AI算力产业链更新报告：H20遭审查+先进制程持续催化，政策驱动国产算力及供应链加速放量

Investment Rating - The industry investment rating is "Outperform the Market" [12] Core Viewpoints - The AI computing power supply chain is accelerating, driven by advanced processes and policies supporting domestic production. The report anticipates a rapid increase in domestic AI applications and a robust ecosystem [1] - The report highlights that with the improvement in the yield of advanced processes, the supporting supply chain is expected to see accelerated growth, maintaining the "Outperform the Market" rating [1] - The report emphasizes the importance of domestic AI computing power as a foundational support for AI technology, with significant capital expenditure expected in the domestic AI sector [5] Summary by Sections Investment Suggestions - Recommended companies to focus on include: - Computing Chips: Cambrian, Haiguang Information - Advanced Manufacturing: SMIC, Huahong Group, Yongxi Electronics - HBM: Huahai Chengke, Lianrui New Materials - PCB/CCL: Shenzhen Circuit, Founder Technology, Nanya Technology, Shengyi Technology - High-speed Backplane Modules: Huafeng Technology - Power Capacitors: Taijia Co., Oulu Tong, Jianghai Co. - Liquid Cooling: Feirongda, Shenling Environment, Shuguang Digital Innovation, Hongrid [3] Supporting Rating Points - The report notes that the yield of Huawei's Ascend 910C has reportedly reached 40%, indicating significant improvements in manufacturing processes and management, which is expected to lead to increased shipments of the 910C series products [5] - The report mentions the Chinese government's commitment to implementing the "Artificial Intelligence +" initiative, which aims to promote the large-scale commercialization of AI applications across various sectors, leveraging China's complete industrial system and large market scale [5]