行业点评报告：英伟达H20安全风险引发监管关注，自主可控产业链有望加速崛起

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The recent security risks associated with Nvidia's H20 chip have drawn regulatory attention, highlighting the importance of a self-controlled supply chain in China [4][5] - The incident reflects the ongoing technological competition between China and the US, which may temporarily suppress capital expenditure from domestic internet companies but could ultimately drive the development of a stable and healthy AI industry in China [5] - Domestic internet companies are expected to accelerate their transition to local supply chains due to the uncertainties surrounding Nvidia's H20 supply [6] Summary by Sections Industry Trends - The AI chip industry in China is rapidly developing, with products like Huawei's Ascend 910B/910C surpassing Nvidia's H20 in computing performance [7] - Domestic manufacturers are making significant progress in technology and ecosystem development, with companies like Moore Threads and Huawei achieving breakthroughs [7] Supply Chain Challenges - The supply bottleneck in China's AI industry is becoming more pronounced, with domestic chip production facing limitations due to EUV export restrictions and TSMC's foundry constraints [7] - The production yield of domestic semiconductor equipment remains low due to developmental bottlenecks and lack of experience [7] Investment Recommendations - Beneficiaries in the AI chip sector include companies like Cambricon [8] - In the wafer foundry segment, companies such as SMIC and Hua Hong Semiconductor are recommended [8] - For lithography equipment, companies like Fuchuang Precision and Maolai Optics are highlighted [8] - Other recommended companies in front-end process equipment include North China Innovation and Zhongwei Technology [8] - In advanced packaging, companies like Chipbond and Huahai Qingke are suggested [8] - EDA beneficiaries include companies like Huada Jiutian and Gai Lun Electronics [8]