Core Insights - Huawei hosted a significant event themed "Building Foundations with Computing, Creating the Future with Intelligence" during the 2025 World Computing Conference in Changsha, focusing on cutting-edge technologies and innovations in computing infrastructure to support the digital economy and accelerate the arrival of an intelligent world [1] Group 1: Event Highlights - The event gathered government leaders, industry leaders, academic experts, and ecosystem partners to explore advancements in computing infrastructure [1] - Huawei, in collaboration with various partners, established the Ascend CANN Open Ecosystem Alliance, marking a new phase of open collaboration in Hunan, focusing on AI chips, frameworks, and toolchains to accelerate AI technology implementation [3] Group 2: Innovations and Collaborations - The AI human resources model "Hiring Cat" gained attention for its full-stack technical capabilities and open ecosystem layout, achieving breakthroughs in algorithm efficiency and scene adaptability, setting a new benchmark for ecological cooperation in the industry [5] - The "Ascend-Driven Six-Dimensional Cohesion" model was released, which is a human resources vertical model based on big data and AI technology, trained on hundreds of billions of industry parameters over nearly two years with an investment of nearly ten million [7] Group 3: Future Implications - The release of the AI human resources model signifies a milestone in technological innovation and a new starting point for the intelligent transformation of the human resources industry, helping companies reduce costs and improve efficiency while providing strategic decision support through deep talent data analysis [9][11] - The ongoing empowerment of the Ascend ecosystem is expected to unleash more potential in the "AI+HR" transformation, injecting strong momentum into talent management and industry development [11]

Group 1: Event Overview - The 27th China International High-tech Achievements Fair (CIHTAF) commenced on November 14, showcasing nearly 5,000 enterprises with over 90% of exhibits being physical products, highlighting advancements in technology such as bionic robots, drones, semiconductors, and new energy [1] - The event featured over 60 premiere activities, with more than 20% of exhibits being showcased for the first time globally, including a space tourism project that attracted significant public interest [1] Group 2: Key Technologies and Innovations - The "National Heavy Equipment" exhibition highlighted breakthroughs in critical technologies, emphasizing China's achievements in aerospace, energy security, and the importance of self-controllable key technologies in driving economic transformation and high-quality development [2] - The "Five New" exhibition in the power equipment sector demonstrated innovations in new power systems and equipment upgrades, showcasing advancements in battery technology and hydrogen production, which are crucial for the green transition [3] Group 3: Semiconductor and Integrated Circuits - The semiconductor and integrated circuit exhibition covered the entire industry chain, with Shenzhen accounting for 14.8% of national integrated circuit production in 2024, and nearly 100 billion yuan in electronic component transactions [5] - Domestic production of mid-to-low-end semiconductor materials has accelerated, while high-end materials remain challenging, necessitating collaborative advancements across multiple fields [5] Group 4: Consumer Electronics Trends - The Asia Consumer Electronics Exhibition showcased the integration of AI technology in smart devices, emphasizing the shift towards more personalized and intelligent consumer electronics, including health-monitoring features in wearables [7][8] - The trend towards health-focused consumer electronics is evident, with products like smart bands and watches providing personalized health insights [8] Group 5: Robotics and AI - The AI and robotics exhibition presented innovations in embodied intelligence and humanoid robots, indicating that the industry is in its early commercial stage but is expected to see rapid advancements due to significant investments in technology and talent [10][11] - The low-altitude economy and commercial aerospace sectors are also in early development stages, with core technologies being critical for future growth [12][13] Group 6: Future Outlook - The event illustrated a comprehensive view of technological advancements across various sectors, emphasizing the interconnectedness of heavy equipment, semiconductors, consumer electronics, AI, and aerospace in driving China's modernization [14][15] - The collaborative evolution of these sectors is seen as a vital foundation for China's technological progress and innovation [15]

Core Viewpoint - The 27th High-Tech Fair will showcase significant advancements in Chinese technology, including Harmony OS, Kirin chips, Ascend AI, and domestic semiconductor innovations, alongside the global launch of China's space tourism project by the Aerospace Science and Technology Corporation [1][2]. Group 1: Event Overview - The total exhibition area for the 27th High-Tech Fair is expected to reach 400,000 square meters, featuring 22 specialized exhibition areas, with an anticipated attendance of over 450,000 professional visitors [1]. - Nearly 5,000 enterprises will present their latest technologies, products, and achievements, with physical products expected to account for over 90% of the exhibits [2]. Group 2: Focus Areas - The fair will emphasize key common technologies, modern engineering technologies, and disruptive technological innovations, particularly in strategic emerging industries such as artificial intelligence, semiconductors, low-altitude and aerospace, and new energy [1][2]. - The event will highlight the achievements of companies and research institutions in the ICT and software sectors, showcasing the latest results of the Harmony ecosystem and domestic AI technologies [1]. Group 3: Business and Investment Opportunities - The fair will implement a "136" plan to promote transactions, with international buyers making up 10%, domestic buyers 30%, and external buyers 60% of the total [2]. - Notable international investment institutions such as Morgan Stanley, JPMorgan, Goldman Sachs, Sequoia Capital, Bain Capital, and Saudi sovereign funds will be invited to the fair to seek partnerships and projects [2].

