瞄准英伟达！国产算力产业走向“闭环”

Core Viewpoint - The rapid advancement of China's computing power industry is highlighted by significant capital market activities, including the successful IPOs of domestic semiconductor companies, while challenges remain in practical applications and system integration [2][4]. Group 1: Capital Market Activities - Shanghai Tensu Zhixin Semiconductor Co., Ltd. went public on January 8, 2026, with over 400 times subscription, indicating strong market enthusiasm [2]. - Other domestic GPU companies, such as Moer Thread and Muxi Co., saw their stock prices surge by 468.78% and 692.95% respectively on their debut, with market capitalizations exceeding 305.5 billion and 330 billion yuan [2]. - Changxin Technology submitted its IPO application on December 30, 2025, reporting revenue of 32.084 billion yuan for the first three quarters of 2025, showcasing the scale of domestic DRAM production [2][10]. Group 2: Technological Advancements - The focus of competition in the computing power sector is shifting from hardware specifications to system stability, software ecosystem usability, and cost-effectiveness in commercial applications [6]. - The introduction of the scaleX super cluster by Zhongke Shuguang, featuring 10,240 AI accelerator cards, emphasizes the need for high reliability in large-scale systems [6][7]. - The development of a native 400G RDMA network by Zhongke Shuguang aims to enhance data transmission quality and reduce latency, crucial for supercomputing applications [7][8]. Group 3: Software Ecosystem Development - Moer Thread is addressing the challenge of transitioning developers to domestic computing platforms by launching the MTT AIBOOK, which includes essential development tools [13]. - The company also introduced a code migration model, MUSACode, to facilitate the transition from CUDA to its own platform, aiming for a 93% compilation rate [13]. - Cloud service providers are playing a critical role in integrating various hardware brands, thereby mitigating compatibility issues and enhancing resource management [15][16]. Group 4: Supply Chain and Market Dynamics - The supply chain for DRAM and NAND flash is under pressure, prompting cloud vendors to adjust procurement strategies to ensure resource availability [17]. - The adoption of domestic computing facilities by institutions like the Chinese Academy of Sciences indicates growing confidence in local technology, despite some performance gaps compared to international counterparts [19]. - The emergence of customized products from companies like Haiguang reflects a shift towards meeting specific client needs, enhancing market competitiveness [20]. Group 5: Industry Ecosystem and Future Outlook - The domestic computing power industry is forming a closed-loop ecosystem, integrating various components from storage to computing and application layers [21][22]. - The rise of domestic large models, such as DeepSeek, is redefining hardware competition standards, necessitating support for mixed-precision computing [21]. - Concerns about potential disruptions from international competitors, such as NVIDIA's H200 chip, are countered by the established supply chain and ecosystem resilience of domestic firms [21][22].