近年来，国内政策大力支持芯片的国产替代，国家集成电路产业投资基金三期（注册资本高达3440亿元 人民币）助力攻关卡脖子环节，地方政府亦推出专项基金支持芯片研发。 落脚到A股市场，作为算力的基石，AI芯片的性能直接决定了AI模型的水平乃至未来经济的格局。在AI 基建持续投入与自主可控战略重要性日益凸显的双重驱动下，预计国产AI芯片将迎来广阔的市场空 间，关注国产AI芯片产业链上各环节龙头企业，有望受益直接受益于国产AI芯片的放量。（光大证券 微资讯） 股票频道更多独家策划、专家专栏，免费查阅>> 企业层面，2025年，国产AI芯片厂商如华为昇腾、寒武纪、海光信息、以及摩尔线程、沐曦、燧原、 壁仞、天数等，均形成了自己的生态。 同时，超节点已成为算力厂商必争之地，英伟达借助芯片、机柜、通信、软件和供应链全方位优势，持 续布局推出超节点产品，国内算力厂商受制于制程劣势，选择系统化路线，不断加码超节点，意图实 现"弯道追赶"！ 展望后市，机构预测，中国的AI芯片市场规模预计将从2024年的1425.37亿元激增至2029年的13367.92 亿元。 芯原股份12月27日晚公告，2025年10月1日至2025年12月2 ...

据外媒同日报道，昆仑芯计划最早于2026年第一季度向港交所递交上市申请，目标在2027年初完成 IPO。该公司近期亦已完成新一轮融资，投后估值约为210亿元人民币（约合30亿美元）。行业人士曾 向腾讯财经表示，昆仑芯在技术与营收层面均处于国内AI芯片公司前列。 产品方面，昆仑芯目前主要销售昆仑芯2代、3代等系列AI芯片及软硬件一体解决方案。今年11月13 日，公司还发布了两款全新AI芯片M100与M300，以及配套的超节点产品，进一步拓展其产品矩阵。 昆仑芯为百度内部孵化的AI芯片企业，于2021年4月完成独立融资。其产品历经百度核心业务及大模型 研发的实际应用打磨，具备较好的技术积累与落地经验。根据腾讯新闻的信息，近两年昆仑芯业务增长 迅速，除服务百度生态外，外部客户占比已提升至约40%，覆盖互联网公司、手机厂商、运营商及多家 央国企。 据腾讯新闻，百度旗下AI芯片公司昆仑芯正筹备赴香港上市。相关投资人透露，该公司此前曾考虑在 科创板上市，并于今年下半年经与多家券商沟通后，决定转向港股。据悉，昆仑芯此前已完成一轮融 资，投前估值超过250亿元人民币。 ...

Group 1: Bond Market Insights - The bond market has shown overall stability with slight tightening of funds, characterized by major banks continuing to buy short-term bonds, indicating a stable outlook for short-term rates [4][5]. - Securities firms have begun to close positions on government bonds, with borrowing volumes at a low point, suggesting a cautious approach as the year-end approaches [4][5]. - Public funds are primarily investing in credit bonds, although the volume has decreased, indicating a preference for short-term investments [4][5]. Group 2: Semiconductor Material Substitution Opportunities - The tension in Sino-Japanese relations is expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share while domestic production rates are low [6][8]. - Key sectors for potential investment include photoresists, wet electronic chemicals, electronic gases, masks, CMP polishing liquids, and sputtering targets, with specific companies identified for each category [8][9]. Group 3: Chemical Industry Outlook - The Chinese chemical industry is poised for a revaluation due to the anticipated slowdown in global capacity expansion, which could enhance cash flow and dividend yields for leading companies [9][10]. - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [9][10]. - Key opportunities in the chemical sector include low-cost expansion, improved industry conditions, new materials, and high dividend yields from state-owned enterprises [10][11][12]. Group 4: AI Computing and Infrastructure - Major cloud service providers (CSPs) are increasing capital expenditures significantly for AI infrastructure, with Google raising its 2025 capital expenditure guidance to $91-93 billion [36][37]. - OpenAI has secured substantial computing power agreements with major chip manufacturers, indicating a strong demand for AI capabilities [37][38]. - The trend towards "super nodes" in AI infrastructure is gaining consensus, with various companies announcing advancements in their super node products [39][40]. Group 5: Tencent Music Performance - Tencent Music reported a 20.6% year-over-year increase in revenue for Q3 2025, driven by an increase in ARPPU, which boosted online music subscription income [52][53]. - The company achieved a significant increase in non-subscription revenue, particularly from live performances and artist-related products, indicating diversification in income sources [54][55]. - Future revenue projections suggest continued growth, with expectations for revenue to reach approximately 329.79 billion yuan by 2025 [55].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the AI computing power industry, highlighting significant developments in demand and supply, particularly related to major players like OpenAI, Oracle, and various semiconductor manufacturers [1][2][4]. Core Insights and Arguments - **OpenAI's Contracts**: OpenAI signed a 5-year contract with Oracle worth $300 billion for 4.5GW of computing power, with plans for an additional 7GW project, indicating a substantial investment in computing power [1][4]. - **Global Sovereign AI Projects**: Major investments in sovereign AI projects are accelerating, with total investments expected to exceed $1 trillion from the US, EU, and Saudi Arabia, most involving OpenAI [1][5]. - **Cloud Providers' Capital Expenditure**: Major cloud providers have raised their capital expenditure guidance for 2025, with a combined forecast of $390 billion from the top four overseas cloud companies, reflecting optimism about future computing power demand [1][6]. - **Supernode Product Launches**: Companies are rapidly launching supernode products, with Huawei deploying over 3,100 Ascend 384 nodes and Alibaba releasing the Panjiu 128 supernode AI server, indicating rapid development in AI computing infrastructure [1][7]. - **Taiwanese Companies' Performance**: Taiwanese companies like Hon Hai, Wistron, and Quanta are expected to see triple-digit growth in AI server revenue by 2025, benefiting from the global AI computing supply chain [1][8][10]. Additional Important Content - **Storage Market Dynamics**: Starting from August 2025, storage supply is expected to tighten, with cloud providers exceeding storage demand forecasts for 2026, leading to compressed supply for PCs and mobile devices [2][14]. - **Power Supply Market**: Delta's market share in AI server power supplies is projected to increase from 50% in 2024 to nearly 70% in 2025, with a revenue growth forecast of 30% for the year [2][13]. - **Liquid Cooling Technology**: The adoption of liquid cooling technology is becoming essential, with companies like Qihong reporting a revenue growth rate of 128% in September, driven by increased demand for AI server cooling solutions [2][9][11]. - **Chip Production by TSMC**: TSMC is maintaining high growth in chip production, with projections for NVIDIA's chip shipments to reach 8.5 million units in 2026, corresponding to significant cabinet demand [2][15]. Investment Recommendations - Recommendations include investing in AI chip manufacturers like Haiguang Information and Cambrian, server manufacturers such as Industrial Fulian and Inspur, and companies involved in cooling solutions and data centers [2][16].

