2025.09. 18 本文字数：1091，阅读时长大约2分钟 作者 | 第一财经 李娜 华为在全联接大会2025上罕见公布了多款自研芯片的研发进展。 此外，他表示，超节点成为AI基础设施建设新常态，目前Cloud Matrix 384超节点累计部署300套 以上。 徐直军指出："算力过去是，未来也将继续是人工智能的关键，更是中国人工智能的关键。"此外， 他再次强调："基于中国可获得的芯片制造工艺，华为努力打造'超节点+集群'算力解决方案，来满足 持续增长的算力需求。" 徐直军认为，超节点在物理上由多台机器组成，但逻辑上以一台机器学习、思考、推理。 华为还在现场发布了Atlas950 SuperPoD和Atlas 960 SuperPoD超节点，分别支持8192及 15488张昇腾卡，从卡规模、总算力、内存容量、互联带宽等关键指标上看，处于全球领先位置。 此外，华为还同时发布了超节点集群，分别是Atlas950 SuperCluster和Atlas960 SuperCluster，算力规模分别超过50万卡和达到百万卡。 徐直军表示，基于全球最强算力的超节点和集群，华为对于为人工智能的长期快速发展提供可持续且 ...

2025年9月18日，华为全联接大会2025——昇腾AI人工智能产业峰会将在上海举行，本次峰会以"与时代 共昇腾"为主题，将重磅呈现昇腾从基础软硬件到行业解决方案的最新技术成果与创新突破，同时客户 伙伴将现场分享基于昇腾技术的商业落地案例与价值洞察，共享创新实践优秀经验与成果，共绘智能世 界新蓝图。 来源：环球网 ●新价值：行业实践，共享智能化跃迁新成果 在行业实践方面，峰会将重磅发布运营商、政务、教育、金融、大模型、电力六大行业大规模专家并行 优秀实践；邮储银行嘉宾也将围绕昇腾大规模专家并行解决方案在数字金融场景的创新实践进行主题分 享，为行业同仁提供可借鉴的经验模式。 本次峰会将重点呈现三大核心亮点： ●新技术：持续创新，突破AI技术新高度 峰会将深度解读昇腾"基础硬件、基础软件及行业解决方案"的最新技术进展。从业界最大规模超节点技 术的突破，到基础软件的全面开源开放，再到预训练、后训练及推理解决方案的全链路技术创新……一 系列前沿成果将集中呈现，为技术爱好者打造一场精彩纷呈的知识盛宴。 ●新方向：超节点引领AI基础建设新趋势 大模型正以不可阻挡之势推动全球计算领域实现跨越式变革，其技术与能力的持续演进引 ...

9月13日上午，以"元生有AI 万物盛开"为主题的2025年服贸会"数字开物·奇点π对"主题沙龙活动在北京 成功举办。来自中国信通院人工智能研究所、来画科技、思必驰、浩云长盛、优刻得、曙光数创、 ByteBridge、沨呵智慧、算力自由等业内专家与贯穿AI与算力全景生态的优秀企业代表出席活动并做精 彩分享。 活动现场，与会嘉宾共同探讨了大模型技术的演进趋势、包括AI陪伴、AI办公等AI应用的落地实践， 以及智算中心的基础设施创新、智算中心的热管理革命、GPU集群的精益化管理、服务于中小创业者的 AI算力云发展现状以及AI浪潮下全产业链的协同发展路径等前沿议题。本场活动由中国国际服务贸易 交易会、2025年服贸会ICT展指导，首都会展集团、数字开物主办，科智传媒承办。 01 前瞻洞察：大模型技术持续演进，Agent应用进入规模落地阶段 在主旨演讲环节，中国信通院人工智能研究所平台与工程化部主任曹峰带来题为《大模型技术和应用发 展现状及趋势》的分享。 聚焦AI应用，北京来画科技文化有限公司董事、合伙人白宇进行了《每个人的AI伙伴，无边界的沟通 桥梁》的分享。 白宇表示，当前AI应用无需执着于自建大模型，利用开源模 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Viewpoints - The current strength of domestic computing power is not the end of the "domestic computing power" market, but rather a preparation for a healthier rise in the next round. Recent signs indicate a potential "start" [1] - Active developments in the industry include major internet companies placing GPU orders, which fosters positive sentiment [1] - Companies are actively pursuing capital operations, such as Cambricon's fundraising approval and Haiguang's acquisition of Shuguang [2] - Major moves by downstream internet companies, such as Alibaba's strategic partnerships and AI ecosystem developments, suggest optimistic expectations for AI in the coming year [1] Summary by Sections Industry Trends - The report highlights a significant upcoming market trend driven by AI, with companies like Cambricon and Haiguang expected to open new market spaces [2] - The perspective on AI chips is shifting, with new product launches indicating a fresh evaluation framework for existing chips [2] - The report notes a strong correlation between domestic and overseas markets, with positive demand for ASICs and significant orders contributing to company valuations [2] Investment Recommendations - The report recommends focusing on companies such as Cambricon, Haiguang Information, Chipone, and Shengke Communication for investment opportunities [2] - Specific company metrics include: - Cambricon: Market cap of 532.56 billion, projected EPS growth from -1.08 to 9.62 [7] - Haiguang Information: Market cap of 427.75 billion, projected EPS growth from 0.83 to 1.85 [7] - Chipone: Market cap of 80.43 billion, projected EPS growth from -1.14 to 0.39 [7] - Shengke Communication: Market cap of 43.36 billion, projected EPS growth from -0.17 to 0.08 [7]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - Supernodes are the new generation of computing infrastructure, with leading companies in the computing industry launching supernode products to address performance bottlenecks in large model training and inference, particularly in communication speed [2][10] - The introduction of supernodes is expected to enhance the value across multiple computing segments, suggesting investment opportunities in related sectors of the industry chain [2][10] Summary by Sections Event Description - Global computing leaders like NVIDIA and Huawei are set to launch supernode products in 2025, with NVIDIA's GB200 and Huawei's Ascend 384 supernode being notable examples [4][10] - Inspur also announced its supernode AI server "Yuan Brain SD200" at the 2025 Open Computing Technology Conference, capable of running trillion-parameter models [4][10] Technical Insights - Supernodes, initially proposed by NVIDIA, utilize high-bandwidth interconnections among GPUs to form a scalable system, significantly improving computing density and communication complexity compared to traditional AI servers [10] - The architecture of supernodes supports parallel computing tasks, accelerating parameter exchange and data synchronization, thus shortening training cycles for large models [10] Investment Opportunities - The report suggests focusing on investment opportunities in the following areas: 1. Leading domestic AI chip companies like Cambricon 2. Supernode server manufacturers 3. Supporting manufacturers for supernode components such as PCBs and liquid cooling systems 4. Partners related to Huawei's supernode initiatives [10]

