申万宏源认为，24年底以来国内正在复刻北美互联网云计算巨头22年底来的进程：AI带动云景气度向 上，形成capex投入-云计算和推荐广告等加速-capex再加大投入的正循环；竞争格局角度，有内部负载 （推荐和助手等场景丰富）规模效应、自研大模型和自研芯片的互联网云厂格局占优，这也是避免同质 化竞争、长期提升利润率的关键。交易的核心催化上，云景气的核心驱动是25Q1deepseek、通义千问等 国产模型的进步，25Q3的核心驱动是互联网自研国产芯片。 阿里、百度争相自研芯片，AI点燃看涨狂潮，恒生科技有望再度向上突破。展望后市，美联储降息重 启，南向资金有望持续流入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。 没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 东吴证券此前表示，对于中国资产而言，降息是"锦上添花"，"以我为主"是主线。国信证券指出，半导 体自主可控再成焦点，继续推荐模拟、存储及算力ASIC。另一方面，百度昆仑芯中标中国移动 （600941）集采项目，国产AI芯片商业化持续推进。广发证券表示，国产AI芯片应用场景不断拓展， 在头部互联 ...

Investment Rating - The report assigns an "Overweight" rating for the semiconductor industry, indicating a potential increase in stock prices relative to the CSI 300 index by more than 15% [4][13]. Core Insights - The U.S. AI Action Plan emphasizes accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy and security, which highlights the competitive strategy for AI development [2][4]. - The report identifies that the development of AI in China hinges on the construction of key AI infrastructure, particularly in semiconductor equipment and materials, which are crucial for self-sufficiency [2][4]. - The potential of AI is expected to trigger significant transformations across various sectors, including manufacturing, government, and scientific research, leading to new innovations and efficiencies [4]. Summary by Sections AI Development and Infrastructure - The U.S. government has launched the AI Action Plan, which includes three main pillars: accelerating AI innovation, building AI infrastructure, and leading in international AI diplomacy [4]. - The report suggests that the U.S. is in a race for global AI dominance, where the largest AI ecosystem will dictate global standards and reap economic and military benefits [4]. Semiconductor Industry Focus - The semiconductor manufacturing sector is highlighted as a critical area for AI development, with the report recommending investments in companies such as SMIC, North Huachuang, and others [4][5]. - The report stresses the importance of self-sufficiency in key equipment and materials for semiconductor production, especially in light of increasing U.S. export controls on semiconductor technology to China [4][5]. Investment Recommendations - The report lists several companies as recommended investment targets, including North Huachuang, Chipone, and others, all rated as "Overweight" [5]. - The projected earnings per share (EPS) for these companies show a positive trend, indicating potential growth in the coming years [5].