Nvidia(US:NVDA) Haitong Securities International·2025-08-07 06:16Investment Rating - The report maintains an "Overweight" rating for the computer sector, with key targets including Kingdee International, Kingsoft Office, Hehe Information, Sie Information, Newland, Tongxingbao, DBAPPSecurity, and Runa Smart Equipment [4][10]. Core Insights - Recent AI policies, including a 1 billion RMB subsidy from Shanghai to address challenges in AI application, and the State Council's approval of the "AI+" initiative, are expected to accelerate the development of domestic foundation models and AI applications [4][10]. - The Shanghai policy allocates 600 million RMB for computing power, 300 million RMB for models, and 100 million RMB for data, providing substantial support to reduce hardware costs and enhance the AI ecosystem [4][11]. - The "AI+" policy focuses on commercial application, innovation, and security, aiming to promote AI commercialization and improve the supply of computing power, algorithms, and data [4][12]. - The recent security vulnerabilities found in NVIDIA's H20 chip highlight the importance of supply chain security and technological autonomy in the context of international tech competition [4][13]. Summary by Sections Investment Highlights - The report emphasizes the significance of recent AI policies and their potential impact on the industry, particularly in enhancing the application of AI technologies [4][10]. Policy Developments - The Shanghai government has introduced a comprehensive support system for AI applications, which includes subsidies for computing power, models, and data procurement [4][11]. - The State Council's "AI+" initiative aims to foster a robust AI ecosystem by enhancing commercial applications and ensuring data and algorithm supply [4][12]. Security Concerns - The report discusses the implications of the security issues surrounding NVIDIA's H20 chip, underscoring the critical nature of chip security in the AI industry [4][13].