Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Viewpoints - The sentiment around domestic computing power has been accumulating since late July, largely due to speculation about the H20's ability to ship successfully. The recent discussions around the H20 chip's security risks have raised concerns about its application and safety [6] - The U.S. export licenses for NVIDIA's H20 and AMD's MI308 chips to China come with revenue sharing and "backdoor" mechanisms, which limit their competitiveness in the Chinese market. This creates an opportunity for domestic computing power to gain market space [6] - The report emphasizes that the limitations of the H20 chip in terms of performance and energy efficiency align with domestic green development goals, suggesting that the restrictions on H20 will support the growth of domestic GPU markets [6] Summary by Sections Market Sentiment - Since late July, there has been a buildup of sentiment regarding domestic computing power, driven by speculation about the H20 chip's market entry and safety concerns raised by Chinese authorities [6] Policy Impact - Recent U.S. policy changes have created a challenging environment for the H20 chip, with export licenses requiring revenue sharing and raising security concerns, which may hinder its market performance in China [6] Domestic Opportunities - The limitations imposed on the H20 chip are seen as a catalyst for domestic computing power to expand its market presence, with a focus on the need for advanced process capacity and the demand from internet companies [6]

通信行业近一年市场表现 投资要点 2025 年 6 月 12 日 行业研究/行业周报 通信 周跟踪（20250602-20250606） 领先大市-A(维持) ——海外强业绩引领下算力仍是最强主线，移动普缆招标平稳落地 行业动向： 相关报告： 【 山 证 通 信 】 英 伟 达 财 报 加 速 GB200 出货预期，算力互联行动计划发 布 - 周 跟 踪 （ 20250526-20250601 ） 2025.6.5 跟踪：英伟达 computex 强调边缘计算， 超节点是国产算力重要元素 2025.5.30 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 研究助理： 孙悦文 分析师： 1.3 Credo 业绩超预期，新晋 CSP 客户将持续放量。Credo 最近财季实现收入 1.7 亿美元，环比增长 26%，同比大增 180%。公司在过去四个季度的 2025 财年 总营收达到 4.4 亿美元，同比增幅达 126%。公司预计，2026 第一财季的收入将 达到 1.85-1 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 参考链接 来源：内容编译自 gurufocus ，谢谢。 全球人工智能 (AI) 的激增正在推动芯片市场发生重大转变，博通和英伟达引领了这一潮流。博通 最近发布的 2025 财年第一季度财报强调，AI 相关收入大幅增加。与此同时，英伟达凭借其通用 GPU 继续在 AI 芯片领域占据主导地位。这场竞争代表了两种截然不同的战略：博通的定制 ASIC 芯片和英伟达的多功能 GPU 解决方案。 以强大的 GPU 和 CUDA 生态系统而闻名的 Nvidia 在其 2025 财年第四季度报告中称，总收入增 长 78%，达到 393 亿美元。该公司的数据中心收入增长了约 90%，达到 350 亿美元。然而，高 能耗和内存带宽限制等挑战（尤其是在其 H100 芯片上）正变得越来越明显。 另一方面，博通专注于为特定 AI 工作负载设计的定制 ASIC。在其第一季度报告中，博通的 AI 相关收入达到 41 亿美元，占其 146 亿美元总收入的 28%。该公司声称，与一般加速器相比，其 ASIC 在矩阵运算等任务中的效率提高了 50% 以上，功耗降低了约 30%。 人工智能芯片市场正逐渐 ...