Core Viewpoint - Zhongke Shuguang's refinancing policy marks a significant step in accelerating its computing power layout, with plans to issue up to 8 billion yuan in convertible bonds to support its main business and enhance domestic computing power supply capabilities [1] Group 1: Financing and Investment - The company plans to invest the raised funds entirely into projects that support large model training and meet the AI model's demand for large-scale computing power and high-concurrency storage [1] - This convertible bond issuance is the first in the Shanghai market following the new refinancing policy, setting a benchmark for technology companies seeking financing [1] Group 2: Industry Impact - The projects funded by the convertible bonds are expected to lower the deployment threshold for large model applications and support the intelligent transformation of the industry [1] - The launch of three sets of WanKa super clusters provided by Zhongke Shuguang at the core node of the National Supercomputing Internet in Zhengzhou represents the largest domestic AI computing power pool currently in operation [1] Group 3: Financial Metrics - The current stock price corresponds to a P/E ratio of 46x for 2026 and 38x for 2027, with a target price raised by 35% to 98.98 yuan, maintaining an "outperform industry" rating [1]

据业内人士介绍，国家超算互联网核心节点是"十四五"期间国家重点部署的全国一体化算力网络重大基础设施，旨在构建全球领先的国家级算力基础设施、 调度枢纽与服务平台，有力支撑人工智能、科学研究、数字经济等多领域发展。核心节点项目于2023年10月在河南郑州启动建设，2026年2月正式上线试运 行。目前核心节点已部署运行3套由中科曙光提供的万卡超集群系统，最大可对外提供超3万张国产AI加速卡算力，能够为各类Al大模型训练、高通量推 理、人工智能驱动科学创新等大规模AI计算应用场景提供高效、安全、普惠的算力服务。 新华财经上海2月8日电（记者高少华）国家超算互联网核心节点近日正式上线试运行，此次上线试运行的算力资源由中科曙光提供的3套万卡超集群系统提 供支撑，也是国家超算互联网平台上线以来接入的全国最大单体国产AI算力资源池。 专家认为，这标志着国产万卡集群已正式迈入规模化部署与实际应用的新阶段。国家超算互联网核心节点不仅缓解了算力供需失衡的行业痛点，更重塑了国 产算力产业的竞争格局，为数字经济发展注入强劲算力动能。 打通计算产业动脉，国家级算力节点试运行 随着近年来人工智能大模型、人工智能驱动科学创新（AI for ...

Core Viewpoint - The article highlights the launch of the scaleX 30,000-card supercluster by Zhongke Shuguang, marking a significant advancement in domestic AI computing power, supporting large-scale model training and high-throughput inference, and promoting a new phase of accessible and user-friendly intelligent computing [1][6]. Technological Breakthrough - The scaleX supercluster transitioned from demonstration to deployment in less than two months, showcasing China's rapid integration capabilities in large-scale intelligent computing systems [2]. - Zhongke Shuguang overcame key technical challenges such as high-speed interconnection, tight coupling of storage and computing, and efficient resource scheduling through systematic innovation [4]. Practical Value - The scaleX supercluster has demonstrated its application value across various fields, including training trillion-parameter models and enhancing inference efficiency for major internet companies [6]. - It has supported significant advancements in scientific research, such as improving protein research efficiency by 3-6 orders of magnitude, and has completed optimization for over 400 mainstream models [6]. Regional Empowerment - The deployment of three superclusters not only provides core computing support but also has a profound impact on regional development, particularly in Zhengzhou, enhancing its capabilities in computing resource scheduling and digital construction [8]. - The establishment of this core node is expected to elevate Zhengzhou's development and strengthen its role in various applications, contributing to a complete and innovative industrial ecosystem [8].

