计算机行业重大事项点评：Token 推理大爆发，国产算力再迎海量需求

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [16]. Core Insights - The report highlights a significant increase in demand for domestic computing power, driven by a surge in Token consumption, which reflects a fundamental shift in user engagement with AI technologies [2][5]. - The Chinese AI computing acceleration chip market is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with a compound annual growth rate (CAGR) of 53.7% [5]. - The GPU market is expected to see the fastest growth, with its market share increasing from 69.9% in 2024 to 77.3% in 2029, reaching a market size of 1,033.34 billion yuan [5]. Demand Side Summary - The demand for computing power chips has entered a high-load normalization phase, with Token consumption increasing exponentially due to a transformation in AI usage from simple Q&A tools to productivity tools capable of handling complex tasks [5]. - The report cites NVIDIA's CEO, who emphasized that without computing power, Token generation and revenue growth are not feasible [5]. Supply Side Summary - The report discusses the constraints on overseas supply due to policy restrictions and capacity bottlenecks, which limit supply elasticity and create a window for domestic alternatives [5]. - Domestic chip manufacturers are enhancing their capabilities, with significant advancements in performance and commercialization, as evidenced by the breakthroughs in FP8 computing power standards [5]. - The report notes that domestic GPU manufacturers are achieving substantial revenue growth, with companies like Cambrian Technology reporting a turnaround to profitability for the first time [5]. Investment Recommendations - The report suggests focusing on the following areas for investment: 1. Chip design: Cambrian Technology, Haiguang Information, Muxi Co., Moer Technology, and Tianneng Zhixin 2. Chip foundry: SMIC and Huahong Semiconductor 3. Servers and supporting services: Inspur Information and Huafeng Technology [5].