Shenwan Hongyuan Securities·2025-09-27 13:14Investment Rating - The report indicates a positive outlook for the computer industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][56]. Core Insights - The report highlights significant advancements in the computer industry, particularly with the progress of domestic AI chip companies like Moer Thread, which is moving towards large-scale commercialization [3][4]. - Alibaba's launch of the new "Panjun 128" ultra-node AI server is noted as a paradigm shift in domestic ultra-node products, showcasing high density and performance [23][34]. - The report emphasizes the rapid growth of AI model capabilities, particularly with Alibaba's Qwen-3-Max model, which has shown substantial performance improvements over competitors [34][49]. Summary by Sections Moer Thread - Moer Thread has updated its IPO status to "passed," with its products focusing on full-function GPU architectures that cater to AI computing, professional graphics acceleration, and desktop graphics [3][4]. - The company has a strong founding team with backgrounds in leading tech firms, enhancing its credibility and potential for innovation [4][5]. - The product matrix includes AI computing products, professional graphics acceleration, desktop graphics, and intelligent SoC products, addressing diverse market needs [5][9]. Alibaba's Innovations - Alibaba's "Panjun 128" ultra-node AI server features a unique architecture that enhances interconnect efficiency and reduces deployment difficulties for domestic AI chips [23][25]. - The server can accommodate 128 AI chips, making it the highest density product in its category, which is expected to set a new standard for ultra-node products [23][34]. - The report also discusses the launch of new AI models by Alibaba, including Qwen-3-Max, which has significantly improved performance metrics compared to previous models and competitors [34][35]. Market Opportunities - The report identifies several key investment targets within the AI and digital economy sectors, including companies like Kingsoft Office, Hikvision, and others that are positioned to benefit from the growth in AI applications and computing power [3][50]. - The focus on AI-driven applications and the digital economy is expected to drive substantial growth in the sector, with a notable emphasis on companies that are leading in AI model development and computing capabilities [50][51].