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 ...

对于英伟达而言，这一系列政策变动带来的打击堪称致命。据彭博社估计，此番折腾下来，英伟达 2025 年的收入预计将减少 140 亿至 180 亿美元。自 2022 年拜登政府实施半导体出口管制以来，英伟达 为了满足中国市场需求，专门设计了符合出口管制的 H20 芯片。 在全球科技产业的版图中，英伟达无疑占据着举足轻重的地位，尤其是在人工智能芯片领域，堪称行业 的领军者。然而，近期英伟达的命运却如坐过山车般起伏不定，而这一切的背后，特朗普政府反复无常 的政策成为了关键的 "搅局者"。 当地时间 4 月 15 日，英伟达发布通知称，美国政府于 9 日告知，该公司 H20 芯片出口到中国需要许可 证，此后又于 14 日告知，这些规定将无限期实施。这一消息犹如一颗重磅炸弹，瞬间在科技和金融市 场掀起轩然大波。通知提及，这一新规将影响该公司共计约 55 亿美元的季度费用，涉及 H20 的库存、 采购承诺和相关储备。消息一经传出，英伟达股价在盘后交易中大幅下跌逾 6%，市值直接蒸发了 1.3 万亿元。仅仅一夜之间，这家科技巨头的财富便遭受了重创，而这一切皆源于美国政府那令人捉摸不透 的政策变动。 回顾近期英伟达的相关新闻， ...

Core Viewpoint - The surge in global artificial intelligence (AI) is significantly transforming the chip market, with Broadcom and Nvidia leading the charge, showcasing two distinct strategies: Broadcom's custom ASIC chips and Nvidia's multifunctional GPU solutions [1][2]. Group 1: Nvidia's Performance - Nvidia reported a 78% increase in total revenue for Q4 of fiscal year 2025, reaching $39.3 billion, with data center revenue growing approximately 90% to $35 billion [1]. - Nvidia's challenges include high energy consumption and memory bandwidth limitations, particularly with its H100 chip [1]. Group 2: Broadcom's Strategy - Broadcom's AI-related revenue reached $4.1 billion in Q1, accounting for 28% of its total revenue of $14.6 billion [1]. - The company claims its ASICs improve efficiency in matrix operations by over 50% and reduce power consumption by about 30% compared to general accelerators [1]. Group 3: Market Segmentation - The AI chip market is increasingly divided into two segments: training and inference, with Nvidia holding an 80% market share in the training sector [2]. - Broadcom is positioning itself to capture the growing inference market, projected to reach $90 billion by 2027, leveraging its 30 years of ASIC design experience and partnerships with major tech companies like Google and Meta [2]. Group 4: Competitive Landscape - Nvidia's strong CUDA developer ecosystem and strategic acquisitions, such as Mellanox, reinforce its market position [2]. - Nvidia's substantial R&D investments and $14.9 billion in free cash flow enable ongoing innovation [2].