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<Research>Citi: CN National AI Infra Blueprint Boon to SMIC, HUA HONG GRACE; 80%+ AI Chip Localization Target Achievable
Mainland Chinese authorities are poised to invest approximately RMB2 trillion over the next five years to build nationwide data centers to support the domestic AI industry, Citi sa...
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<Research>Citi: CN National AI Infra Blueprint Boon to SMIC, HUA HONG GRACE; 80%+ AI Chip Localization Target Achievable
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Mainland Chinese authorities are poised to invest approximately RMB2 trillion over the next five years to build nationwide data centers to support the domestic AI industry, Citi said in a report that, citing foreign media. Chinese telecom operators will be responsible for operating these data centers and will use at least 80% domestically produced AI accelerators.

In the broker's view, this new initiative will benefit foundries SMIC (00981.HK)  +5.000 (+6.978%)    Short selling $349.63M; Ratio 4.649%   and HUA HONG GRACE (01347.HK)  +14.000 (+10.057%)    Short selling $624.16M; Ratio 12.521%   ; OSAT players CHANG ELEC TECH (600584.SH)  +5.400 (+7.835%)   and TONGFU MICROELECTRONICS (002156.SZ)  +4.320 (+7.550%)   ; equipment suppliers ASMPT (00522.HK)  +19.900 (+10.880%)    Short selling $97.27M; Ratio 12.786%   and VITAL DEEPTECH (600641.SH)  +2.570 (+9.024%)   ; as well as AI accelerator vendors, as it provides a clearer roadmap for China’s AI localization.

Related News UBS: China Reportedly to Launch RMB2T AI Infrastructure Plan; SMIC (00981.HK), HUA HONG GRACE (01347.HK) to Benefit
The broker expected the target of more than 80% localization of AI chips to be achievable, as domestic AI chipmakers have already effectively captured the vast majority of China’s AI accelerator market share this year, while imports of NVIDIA Corporation (NVDA.US)      H200 have largely stalled.

The broker opined this will also be more favorable for small- and mid-sized AI chipmakers, as state-backed data centers are more willing to procure from a broader range of suppliers.
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