Core Viewpoint - ZTE Corporation's stock experienced significant volatility, initially surging before retreating, influenced by a recent brokerage report recommending the stock as a major buy due to its advancements in AI and network business [1][2][5]. Group 1: Stock Performance - ZTE's A-shares opened strong, hitting the daily limit within two minutes, while H-shares rose over 14% before both experienced a pullback, closing with a 6.56% increase and a market capitalization of 203.6 billion yuan [1]. - The stock's trading volume exceeded 20 billion yuan, making it the top performer in the A-share market [1]. Group 2: Analyst Recommendations - A report from Zheshang Securities, authored by a senior analyst, rated ZTE with a "major recommendation" and a 3A rating, highlighting the company's undervalued AI computing and network business [2]. - The report noted that ZTE's advancements in AI products and its core offerings in high-speed interconnect chips position it for a potential value reassessment [2]. Group 3: Recent Contracts and Market Position - ZTE secured over 50% of a significant 1.7 billion yuan AI equipment contract from China Mobile, winning the largest share of the project [2]. - The company has been actively expanding its second curve business, focusing on AI and computing, which has started to show positive results [6]. Group 4: Financial Performance and Concerns - ZTE's Q1 2025 report indicated a revenue increase of 7.82% to 32.968 billion yuan, but a net profit decline of 10.50% to 2.453 billion yuan, raising questions about the sustainability of its growth [5][6]. - The company's accounts receivable increased by 25.10%, indicating potential cash flow concerns [5]. - Analysts have expressed skepticism regarding the rapid conversion of ZTE's AI business into actual profit growth, which may affect investor confidence [6]. Group 5: Future Outlook - ZTE is expected to release its mid-year report on August 29, 2025, with analysts predicting a slowdown in revenue growth as the 5G market stabilizes, although the second curve business is expected to maintain high growth [7]. - Forecasts for ZTE's net profit in 2025 and 2026 have been revised downward, reflecting cautious market sentiment [7].

