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《美国 AI 行动计划》的点评：AI发展潜力大，半导体自主可控是关键
GUOTAI HAITONG SECURITIES·2025-07-24 08:53

Investment Rating - The report assigns an "Overweight" rating for the semiconductor industry, indicating a potential increase in stock prices relative to the CSI 300 index by more than 15% [4][13]. Core Insights - The U.S. AI Action Plan emphasizes accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy and security, which highlights the competitive strategy for AI development [2][4]. - The report identifies that the development of AI in China hinges on the construction of key AI infrastructure, particularly in semiconductor equipment and materials, which are crucial for self-sufficiency [2][4]. - The potential of AI is expected to trigger significant transformations across various sectors, including manufacturing, government, and scientific research, leading to new innovations and efficiencies [4]. Summary by Sections AI Development and Infrastructure - The U.S. government has launched the AI Action Plan, which includes three main pillars: accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy [4]. - The report suggests that the U.S. is in a race for global AI dominance, where the largest AI ecosystem will dictate global standards and reap economic and military benefits [4]. Semiconductor Industry Focus - The semiconductor manufacturing sector is highlighted as a critical area for AI development, with the report recommending investments in companies such as SMIC, North Huachuang, and others [4][5]. - The report stresses the importance of self-sufficiency in key equipment and materials for semiconductor production, especially in light of increasing U.S. export controls on semiconductor technology to China [4][5]. Investment Recommendations - The report lists several companies as recommended investment targets, including North Huachuang, Chipone, and others, all rated as "Overweight" [5]. - The projected earnings per share (EPS) for these companies show a positive trend, indicating potential growth in the coming years [5].