科创芯片设计ETF易方达(589030)紧密跟踪上证科创板芯片设计主题指数，上证科创板芯片设计主题指 数选取科创板内业务涉及芯片设计领域的上市公司证券作为指数样本，以反映科创板芯片设计领域上市 公司证券的整体表现。 消息面上，阿里自研高端AI芯片"真武810E"在官网上线，该芯片实现软硬件全自研。这意味着由通义 实验室、阿里云和平头哥组成的阿里巴巴AI黄金三角"通云哥"首度曝光。该芯片搭载96G HBM2e内 存，已在阿里云实现多个万卡集群部署，服务国家电网、中科院、小鹏等超400家客户。这意味着阿里 成为全球极少数实现全栈垂直整合的科技公司。 截至2026年1月29日 10:40，科创芯片设计ETF易方达(589030)盘中换手10.97%，成交4673.62万元，市场 交投活跃。 近期，超节点服务器集群加速渗透，推动国产AI基础设施性能实现弯道超车。开源证券指出，超节点 通过Scale Up互联协议整合多个算力芯片，形成逻辑上的一台"大型GPU/ASIC"，有效突破单台8卡服务 器在效率与可靠性上的瓶颈；在单卡算力存在差距背景下，华为Atlas 900 A3 SuperPoD集群BF16总性能 已达NVL ...

Core Viewpoint - Computing power is the engine of the digital economy, becoming a core resource in the intelligent transformation of society, especially with the rise of AI models [1] Group 1: Current State of Computing Power in China - As of June 2023, China's total number of operational computing power centers reached 10.85 million standard racks, with intelligent computing power at 788 EFlops, ranking among the top globally [1] - The rapid iteration of AI raises concerns about insufficient computing power [1] Group 2: Huawei's Strategy - Huawei is adopting a differentiated path by constructing a new computing supply system based on "super nodes + clusters" to address the increasing demand for computing power and external limitations in chip manufacturing [2] - The "super node" concept integrates computing chip resources to create a low-latency, high-bandwidth computing entity, enhancing computing efficiency for training and inference of large models [2] - Huawei's latest super node products, Atlas 950 SuperPoD and Atlas 960 SuperPoD, support 8,192 and 15,488 Ascend cards respectively, with the computing power scale of the new clusters exceeding 500,000 and reaching 1 million cards [3] Group 3: Future Outlook and Innovations - Huawei aims to innovate systematically with the "super node + cluster" approach, providing sustainable and scalable computing power for China's AI development [3] - The company plans to advance its computing capabilities at a pace of nearly one generation per year, doubling the computing power each time [3] - Huawei has introduced the UnifiedBus protocol to overcome technical bottlenecks in large-scale super node interconnection, promoting an open ecosystem for computing power [5][6] Group 4: Open Source and Ecosystem Development - Huawei is committed to open-sourcing its Ascend hardware to accelerate developer innovation and build a robust ecosystem [6] - The trend towards open-source technology is seen as essential for the construction of a computing ecosystem, with significant implications for reducing computing costs and fostering comprehensive system innovation [6][7] - Recent government policies are aimed at strengthening the open-source landscape, providing a supportive environment for the development of the computing ecosystem in China [7]

Group 1: Industry Overview - The global AI industry is undergoing a significant restructuring focused on ecosystem integration, highlighted by major investments and partnerships such as NVIDIA's $5 billion stake in Intel and OpenAI's $300 billion computing order with Oracle [2] - The transactions illustrate a clear layout of the US AI industry chain, emphasizing a closed-loop construction of "chip-computing model-application" through vertical integration [2] Group 2: Huawei's Strategic Positioning - Huawei's recent announcements at the 2025 Global Connectivity Conference are seen as a high-profile return after years of uncertainty due to sanctions, showcasing its advanced AI computing capabilities with new Ascend chips and supernodes [4] - Huawei has developed a non-linear competitive path to world-class AI computing by leveraging its strengths in system engineering and connectivity technology, shifting focus from single-chip performance to overall system performance [5] Group 3: Importance of Computing Power - Computing power is now recognized as a critical strategic resource for national economic futures, serving as the core infrastructure and "engine" of the AI era, essential for digital economic growth and the transformation of traditional industries [6] - The demand for intelligent computing is growing exponentially, outpacing general computing, and is becoming a key indicator of a country's digital economic development [6] Group 4: Challenges and Innovations - Huawei faces significant structural challenges in achieving AI leadership, particularly due to sanctions limiting access to advanced semiconductor processes, resulting in a performance gap compared to NVIDIA [6][7] - In response to these challenges, Huawei has proposed a new architecture focused on system engineering capabilities, emphasizing the importance of data communication efficiency among multiple processors rather than just single-chip performance [8] Group 5: Hardware Developments - Huawei has introduced specific hardware products like the Atlas 950 SuperPoD and Atlas 960 SuperPoD, capable of supporting thousands of Ascend cards, designed to function as a cohesive computing unit [9] - These supernodes can be combined into larger clusters, with the Atlas 950 SuperCluster exceeding 500,000 cards and the Atlas 960 SuperCluster reaching over one million cards, creating a highly integrated and low-latency computing environment [11] Group 6: Ecosystem Development - The success of Huawei's hardware relies on building a robust software ecosystem, with a clear business model that encourages open-source development to lower barriers for developers and partners [12] - Huawei aims to foster a self-sustaining AI ecosystem by addressing the inertia of developers accustomed to existing platforms, calling for collective efforts within the industry to overcome early migration challenges [13] Group 7: Strategic Implications - The focus of Huawei's strategy has shifted from general digital transformation to reconstructing and leading AI computing infrastructure, marking a fundamental change in strategic priorities [15] - If successful, Huawei's strategy could lead to a bifurcation in the global AI infrastructure market, challenging the dominance of NVIDIA and creating a new competitive landscape centered around Huawei and its Ascend ecosystem [16]

