Core Insights - The GTC conference is seen as a pivotal moment for U.S. tech stocks, particularly for NVIDIA, which is expected to showcase transformative innovations [2][10] - NVIDIA's market capitalization has decreased by $820 billion since its peak on January 7, 2023, with a 1.8% drop in stock price on the first day of the conference [2][10] Group 1: GTC Conference Highlights - The GTC conference, often referred to as the "AI Developer Spring Festival," is taking place in San Jose, California, with an expected attendance of 25,000 in-person participants and 300,000 online attendees [1] - CEO Jensen Huang is scheduled to deliver a keynote speech, discussing NVIDIA's accelerated computing platform and its impact on AI, digital twins, cloud technology, and sustainable computing [1] - The conference will feature a dedicated "Quantum Day" to discuss the current state and future of quantum computing, with participation from leading companies in the field [8] Group 2: Product Innovations - Analysts anticipate the launch of the GB300 AI chip, which may begin shipping in May, and the introduction of the Blackwell Ultra series, expected to significantly enhance performance and efficiency [4][10] - The Blackwell Ultra (GB300) chip is projected to improve performance by 50% compared to the previous B200 series, utilizing TSMC's 4NP process and increasing HBM capacity to 288GB [4] - The Rubin platform is expected to be discussed, featuring advanced specifications and a potential launch in late 2025 or early 2026, with significant memory capacity improvements [5][6] Group 3: Market Context and Challenges - The stock price of NVIDIA has fallen over 13% this year, and the current price-to-earnings ratio is below 27, which is lower than many slower-growing tech giants [10] - Analysts express concerns about NVIDIA's profitability, particularly as the AI chip market shifts from training to inference, where competition is intensifying [11] - There are broader economic uncertainties, including macroeconomic weakness and supply chain issues, which may impact NVIDIA's growth prospects [11]

Investment Rating - The report maintains a rating of "Buy" for the industry [4] Core Views - The upcoming NVIDIA GTC 2025 conference is expected to be a significant event for the AI and semiconductor markets, showcasing new technologies and driving hardware upgrades [1][10] - The GB300 chip is anticipated to enhance power performance and optimize supply chain technologies, benefiting related suppliers [2][22] - The AI server market is projected to experience substantial growth, with a forecasted revenue increase of 150% year-on-year in 2024 and a significant market share for AI servers by 2025 [3][43] Summary by Sections NVIDIA GTC 2025 Conference - The GTC 2025 conference will take place from March 17 to 21 in San Jose, California, featuring over 1,000 presentations and 300 live demonstrations [10] - New chips, including the GB300 and B300 series, are expected to be launched, which will significantly improve computing performance [11] - The conference will also highlight advancements in AI technology from Chinese companies and explore the future of quantum computing [16][19] GB300 Chip Development - The GB300 chip will integrate advanced power systems, achieving a TDP of 1.4KW, which enhances power quality and system reliability [2][31] - The chip's design will drive the development of related technologies such as lithium batteries and supercapacitors, positioning suppliers like 麦格米特 for strategic transformation [2][32] - The GB300 is expected to reduce energy consumption by 33% per unit of computing power, contributing to the efficiency of green data centers [31] AI Server Market Outlook - Hon Hai Precision Industry forecasts a significant increase in AI server shipments, with a projected revenue growth of 150% year-on-year in 2024 and a market share exceeding 40% by 2025 [3][43] - The company anticipates that the upcoming hardware upgrades and the GTC conference will further stimulate demand in the AI server market [3][43] Industry Performance - The electronic sector has shown a slight decline of 0.62% recently, with specific segments like PCB outperforming the overall market [49] - The report suggests that the electronic industry is positioned for a historical valuation increase driven by advancements in AI technology [52]

Investment Rating - The report maintains a "Buy" rating for the communication industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [43]. Core Insights - The domestic leading IDC companies are successfully advancing REITs/ABS, which is expected to accelerate industry expansion through enhanced financing channels [19][22]. - The upcoming GTC 2025 event is anticipated to catalyze the AI hardware supply chain, with significant product launches from NVIDIA [26][32]. Summary by Sections Market Review - The communication sector (Shenwan) increased by 0.60% this week, underperforming the CSI 300 index, which rose by 1.59% [11][12]. - Year-to-date, the communication sector has risen by 6.31%, outperforming the CSI 300 index by 4.49% [11][12]. IDC Companies and REITs/ABS - The REITs initiative allows IDC companies to separate ownership from operational rights, facilitating a shift towards a lighter asset operation model [19][21]. - The successful application for REITs by Runze Technology and the issuance of ABS by Guokong Data mark significant milestones in the digital infrastructure sector [22]. GTC 2025 Event - GTC 2025 will take place from March 17-21, 2025, in San Jose, featuring key announcements from NVIDIA, including the launch of the GB300 and B300 series chips [26][28]. - The event is expected to showcase advancements in AI infrastructure, particularly with the introduction of the NVL288 rack configuration [31][32]. Investment Recommendations - Key recommendations include China Mobile, China Telecom, and China Unicom for operators; and for optical modules, companies like Tianfu Communication, Zhongji Xuchuang, and Xinyi Technology are highlighted [34]. - In the IDC sector, Runze Technology is a primary recommendation, with additional attention on Guokong Data and Aofei Data [34].