Core Insights - Huawei has planned three series of Ascend chips: 950, 960, and 970 series [1] - The Ascend 950 series includes two chips: 950PR, which will be launched in Q1 2026, and 950DT, expected in Q4 2026 [1] - The Ascend 960 chip is set to be released in Q4 2027, while the Ascend 970 chip is anticipated for Q4 2028 [1] - Since the release of the Ascend 310 chip in 2018 and the Ascend 910 chip in 2019, Huawei has continuously invested in AI computing power research and innovation [1] - The company aims to establish a solid foundation for AI computing power in China and globally through the evolution of Ascend chips [1]

Core Viewpoint - Huawei's Ascend is positioning itself as a competitive alternative to NVIDIA by leveraging a system-level engineering breakthrough rather than focusing solely on individual chip performance [5][12]. Technical Breakdown - The "CloudMatrix 384 Super Node" consists of 384 Ascend 910 chips and 192 Kunpeng CPUs, interconnected to function as a single efficient unit [2][4]. - Unlike NVIDIA's reliance on copper cables for inter-chip communication, Huawei has developed a fully peer-to-peer interconnect bus using optical cables, significantly enhancing data transmission efficiency [8][10]. - Huawei's approach includes advanced mathematical algorithms for scheduling, deep hardware-software collaboration, and effective thermal management, contributing to the overall performance of the Ascend system [11]. Competitive Landscape - Huawei acknowledges a gap in chip technology, as NVIDIA has advanced to 3nm processes, while Huawei's chips are still a generation behind [14]. - The software ecosystem remains a challenge, with Huawei's CANN still needing to catch up to NVIDIA's established CUDA framework [15]. - Despite these challenges, Huawei is gaining traction in the Chinese market, especially as companies adapt to domestic chips due to restrictions on NVIDIA's products [16]. Industry Dynamics - The domestic AI chip market is diversifying into three main factions: tech giants like Huawei, pure chip manufacturers, and niche players focusing on specific applications [16]. - The pressure from U.S. sanctions has inadvertently spurred growth in China's semiconductor industry, allowing companies like Huawei to innovate and optimize system performance rather than solely competing on chip specifications [16][17].

Core Viewpoint - The article discusses the recent performance and challenges faced by Cambrian (寒武纪), highlighting its significant market value drop despite achieving profitability for the first time. The increasing competition in the AI chip sector and the diminishing uniqueness of Cambrian's offerings are key factors contributing to its stock price decline. Group 1: Company Performance - Cambrian's market value peaked at over 340 billion yuan in February but has since fallen to around 230 billion yuan [1] - The company reported its first-ever profits, with net profits of 272 million yuan and 355 million yuan expected in Q4 2024 and Q1 2025, respectively [1] Group 2: Competitive Landscape - The competitive pressure on Cambrian has intensified, particularly from Huawei and Haiguang Information, which are becoming stronger in the AI chip market [3] - Cambrian's latest chip, the Shiyuan 590, has performance close to 80% of NVIDIA's A100, but it is still outperformed by Huawei's Ascend series [5][6] Group 3: Financial Challenges - Despite achieving profitability, Cambrian's financial situation remains precarious, with negative operating cash flows of -1.618 billion yuan and -1.399 billion yuan for Q4 2024 and Q1 2025, respectively [8] - The company's cash reserves have halved to 1.972 billion yuan in 2024 and are expected to drop further to 638 million yuan in Q1 2025 [8] - Cambrian's R&D expenses are significantly high, exceeding its revenue, with Q1 2025 R&D spending reaching 235 million yuan [8] Group 4: Market Valuation - Cambrian's current market capitalization is approximately 239.6 billion yuan, which implies a required annual profit of 4.717 billion yuan to justify its valuation, necessitating a more than threefold increase in quarterly net profit [9] - The potential for a price drop in AI chips due to increased domestic competition raises questions about Cambrian's high valuation sustainability [9]

