Beyond H100: China's GPU makers chase scale, not just parity

China's GPU industry is shifting from performance parity to systemic competition, signaling a new phase in technological evolution. Upstream chip design and manufacturing face increasingly stringent process demands, while midstream EDA tools and IP licensing will accelerate domestic substitution. Downstream software stacks and cluster architectures are becoming critical barriers, especially in large model training scenarios where interconnect efficiency and ecosystem compatibility determine product competitiveness. Policy-wise, continued U.S. export restrictions on advanced technologies force companies to restructure supply chains and enhance self-reliance. In the short term, domestic players may pursue mergers, partnerships, or joint infrastructure development to respond, while long-term success hinges on building a complete AI infrastructure ecosystem. Within the next year, the Chinese GPU market will see clear differentiation, with players capable of integrating hardware and software gaining market dominance, while those merely chasing performance parity will gradually fall behind.