金吾财讯 | 中信证券表示，根据英伟达官网，2025年7月15日，英伟达称将恢复H20芯片在中国的销售。对此，该行指，H20芯片是为满足美国商务部工业和安全局限制要求的产品，其在软件生态、集群互连等方面仍具备优势。同时英伟达的CUDA生态也使其成为互联网等下游客户的重要选项。根据头部互联网厂商2024年度业绩交流会，各家厂商积极投入人工智能产业发展，在Capex方面保持高水平投入。H20芯片在集群互连、软件生态方面具备优势，其恢复销售或将进一步提升客户在该领域的投入力度，推动人工智能产业发展。该机构预计下游AI厂商或将在2025年下半年加大AI基础设施领域的投入力度，以满足未来人工智能发展的需求，产业链相关环节有望迎来发展机会。服务器厂商有望直接受益于相关产品的出货而获得业绩增长，云计算公司有望凭借更加充足的芯片供应为下游客户提供服务。该机构预计后续B30产品也有望推出，下游AI客户有望加大Capex投入力度，从而为产业链发展带来机会。建议关注：1）服务器厂商；2）云计算厂商。
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