Group 1 - The U.S. has imposed a ban targeting Huawei's Ascend 910 chip, signaling an intention to cut off China's AI industry's supply chain, which is seen as a direct attack on a critical sector [1][3] - Following the U.S. ban, Taiwan quickly added Huawei and SMIC to its own entity control list, indicating a coordinated effort to suppress China's technological advancements [1][3] - Taiwan's semiconductor industry, while strong, is vulnerable due to its reliance on external supplies, such as lithography machines from the Netherlands and chemical materials from Japan [7][9] Group 2 - The strategic importance of rare earth elements is highlighted, with China exporting over 6,000 tons of rare earths to Taiwan in 2024, essential for various high-tech applications [13][25] - Taiwan's potential role as a "transit point" for rare earths, where it could purchase low-cost materials from China and sell them at a premium to the U.S., raises concerns about its strategic position [23][25] - The ongoing geopolitical tensions may force Taiwan to reconsider its alignment with the U.S. if it jeopardizes its own industrial base and economic stability [27][28]

Group 1 - The core viewpoint of the report emphasizes that the rise of the intelligent computing era presents unprecedented development opportunities for the domestic computing power industry chain in China, driven by the deep integration of artificial intelligence and the digital economy [1][2]. - The report highlights that artificial intelligence has penetrated 80% of application scenarios, making intelligent computing a fundamental resource akin to water and electricity, although its scarcity and high costs remain key bottlenecks for AI development [2][3]. - The Chinese AI market spending reached $14.75 billion in 2023, with a projected compound annual growth rate (CAGR) exceeding 20% from 2021 to 2026, indicating strong demand for AI servers, which accounted for over 80% of hardware investments [2][3]. Group 2 - The report identifies three driving forces reshaping the computing power landscape, including the structural transformation of computing forms due to the prevalence of large-scale AI models, which significantly boosts demand for intelligent computing [3][4]. - In 2022, China's intelligent computing scale reached 268 EFLOPS, with expectations to exceed 1271 EFLOPS by 2026, reflecting a CAGR of 47.6% [3][4]. - The report outlines national policies supporting the development of computing infrastructure, with specific targets set for 2025, including a total computing power scale of 300 EFLOPS and an intelligent computing proportion of 35% [4][5]. Group 3 - The report discusses the rapid growth of the AI chip market, with the market size reaching 120.6 billion yuan in 2023 and expected to grow to 141.2 billion yuan in 2024, highlighting the increasing domestic market share of AI chips [6][7]. - AI servers are differentiated from traditional servers by their design, which includes multiple GPU acceleration cards and specialized cooling systems, with chip costs accounting for up to 83% of high-end server expenses [6][7]. - The report notes that service providers are evolving from basic data center leasing to offering value-added services, establishing a service system that combines wholesale and retail models [7][8]. Group 4 - The report emphasizes the importance of domestic technology breakthroughs, with companies like Huawei and Cambricon making significant advancements in AI solutions and chip technology [4][5]. - The construction of intelligent computing centers is accelerating, with over 140 projects tendered in the first seven months of 2024, indicating a trend towards large-scale development [4][5]. - The report highlights the collaborative layout of computing resources across regions, driven by initiatives like the "East Data West Computing" project, which optimizes national computing resource allocation [7][8].

请注意，股民朋友们！ 随着数字浪潮横扫全球，人工智能技术正如同春笋般迅速蔓延至各个行业。 然而，所有具有颠覆性的应用背后，都存在着一个核心的支撑要素——算力！ 算力已经演变成为至关重要的基础设施之一，其需求正呈现出爆炸性的增长趋势！ 近日，好消息频传， 在5月14日的12时12分，12颗用于太空计算的卫星成功搭载长征二号丁运载火箭，从酒泉卫星发射中心 顺利发射升空。 这一事件预示着算力领域将迎来新的"黄金"发展机遇。 风险提示：以上内容仅供参考和学习使用，信息来源于软件显示以及互联网公开数据，相关个股并非推 荐，不作为买卖依据，投资者应当根据自身情况自主做出投资决策并自行承担投资风险。市场有风险， 投资需谨慎！ 免责声明：以上内容，仅供参考，不指导买卖，不保证收益，投资者应独立决策并自担风险。投资有风 险，入市需谨慎！ 在市场层面，据行业数据预测，2025年中国的算力市场规模有望接近5000亿元，这预示着一场类似于半 导体国产替代的财富机遇正在形成。 回顾过去，寒武纪公司凭借10倍的涨幅曾在市场上引起轰动，那么，在算力这一赛道上，又有哪家公司 能够复制这样的传奇呢？ 以下是两家具有潜力的行业巨头，特别关注其中 ...