Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The report addresses key issues such as the parameters of Huawei's next-generation Ascend processors, supernodes, and cluster solutions compared to NVIDIA, the core components of the Huawei Ascend ecosystem, and the changes in demand within the AI computing industry, highlighting how Huawei's Ascend benefits from the localization of AI chips [5][7] - Huawei's Ascend AI chips are positioned as the first globally to cover all scenarios, with the CloudMatrix 384 cluster solution based on the Ascend 910C processor. As of September 18, 2025, over 300 units of the Atlas 900 A3 SuperPoD supernode have been deployed [5][24] - The report emphasizes the growth potential of the AI computing industry, driven by increasing demand from cloud service providers (CSPs), sovereign nations, and AI inference, alongside the push for domestic chip production due to escalating U.S. sanctions [7][9] Summary by Sections Section 1: Ascend Chips - The Ascend processors are based on Huawei's Da Vinci architecture, optimized for matrix operations, and are the foundation for Ascend computing products, offering high computing power, energy efficiency, and flexibility [15] - The report outlines a roadmap for the Ascend processors, with annual releases expected to double computing power each year [5][17] Section 2: AI Computing Infrastructure - Huawei's AI computing solutions, including the Atlas series, provide a comprehensive infrastructure for AI applications across various scenarios, covering the entire process of deep learning inference and training [18] - The report highlights the deployment of the Atlas 900 A3 SuperPoD, which integrates 384 Ascend 910C NPUs and 192 Kunpeng CPUs, achieving a computing capacity of 300 PFLOPS [24][26] Section 3: Market Demand and Trends - The report notes that NVIDIA anticipates global AI capital expenditures to reach $3-4 trillion over the next five years, with significant growth expected in AI inference markets [7] - The localization of AI chips in China is accelerating, with domestic brands accounting for approximately 30% of the market share as of 2024 [7] Section 4: Competitive Positioning - Huawei's Ascend aims to become the second choice globally for AI computing power, competing directly with NVIDIA through its comprehensive software and hardware ecosystem [5][9] - The report identifies key players in the AI chip and server markets, including companies like Haiguang Information, Cambricon, and major server manufacturers [10]

Group 1 - The core theme of the event was "Integration of Computing and Networking to Strategize the Future" focusing on the AI industry policy in Shanghai [1] - Shanghai's AI industry is projected to exceed 450 billion yuan in 2024, with a year-on-year growth of 12.3% in the first half of this year, achieving the "14th Five-Year Plan" goals ahead of schedule [1] - The Shanghai Municipal Economic and Information Commission emphasized the commitment to high-quality development, optimizing the policy environment, and strengthening infrastructure for AI [1] Group 2 - The event featured discussions on policy direction, technological frontiers, and ecosystem construction in the AI industry [2] - Key industry figures highlighted the importance of multimodal development and embodied intelligence as essential trends in AI, with humanoid robots being significant carriers [2] - Shanghai has actively responded to the national "AI+" initiative, implementing various policies to enhance resource allocation and promote industry upgrades [2]

金融上，2022年2月24日俄乌事后，美国冻3000亿俄罗斯资产，4月扩展二级制裁。华尔街监控资金，中国央行调整储备，加速人民币结算。2024年3月，中 伊25年合作协议签，戈壁管道铺设。7月，中俄西伯利亚力量2谈判加速，黑河勘探钻孔。 到2025年1月20日，特朗普二度上台，延长关税休战90天，到5月10日。4月4日，中国财政部加34%关税匹配互惠，北京海关批准出口单。5月14日，美国警 告盟国禁用华为昇腾AI，深圳发布麒麟9020，8月20日Pura 80手机上市。 2018年，美国那边突然发起贸易战，3月22日就签了备忘录，对500亿美元中国商品加关税，理由是知识产权啥的。咱们这边也没闲着，4月2日就回击了，对 美国大豆汽车等128项产品征收关税。工厂那边赶紧调整，供应链开始往东南亚挪，全球贸易链子就这么搅和起来了。 到7月6日，第一批340亿美元关税落地，美国海关忙着检查集装箱，中国这边天津港对波音飞机加税，维修工们检查进口件。9月又来第二轮2000亿美元，涵 盖家具海鲜啥的，美国零售商清库存，中国义乌市场转销欧盟。咱们的反制也跟上，600亿美元覆盖天然气化工，黑龙江边境管道焊工加班。 2019年5月 ...

