Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [2][12] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs [3][12] - Domestic cloud providers are making strides in self-developed ASICs, indicating a strong demand in the Chinese AI cloud market [12][13] Summary by Sections ASIC vs. GPU - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose chips covering a broader range of applications [2][12] - The energy efficiency of Google's TPU v5 is 1.46 times that of NVIDIA's H200, and Amazon's Trainium2 reduces training costs by 40% compared to GPU solutions [2][12] Market Growth and Demand - The global AI ASIC market is projected to reach $125 billion by 2028, with significant contributions from major clients [3][12] - The demand for inference computing is directly linked to throughput, with ChatGPT's weekly active users reaching 700 million by July 2025, driving the need for increased computational power [3][12] ASIC Design Services - ASIC design requires a high level of specialization, with major service providers like Broadcom and Marvell leading the market [3][12] - Broadcom's collaboration with Google on TPU has been pivotal, leveraging a comprehensive IP system and advanced packaging technologies [3][12] Domestic Developments - Leading Chinese cloud providers are achieving results in self-developed ASICs, with significant orders and advancements in technology [12][13] - The trends of PD separation and super nodes are emerging as key developments in the domestic ASIC landscape [12][13] Industry Outlook - The report anticipates a robust growth trajectory for the ASIC market, driven by increasing AI applications and domestic innovation [12][13]

上 市 公 司 有色金属 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,321 | 4,003 | 7,777 | 12,757 | 14,425 | | 同比增长率（%） | 12.0 | 11.0 | 6.2 | 64.0 | 13.1 | | 归母净利润（百万元） | 1,203 | 391 | 801 | 1,208 | 1,315 | | 同比增长率（%） | -22.9 | -38.5 | -33.4 | 50.9 | 8.8 | | 每股收益（元/股） | 0.88 | 0.28 | 0.57 | 0.86 | 0.94 | | 毛利率（%） | 10.8 | 9.9 | 11.1 | 13.8 | 13.8 | | ROE（%） | 10.9 | 3.5 | 7.1 | 9.8 | 9.9 | | 市盈率 | 9 | | 14 | 9 | 8 | 注： "净资产收益率"是指摊薄后归属于母公司所有者的 ROE / 公 司 深 度 证 券 研 究 ...