Investment Highlights:

Huawei's Ascend AI Conference and Partner Conference will be held soon, and a large number of new AI products will be released soon. According to the Huawei Computing Official Account, on March 12, the Huawei Computing Official Account released an invitation to the Ascend AI Partner Summit, which will be held in Shenzhen on March 21. With the theme of "Ascend with the Times", the summit focused on the far-reaching impact of large-scale model development on the AI industry, analyzed technology evolution trends and new business opportunities, and discussed and shared the innovative achievements brought by Ascend's native openness. The summit covered Ascend+ partner DeepSeek appliances and business practices based on Ascend Deep DeepSeek. At the same time, the Huawei China Partner Conference - Kunpeng Partner Industry Summit 2025 will also kick off in Shenzhen on March 21, with the theme of "Intelligently Enlightening Kunpeng New Channels, Building New Industry Momentum", inviting industry partners, thought leaders, and technical experts to gather together to unveil new Kunpeng hardware products, Huawei's new computing component products and brands, Kunpeng module AI all-in-one machines, etc., and at the same time discuss the development trend of the new Kunpeng industry, ecological co-construction, and business win-win results. The three keynote speeches of this summit - "Smart Kunpeng New Channel", "Modules Enable Thousands of Industries", and "Global Interconnection and Efficiency Enhancement Intelligent Computing" can help users better understand Kunpeng's strategic leap in the next five years. This summit not only focused on industry trends, but also showcased Kunpeng products. At that time, products including various network cards, RAID cards, DPU cards, SSDs, and Kunpeng module AI all-in-one machines will be unveiled, and relevant experts will give a comprehensive technical introduction.

Tencent has ordered billions of yuan of chips from Nvidia and will continue to reserve computing power for 25 years. According to the official website of Caijing magazine, Tencent recently purchased a batch of new chips from Nvidia, and in order to deliver orders to Tencent on time, Nvidia H20 chips are in short supply in the short term. Tencent's order is worth billions of yuan. Tencent and ByteDance have been Nvidia's two largest customers in the Chinese mainland market. According to the official website of Caijing magazine, citing data from market research agency Omdia, in 2024, Byte and Tencent will order about 230,000 Nvidia chips respectively, ranking second and third in the world in terms of purchases. The world's number one is Microsoft, which is expected to buy 485,000 AI chips in 2024. On February 15, 2025, WeChat was connected to DeepSeek, and subsequently, a number of Tencent's applications were connected to DeepSeek, including QQ Music, QQ Browser, Tencent Yuanbao, Tencent Docs, Tencent Maps, etc. Tencent is increasing its investment in computing power at this time, or in order to improve the C-end user experience, the number of users of Tencent's applications is huge, and if there are frequent lags or "busy servers", it will directly lead to the loss of users. Tencent is purchasing a large amount of H20 in the short term, or mainly to meet the demand for WeChat to access DeepSeek. However, we believe that investing in computing power is one of Tencent's main themes in 2025, according to the official WeChat account of the Science and Technology Innovation Board Daily, at Tencent's 2024 annual staff meeting in January 2025, Tencent Chairman and CEO Ma Huateng mentioned that Tencent will continue to invest resources in the reserve of computing power.

NVIDIA GTC 2025 is about to be held, or the next generation of AI chip Vera Rubin will be released. GTC 2025, the world's leading AI event, will take place March 17-21, with Jensen Huang's keynote and more than 1,000 sessions and a vision of future trends in AI infrastructure, scientific computing, AI and robotics development, according to NVIDIA's official WeChat. The era of AI has arrived, and it's gone mainstream—empowering the brands that shape people's lives every day. Some of the world's largest companies, groundbreaking start-ups, and top academics will gather at GTC to discuss the transformative impact of AI on a wide range of industries. With more than 1,000 sessions, 2,000 speakers and nearly 400 exhibitors, GTC will showcase how NVIDIA AI and accelerated computing platforms are tackling the world's toughest and toughest challenges, including climate research, healthcare, cybersecurity, humanoid robotics, autonomous vehicles, and more. From large language models and physical AI to cloud computing and scientific discovery, NVIDIA's full-stack platforms are driving the next industrial revolution. At GTC 2025, experts from the pan-AI ecosystem will share insights on deploying AI on-premises, optimizing models, and leveraging advanced hardware and software to enhance AI workflows, highlighting key advancements in RTXAIPCs and workstations. In addition, NVIDIA not only supports customers in building AI agents, but many teams within NVIDIA have been actively working to streamline workflows and solve business challenges with Agentic AI. NVIDIA will be launching the NVIDIA Agentic AI hands-on series in the future. In addition, according to the official Weibo of the Financial Associated Press, NVIDIA's next-generation AI chip is named after Vera Rubin, astronomer Vera Rubin discovered dark matter. Huang is expected to reveal details at the GTC meeting.

With the continuous development and iteration of AI models, the scope of AI applications will continue to expand, and the demand for computing power is expected to continue to grow in the future. The AI-related conferences of Huawei and NVIDIA are expected to further attract the market's attention to the AI industry, and the release of related new AI products will further accelerate the overall development of the AI industry.

It is recommended to pay attention to: Kingsoft Office, Arcsoft Technology, Hehe Information, Runze Technology, Guoneng Rixin, Tongbao, New World, and SIE Information.

Risk warning: the risk that the development of AI technology is less than expected, and the risk that the commercial implementation of AI is not as expected.

Compliance Reminder: Haitong Securities acts as the market maker of [688111 Kingsoft Office] in the national SME share transfer system, and hereby declares.