Market Trends - The spring market rally from December to February historically shows an average increase of 16%-18% for the Shanghai Composite Index and the Wind All A Index from 2010 to 2025[1] - The current spring rally is considered to be in its latter half, with a potential for a price increase lasting about one month before entering a consolidation phase[2] Industry Performance - Growth and technology sectors have a win rate exceeding 80%, with average excess returns over 3%[12] - High-end manufacturing follows, with average excess returns above 2%, while sectors like computing, communication, and electronics show average excess returns exceeding 4%[12] Sector Rotation - As of 2026, strong sectors include military (commercial aerospace), automotive (robots), and utilities, while previously leading sectors like non-ferrous metals and machinery are in a consolidation phase[3] - The focus should be on sectors with unchanged industrial trends but relatively lower recent gains, such as lithium batteries, energy storage, humanoid robots, innovative drugs, and AI hardware[32] Risks - Market sentiment can change rapidly, leading to accelerated contraction in trading volume[34] - Potential risks include slow progress in technological breakthroughs, tightening global liquidity due to changes in overseas market expectations, and increased geopolitical risks[34]

嘉宾Spe推aker荐 华为计算产品线 昇腾具身智能解决方案专家 华为技术有限公司 华为智能汽车和机器人领域专家，具有多年人工智能的开发、设计和管理经验。现负责昇腾智能驾驶和机器人领域产品交付、解决方案和生 态建设，带领团队完成智驾训练大规模集群交付、智驾训练开发框架 Driving SDK 商用、机器人边缘模组交付。曾主导华为智能驾驶计算 平台的研发，实现国内港口和矿山首个 L4 无人驾驶解决方案设计与落地，打造多个搭载华为智驾方案的爆款车型。 演讲课题： 共筑智能根基，共赢具身时代 演讲大纲： 华为全方位赋能机器人企业，积极探索规模化应用场景，推动产业加速发展。华为昇腾 AI ，提供具身智能训推一体化的解决方案，面向边缘场景机 器人提供加速开发套件，联合生态伙伴共同创新孵化，探索商业落地。 2026人形机器人与具身智能产业大会 2026年1月15-16日｜上海 部分已确认演讲嘉宾： 头部机器人项目材料顾问、头部互联网汽车材料总监 星动纪元 商业化部总监 北京伟景智能 创始人 &CEO . 会议预告 安徽聆动通用机器人 副总裁、联合创始人 数字华夏 联合创始人 & 软件与服务中心总经理 开普勒机器人 具身智 ...

Investment Rating - The report maintains a positive outlook on the computer industry, particularly regarding Huawei's advancements in AI computing capabilities for 2026 [3]. Core Insights - Huawei is expected to play a significant role in the AI computing industry in 2026, with a series of new products and technologies anticipated to be launched, which the market has not yet fully reacted to [3][4]. - The Ascend 950 series, including the Ascend 950PR and Ascend 950DT chips, is set to be released in Q1 2026, featuring significant improvements in performance and cost efficiency [3][9]. - The report highlights the IPOs of Zhiyuan and MiniMax, marking them as representative companies in the large model startup sector, with Zhiyuan focusing on B2B and MiniMax on B2C models [3][38]. Summary by Sections Huawei's Computing Innovations - Huawei's Ascend chip series is planned to include four products over three years, with the Ascend 950 series being the latest [4][5]. - The Ascend 950PR chip will utilize Huawei's self-developed low-cost HBM, significantly reducing investment costs in AI inference and recommendation scenarios [9][23]. - The report emphasizes the importance of storage and computing updates, with Huawei's innovations in AI computing expected to drive system-level advancements [4][7]. Zhiyuan and MiniMax Comparison - Zhiyuan, founded in 2019, focuses on a comprehensive MaaS platform with a strong emphasis on localized deployment for B2B clients, achieving rapid revenue growth [39][40]. - MiniMax, established in 2021, prioritizes efficient model architecture and rapid commercialization of products, with a significant portion of its revenue coming from overseas markets [52][53]. - Both companies are positioned to represent different paths in the large model sector, with Zhiyuan's focus on B2B and MiniMax's emphasis on B2C applications [66]. Key Company Updates - Inspur Information is noted for its strong market share in AI servers, with new product launches aimed at supporting large model training and inference [68]. - TaxFriend's AI digital accounting solutions have exceeded expectations, indicating a strong product-market fit in the evolving AI landscape [70].

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]