Core Viewpoint - The article highlights the strategic upgrade of Unisplendour Corporation's subsidiary, H3C Group, in response to the urgent demand for computing power infrastructure in the AI era, emphasizing the establishment of the Turing Town model as a replicable and promotable industrial model [1][11]. Group 1: AI Infrastructure Development - H3C Group emphasizes the importance of building a robust computing power infrastructure as a foundation for AI applications, likening it to "repairing the road" for a long-distance run [3]. - The company proposes a "Computing Power × Connectivity" concept to address challenges such as low resource utilization and network congestion in traditional computing clusters [3][4]. - H3C has developed leading super-node products that enhance training and inference efficiency by 25% and 62.5% respectively, supporting large model training [4]. Group 2: Turing Town Model - The Turing Town model aims to create a complete commercial closed loop, addressing the traditional challenges of high investment, operational difficulty, and low profitability in computing centers [5][6]. - H3C collaborates with local government platform companies to ensure efficient utilization of computing resources through joint operations [5]. - The model has established four capability centers, forming a comprehensive AI industrial ecosystem that covers hardware adaptation, model optimization, scenario incubation, and industry empowerment [6]. Group 3: Market Demand and Differentiation - H3C's approach is demand-driven, identifying key areas such as internet, research, and model training to ensure high utilization of computing resources [6]. - The company differentiates itself in a competitive AI server market by offering integrated solutions rather than just hardware, transforming from a product supplier to a solution participant [6][7]. Group 4: Data Value Activation - H3C introduces the "Intelligent Trusted Data Space" solution to facilitate data circulation while ensuring data security, addressing the issue of data ownership transfer [8]. - The "Data Bridge" tool allows for data analysis without transferring ownership, maintaining the data sovereignty of the provider [8]. Group 5: Future Goals and Expansion - H3C aims to expand its computing power infrastructure in Guizhou and the western region, focusing on the Turing Town as a regional intelligent computing hub [11]. - The company plans to attract AI model and algorithm application enterprises to build a full-chain industrial ecosystem and promote large-scale AI applications in various sectors [11].

Group 1 - The core viewpoint is that domestic manufacturers are expected to gradually increase their market share in high-end switching chips due to continuous breakthroughs and increased overall AI spending, with projected market sizes for 2025, 2026, and 2027 being 257 billion, 356 billion, and 475 billion yuan respectively, representing year-on-year growth rates of 61%, 39%, and 33% [1] - The current overall domestic substitution rate of switching chips is low, especially in the high-end chip market, where companies like Broadcom, Marvell, and NVIDIA dominate, indicating significant room for domestic chip replacement [1] Group 2 - The evolution of large models and the expansion of Scale up clusters are identified as important trends, with large language model parameters evolving from hundreds of billions to trillions and beyond, employing various strategies to address the limitations of model size [2] - The communication requirements for tensor and expert parallelism are stringent, making high-bandwidth, low-latency Scale up networks the mainstream technical solution in the industry [2] Group 3 - The ongoing upgrade of overseas AI chips to Scale up sizes is driving new demand for switching chips, with current GPU Scale up interconnects reaching dozens of cards and evolving towards hundreds, while AI custom chip interconnects are expanding from dozens to thousands [3] - Domestic AI companies are launching their own supernode products equipped with Scale up switching nodes, with Huawei's Ascend supporting interconnects of 384 chips and Baidu's Kunlun supporting 32/64 card interconnects [3] - Various domestic manufacturers, including ZTE and H3C, are providing foundational engineering capabilities for domestic chips to transition to supernodes, with ZTE's supernode server achieving GPU communication bandwidths of 400GB/s to 1.6T/s [3] - In the Scale up switching domain, Ethernet, PCIe, and private protocols (such as NVLink and UB) are expected to coexist, while Ethernet is anticipated to dominate the Scale out domain due to its open ecosystem and cost advantages [3]