Core Viewpoint - Huawei has established a non-symmetric competitive path towards world-class AI computing power by leveraging its strengths in system engineering and connectivity technology, shifting the focus from single-chip performance to system performance to gain a competitive edge [1][7]. Group 1: Industry Dynamics - The global AI industry is undergoing a restructuring centered on ecosystem integration, highlighted by significant investments and partnerships, such as Nvidia's $5 billion stake in Intel and OpenAI's $300 billion order with Oracle [2]. - The AI computing power is now recognized as a critical strategic resource, essential for national economic futures and strategic autonomy, with its demand growing exponentially, far exceeding that of general computing power [9][10]. Group 2: Huawei's Strategic Response - Huawei's recent announcements at the Shanghai All-Connect Conference 2025, including the launch of new Ascend chips and supernodes, signify a high-profile return after years of uncertainty due to sanctions [3][5]. - The company has adopted a new architecture that emphasizes system engineering capabilities to overcome the limitations of single-chip performance, focusing on the efficiency of inter-chip communication rather than just peak processing power [12][15]. Group 3: Technological Innovations - Huawei's supernodes, such as the Atlas 950 and 960, can support thousands of Ascend cards, creating a highly cohesive and low-latency computing environment for AI training tasks [13][15]. - The integration of these supernodes into larger clusters allows for unprecedented computing density, enabling seamless distribution of extensive AI training tasks across numerous processors [15]. Group 4: Ecosystem Development - Huawei aims to build a robust software ecosystem around its hardware, adopting an open-source approach to lower barriers for developers and encourage widespread adoption [17][18]. - The company recognizes the challenge of developer inertia towards established platforms like Nvidia and calls for collective efforts within the industry to foster a self-sustaining AI ecosystem [18]. Group 5: National Strategy Alignment - The "East Data West Computing" initiative aims to optimize energy consumption for data centers by leveraging the abundant clean energy resources in western China, supporting the economic feasibility of Huawei's supernode and cluster strategy [18]. - Huawei's strategic evolution from focusing on digital transformation to emphasizing AI infrastructure reflects a significant shift in its approach to addressing the foundational needs of AI development [20][21].

Summary of Huawei's AI Roadmap and Implications for the Semiconductor Industry Industry Overview - The focus is on the **semiconductor industry** in China, particularly regarding **Huawei's AI ambitions** and its impact on the local semiconductor ecosystem [1][2][3]. Key Points and Arguments Huawei's AI Roadmap - Huawei unveiled its AI roadmap on **September 18, 2025**, which includes: - Next-generation **Ascend AI chip roadmap** - Open-source **UnifiedBus (UB) protocol** for connecting numerous chips in a **SuperPoD** - Development of the most powerful **SuperPoDs and SuperClusters** globally [1]. - The roadmap indicates a need for **16 times more chips**, which is expected to be inflationary for **Foundry/WFE** and benefits the entire semiconductor value chain [1]. Confidence in Local Foundry Supply - Huawei's public articulation of its AI roadmap signals confidence in the resilience of its local foundry supply, contrasting its previous cautious approach post-U.S. sanctions [2]. - The company appears to have secured reliable manufacturing capabilities, marking a significant milestone in building a robust local semiconductor ecosystem [2]. Demand for Advanced Logic Capacity - The ambitious scale of Huawei's AI SuperPoDs and SuperClusters indicates a **surge in demand** for local advanced logic capacity [3]. - Huawei's **Ascend 950 chip** has only **6%** of the performance of Nvidia's **VR200**, but through innovative networking protocols, Huawei can deploy **114 times more chips** than Nvidia in a single SuperPoD, achieving **6.8 times higher total computing power** [3]. Positive Impacts on Local Semiconductor Companies - The developments are positive for the entire local AI supply chain, benefiting: - **Foundries** like **SMIC**, which is expanding its **7nm capacity** to support Huawei's production [4]. - **Semicap vendors** such as **NAURA**, **AMEC**, and **Piotech**, which are expected to see substantial benefits from capacity expansion plans [4]. - **Hygon**, a leading domestic x86 server CPU provider, may face increased competition from Huawei but remains a necessary alternative [4]. Investment Implications - **SMIC** is rated **Outperform** with a price target of **HKD 30** for H-shares and **CNY 110** for A-shares, based on a valuation of **1.5x NTM P/B multiple** [6]. - **Hua Hong** is also rated **Outperform** with a price target of **HKD 60** for H-shares and **CNY 85** for A-shares, driven by its acquisition of Fab 5 [7]. - **NAURA**, **AMEC**, and **Piotech** are rated **Outperform**, benefiting from domestic WFE substitution in China [8][9][10]. - **Hygon** is rated **Outperform** with a price target of **CNY 220**, leveraging its AI accelerator for growth [11]. - **Cambricon**, while a leading AI accelerator ASIC chip provider, is rated **Market-Perform** due to high valuation concerns [12]. Additional Important Insights - The local AI production capacity is projected to **triple by 2026**, indicating strong capital expenditure trends in China [3]. - The developments create a **virtuous cycle of innovation and investment** that will strengthen China's AI ecosystem for years to come [4]. This summary encapsulates the critical insights from Huawei's AI roadmap and its implications for the semiconductor industry, highlighting the potential for growth and investment opportunities within the local ecosystem.

