证券研究报告：计算机|点评报告 发布时间：2025-08-27 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 5804.0 | | --- | --- | --- | | 52 | 周最高 | 5804.0 | | 52 | 周最低 | 2805.53 | 行业相对指数表现（相对值） -5% 6% 17% 28% 39% 50% 61% 72% 83% 94% 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《DeepSeek V3.1 提振国产算力和应 用》 - 2025.08.25 中国移动集采大单公布，推理型人工智能部署加 ...

Core Viewpoint - The discussion highlights the transformative impact of artificial intelligence (AI) on society, scientific discovery, and the importance of foundational knowledge for the younger generation in adapting to the AI era [1][5][7]. Group 1: AI Development Trends - The next trend in AI development is its penetration into the physical world, transitioning from "perceptual AI" to "generative AI" and now to "reasoning AI," which can understand and generate information [2][3]. - The upcoming wave is "physical AI," which will be applied in robotics and other physical machines, enhancing human capabilities [3]. Group 2: China's Role in AI - China plays a significant role in AI development, with the highest number of research papers published globally. The country excels in open-source projects, which have a global impact [4]. - Open-source models like DeepSeek and Tongyi Qianwen are among the top in the world, benefiting various sectors such as healthcare and finance [4]. Group 3: AI's Impact on Scientific Discovery - AI is poised to revolutionize scientific discovery by enabling a deeper understanding of biological processes, which could lead to advancements in drug design and longevity [5]. - The ability to understand the structure and significance of biological entities through AI presents substantial opportunities [5]. Group 4: Future of Chip Technology - The future of chip technology involves the development of three-dimensional transistors and advanced packaging techniques, with significant innovations expected in silicon photonics [5]. - The transition from single chips to stacked and multi-chip designs is a key focus area for the next two decades [5]. Group 5: Advice for the Younger Generation - Young individuals are encouraged to master foundational skills such as mathematics, reasoning, logic, and programming to effectively interact with AI [6][7]. - Critical thinking is essential for evaluating AI-generated answers, and understanding first principles is crucial for problem-solving [7].

Core Viewpoint - The discussion highlights the transformative impact of artificial intelligence (AI) on society, scientific discovery, and the future of chip technology, emphasizing the importance of foundational knowledge for the younger generation in adapting to the AI era [3][5][9]. Group 1: AI Development and Trends - AI is evolving from "perceptual AI" to "generative AI," with capabilities now extending to understanding and generating information across different modalities [5]. - The next wave of AI development is expected to penetrate the physical world, leading to advancements in robotics and other physical machines [5]. - Huang emphasized the significance of "reasoning AI," which can understand and solve complex problems previously unencountered [5]. Group 2: China's Role in AI - Huang noted that China leads the world in the number of research papers published in AI, showcasing its significant contributions to open-source projects [6]. - Open-source models developed in China, such as DeepSeek and Tongyi Qianwen, are recognized as top-tier globally, benefiting various sectors including healthcare and finance [6]. Group 3: AI's Impact on Scientific Discovery - AI is poised to revolutionize scientific discovery by aiding in the understanding of biological structures and processes, which could lead to breakthroughs in drug design and longevity [7]. - Huang highlighted the potential of AI to interpret complex biological data, which could unlock significant opportunities in medicine [7]. Group 4: Future of Chip Technology - Huang discussed the future of chip technology, predicting a shift towards three-dimensional transistors and advanced packaging techniques, such as "CoWoS" [7]. - Innovations in silicon photonics are also anticipated, indicating a promising future for chip development [7]. Group 5: Advice for the Younger Generation - Huang advised young people to focus on mastering foundational skills such as mathematics, reasoning, logic, and programming to effectively engage with AI [9]. - He stressed the importance of critical thinking to evaluate AI-generated answers and to articulate problems clearly when interacting with AI [9].

Core Insights - Nvidia's CEO Jensen Huang emphasizes the company's resilience in the face of challenges in the Chinese market, highlighting a strategic pivot towards AI inference demand which has exceeded expectations [3][10] - The company is experiencing significant growth in AI services, with products like ChatGPT and Gemini driving demand for AI inference capabilities [3][10] - Huang acknowledges the importance of the Chinese market, despite current revenue losses, and stresses the need for Nvidia to remain competitive against local players like Huawei [5][7] Market Performance - Nvidia reported a second-quarter revenue of $45 billion, with a 2% fluctuation, and an estimated loss of $8 billion related to the Chinese market and H20 chip sales [3] - The introduction of new architectures like Blackwell and Fei-Lung 72 is seen as a breakthrough, contributing to Nvidia's strong market position [4] Strategic Adjustments - Huang discusses the challenges posed by strict regulations in China, indicating that the H20 chip has reached its minimum specifications, and future designs will need to create market value [6] - The company is exploring ways to maintain competitiveness in the face of rapid advancements by Chinese competitors [6][7] Competitive Landscape - Huawei's technology is reportedly on par with Nvidia's H200, and their new CloudMatrix system is noted for its scalability [7][10] - Huang points out that Chinese companies are increasingly turning to Huawei due to trust issues with American technology, highlighting a shift in the competitive dynamics [7][8] Political and Economic Context - Huang expresses support for Trump's policies, particularly regarding tariffs and AI diffusion rules, which he believes will benefit American manufacturing and technology adoption globally [11][12] - The company is actively working on establishing manufacturing facilities in the U.S. and encouraging global partnerships to enhance AI infrastructure [10][11] Future Prospects - Nvidia is collaborating with Tesla and xAI on various projects, including the development of humanoid robots, which Huang believes could lead to a trillion-dollar industry [13] - The company is planning to engage with European nations to promote AI infrastructure and factory development, recognizing AI as a critical component of national infrastructure [14]