明日主题前瞻 1、商业航天 | 12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，从业务范围 及"硬科技"属性要求、取得标准、阶段性成果等方面对商业火箭企业适用科创板第五套上市标准作出了细化规定，旨在加快推进商业航天创新发展、主动服 务航天强国战略。 点评：中泰证券认为，资本的精准配置将加速推动企业攻克火箭回收、大推力发动机等核心技术，推动中大型可重复使用火箭从研发走向规模化应用，逐步 缩小与国际领先水平的差距。同时，商业火箭产业将进一步牵引上下游先进材料、精密制造等领域协同升级，为卫星互联网组网、太空资源开发等国家战略 提供坚实支撑。 2、人工智能 | 据新华网，国家金融监督管理总局12月26日对外发布《银行业保险业数字金融高质量发展实施方案》，从数字金融治理、数字金融服务、数 字技术应用、数据要素开发、风险管理和监管数字化智能化转型等方面提出了33项工作任务。 点评：国泰海通认为，金融行业作为数据、信息与决策密集型产业，其数智化转型需求与大模型技术特性高度契合，已成为AI应用落地的绝佳"试验田"。金 融机构IT支出持续扩张，2023年科技投入 ...

Core Insights - The article discusses the launch of the H3C UniPoD S80000 super node product by Unisplendour Corporation's subsidiary, H3C, aimed at addressing the challenges of communication walls and computing power utilization in large model training and inference [1][5]. Group 1: Product Features and Innovations - The H3C UniPoD S80000 super node utilizes a "computing power × connectivity" technology concept, achieving full interconnection of GPUs through a Scale-up architecture, resulting in an 8-fold increase in inter-card bandwidth compared to traditional 8-card servers and an 80% improvement in single-card inference efficiency [1][5]. - The super node supports liquid cooling for high-density deployment and is compatible with multiple brands of GPUs, addressing the long-term stability requirements for large model training through software and hardware collaborative optimization [1][5][7]. Group 2: Market Context and Demand - As the market for high-performance computing power surges, driven by the increasing prevalence of high-parameter MoE large models like DeepSeek, the ability to efficiently train and infer large models becomes critical for gaining a competitive edge in the rapidly evolving AI landscape [2][3]. - The article highlights the importance of building robust and efficient AI computing infrastructure, with super node products emerging as a key focus in the current computing power sector [2][3]. Group 3: Technical Advantages - The article emphasizes that traditional cross-node communication methods lead to significant communication overhead, reducing computing power utilization. The Scale-up technology enables direct high-speed communication between GPUs, significantly enhancing GPU utilization and reducing idle time [3][4]. - In the inference phase, the super node's support for independent scaling of computing and storage resources allows for efficient resource allocation, particularly in scenarios requiring frequent access to KV Cache, thus minimizing resource waste and ensuring low latency [4][5]. Group 4: Stability and Reliability - The H3C UniPoD S80000 is designed with a focus on stability and maintainability, crucial for preventing training interruptions that could lead to resource waste and model performance degradation. The product incorporates collaborative optimization of software and hardware to ensure uninterrupted long-term training [7][8]. - The company is actively investing in optical interconnection technology to leverage the benefits of high speed, low latency, and low energy consumption while addressing the reliability issues associated with optical components [7][9]. Group 5: Future Outlook - H3C aims to continue developing super node products that support large-scale deployments of 1024 cards and above, enhancing the scale and efficiency of intelligent computing clusters [7][8]. - The company is committed to building a strong, diverse, and continuously evolving computing infrastructure to support the AI industry's growth and transformation [8][9].

