海外算力链趋势加强

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][9] Core Viewpoints - The report highlights significant advancements in AI computing power, particularly with the launch of OpenAI's GPT-5, which has reduced error rates and improved efficiency, leading to increased demand for reasoning computing power [5] - The report notes that major cloud service providers in North America are expected to significantly increase capital expenditures, particularly in AI cloud infrastructure, which will drive demand for high-end AI servers [5] - There is uncertainty regarding the supply-demand dynamics of the H20 chip in China, but long-term demand for reasoning computing power remains strong due to advancements in large model capabilities and domestic chip performance improvements [6] Summary by Relevant Sections Industry Basic Situation - The closing index is at 5119.4, with a 52-week high of 5440.49 and a low of 2805.53 [2] Recent Developments - The report discusses the successful mass production of the GB200 series by Industrial Fulian, with server revenue growth exceeding 50% in Q2 2025, driven by AI-related business [5] - The report emphasizes the importance of AI computing power supply chains and the potential impact of geopolitical factors on the availability of H20 chips [6] Investment Recommendations - The report suggests focusing on opportunities within the AI computing power industry chain, including: 1. GPU and servers: companies like Cambrian, Digital China, and others 2. Liquid cooling solutions: companies such as Invec, Shuguang Data, and others 3. Power supply solutions: companies like Megmeet, European Communication, and others 4. Diesel power generation: companies such as Weichai Heavy Machinery and others 5. AIDC: companies like Data Port, Kehua Data, and others 6. Optical modules: companies such as Zhongji Xuchuang, Tianfu Communication, and others [7]