Shenwan Hongyuan Securities·2025-09-27 13:03Investment Rating - The report rates the industry as "Positive" (Overweight) indicating an expectation for the industry to outperform the overall market [6]. Core Insights - The report highlights significant developments in the computer industry, particularly focusing on the progress of Moore Threads' IPO and the launch of Alibaba's new AI server, the Pangu 128 Super Node, which showcases advancements in architecture and performance [5][26]. - Moore Threads is positioned to benefit from a surge in demand for AI computing clusters, with its self-developed MUSA architecture compatible with major AI frameworks, enhancing its market competitiveness [12][13]. - Alibaba's Pangu 128 Super Node is noted for its innovative design, which improves interconnect efficiency and reduces deployment challenges for domestic AI chips [26][36]. Summary by Sections Moore Threads - Moore Threads, established in 2020, focuses on developing full-featured GPU chips and has launched four generations of GPU architectures, covering AI computing, cloud computing, and personal computing [7][8]. - The company has a strong founding team with backgrounds in leading tech firms, enhancing its capability in the GPU market [7]. - The report emphasizes the company's competitive edge in cluster performance, with its AI computing products expected to see significant sales growth due to rising demand [25][23]. Alibaba's Pangu 128 Super Node - The Pangu 128 Super Node, launched at the Cloud Habitat Conference, is designed to support 128 AI chips, making it the highest density product in its category [26]. - Its innovative architecture eliminates the middle backplane, enhancing performance and adaptability for various GPU configurations [36][37]. - The report anticipates that this product will set a new standard for domestic super nodes, facilitating easier deployment of domestic AI chips [37]. AI Model Developments - Alibaba has released several new AI models, including Qwen-3-Max and the open-source DeepResearch model, which are expected to enhance monetization opportunities [38][47]. - The Qwen-3-Max model has shown significant performance improvements over its predecessors, indicating a strong competitive position in the AI model market [39][40]. - The report suggests that the advancements in these models will contribute to the broader monetization of AI applications within Alibaba's ecosystem [47].