Core Viewpoint - China is accelerating its investment in the artificial intelligence (AI) sector, supported by national policies and R&D investments from major tech companies and local suppliers, which is expected to drive the development of domestic computing power and AI models [1][2]. Group 1: Investment and Development - UBS highlights that despite uncertainties in imported AI chips, domestic computing power is continuously developing due to government support and investments from major tech firms [1]. - Alibaba and Baidu are favored by UBS for their ongoing progress in self-developed chips, which will strengthen their positions in the AI value chain [1]. Group 2: Technological Advancements - Recent technological advantages include improvements in domestic GPU performance through internal R&D and local suppliers, as well as system-level enhancements via supernode scaling [2]. - The design of supernodes, such as Alibaba's Panjiu 128 and Huawei's Ascend 384, significantly increases GPU quantities per cabinet, compensating for performance gaps in individual domestic GPUs [2]. Group 3: AI Model Development - AI model developers are optimizing algorithms for domestic GPUs, with DeepSeek's latest v3.2 model utilizing the TileLang programming language to better fit the local algorithm ecosystem [2]. - Most internet companies are accelerating the development of ASICs to optimize workloads and improve cost-effectiveness [2]. Group 4: Hardware and Software Ecosystem - A recent survey of AI chip experts revealed that domestic GPUs are now comparable to NVIDIA's Ampere in performance, although they still lag behind the Blackwell series [3]. - Some domestic chip manufacturers have established their own software stacks or added CUDA compatibility, enhancing engineer migration efficiency, though fragmentation limits scalability [3]. Group 5: Supply Chain and Market Position - China's capabilities in advanced process technology and high-bandwidth memory production are still in early stages, impacting supply chain strength [3]. - Besides Alibaba and Baidu, UBS also sees potential in iFlytek for its advancements in integrating domestic hardware with large model development, and prefers Horizon Robotics, Northern Huachuang, and Zhongwei Company [3].

除了阿里及百度，瑞银也看好科大讯飞(002230.SZ)的独特定位，因在将国产硬件与大模型发展相结合 方面取得领先进展。另外，该行偏好地平线机器人 (09660) 、北方华创(002371.SZ)和中微公司 (688012.SH)。 瑞银称，大部份互联网企业正在加速ASIC(专用集成电路)发展，以优化内部工作量及提高性价比。 Google为最早自研AI芯片的公司之一，已迭代了多代，亚马逊、META及微软也有开发自己的客制化AI 芯片。中国方面，百度已开发了三代昆仑芯片，阿里巴巴亦开始部署自研芯片。 智通财经APP获悉，中国正加速在人工智能(AI)领域的投资，瑞银发表研究报告指，尽管进口的人工智 能芯片存在不确定性，但相信在国家政策支援以及主要科技公司或本土供应商对研发投入的推动下，本 土算力仍在不断发展。这可能将继续推动中国AI及大模型的发展。该行看好阿里巴巴(09988)及百度 (09888)，因相信自主研发芯片上将持续有进展，以巩固在AI价值链中的地位，且也会持续投资AI。 而瑞银在近期对AI芯片专家调查后，总结出三个关键。1)硬件表现：目前国产前沿GPU的运算能力已与 英伟达(NVDA)的Ampere匹 ...