2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -17% 0% 17% 34% 50% 67% 2024-07 2024-11 2025-03 通信 沪深300 相关研究报告 通信 业 研 《英伟达将恢复 H20 在华销售，核心 利好 AIDC 链—行业点评报告》- 2025.7.15 《算力公司业绩亮眼，Grok-4 发布， AWS 推出 GB200 UltraServers，看好 全球 AIDC 产业链—行业周报》- 2025.7.13 《AI 驱动光铜共进，AEC 等受益于 高速短距连接需求—行业深度报告》 -2025.7.8 海外 AI 或估值提升，国内 AI 迎基本面拐点 ——行业周报 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0790124020006 | 算力 ...

Summary of AIDC Industry Conference Call Industry Overview - The conference call focuses on the AIDC (Artificial Intelligence Data Center) industry, particularly the impact of NVIDIA's H20 chip and other technological advancements on the market demand and infrastructure development in China and globally [1][2][4]. Key Points and Arguments 1. **NVIDIA's H20 Chip and RTX Pro GPU**: - NVIDIA's H20 chip is expected to be quickly exported to China, which will significantly boost domestic IDC bidding and demand for the AIDC electrical equipment supply chain in the second half of the year [1][2]. - The introduction of the RTX Pro GPU, designed for computer graphics and AI, is anticipated to further stimulate the market [2]. 2. **AI Computing Power Demand**: - There is an unexpected surge in AI computing power demand, driven by major internet companies' token growth, such as a 500% increase for Microsoft and a 50-fold increase for Google [1][5]. - Domestic companies like Doubao have also seen a fourfold increase in daily average token volume, indicating a robust demand for computing infrastructure [5]. 3. **Global Data Center Trends**: - The global data center vacancy rate has decreased by 2% year-on-year to below 7% as of Q1 2025, reflecting strong demand for data center construction [6]. - Major projects include Meta's plan to expand its AI computing data center with a fundraising target of $29 billion and Century Internet's plan to build ten large-scale computing center clusters over the next decade [6]. 4. **Capital Expenditure (CAPEX) Insights**: - Domestic CAPEX in the first half of the year fell short of expectations, impacting the IDC custom equipment supply chain due to supply-side constraints, particularly chip bans [7]. - However, the anticipated release of the H20 chip and advancements in B30 and domestic chip testing are expected to improve IDC construction demand in the second half of the year [7]. 5. **Power Supply Technology Trends**: - There is a notable shift from AC to DC power supply technology in IDC, with major companies like Alibaba and Tencent adopting HVDC technology [3][9]. - NVIDIA's next-generation products will also utilize DC power, indicating a clear trend that benefits leading power supply companies [9]. 6. **AIGC Market Landscape**: - The AIGC (Artificial Intelligence Generated Content) related electrical equipment market is stable, with leading companies like Mianyang Weather and Jinman Technology experiencing rapid order growth [8]. 7. **Domestic Companies' Competitive Edge**: - Domestic companies are noted for their speed in product development and cost control, enhancing their competitiveness in both domestic and international markets [10]. - The transition to DC power supply is expected to increase the value of certain components, benefiting related companies [10]. 8. **Key Players in ADC Sector**: - Notable companies actively positioning themselves in the ADC sector include Kehua Shenghong, Keda, and Zhongheng in China, and international players like Maimi and Hongfa [11]. 9. **NVIDIA's Recent Developments**: - NVIDIA's announcement regarding the sale of the H20 chip to China and the launch of new GPUs is seen as a positive shift for the IDC industry, alleviating previous negative sentiments [12]. 10. **Prospects for Domestic Computing Power**: - The outlook for domestic computing power testing and application is optimistic, with expectations of improved performance and pricing in the coming months [17]. Additional Important Insights - The overall sentiment in the IDC industry is shifting positively, with expectations of increased bidding and construction activity in the second half of the year due to technological advancements and market demand [2][7][12]. - The focus on sustainable energy solutions and policies supporting green electricity is also highlighted as a significant growth area for related companies [10].