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中银晨会聚焦-20250813
Core Insights - The report highlights the ongoing growth and investment in the AI computing infrastructure, driven by both domestic and international demand for AI applications [3][6][10] - The report emphasizes the strong performance of Industrial Fulian, with significant revenue and profit growth in the first half of 2025, indicating a robust business model and market position [9][11] AI Computing Industry - The AI computing supply chain is expected to accelerate, supported by rising domestic advanced process yields and collaborative efforts among various industry players to build a robust AI computing foundation [3][6] - Alibaba plans to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, indicating a strong capital expenditure trend in the domestic AI sector [6] - The report notes that the yield of Huawei's Ascend 910C chip has reportedly reached 40%, reflecting significant improvements in manufacturing processes and management [7] - The Chinese government is actively promoting the "Artificial Intelligence +" initiative, aiming to enhance the commercialization of AI technologies across various sectors [7] Industrial Fulian - Industrial Fulian reported a revenue of 360.76 billion yuan and a net profit of 12.11 billion yuan in the first half of 2025, representing year-on-year growth of 35.58% and 38.61% respectively [9] - The company’s cloud computing business saw server revenue growth exceeding 50%, with AI server revenue increasing by over 60% year-on-year [11] - The report anticipates significant capital expenditure growth from major North American cloud service providers in 2025, particularly in AI infrastructure, which will drive demand for high-end AI servers [10]