Nvidia(US:NVDA) Tebon Securities·2025-07-21 10:58Investment Strategy - The recovery of H20 supply is expected to drive the AIDC hardware industry chain, alleviating domestic AI computing power shortages. The H20 chip has a peak FP16 computing power of 148 TFLOPS, significantly lower than the nearly 2000 TFLOPS of the H100, but its 96GB HBM3 memory and 4.0TB/s memory bandwidth make it suitable for applications requiring large memory capacity and high bandwidth, outperforming previous A100/A800 series [12][13] - The trend towards domestic chip replacement and technological self-sufficiency is irreversible. The Chinese government aims for a 70% self-sufficiency rate in chips by 2025. Domestic products like Huawei's Ascend 910 series and Haiguang's Deep Computing No. 3 are continuously improving their performance, with the Ascend 910C matching NVIDIA's H200 [13] - High demand for edge-side applications is expanding growth opportunities for H20 and RTX PRO. AI application monthly active users in China grew rapidly, with AI plugin applications increasing by 106% year-on-year. The high bandwidth characteristics of H20 are accelerating the large-scale implementation of AI inference scenarios [14][15] Industry News - The initial lifting of overseas computing chip restrictions allows H20 and MI308 to re-enter the Chinese market, which is expected to significantly accelerate domestic IDC construction progress. NVIDIA plans to resume sales of H20 and introduce a new compliant GPU, RTX PRO, suitable for digital twin AI applications [16] - T-Mobile's NTN service, T-Satellite, will officially launch on July 23, focusing on satellite direct-to-cellular networks to address communication challenges in areas without ground network coverage. This service has attracted over 1.8 million users during testing, indicating strong market demand [17] - OpenAI announced the launch of a general-purpose AI agent within ChatGPT, capable of assisting users with various computer-based tasks. This development is expected to drive further growth in AI applications and increase computing power demand [18][19] - The Ministry of Industry and Information Technology released the 2025 work priorities for the integration of information technology and industrialization, emphasizing the need for 5G and 6G technology investment and the development of industrial internet platforms [20] - SpaceX plans to launch its third-generation Starlink satellites in the first half of 2026, aiming to provide significantly higher downlink and uplink capacities compared to previous generations, potentially competing with ground cellular networks [21][22] Weekly Review and Focus - The communication sector saw a 7.02% increase this week, outperforming major indices. The IDC, optical modules, and optical communications sectors led the gains, with increases of 11.83%, 9.71%, and 6.10% respectively [23][24]