国产AI算力进展汇报

Summary of the Conference Call on Domestic AI Computing Power Progress Industry Overview - The conference call focuses on the domestic AI computing power industry, particularly the impact of supply chain disruptions and advancements in AI chip technology [1][3][11]. Key Points and Arguments 1. Impact of H20 Supply Disruption The initial supply disruption of H20 raised concerns about the availability of AI computing chips, leading to a reduction in short-term capital expenditures and delays in bidding processes, especially severe in Q2 2025 due to uncertainties surrounding new Nvidia chips (B30, B40) and SMIC's production capacity [1][3]. 2. Recovery in AI Chip Supply Starting from Q3 2025, there has been a marginal improvement in AI chip supply, which is beneficial for the domestic computing power sector. The demand for domestic chips has increased as major companies seek to fill the gap left by H20's supply issues [1][3]. 3. Nvidia B30 and B40 Chips The entry of Nvidia's B30 and B40 chips into the Chinese market is a focal point. If manufacturers can successfully obtain and test these chips in Q3, it may lead to large orders from major companies, alleviating some supply shortages [1][5]. 4. Growth of the Computing Power Rental Market The computing power rental market is developing well, primarily for training purposes. The rental models are gradually upgrading to higher-performance versions, providing a crucial solution to the short-term chip shortage [1][6]. 5. SMIC's Production Capacity Recovery SMIC faced production capacity issues in the first half of 2025, but recovery is expected to begin in July, with a full recovery anticipated in Q3. The demand for domestic chips has surged, with major companies either developing their own chips or increasing orders for domestic alternatives [1][7]. 6. Commitment to AI Investment by Major Companies Major domestic companies are firmly committed to investing in AI, as the allocation of computing resources is closely linked to revenue growth in public cloud services. Recent financial reports from Alibaba Cloud and Tencent Cloud show rapid growth, indicating a strong demand for computing resources [1][8][9]. 7. High Power Consumption of Domestic Chips The higher power consumption of self-developed and domestic chips may accelerate the penetration and adoption of liquid cooling technologies beyond expectations. Currently, liquid cooling is mainly applied in Huawei's latest 920C series [1][4][10]. 8. Investment Opportunities in the Domestic Computing Power Industry Key investment opportunities include: - Equipment sector focusing on SMIC's capacity recovery and AI accelerator progress - AI chip sector, including companies like Cambricon and Haiguang Information - Computing power rental, with companies such as Youfang Technology and Songji Technology - IDC industry chain, including data centers and liquid cooling technology providers [1][12][13]. 9. Future Development and Predictions The demand for domestic computing power remains rigid, with short-term impacts from H20's supply disruption already reflected in stock prices. Various solutions are being implemented to promote public cloud development, with expectations for recovery in Q3 2025 [1][11]. 10. Rapid Development of Domestic Large Models As of May 2025, domestic large models are developing rapidly, with significant increases in daily token usage and various applications across industries, indicating a strong acceleration in the deployment of AI technologies [1][14]. 11. Recent Progress in the Domestic AIDC Industry Chain Recent advancements include the launch of new models and data centers, as well as government support for the gaming and esports industry, which reflects the national commitment to AI model deployment [1][15]. 12. Impact of Overseas Markets on AI Hardware Development The overseas market significantly influences AI hardware development, with Nvidia's data center business and new hardware releases driving demand for computing chips and related technologies [1][16]. 13. Prospects for AI Technology Applications Across Industries AI technology is increasingly being adopted across various industries, with significant growth in demand for real-time applications, which will further drive the overall growth of the domestic AI computing power industry [1][17].