根据亿欧智库发布的《2024中国信创+AI趋势洞察报告》，海光DCU具备完整的软件栈，包括 DTK(DCU Toolkit)、开发工具链、模型仓库等，完全兼容ROCm生态，支持TensorFlow、Pytorch等主流 深度学习框架，或将有效降低国内大模型适配成本。 工商银行与中国联通采购数十亿元海光芯片，海光芯片加速渗透 智通财经APP获悉，国泰海通发布研报称，根据芯语，AMD与OpenAI签订6GW算力芯片合作协议，基 于技术与股权合作，预计将加速ROCm生态建设。海光DTK软件栈完全兼容ROCm生态，或可降低国内 大模型适配成本。根据芯智讯与新浪财经援引第一财经，工商银行与中国联通采购数十亿元海光芯片， 金融、运营商等信创体系有望率先实现全面国产化，加速海光芯片渗透。推荐标的：海光信息 (688041.SH)、寒武纪-U(688256.SH)、中芯国际(688981.SH)、兆易创新(603986.SH)、盛科通信- U(688728.SH)，相关标的：芯原股份(688521.SH)。 国泰海通主要观点如下： AMD与OpenAI签订6GW算力芯片合作协议，ROCm生态加速完善 根据芯语，2025年10 ...

Core Viewpoint - The release of DeepSeek-V3.2-Exp model by DeepSeek Company marks a significant advancement in the domestic AI chip ecosystem, showcasing a collaborative effort among various domestic chip manufacturers [1][4][7]. Group 1: Model Release and Features - DeepSeek-V3.2-Exp introduces DeepSeek Sparse Attention, which significantly reduces computational resource consumption and enhances inference efficiency [1][7]. - The new model has led to a price reduction of API services by 50% to 75% across DeepSeek's platforms [1]. - The model's release prompted immediate recognition and adaptation from several domestic chip manufacturers, including Cambrian, Huawei, and Haiguang [2][4]. Group 2: Industry Response and Ecosystem Development - Cambrian was the first to announce compatibility with DeepSeek-V3.2-Exp, followed by Huawei and Haiguang, indicating a rapid response from the industry [2][4]. - The consensus within the domestic AI industry regarding DeepSeek's models has enabled the company to take the lead in defining standards for domestic chips [4][7]. - The rapid adaptation of DeepSeek's models by various manufacturers suggests a growing synergy within the domestic AI hardware and software ecosystem [9]. Group 3: Future Implications - Experts believe that the swift development of domestic chips by 2025 can be attributed to the emergence of DeepSeek as a key player in the industry [4][5]. - The collaborative efforts among domestic companies to adapt to DeepSeek's standards may accelerate the growth of the AI chip ecosystem in China [4][9]. - The advancements made by DeepSeek in a short time frame highlight the potential for rapid evolution in the domestic AI landscape, contrasting with the decades-long establishment of ecosystems by companies like NVIDIA [9].

据"华为计算"微信公众号29日消息，昇腾已快速基于vLLM/SGLang等推理框架完成适配部署，实现 DeepSeek-V3.2-Exp 0day支持，并面向开发者开源所有推理代码和算子实现。 寒武纪29日表示，已同步实现对深度求索公司最新模型DeepSeek-V3.2-Exp的适配。依托DeepSeek Sparse Attention机制，叠加寒武纪的极致计算效率，可大幅降低长序列场景下的训推成本。 9月29日，DeepSeek-V3.2-Exp模型正式发布并开源。模型引入稀疏Attention架构，据称能够有效降低计 算资源消耗并提升模型推理效率。此外，DeepSeek还大幅下调了API价格，降价幅度超过50%。 随后，华为昇腾、寒武纪、海光信息同步宣布完成适配。 30日上午，海光信息在官方微信公众号宣布，其DCU实现对DeepSeek-V3.2-Exp的无缝适配+深度调优， DeepSeek-V3.2-Exp在海光DCU上展现出优异的性能，同时验证海光DCU高通用性、高生态兼容度及自 主可控的技术优势。 受此消息提振，9月30日，市场早盘震荡拉升，科创50指数表现强势，其中AI芯片、华为昇腾概念表现 ...

