NVIDIA announces the resumption of H20 GPU sales to China alongside a new fully compliant graphics processor. On July 14, 2025, NVIDIA confirmed plans to restart H20 shipments to the Chinese market while introducing a regulatory-compliant RTX PRO GPU tailored for digital twin applications in smart factories and logistics. CEO Jensen Huang, during his recent promotional tour across Washington and Beijing, emphasized that NVIDIA has secured U.S. government licensing assurances and aims to expedite deliveries. This development is expected to alleviate China's computing power chip shortage, substantially benefiting the domestic AIDC industrial chain.
Concurrently, 21Vianet Group upgraded its fiscal 2025 guidance, signaling accelerated momentum for China's AIDC sector. The company raised net revenue projections from RMB 9.1-9.3 billion (10-13% YoY growth) to RMB 9.15-9.35 billion (11-13% YoY). Adjusted EBITDA forecasts increased from RMB 2.7-2.76 billion (11-14% YoY) to RMB 2.76-2.82 billion (14-16% YoY). Excluding a one-time RMB 87.7 million gain from the disposal of E-JS02 data center, adjusted EBITDA guidance jumped from RMB 2.7-2.76 billion (15-18% YoY) to RMB 2.76-2.82 billion (18-20% YoY). This upward revision stems from faster-than-anticipated wholesale IDC client migration and sustained operational efficiencies, reinforcing bullish sentiment toward domestic AIDC infrastructure development.
Kaiyuan Securities maintains strong conviction in the AIDC computing power value chain, highlighting five key segments:
1. **AIDC Facility Construction** (data centers, cooling systems, generators): Recommended picks: Envicool, SUNeVision, GDS Services, Baosight Software. Potential beneficiaries: Sinnet, OFFTEK, Dawei Technology, GDS Holdings, 21Vianet, SGDS, Kehua Data, EZNETWORK, Yinlun, Tongfei, Tellhow Power, Weichai Heavy Machinery.
2. **IT Infrastructure** (domestic computing chips, servers & power supplies): Recommended picks: Unisplendour, ZTE. Potential beneficiaries: Huaqin Technology, Salom, Cambricon, Hygon, Inspur.
3. **Networking Solutions** (switches & chips, optical communication, AEC copper links, CDN): Recommended picks: InnoLight, Eoptolink, TFC Optical, Unisplendour, ZTE, Centec. Potential beneficiaries: HG Tech, Accelink, SICC, Everbright Photonics, ZS Technology, TSC, Ruijie Networks, Broadex, Recodeal, Huafeng Technology, Wangsu Science.
4. **Cloud Computing**: Potential beneficiaries: China Mobile, China Telecom, China Unicom, Fibocom, Hongjing Technology, YSaaS, Runjian, Hainan Huatie, JWIPC.
5. **AI Applications**: Potential beneficiaries: Quectel, MeiG Smart, Bright Oceans.
**Risk Factors**: Slower-than-expected rack deployment, delayed AI adoption, intensified industry competition.