追踪中国半导体国产化：AI GPU 与中国 AI 智能手机-Tracking China’s Semi Localization-AI GPU and AI smartphones in China

Summary of Key Points from the Conference Call Industry Overview - The focus is on the AI GPU and AI smartphone sectors in China, particularly the developments surrounding Bytedance and its Doubao AI smartphones [1][4][7]. Core Insights and Arguments - Bytedance's Winter Force Conference: Scheduled for December 18-19, 2025, in Shanghai, it will showcase advancements in agentic AI and updates on Doubao's LLM and AI applications. Monthly token usage for Bytedance's services increased to 900 trillion, a 77% rise from 508 trillion in May [7][10]. - Local AI GPU Vendors: Two companies, Moore Thread and MetaX, are set to be listed on China's A-share STAR board. Moore Thread anticipates 2025 revenue between Rmb1.2 billion and Rmb1.5 billion, indicating a 210% growth from 2024. MetaX expects 2025 revenue between Rmb1.5 billion and Rmb2.0 billion, reflecting a 134% growth [4][7]. - AI Inference Computing: The ability of local AI GPU chips to support strong AI inference computing is still uncertain. Current reliance on Nvidia's 5090 gaming graphics chips and other local chips persists [7][10]. - Huawei's Kirin 9030 Processor: The new processor powers the Mate 80 series smartphones, boasting a 35% performance improvement over the previous model, despite limitations in foundry processes [10]. Additional Important Insights - China's Semiconductor Self-Sufficiency: The self-sufficiency ratio in semiconductors rose to 24% in 2024 from 20% in 2023, with expectations to reach 30% by 2027. This growth is driven by advancements in CPU and GPU production, particularly with Huawei's Ascend 910B chips [31][34]. - Market Trends: China's semiconductor equipment imports increased by 20% year-over-year in October 2025, indicating strong demand and spending in the second half of the year [11][12]. - Stock Performance: Notable performers include SICC (+21.1%) and Naura (+0.4%), while underperformers include GigaDevice (-17.8%) and Empyrean (-17.6%) [18][19]. Conclusion - The developments in AI GPU and smartphone sectors, particularly with local vendors and Bytedance's initiatives, indicate a robust growth trajectory in China's tech landscape. The ongoing improvements in semiconductor self-sufficiency and equipment imports further support this positive outlook.