摘要： 这不仅是一个算力节点的落成，更是我国"全国一体化算力网"战略进入实质性推进阶段的重要标志。中 国算力产业正以独特的路径构建自主可控、开放协同的算力新生态，打开算力资源优化配置与高效利用 的新窗口。 闭环成形：从算力到算网到AI应用 "十五五"规划建议提出"建设全国一体化算力网"的战略目标，将算力提升到与水电同等重要的新型基础 设施地位。回看中国算力自主化进程，其实早已形成清晰的时间表与路线图。 核心节点的战略意义超越了一个计算中心的范畴，它不仅重新定义了普惠易用的新高度，更重塑了算力 基础设施的建设理念。 伴随人工智能成为全球科技竞争的制高点，算力已超越传统基础设施范畴，成为驱动数字经济发展的核 心引擎。 当前，AI大模型需求呈现爆炸式增长，各行业亟需结合自身特征开发垂类模型，但算力资源不足问题 日益凸显，成为制约产业升级的关键瓶颈。同时，国家已投建的大量超算中心，也因硬件与应用脱节、 生态体系不接轨等问题，出现算力闲置现象，资源配置效率亟待提升。 为破解上述痛点、激活算力价值，国家超算互联网平台应势而生，经过两年多积极探索，这项工作迎来 重要里程碑——2026年2月5日，国家超算互联网核心节点上线试 ...

截止到目前，国内已经有十多家企业推出了"超节点"，动作上却出现了"变形"：似乎只要把几十台服务器塞进一个机柜，用光纤连接在一起，就能贴 上"超节点"标签，对外宣称打破了摩尔定律。 在对比多款"超节点"的技术逻辑后，我们发现了一个残酷的技术真相：倘若无法实现"内存统一编址"，所谓的"超节点"多少有些"李鬼冒充李逵"的嫌疑， 本质上还是传统服务器的堆叠架构。 01 为什么需要超节点？根源在于"通信墙" 让我们先回到原点：为什么在互联网时代用了二十多年的Scale Out集群架构，在大模型时代却行不通了？ 中国信通院在几个月前发布的《超节点发展报告》中已经给出了答案，将原因形象地归纳为"三堵墙"： 当万亿参数的多模态大模型成为一种常态，AI行业的 " 军备竞赛 " 早已转向： 不再只是卷模型参数、堆叠服务器，而是深入底层计算架构，开启了一场 " 系统级对决 " 。 "超节点"由此成为计算产业的"新宠"。 第一个是通信墙，在大模型训练场景中，通信频次随模型层数和并行度呈指数级增长，微秒级的协议栈延迟在万亿次迭代中累积，将导致计算单元长时间 处于等待状态，直接限制算力利用率。 第二个是功耗与散热墙，为了解决延迟和等待， ...

Group 1 - U.S. equity markets showed optimism due to potential monetary easing and strong AI-related earnings, but sentiment cooled later in the quarter [1] - Value stocks outperformed growth stocks, returning 3.3% compared to 1.2% for the quarter [1] - The Meridian Contrarian Fund delivered a return of 2.18%, underperforming the Russell 2500 Index's 2.22% and the Russell 2500 Value Index's 3.15% [1] Group 2 - Penguin Solutions, Inc. (NASDAQ:PENG) was highlighted as a leading relative detractor in the Meridian Contrarian Fund's fourth-quarter 2025 investor letter [2] - The one-month return for Penguin Solutions, Inc. was 1.02%, with a 52-week gain of 2.38% [2] - As of January 27, 2026, Penguin Solutions, Inc. stock closed at $19.76 per share, with a market capitalization of $1.039 billion [2] Group 3 - Penguin Solutions, Inc. is a diversified technology company involved in computing, memory, and LED industries [3] - The company was first invested in by the fund in 2020 following an earnings decline due to volatility in the memory business and order delays in high-performance computing [3]

Core Insights - Q/C Technologies, Inc. has appointed Chelsea Voss to its Board of Directors, enhancing its expertise in advanced computation and AI systems [1][3] Company Overview - Q/C Technologies is focused on pioneering energy-efficient quantum-class computing infrastructure, specifically through the development of quantum-class laser processing units (qc-LPU) [5] - The company has a licensing agreement with LightSolver, granting exclusive rights to innovative quantum-inspired laser-based processing units aimed at solving compute-intensive problems at high speeds [5] Board Appointment - Chelsea Voss brings significant experience from her role at OpenAI, where she contributed to the development and deployment of advanced AI systems [2][3] - Voss's background includes expertise in machine learning infrastructure, model evaluation, and hardware reliability, which will support Q/C Technologies' quantum-class computing strategy [2][3] Strategic Goals - Q/C Technologies aims to address fundamental challenges in computation, efficiency, and scalability, particularly in the realm of photonic computing [3] - The partnership with LightSolver is intended to enhance the performance and sustainability of next-generation applications in the cryptocurrency domain [5]

