AI Development - H20's computational power is one-sixth of H100, but its high bandwidth and memory advantages make it competitive in practical applications [2] - The lifting of restrictions is expected to meet some of the domestic demand for AI model training and inference, enhancing hardware and software capabilities [2] Supply Chain Performance - The resumption of H20 supply may satisfy some of the backlog in computational power demand, improving the visibility of orders and shipment schedules for NVIDIA's core suppliers [2] - The report suggests focusing on both overseas and domestic AI supply chains, highlighting companies such as Industrial Fulian, Huadian Co., and others [2]