deepseek拉动推理需求爆发-国产算力迎发展良机

Summary of Conference Call Records Industry and Company Involved - The records primarily focus on the AI computing industry, specifically discussing the developments and prospects of DeepSeek, Huawei's Ascend 910C, and related companies in the AI hardware supply chain. Key Points and Arguments DeepSeek's Market Performance and Challenges - DeepSeek has experienced significant market demand since the Spring Festival, with continuous changes noted from New Year's Eve to the Lantern Festival [1] - The main challenge faced by DeepSeek is server congestion when users download the application, necessitating reliance on third-party or local deployments due to the company's limited resources [1] Cloud Access vs. Local Deployment - Cloud access has become simpler with many standard products available, reducing barriers for users [2] - Local deployment is preferred by government and state-owned enterprises due to high data security requirements, leading to increased demand for local solutions [3] Future Development Stages of DeepSeek - DeepSeek's development is divided into two stages: the first focuses on enabling enterprise and individual users to adopt the platform, primarily through cloud access and local deployment [4] - The second stage involves exploring new business needs and standardizing usage scenarios, particularly for enterprises with their own data [4] Impact of Tencent's AI Search Integration - Tencent's integration of AI search and personal knowledge base has significantly influenced the industry, leveraging its large user base and private data to lower user entry barriers [4] Prospects for Huawei Cloud and Ascend 910C - The Ascend 910C is expected to benefit from a significant supply-demand gap in the AI era, with 2025 projected as a peak year due to technological maturity and increasing market demand [5][9] - Huawei's proactive planning for a domestic supply chain positions it favorably against U.S. sanctions affecting chip supply [9] Capital Expenditure Trends - China's domestic capital expenditure growth is expected to catch up with or exceed that of overseas markets by 2025, particularly in AI and AIDC sectors [6] Recommended Investment Targets - Recommended investment targets include SMIC and Huafeng Technology, with beneficiaries including Jiehuate, Taijia Co., Shenling Environment, and Xingsheng Technology, all of which are expected to benefit from the growth of the AI computing sector [2][11] Supply Chain Insights - Huafeng Technology is a key supplier for Huawei's Ascend server, with a projected market share of over 50% in high-speed backplane modules [20] - Taiya Co. and Shenling Environment are also positioned to benefit from the growth in Huawei's supply chain, with Taiya's deep integration into Huawei's power supply chain and Shenling's strong performance in manufacturing solutions [21] AI Inference Demand Growth - There is a rapid increase in demand for AI inference scenarios, with major companies like Tencent and financial institutions adopting local deployments of AI models [14] Challenges in Overseas Computing Procurement - Overseas procurement faces challenges due to U.S. government restrictions and increasing competition in the AI sector, complicating access to high-performance computing chips [15] Ascend 910C's Competitive Advantages - The Ascend 910C offers superior single-card performance and a mature software ecosystem, making it the preferred choice for telecom cloud vendors [17] Expected Shipment Growth for Ascend Series - The Ascend 910 series is expected to see significant shipment growth in 2025, with demand from operators and internet companies driving orders despite some production constraints [18] Other Important Insights - The integration of AI technologies is expected to lower hardware deployment barriers, promoting wider adoption of AI solutions across various sectors [8] - Upcoming product launches at the Barcelona Communication Exhibition may present new opportunities for related supply chain companies [10]