Core Viewpoint - ZTE Corporation (00763) continues its strong performance, with A-shares hitting the daily limit and H-shares rising over 14% during trading, reflecting positive market sentiment towards the company and its positioning in the AI sector [1] Company Performance - As of the latest update, H-shares of ZTE are up 7.34%, priced at 31.9 HKD, with a trading volume of 2.041 billion HKD [1] Industry Developments - On July 26, Huawei showcased its Ascend 384 Super Node at the 2025 World Artificial Intelligence Conference, which features a high-bandwidth, low-latency interconnection among 384 NPUs, achieving a single-card inference throughput of 2300 Tokens/s, surpassing NVIDIA's H100/H800 [1] - Other major players like Tencent and Alibaba are promoting their respective ETH-X and ALS solutions, while companies such as Inspur, ZTE, H3C, Huqin, and Super Fusion are also accelerating the deployment of super node solutions [1] Market Insights - Zheshang Securities notes that the progress of domestic super nodes has exceeded expectations, with the core growth area being the switching network [1] - The penetration rate of domestic super nodes is only one year behind that of overseas markets, indicating a strong growth potential [1] - The ScaleUp switching network is identified as a critical growth segment for super node solutions, with expectations for the domestic ScaleUp market size to more than double [1] - ZTE is positioned at the core of the domestic super node solution market, with a significant gap in market perception [1] - The accelerating demand for ScaleUp switching is driving the localization of switching chips [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company is a communication equipment giant, with significant underestimation of its AI computing and network business progress, which is expected to recreate ZTE in the AI era [1] - The company has a complete AI product ecosystem and has successfully expanded its internet customer base, with a projected revenue of 18.6 billion yuan for its government and enterprise business in 2024, representing a year-on-year growth of 37% [3] - The domestic supernode progress is exceeding expectations, with a core increment in the switching network, and the domestic supernode penetration rate is expected to accelerate [4][5] Summary by Sections Company Expectations - The company is expected to occupy a core strategic position in the supernode system, leveraging its core capabilities [2][17] AI Product Ecosystem - The company has made significant breakthroughs in servers, switches, switching chips, and self-developed chips, with products entering the internet customer ecosystem and related business segments experiencing rapid revenue growth [3] Domestic Supernode Progress - The domestic supernode market is expected to see accelerated penetration, with projections indicating a penetration rate of 5% in 2025, 19% in 2026, and 45% in 2027 [4] Scale Up Switching Network - The Scale Up switching network is identified as a core incremental segment of the supernode solution, with a projected market size of 14 billion USD by 2027 [5] Market Position - The company occupies a core position in the domestic supernode solution, with a significant gap in market recognition and expectations [10] Demand for Scale Up Switching Chips - The demand for Scale Up switching is accelerating the localization of switching chips, with domestic manufacturers gradually catching up in technology [11] Profit Forecast and Valuation - The company's net profit is projected to be 8.7 billion yuan in 2025, 9.3 billion yuan in 2026, and 10.1 billion yuan in 2027, with corresponding PE ratios of 22, 21, and 19 times [13][16]

Core Insights - The article discusses the emergence of "supernodes" in the computing industry, particularly focusing on the advancements in optical interconnect technology by Xizhi Technology, which has positioned itself as a leader in this field [1][2][3] - Xizhi's innovative "LightSphere X" solution aims to break traditional limitations of physical cabinets, allowing for larger-scale, cross-cabinet networks, which is a significant shift in the industry [1][9] Company Strategy - Xizhi Technology recognized the potential of the supernode concept as early as 2023, aligning its product line with this emerging trend [2][4] - The company is pursuing an open ecosystem strategy, differentiating itself from competitors like NVIDIA and Huawei by focusing on core technologies related to optical interconnects and chips [2][23] Technological Innovations - Xizhi's "LightSphere X" solution utilizes optical interconnect technology, which allows for faster data transmission and lower costs compared to traditional electrical interconnects [7][8] - The company has developed two supernode solutions: one based on optical interconnect electrical switching and another on optical interconnect optical switching, with the latter being a novel approach [5][6] Market Position - Xizhi has established a favorable position in the optical interconnect market, with a team comprising over 80% researchers, including top scientists from MIT [1][24] - The company aims to deploy a ten-thousand-card cluster by the end of the year, indicating its ambition to scale rapidly in the supernode space [11] Competitive Landscape - The article highlights the competitive dynamics in the GPU market, where various manufacturers are exploring different interconnect technologies, with some opting for electrical interconnects while others are inclined towards innovative solutions like Xizhi's [12][22] - Xizhi's open approach may pose a challenge to established players like NVIDIA and Huawei, as it aims to lower the technical barriers for adoption [22][23]

Core Viewpoint - Inspur Information has launched the "Yuan Nao SD200," a super-node AI server designed for trillion-parameter large models, addressing the growing computational demands of AI systems [2][3]. Group 1: Product Features - The "Yuan Nao SD200" utilizes a multi-host low-latency memory semantic communication architecture, supporting 64 local GPU chips and enabling the operation of trillion-parameter models on a single machine [2]. - The super-node integrates multiple servers and computing chips into a larger computational unit, enhancing overall efficiency, communication bandwidth, and space utilization through optimized interconnect technology and liquid cooling [2][3]. Group 2: Industry Challenges - The rapid increase in model parameters and sequence lengths necessitates intelligent computing systems with vast memory capacity, as traditional architectures struggle to meet the demands of efficient, low-power, and large-scale AI computations [3]. - The shift towards multi-model collaboration in AI requires systems capable of handling significantly increased data token generation, leading to a surge in computational requirements [3]. Group 3: Technological Innovation - The "Yuan Nao SD200" addresses the core needs for large memory space and low communication latency for trillion-parameter models through an open bus switching technology [3][4]. - The server's performance is enhanced through a software-hardware collaborative system, achieving super-linear performance improvements of 3.7 times for the DeepSeek R1 model and 1.7 times for the Kimi K2 model [4]. Group 4: Ecosystem Development - The advancement of open-source models is accelerating the transition to an intelligent era, necessitating higher demands on computational infrastructure [4]. - Inspur Information aims to foster innovation across the supply chain by utilizing high-speed connectors and cables, thereby enhancing the overall industry ecosystem and competitiveness [4].