BOHAI SECURITIES·2025-12-11 08:48Investment Rating - The report maintains a "Positive" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [28] Core Insights - The approval for NVIDIA to sell H200 AI chips to China is expected to alleviate some supply constraints faced by domestic cloud computing companies [12] - Alibaba has established the Qianwen C-end business group, aiming to create a "super app" that serves as the primary entry point for users in the AI era [12] - Baidu is evaluating the spin-off and IPO of Kunlun Chip, with plans to submit an application to the Hong Kong Stock Exchange as early as Q1 2026 [13] - The AI application sector is experiencing rapid growth, driven by major internet companies accelerating their C-end smart applications [27] - The AI computing power industry is expected to maintain high prosperity, supported by the maturation of the domestic computing power industry chain [27] Industry News - The U.S. government will allow NVIDIA to sell H200 AI chips to China, with shipments starting in 2024. The H200 chip is designed for training and running AI models and offers significant performance improvements over its predecessor [12] - Alibaba's Qianwen C-end business group aims to integrate various services into a single app, enhancing user accessibility to AI technologies [12] - Baidu's Kunlun Chip, which focuses on general AI chip design, has shown rapid business growth and is preparing for a potential IPO [13] Industry Data - The rental prices for computing power remain stable, with specific configurations priced as follows: - V100-32GB8 at 66.63 CNY/hour - A100-40GB8 at 161.50 CNY/hour - A100-80GB1 at 5.95 CNY/hour - A800-80GB1 at 7.50 CNY/hour [14][15] Market Review - From December 4 to December 10, the Shanghai Composite Index rose by 1.34%, while the Shenwan Computer Industry Index increased by 1.13%. Most sub-sectors within the computer industry saw gains, with vertical application software leading at 2.45% [20][21] Weekly Strategy - The report emphasizes the growth potential of AI applications driven by technological advancements and market demand. It suggests focusing on leading companies with strong capabilities in AI technology implementation and scene adaptation [27][28]