“H200或放开”下投资思路

Summary of Conference Call Notes Industry Overview - The conference call discusses the domestic AI computing power industry and the anticipated growth driven by the large-scale release of domestic chips, recovery in bidding, and the potential approval of the H200 chip [1][3][5]. Key Points and Arguments H200 Chip Approval - The approval of the H200 chip is expected to significantly benefit the computing end and AIDC (AI Data Center) sectors directly, while indirectly benefiting the network end and domestic chip sectors [1][5]. - If the H200 chip is approved for sale in China, it will greatly enhance the development of the domestic AI and computing power industry chain [3][7]. Market Demand and Growth - The demand for AIDC is projected to reach at least 6-7 GW in the coming year, with a potential shortage of quality data center resources [5]. - The AIDC sector has seen a decline in stock prices since Q2 but is expected to recover due to increased demand for AIGC (AI Generated Content) in Q3 and Q4 [1][5]. Key Players and Beneficiaries - Major beneficiaries of the H200 chip approval include: - Computing End: Companies like Inspur, Unisoc, and ZTE are expected to benefit from increased demand for AI servers and power supplies [5][8]. - AIDC Sector: Companies such as Huaneng New Network, Aofei Data, and David Technology are highlighted as potential beneficiaries due to the anticipated recovery in demand [5]. - Network Side: Companies like Ruijie Networks and ZTE are noted for their significant market share and advancements in high-speed switching chips [6][10]. Technological Trends - The conference emphasizes the importance of Scale-up technology in driving demand for ultra-high-speed switching chips, particularly the 51.6T switching chip [6][11]. - The shift towards liquid cooling technology is also highlighted, with companies like Inveke positioned to benefit from this trend [5][9]. Policy and Market Dynamics - The development of domestic chips is supported by strong government policies, which are expected to accelerate the growth of the domestic AI ecosystem [7]. - The approval of the H200 series is seen as a catalyst for upgrading domestic large models and narrowing the gap with international competitors [7]. Additional Important Insights - The conference notes that the ITC sector will benefit from the resolution of supply shortages in computing cards, leading to an acceleration in IDC bidding [9]. - The light module and related components market is expected to flourish as supply issues are resolved, with key players like Hua Gong Technology and Xin Yi Sheng poised to gain from increased domestic demand [12]. This summary encapsulates the critical insights from the conference call, focusing on the anticipated growth in the domestic AI computing power industry, the implications of the H200 chip approval, and the key players and technologies involved.