国产算力崛起：内外双轮驱动下的自主生态突围

Investment Rating - The industry is rated as "Outperform" [6] Core Insights - The domestic computing power industry is experiencing a historical window of opportunity driven by both internal and external demand, with significant advancements in technology and policy support [1][3] - The supply side of domestic computing power has made substantial breakthroughs in technology and ecosystem construction, particularly in hardware and software, enabling the large-scale deployment of high-end AI chips [2][3] - The domestic computing power ecosystem is transitioning from a "usable" alternative to a "well-functioning" mainstream solution, with expectations for large-scale deployment in key sectors by 2026 [3] Summary by Sections 1. Overseas Cloud Vendors Entering a New Cycle - North American cloud vendors are expected to maintain high growth in AI chip shipments in 2026, with their capital expenditure (CapEx) cycles influencing global computing power investments [11][12] - The CapEx of North American cloud giants has shown a consistent three to four-year cycle, with significant upgrades corresponding to major shifts in computing architecture [12][13] 2. U.S. Chip Restrictions and China's Domestic Computing Power - U.S. export controls on semiconductors have evolved from hardware restrictions to encompass software and cloud services, significantly impacting China's semiconductor industry [18][19] - The restrictions have prompted rapid advancements in China's domestic computing power systems, leading to a competitive response in various technological areas [18][19] 3. Domestic Supply Side Breakthroughs - Domestic hardware advancements, particularly in AI chips, have been achieved through innovative technologies like Chiplet, which enhance performance and cost efficiency [2][3] - The software ecosystem is evolving through a combination of compatibility layers and independent software stack development, aiming to reduce dependency on foreign technologies [2][3] 4. Strategic Opportunities for Domestic Computing Power - The domestic computing power industry is expected to see significant growth in capital expenditure from 2025 to 2026, driven by urgent demand for AI computing and the maturation of the domestic ecosystem [17] - Key sectors such as government, finance, and smart manufacturing are anticipated to realize substantial value from domestic computing power infrastructure [3]