Sugon(SH:603019) Zhong Guo Neng Yuan Wang·2025-11-12 02:53Core Viewpoint - The computer industry index has underperformed compared to major stock indices, indicating a challenging market environment for the sector [1][2]. Market Review - During the week of November 3 to November 7, the Shanghai Composite Index rose by 1.08%, the ChiNext Index increased by 0.65%, and the CSI 300 Index gained 0.82%. In contrast, the computer (Shenwan) index fell by 2.54%, lagging behind the Shanghai Composite by 3.62 percentage points, the ChiNext by 3.19 percentage points, and the CSI 300 by 3.36 percentage points, ranking 30th among all industries [1][2]. Weekly Insights - NVIDIA is leading the trend of supernodes, a technology architecture for building large-scale computing clusters, which integrates thousands of GPUs into a single logical unit. The latest NVLink technology has reached its fifth generation, with each GPU having 18 NVLink connections, achieving a total bandwidth of 1800GB/s, significantly surpassing PCIe Gen6 [3]. - NVIDIA's upcoming NVL72, set to be released in March 2024, will integrate 36 Grace CPUs and 72 Blackwell GPUs into a liquid-cooled cabinet, delivering a total of 720 PFLOPs for AI training and 1440 PFLOPs for inference [3]. Domestic Major Players Accelerating Supernode Layout - Inspur: On November 6, during the World Internet Conference, Inspur launched the world's first single-cabinet 640-card supernode, achieving a 20-fold increase in computing density [4]. - Huawei: In April, Huawei introduced the CloudMatrix384 supernode, capable of creating a super-large cluster with over 160,000 cards. As of September, over 300 units have been sold, primarily to government and enterprise clients [4]. - Alibaba: At the 2025 Cloud Computing Conference, Alibaba Cloud unveiled the Panjiu 128 supernode AI server, which enhances inference performance by 50% compared to traditional architectures [5]. - Baidu: Announced the launch of the Kunlun supernode at the 2025 Baidu Cloud Intelligence Conference, making supercomputing capabilities available [5]. - ZTE: Developed a supernode server with 64 GPUs, featuring an innovative design that reduces latency to the nanosecond level [5]. - Inspur Information: Released the "Yuan Nao SD200" supernode AI server aimed at trillion-parameter models [5]. Investment Recommendations - Focus on companies involved in computing power such as Cambricon, Haiguang Information, Inspur, and others [6]. - Consider AIDC-related firms like Kehua Data and Yunse Intelligent [6]. - Explore AI application companies including Kingsoft Office, iFlytek, and others [6].