Core Viewpoint - The release of DeepSeek-V3.2-Exp model on Hugging Face platform introduces a sparse Attention architecture that reduces computational resource consumption and enhances inference efficiency [1] Group 1: Model Deployment and Adaptation - Huawei's Ascend has quickly adapted and deployed the DeepSeek-V3.2-Exp model based on vLLM/SGLang inference frameworks, providing open-source inference code and operator implementations for developers [1] - Cambricon announced the adaptation of the latest DeepSeek-V3.2-Exp model and has open-sourced the vLLM-MLU inference engine source code, leveraging the new DeepSeek Sparse Attention mechanism to significantly reduce training and inference costs in long-sequence scenarios [1] - Haiguang Information announced seamless adaptation and deep optimization of its DCU, achieving "zero-wait" deployment for large model computing power, showcasing excellent performance of DeepSeek-V3.2-Exp on Haiguang DCU [1]

经济观察网9月29日，DeepSeek-V3.2-Exp发布并开源，引入稀疏Attention架构。海光DCU率先实现无缝 适配+深度调优，确保大模型算力"零等待"部署。 在"深算智能"战略引领下，海光信息始终致力于AI软件栈生态建设，全面支持以DeepSeek为主流的全球 主流开源大模型。得益于长期、活跃的技术积累，海光DCU得以快速对DeepSeek-V3.2-Exp完 成"Day0"级高效适配与优化。 基于GPGPU架构强大的生态优势，与编程开发软件栈DTK的特性，DeepSeek-V3.2-Exp在海光DCU上展 现出优异的性能，充分验证海光DCU高通用性、高生态兼容度及自主可控的技术优势，已成为支撑AI 大模型训练与推理的关键基础设施。 ...

Group 1: Market Outlook - The mid-term upward momentum in the market is expected to continue, with the upcoming 20th Central Committee's Fourth Plenary Session discussing the "14th Five-Year Plan" serving as an important policy window[3] - Investment recommendations focus on sectors benefiting from policy dynamics and industrial prosperity, particularly technology growth (AI, semiconductors, consumer electronics, innovative pharmaceuticals), advanced manufacturing (new energy), and cyclical sectors (non-ferrous metals, building materials)[3] Group 2: Recommended Stocks - Gannee Pharmaceutical (603087.SH): Steady growth in core business with innovative products expanding overseas, total market value of ¥476 billion, PE of 51.7, PB of 4.4[4] - Kailai Pharmaceutical (002821.SZ): Industry recovery with new business driving growth, total market value of ¥397 billion, PE of 37.7, PB of 2.4[13] - Zhuhai Guanyu (688772.SH): Major supplier of consumer batteries, benefiting from partnerships with brands like Apple and Huawei, total market value of ¥274 billion, PE of 61.4, PB of 4.0[20] - Tuojing Technology (688072.SH): Leading in film deposition equipment with significant growth potential, total market value of ¥697 billion, PE of 106.6, PB of 12.9[24] - Haiguang Information (688041.SH): Leading domestic computing power enterprise with substantial growth in H1 2025, total market value of ¥6,227 billion, PE of 273.2, PB of 29.5[32] - Shenxinfeng (300454.SZ): Cloud computing driving revenue growth, achieved profitability in Q2, total market value of ¥521 billion, PE of 92.8, PB of 5.8[37] - Penghui Energy (300438.SZ): Leading position in small-scale energy storage cells, total market value of ¥184 billion, PE of -48.1, PB of 3.7[44] - Mingyang Smart Energy (601615.SH): High demand in offshore wind power, total market value of ¥321 billion, PE of 108.6, PB of 1.2[52] - Xingye Silver Tin (000426.SZ): Strong resource positioning with expected silver price recovery, total market value of ¥482 billion, PE of 33.4, PB of 5.7[55] - Huaxin Cement (600801.SH): Rapid overseas business development with expected domestic price recovery, total market value of ¥332 billion, PE of 13.0, PB of 1.2[62]