Core Insights - The article highlights the rapid industrial transformation and economic development in Henan, emphasizing the establishment of innovative factories and smart production lines that contribute to high-quality economic growth in the region [1] Company Developments - A computing giant has submitted its listing guidance to the Henan Securities Regulatory Bureau, marking a significant milestone in the digital transformation journey of the region [2] - The company has established a 182-acre base in Zhengzhou, featuring a 270,000 square meter complex that includes an administrative building, global advanced computing exhibition hall, and laboratories, creating over 3,000 high-end jobs [2] - The company aims to achieve a revenue of over 40 billion yuan by 2024 and expects to surpass 50 billion yuan by 2025, indicating a strong growth trajectory [2] Strategic Alignment - The rise of the computing company aligns with Zhengzhou's strategic plan to become a leading hub for computing power, aiming to build a dual-first city in supercomputing and intelligent computing [4] - The company has established a global network with 10 R&D centers and 6 supply centers, serving over 10,000 clients across more than 100 countries and regions [4] Market Impact - The company has become a leader in the liquid-cooled server market in China, maintaining the top market share for two consecutive years [4] - The establishment of a production base in Zhengzhou has led to a rapid market share increase, with the company ranking third in the domestic market within six months of operation [4] Ecosystem Development - The company is recognized as a "chain leader" in Henan's advanced computing industry, driving collaborative upgrades across the supply chain [5] - Local companies, such as Henan Letongyuande Information Technology Co., have benefited from the company's expertise, successfully integrating into its localized supply chain [5] Innovation and Future Vision - Zhengzhou has seen the establishment of numerous innovation platforms and research institutes, enhancing its status as a regional technology innovation hub [5] - The company aims to empower various industries through its vision of building a smart era, focusing on computing power, digital business, and energy solutions [5]

Core Insights - The article highlights the transformation of Henan's economy through innovation and industrial upgrades, showcasing the emergence of smart production lines and innovation factories as key drivers of high-quality economic development [3]. Group 1: Company Overview - Super Fusion, a computing power giant, has submitted its listing guidance to the Henan Securities Regulatory Bureau, marking a new milestone in the digital transformation of the region [4]. - The company occupies 182 acres with a building area of 270,000 square meters, creating over 3,000 high-end jobs and aiming for revenue to exceed 40 billion yuan by 2024 and 50 billion yuan by 2025 [4]. - Super Fusion has established 10 R&D centers and 6 supply centers globally, serving over 10,000 clients across more than 100 countries and regions [5]. Group 2: Industry Impact - The rise of Super Fusion aligns with Zhengzhou's strategic plan to become a leading computing power hub, aiming to build a dual-first city in supercomputing and intelligent computing [4]. - The company has achieved a market share of third place in the domestic market for liquid-cooled servers, demonstrating the strength of "Zhengzhou manufacturing" [5]. - Zhengzhou's electronic information industry saw a 24.6% year-on-year increase in added value in November 2025, significantly driven by Super Fusion's presence [5]. Group 3: Ecosystem Development - Super Fusion acts as a "chain master" in Henan's advanced computing industry, promoting a collaborative upgrade of the supply chain through a "technology + service + ecosystem" model [6]. - The establishment of the Zhongyuan Science and Technology City Innovation Alliance and the presence of 16 top universities' research institutes in Zhengzhou contribute to a robust innovation ecosystem [6]. - The company aims to empower various industries through its vision of building a smart era, enhancing its role in the global computing power landscape [6].

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'," emphasizing the acceleration of a new computing power system, which aligns with national strategic directions [1] Group 1: Company Initiatives - The company, Fengyun Times, was invited to report to the Ministry of Industry and Information Technology, discussing its research and industrial layout in space computing, integrated space-ground computing power systems, and AI computing power [1] - The exchange focused on the construction of a new computing power system, efficient collaboration of computing resources, and integrated space-ground capabilities, highlighting the critical role of computing infrastructure in supporting the development of space computing, AI computing, and integrated capabilities [1] Group 2: Industry Development - Experts provided professional guidance on the company's exploration in space computing, AI computing, and embodied intelligence, indicating a focus on future industry development priorities [1] - Fengyun Times is concentrating on space computing, AI computing infrastructure, and embodied intelligence, aiming to create a comprehensive service system covering "sky, ground, and end" [1] - By December 2025, the company plans to collaborate with Jiadu Technology to explore how space-based computing can effectively empower core urban scenarios, providing new productivity paths for applications such as smart transportation [1]