Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the AI application industry in China, specifically focusing on Huawei's Ascend (昇腾) chips as a foundational element for AI development in the country [1][2][3]. Core Insights and Arguments - **Launch of DeepSeek V4**: The new version of DeepSeek is set to launch within a week, indicating rapid advancements in AI technology [1][2]. - **Access Priority to Huawei**: Huawei's Ascend chips have been prioritized for access over NVIDIA, marking a significant shift in the competitive landscape of AI hardware [2][3]. - **Order Confirmation**: There is a confirmation of a substantial order worth 40 billion yuan for Ascend chips, which has not been denied by ByteDance, suggesting strong market confidence in Huawei's products [2][3]. - **Change in GPU Usage Ratio**: The ratio of NVIDIA cards (A100/H100) to domestic cards (including Huawei Ascend) is set to change from 80:20 in August 2025 to 70:30 by July 2026, reflecting a significant increase in the adoption of domestic chips [2][3]. - **Potential for Growth in 2026**: The year 2026 is anticipated to be a pivotal year for the Ascend chain, potentially marking a major expansion phase for Huawei's AI applications [4]. Other Important Insights - The shift in GPU usage ratios indicates a broader trend towards domestic chip adoption, which could have implications for the entire semiconductor industry in China [2][3]. - The confirmation of large orders and the prioritization of Huawei's technology may signal a growing confidence in domestic capabilities amidst global supply chain challenges [2][3].

Core Viewpoint - Huawei's Ascend segment is experiencing significant market activity, with several stocks showing notable gains, indicating a positive trend in the sector [1] Group 1 - The stocks of TOWAY Information have reached the daily limit increase, reflecting strong investor interest [1] - Capital Online, Runhe Software, Digital China, and Softcom Power are among the stocks with the highest gains, suggesting a broader positive sentiment in the market [1]

Core Insights - Shenzhen is positioning itself as a global leader in artificial intelligence (AI) by integrating AI into various sectors, aiming for a core industry revenue of 220 billion yuan by 2025 with over 2,600 enterprises [1][13] - The city has established a robust AI innovation ecosystem characterized by high-density innovation entities, with over 93% of R&D investment coming from enterprises [3][13] - Shenzhen's AI applications are being tested in real-world scenarios, with nearly 300 "city + AI" application scenarios addressing urban governance and industrial upgrades [6][13] Group 1: AI Industry Development - Shenzhen's AI industry has maintained double-digit growth, with significant contributions from enterprises that focus on specialized fields such as machine vision and AI chips [3] - The local humanoid robot industry has a 70% local supply rate, enhancing the resilience of the industrial chain [3] - The establishment of the Shenzhen Leading Edge Intelligent Open Research Institute aims to explore cutting-edge technologies and create a core hub for edge intelligence [5] Group 2: Policy and Infrastructure - The "Artificial Intelligence + Advanced Manufacturing Action Plan (2026-2027)" indicates a shift from isolated breakthroughs to a systematic reconstruction of AI's role in the manufacturing sector [5] - Major facilities like the National Supercomputing Center in Shenzhen are being developed to provide accessible intelligent computing power for SMEs [10] - The city is fostering a collaborative ecosystem through initiatives like the "6S" model for AI hardware, which reduces development cycles from months to weeks [11] Group 3: Real-World Applications - Shenzhen is utilizing the entire city as a testing ground for AI, with a focus on practical applications that meet real demands [6] - The introduction of 82 new low-altitude logistics routes by 2025 will enhance the efficiency of drone delivery services [6] - The establishment of the global AI application scenario center in Huaqiangbei aims to create a comprehensive model for AI application and industry integration [7]

Group 1 - The core viewpoint of the article emphasizes the transformation of the AI computing power industry, driven by the emergence of DeepSeek, which optimizes computing efficiency and breaks down barriers for deploying large models, marking a significant moment for China's AI industry [2][6] - The article highlights the rapid rise and subsequent decline of integrated machines within four months, illustrating the struggles faced by intelligent computing centers amid idle computing power and the need to sell cards for survival [3][10] - A year-long investigation into the industry reveals the underlying factors that will support the scaling and ecological development of China's AI computing power, emphasizing the importance of endurance, ecology, and trust in this ongoing battle [4][25] Group 2 - DeepSeek's explosive popularity catalyzed a transformation in the AI computing power industry, prompting domestic chip manufacturers to accelerate adaptation processes, benefiting companies like Huawei and Cambricon [7][8] - The article discusses the structural contradictions in the AI computing market, where demand for computing power is surging while many intelligent computing centers face low utilization rates, leading to a paradox of computing shortages on one side and idle resources on the other [10][11] - The article notes that the AI computing power industry is entering a mature phase, with a shift from speculative profits to a focus on core business principles, as evidenced by various industry challenges such as contract breaches and fraudulent activities [12][13] Group 3 - The article outlines the emergence of domestic inference chips, driven by urgent demands for autonomy and rapid growth in inference needs, with several companies like Moore Threads and Nuxi going public [16][17] - It highlights the competitive landscape where domestic chips are attempting to challenge Nvidia's dominance, with the inference segment becoming a critical breakthrough point for domestic computing power [19][20] - The storage sector is experiencing a price surge due to increased demand, significantly impacting the AI server industry and creating survival challenges for smaller manufacturers [21][23] Group 4 - The article reflects on the key developments in 2025, from the initial excitement surrounding DeepSeek to the industry's entry into a more complex phase characterized by chaos and bubble clearing [25] - It notes the collective market entry of several domestic GPU companies, referred to as the "Four Little Dragons," which has expanded the competitive landscape for domestic computing power [25] - Looking ahead to 2026, the article emphasizes the need to focus on the real adaptation progress in AI chips and storage, tracking technological breakthroughs and capital market dynamics to witness the evolution of domestic computing power from mere usability to leadership [25]

