Group 1 - Huawei is set to release a breakthrough technology in the AI field on November 21, which aims to improve the efficiency of computing resource utilization from the industry average of 30%-40% to 70% [1] - The new technology will enable unified resource management and utilization of computing power from various sources, including GPUs and NPUs, enhancing support for AI training and inference [1] - Huawei's AI chip roadmap includes three series of products: 950PR/950DT, 960, and 970, with the 950PR expected to launch in Q1 next year, featuring enhanced interconnect bandwidth and computing power [1] Group 2 - Analysts from Dongfang Securities believe that the future of computing power competition will shift from GPUs to supernodes, which will become the mainstream form of computing power [2] - The emergence of large-scale supernodes, such as those showcased by Nvidia and Huawei, is expected to significantly enhance the training efficiency of domestic large models in China [2] - The domestic computing power market is anticipated to experience a boom in both large model training and AI capital expenditure next year [2] Group 3 - Tuowei Information is a strategic partner of Huawei in the "Cloud + Kunpeng/Ai + Industry Large Model + Open Source Harmony" field, developing innovative solutions based on the Harmony operating system [3] - Huafeng Technology, as a high-speed line module supplier, has established deep partnerships with leading domestic AI server manufacturers, including Huawei, ZTE, and Alibaba [3]

Core Viewpoint - The article discusses the emergence and significance of the "SuperNode" concept in the AI computing market, highlighting the competitive landscape among domestic manufacturers aiming to match or surpass Nvidia's offerings [1][11]. Group 1: SuperNode Concept - The term "SuperNode" refers to high-performance computing systems that integrate multiple AI training chips within a single cabinet, enabling efficient parallel computing [5][7]. - Domestic manufacturers have rapidly adopted the SuperNode concept, with various companies showcasing their solutions at industry events, indicating a collective push towards advanced AI computing capabilities [2][4]. Group 2: Performance Metrics - Companies are emphasizing the performance metrics of their SuperNode products, with Huawei's 384 SuperNode reportedly offering 1.67 times the computing power of similar Nvidia devices [3][12]. - The scale of integration, indicated by numbers like "384" or "640," reflects the number of AI training chips within a single system, serving as a key performance indicator for manufacturers [7][8]. Group 3: Challenges and Solutions - The industry faces a "communication wall" where a significant portion of computing time is spent waiting for data transfer, necessitating the development of SuperNodes to enhance communication efficiency [6][9]. - The transition from traditional computing methods to SuperNode architectures is driven by the need for higher performance in training large AI models, with manufacturers exploring both Scale-Up and Scale-Out strategies [7][8]. Group 4: Competitive Landscape - Domestic firms are positioning their SuperNode products against Nvidia's offerings, with Huawei's Atlas950 expected to outperform Nvidia's NVL144 in several key metrics [11][12]. - The competition is not only about performance but also about innovative engineering solutions to manage power consumption and heat dissipation in densely packed systems [13][15]. Group 5: Market Demand - The primary demand for AI computing resources is expected to come from large internet companies and state-led cloud services, which are likely to drive the market in the next few years [20][21]. - There are concerns about the sustainability of this demand, as companies may face challenges in justifying high capital expenditures for advanced computing resources [21][22]. Group 6: Future Outlook - The article suggests that while hardware challenges exist, the real test for domestic manufacturers will be in developing robust software ecosystems to support their SuperNode offerings [19][22]. - There is optimism about the potential for AI applications in sectors like robotics and advanced manufacturing, which could drive sustained demand for high-performance computing solutions [22].

