Core Viewpoint - The successful IPO of Moore Threads marks a milestone for China's AI industry, highlighting the importance of collaboration in building a robust domestic chip ecosystem, with SenseTime's innovative "Computing Power Mall" model paving the way for this transformation [1][2]. Industry Analysis - On February 5, Moore Threads, a domestic GPU company, went public with an opening surge of over 400%, reaching a market capitalization of over 270 billion yuan, representing a significant moment for China's AI chip industry [2]. - The real bottleneck for domestic GPUs is not merely computational power but the lack of a comprehensive ecosystem, contrasting with NVIDIA's established CUDA software ecosystem [2]. - Moore Threads and SenseTime's long-term collaboration exemplifies the necessity of deep ecological cooperation to achieve a "soft and hard integration" breakthrough in domestic chip development [2][3]. Collaboration Dynamics - SenseTime's algorithms have been adapted to Moore Threads' products, enhancing market adaptability and creating a strong foundation for collaboration, particularly in optimizing large model training and inference technologies [2][3]. - The partnership forms a closed-loop mechanism of "demand-supply-optimization," enhancing market competitiveness for both companies [3]. Industry Empowerment - SenseTime's advanced large model system and its AI infrastructure provide an excellent platform for Moore Threads to validate its products, aiding in the transition from "usable" to "well-used" products [5]. - Moore Threads' MTT S series GPUs have been fully adapted to SenseTime's large model system, marking a significant achievement in industrial-grade testing for domestic GPUs in large model training and inference tasks [5]. Ecosystem Development - In the context of global AI computing power supply constraints, establishing a diverse and stable domestic computing power supply chain is crucial [6]. - SenseTime's "Computing Power Mall" initiative collaborates with multiple chip companies to create a domestic AI computing ecosystem, facilitating access to high-performance computing power and expanding market penetration [6]. - Moore Threads joined SenseTime's "Computing Power Mall" in July, allowing downstream companies to utilize validated Moore Threads chip computing power, thereby accelerating market expansion through SenseTime's ecosystem influence [6].

国泰海通证券 国泰海通证券2026年度策略会 2025年11月4-6日 | 北京 中国大饭店 700 +上市公司 30 + 论坛 100 + 产业专家 多场特色会议、全领域研究阵容 | 2 12 34 2 | | | | --- | --- | --- | | 11月4日 | 更新时间2025/10/20 | | | 09:00-11:50 主论坛 | | | | 13:30-17:00 | 13:30-16:30 | | | 总量分论坛 | 人形机器人 | | | 1 | | (2) | | 13:30-16:30 | 13:30-16:30 | | | Al 开花、科技自立 | AI 算力自主可控,超节点 | | | (3) | 加速演进 | (4) | | 13:30-17:00 | 13:30-16:30 | | | 文娱产业需求向上及 Al 技 | 智能投资,量化焕新—ETF | | | (5) 术共振望带来板块繁荣 | 与量化产品的新时代投资 | (6) | | 11月5日 | | | | 09:00-12:00 | 09:00-12:00 | | | 新消费与传统消费 | 重视配置的力量，从机构 ...