July 7, 2025 07:58 PM GMT Investor Presentation | Asia Pacific Tuesday TMT Webcast: China's AI Semi Development in a Global Context; TSMC Preview | M | | | | --- | --- | --- | | | | Update | | July 7, 2025 07:58 PM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | | Charlie Chan | | | | Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 | | Tuesday TMT Webcast: China's | Daniel Yen, CFA | | | | Equity Analyst | | | AI Semi Development in a | Daniel.Yen@morga ...

证券研究报告——晨会聚焦 2025 年 7 月 3 日 | 中银晨会聚焦-20250703 | | --- | ■重点关注 【通信】国产算力高景气持续*吕然 庄宇。美国对先进芯片进口限制持续， 促使国产算力替代进程加快；国内云厂商持续提升相关资本开支并逐步释放 产业需求；同时，国内 AI 大模型及应用迭代推动算力需求提升。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3454.79 | (0.09) | | 深证成指 | 10412.63 | (0.61) | | 沪深 300 | 3943.68 | 0.02 | | 中小 100 | 6512.36 | (0.62) | 行业表现（申万一级） 创业板指 2123.72 (1.13) 重点关注 | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 钢铁 | 3.37 | 电子 | (2.01) | | 煤炭 | 1.99 | 通信 | (1.96) | | 建筑材料 | 1.42 | 国防军工 | (1.94) | | ...

通信 | 证券研究报告 — 行业点评 2025 年 7 月 2 日 强于大市 国产算力高景气持续 AI 系列跟踪专题报告 美国对先进芯片进口限制持续，促使国产算力替代进程加快；国内云厂商持 续提升相关资本开支并逐步释放产业需求；同时，国内 AI 大模型及应用迭代 推动算力需求提升。持续看好国产算力景气度。 投资建议 支撑评级的要点 ◼ 建议优先关注国内 AI 算力网络基础设施建设及应用方向，包括运营商： 中国移动、中国电信、中国联通；服务器及交换机设备商：中兴通讯、紫 光股份、浪潮信息、锐捷网络、盛科通信；光模块及光器件：新易盛、中 际旭创、源杰科技、华工科技、光迅科技、仕佳光子、华丰科技。 评级面临的主要风险 ◼ 国内外政策不确定性风险；市场需求不及预期风险；行业供给过剩竞争环 境恶化风险；AI 发展不及预期风险。 相关研究报告 《5G-A 和 AI 深度融合推动信息基建发展》 20250625 《云厂商加码资本开支，算力产业链迎发展机 遇》20250523 《全球算力需求稳中有进》20250518 中银国际证券股份有限公司 具备证券投资咨询业务资格 通信 证券分析师：吕然 (8610)66229185 r ...

