Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][11]. Core Insights - The WAIC 2025 showcased significant advancements in domestic AI technology, indicating a shift from being a "follower" to a "leader" in the AI sector. This includes developments in domestic computing power, large models, and AI applications, which are expected to evolve in a synergistic manner [11]. - Huawei's unveiling of the Ascend 384 SuperNode at WAIC 2025 represents a major leap in domestic AI computing capabilities, with over 80 mainstream large models already adapted for this technology. This architecture is anticipated to enhance the competitiveness of domestic computing power [7][11]. - The launch of the new 321 B-MoE large model by Jieyue Xingchen is set to open a new round of competition in multi-modal models, emphasizing the trend of "open-source + extreme inference efficiency" in domestic large model iterations [7][11]. - Alibaba Cloud's Baolian platform, recognized at WAIC 2025, has integrated over 200 mainstream models and attracted more than 200,000 developers, indicating a rapid acceleration in the commercialization of domestic AI applications [7][11]. Summary by Sections Domestic Computing Power - The Ascend 384 SuperNode features a high-bandwidth, low-latency interconnection among 384 NPUs, addressing communication bottlenecks within clusters and enhancing performance for model training and inference [7]. - The performance of SGLang and DeepSeek on the CloudMatrix384 has surpassed their performance on NV H100 and H800, showcasing the potential of domestic computing architectures [7]. Large Models and AI Applications - The 321 B-MoE model is expected to achieve three times the inference efficiency of DeepSeek-R1 on domestic chips and a 70% throughput increase on NVIDIA Hopper, highlighting the competitive edge of domestic models [7]. - The trend of open-source large models combined with domestic chips is projected to accelerate the growth of AI applications in China [7]. Key Companies to Watch - The report suggests focusing on companies such as Hengwei Technology (603496.SH), Youke De-W (688158.SH), YunSai ZhiLian (600602.SH), and Data Port (603881.SH) for domestic computing power. For large models and AI applications, companies like Dingjie Zhizhi (300378.SZ), HanDe Information (300170.SZ), and SuoChen Technology (688507.SH) are highlighted [11].