Core Viewpoint - The rise of generative artificial intelligence has led to a surge in global computing power demand, positioning computing power as a key indicator of national technological competitiveness. Domestic GPU manufacturers, such as Shanghai Birun Technology Co., Ltd., are accelerating their breakthroughs in high-end general-purpose intelligent computing chips, with their GPU products now in mass production [1][2]. Group 1: Company Developments - Shanghai Birun Technology plans to issue up to 373 million shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step towards becoming the first GPU stock in Hong Kong [1]. - The company has successfully launched multiple GPU products that are widely used in the artificial intelligence industry, including large model training and various inference application scenarios [3][6]. - Birun Technology is collaborating with major enterprises like China Mobile and China Telecom to deploy its GPU products in AI data centers and other critical industries [6][7]. Group 2: Market Dynamics - The domestic smart computing chip market is projected to exceed 350 billion yuan, with NVIDIA's H20 product orders reaching 16 billion USD (approximately 112.9 billion yuan) in the first quarter of this year [2]. - The global GPU market is currently dominated by foreign tech giants, but geopolitical uncertainties are driving countries to accelerate their own technology development, creating opportunities for domestic GPU growth [2][3]. Group 3: Strategic Focus - Birun Technology's strategy emphasizes three core areas for the next five years: architectural innovation to overcome performance bottlenecks, ecosystem collaboration to reduce user migration costs, and scenario adaptation to address practical application pain points [3][4]. - The company is focusing on supernode technology to enhance cluster performance, which is seen as a critical method to compensate for the limitations of single-chip processes [4][5]. Group 4: Industry Outlook - The artificial intelligence industry in China is experiencing rapid growth, but the chip sector is still in its early stages, leading to an impending period of market consolidation where only a few companies are expected to survive [6][7]. - The rise of large models and multi-modal training is pushing computing clusters into a new era, with supernode architecture becoming a key technological path for this evolution [5][6].

Core Insights - The article highlights significant advancements in the domestic chip industry, showcasing breakthroughs in gaming, automotive, and AI sectors, indicating a shift from reliance on foreign technology to a more self-sufficient and competitive domestic market [2][3][4]. Group 1: Gaming and Consumer Electronics - The domestic chip, Haiguang C86, demonstrated impressive performance in gaming, achieving frame rates of nearly 200 and 300 for major titles, indicating its capability to meet high-performance gaming demands [2]. - Thunderobot's new gaming PC, featuring the Haiguang C86 processor, marks a significant entry into the consumer gaming market, showcasing the processor's specifications that support high-performance tasks [5][6]. - The shift in perception of domestic chips from being seen as inferior to now being recognized for their performance and compatibility with mainstream software and games is emphasized [6]. Group 2: Automotive Sector - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip from Rockchip, which supports advanced features like multi-screen interaction and 3D rendering [11][12]. - The introduction of domestic chips in high-end vehicles signifies their ability to meet stringent performance and reliability standards required in the automotive industry [12]. Group 3: AI and Computing - The domestic AI chip market is experiencing a surge, with companies like Cambricon reporting significant revenue growth, indicating a shift in market dynamics following the exit of international competitors [15][16]. - The adoption of "super node" technology by domestic firms aims to enhance computing power by integrating multiple AI acceleration cards, addressing the challenges of performance and efficiency in AI training [16]. - The need for cost-effective solutions in AI computing is highlighted, with innovations that significantly reduce hardware costs for training large models [17]. Group 4: Storage and Memory - Changxin Storage's launch of DDR5 products marks a significant advancement in domestic memory technology, achieving speeds of up to 8000 Mbps, thus entering the high-end market previously dominated by international brands [9][10]. - The demand for high-performance storage solutions is increasing, with domestic manufacturers stepping up to fill the gap left by international suppliers [18][19]. Group 5: Semiconductor Manufacturing and Materials - The development of domestic semiconductor manufacturing equipment, such as the AST6200 lithography machine, represents a crucial step towards self-sufficiency in chip production [23]. - The emergence of domestic materials for semiconductor manufacturing, like those produced by Hengkun New Materials, indicates progress in reducing reliance on foreign suppliers [24]. - Innovations in testing equipment and EDA tools are also being made, with companies like Wanliyan Technology and Huada Jiutian leading efforts to enhance domestic capabilities in chip design and testing [25][26]. Group 6: Industry Challenges and Future Directions - Despite advancements, the domestic chip industry faces challenges in high-end manufacturing and the need for substantial R&D investment to keep pace with global competitors [27][28]. - The article concludes that while the domestic chip industry has made significant strides, ongoing investment and innovation are essential to overcome existing gaps and achieve long-term competitiveness [28].

Core Viewpoint - The company, Chuling Information (300250.SZ), clarified that its products do not utilize supernode technology and that there is no collaboration with Huawei regarding supernode technology [1] Group 1 - The company confirmed the absence of supernode technology in its products [1] - There is no partnership with Huawei concerning supernode technology [1]

