Cambricon(SH:688256) Changjiang Securities·2025-08-25 14:59Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Viewpoints - The 2025 China Computing Power Conference will be held from August 22 to 24 in Datong, focusing on enhancing collaboration among various stakeholders in the computing power industry for high-quality development [2][5] - The ongoing AI wave is driving the expansion of computing power, making domestic computing power a viable solution under supply chain security considerations, with significant opportunities for the domestic chip industry [2][10] - The demand for computing power is expected to continue to grow explosively due to the rapid increase in AI applications and model complexity, with daily token consumption in China rising from 100 billion to over 30 trillion in just 18 months, a growth of over 300% [10] Summary by Sections Event Description - The conference aims to strengthen communication and cooperation among government leaders, telecom companies, chip manufacturers, computing power enterprises, industry experts, and academic institutions [5] Event Commentary - The computing power industry in China needs to develop towards high quality and scalability, with current statistics showing 10.85 million standard racks in use and a smart computing power scale of 788 EFLOPS [10] - There are challenges such as inefficient resource scheduling and underutilization of GPU capabilities that need to be addressed alongside infrastructure development [10] Investment Opportunities - The report suggests focusing on the entire domestic chip industry chain, particularly leading companies in computing power chips like Cambricon, as domestic computing power is expected to thrive amid supply chain security concerns [10]