怎么看华为超节点和国产卡 26 年的竞争格局 20250730 摘要 华为 384 超节点通过高速互联和光模块技术，有效提升了推理场景下的 性价比和落地确定性，成为应对英伟达 Nvlink 瓶颈的国产替代方案，并 可能成为未来国产推理市场的重要形式。 国产 AI 芯片公司如摩尔、沐曦、燧原等正通过技术进步（如 SP8、FP8 支持）和满足大型互联网公司对 SP8、互联和产能的需求，逐步缩小与 国际领先水平的差距，有望在 2026 年扩大市场份额。 海光等厂商通过推出高密度、高性能的超级点方案（如静默式液冷解决 方案，支持多达 660 张卡），突破单服务器限制，提升整体计算效率， 以应对客户调用量激增的问题，并在未来竞争中占据有利位置。 国内 GPGPU 架构持续发展，华为升腾转向 GPGPU 架构降低互联开发 风险，而燧原等厂商则通过增加核心数量和缩小核心尺寸向 GPU 靠拢， 各家技术方案逐渐融合，预计 2026 年新一代产品将进一步提升性能。 国产算力卡市场格局中，华为占据领先地位，寒武纪和海光紧随其后， 主要供给字节跳动等公司。2026 年，随着新产品推出和互联网公司测 试，竞争格局将稍有复杂，但整体变 ...

Core Viewpoint - The article discusses the evolving landscape of the semiconductor industry in China, highlighting the significant role of investment firms like Wehao Chuangxin and the impact of recent market trends and IPO activities on the sector [1][2][3]. Group 1: Industry Trends - The semiconductor industry is undergoing a transformation, with a notable increase in IPO activities in Hong Kong, where 43 companies successfully listed in the first half of 2025, a 43% increase from the previous year [2]. - The market for semiconductor investments is shifting, with a focus on high-tech barriers and specialized projects as the industry matures and faces new challenges [8][17]. - The rise of AI and the need for integrated hardware solutions are creating new opportunities for companies that can deliver complete systems rather than just individual chips [46][50]. Group 2: Investment Insights - Investment logic in the semiconductor sector is centered around two key questions: the market potential of a product and the feasibility of reducing costs to a profitable level [9][66]. - The current investment environment is characterized by a cautious approach, as many market funds are retreating from semiconductor projects due to long lead times and uncertain returns [21][22]. - Despite challenges, there are still opportunities in areas such as AI-related sensors, smart terminals, and critical components that impact manufacturing processes [8][60]. Group 3: Company Case Studies - Wehao Chuangxin, backed by Weir Shares, has played a crucial role in the semiconductor ecosystem, facilitating significant mergers and acquisitions, including the notable acquisition of OmniVision by Weir Shares [2][39]. - The article highlights the importance of understanding the internal logic of emerging technologies, such as the trend towards "super nodes" in AI, which require a comprehensive approach to hardware and software integration [7][46]. - The shift in focus from general-purpose GPUs to specialized applications reflects the competitive landscape where companies must adapt to survive [40][55].