证券研究报告|行业研究周报 [Table_Title] [Table_Title] DeepSeek-V3.1 正式发布，英伟达计划开发新款 "中国特供"芯片 [Table_Date] 2025 年 8 月 24 日 传媒行业周报系列 [Table_Title2]2025 年第 33 周 ► 市场行情回顾 [Table_Summary] 2025 年第 33 周（实际交易日为 2025.8.18-2025.8.22）上证 指数上涨 3.49%，沪深 300 指数上涨 4.18%，创业板指数上涨 5.85%。恒生指数上涨 0.29%，恒生互联网指数上涨 0.27%，行 业落后恒生指数 0.02pct。SW 传媒指数上涨 5.17%，落后创业 板指数 0.68pct，在申万一级 31 个行业涨跌幅排名中位列第 6 位。子行业中互联网服务、广电和游戏位列前三位，分别为上 涨 7.05%、上涨 6.85%和上涨 5.38%。 ► 核心观点&投资建议 DeepSeek-V3.1 正式发布，加速国产 AI 生态闭环形成。本 周，据模型官网，DeepSeek 于 8 月 21 日正式发布 V3.1 版 本，新版本推出混合推 ...

Group 1: NVIDIA's Market Position and Growth Potential - NVIDIA is currently the only member of the "4 trillion dollar club" and is expected to reach a market value of 9 trillion dollars by 2030, driven by its dominant position in the AI infrastructure market [1][2] - Analysts predict NVIDIA's revenue could reach 600 billion dollars by 2030, supported by a projected annual growth of 30% in AI electricity demand, which will reach 156 GW by the end of 2030 [1][2] Group 2: Developments in AI Chip Production for China - NVIDIA is evaluating new products, including a more powerful AI chip named B30A, which is based on the Blackwell architecture and is expected to be delivered for testing to Chinese customers soon [4][6] - The new chip aims to compete in the Chinese market, where NVIDIA has previously developed the H20 chip specifically for local sales [5][8] - The U.S. government has imposed restrictions on advanced chip sales to China, but NVIDIA is negotiating to sell a scaled-down version of its flagship chips, which may include significant price reductions [6][8] Group 3: Industry Dynamics and Competitive Landscape - The U.S. government has mandated that NVIDIA and AMD submit 15% of their sales revenue from China, reflecting ongoing tensions in U.S.-China trade relations [5][8] - Despite concerns over national security, NVIDIA is keen to maintain its market share in China, where it contributed 13% of its revenue last fiscal year [7][8] - Competitors like Huawei are making strides in chip development, posing a challenge to NVIDIA's market position, although analysts note that NVIDIA still leads in software ecosystem support and memory bandwidth capabilities [8][9]

Core Viewpoint - Nvidia is developing a new AI chip, tentatively named B30A, for the Chinese market, which is expected to be more powerful than the currently approved H20 model [2][4][5]. Group 1: Product Development - Nvidia is evaluating several products, including the B30A, which is based on the Blackwell architecture and aims to be delivered to Chinese customers for testing as early as next month [2][4]. - The B30A chip will feature a single-chip design, integrating all major components on one silicon piece, and will include high bandwidth memory and Nvidia's NVLink technology [4][6]. - Nvidia is also preparing to launch another chip, RTX6000D, specifically for AI inference tasks in China, which will be priced lower than the H20 [6][7]. Group 2: Regulatory Environment - The U.S. government has imposed export controls on advanced AI chips to China, which has led to Nvidia developing the H20 chip specifically for the Chinese market [3][5]. - Nvidia and its competitor AMD agreed to share 15% of their sales revenue from China with the U.S. government in exchange for the ability to sell chips in the region [2][5]. - Concerns remain regarding the approval of new chip sales to China due to national security considerations, with the U.S. government cautious about granting access to advanced AI technologies [4][6]. Group 3: Market Dynamics - China contributed 13% of Nvidia's revenue in the last fiscal year, making access to the Chinese market crucial amid ongoing U.S.-China trade tensions [5][6]. - The potential sale of Nvidia's new chips to China has been a topic of discussion among U.S. officials, with some expressing support for the company's efforts [5][6]. - Despite advancements by competitors like Huawei, Nvidia aims to maintain interest in its chips among Chinese developers to prevent a complete shift to rival products [6].