Group 1 - The 27th High-Tech Fair will showcase significant Chinese technological innovations, including Harmony OS, Kirin chips, Ascend AI, and HiSilicon semiconductors, marking their first collective appearance [1] - The exhibition area is expected to reach 400,000 square meters, with over 450,000 professional visitors anticipated [1] - Key sectors highlighted include artificial intelligence, semiconductors, low-altitude economy, and commercial aerospace, with companies like Honor, Yingshi Innovation, and Kobot participating [1] Group 2 - The Aerospace Science and Technology Group will globally launch China's space tourism project at the fair, focusing on commercial space exploration and economic layout [2] - Approximately 5,000 enterprises are expected to showcase their latest technologies and products, with over 90% being physical products [2] - The fair will implement a "136" plan to enhance transaction facilitation, with international buyers making up 10%, provincial buyers 30%, and out-of-province buyers 60% [2] - An international investment negotiation area and an international buyer matching area will be established, inviting renowned investment institutions like Morgan Stanley and Goldman Sachs to connect with enterprises [2]

Core Insights - The seminar "Huaqiang Builds Chain Ascend for a Thousand Miles" focused on edge computing technologies and the Ascend AI ecosystem, attracting over 150 industry experts and practitioners [2] - Huawei emphasized the continuous deepening and openness of the Ascend AI ecosystem, inviting more industry players to join and collaborate on product and solution design [2] - Huaqiang Semiconductor Group aims to leverage its extensive customer base and semiconductor resources to actively participate in the Ascend AI business and ecosystem [2] Group 1: Seminar Highlights - The seminar featured a report by Zhu Meiling from Huaqiang Electronic Industry Research Institute, highlighting that edge AI represents a long-term structural opportunity driven by technology, market demand, policy, and capital [3] - Huawei's Ascend hardware expert Zhou Chen detailed the development roadmap for Ascend AI NPU chips, which are set to double in computing power annually over three years [3] - The seminar included presentations on AI-RAN architecture and educational reforms aimed at cultivating talent in integrated circuits [4] Group 2: Strategic Goals - Huaqiang Semiconductor Group's Vice President Wang Yong emphasized the goal of building a practical closed-loop ecosystem in the Ascend AI business, collaborating with hardware, algorithm, and integration partners [4] - The seminar showcased the commitment of Huawei and Huaqiang to innovation and ecosystem development in the Ascend AI field, aiming to create a prosperous future in the intelligent era [5]

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]

Group 1: Trade War Developments - The trade war between the US and China began in March 2018, with the US imposing tariffs on $50 billion worth of Chinese goods, citing intellectual property concerns [2] - China retaliated by imposing tariffs on 128 US products, including soybeans and automobiles, leading to a shift in supply chains towards Southeast Asia [2] - By July 2018, the first round of tariffs totaling $34 billion was implemented, followed by a second round of $200 billion in September, affecting various sectors including furniture and seafood [2] Group 2: Tariff Increases and Agreements - In May 2019, the US raised tariffs from 10% to 25%, prompting China to emphasize the need for equal dialogue [4] - A phase one trade agreement was signed in December 2019, effective January 2020, but many tariffs remained in place [4] - Under the Biden administration, scrutiny of Chinese tech companies continued, with significant restrictions on semiconductor exports introduced in October 2022 [4] Group 3: Energy and Infrastructure Developments - By 2025, the Sino-Russian energy cooperation is expected to enhance gas supply capabilities, with daily deliveries projected to reach 3.8 billion cubic meters [10] - The completion of the Siberian Power 2 pipeline is anticipated, facilitating energy transport from Russia to China [10] - China's clean energy investments are projected to exceed $625 billion by 2024, with solar and wind energy leading the growth [10] Group 4: Military and Naval Enhancements - The Chinese navy is expanding, with plans for six aircraft carriers and enhanced capabilities for long-range operations [12][20] - Military exercises and missile tests are being conducted to demonstrate readiness and deterrence against US actions in the Asia-Pacific region [18][20] - The development of advanced missile systems, including DF-61 and DF-5C, is aimed at countering US strategic advantages [18][20] Group 5: Strategic Alliances and Economic Resilience - China is strengthening its strategic partnerships with Russia and Iran, focusing on energy security and trade alliances [14][16] - Despite external pressures, China's economy is showing resilience, with stable imports and ongoing industrial activity [14][16] - The country is diversifying its energy sources and enhancing domestic production capabilities to mitigate risks from potential blockades [14][16]

Investment Rating - The report maintains an "Outperform" rating for the industry [5][10][29] Core Views - The humanoid robot sector is in its early stages, with significant advancements expected. Companies like Figure and Tesla are leading the way, and there are long-term investment opportunities in this space [2][18] - Microsoft is set to invest $30 billion in AI infrastructure in the UK, indicating strong demand for AI-driven cloud infrastructure [3][19] - The report emphasizes the importance of identifying key suppliers and companies with strong market positions in the humanoid robot and AI infrastructure sectors [2][8] Summary by Sections Key Events - Figure completed a $1 billion Series C funding round, achieving a post-money valuation of $39 billion [1][18] - Microsoft announced a $30 billion investment in AI infrastructure in the UK, reflecting ongoing high demand for AI capabilities [3][19] Industry Dynamics - The humanoid robot sector is seeing rapid advancements, with various companies making significant progress in technology and applications [4][5] - Governments and tech giants are expected to maintain high levels of investment in AI infrastructure over the coming years [3][5] Company Dynamics - Key companies to watch include Figure, Tesla, and Microsoft, with a focus on their roles in advancing humanoid robotics and AI infrastructure [2][3][4] - Notable companies mentioned for investment opportunities include 飞荣达, 龙溪股份, and 汇川技术, among others [2][8][10] Investment Insights - For humanoid robots, focus on suppliers with strong market positions and those involved in key components like joints and sensors [8][10] - In AI infrastructure, attention should be given to companies involved in AI liquid cooling, power generation, and cooling systems [8][10]

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]