Core Insights - The AI computing power market is increasingly focused on "SuperNode" technology, with multiple companies showcasing their solutions at various conferences throughout 2023 [2][3] - The emergence of SuperNodes is driven by the need to overcome bottlenecks in training large AI models, particularly the "communication wall" that arises during parallel computing [4][9] - Domestic companies are adopting SuperNode technology as a practical solution to enhance overall computing power, compensating for limitations in single-chip performance [10][12] Group 1: SuperNode Technology - SuperNode refers to a high-density computing solution that integrates multiple AI chips within a single cabinet, allowing them to function as a unified system [6][7] - The design of SuperNodes involves two main approaches: Scale-Up, which increases resources within a single cabinet, and Scale-Out, which connects multiple cabinets [5][8] - The numbers associated with SuperNodes (e.g., "384", "640") indicate the number of AI training chips integrated within a single system, serving as a key metric for performance and density [7][8] Group 2: Industry Competition - Companies like Huawei and Inspur are positioning their SuperNode products as superior to NVIDIA's offerings, with Huawei claiming its Atlas 950 will outperform NVIDIA's NVL144 in multiple performance metrics [10][11] - The competitive landscape is marked by aggressive parameter comparisons, with domestic firms striving to achieve higher integration density within their SuperNode solutions [12][14] - The engineering challenges of integrating numerous high-power chips into a single cabinet necessitate advanced cooling and power supply technologies [12][14] Group 3: Market Demand and Challenges - The primary demand for AI computing power is expected to come from large internet companies and state-led cloud services, which have the infrastructure to support high-end computing needs [19][20] - Despite the strong demand, there are concerns about the sustainability of investments in AI computing infrastructure, particularly regarding the potential for overbuilding [20][22] - The software ecosystem remains a significant challenge for domestic manufacturers, as effective software solutions are crucial for the successful deployment of high-density computing systems [18][22]

Group 1 - The core viewpoint of the report emphasizes that the era of supernodes will redefine the landscape of computing power, moving away from GPUs as the central focus to supernodes as the primary unit of computation [1][16][34] - Supernodes, which consist of multiple devices working as a single logical unit, will significantly increase the demand for advanced process technology, with the need for Scale-up switch chips expected to grow exponentially compared to traditional AI computing clusters [1][2][59] - The report highlights that the Chinese supernode market has unique opportunities, leveraging scale and energy efficiency to compensate for the performance gap with foreign counterparts, with projections indicating that by 2027, the number of domestic supernode cards will be 8.5 times that of foreign ones [3][4][30] Group 2 - The report identifies that the demand for Scale-up switches will increase nearly 40 times compared to Scale-out architectures, with specific examples such as Huawei's Atlas 950 supernode utilizing over 9,000 low-dimensional and 500 high-dimensional switch chips [2][59] - The supernode architecture is expected to revolutionize the AI computing landscape, with major players like NVIDIA, Huawei, and Alibaba already launching their supernode products, indicating a clear trend towards high-density and high-interconnectivity AI infrastructure [34][35][36] - The report outlines the advantages of supernodes in overcoming communication, power, and software bottlenecks, thus enhancing overall system efficiency and performance [26][29][59]

Core Viewpoint - The computer industry index has underperformed compared to major stock indices, indicating a challenging market environment for the sector [1][2]. Market Review - During the week of November 3 to November 7, the Shanghai Composite Index rose by 1.08%, the ChiNext Index increased by 0.65%, and the CSI 300 Index gained 0.82%. In contrast, the computer (Shenwan) index fell by 2.54%, lagging behind the Shanghai Composite by 3.62 percentage points, the ChiNext by 3.19 percentage points, and the CSI 300 by 3.36 percentage points, ranking 30th among all industries [1][2]. Weekly Insights - NVIDIA is leading the trend of supernodes, a technology architecture for building large-scale computing clusters, which integrates thousands of GPUs into a single logical unit. The latest NVLink technology has reached its fifth generation, with each GPU having 18 NVLink connections, achieving a total bandwidth of 1800GB/s, significantly surpassing PCIe Gen6 [3]. - NVIDIA's upcoming NVL72, set to be released in March 2024, will integrate 36 Grace CPUs and 72 Blackwell GPUs into a liquid-cooled cabinet, delivering a total of 720 PFLOPs for AI training and 1440 PFLOPs for inference [3]. Domestic Major Players Accelerating Supernode Layout - **Inspur**: On November 6, during the World Internet Conference, Inspur launched the world's first single-cabinet 640-card supernode, achieving a 20-fold increase in computing density [4]. - **Huawei**: In April, Huawei introduced the CloudMatrix384 supernode, capable of creating a super-large cluster with over 160,000 cards. As of September, over 300 units have been sold, primarily to government and enterprise clients [4]. - **Alibaba**: At the 2025 Cloud Computing Conference, Alibaba Cloud unveiled the Panjiu 128 supernode AI server, which enhances inference performance by 50% compared to traditional architectures [5]. - **Baidu**: Announced the launch of the Kunlun supernode at the 2025 Baidu Cloud Intelligence Conference, making supercomputing capabilities available [5]. - **ZTE**: Developed a supernode server with 64 GPUs, featuring an innovative design that reduces latency to the nanosecond level [5]. - **Inspur Information**: Released the "Yuan Nao SD200" supernode AI server aimed at trillion-parameter models [5]. Investment Recommendations - Focus on companies involved in computing power such as Cambricon, Haiguang Information, Inspur, and others [6]. - Consider AIDC-related firms like Kehua Data and Yunse Intelligent [6]. - Explore AI application companies including Kingsoft Office, iFlytek, and others [6].

