Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][41]. Core Insights - AMD has launched the MI350 series GPUs and showcased plans for the MI400 series, intensifying competition among the "AI Triad" in North America [2][14]. - The data center AI accelerator market is projected to grow over 60% annually, reaching $500 billion by 2028, with inference market growth expected to outpace training [2][14]. - The report highlights the ongoing valuation recovery in the overseas computing chain, driven by improved earnings confidence for 2026 and a return of value funds [3][15]. - The GTC Paris summit emphasized the importance of sovereign AI and industrial cloud as significant growth areas for computing power in Europe [4][15]. - The report suggests focusing on companies within the computing power supply chain, particularly in edge computing and endpoint devices [5][16]. Summary by Sections Industry Dynamics - AMD's MI350 series features 185 billion transistors and 288GB HBM3e, with performance improvements over the MI300 series exceeding 100% [2][14]. - The MI350X and MI355X GPUs demonstrate up to 35 times the inference performance of the MI300X [2][14]. - The report notes that the European market is becoming a key area for AI deployment, with significant investments in sovereign AI systems [4][15]. Mergers and Acquisitions - East Mountain Precision announced plans to acquire Source Photonics for up to $629 million, indicating a trend of consolidation in the optical communication sector [5][16][17]. - Source Photonics reported a revenue of 2.93 billion and a net profit of 400 million for 2024, with a 32% year-on-year growth in Q1 revenue [7][17]. Market Performance - The overall market saw a decline during the week of June 9-13, 2025, with the communication index dropping by 0.78% [8][18]. - The optical module sector showed resilience with a weekly increase of 3.12%, indicating strong performance amidst broader market challenges [8][18].

Core Insights - The report indicates that the macroeconomic environment is showing signs of recovery, particularly in the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, with a notable improvement in sentiment and performance metrics [3][6]. Macroeconomic Overview - The report highlights a "tariff pulse" affecting trade volumes, with U.S. imports showing weakness in May but expected to recover in June, albeit not returning to the high levels seen in Q1 [3]. - Inflationary pressures are still being transmitted through prices, with slight increases noted since late May [3]. - Business confidence has improved slightly in May but remains low, suggesting a slow recovery pace ahead [3]. Sector Analysis TMT Sector - The TMT sector is experiencing a significant recovery, driven by trends in AI, with components such as storage chains, communication devices, and gaming showing upward momentum [3]. - Software within the TMT sector is stabilizing after a downturn [3]. Advanced Manufacturing - Advanced manufacturing is seeing a recovery in demand, with sectors like general automation, wind power, photovoltaic, and aerospace equipment showing signs of improvement [3]. - Capacity adjustments in advanced manufacturing are contributing to this recovery [3]. Consumer Sector - The consumer sector is witnessing early signs of recovery, particularly in new consumption and mass-market products, with personal care and accessories showing improvement [3]. - Categories such as beer, condiments, and dairy products are also experiencing a rebound [3]. Other Sectors - The pharmaceutical sector is seeing a revival in investment cycles, while insurance and electricity sectors are also showing positive trends [3]. - Precious metals are maintaining high levels, indicating strong demand [3]. Automotive Industry Insights - Major automotive companies like BYD, Geely, SAIC, and Great Wall have committed to standardizing supplier payment terms to within 60 days, which is expected to alleviate concerns regarding repayment capabilities and promote healthier industry dynamics [6]. - The average capital turnover rates for components, complete vehicle manufacturers, and dealers are reported at 4.5, 2.2, and 8.9 respectively, indicating a structured financial ecosystem [6]. - The anticipated output from vehicle manufacturers is approximately 42.4 billion yuan, which may create short-term cash flow pressures but is deemed manageable [6]. Company Ratings - The report includes a new buy rating for XGIMI Technology (极米科技) with a target price of 150.00 yuan, projecting earnings per share (EPS) of 5.00 yuan for 2025 [7].

证券研究报告 科技 COMPUTEX 现场走访：主权 AI、美 国制造、NVLink Fusion 是三大话题 华泰研究 2025 年 5 月 21 日│中国内地 动态点评 Computex 现场走访：主权 AI、美国制造、NVLink Fusion 是三大话题 5/19-20，我们实地参加 Computex 2025，期间参与了英伟达、高通、鸿海、 联发科等公司的主旨演讲、英伟达分析师会议，并和日月光等公司进行了交 流。通过这次论坛，我们认为，1）中东等地的主权 AI 相关投资短期弥补了 中国市场销售受限的影响，但 AI 应用发展缓慢或是整个产业链的最大风险。 2）中国台湾具有全球较为完备的产业链集群，如何满足美国政府要求，实 现美国本土制造是当前产业链面临的最大挑战；3）NVLink Fusion 是本次 论坛英伟达发布的新技术，或进一步强化英伟达产业地位。 观点#1：主权 AI 投资短期弥补中国市场影响 自 5 月 13 日美国商务部宣布撤销拜登政府 2025 年初发布、基于三档国家 分级体系的《人工智能扩散规则》以来，英伟达和全球算力产业链股价出现 显著反弹。短期来看，这次美国监管政策的调整，为英伟达 ...