基于国产 56.70 GPU的一体机百花齐放，2025年将是国 产AI一体机应用元年；算力大跌后这两个方向值 得关注——0302脱水研报 2025/03/02 18:25 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 今日研报内容： 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 摘要： 1、一体机：2月28日，中国移动拿下海外DeepSeek一体机私有化部署第一单。民生证券指 出，2025年将是国产AI一体机应用元年，目前多家公司已开发DeepSeek一体机，同时基于国 产GPU的一体机市场也在百花齐放，产业链有望持续放量。 2、算力：国盛证券认为，本次算力回落主要受全球宏观经济对高风险资产的冲击，叠加 GPT4.5不及预期，多方面因素形成共振导致短期跌幅较大。但算力需求释放的逻辑仍未发生 动摇，海外需要突破性创新撬动算力需求，国内AI产业起步较晚，基数较低，主要应关注算 力产业链边际变化。 相关个股 3、化肥：国信证券研报指出，磷化工以磷矿石为起点，当前下游以农化制品为主，具有刚需 属性，近几年含磷新能源材料等新应用领域不断扩展，但国内磷矿石因多年无序开采面临品 位下降问题，新增 ...

Core Viewpoint - The domestic large model industry is experiencing rapid growth, particularly in the areas of AIGC (Generative Artificial Intelligence), multimodal models, and vertical industry models, leading to a significant increase in demand for computing infrastructure [1] Group 1: Industry Growth - The demand for computing infrastructure is significantly increasing due to the accelerated application of AIGC, multimodal models, and vertical industry models [1] - The company has launched the Yuanxing training and inference integrated machine, built on the Muxi GPU, to cater to full-stack application scenarios for large models like DeepSeek-R1/V3 [1] Group 2: Product Offering - The Yuanxing machine provides a one-stop delivery capability from underlying computing power to model deployment, meeting the needs of various industries such as government, enterprise, scientific research, finance, and manufacturing [1] - The company has completed a small number of delivery applications of the Yuanxing training and inference integrated machine in several customer scenarios, accumulating industry practical experience [1] Group 3: Future Outlook - As various vertical application scenarios mature, the delivery scale and market demand for such products are expected to continue to grow in the future [1]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [4][7]. Core Insights - 2025 is projected to be the year of application for domestic AI integrated machines, with significant developments in the deployment of DeepSeek solutions by China Mobile in the financial services sector [1]. - Multiple companies are developing DeepSeek integrated machines, enhancing the domestic AI ecosystem and breaking the reliance on NVIDIA's CUDA ecosystem through collaborations with various domestic chip manufacturers [2]. - The report outlines a comprehensive list of companies involved in the domestic AI integrated machine supply chain, highlighting potential investment opportunities [3]. Summary by Sections Industry Overview - China Mobile successfully deployed the first self-developed AI project using DeepSeek in the Asia-Pacific region, marking a significant milestone for domestic AI applications [1]. - The introduction of new DeepSeek integrated machines by companies like Shanghai Haixi Technology and Huawei emphasizes the growing competition and innovation in the market [2]. Market Dynamics - At least 20 domestic chip manufacturers have announced partnerships with DeepSeek, indicating a robust growth trajectory for the domestic AI integrated machine market [2]. - The report highlights the advantages of domestic AI models combined with local AI chips, fostering the development of a "domestic computing power + domestic large model" ecosystem [2]. Investment Opportunities - The report identifies key players in the domestic AI integrated machine industry, including He Sheng New Materials, Hengwei Technology, and others, suggesting a diversified investment landscape [3].