制造成长周报（第 29 期） 优于大市 Figure 融资超 10 亿美元，微软 300 亿美元投资英国 AI 基建 重点事件及点评 事件 1-人形机器人：Figure 完成超 10 亿美元融资：据澎湃新闻消息，2025 年 9 月 16 日，AI 机器人初创公司 Figure 宣布完成 10 亿美元承诺资金 的 C 轮融资，投后估值达 390 亿美元。 证券研究报告 | 2025年09月23日 行业动态&政府新闻&公司动态 行业动态：人形机器人-9 月 20 日，华为官宣昇腾 AI、具身智能新动向；9 月 18 日，汉威科技动捕服开启人机交互新篇章；9 月 17 日，智元灵犀 X2 完 成韦伯斯特空翻；9 月 17 日智元机器人 Genie Trailblazer 计划全球招募； 9 月 17 日，舞肌科技发布第一代 Wuji Hand 灵巧手；9 月 16 日，Figure 完 成超 10 亿美元 C 轮融资；9 月 16 日，日本商社兼松最早将于 2027 年在全球 首次量产球形齿轮；9 月 15 日，宇树发布开源世界模型。3C-9 月 18 日，Meta 推出旗下首款内置显示屏的智能眼镜。AI 基建- ...

Group 1 - The Huawei Connect Conference 2025, themed "Leap into Industry Intelligence," took place in Shanghai from September 18 to 20, where the Shenzhen Talent Group launched the "Global Digital Talent Development Innovation Base" aimed at training over 200,000 high-quality digital talents during the 14th Five-Year Plan period [1][4][6] - The base is a collaborative platform established with the support of the Shenzhen Municipal Human Resources and Social Security Bureau, Huawei's technological empowerment, and the operational backing of the Shenzhen Talent Group, addressing the shortage of digital talents and aligning with national strategies and industry needs [1][6] - Shenzhen Talent Group's Chairman Gao Dawei emphasized that the base is not a typical training institution but aims to be a "talent reactor for the digital intelligence era," providing comprehensive solutions from talent cultivation to technology transformation [3][4] Group 2 - The "Starry Sky Joint Innovation Laboratory" was announced at the conference, focusing on innovative talent training programs and research center development, integrating Huawei's core resources in Ascend AI, Harmony ecosystem, and 5G [3][4] - The base's first enrollment has commenced, targeting various groups including technical personnel, business managers, digital evangelists, and university students, offering a full empowerment process from foundational technology to certification systems [3][4] - The base aims to establish a closed-loop system covering "enrollment-training-certification-employment/entrepreneurship-standard output," with plans to train 15,000 individuals annually in the first phase and expand to 40,000 in the second phase [4][6]

Group 1 - The company, Shenzhen Huaqiang, is actively promoting business cooperation with Huawei Ascend, indicating a strong partnership [2] - The company plans to leverage its distribution strength and application development capabilities to enhance the end-side applications of Ascend AI, particularly in industrial inspection, intelligent color selection, autonomous mobile robots (AMR), and low-altitude aircraft [2]

Group 1 - Anhui Jiaokong Information Industry Co., Ltd. has officially reached a strategic cooperation with Tuo Wei Information System Co., Ltd. and Hunan Kaihong Zhigu Digital Industry Development Co., Ltd. [1] - The three parties will explore new cooperation models in the field of smart highways, focusing on domestic software and hardware technologies such as Kunpeng, Ascend AI, and open-source HarmonyOS [1] - This collaboration aims to inject strong new momentum into the digital transformation of the transportation industry [1]

Core Insights - The report highlights the significant role of private enterprises in China's modernization and the economic development of the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The "2025 China Private Enterprises Top 500" list shows that Guangdong has 51 companies included, ranking first nationally, with notable performances from Huawei, BYD, and Tencent [1][2] Group 1: Financial Performance - The threshold for entering the top 500 has increased to 27.023 billion yuan, with total revenue reaching 4.305 trillion yuan and total tax contributions of 127 billion yuan [2] - The number of companies with revenue exceeding 100 billion yuan has risen to 105, with 11 companies surpassing 500 billion yuan [2] - The average revenue per company in the top 500 is 8.6102 billion yuan, reflecting a 2.72% increase year-on-year, while total net profit reached 180 billion yuan, with an average net profit of 360.5 million yuan, up 6.48% [2] Group 2: R&D Investment - R&D expenditures among the top 500 private enterprises totaled 1.13 trillion yuan, with an average R&D intensity of 2.77% [2] - The number of valid patents held by these enterprises has grown to 721,600, an increase of 8.23% from the previous year, with domestic patents rising by 12.42% [2] - Leading companies in R&D investment include Huawei, Tencent, Alibaba, BYD, and others, with Tencent leading the internet sector in R&D spending [2][3] Group 3: Notable Companies - Huawei reported a revenue of 427.039 billion yuan for the first half of the year, a 3.95% increase, with a net profit of 37.195 billion yuan, down 32% [3] - BYD's revenue reached 371.28 billion yuan, surpassing Tesla for the first time, with a net profit of 15.511 billion yuan, up 13.79% [3] - Tencent leads in tax contributions with 59.187 billion yuan, followed by BYD with over 50 billion yuan [5] Group 4: Employment and New Entrants - The top 500 private enterprises collectively employ 11.0912 million people, with significant employment in the automotive, internet, and electronics sectors [5] - New entrants from Guangdong include several companies, showcasing the vitality and innovation of the region's private sector [5][6]

