全新架构、万卡集群、智算平台，摩尔线程（688795.SH）开发者大会还有哪些亮点？

Core Insights - The core focus of the article is the rapid expansion of the domestic GPU leader, Moore Threads, highlighted by the launch of their new GPU architecture "Huagang" at the first MUSA Developer Conference [1][2]. Group 1: Product Development - Moore Threads introduced the "Huagang" architecture, which boasts a 50% increase in computing density and a 10-fold improvement in energy efficiency compared to the previous generation, set for mass production next year [1]. - The "Huagang" architecture supports full precision from FP4 to FP64 and integrates the first-generation AI generative rendering architecture (AGR) and second-generation ray tracing hardware acceleration engine [1]. - Two core chips based on the "Huagang" architecture were announced: "Huashan," designed for AI training and inference, and "Lushan," focused on high-performance graphics rendering, with AI computing performance improved by 64 times and geometric processing performance increased by 16 times [2]. Group 2: Infrastructure and Performance - The "Kua'e" supercomputing cluster was launched, achieving a floating-point computing capability of 10 Exa-Flops, with a training efficiency of 60% on Dense models and 40% on MOE models [4]. - The MTT S5000 single card achieved a Prefill throughput of over 4000 tokens/s and a Decode throughput of over 1000 tokens/s on the DeepSeek R1 671B model, indicating significant breakthroughs in system-level engineering optimization for large-scale parameter models [5]. Group 3: Software Ecosystem - The MUSA architecture received a full-stack software upgrade, with the core computing library muDNN achieving over 98% efficiency in GEMM/FlashAttention and 97% in communication efficiency [6]. - The company plans to open-source key components of its computing acceleration library, communication library, and system management framework to the developer community [6]. - A new intermediate language, MTX, compatible with cross-generation GPU instruction architectures, and a programming language, muLang, aimed at rendering and AI integration, will be introduced to lower adaptation barriers for developers [6]. Group 4: Market Position and Strategy - Moore Threads officially entered the personal intelligent computing terminal hardware market with the launch of the MTT AIBOOK, priced at 9999 yuan, expected to be available on January 10, 2026 [7][8]. - The MTT AIBOOK features the self-developed intelligent SoC chip "Changjiang," integrating a high-performance CPU and full-function GPU, with heterogeneous AI computing power reaching 50 TOPS [8]. - The company aims to transition from a single hardware supplier to a platform-level computing infrastructure provider, as reflected in the showcased "Huagang" architecture and the "chip-edge-end-cloud" full-stack system [9]. Group 5: Financial Performance - The company's stock price closed at 664.10 yuan per share on December 19, down 5.9%, with a cumulative decline of 29.4% from the peak on December 11, although it remains up over 481% from the issue price, maintaining a market capitalization of 312.146 billion yuan [9].