Core Insights - Huawei emphasizes the importance of open innovation and knowledge protection in driving technological advancement and societal development [1][3][10] R&D Investment - Huawei has invested over 20% of its annual sales revenue in R&D for the past five years, with R&D expenses exceeding RMB 170 billion in 2024, accounting for 20.8% of total sales [1][4] - Cumulatively, Huawei has invested over RMB 1.2 trillion in R&D over the past decade, ranking 6th globally in R&D spending according to the 2024 EU Industry R&D Scoreboard [1][4] Open Source and Collaboration - Huawei's open-source initiatives include the HarmonyOS and Euler operating systems, aimed at enhancing technology efficiency and reducing costs for developers and partners [3][4] - The OpenHarmony community has seen over 8,100 contributors and more than 10 million lines of new open-source code submitted in the past year [4] Patent and Licensing Strategy - In 2024, Huawei publicly disclosed a record 37,000 new patents, with over 150,000 valid patents globally, making it the largest patent holder in China [6][10] - Huawei's patent licensing revenue reached a historical high of $630 million in 2024, with cumulative licensing revenue over the past decade potentially exceeding $4 billion [6][7] Industry Contributions - Huawei has signed 233 patent licensing agreements, with 95% achieved through negotiation, and has contributed significantly to standards in cellular communication and multimedia technologies [10] - The company has paid significantly more in licensing fees than it has received, with cumulative payments exceeding $12 billion [8] Public Engagement and Tools - Huawei launched the "Chasi Patent" tool to provide free access to patent data for researchers, which has received over 2 million visits since its launch [11] - The tool has been upgraded to include features like semantic search and AI summaries, enhancing its utility for the research community [11] Future Outlook - Huawei aims to foster an environment of open collaboration and innovation, emphasizing the importance of protecting intellectual property while driving industry growth [11]

Report Industry Investment Rating - The macro and financial sector of the global economy is rated as "Bullish" [1] Core View - The global economy maintains an upward trend, with China implementing the "Artificial Intelligence +" initiative, international capital actively increasing positions in China's technology sector, the US retail and manufacturing showing positive trends, the euro - zone manufacturing PMI breaking above the boom - bust line, and the global AI infrastructure accelerating [1] Summary by Related Catalogs Important Information - From a global perspective, Luobomei is more optimistic about non - US equity markets, especially China, Japan, and Europe. The weakening of the US dollar is expected to promote global capital re - balancing, and the demand for foreign capital to flow back to A - shares and Hong Kong stocks is expected to significantly increase [1] - A Goldman Sachs trader believes that the market is entering a liquidity - driven speculative stage, similar to the situation in 1999 in the US stock market, with the investment logic shifting from fundamentals to liquidity, market positions, and price trends [1] - Hong Kong - related ETFs have become the core carriers of capital inflows, with many products showing high scale and high net capital inflows. As of September 19, the latest scale of E Fund Hang Seng Tech ETF exceeded 20 billion yuan, reaching 20.45 billion yuan [1] - Huaxi Securities believes that Huawei has achieved TB - level ultra - large bandwidth through multi - port aggregation and high - sealing technology. The inter - connection bandwidth of Atlas 950 reaches 16.3PB/s, 62 times that of NVIDIA NVL144, and has achieved a 24% improvement in latency [1] - Samsung has significantly raised the prices of memory and flash products, with DRAM products increasing by up to 30% and NAND flash prices rising by 5 - 10%. Micron and SanDisk have also announced similar price increases [1] - Morgan Stanley says the humanoid robot industry is at a critical turning point, with the global market expected to reach $5 trillion by 2050. China leads the world in commercial orders, with a cumulative order amount of 975 million yuan, and Tesla Optimus V3 has become a global focus [1] Global Economic Logic - China implements the "Artificial Intelligence +" initiative, and international capital actively increases positions in China's technology sector. The US retail in August increased by 0.6% month - on - month, exceeding expectations. The US capital goods imports in July reached $95.8 billion, a new record. The euro - zone manufacturing PMI in August broke above the boom - bust line for the first time since June 2022. Huawei announced the evolution and goals of Ascend chips, and the global AI infrastructure is accelerating [1]

