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华为昇腾引领,国产AI算力供需两旺
Guotou Securities·2025-09-21 09:31

Investment Rating - The industry investment rating is "Outperform the Market - A" and the rating is maintained [5]. Core Insights - The report highlights that Huawei's Ascend and Kunpeng chip roadmaps were announced at the Huawei Connect 2025 event, showcasing advancements in AI computing capabilities and the introduction of new supernodes [1][2][10]. - Domestic cloud service providers (CSPs) are increasingly adapting to domestic chips, which is expected to boost terminal demand, particularly with the upcoming Alibaba Cloud Summit [3][12]. - The report suggests that the domestic computing power industry is experiencing changes on both the supply and demand sides, with continuous iterations of domestic chips and increasing capital expenditures from major internet companies [3][12]. Summary by Sections Industry Overview - Huawei announced the Ascend 950 chip architecture, which supports low-precision data formats, enhances vector computing power, and increases interconnect bandwidth by 2.5 times [1][10]. - The new supernodes, Atlas950 SuperPoD and Atlas960 SuperPoD, support 8192 and 15488 Ascend cards respectively, leading in key metrics such as card scale and total computing power [2][11]. Market Performance - The report notes that the computer industry index rose by 0.16% this week, outperforming the Shanghai Composite Index by 1.46 percentage points [13][14]. - The overall performance of the computer sector was described as average, with market focus primarily on the domestic computing power industry chain [18]. Key Developments - Tencent Cloud has fully adapted to mainstream domestic chips and is actively participating in the open-source community, enhancing its software capabilities for AI computing [3][12]. - The upcoming Alibaba Cloud Summit is expected to feature over 110 specialized discussions on AGI, which may further stimulate demand for domestic computing power [3][12].