Core Insights - The "14th Five-Year Plan" emphasizes computing power as a core element of productivity in the digital economy, aiming to achieve the world's largest computing power scale by 2030 [1] - The "East Data West Computing" project has established a comprehensive computing power network covering eight national hub nodes and ten data center clusters, with the "super node" architecture emerging as a key technology for enhancing computing efficiency [1][2] Industry Trends - The demand for AI model training is growing exponentially, leading to a bottleneck in traditional data center architectures, with China's data centers consuming over 2% of the total electricity [2] - The "East Data West Computing" initiative aims to create a national integrated computing power network, focusing on efficient scheduling and green low-carbon operations [2] Technological Developments - The super node technology, characterized by high-density cabinet design and integration of heterogeneous computing resources, achieves a Power Usage Effectiveness (PUE) of below 1.05, significantly improving energy efficiency [2][3] - Super nodes have demonstrated a 40% increase in AI training efficiency and a 35% reduction in total ownership costs during tests at Alibaba Cloud's Zhangbei Super Data Center [3] Global Landscape - The global computing power infrastructure investment is expected to exceed $520 billion by 2025, with a year-on-year growth of 55% [4] - The U.S. maintains a lead through a "business-led + government-enabled" model, while China is rapidly advancing in intelligent computing and regional hub layouts under national strategies [4] Structural Challenges - The computing power industry faces structural issues such as supply-demand mismatches, high costs, and energy consumption pressures [4] - The existing challenges include an imbalance between supply and demand in eastern and western regions, and inefficiencies in resource utilization due to a lack of hardware-software synergy [4] Opportunities and Innovations - Liquid cooling technologies are gaining traction as a solution to the high energy consumption of computing facilities, potentially lowering PUE to very low levels [5] - Super nodes enhance effective computing resource utilization by over 50%, addressing the issue of idle computing resources in traditional clusters [6] Ecosystem Transformation - The strategic significance of super node technology extends beyond mere technical innovation, facilitating the pooling and service-oriented transformation of computing resources [7] - The first commercial intelligent computing super node was launched in May, significantly improving model training efficiency and performance [7] Future Prospects - The super node architecture supports the "East Data West Training" model, connecting real-time computing needs in the east with storage-type resources in the west through low-latency networks [8] - As computing power becomes a new productivity driver, super nodes are expected to evolve towards nanosecond latency and exabyte-level computing capabilities, forming the foundation for general artificial intelligence [8]

Investment Rating - The report maintains a positive investment rating for the domestic computing power sector, emphasizing the potential of supernodes and aerospace computing as key growth areas [5]. Core Insights - Supernodes are expected to become a mainstream technology under cluster expansion, significantly enhancing training and inference capabilities, thus driving the development of the domestic computing power ecosystem [3][41]. - Aerospace computing is gaining attention from major tech companies and is anticipated to be a crucial direction for domestic computing power development [3][41]. - The report highlights key investment opportunities in domestic AI computing, including chip design, advanced wafer manufacturing, liquid cooling solutions, and AI servers [3][41]. Summary by Sections Market Review - During the week of November 3-7, the CSI 300 index rose by 0.82%, while the small and medium-sized board index fell by 0.59%, and the ChiNext index increased by 0.65%. The computer sector (CITIC) saw a decline of 2.08% [1][49]. Industry News - Major developments include the launch of the world's first single-cabinet 640-card supernode by Zhongke Shuguang, which integrates advanced cooling and power supply technologies [3][45]. - The report notes that two leading domestic computing power companies, Moer Thread and Muxi Co., are set to go public, which could catalyze further growth in the sector [3][29]. Company Dynamics - Fangzhi Technology plans to reduce its shareholding by up to 3% due to personal financial needs, without affecting the company's control [2]. - Suochen Technology is acquiring a 60% stake in Beijing Likong Yuantong Technology for approximately 192 million yuan, indicating active consolidation in the sector [2][47]. Investment Recommendations - The report suggests focusing on key players in domestic AI computing, including chip design leaders like Cambrian and Haiguang Information, as well as advanced wafer manufacturers like SMIC [3][41]. - In aerospace computing, it recommends monitoring core companies such as Putian Technology and Shunhao Co., along with satellite internet leaders [3][41].

