KAIYUAN SECURITIES·2025-08-31 03:12Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report emphasizes the strong growth momentum in the AI computing chain, driven by significant capital expenditures from major players like Alibaba and NVIDIA, indicating a potential turning point for domestic AI infrastructure [6][16] - The report highlights the robust performance of NVIDIA, with a revenue of $46.7 billion in Q2 2025, marking a 56% year-on-year increase, and the commencement of production for the GB300 platform [5][13] - The report notes the encouraging policies from the Chinese government aimed at enhancing AI foundational capabilities, which are expected to drive upgrades in AI computing infrastructure [18][19] Summary by Sections 1. Investment Insights - NVIDIA's GB300 production has started, with expectations of significant revenue growth in AI infrastructure, projected to reach $3-4 trillion by 2030 [13] - Alibaba's cloud revenue for Q1 FY2026 reached 33.398 billion yuan, a 26% year-on-year increase, with capital expenditures soaring by 219.79% [16][17] - The report suggests that the AI-driven growth in Alibaba's cloud services could signal a fundamental shift in the domestic AI computing chain [16] 2. AI Computing Chain - The report recommends several key investment targets across various segments, including AIDC data centers, AI servers, and optical modules, indicating a broad investment opportunity in the AI computing ecosystem [7][21][22] 3. Communication Data Tracking - As of mid-2025, China has established 4.549 million 5G base stations, with 5G mobile phone users reaching 1.118 billion, reflecting a 20.6% year-on-year growth [31][33] - The report details the revenue growth of major telecom operators in cloud services, with China Mobile's cloud revenue reaching 56.1 billion yuan, a year-on-year increase of 11.3% [45][41] 4. Policy and Market Environment - The Chinese government's recent policies are expected to foster deeper integration of AI across industries, enhancing the demand for AI computing capabilities [18][19] - The OISA 2.0 protocol launched by China Mobile aims to restructure the intelligent computing ecosystem, supporting the development of domestic computing clusters [20]