日前，2025中国联通合作伙伴大会在上海世博中心举办。本次大会以"向实同行，共创融合新生态"为主题，汇聚各界伙伴共同探索数字技术融 合创新的中国范式。紫光股份旗下新华三集团以"算力×联接，AI×未来"为主题参会，全方位展示"云-网-安-算-存-端"全栈创新成果，以"AI in All"与"AI for All"双轮驱动智能化变革，赋能百行百业数字化转型。 与会期间，中国联通董事长陈忠岳，中国联通总经理简勤，中国联通副总经理王利民、朱汉武，中国工程院院士、紫金山实验室首席科学家刘 韵洁等重要领导莅临新华三展台。新华三集团高级副总裁、运营商BG总裁何宁陪同参观，并详细介绍了新华三和中国联通的在智算和BNC、数智 家庭等领域的最新技术成果和解决方案。领导们对新华三的创新技术和应用实践给予高度赞赏，并对其未来发展寄予深切厚望。 深化生态协同 共绘融合发展新蓝图 大会期间，新华三集团运营商BG直属联通系统部总经理夏庆丰受邀出席大会主论坛，并参与中国联通通通慧购企业商城启动仪式。夏庆丰表 示，依托"中国联通通通慧购企业商城"便捷的采购流程、高效的服务体系，结合新华三产品的卓越性能，必将为广大政企客户提供更优质的产品和 服 ...

Investment Rating - Investment Rating: BUY with a Price Objective (PO) of 160.00 USD, current Price at 135.40 USD [1][6] Core Insights - NVIDIA Corporation (NVDA) is expanding its portfolio with a broad set of AI products across various sectors, including cloud, enterprise, humanoid robots, and gaming, positioning itself in a "multi Trillion $ AI factory" industry [2][3] - The introduction of NVLink Fusion allows NVDA to extend its proprietary interconnect technology to third-party custom accelerators and CPUs, significantly expanding its Total Addressable Market (TAM) [2][3] - The GB200 systems are in full production, with management expressing high confidence in the rollout and strong demand, while preparing for the next-generation GB300 systems [4] - The launch of the Grace CPU C1 targets power-efficient edge, telco, and storage systems, competing against Intel and AMD's x86 products [3] Summary by Sections Portfolio Expansion - NVDA is diversifying its offerings with AI products across multiple sectors, indicating a strategic move to capture a larger market share [2][3] - The NVLink Fusion technology enhances collaboration with cloud service providers, integrating NVDA's GPUs with third-party ASICs and ARM-based CPUs [3] Production and Delivery Confidence - The GB200 systems are fully operational, with management indicating a strong demand and confidence in the production process despite challenges [4] - The upcoming GB300 systems are expected to deliver 1.5 times more inference capability due to enhanced memory and networking features [4] Market Dynamics - The enterprise server RTX Pro extends AI capabilities into the enterprise sector, increasing competition against legacy x86 systems [2] - The Sovereign AI buildout is anticipated to benefit from recent Middle-East deals, with significant advantages expected in the following years [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][9]. Core Views - The company's operator business is under pressure from external environmental factors, while computing power and end-side businesses are opening new growth avenues [1][6]. - The company reported a revenue of 121.3 billion yuan in 2024, a year-on-year decrease of 2.38%, and a net profit of 8.43 billion yuan, down 9.66% year-on-year [3][10]. - The operator business revenue for 2024 was 70.3 billion yuan, down 15.02% year-on-year, while the government and enterprise business grew by 36.68% to 18.57 billion yuan [5][9]. Financial Performance - The company achieved a gross margin of 37.91% in 2024, a decrease of 3.62 percentage points year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 31.25 billion yuan, down 10.34% year-on-year but up 13.41% quarter-on-quarter [3]. - The company expects net profits to grow to 9.26 billion yuan in 2025, reflecting a year-on-year increase of 9.9% [9][10]. Business Segments - The operator business is facing challenges due to a decline in overall investment from domestic operators as 5G network construction matures [5]. - The government and enterprise business has seen significant growth due to increased R&D investment, with revenues doubling in key sectors [5][6]. - The consumer business reported a revenue increase of 16.12% to 32.41 billion yuan, driven by growth in home terminals and mobile internet products [5][6]. Market Position and Strategy - The company is actively expanding its computing power segment, achieving breakthroughs in servers, storage, and data centers [8]. - The company is implementing a dual-brand strategy in international markets, leveraging innovative technologies to capture emerging market demands [8][9]. - The company maintains strict cost control, with a declining debt-to-asset ratio of 64.7% in 2024, marking six consecutive years of improvement [8][9].