环境公益“她”故事（一）

NVDA wins approval for H200 sales into China -KeyImplicationsNVDA wins approval for H200 sales into China -KeyImplications President Trump greenlights H200 sales to China; US gets 25% ofrevenue: President Donald Irunp unnounced the US adninistration'sapproval for NVT)A's H200 GPU sales into China, with 25% of the top linegoing to the US goverment for each chip sold (see news). While otherchipmakers such as Intel and AMD (we believe MI3(00x) are also eligible forbandwidth or perfornance limitetions, we believe H2o0 should deliversuiperior perfornance than Chinese local chips, with up to 2-3x compute and1.5x mcnory bandwridth vs Huawei Ascend 910c (see Table 1). H200 isfibricated with TSMC N4 process and is puckaged with CoWoS-S. The GPUis also cquipped with 141 GB of HBM3E, providing 4.8 Tb/s bandwidth.President Trump greenlights H200 sales to China; US gets 25% ofrevenue: President Donald Irunp unnounced the US adninistration'sapproval for NVT)A's H200 GPU sales into China, with 25% of the top linegoing to the US goverment for each chip sold (see news). While otherchipmakers such as Intel and AMD (we believe MI3(00x) are also eligible forbandwidth or perfornance limitetions, we believe H2o0 should deliversuiperior perfornance than Chinese local chips, with up to 2-3x compute and1.5x mcnory bandwridth vs Huawei Ascend 910c (see Table 1). H200 isfibricated with TSMC N4 process and is puckaged with CoWoS-S. The GPUis also cquipped with 141 GB of HBM3E, providing 4.8 Tb/s bandwidth. Technology and TelecomsTechnology and Telecoms Gokul HariharanGokul Hariharan gokuL.hariharan@iprcrger.com(852) 2800-8564Morgan Broking (Hong Kong) LimitedgokuL.hariharan@iprcrger.com(852) 2800-8564Morgan Broking (Hong Kong) Limited Jennifer Hsieh(885-2) 2725-3568J.P. Morgan Sacuritics (Tsiwan) Limitedjennirier.hsiehipmorgan.comJennifer Hsieh(885-2) 2725-3568J.P. Morgan Sacuritics (Tsiwan) Limitedjennirier.hsiehipmorgan.com David Chou(885-2) 2725-3518davic.chou@ipmorgan.ccmJ.P. Morgan Sacuritics (Tsiwan) Limited)David Chou(885-2) 2725-3518davic.chou@ipmorgan.ccmJ.P. Morgan Sacuritics (Tsiwan) Limited) Will China allow H200 GPUs to be shipped in? While President Trump saidthal the response fron President Xi is positive, we are still not sure howreceptive Chincse regulators will be regarding heavy imports of H200 GPU'sinto China. Recently, China has been foxcused on the development of a horne-grown Al infrastructure stack, with increased support for local acccleratorproviders, und there bave been press reports that hyperscalers bave beendiseouraged from using NVDA chips (see mews). Depending on the newguidelines, we believe H200 shipments will start ramping up slowly intoChina, especially focusing on training anid high-end inference. Without theimpact from H200 exports, we cxpect China AI chip unit CAGR to grow at30-40% in 202627, with Huawei and Canbricon representing 800k and--300k units respcctively in 2026 (sce our renort). We cxpcct the localizationtrend is unlikely to slow down despite the availability of NVDA H2(0, butgiven the high detand for AI cornpute, we believe that both solutions are likelyto co-cxist for somc period of time. We believe most CSPs in China are likelyto await ntore clurity on the avuilubility ofH200 GPUs, continuity of'sbipmentsand potential for access to future gencrations of NVDA / AMD GPUs hcforecommitting hcavily to such a solution, given lingering geopoliticaluncertainties.Will China allow H200 GPUs to be shipped in? While President Trump saidthal the response fron President Xi is positive, we are still not sure howreceptive Chincse regulators will be regarding heavy imports of H200 GPU'sinto China. Recently, China has been foxcused on the development of a horne-grown Al infrastructure stack, with increased support for local acccleratorproviders, und there bave been press reports that hyperscalers bave beendiseouraged from using NVDA chips (see mews). Depending on the newguidelines, we believe H200 shipments will start ramping up slowly intoChina, especially focusing on training anid high-end inference. Without theimpact from H200 exports, we cxpect China AI chip unit CAGR to grow at30-40% in 202627, with Huawei and Canbricon representing 800k and--300k units respcctively in 2026 (sce our renort). We cxpcct the localizationtrend is unlikely to slow down despite the availability of NVDA H2(0, butgiven the high detand for AI cornpute, we believe that both solutions are likelyto co-cxist for somc period of time. We believe most CSPs in China are likelyto await ntore clurity on the avuilubility ofH200 GPUs, continuity of'sbipmentsand potential for access to future gencrations of NVDA / AMD GPUs hcforecommitting hcavily to such a solution, given lingering geopoliticaluncertainties. Jason Chen(855-2) 2725-3564jabon.bh.chereipmorgsn.comJ.P, Morgan Sacurtics (Tstwan; LimitedJason Chen(855-2) 2725-3564jabon.bh.chereipmorgsn.comJ.P, Morgan Sacurtics (Tstwan; Limited Subham Singhania(91-22) 6157-3501sub