CITIC Securities: Opportunity for domestic computing power breakthrough seen from the resumption of sales from H20.

Guotai Junan Securities research report shows that NVIDIA may resume sales of H20 to China, which on the one hand is expected to boost the Capex investment motivation of domestic internet customers, benefiting H20-related supply chain companies; on the other hand, objectively speaking, there is still a certain performance gap in local chips, and H20 will also accelerate the iteration of chips by domestic manufacturers, actively seeking breakthroughs, and the trend of domestic substitution is evident.