Overseas restrictions on AI chip have been eased, benefiting computing infrastructure construction. Guosen recommends focusing on companies like Lenovo (00992) and Foxconn Industrial Internet (601138.SH).

Recently, according to TrendForce data, the total volume of China's overall high-end AI chip market is expected to grow by over 60% by 2026. On one hand, local AI chip development is moving towards autonomy, and chip design companies with high potential have the opportunity to expand their market share to around 50%; on the other hand, due to the significant improvement in the efficiency of NVIDIA's H200 compared to H20, it is attractive to end customers. If sales are smooth, it is expected that Chinese CSP/OEMs and others will actively purchase, so H200 or other similar overseas products that can enter the Chinese market have the opportunity to maintain a market share of around 30%. On the news front, according to Reuters, multiple sources familiar with the matter revealed that NVIDIA has informed Chinese customers that they plan to deliver their second-ranking AI chip, H200, to Chinese customers in mid-February next year before the Chinese Lunar New Year. Two sources mentioned that NVIDIA plans to use its inventory to fulfill the initial orders, with an estimated total shipment of 5,000 to 10,000 chip modules, equivalent to about 40,000 to 80,000 H200 chips. The H200 chip is NVIDIA's second-tier chip after the Blackwell series, which was banned from being exported to China during the Biden administration. On December 8, President Trump announced that NVIDIA was allowed to export H200 chips to "approved customers", excluding its more advanced Blackwell and upcoming Rubin chips. Reuters previously reported that the U.S. government has initiated a cross-department review process to evaluate license applications for exporting H200 chips to China, fulfilling its promise to allow the sale of such chips to China. Huang Renxun has repeatedly emphasized the importance of the Chinese market. He believes that entering the Chinese market is crucial for America's competitiveness in the field of artificial intelligence. In response to this, Guosen believes that the independent development of AI chips and the easing of overseas restrictions are both beneficial for the construction of domestic computing infrastructure. Companies in the industry chain will fully benefit from this, and they suggest continuing to pay attention to companies such as Foxconn Industrial Internet (601138.SH), Huaqin Technology (603296.SH), Wus Printed Circuit (002463.SZ), Loongson Technology Corporation (688047.SH), LENOVO GROUP (00992), Luxshare Precision Industry (002475.SZ), Amlogic (688099.SH), and others.