《大行》信達證券:美國准H20對華出口 有利國內AI大模型訓練和推理
信達證券發表報告表示,美國政府批准英偉達(NVDA.US)旗下H20晶片對華出口許可,英偉達亦將發佈RTX PRO GPU,英偉達創始人兼CEO黃仁勳表示:1)公司正在提交恢復對華銷售H20 GPU的申請,美國政府已明確保證將授予許可證,英偉達希望盡快開始交付。2)英偉達還將發佈一款全新、完全合規的RTX PRO GPU,專為計算機圖形、數字孿生和人工智能設計。
該行指,H20對華限制三個月後解禁,有利於國內AI大模型訓練和推理。H20晶片是英偉達為滿足美國此前出口管制政策而專門針對中國市場推出的AI加速器,基於Hopper架構,是H100的簡化版。根據美國現行和之前的出口規定,H20也是英偉達可以向中國出口的最先進的AI晶片。H20的算力僅為H100的六分之一,但憑藉其高帶寬和內存優勢,在實際應用中仍具有一定競爭力。目前,H20晶片是中國市場上的重要AI加速器。儘管性能不及H100,但其在集群模式下通過增加晶片數量可以實現接近H100 的算力。該行認為,此次H20的解禁可滿足部分國產大模型訓練和推理的需求,有利於國內AI模型的硬件和軟件能力進一步提升。
信達證券稱,H20重啟或驅動供應鏈業績提升,前期悲觀預期有望得到修復。該行認為,H20作為英偉達面向中國市場的主力合規AI晶片,其恢復供應或將滿足國內積壓的部分算力需求。此前因許可證不確定性導致的產業鏈訂單延遲與觀望情緒有望緩解,英偉達核心供應商的訂單可見度與出貨節奏或將回歸明朗,下半年起業績增長動能有望繼續增強。(wl/u)
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