Core Viewpoint - The company confirmed that it does not utilize supernode technology in its products and has not collaborated with Huawei on this technology [2] Company Summary - The company responded to an investor inquiry on an interactive platform regarding its use of supernode technology [2] - The company explicitly stated that its products do not incorporate supernode technology [2] - There is no partnership between the company and Huawei concerning supernode technology [2]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1][32]. Core Insights - Domestic technology giants are actively investing in supernode technology, presenting investment opportunities in domestic AI computing power [1][28]. - The SW computer sector has seen a cumulative decline of 2.64% over the past two weeks, underperforming the CSI 300 index by 2.48 percentage points, ranking 28th among 31 first-level industries [10][13]. - The sector's price-to-earnings (PE) ratio is currently at 55.36 times, placing it in the 88.40th percentile for the past five years and the 77.89th percentile for the past ten years [20][22]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 2.64% from October 31 to November 13, 2025, and a decline of 3.73% in November, while it has increased by 20.45% year-to-date [10][13][28]. 2. Valuation Situation - As of November 13, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 55.36 times, indicating a high valuation relative to historical performance [20][22]. 3. Industry News - Key developments include the launch of the Kimi K2 Thinking model by Moonlight, the introduction of the world's first single-cabinet 640-card supernode by Inspur, and significant investments in AI infrastructure by companies like Tencent and Anthropic [21][23][28]. 4. Company Announcements - Recent announcements include equity transfer agreements and the establishment of joint ventures aimed at enhancing business strategies and market positions [24][25][26][27]. 5. Weekly Perspective - The report highlights the launch of the scaleX640 supernode by Inspur, which significantly enhances computing power and efficiency, and emphasizes the importance of collaborative efforts in the AI computing ecosystem [28][29].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1][32]. Core Insights - Domestic technology giants are actively investing in supernode technology, presenting investment opportunities in domestic AI computing power [1][28]. - The SW computer sector has seen a cumulative decline of 2.64% over the past two weeks, underperforming the CSI 300 index by 2.48 percentage points, ranking 28th among 31 first-level industries [10][13]. - The sector's price-to-earnings (PE) ratio is 55.36 times, placing it in the 88.40th percentile over the past five years and the 77.89th percentile over the past ten years [20][22]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 2.64% from October 31 to November 13, 2025, and a decline of 3.73% in November, while it has increased by 20.45% year-to-date, outperforming the CSI 300 index by 0.95 percentage points [10][13][14]. 2. Valuation Situation - As of November 13, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 55.36 times, which is in the 88.40th percentile for the last five years and the 77.89th percentile for the last ten years [20][22]. 3. Industry News - Major developments include the launch of the Kimi K2 Thinking model by Moon's Dark Side, the introduction of the world's first single-cabinet 640-card supernode scaleX640 by Inspur, and Tencent's announcement of lower-than-expected capital expenditures for the year [21][23][28]. - Anthropic plans to invest $50 billion in a data center in the U.S., while Baidu has released new Kunlun chips M100 and M300 for AI applications [21][23]. 4. Company Announcements - Recent announcements include a share transfer agreement by Jin Chengzi and a joint venture by Jin Yi Technology to establish a company focused on energy technology [24][25][27]. 5. Weekly Perspective - The report highlights the significance of the scaleX640 supernode, which enhances computing power and efficiency, and emphasizes the importance of domestic AI computing power investment opportunities [28][29].

Core Viewpoint - The computer industry index has underperformed compared to major stock indices, indicating a challenging market environment for the sector [1][2]. Market Review - During the week of November 3 to November 7, the Shanghai Composite Index rose by 1.08%, the ChiNext Index increased by 0.65%, and the CSI 300 Index gained 0.82%. In contrast, the computer (Shenwan) index fell by 2.54%, lagging behind the Shanghai Composite by 3.62 percentage points, the ChiNext by 3.19 percentage points, and the CSI 300 by 3.36 percentage points, ranking 30th among all industries [1][2]. Weekly Insights - NVIDIA is leading the trend of supernodes, a technology architecture for building large-scale computing clusters, which integrates thousands of GPUs into a single logical unit. The latest NVLink technology has reached its fifth generation, with each GPU having 18 NVLink connections, achieving a total bandwidth of 1800GB/s, significantly surpassing PCIe Gen6 [3]. - NVIDIA's upcoming NVL72, set to be released in March 2024, will integrate 36 Grace CPUs and 72 Blackwell GPUs into a liquid-cooled cabinet, delivering a total of 720 PFLOPs for AI training and 1440 PFLOPs for inference [3]. Domestic Major Players Accelerating Supernode Layout - **Inspur**: On November 6, during the World Internet Conference, Inspur launched the world's first single-cabinet 640-card supernode, achieving a 20-fold increase in computing density [4]. - **Huawei**: In April, Huawei introduced the CloudMatrix384 supernode, capable of creating a super-large cluster with over 160,000 cards. As of September, over 300 units have been sold, primarily to government and enterprise clients [4]. - **Alibaba**: At the 2025 Cloud Computing Conference, Alibaba Cloud unveiled the Panjiu 128 supernode AI server, which enhances inference performance by 50% compared to traditional architectures [5]. - **Baidu**: Announced the launch of the Kunlun supernode at the 2025 Baidu Cloud Intelligence Conference, making supercomputing capabilities available [5]. - **ZTE**: Developed a supernode server with 64 GPUs, featuring an innovative design that reduces latency to the nanosecond level [5]. - **Inspur Information**: Released the "Yuan Nao SD200" supernode AI server aimed at trillion-parameter models [5]. Investment Recommendations - Focus on companies involved in computing power such as Cambricon, Haiguang Information, Inspur, and others [6]. - Consider AIDC-related firms like Kehua Data and Yunse Intelligent [6]. - Explore AI application companies including Kingsoft Office, iFlytek, and others [6].

