1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Qianhai Securities Limited View HSBC Qianhai Securities at:https:/ Equity Research Report Listen to our

2、 insightsFind out moreHSBC Global Research Podcasts Mixed outlook on AI server shipments with policy and supply uncertainties General purpose server and networking are the drivers Prefer Unisplendour(Buy)to Inspur(Hold)AI server demand intact,yet constrained by supply shortage and policies.Inspur an

3、d Unisplendours share prices rose 29%/23%in the last 3 months,outperforming the CSI 300 index(+16%),driven by robust AI chip/server demand in China amid cloud service providers(CSPs)continuous capex expansions in 2Q25(BATs total capex surged 170%y-o-y to RMB61.5bn),while supply is constrained by pol

4、icy uncertainties and domestic advanced nodes foundry capacity.We see this gap accelerating AI chip independence and localisation.Domestic AI chipmakers are rapidly breaking through performance and ecosystem bottlenecks,catching up with overseas competitors.Meanwhile,Alibaba and ByteDance announced

5、that they have developed in-house AI chips to lower reliance on overseas supply.TrendForce estimates in 2025,China would procure 42%of its AI chips from overseas,down from 63%in 2024,while domestic chips would represent 40%of the supply.We remain cautious on Chinas overseas procurement uncertainties

6、 for AI servers in the near term;and the growth of AI servers in 2026 will likely depend on domestic advanced process capacity expansions and ecosystem maturity.General purpose servers and networking are also drivers.We also see solid growth potential in general purpose servers,with strong demand be