[Western Computer] Bullish on Domestic AI Narrative

English summary

The growth trend of computing power demand remains unchanged, and localization has upgraded from single-point substitution to whole-chain breakthroughs. AI chips have entered the stage of independent breakthroughs across the entire industrial chain. The competition in computing power has shifted from GPU computing power to systematic competition in architecture, packaging, and ecosystem. China's AI chip industry is forming a complete layout of chip design → wafer manufacturing → packaging and testing → materials and equipment → software ecosystem, achieving localized synergy from design to manufacturing and packaging/testing. We continue to be bullish on domestic computing power and interconnection chips, wafer manufacturing, and semiconductor equipment segments. Recommended focus: 1) AI chips: Centec, Cambricon, Hygon; 2) Storage: CXMT; 3) Fab: SMIC, Hua Hong; 4) Applications: Kingsoft Office, Sangfor, SUPCON, Zoyu, IntSig, Kingdee, Maifushi; 5) Semiconductor equipment: NAURA, AMEC, Piotech, Skyverse, Jingce, Xiandao Jidian, Changchuan, Huafeng, Jingzhida. ...