CITIC Securities: It is recommended to pay attention to core enterprises in the NVIDIA industry chain, and to invest in enterprises that strategically layout LPU.

CITIC Securities research report stated that the NVIDIA GTC conference is about to open, and LPU may become a highlight of the conference. The separation of PD has become a standard for large model inference. Previously, NVIDIA launched Rubin CPX to meet the demand for cost reduction for prefill, and after the acquisition of Groq, this time it may introduce LPU or "LPU-like" chips to improve Decode efficiency. It is recommended to pay attention to core enterprises in the NVIDIA industry chain, as well as companies that strategically deploy LPU through investment. At the same time, in the domestic computing power field, the PD separation + super node solution is also expected to become mainstream. It is recommended to focus on leading domestic super node manufacturers and domestic computing power chip leaders.