【环球网科技报道 记者 林迪】 2025年被称为大模型落地元年。不过，企业要实现AI有效落地，必须突破三重壁垒：异构算力供给的动态平衡难题、模型迭 代的可控性挑战和技术与业务的融合断层。面对这些挑战，新华三给出了系列技术答案：以开放姿态、工程能力与长期主义，破解当下AI基础设施"效率、 供给、普惠"三大痛点。 新华三在生态建设上秉持开放态度，已适配超过 80 张 GPU 卡，覆盖国内主流 GPU 厂商。"我们不仅是将他们的卡放进服务器，更在芯片未出时就联合设计 规格，共同开发关键组件。" 徐润安表示，这种深度合作源于国产 GPU 厂商的创新活力，"他们的创新倒逼我们优化服务器体系架构"。 在体系架构层面，新华三超节点分为 S 系列和 F 系列，S系列强调高密单机与交换互联结合，F系列强调灵活拓扑，支持 16、32、64 等细颗粒度扩展。"这 些架构设计不是简单整合 GPU 卡，而是从一开始就与 GPU 厂商对齐思路，共同定义技术路径。" 徐润安透露，随着下一代 GPU 推出，整机形态将迎来更 多变化。 软件平台与业务模式创新同样重要。新华三通过产业模式创新的图灵小镇平台，汇聚 GPU 厂商算力与行业应用场景， ...

Core Viewpoint - Kyndryl has shown significant progress in business transformation and execution, leading to a notable stock price increase and positive analyst outlook [1] Group 1: Stock Performance - Kyndryl's stock reached a peak of $44.2, closing at $42.63, with a year-to-date increase of 26% [1] - The stock is expected to surpass its previous high of $43.45 set on February 5 [1] - Oppenheimer raised its price target for Kyndryl from $47 to $55, maintaining an "outperform" rating [1] Group 2: Business Growth - The company achieved a 46% year-over-year increase in contract signings for fiscal year 2025, totaling $18.3 billion [1] - High-margin contract revenue is projected to rise from 50% of total revenue in fiscal year 2025 to approximately 67% in fiscal year 2026 due to the repricing of legacy contracts [1] Group 3: Financial Projections - Kyndryl's consulting business contributed about 24% to new contract signings [1] - Free cash flow (FCF) is expected to double by fiscal year 2028, reaching approximately $1 billion, which will support stock buybacks and dividend payments [2]

Group 1 - Dell Technologies is initiated with a Strong Buy rating and a price target of $135, recognized as a global leader in IT infrastructure, commercial PCs, and cloud solutions [1] - The investment conviction is based on two compounding catalysts that are expected to drive growth [1] - Moretus Research emphasizes a structured, repeatable framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] Group 2 - Moretus Research combines rigorous fundamental analysis with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability and relevance [1] - The research coverage tends to favor underappreciated companies undergoing structural change or temporary dislocation, aiming for asymmetric returns through dispassionate analysis [1]