20250721-世纪证券-TMT行业周报（7月第3周）_H20芯片有望恢复供应_13页_871kb

TMT Industry Weekly Report Summary: H20 Chip Supply Resumption

Market Performance This Week

The TMT sector experienced mixed performances last week (July 14-18, 2025). Within key sub-industries, communication and electronics outperformed the benchmark, with gains of 7.56% and 2.15% respectively, while computer and media sectors showed modest or negative returns. Top-performing stocks included those in communication networks, print circuit boards, and general software, with new易盛 and others seeing significant rises. Overall, the TMT board outperformed the沪深 300 by 1.09%, driven by relief from previous supply constraints in certain niches.

H20 Chip Resumption Analysis

The resumption of H20 chip supply to China, announced after U.S. approval, addresses a critical GPU shortage and could revive domestic capital expenditure in cloud computing and AI infrastructure. This follows a slowdown since April's export ban; restored availability is expected to boost investment in servers, liquid cooling, and related sectors, potentially increasing market liquidity and innovation in AI applications. However, risks include potential delays in adoption and competition from alternative chips.

Global Computing Chain Dynamics

Overseas demand for computing resources is surging, supported by strong performance in optical modules and PCB components. Meta's plan to invest in a 1-gram watt supercluster and other global AI infrastructure developments underscore the expanding market for GPUs and specialized chips, which is expected to drive further growth in related technologies. This is accelerated by partnerships and investments from firms like AMD and Meta, focusing on AI scalability.

Key Risks and Outlook

Major risks include uncertainties in AI applications and H20 chip sales volumes, which, if underperforming expectations, could limit market gains. Despite this, the resumption of H20 supply is seen as a positive catalyst for China's AI and compute industry, while global trends point to sustained growth in high-performance computing and semiconductor investments. The report suggests monitoring sectors like servers, cooling systems, and cloud services for opportunities.

Additional Insights and News

Recent industry events highlight ongoing innovation in AI, with developments such as Huawei's open-source programming language and global AI conferences driving interest. Company-specific announcements focus on equity changes and strategic partnerships in semiconductor and computing hardware, reflecting the sector's dynamic nature.