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a significant growth trajectory for both domestic and international markets [2]. Core Insights - The report emphasizes that the domestic computing power supply chain is expected to overcome bottlenecks in advanced process capacity and packaging, with a notable increase in production anticipated by 2026 [3]. - It highlights the real demand for computing power from major Chinese internet companies, driven by the need for intelligent computing to support business operations and the proliferation of generative AI applications [3]. - The report suggests investors focus on companies with strong performance consistency and warns of potential short-term volatility due to changes in shipment rhythms, market share fluctuations, and capital expenditure variations [2]. Summary by Sections Domestic Computing Power Supply Chain - The domestic computing power market is in a tight balance, with key bottlenecks being gradually addressed, leading to a favorable investment outlook for the second half of the year and into next year [3]. - Huawei's recent announcements regarding its computing chip roadmap and the launch of the Atlas 950 and Atlas 960 SuperCluster are seen as significant advancements in the domestic computing power landscape [3]. Key Companies to Watch - The report recommends focusing on core computing hardware companies such as Cambricon (688256), SMIC (0981.HK), and Hua Hong Semiconductor (1347.HK) [4]. - It also highlights opportunities in the optical module sector, suggesting investments in leading companies like Zhongji Xuchuang (300308) and NewEase (300502) [5]. Next-Generation Training Clusters - The trend towards customized PCIe switches for interconnecting chips within cabinets is noted, with significant developments from major players like AWS and Meta [6]. - The report suggests monitoring companies like Astera Labs (ALAB) and Lattice Semiconductor (688008) for potential investment opportunities [6]. Edge AI Opportunities - The report mentions Meta's launch of AI smart glasses and OpenAI's plans to enter the AI hardware market, indicating a growing demand for high-performance, low-power edge AI hardware [8]. NAND Storage Price Increase - SanDisk's announcement of a 10% price increase for NAND Flash modules is expected to be followed by domestic leader Yangtze Memory Technologies [9]. - The report suggests monitoring companies like Demingli (001309) and Zhaoyi Innovation (603986) for potential benefits from this price increase [9]. Analog Chip Market - The report notes a recent anti-dumping investigation into U.S. analog chips, which could benefit domestic manufacturers and lead to price increases in the analog chip market [9]. - Companies such as Hua Hong Semiconductor (1347.HK) and Naxin Micro (688052) are highlighted as potential investment opportunities [9].

Group 1: Company Overview - NetDragon's revenue for the first half of 2025 was RMB 2.38 billion, a year-on-year decline of 28%[5] - The gross profit was RMB 1.7 billion, down 24.7% year-on-year, but the gross margin improved by 2.9 percentage points to 69.5%[5] - The company has a net cash position of approximately RMB 2.3 billion and holds 12,000 Ethereum as digital asset reserves[5] Group 2: Business Segments - The gaming and other businesses generated RMB 1.74 billion in revenue, a decrease of 18% year-on-year, but only a 4% decline compared to the second half of 2024, indicating stabilization[6] - The education segment, Mynd.ai, reported revenue of RMB 640 million, impacted by tightened customer budgets, with ongoing cost optimization efforts[7] Group 3: Financial Projections - The target price for NetDragon is set at HKD 20.24, representing a 71% upside from the last closing price[8] - The adjusted EPS for 2025 is projected at HKD 1.004, a decrease of 25% from previous estimates, while 2026 EPS is expected to be HKD 1.175, down 22%[2] Group 4: Market Strategy - The company plans to return at least HKD 600 million to shareholders through dividends and share buybacks over the next year[5] - New game titles and expansion into overseas markets are expected to drive future growth, with several products in the pipeline for release[6]

记者丨倪雨晴李益文 编辑丨骆一帆 叶映橙 视频丨杨浩凯 9月18日，华为全联接大会（HC 2025）拉开帷幕，华为副董事长、轮值董事长徐直军在50分钟的演讲中，罕见地详细公开了华为的AI算力版图。 华为算力概念多股上涨，烽火通信直线涨停 受上述消息影响，华为算力概念午后上扬。截至收盘，烽火通信（600498.SH）涨停，兴图新科（688081.SH）涨超10%，星环科技（688031.SH）、信安 世纪（688201.SH）、大华股份（002236.SZ）涨超5%，神州数码（000034.SZ）、高新发展（000628.SZ）等个股跟涨。 （华为轮值董事长徐直军发表主题演讲，图源：华为） 围绕算力核心，徐直军首次完整公布了昇腾芯片未来三年的迭代路线：从2026年一季度即将推出的Ascend 950系列，到2027年的Ascend 960，再到2028年 的Ascend 970，几乎以"一年一代算力翻倍"的速度推进。 他详述了950系列在低精度数据格式、向量算力、互联带宽以及自研HBM等方面的突破，并明确芯片硬件持续演进、CANN编译器及Mind工具链全面开 源、openPangu基础大模型开放等四大承诺，以回 ...