Group 1 - The article discusses the importance of building a modern infrastructure system, emphasizing the need for integrated planning and sustainable operations [1] - It highlights the necessity of advancing new infrastructure, particularly in information communication networks and major technological facilities [1] - The article also mentions the enhancement of transportation systems and energy infrastructure to ensure resilience and coverage in weak areas [1] Group 2 - The concept of "Supernode" is introduced as a new generation of computing infrastructure, with leading companies like NVIDIA and Huawei launching their own Supernode products [2] - Supernodes are designed to support parallel computing tasks and accelerate data exchange between GPUs, significantly reducing training cycles for large models [4] - The article notes that the shift to Supernodes increases power consumption and communication complexity, leading to investment opportunities in related sectors such as AI chip manufacturers and server producers [4] Group 3 - The article identifies key companies involved in the Supernode ecosystem, including domestic AI chip leaders and high-end CPU manufacturers [4][5] - It emphasizes the potential for growth in companies producing Supernode servers and those providing supporting technologies like PCB and liquid cooling solutions [4]

Report Industry Investment Rating No relevant information provided. Core Views of the Report - AI generalization has entered a large-scale application period, leading to an exponential increase in computing power demand across various industries. The US is facing a power crisis, and China is likely to experience a power shortage in 1 - 2 years. China will win the Sino-US AI game, and the semiconductor equipment and energy storage industries will be highly prosperous. Silver is a commodity that benefits from both endless computing power and endless electricity. The stock market style is shifting, and the CSI 300 Index is well-balanced. Gold will soar due to the Fed's policy shift, and the demand for commodities will decline. The RMB exchange rate is expected to strengthen [1][2][3]. Summary by Relevant Catalogs Economic Cycles - **Kitchin Cycle**: China's current Kitchin cycle is expected to reach its peak in Q4 2025, while the US will reach its peak in Q1 2026 [6]. - **Juglar Cycle**: China's Juglar cycle is currently in an upward phase and is expected to peak in early 2027 [7]. - **Kuznets Cycle**: China's current Kuznets cycle is expected to bottom out around 2030 [8]. - **Kondratieff Cycle**: The current Kondratieff depression started in 2020 due to the COVID-19 impact and is expected to end around 2030, followed by a 10-year recovery period. China is the center of this technological innovation cycle, with AI being the most significant innovation [9]. AI Computing Power Demand - The implementation of the "AI +" action indicates China's full transition to an AI economy. The demand for computing power is growing exponentially, with token usage expected to increase by about 30 times in a year, 900 times in two years, and 27,000 times in three years. Tech giants are making substantial investments in computing power infrastructure, and global AI data center and chip investment is expected to reach $2.9 trillion by 2028 [10][11][14]. Power Demand and Crisis - The exponential growth in computing power demand leads to an exponential increase in power demand, intensifying the Sino-US power competition. The US is facing a power crisis as its aging power grid struggles to meet the growing demand. China is likely to experience a power shortage in 1 - 2 years despite its efforts to expand new energy power generation [15][16][23]. Semiconductor Equipment Industry - Huawei's AI chip computing power supernodes lead the industry, indicating China's full autonomy in the chip industry chain. The surging demand for computing power will drive the semiconductor equipment industry to remain highly prosperous, and related ETFs are expected to perform well [24][25][28]. Energy Storage and Photovoltaic Industries - China's strong power construction mobilization ability ensures its victory in the Sino-US AI game. The energy storage industry is highly prosperous due to the increasing power demand, and the photovoltaic industry is expected to recover in 2026 [33][36]. Silver - Silver benefits from both endless computing power and endless electricity. The demand for silver is expected to surge, widening the supply-demand gap and leading to a shortage of physical silver [37]. Stock Market - The stock market style is shifting, and the CSI 300 Index is well-balanced with limited downside and significant upside potential. The CSI 500 and CSI 300 indices have reached new highs, and the Sci-Tech Innovation 50 Index and ChiNext Index are expected to continue rising. A large amount of domestic and foreign capital is flowing into the A-share market [44][46][47]. Gold - The Fed's policy shift towards full employment and tolerance of inflation, combined with the potential for negative real interest rates in the US, will drive gold prices higher [48][49]. Commodities - Due to the anti-involution in the mid - and downstream industries, the demand for upstream resource commodities is weakening. However, copper prices may strengthen temporarily, and lithium carbonate may enter a new bull market in H2 2026 [50][51][52]. Bonds - As the stock market rises, bond funds are facing large-scale redemptions, and the bond market is becoming a source of funds for the stock market. The real interest rate is trending towards negative values [52]. Foreign Exchange - China is expected to achieve a double surplus in trade and capital, and the offshore RMB exchange rate is likely to enter the 6 - level by the end of the year [53][55][56]. October Outlook for Major Asset Classes - **Equity Assets**: The stock market's wealth effect is attracting savings from the household sector, and overseas funds are flowing into Chinese assets. The semiconductor equipment index and battery index are expected to remain highly prosperous [3][56]. - **Gold and Silver**: Gold will soar due to the Fed's policy shift, and silver may face severe supply shortages [3][56]. - **Commodities**: The demand for upstream resource commodities is weakening [3][56]. - **Bond Assets**: The bond market is becoming a source of funds for the stock market as the real interest rate turns negative [3][56]. - **Foreign Exchange Assets**: The offshore RMB exchange rate is expected to strengthen and enter the 6 - level by the end of the year [3][56].

