国泰海通｜电子：H20存在安全风险，自主可控再加速

Core Viewpoint - The H20 chip has serious security issues, including "tracking and positioning" and "remote shutdown," which may affect domestic manufacturers' procurement willingness and accelerate the trend towards self-controlled computing power chips in China [1][2]. Group 1: Security Issues - The National Internet Information Office of China has interviewed NVIDIA regarding the security risks associated with the H20 chip, particularly its vulnerabilities related to "tracking and positioning" and "remote shutdown" technologies [1]. - The security concerns stem from the U.S. House of Representatives' proposed "Chip Security Act," which mandates that the U.S. Department of Commerce develop implementation rules to ensure chips have feasible location verification technology during export or transfer [1]. Group 2: Market Impact - Despite strong demand in the Chinese market, NVIDIA has placed an order for 300,000 H20 chips with TSMC, but the security vulnerabilities may lead to instability in domestic data center operations, potentially causing domestic manufacturers to reduce their original procurement plans [2]. - The trend towards self-controlled computing power chips is seen as inevitable, with the security vulnerabilities of NVIDIA's chips likely accelerating the adaptation of domestic cloud manufacturers to domestic computing power chips [2]. Group 3: Regulatory Environment - There is an expectation of increased procurement controls on the H20 chip within China, which may serve as a catalyst for the shift towards domestic alternatives [2].