Core Viewpoint - Huawei is set to unveil a breakthrough technology in AI inference at the "2025 Financial AI Inference Application Landing and Development Forum" on August 12, which aims to significantly reduce China's reliance on HBM (High Bandwidth Memory) and enhance the performance of domestic AI large models, addressing a critical gap in China's AI inference ecosystem [1][3]. Group 1: Current Market Context - The global demand for AI inference is experiencing explosive growth, while the core supporting technology, HBM, is monopolized by foreign giants, with over 90% dependency in high-end AI servers [3]. - The domestic replacement rate for HBM is less than 5%, leading to increased costs for large model training and inference, hindering AI application deployment in key sectors like finance, healthcare, and industry [3]. Group 2: Technological Innovations - Huawei's new technology targets the pain points by optimizing advanced storage-computing architecture and integrating DRAM with new storage technologies, aiming to maintain high inference efficiency while significantly reducing HBM usage [3]. - The technology may involve deep collaboration between "hardware reconstruction + software intelligence," potentially creating "super AI servers" that optimize computing, transportation, and storage capabilities [4]. Group 3: Performance Metrics - Huawei's CloudMatrix384 Ascend AI cloud service has validated similar technological pathways, achieving a single card decode throughput of over 1920 Tokens/s and a 10-fold increase in KV Cache transmission bandwidth, with a 50ms latency for each token output [4]. - The EMS elastic memory storage service has enabled significant reductions in NPU deployment numbers and inference latency, showcasing a 50% reduction in deployment and an 80% decrease in the first token inference latency [4]. Group 4: Industry Applications - The financial sector will be the first to implement Huawei's technology, which has already established a mature AI framework, supporting over 75% of major banks in core transformations [5]. - The technology will enhance native AI applications in finance, enabling millisecond-level decision-making in high-frequency trading and supporting real-time interactions for millions of users in intelligent customer service [5]. Group 5: Future Implications - While the ultra-high bandwidth characteristics of HBM (current mainstream HBM3 bandwidth exceeds 819GB/s) are difficult to fully replace in the short term, Huawei's technological approach offers new options for the industry [5]. - Experts suggest that if the technology can balance performance and cost, it may disrupt the industry's reliance on HBM and shift global AI chip development from "hardware stacking" to "architectural innovation" [5].

Core Viewpoint - The emergence of the TX81 chip represents a significant breakthrough in China's technology landscape, potentially rewriting the narrative of domestic chip development and AI capabilities [3][6][9]. Group 1: Technological Innovation - The TX81 chip is a dynamic reconfigurable chip (RPU) that allows efficient computation without complex instruction set exchanges, adapting to various tasks such as voice, image, and large models [7][8]. - This chip embodies four core advantages: high energy efficiency, high concurrency, high scalability, and high cost-effectiveness [8]. - The architecture innovation of the TX81 chip is seen as a necessary path for China to overcome the limitations of traditional chip development and compete in the global AI landscape [5][9]. Group 2: Market Context - The traditional growth curve of chips is becoming inadequate in the face of explosive AI computing demands, necessitating a shift towards innovative architectures [5]. - The success of the TX81 chip is likened to the transformation seen in the Chinese automotive industry, where companies like BYD and Xiaomi have achieved breakthroughs through electrification and smart technology [10][13]. Group 3: Company Background - The founding of Qingwei Intelligent was driven by a vision to commercialize reconfigurable chips after the founder faced challenges in selecting suitable chips for machine vision applications [16][22]. - The company started with a small team in a modest office, emphasizing a culture of innovation and resilience despite initial hardships [29][32]. Group 4: Development Challenges - The development of the TX81 chip involved significant challenges, including achieving a large chip area of 800 square millimeters and enhancing computing efficiency through reconfigurable technology [35]. - The team faced numerous technical hurdles, including the need for custom clock devices and programming for multi-chip interconnections, which required original solutions [36][40]. Group 5: Future Prospects - Qingwei Intelligent aims to continue its momentum with the upcoming TX82 chip, targeting mass production by 2026, as part of its commitment to advancing China's AI capabilities [51][53]. - The collaboration with other domestic firms, such as Zhiyu, highlights a growing ecosystem focused on original technology development in China [53].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the importance of hardware-software innovation axes, predicting significant advancements in new hardware technologies by 2025H2, with a focus on both short-term and long-term investment opportunities [4][20] - Key short-term opportunities include GPU+HPM, optical devices, silicon photonics, lidar, automotive chips, RoboVan, and AI glasses, while long-term innovations are deemed more critical [4][20] - The report highlights the 2B market opportunities in optical devices, silicon photonics, GPU, and high-end products, alongside 2C market opportunities in automotive, RoboVan, wearables, and bio-electronic interactive devices [4][20] Summary by Sections 1. Hardware-Software Innovation Axes - The report discusses the "hardware Y-software X" axis as a framework for predicting new hardware innovations, linking technological advancements from 2022H2 to 2025H2 [4][20] - It identifies the need for a focus on architecture innovation and "physical-chemical-biological AI" as critical elements for future hardware development [4][20] 2. Market Opportunities - The 2B market is characterized by opportunities in optical devices, silicon photonics, and high-end GPUs, while the 2C market includes automotive technologies, RoboVan, wearables, and bio-electronic devices [4][20] - The report notes that the optical device opportunities arise from the MoE architecture, which differs from simple computational upgrades under the "Scaling Law" [4][20] 3. Underestimated Factors - The report points out two often-overlooked factors: architecture innovation and the integration of physical-chemical-biological AI, which are crucial for the advancement of new hardware [4][20] 4. Representative Companies - The report lists several companies as representative in the new hardware space, including: - Optical devices: NewEase, Zhongji Xuchuang, Huagong Technology, Changguang Huaxin - Lidar: Hesai Technology (US), Suteng Juchuang (HK) - AR+AI glasses: Hongjing Optoelectronics, Crystal Optoelectronics, Hongsoft Technology, GoerTek, Xiaomi Group (HK) - Advanced semiconductor processes and GPUs: SMIC, Muxi Integration, Suiyuan Technology, Haiguang Information, Cambrian [6][20]