浪潮信息-随着国产芯片解决方案逐步推进，人工智能部署能见度提升；维持超配

Inspur's share price has risen by 45% since April (in-line with the A- share Tech index), thanks to the improving sentiment around China's AI deployment. Even though the procurement of overseas chips could be a near-term headwind, we expect Inspur to benefit from the ramping-up in volumes of domestic GPU solutions. Of note, the key domestic AI chip vendor, Cambricon (688256 CH, non-covered) just reported 59%/92% QoQ growth in its 2Q25 sales/net profit. Currently, we model Inspur's sales/earnings CAGR at 18% ...