当前，大模型的竞争与迭代仍在持续，意味着算力投资大概率维持较高强度。7月10日，马斯克旗下的 人工智能公司xAI正式发布AI聊天机器人最新版本Grok 4。这是该公司自2023年推出首代大模型以来的 第四次重要迭代，号称是"世界上最强AI模型"。 7月15日，英伟达在其官网上宣布将恢复向中国市场销售其专为中国设计符合美国出口管制的H20 AI芯 片。公司已重新提交销售申请，并表示美国政府已保证将发放许可，力争尽快交付。同时，英伟达CEO 黄仁勋宣布将推出面向中国市场的一款全新完全合规的RTX PRO GPU，定位为智能工厂及物流领域数 字孪生AI应用的"理想选择"。 中信证券表示，H20解禁有望提振头部厂商CAPEX投入节奏，叠加从模型迭代到应用爆发的多重催化， 下半年AI主线具备充分投资机遇，建议关注国内具备AI基础设施、模型能力与应用场景的云和科技厂 商；受益海外算力需求的供应链机会；以及后续国内应用落地、CAPEX提升带来的上游算力基础设施 机会。 华金证券认为，我国算力市场未来具备广阔发展空间，未来持续看好国内算力市场发展，建议关注进入 各国内产品供应链或有相关技术储备厂商。 今日港股算力板块再次受到 ...

而在外部算力间歇的空窗期，华为昇腾、百度昆仑、寒武纪等国产芯片厂商也没闲着。尽管离世界顶级 水准尚有差距，但星光不负赶路人，中国"芯"也拥有了博弈的筹码。 谈及与华为等国产芯片的竞争关系，黄仁勋笑称："任何房子里总有容纳两个人的空间。"他强调："任 何轻视华为、轻视中国制造能力的人，都极其天真。" 合作与竞争是市场共生的一体两面，在AI产业链供应链的横向和纵向上都是如此。ChatGPT和DeepSeek 是横向上的竞争关系，大模型的你争我夺，算力的需求旺盛，纷至沓来的合作诚意，促成"卖铲人"英伟 达市值飙到4万亿美元；反过来，由于AMD、华为昇腾等全球芯片竞争者的存在，让GPU主导的算力成 本一降再降，既能满足大模型、机器人等创业者的不同需求，又能保障芯片禁令等非市场因素之下的从 业者蓄力创新。 与小米CEO雷军合影，链博会开幕式着唐装秀中文，媒体见面会户外穿皮衣，与阿里云创始人王坚对 话……以第三届链博会为契机，英伟达CEO黄仁勋年内第三次来华，行程异常繁忙。 聚光灯和热搜背后，黄仁勋不仅带来了H20 GPU获准恢复在中国销售的好消息，更是多番重申全球产业 链供应链合作共赢的重要性。"（链博会）参展企业遍布 ...

消息面上，7月15日，美国英伟达公司创始人黄仁勋在接受采访时宣布两个重要进展：美国已 批准H20芯片销往中国，以及英伟达将推出RTX Pro GPU。 北京时间7月17日晚间，美股开盘，英伟达、微软股价均高开，涨超1%，再创历史新高，总市 值一度分别报4.22万亿美元、3.8万亿美元。截至17日22时40分左右，涨幅均有所回落。 今年以来，英伟达市值不断创出新高，也是历史上首家达4万亿美元市值的公司，超越微软和 苹果。截至周三美股收盘，英伟达市值为4.18万亿美元，已几乎相当于标普500指数中市值排 名靠后的214家成分股的总和。 另 外 ， 据 每 日 经 济 新 闻 报 道 ， 根 据 SEC 的 另 一 份 文 件 ， 英 伟 达 公 司 董 事 会 成 员 、 NewEnterprise Associates风投合伙人布鲁克·西维尔（Brooke Seawell）也于近期减持英伟达 股票，套现约2400万美元。西维尔自1997年起便担任英伟达董事，为公司长期发展提供治理 支持。 7月17日，美国证券交易委员会（SEC）披露的144文件显示，英伟达CEO黄仁勋拟再减持7.5 万股公司股票。 不少华尔街分 ...