Core Insights - The report from Minsheng Securities outlines the mid-term investment strategy for the electronics industry, emphasizing the growth of AI-driven applications and the increasing demand for computing power, particularly in the context of Nvidia's strong performance and the rise of self-developed ASICs by CSPs [1][2]. Group 1: Overseas Computing Power - Recent highs in US AI hardware and software stocks are driven by Nvidia's better-than-expected earnings, with long-term growth fueled by AI applications enhancing internet capabilities and increasing inference demand [2]. - The demand for computing power is expected to grow significantly, leading to accelerated product iterations from Nvidia and faster growth for CSP's self-developed ASICs [2]. - Upgrades in computing power rely on two main routes: speed improvements through PCB upgrades and the evolution from traditional optical modules to CPO, and power enhancements via HVDC and supercapacitors [2]. Group 2: Domestic Computing Power - Domestic models like Doubao and DeepSeek are advancing in multi-modal and lightweight capabilities, accelerating the development of domestic large models [3]. - Domestic cloud computing firms are increasing investments in computing power reserves and model optimization, with capital expenditures entering a new expansion cycle [3]. - The domestic computing infrastructure is currently insufficient to meet rapidly growing demand, leading to a rise in computing power leasing as a solution [3]. Group 3: AI Terminals - The smartphone AI functionality is still under development, but there are structural innovations in hardware such as optics, foldable screens, and fingerprint recognition [4]. - The smart glasses market is gaining traction, with sales increasing, and the success of Meta & Rayban AI glasses demonstrates the potential for AI glasses to replace traditional eyewear [5]. - The transition from AI to AR is expected to enhance user experience, with optical display modules becoming a significant component in AR glasses [5]. Group 4: Investment Recommendations - Key areas to focus on include servers (Industrial Fulian, Huqin Technology), computing chips (Chipone, Cambricon, Haiguang Information), PCBs (Huidian Technology, Shenghong Technology), and power & thermal control (Heavenly Electric, Zhongheng Electric) [6]. - Other notable mentions include brands and OEMs (Xiaomi Group, Yingshi Innovation), SOCs (Lexin Technology), and storage (Zhaoyi Innovation) [6].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 6月27日消息，日前， 美国《时代周刊》公布2025年度"全球百大最具影响力企业"榜单，华为入选！ ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 加群步骤： 据了解，100家入选企业被划分为领导者、颠覆者、创新者、巨头、先驱者五个不同组别，华为入选的是 巨头组别。 报道称，随着美国出口管制对中国科技雄心的挤压，一家中国科技巨头被寄予厚望来填补这一空白：华为。 为了限制中国的技术发展，华盛顿切断了这个超级大国竞争对手对英伟达最先进AI产品的获取。然而，据报道，华 为的昇腾910CAI芯片在推理任务中的性能已可达到英伟达最新H100AI芯片的60%。 《时代》周刊称，作为5G技术的市场领导者，华为如今也处于6G开发以及云计算和新能源汽车等多项下一代技术的 前沿。华为年报显示2024年公司营收达到1182亿美元，同比增长22.4%，并刚刚推出了一款搭载自家鸿蒙操作系统、 配备18英寸可折叠屏幕的笔记本电脑。华为首席财务官孟晚舟在去年11月表示： ...

Group 1 - The core point of the article highlights Huawei's recognition as a "Titan" in the 2025 Time magazine's "100 Most Influential Companies" list, showcasing its significant position in the global technology sector and its ability to lead industry development [1][3] - Huawei's Ascend 910 AI chip reportedly achieves 60% of the performance of NVIDIA's latest H100 AI chip in inference tasks, indicating its competitive edge in AI technology despite U.S. export restrictions [3] - The company reported a revenue of $118.2 billion for 2024, reflecting a year-on-year growth of 22.4%, and has launched a new laptop featuring its Harmony operating system and an 18-inch foldable screen [3] Group 2 - The "100 Most Influential Companies" list is an annual recognition aimed at honoring companies that have extraordinary influence and represent future development trends [3] - Huawei is positioned at the forefront of next-generation technologies, including 6G development, cloud computing, and electric vehicles, reinforcing its role as a market leader in 5G technology [3] - Huawei's CFO Meng Wanzhou emphasized the company's commitment to building a solid computing foundation for China and providing a second choice for the world [3]

每日经济新闻 消息面上，《新疆疆算万卡枢纽型智算中心项目施工总承包》招标公告近日发布。该项目拟建设智 能制造相关服务产业楼、人工智能训练基地和AI智算机房及配套设施。其中，国产算力拟采用4500台 昇腾910C-2服务器机群，能够支持人工智能场景的推理训练需求。国产算力应用落地进一步提速。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI 产业链上游算力芯片、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设 备、家电、通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 民生证券表示，AI板块正处于行业发展的关键转折点，展现出显著的投资价值。AI agent引领的软 件大革命正从0到1的拐点加速演进，推动整个行业进入技术与应用场景深度融合的新阶段。从行业层面 来看，AI技术的广泛应用正在重塑多个传统领域，例如金融科技、教育、智能汽车、智能制造等，带 来了效率提升、流程优化和商业模式创新的潜力。同时，政策端也在持续发力，如央行在2025年陆家嘴 论坛推出的八项金融开放举措，包括设立数字人民币国际运营中心、推进航贸区 ...

