Nvidia(US:NVDA) Shenwan Hongyuan Securities·2026-02-28 11:01Investment Rating - The report maintains a positive outlook on the computer industry, highlighting significant growth opportunities in inference computing and AI applications [2]. Core Insights - The report identifies four major trends in inference computing driven by the Token economy, emphasizing the explosive demand for inference computing, the rise of pure inference chips, comprehensive system innovations, and accelerated breakthroughs in domestic computing chips [3][4][17]. Summary by Sections Inference Computing Trends - Trend 1: Explosive Demand for Inference Computing During the Spring Festival, major domestic AI models saw a substantial increase in inference data, with the number of tokens processed reaching 633 billion on New Year's Eve. In late February, the usage of Chinese AI models surpassed that of the US for the first time, with a total of 4.12 trillion tokens compared to 2.94 trillion tokens from the US [5][6]. - Trend 2: Emergence of Pure Inference Chips Nvidia's acquisition of Groq for $20 billion and OpenAI's collaboration with Cerebras underscore the importance of pure inference chips. The future landscape will likely consist of a combination of training GPUs and inference ASICs, creating opportunities for companies focused on inference chips [9][7]. - Trend 3: Comprehensive System Innovations The report discusses a new three-layer network architecture designed to meet the demands of AI agents, which includes a fast-response layer, a slow-thinking layer, and a memory layer. This innovation is expected to increase the demand for multi-core and multi-threaded CPUs [10][11]. - Trend 4: Accelerated Breakthroughs in Domestic Computing Chips Huawei's Ascend 950 chip introduces new low-precision data formats and significantly enhances vector computing capabilities. The report notes that the domestic supply chain is rapidly improving, with companies like Shenghe Jingwei seeing rapid revenue growth in 2.5D packaging services [17][19]. DeepSeek V4 Expectations - The report anticipates that DeepSeek V4 will achieve industry-leading standards in inference and coding capabilities, with improvements in handling long contexts and complex tasks. Recent technical papers suggest breakthroughs in these areas, enhancing the feasibility of domestic computing chip adaptations [22][25][35]. Recommended Investment Themes - The report highlights several key investment themes, including leadership in the digital economy, AIGC applications, AIGC computing power, data elements, and innovations in industrialization and medical information technology. Specific companies are recommended for investment based on these themes [37][38].