Core Insights - Nvidia's CEO Jensen Huang emphasized the strategic importance of the Chinese market during his recent visit to Beijing, highlighting significant developments such as regulatory approval for the H20 AI chip and the upcoming launch of the RTX Pro GPU, alongside Nvidia's market capitalization surpassing $4.1 trillion [2][3][15] Group 1: AI Development in China - Huang addressed the rapid progress in AI development in China, particularly in large models and computing infrastructure, during the 3rd China International Supply Chain Expo [3][4] - He noted China's strength in AI lies in its talent density and educational foundation, training about half of the world's AI researchers [5] - Companies like Alibaba and DeepSeek are advancing quickly in model development and product integration, fostering a competitive innovation ecosystem [5] Group 2: Nvidia's Product Developments - The approval of Nvidia's H20 chip aligns with U.S. export controls and is designed for large model training, although supply chain uncertainties remain [6] - The RTX Pro GPU is focused on digital twin simulations and robotics, which are key growth areas for Nvidia [7] Group 3: Strategic Partnerships and Ecosystem - Nvidia has a long-standing history in China, with partnerships dating back three decades with companies like Tencent and Xiaomi, which are crucial for its strategy as AI integrates into consumer applications [8] - Nvidia's platform supports over 1.5 million developers in China, enabling the development of commercially viable AI models [9] Group 4: Robotics and Mechatronics - Huang identified robotics as a major AI frontier, with China's unique position in AI software and manufacturing providing a competitive advantage [10] - The combination of advanced mechatronics and strong AI capabilities positions China to lead in the global robotics economy [11] Group 5: Geopolitical Context and Company Strategy - Nvidia's role as a global technology provider is emphasized, with increasing government engagement to understand AI deployment for national priorities [12] - Huang highlighted that practical effectiveness, rather than theoretical intelligence, will drive long-term value in AI models [13] Group 6: Company Evolution and Future Outlook - Founded in 1993, Nvidia has evolved from a gaming chip designer to a key player in global AI infrastructure, significantly impacting various sectors [14] - Huang's increasing visibility in China underscores the importance of the Chinese market in Nvidia's global strategy [15]

7 月 16 日消息，第三届中国国际供应链促进博览会（简称 " 链博会 " ）今日在北京举行， Nvidia 首次亮 相链博会。 在前不久， Nvidia 称美国批准其开始向中国市场销售 H20 芯片，并推出专为中国定制的 RTX Pro GPU ， AMD 也宣布将重启对华出口 AI 芯片 ，代表着贸易战格局的变化。 ▍ H20 芯片 的回归 H20 是为遵守美国出口限制而推出，专为中国市场设计的 AI 加速器 ， H20 基于 Nvidia Hopper 架构，拥 有 CoWoS 先进封装技术 ， H20 更适用于垂类模型训练、推理，无法满足万亿级大模型训练需求，整体性 能略高于 910B 。 本次 Nvidia 展台， 没有单独展出 H20 芯片，也没有单独展出任何一款 GPU 产品（图形处理器）， 而是 试图 以软硬件解决方案的形式 展出 ， 例如在展台上，就有 银河通用 Galbot(G1) 、北京人形机器人创新 中心天工 2.0 、加速进化 T1 、智平方四款 人形 机器人亮相 ，还有一只机器狗，据称也装有 Nvidia 的"计 算单元"，相当于它的大脑和神经，可以感知外界环境并做出各种动作。 据 ...

July 15, 2025 12:38 PM GMT China Internet | Asia Pacific Resumption of H20 Sales to China Positive for BAT Resumption of H20 sales to China is a positive catalyst for BAT. We think hyperscalers' capex in 2H will accelerate, supported by accelerated cloud growth. Top pick Tencent (best 2C AI application), followed by BABA (best AI enabler, with cloud acceleration as catalyst). What's new: Nvidia plans to resume sales of its H20 chip to China after its ban in April. Nvidia also announced the development of a ...

ab 15 July 2025 Powered by YES UBS Evidence Lab Global Research APAC Technology UBS Tech Views: H20 & MI308X export relief to China; positive to the APAC supply chain NVIDIA likely to resume H20 GPU sales to China, and introduces a fully compliant RTX PRO GPU We previewed our Fast Take (link) on this headline today with initial takeaways. News: According to an announcement made today, NVIDIA is filing applications to resume sales of the NVIDIA H20 GPU, with US government assurance of license approval. NVIDI ...

