Guotai Haitong Securities released a research report stating that AMD has signed a 6GW computing power chip cooperation agreement with OpenAI. Based on technical and equity cooperation, this is expected to accelerate ROCm ecosystem development. Hygon's DTK software stack is fully compatible with the ROCm ecosystem, which may reduce domestic large model adaptation costs. Industrial and Commercial Bank of China and China Unicom have procured tens of billions of yuan worth of Hygon chips. The information technology application innovation systems in finance and telecommunications are expected to achieve comprehensive domestication first, accelerating Hygon chip penetration.

Recommended targets: Hygon Information (688041.SH), Cambricon-U (688256.SH), SMIC (688981.SH), GigaDevice (603986.SH), Centec Communications-U (688728.SH). Related targets: VeriSilicon (688521.SH).

Main viewpoints from Guotai Haitong Securities are as follows:

**AMD and OpenAI Sign 6GW Computing Power Chip Cooperation Agreement, ROCm Ecosystem Development Accelerates**

On October 6, 2025, OpenAI and AMD signed a cooperation agreement stipulating: (1) OpenAI will deploy a total of 6GW AMD GPU computing power over the coming years, with the plan officially launching in H2 2026, and the first batch of 1GW will be based on MI450 series GPUs; (2) AMD grants OpenAI warrants for up to 160 million common shares, with unlocking related to computing power deployment progress and AMD stock price.

Guotai Haitong Securities believes this cooperation agreement indicates that AI computing power supply still has significant gaps. Based on technical and equity cooperation, this is expected to deepen AMD and OpenAI's collaboration in hardware and software aspects, accelerating AMD's ROCm ecosystem development. ROCm 7 will be generally available in Q3 2025, featuring over 3.5 times the inference capability and 3 times the training capability compared to ROCm 6.

**Hygon DTK Software Stack Compatible with ROCm Ecosystem, May Reduce Domestic Large Model Adaptation Costs**

According to the "2024 China IT Application Innovation + AI Trend Insight Report," Hygon DCU has a complete software stack, including DTK (DCU Toolkit), development toolchain, and model repository, fully compatible with the ROCm ecosystem and supporting mainstream deep learning frameworks such as TensorFlow and PyTorch, which may effectively reduce domestic large model adaptation costs.

**Industrial and Commercial Bank of China and China Unicom Procure Tens of Billions of Yuan Worth of Hygon Chips, Accelerating Hygon Chip Penetration**

The "2025 Annual Hygon Chip Server Procurement Project Winning Candidate Announcement" from Industrial and Commercial Bank of China shows that Inspur Information is the main winner, with ZTE and Lenovo as alternatives. All three server complete solutions are based on Hygon chips, with the project's collective procurement amount potentially reaching 30 billion yuan. China Unicom's collective procurement project has a budget amount of 27.82 billion yuan for Hygon servers.

Guotai Haitong Securities believes that information technology application innovation systems in finance and telecommunications are expected to achieve comprehensive domestication first, accelerating Hygon chip penetration.

**Risk Warning** Progress of Shensuan No. 4 may fall short of expectations; advanced process capacity expansion may fall short of expectations.