Summary of Conference Call on AI Acceleration and Related Technologies Industry Overview - The conference call focused on the AI industry, particularly the advancements in optical modules, liquid cooling technology, and domestic computing power in China. The discussion highlighted the increasing demand for AI-related hardware and the implications for various companies involved in the supply chain. Key Points and Arguments AI Industry Acceleration - The global AI industry chain is experiencing rapid acceleration, with all segments speeding up deliveries and increasing orders. Google has raised its 2026 TPU demand for the fifth time from 4 million to 4.9 million units, indicating a significant increase in demand for 1.6T optical modules, with estimates ranging from 16 million to 30 million units for 2026 [2][3]. Demand for Optical Modules - Google’s increased TPU demand directly correlates with a rise in the need for 1.6T optical modules. Leading companies in the optical module sector, such as Zhongji Xuchuang and Xinyi Technology, are expected to benefit from this trend [3]. Liquid Cooling Technology - Liquid cooling technology is being rapidly adopted in AI computing. Google’s V7 will fully utilize liquid cooling, while previous versions (V5 and V6) still used air cooling. The collaboration between Invec and Google on a universal CDO liquid cooling solution is noteworthy, as is the push from Meta and OpenAI to implement liquid cooling [4]. Developments in Optical Communication - The optical communication sector is focusing on four main areas: 1. 1.6T optical modules (Zhongji Xuchuang, Xinyi Technology) 2. Optical devices (Changxin Bochuang, Taichen Optics, Changfei Fiber) 3. Optical chips (Yuanjie Technology, Shijia Optics) 4. OCS switches (Tengjing Technology, Guangku Technology) These components are crucial to Google's supply chain [5]. Domestic Computing Power in China - Positive signals are emerging in China's computing power sector, with a major company initiating a large tender project. Additionally, favorable outcomes from US-China trade negotiations may further promote domestic computing power development, presenting opportunities for related companies [6][8]. Server Power Supply Market - The server power supply market is experiencing rapid growth, with Eulantong being a key player in Google's supply chain. Concerns over rising storage prices and potential shortages may lead to supply-demand imbalances, highlighting market opportunities [7]. Trends in Domestic AI Investment - Domestic AI investment is expected to accelerate significantly in 2026, with companies like Cambricon and Haiguang gradually shipping domestic computing cards. The anticipated increase in domestic AI investment may surpass overseas levels, positively impacting the domestic AI supply chain [8][10]. Supernode Technology - Supernode technology is projected to see explosive growth in 2026, with companies like Cambricon and ZTE accelerating their efforts in this area. Opportunities include 51.2T switching chips, machine manufacturing, 800G optical module upgrades, liquid cooling technology, copper connections, and high-power server power supplies [11]. AIDC Sector Development - The AIDC (Artificial Intelligence Data Center) sector's growth is contingent on improved chip supply. Although tender progress is accelerating, the overall pace remains slow. Positive developments in US-China trade negotiations are expected to enhance the AIDC sector's fundamentals, including data center construction and power supply equipment [12]. Investment Opportunities - Current market conditions favor investments in three main areas: upgrading optical modules to 800G, liquid cooling technology, and domestic computing power. The acceleration of capital expenditures by major players globally presents significant investment opportunities. Any stock price corrections may provide favorable entry points for investors [13]. Additional Important Insights - The conference highlighted the interconnectedness of various technologies and companies within the AI ecosystem, emphasizing the importance of collaboration and innovation in driving growth across the industry. The focus on domestic capabilities in China reflects a strategic shift towards self-sufficiency in AI technologies.