Nvidia(US:NVDA) East Money Securities·2025-12-31 08:24Investment Rating - The report maintains a rating of "Outperform" for the industry, indicating an expected performance that exceeds the market average [2]. Core Insights - The report emphasizes the dominance of AI inference in driving innovation, particularly in areas related to operational expenditure (Opex) such as storage, power, ASIC, and supernodes [31]. - The acquisition of 35% of Limin Da by Lingyi Zhi Zao for 875 million RMB is highlighted, positioning the company to leverage advanced thermal management technologies in the AI sector [25]. - The report identifies significant growth opportunities in the domestic storage industry, particularly with the anticipated expansion of NAND and DRAM production in the coming year [32]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%, and the ChiNext Index saw a rise of 3.9%. The Shenwan Electronics Index increased by 4.96%, ranking 4th among 31 sectors, with a year-to-date increase of 48.12% [12][18]. Weekly Focus - Lingyi Zhi Zao's acquisition of Limin Da is noted for its strategic alignment with AI computing and thermal management solutions [25]. - NVIDIA's non-exclusive licensing agreement with Groq is discussed, highlighting its potential to enhance NVIDIA's position in high-performance computing and AI chips [26]. Weekly Insights - The report forecasts a significant increase in demand for storage solutions driven by advancements in products from Yangtze Memory Technologies and Changxin Memory Technologies, suggesting a focus on the domestic storage supply chain [31]. - The report also highlights the importance of power supply innovations, recommending attention to both generation and consumption technologies [33]. - ASIC technology is expected to gain market share, with a focus on key domestic and international cloud service providers [33]. - The report anticipates growth in supernode technologies, including high-speed interconnects and liquid cooling solutions [33].