Core Viewpoint - Longxin Zhongke (688047.SH), a leading domestic processor manufacturer, is set to launch two new products, the 3C6000 and 2K3000, in the first half of 2025, with expectations for mass sales next year [1][2] Group 1: Product Development - The 3C6000 is a next-generation server processor, while the 2K3000 targets industrial control and mobile terminal applications [1] - The 3C6000 series has achieved performance levels comparable to mainstream server CPUs in the international market as of 2023 [1][2] - The 2K3000 processor features a 64-bit octa-core SoC with a maximum frequency of 2.2/2.5GHz, integrating graphics and AI computing capabilities [1] Group 2: Market Performance - Longxin Zhongke's stock surged by 14.89% to 149.59 yuan on September 16, 2023, reflecting increased market interest in domestic CPU manufacturers [2] - Another domestic CPU manufacturer, Haiguang Information (688041.SH), also saw a stock increase of 6.26%, closing at 246 yuan with a trading volume exceeding 10 billion yuan [2] Group 3: Industry Landscape - Haiguang Information's products include high-end general-purpose processors and co-processors, widely used in various sectors such as telecommunications and finance [3] - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has submitted an IPO application to raise 4.169 billion yuan for new processor projects, indicating a growing interest in the domestic CPU sector [3][4] - Zhaoxin's revenue for 2022, 2023, and projected for 2024 is approximately 340 million, 555 million, and 889 million yuan, respectively, with net losses reported [4] Group 4: Strategic Importance - The development of domestic CPUs is crucial for information security and the establishment of a self-controlled industrial chain, as CPUs are foundational to information system security [4]