Group 1 - Company provides cooling systems for packaging lithography machines for Shanghai Micro Electronics Equipment Group, with a revenue increase from 625.83% to 756.71% [2] - Company offers lithography objectives, contributing to the optical industry [2] - Major US storage leaders have reached historical highs; Taiwanese manufacturers have fully booked DDR4 production capacity for Q4 [2] - Company’s enterprise-level storage is primarily used in servers, data centers, and cloud computing [2] - Huawei plans to launch the world's strongest super node in Q4, with a computing power scale of 8192 cards [2] - Company is a leading player in the global fiber optic cable industry, with advanced hollow core technology [2] - Company’s Micro TEC products have been validated by leading enterprises and are now in mass production [2] - Company is expanding its business in the energy storage sector through precision box systems [2] Group 2 - Company’s controlling shareholder has changed to Yang Gongyi Fan [3] - Company develops chips using the CK802 32-bit core architecture from Pingtouge [3] - Company’s photoresist substrate products are currently in the customer engagement phase [3] - Company has signed a strategic cooperation agreement with Suzhou Nengda to jointly develop flexible electronic skin [3] - Company focuses on the development of intelligent cleaning robots based on a skateboard chassis [3] - Company invests in smart elderly care robot projects, integrating AI with home care [3] Group 3 - Company is a hardware supplier for Leju Robotics [4] - Company participates in the information technology project for the C919 large aircraft [4] - Company is a leading cinema investment and operation brand in China [4] - Company has signed a strategic cooperation framework with Huawei to collaborate in network, cloud computing, and big data [4] Group 4 - Company is a major player in the historical cultural scenic area development, managing several national 5A scenic spots [5] - Company is the second-largest shareholder of Tianke He Da, which is a global leader in SiC chip manufacturing [5] - Company’s main products include silicon carbide crystal growth furnaces [5] - Company has seen price increases in express delivery services across multiple regions [5] Group 5 - Company has been awarded a project for intelligent cockpit domain controllers, with a total amount of approximately 5.6 billion [6] - Company is a leading construction firm in Xinjiang with comprehensive qualifications [6] - Company’s controlling shareholder has changed to Yang Gongyi Fan [6] - Company is deeply involved in AI computing server connections and assembly for Apple hardware [6] Group 6 - Company has a long-standing partnership with Huawei on smart water projects [7] - Company’s subsidiary has mining rights for a gold mine, with an expanded mining scale approved [7] - Company produces silver ion antibacterial fabrics using SILVER+ technology [7]