值得一提的是，据智通财经报道，2月12日，智谱新发布的GLM-5已完成与华为昇腾、摩尔线程、寒武 纪、昆仑芯、沐曦、燧原、海光等主流国产芯片平台的深度推理适配与算子级优化，能够在国产算力集 群上实现高吞吐、低延迟的稳定运行。据报道，这背后的意义不止是一次工程适配，更关乎 AI算力供 应链的自主可控，叠加国产算力平台的可控供给，使得开源Agentic Engineering级生产力工具第一次具 备可大规模交付的现实条件。 智谱(02513)涨幅扩大逾26%，截至发稿，涨24.01%，报388港元，成交额9.25亿港元。 消息面上，2月11日，智谱正式发布新一代旗舰模型GLM-5。在Coding与Agent能力上，GLM-5取得开源 SOTA表现，在真实编程场景的使用体感逼近Claude Opus4.5，擅长复杂系统工程与长程Agent任务。目 前，GLM-5模型已上线智谱开发平台BigModel.cn、Z.ai及智谱清言(App/网页端)，可供用户体验。需要 注意的是，由于算力限制，当前仅Max用户套餐中包含GLM-5调用额度，官方表示将逐步扩大开放范 围。 ...

值得一提的是，据智通财经报道，2月12日，智谱新发布的GLM-5已完成与华为昇腾、摩尔线程、寒武 纪、昆仑芯、沐曦、燧原、海光等主流国产芯片平台的深度推理适配与算子级优化，能够在国产算力集 群上实现高吞吐、低延迟的稳定运行。据报道，这背后的意义不止是一次工程适配，更关乎 AI算力供 应链的自主可控，叠加国产算力平台的可控供给，使得开源Agentic Engineering级生产力工具第一次具 备可大规模交付的现实条件。 智通财经APP获悉，智谱(02513)涨幅扩大逾26%，截至发稿，涨24.01%，报388港元，成交额9.25亿港 元。 消息面上，2月11日，智谱正式发布新一代旗舰模型GLM-5。在Coding与Agent能力上，GLM-5取得开源 SOTA表现，在真实编程场景的使用体感逼近Claude Opus4.5，擅长复杂系统工程与长程Agent任务。目 前，GLM-5模型已上线智谱开发平台BigModel.cn、Z.ai及智谱清言(App/网页端)，可供用户体验。需要 注意的是，由于算力限制，当前仅Max用户套餐中包含GLM-5调用额度，官方表示将逐步扩大开放范 围。 ...

Group 1 - The company, Tongfang Co., stated that it is not a supplier for Huawei Ascend and does not provide related product supplies [2]

Core Viewpoint - The company Tongfang Co., Ltd. (600100.SH) is not a supplier for Huawei's Ascend products and does not provide related product supplies [1] Group 1 - The company confirmed its current status regarding Huawei's Ascend products on the investor interaction platform [1]

Group 1 - The core point of the article highlights the significant escalation in AI promotion during the Spring Festival, with major companies like Tencent, Baidu, and Alibaba launching massive cash red envelope campaigns to engage users and showcase AI capabilities [1][2][10] - Tencent's Yuanshuo APP initiated a record-breaking 1 billion yuan red envelope campaign, while Baidu followed with a 500 million yuan initiative, and Alibaba's Qianwen APP announced a 3 billion yuan "Spring Festival Treat" plan [2][5][7] - The competition among these tech giants is not just about user acquisition but also about establishing a strong foothold in the AI landscape, with the outcomes of user retention post-festival being crucial for determining market leadership [10][12] Group 2 - The article discusses the underlying "chip war" that supports the AI applications, emphasizing that the high concurrency demands during these promotional events are met by domestic AI chips rather than Nvidia's GPUs [12][13] - The landscape of the Chinese AI chip market is undergoing a dramatic shift, with Nvidia's market share in high-end training chips dropping from 95% to 0% due to U.S. export restrictions, allowing domestic companies to gain ground [14][15][16] - Predictions indicate that by 2026, Huawei is expected to dominate the Chinese AI chip market with a 50% share, while other companies like AMD, Cambricon, and Haiguang will follow with significantly smaller shares [17][18] Group 3 - The rise of domestic AI chips is marked by several companies achieving substantial order volumes, with Huawei Ascend and Baidu Kunlun being among the largest suppliers [23][24] - Despite the rapid growth of domestic AI chips, there remains a significant performance gap compared to Nvidia, prompting a focus on optimizing chip usage and system architecture to enhance competitiveness [25][26][30] - The article concludes that while the promotional activities may end, the advancements in AI chip technology are just beginning, indicating a potential shift in the global AI semiconductor landscape [32][34]

Core Viewpoint - The self-sufficiency process of domestic AI chips in China is accelerating, with at least nine companies exceeding 10,000 units in shipment or orders [1] Group 1: Company Performance - Domestic AI chip brands include Huawei Ascend, Baidu Kunlun, Alibaba Pingtouge, and Cambricon, among others [1] - Companies with significant shipment volumes have reached a cumulative shipment level of 100,000 units [1] - Smaller AI chip companies, such as Sunrise and Qingwei Intelligent, are projected to exceed 10,000 units in shipment or orders by 2025 [1] Group 2: Market Landscape - The market features a mix of established tech giants and emerging startups in the AI chip sector [1] - Companies like Cambricon, Muxi, Tianshu Zhixin, and Suiruan Technology are either publicly listed or preparing for an IPO [1]