AI、半导体：华为发布AI芯片三年路线图

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][38] Core Views - The AI and semiconductor industry is experiencing a high growth trend, with Huawei announcing a three-year roadmap for AI chip development, including the launch of several new AI chips from 2026 to 2028 [4] - The report highlights the continuous growth of global AI infrastructure and the increasing demand for customized AI ASIC chips [4] - Investment opportunities are identified in the domestic chip supply chain, including companies involved in design, manufacturing, and testing [4] Summary by Sections Industry Performance - The electronic sector has shown strong performance with a relative return of 10.65% over 1 month, 25.96% over 3 months, and 68.02% over 12 months [3] - Absolute returns for the same periods are 17.25%, 43.11%, and 108.88% respectively [3] Key Developments - Huawei has launched several AI products, including the Ascend 910C AI chip and various AI supernodes and servers [4] - Nvidia has invested $5 billion in Intel, acquiring 215 million shares, which represents 4.91% of Intel's total shares [4] - Microsoft is building two AI data centers in Wisconsin with a total investment of $7.3 billion, expected to be operational by early 2026 [4] Investment Recommendations - The report recommends focusing on the entire domestic chip supply chain, highlighting key companies such as Cambricon, Haiguang Information, SMIC, and others [4] - It also suggests monitoring the AI PCB supply chain, with specific companies like Shenghong Technology and Huadian Holdings being of interest [4] Market Trends - The semiconductor sector has shown a positive trend, with the Philadelphia Semiconductor Index rising from 6,059.83 points on September 15 to 6,232.24 points on September 19 [12] - The report notes that the semiconductor equipment sector had the highest increase among sub-sectors, rising by 9.98% [8]