另一方面，国产AI产业链竞争力持续提升。寒武纪定增获批复，拟募资39.85亿元投入 大模型芯片与软件平台研发，上半年营收同比激增4347%，实现扭亏为盈；胜宏科技也获准 定增19亿元用于海外AI相关产能建设。行业龙头通过研发系列化芯片、建设封装平台及开 放生态（如海光信息开放CPU能力），加速国产算力集群协同与生态整合。 华鑫证券近日发布电力设备行业周报：AI算力基础设施正面临供给与需求的双重共振， 液冷服务器产业链迎来明确爆发拐点。英伟达新一代Rubin架构芯片已全部流片并计划明年 量产，同时预计未来五年全球数据中心基础设施资本开支将达3-4万亿美元。国产AI产业链 竞争力持续提升。寒武纪定增获批复，拟募资39.85亿元投入大模型芯片与软件平台研发， 上半年营收同比激增4347%，实现扭亏为盈。 以下为研究报告摘要： 投资要点 海外算力需求再超预期，国产生态加速成熟 AI算力基础设施正面临供给与需求的双重共振，液冷服务器产业链迎来明确爆发拐点。 英伟达新一代Rubin架构芯片已全部流片并计划明年量产，同时预计未来五年全球数据中心 基础设施资本开支将达3-4万亿美元。甲骨文最新财报显示云基础设施收入预计暴增7 ...

2025 年 09 月 15 日 海外算力需求再超预期，国产生态加速成熟 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：臧天律 | S1050522120001 | | zangtl@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 电力设备(申万) 17.4 39.3 68.1 沪深 300 7.9 17.3 43.5 市场表现 -20 0 20 40 60 80 (%) 电力设备 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电力设备行业周报：储能海内 外需求高景气，机器人催化密集》 2025-09-09 2、《电力设备行业周报：国产算力 多因素催化，AIDC 配套迎来爆发契 机》2025-08-25 3、《电力设备行业周报：液冷柴发 板块超预期，关注云厂财报》2025- 08-12 ▌海外算力需求再超预期，国产生态加速成熟 AI 算力基础设施正面临供给与需求的双重共振，液冷服务器 产业链迎来明确爆发拐点。英伟达新一代 Rubin 架构芯片已 全部 ...

Core Viewpoint - Nvidia's Q2 FY2026 earnings report shows strong revenue growth but raises concerns about future growth potential due to lower-than-expected data center revenue [1][3]. Financial Performance - Nvidia reported Q2 revenue of $46.743 billion, a 56% year-over-year increase, slightly exceeding market expectations [1]. - Net profit for the second quarter was $26.422 billion, up 59% year-over-year, with a gross margin of 72.4% [1]. - Data center revenue reached $41.1 billion, also a 56% year-over-year increase, but fell short of market expectations [3]. Business Segments - Gaming and AI PC revenue was $4.3 billion, a 49% year-over-year increase [3]. - Professional visualization revenue was $601 million, up 32% year-over-year [3]. - Automotive and robotics revenue was $586 million, showing a 69% year-over-year growth [3]. Product Development - The Blackwell architecture chips are in full production, with significant demand noted by the CEO [3][4]. - The RTX Pro server is also in full production, with nearly 90 companies adopting it for real-time simulation and digital twin applications [4]. - Nvidia anticipates over $20 billion in sovereign AI revenue this year, more than doubling from the previous year [4]. Market Outlook - Nvidia's CFO indicated that AI infrastructure investments will continue to grow, driven by the need for more training and inference computing [4]. - Capital expenditures in data center infrastructure are expected to reach $600 billion this year, nearly doubling over two years [4]. - Nvidia aims to capture a $3 trillion to $4 trillion opportunity in AI infrastructure over the next five years [5]. Networking Solutions - Nvidia's networking business generated $730 million in revenue, with significant growth in InfiniBand revenue [6]. - The company emphasizes the importance of network connectivity for enhancing performance and throughput [6]. Future Guidance - For Q3, Nvidia projects revenue of $54 billion, with a gross margin of 73.3% [6].

Core Insights - Nvidia reported Q2 FY2026 revenue of $46.743 billion, a 56% increase from $30.040 billion year-over-year, and net profit of $26.422 billion, up 59% from $16.599 billion [1] - The company did not sell any H20 chips to Chinese customers in Q2 but sold approximately $650 million worth of H20 chips to a non-restricted customer outside China [1] - Nvidia announced an additional $60 billion stock buyback [1] - Nvidia's CFO projected potential H20 chip sales to China in Q3 could reach between $2 billion to $5 billion if geopolitical issues are resolved, but these sales were not included in the Q3 outlook due to uncertainty [1] - Nvidia expects global spending on AI infrastructure to reach $3 trillion to $4 trillion by the end of the decade [1] Additional Insights - The Rubin architecture chip is on track for mass production next year, despite previous reports of delays [2] - Nvidia's quarterly report indicated that the chip revenue-sharing agreement with the U.S. government is not yet finalized, with expectations of a 15% revenue share from H20 sales [2] - Nvidia's CEO highlighted a potential $50 billion market opportunity in China this year, with an annual growth rate of 50% anticipated [2] - Discussions with the U.S. government regarding the importance of U.S. companies entering the Chinese market are ongoing, with future potential for Blackwell architecture chips in China [2] - The CEO emphasized the significance of U.S. technology companies leading the AI race and establishing a global benchmark [2] - Despite uncertainties regarding the timing of realizing the potential market opportunities in China, the CEO remains optimistic about the significant opportunities ahead [2] - Following the earnings report, Nvidia's stock price fell approximately 3% in after-hours trading [2]