Currently, domestic GPU manufacturers are grappling with the pressure stemming from the expansion of tradable shares as restrictions are lifted. Companies like Moore Threads and MetaX have recently witnessed varying amounts of their restricted shares become tradable, a trend that is set to persist in the future, consequently causing a decline in their stock prices. However, in the long run, the trajectory of stock prices will hinge on the fundamental strengths of these companies. In the first half of this year, the revenue of four major listed domestic GPU companies experienced significant growth. Yet, their net profits presented a mixed picture: Moore Threads and Biren Technology managed to narrow their losses, while MetaX and Iluvatar CoreX transitioned into profitability. Nevertheless, the net profit improvements of the latter two were primarily propelled by gains resulting from changes in fair value. From the perspective of market demand, there has been a remarkable surge in the demand for domestic AI chips this year. It is anticipated that domestic computing power shipments will witness rapid growth from the second half of this year through next year, with accelerator chips accounting for over one-third of the costs associated with AI infrastructure. Domestic AI companies predominantly rely on domestic computing power for inference tasks, whereas its utilization in training is mostly confined to testing purposes. On the supply front, there exist bottlenecks in the supply chain. The yield rate of domestic advanced process manufacturing capacity requires enhancement, and factors such as HBM, capacitors, and PCB boards may also emerge as constraints.