Group 1: Liquid Cooling Industry - The report highlights the growth of liquid cooling demand driven by data centers, with a focus on upstream core refrigerant materials [3][4] - AI data center demand is expected to grow, with global AI computing center installed capacity projected to reach 7GW in 2024 and further increase by 2028 [3] - Liquid cooling is driven by two main factors: high heat dissipation due to increased chip power density and high energy consumption, where cooling systems account for approximately 40% of total energy consumption in data centers [3] Group 2: AI Application and Tokens - The report defines tokens as the primary unit for pricing models, reflecting the computational load of large language models [9] - The daily token usage by leading model providers like OpenAI and ByteDance has been increasing, driven by both consumer and business applications [10] - Future technological iterations are expected to unlock new application demands, with significant growth potential in both existing and new scenarios for token usage [12][13] Group 3: Automotive Industry - The Ministry of Industry and Information Technology, along with eight other departments, issued a plan aiming for approximately 32.3 million vehicle sales in 2025, with a 20% increase in new energy vehicle sales [15][16] - The automotive sector outperformed the Shanghai Composite Index during the week of September 8-12, 2025, with a notable increase in the automotive index [15] - New models such as the Great Wall's Gao Shan 7 and the Zhiji LS6 have been launched, showcasing advanced features and strong market interest [18] Group 4: Potash Fertilizer Industry - The report indicates a sustained high demand for potash fertilizer, with a projected compound annual growth rate (CAGR) of 3.2% from 2025 to 2027 [21][22] - Global potash fertilizer supply is expected to remain tight, with limited new capacity additions before 2026, particularly due to reduced exports from Russia and Belarus [21][22] - China is a major consumer of potash, accounting for about 26% of global consumption, with a forecasted increase in domestic demand [22][23] Group 5: Aier Eye Hospital - Aier Eye Hospital reported a revenue of 11.507 billion yuan in the first half of 2025, reflecting a 9.12% year-on-year increase [24][25] - The company is expanding its overseas medical service network, with a notable increase in international revenue [24] - Aier is developing AI capabilities in ophthalmology, enhancing diagnostic abilities and integrating medical data for improved service delivery [26] Group 6: Haiguang Information - Haiguang announced the opening of its CPU interconnect bus protocol (HSL) to enhance collaboration across the industry and improve computing efficiency [28][29] - The HSL protocol aims to facilitate better system connections and resource utilization, potentially expanding Haiguang's market share in the domestic market [29] - The company has set ambitious revenue growth targets through its stock incentive plan, indicating confidence in future business expansion [30][31] Group 7: Yihua Technology - Yihua Technology achieved a revenue of 1.461 billion yuan in the first half of 2025, marking an 18.7% increase year-on-year [34][35] - The company is focusing on long-tail strategies to enhance profitability, with significant growth in the new energy and automotive sectors [38][39] - Yihua is expanding its product offerings and global presence, aiming to leverage its supply chain advantages [39]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The report highlights the opening of the HSL (High-Speed Link) protocol by the company, aiming to create a core foundation for domestic AI computing capabilities. This initiative is expected to enhance system connectivity and efficiency across the industry [6][11] - The company is positioned to benefit from the increasing demand for domestic high-end chips, with significant revenue growth projected for the coming years [11] Recent Performance - Over the past year, the company's stock has outperformed the CSI 300 index, with a 12-month increase of 189.5% compared to the index's 42.5% [4] - The current stock price is 220.02 yuan, with a market capitalization of approximately 511.4 billion yuan [4] Key Events - On September 13, 2025, the company held a seminar announcing the opening of the HSL protocol, which aims to foster collaboration within the industry and enhance the efficiency of computing ecosystems [5][6] Investment Highlights - The HSL protocol is designed to facilitate better system connections, reduce access latency, and support multi-link expansion, which will significantly aid manufacturers in designing and launching GPU products [6] - The company has introduced a stock incentive plan aimed at boosting employee motivation and confidence in future business growth, with ambitious revenue growth targets set for the next three years [7][11] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 168.39 billion yuan, 265.62 billion yuan, and 385.22 billion yuan, respectively, with corresponding net profits of 38.20 billion yuan, 61.48 billion yuan, and 96.92 billion yuan [11][12] - The expected earnings per share (EPS) for the same years are 1.64 yuan, 2.64 yuan, and 4.17 yuan [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has a strong confidence in the growth of domestic computing power, supported by an active stock incentive plan aimed at enhancing employee motivation and retention [5][6] - The performance targets set in the incentive plan focus solely on the revenue from the company's CPU and DCU products, with ambitious growth rates projected for the coming years [6] - The company is expected to achieve significant revenue growth, with projected revenues of 61.2 billion yuan in 2025, 91.6 billion yuan in 2026, and 137.4 billion yuan in 2027 [6] Financial Projections - Revenue projections for the company are as follows: - 2023: 6,012 million yuan - 2024: 9,162 million yuan (growth rate of 52%) - 2025: 13,530 million yuan (growth rate of 48%) - 2026: 18,802 million yuan (growth rate of 39%) - 2027: 24,443 million yuan (growth rate of 30%) [2] - Net profit projections are as follows: - 2023: 1,263 million yuan - 2024: 1,931 million yuan (growth rate of 53%) - 2025: 2,920 million yuan (growth rate of 51%) - 2026: 4,258 million yuan (growth rate of 46%) - 2027: 5,841 million yuan (growth rate of 37%) [2] - Earnings per share (EPS) are projected to increase from 0.54 yuan in 2023 to 2.51 yuan in 2027 [2] Stock Incentive Plan - The company plans to grant up to 20.68 million restricted stocks, accounting for 0.89% of the total share capital, with 80% allocated for initial grants and 20% reserved [5] - The incentive plan aims to motivate a broad range of employees, with up to 879 individuals targeted, representing 31.36% of the total workforce [6] Market Position and Strategy - The company is positioned to leverage its unique x86 architecture and core technology to drive growth in the general computing market, with a focus on continuous R&D investment [6] - The dual-driven strategy of CPU and DCU products is expected to fulfill the logic of domestic substitution, with increasing demand in the downstream market [6]