计算机行业深度研究报告：国产智算芯片：需求强劲，性能生态再进阶

Investment Rating - The report maintains a "Buy" rating for the domestic intelligent computing chip sector, highlighting strong demand and advancements in performance and ecosystem [2]. Core Insights - The global demand for intelligent computing continues to surge, driven by large-scale AI model training and inference needs, with significant capital expenditures and supportive policies enhancing the market landscape [6][7]. - The domestic AI chip market is projected to grow at a CAGR of 53.7% from 2025 to 2029, with GPU market share expected to rise from 69.9% in 2024 to 77.3% by 2029 [18][20]. - The report emphasizes the importance of hardware-software synergy, showcasing advancements in chip performance and the development of independent software ecosystems to break the CUDA monopoly [6][7]. Summary by Sections 1. High Demand for Intelligent Computing - Global AI computing infrastructure investments are experiencing explosive growth, with major tech companies planning substantial investments in AI clusters, such as OpenAI's $500 billion "Star Gate" project [10][11]. - The daily token consumption in China has surged from 100 billion to 10 trillion within a year, indicating rapid adoption of generative AI across various sectors [13][15]. - Domestic capital expenditures in AI computing are being driven by major players like ByteDance, Alibaba, and Tencent, with significant investments planned for 2025 [23][24]. 2. Hardware Performance Breakthroughs - Domestic chip manufacturers are rapidly closing the performance gap with international competitors, particularly in advanced process nodes and single-card performance [6][7]. - Innovations in architecture, such as Huawei's CloudMatrix, demonstrate competitive capabilities against leading international solutions [6][7]. 3. Software Ecosystem Development - The report outlines the shift from compatibility adaptation to the establishment of independent standards in the software ecosystem, enabling domestic chips to compete effectively [6][7]. - Domestic companies are developing their own software stacks to reduce reliance on NVIDIA's CUDA, enhancing the overall ecosystem for AI applications [6][7]. 4. Investment Recommendations - The report suggests focusing on various segments within the intelligent computing industry, including chip manufacturers like Cambricon and Haiguang, server providers like Sugon and Inspur, and data center operators like GDS and Kuaishou [6][7].