Summary of IDC Industry Update and Company Recommendations Industry Overview - The IDC industry is shifting its core competitiveness from energy consumption metrics to scale effects and first-mover advantages in the AI era, with ultra-large IDC clusters, especially high-power clusters, becoming crucial. The power demand per cabinet has increased to over 100 kilowatts [1][4][6]. Key Points and Arguments - Long-term trends in computing power investment remain unchanged, although short-term adjustments may occur due to chip procurement and deployment rhythms. The growth in TOKEN volume and model iteration value continues to support ongoing investments, altering industry logic [1][5]. - The IDC sector has previously faced demand concerns, chip bans, and regulatory guidance, but the outlook is improving. The demand for computing power for AI model training is rapidly increasing, with major overseas companies accelerating data center construction [1][2][9]. - The chip ban previously led to a significant inventory write-down for NVIDIA's H20 servers, affecting approximately 390,000 server sales, corresponding to 160-200 megawatts of IT capacity. NVIDIA plans to launch the RTX Pro GPU, and domestic GPUs will also be delivered, alleviating tender and listing issues [1][10][11]. - Regulatory guidance has extended the approval time for energy consumption metrics, limiting local capacity oversupply, which benefits leading companies. The first batch of energy consumption metrics is expected to be approved in the third quarter [1][12]. Company-Specific Insights - Runze Technology has resumed its IDC renovation and is expected to achieve an 80%-90% listing rate by year-end, with a projected quarter-on-quarter performance increase. The company anticipates selling 200 megawatts of projects and delivering 220 megawatts of new projects, with a successful public REITs issuance expected to yield over 2 billion in investment returns [3][13][14]. - The company has a robust cash reserve of over 5 billion and plans to utilize public REITs for light asset operations, aiming to acquire related companies in the IDC industry [15]. - Runze Technology's energy consumption metrics have increased by 130% by the end of 2024, with all projects having the necessary metrics, laying a solid foundation for long-term growth [16]. Investment Opportunities and Risks - Despite recent pressures, the IDC sector is showing signs of recovery, with demand for high-power cabinets increasing. Short-term adjustments may present investment opportunities, particularly in companies with high-quality existing resources and listing rates [7][8]. - Recommended companies for further attention include: - GDS Holdings - Century Internet - Huayun Data - David Technology - Aofei Data - Data Port These companies have received high recognition in the market for their public REITs offerings and have various development highlights [17]. Overall Industry Outlook - The IDC sector's previous stock price suppression factors are improving, leading to a more optimistic outlook for future development. Runze Technology is the primary recommendation, with continued attention on other listed companies [18].

2025.07. 16 本文字数：3010，阅读时长大约5分钟 作者 | 第一财经 刘佳 郑栩彤 摄影 | 王晓东 黄仁勋又来中国了，今年第三次。 7月16日下午3点10分，北京室外温度超30度，结束链博会演讲的黄仁勋又换回了他的标志性皮衣， 走进北京前门一家古香古色酒店的院子里。"你们热吗"？他问现场媒体。得到众人的肯定回答后，他 补充说："但是皮夹克让人看起来很酷"。 在超一个半小时的时间里，黄仁勋对包括第一财经在内的媒体回答了H20、华为、中国AI创新等话题 以及和雷军的见面，同时也回应了关于市场竞争、市值超4万亿美元等热点问题。在户外和记者聊了 十几分钟后，黄仁勋终于还是忍不住脱下了皮衣。 他告诉记者，在昨天发布H20将恢复在华销售的消息后，自己还没来得及和任何客户会面。接下来， 英伟达需要花一些时间提升H20的产能。他期待，未来比H20更先进的芯片进入中国市场。 他还对记者透露，这次北京之行结束后不会再去往中国其他城市，因为他"想念家中的小狗"。 一开场，黄仁勋就被问及如何看待中国人工智能取得的进步，例如华为。黄仁勋说，华为是一家不可 思议的科技公司，它制造芯片、系统、网络。这家公司传统深厚、精益求 ...

黄仁勋回应一切 黄仁勋又来中国了，今年第三次。 7月16日下午3点10分，北京室外温度超30度，结束链博会演讲的黄仁勋又换回了他的标志性皮衣，走进北京前门一家古香古色酒店的院子里。"你们热吗"？ 他问现场媒体。得到众人的肯定回答后，他补充说："但是皮夹克让人看起来很酷"。 在超一个半小时的时间里，黄仁勋对包括第一财经在内的媒体回答了H20、华为、中国AI创新等话题以及和雷军的见面，同时也回应了关于市场竞争、市值 超4万亿美元等热点问题。在户外和记者聊了十几分钟后，黄仁勋终于还是忍不住脱下了皮衣。 他告诉记者，在昨天发布H20将恢复在华销售的消息后，自己还没来得及和任何客户会面。接下来，英伟达需要花一些时间提升H20的产能。他期待，未来 比H20更先进的芯片进入中国市场。 他还对记者透露，这次北京之行结束后不会再去往中国其他城市，因为他"想念家中的小狗"。 the state te 2017 the state and the state the state ( the state the sta the state the state the first the state proving es 点赞华为、D ...