Core Viewpoint - The private economy is a vital force in China's modernization and a key engine for the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area, as highlighted by the release of the "2025 China Private Enterprises Top 500" list and the accompanying research report [1]. Group 1: Performance of Private Enterprises - Guangdong has 51 companies on the list, showcasing its economic strength and innovative vitality, with notable companies like Huawei, BYD, and Tencent ranking in the top ten [1]. - The threshold for entering the top 500 has increased to 27.023 billion yuan, with total revenue reaching 4.305 trillion yuan and total tax contributions of 127 billion yuan [1]. - The number of companies with over 1 billion yuan in revenue has risen to 105, with 11 companies exceeding 50 billion yuan [1]. Group 2: Financial Metrics - The average revenue per company in the top 500 is 86.102 billion yuan, reflecting a 2.72% increase year-on-year, while total net profit reached 1.8 trillion yuan, with an average net profit of 360.5 million yuan, up 6.48% [3]. - The total R&D expenditure among the top 500 companies is 1.13 trillion yuan, with an average R&D intensity of 2.77% [3]. Group 3: R&D Investment - Leading companies in R&D investment include Huawei, Tencent, Alibaba, BYD, and others, with Huawei's R&D spending at 96.95 billion yuan, accounting for 22.7% of its revenue [4][5]. - The number of valid patents held by the top 500 companies has increased to 721,600, marking an 8.23% growth, with domestic patents rising by 12.42% [3]. Group 4: Notable Companies and Contributions - Tencent leads in tax contributions with 59.187 billion yuan, followed by BYD with over 50 billion yuan [7]. - New entrants to the top 500 include several Guangdong companies, indicating a vibrant and evolving private sector [7]. - The private economy in Guangdong is characterized by a high number of new enterprises, with 41.2% of new businesses in the "four new economies" sector [8].

Core Insights - The private economy is a driving force for China's modernization and a core engine for the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The "2025 China Private Enterprises Top 500" list highlights the strong performance of Guangdong's private enterprises, with 51 companies making the list, including Huawei, BYD, and Tencent in the top ten [1][2] Group 1: Financial Performance - The threshold for entering the top 500 has increased to 27.023 billion yuan, with total revenue reaching 4.305 trillion yuan and total tax contributions of 127 billion yuan [2] - The number of companies with revenue exceeding 100 billion yuan has risen to 105, with 11 companies surpassing 500 billion yuan [2] - The average revenue per company is 8.6102 billion yuan, reflecting a 2.72% increase year-on-year, while total net profit reached 180 billion yuan, with an average net profit of 3.605 billion yuan, up 6.48% [2] Group 2: R&D Investment - R&D expenditures among the top 500 private enterprises totaled 1.13 trillion yuan, with an average R&D intensity of 2.77% [2] - The number of valid patents held by the top 500 companies has grown to 721,600, an increase of 8.23% year-on-year, with domestic patents rising by 12.42% [2] - Leading companies in R&D investment include Huawei, Tencent, Alibaba, and BYD, with Tencent leading the internet sector in R&D spending [2][3] Group 3: Notable Companies - Huawei reported a revenue of 427.039 billion yuan for the first half of the year, a 3.95% increase, with a net profit of 37.195 billion yuan, down 32% [3] - BYD's revenue reached 371.28 billion yuan, surpassing Tesla for the first time, with a net profit of 15.511 billion yuan, up 13.79% [3] - Tencent, with 27,000 R&D personnel, has accumulated over 46,000 patent authorizations, showcasing its continuous innovation capabilities [3] Group 4: Employment and New Entrants - The top 500 private enterprises have created 11.0912 million jobs, with nearly half in the automotive, internet, and electronic device sectors [6] - New entrants from Guangdong include several companies, indicating the vibrant and evolving nature of the private sector [6][7] - The "Four New Economies" have seen a 41.2% share of newly established enterprises, with a total of 19.0488 million operating entities, reflecting a 5.43% year-on-year growth [7]