行 业 及 产 业 2025 年 10 月 10 日 摩尔线程：生态、架构、集群 看好 ——国产 ASIC 系列研究之 5 本期投资提示： 相关研究 《国产 ASIC：PD 分离和超节点——ASIC 系列研究之四》 2025/09/26 《国产算力趋势走强，沐曦领衔通用 GPU——国产 ASIC 系列研究之 3》 2025/09/24 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 曹峥 A0230525040002 caozheng@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 王开元 A0230125030001 wangky@swsresearch.com 研 行 业 请务必仔细阅读正文之后的各项信息披露与声明 联系人 证 券 研 究 报 曹峥 (8621)23297818× caozheng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 究 / 行 业 深 ...

Core Viewpoint - Huawei Cloud is undergoing a structural adjustment to focus on key business areas and aims to achieve profitability by 2025 after reporting losses in 2024 [1][3]. Group 1: Organizational Changes - Huawei Cloud has announced a restructuring that involves the product department, public cloud services department, and R&D department, affecting dozens of lower-level departments and organizations [1]. - The adjustment will concentrate on a "3+2+1" business model, which includes three areas: general computing, intelligent computing, and storage; two areas: AI PaaS and databases; and one area: security [1]. Group 2: R&D and Innovation - The restructuring is likely a response to internal management issues, technical disputes, and research efficiency problems within the Noah's Ark Lab, as well as controversies surrounding the Pangu large model [3]. - Huawei Cloud aims to enhance R&D management and overall innovation efficiency through this adjustment [3]. - Huawei Cloud plans to increase investment in the Pangu large model and support various industries in utilizing their large models effectively [3]. Group 3: Strategic Focus - Huawei Cloud has been optimizing its business structure in recent years, transitioning from the Cloud and Computing BG to a standalone Cloud BU, which plays a crucial role as a new growth engine for Huawei [4]. - The cloud business is seen as critical in the context of the AI wave, presenting both opportunities and challenges for the company [4].

Group 1 - Huawei announced the full open-source of Ascend hardware enabling CANN, along with the Mind series application enabling suite and toolchain, aimed at accelerating innovation among developers [1] - CANN is positioned against NVIDIA's CUDA, providing a high-performance operator library and various development methods, while the MindSpore open-source framework supports efficient development [1] - The "2+1+X" model of MindX is designed to lower industry development barriers, promoting Ascend computing as a comprehensive AI infrastructure [1] Group 2 - The construction of an ecosystem is seen as an inevitable trend, with a need to enhance the compatibility efficiency with CUDA and reduce performance loss [1] - The deep collaboration between domestic frameworks like MindSpore and chips is essential to form a self-sustaining loop of "chip-framework-application" [1] - Ascend's strong order fulfillment capability is expected to drive continuous expansion of the industry chain, with the Ascend 384 showcasing system-level performance advantages [1] Group 3 - Advanced Communication has officially launched the Ascend A800I A2 large model integrated machine [2] - Tuo Wei Information has established a comprehensive strategic partnership with Huawei, focusing on "Kunpeng/Ascend AI + industry large models + Harmony" [3]