Core Viewpoint - Huawei is leading a new paradigm in AI infrastructure with its innovative supernode interconnection technology, emphasizing the importance of computing power in artificial intelligence development [2][8]. Summary by Sections Ascend Chip Development - Huawei has committed to the monetization of Ascend hardware and plans to open-source its CANN compiler and virtual instruction set interface by December 31, 2025 [2]. - The Ascend 950 series, including Ascend 950PR and Ascend 950DT, is set to significantly enhance computing power and efficiency compared to previous models [3][4]. - The Ascend 950 chip will support new data formats and achieve a computing power of 1 PFLOPS for FP8 and 2 PFLOPS for FP4, with interconnect bandwidth increased to 2 TB/s [5][6]. Upcoming Chip Releases - The Ascend 950PR chip is targeted for Q1 2026, focusing on inference prefill and recommendation scenarios, while the Ascend 950DT will be released in Q4 2026, emphasizing inference decode and training [6][7]. - The Ascend 960 chip, expected in Q4 2027, will double the specifications of the Ascend 950, enhancing performance for training and inference [7]. - The Ascend 970, planned for Q4 2028, aims to further upgrade performance metrics across various specifications [7]. Supernode Products - The Atlas 950 supernode, based on the Ascend 950DT, will support 8192 Ascend 950DT chips, achieving FP8 computing power of 8 EFLOPS and interconnect bandwidth of 16 PB/s, set to launch in Q4 2026 [9][10]. - The Atlas 960 supernode, launching in Q4 2027, will support 15488 cards, with FP8 computing power reaching 30 EFLOPS and interconnect bandwidth of 34 PB/s [11]. Interconnection Technology - Huawei has developed a new interconnection protocol, "Lingqu," to support large-scale supernodes, enhancing reliability and bandwidth while reducing latency [18][19]. - The Atlas 950 SuperCluster, consisting of 64 Atlas 950 supernodes, will achieve a total FP8 computing power of 524 EFLOPS, launching alongside the Atlas 950 supernode in Q4 2026 [20]. Future Directions - Huawei aims to continue evolving its supernode and cluster products to meet the growing demands for AI computing power, with a focus on both AI and general computing applications [12][21].

Core Viewpoint - Huawei unveiled its AI computing roadmap at the HC 2025 conference, emphasizing a commitment to doubling computing power annually through the development of its Ascend chip series and a comprehensive AI infrastructure strategy [3][4]. Group 1: AI Computing Strategy - Huawei's Vice Chairman Xu Zhijun detailed the three-year iteration plan for the Ascend chips, with the Ascend 950 series launching in Q1 2026, followed by the Ascend 960 in 2027, and the Ascend 970 in 2028, aiming for a doubling of computing power each year [3]. - The Atlas 950 and Atlas 960 supernode products were introduced, with the Atlas 950 featuring 8192 cards and achieving FP8 computing power of 8E FLOPS, and the Atlas 960 set to support 15488 cards, further enhancing performance [3][4]. Group 2: Infrastructure and Ecosystem - Huawei's TaiShan 950 supernode, based on the new Kunpeng 950 processor, aims to outperform traditional databases and high-end servers with a 2.9x performance improvement without requiring database modifications [4]. - The self-developed "UnifiedBus" interconnect protocol facilitates high-reliability computing collaboration across large-scale systems and will be open-sourced from version 2.0 to foster an open supernode ecosystem [4]. Group 3: Market Reaction and Collaborations - Following the announcements, Huawei's computing concept stocks surged, with Fenghuo Communication hitting the daily limit, and other companies like Xingtuxinke and Xinghuan Technology also seeing significant gains [5][6]. - Companies such as Fenghuo Communication and Xingtuxinke are actively collaborating with Huawei's Ascend ecosystem, enhancing their capabilities in AI and computing solutions [6][7]. Group 4: Industry Outlook - Analysts from Zhongyin Securities noted that Huawei's dual breakthroughs in computing and software are paving the way for a new era in domestic AI, with significant growth potential in the domestic computing chain [7]. - The semiconductor sector is experiencing increased utilization rates and strong orders, indicating a favorable environment for domestic computing chip growth driven by AI demand [7].