According to the CITIC Securities Research Report, the US government recently announced that it will allow Nvidia to resume sales of the H200 to the Chinese market. If sales are liberalized, it can ease the pain points of the Chinese AI industry in terms of shortage of high-end computing resources in the short to medium term, and since the H200 currently has a large advantage in AI training, it will not compete directly with domestic computing power reasoning scenarios. We are optimistic that the domestic AI industry will shift from “following” to “running side by side”, boosting investment opportunities for the entire industry.

According to the CITIC Securities Research Report, the US government recently announced that it will allow Nvidia to resume sales of the H200 to the Chinese market. If sales are liberalized, it can ease the pain points of the Chinese AI industry in terms of shortage of high-end computing resources in the short to medium term, and since the H200 currently has a large advantage in AI training, it will not compete directly with domestic computing power reasoning scenarios. We are optimistic that the domestic AI industry will shift from “following” to “running side by side”, boosting investment opportunities for the entire industry.