Summary of Conference Call on Domestic Computing Power Sector Industry Overview - The conference call focuses on the domestic computing power sector, particularly advancements in domestic computing chips and their implications for AI applications and cloud services [1][3][5]. Key Points and Arguments 1. **Market Catalysts**: The H20 limit and optimization of domestic advanced processes have catalyzed the market, leading to stock price increases for companies like Xian Co., Shengge Center, and Hanwujing [1][3]. 2. **Chip Performance Improvements**: Domestic computing chips, such as the 920C/D and 690/790, have shown significant performance improvements, making them suitable for large model training, especially under restrictions on B200/H200 [1][4]. 3. **AI Application Demand**: The demand for domestic computing chips is expected to surge due to AI applications, with ByteDance's token consumption projected to reach 500 trillion by 2026, necessitating millions of H20-level chips [1][7]. 4. **High-End Chip Competitiveness**: High-end domestic chips are approaching the performance of foreign products, with the 690 chip achieving 800T computing power, about 80% of NVIDIA's H100, suitable for training large models [1][8]. 5. **910D Chip Upgrade**: The 910D chip is set to upgrade to 224G, enhancing computing power by 50% and filling the gap in the domestic high-end training card market, with mass production expected in 2026 [1][9]. 6. **Cloud Service Developments**: Domestic cloud service providers are accelerating their AI layouts, with companies like New Yuan Co. making significant progress in collaboration with major clients [1][6]. 7. **Investment Opportunities**: Investors are advised to focus on companies like Xinyuan Co. and Taijing Co. for their unique AI business models, as well as Shenghe Communication for its potential in the switching chip sector [2][10][12]. Additional Important Insights 1. **Future Market Dynamics**: GPU and ASIC are expected to share the domestic computing power market in the next two to three years, with a current shortage of domestic cards [2][10]. 2. **CSB Manufacturers' Role**: CSB manufacturers will play a crucial role in the domesticization task, with significant market potential as the industry transitions from GPU to switch domesticization [13]. 3. **Storage Sector Potential**: In the storage sector, companies like Zhaoyi Innovation and Jiangbolong are highlighted for their potential in AI and enterprise-level storage solutions [15]. 4. **Emerging Technologies**: Companies like Unisplendour and its subsidiary H3C are positioned well in the AI server market due to their robust network technology and partnerships with domestic chip manufacturers [16][17]. 5. **High-Speed Connectors**: Companies such as Huafeng Technology and Yihua Co. are recommended for their advancements in high-speed connectors and modules, which are critical for AI server performance [18][20]. 6. **Overall Market Outlook**: The future of the domestic computing power market is optimistic, with significant growth potential across various sectors, including ASIC chips, domestic GPUs, and enterprise storage [25]. This summary encapsulates the key insights and developments discussed in the conference call, providing a comprehensive overview of the domestic computing power sector and its investment landscape.