Integrated CPU+GPU Compute Platform; Initiate at OW

研报英文原文证据摘录

Integrated CPU+GPU Compute Platform; Initiate at OW

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July 2, 2026 08:00 PM GMT

Morgan Stanley Asia Limited+MHygon Information Technology Co., Ltd. | Asia Daisy Dai, CFA

Pacific Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

Morgan Stanley Taiwan Limited+

Integrated CPU+GPU Compute Charlie Chan

Equity Analyst

Charlie.Chan@morganstanley.com +886 2 2730-1725Platform; Initiate at OW Daniel Yen, CFA

Hygon is a leading local CPU and GPU player positioned to Daniel.Yen@morganstanley.com +886 2 2730-2863

benefit from China’s accelerating AI chip localization, while its Morgan Stanley Asia Limited+

Ethan Jia

x86-compatible CPU allows seamless migration and could Research Associate

capture rapid agentic AI demand growth in the future. Initiate at Ethan.Jia@morganstanley.com +852 3963-2287

Henry Zhao

Overweight. Research Associate

Henry.Zhao@morganstanley.com +852 2239-7731

Urgency for China to localize CPU and GPU supply is rising. CPUs and GPUs are at

the heart of AI infrastructure yet global supply is still dominated by companies like

Nvidia, AMD and Intel. China’s AI deployment is driving strong demand for compute,

but export restrictions on advanced chips are tightening supply. This combination of

surging domestic demand and constrained foreign supply is reinforcing a multi-year

Hygon Information Technology Co., Ltd. (688041.SS,

push toward self-sufficiency and making localization a strategic imperative.

688041 CH)

Hygon is emerging as one of the few domestic players offering a full-stack Greater China Technology Semiconductors | China

compute solution, combining x86-compatible CPUs with GPU/accelerator (DCU) Stock Rating Overweight

Industry View Attractive

products. This integrated “CPU + GPU” model differentiates it from most local peers