摩根士丹利：H20 芯片恢复对华销售对BAT有利

July 15, 2025 12:38 PM GMT China Internet | Asia Pacific Resumption of H20 Sales to China Positive for BAT Resumption of H20 sales to China is a positive catalyst for BAT. We think hyperscalers' capex in 2H will accelerate, supported by accelerated cloud growth. Top pick Tencent (best 2C AI application), followed by BABA (best AI enabler, with cloud acceleration as catalyst). What's new: Nvidia plans to resume sales of its H20 chip to China after its ban in April. Nvidia also announced the development of a ...