综上所述，CloudMatrix384并⾮意在成为NVIDIA H100的普适性替代品，⽽是⼀款针对 特定（且⽇益重要的）AI⼯作负载进⾏深度优化的、具有⾼度创新性的专⽤系统。它的出 在性能层⾯，论⽂数据显示，CloudMatrix-Infer服务⽅案在昇腾910C上运⾏MoE模型时 ，其计算效率（以tokens/s/TFLOPS衡量）在预填充（Prell）和解码（Decode）阶段均 超越了已公开的NVIDIA H100与H800数据。这⼀成就并⾮源于单NPU在理论峰值算⼒上 的超越，⽽是华为"以系统取胜"策略的集中体现。通过PDC解耦服务架构、⼤规模专家并 ⾏（LEP）、硬件感知的融合通信算⼦（如AIV-Direct）以及精细化的INT8量化等⼀系列 软硬件协同优化，华为最⼤化了集群的有效算⼒利⽤率。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 ...

Investment Rating - Industry View: In-Line [5] Core Insights - The semiconductor industry is experiencing unprecedented demand driven by AI advancements and geopolitical tensions [3][5] - China's AI semiconductor market is expected to see significant growth, with local GPU revenue projected to reach Rmb287 billion by 2027 [21][19] - The overall AI semiconductor market is anticipated to deliver over 30% CAGR from 2023 to 2030, with inference AI semiconductors growing at 55% CAGR [78][77] Summary by Sections China AI Semi Demand and Supply - The top six companies' capital expenditures are forecasted to grow 62% YoY to Rmb373 billion [10] - China's GPU self-sufficiency ratio was 34% in 2024 and is expected to reach 82% by 2027 [16] - The total addressable market (TAM) for China's cloud AI is projected to be US$48 billion by 2027 [18] Semiconductor Solutions and Technology Trends - Moore's Law is expected to continue with chip scaling to 3nm/2nm for better power efficiency [78] - Advanced packaging technologies like CoWoS and SoIC are being utilized to increase data speed and memory bandwidth [78] - The EDA market in China is projected to grow at a 12% CAGR from 2023 to 2030, reaching US$3.3 billion [29] Investment Opportunities - AI semiconductors are expected to account for approximately 34% of TSMC's revenue by 2027 [148] - The demand for custom AI semiconductors is increasing, driven by major cloud service providers and tech companies [120][121] - The global semiconductor market size may reach US$1 trillion by 2030, with AI semiconductors being a major growth driver [59]

公众号记得加星标⭐️，第一时间看推送不会错过。 在今年四月举办的的华为云生态大会2025上，华为宣布推出CloudMatrix 384超节点。据华为 介绍，面向AI时代的海量算力需求，华为云基于"一切可池化、一切皆对等、一切可组合"的新 型高速互联总线推出CloudMatrix 384超节点，实现从服务器级到矩阵级的资源供给模式转变。 CloudMatrix 384具备"高密""高速""高效"的特点，通过全面的架构创新，在算力、互联带宽、内存 带宽等方面实现全面领先。 近日，华为团队和硅基流动合著了一篇题为《Serving Large Language Models on Huawei CloudMa trix384》的文章。介绍了华为 CloudMatrix。 （原文链接： https://arxiv.org/pdf/2506.12708 ） 按照他们在文章中所说，这是新一代 AI 数据中心架构，体现了华为重塑 AI 基础设施基础架构的愿 景。华为 CloudMatrix384 代表了这一愿景的首个生产级实现。它将 384 个昇腾 910C NPU、192 个鲲鹏 CPU 以及其他硬件组件集成到一个统一的超 ...