Core Insights - Huawei unveiled the complete development roadmap for its Ascend AI chips at the Global Connectivity Conference, establishing a self-controlled computing foundation for China's AI industry amid manufacturing constraints [2] - The domestic AI chip ecosystem is evolving with multiple players like Alibaba, Baidu, Tencent, and ByteDance adopting different strategies for market entry, creating a multi-path domestic substitution landscape [3][6] Huawei's Asymmetric Innovation Path - Huawei acknowledges that its single-chip computing power still lags behind Nvidia but opts for an asymmetric innovation path, focusing on system architecture and interconnection technology to compensate for performance gaps [3] - The key breakthrough is the Lingqu interconnection protocol, which addresses long-distance, high-reliability, and low-latency challenges, achieving significant improvements in reliability and bandwidth [3] Future Roadmap for Ascend Chips - Huawei's roadmap includes the launch of Ascend 950PR in Q1 2026, focusing on inference pre-fill scenarios, and Ascend 950DT in Q4 2026, which will shift to SIMD/SIMT architecture for general AI tasks [4] - The Ascend 960, set for Q4 2027, will double specifications, while the Ascend 970 in Q4 2028 will achieve significant increases in computing power and memory access bandwidth [4] Competitive Edge of Huawei's SuperNodes - Huawei's Atlas 950 SuperPoD and Atlas 960 SuperPoD support 8192 and 15488 Ascend cards respectively, leading in key metrics compared to Nvidia's upcoming NVL144S [4] - The Atlas 950 SuperCluster and Atlas 960 SuperCluster boast computing power exceeding 500,000 and 1 million cards respectively, marking a significant advancement in the industry [4] Software and Ecosystem Development - Huawei is enhancing its software and ecosystem by open-sourcing the CANN compiler and virtual instruction set interface, with plans to open-source the Mind series application enablement suite by the end of 2025 [5] - The company aims to build a competitive technology alliance against Nvidia's CUDA ecosystem through the open release of Lingqu 2.0 technology specifications [5] Other Players in the AI Chip Ecosystem - Alibaba is diversifying its AI chip strategy with self-developed inference chips and ARM architecture CPUs, while Baidu's Kunlun series has gained market recognition with significant contracts [8] - Tencent is optimizing software-hardware collaboration through cloud services and investments in AI chip companies, while ByteDance is engaging in supply chain partnerships to procure domestic AI chips [8] Policy and Patent Support - The Chinese government has implemented policies to support the chip industry, aiming for a 70% self-sufficiency rate by 2025, with various tax incentives for chip manufacturers [10] - Patent accumulation is crucial for technological breakthroughs, with Huawei holding over 150,000 global patents, including significant numbers in AI and communication fields [11][12] Conclusion - The advancements in Huawei's Ascend chips and the collaborative efforts of other domestic players are driving the growth of a self-controlled AI chip ecosystem in China, supported by robust government policies and patent strategies [12]

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].

Investment Rating - The investment rating for the computer industry is "Recommended" [2][20]. Core Insights - The AI industry continues to show high prosperity, with a confirmed turning point for industry recovery [3]. - Huawei has launched new supernode products, Atlas 950 SuperPoD and Atlas 960 SuperPoD, which significantly outperform competitors in key metrics [4][12]. - Alibaba's upcoming Cloud Summit is expected to focus on AI infrastructure and applications, with strong growth in AI-related revenues [18][19]. Summary by Sections Recent Developments - Huawei's new supernode products support 8192 and 15488 Ascend cards, respectively, and are set to meet the growing domestic demand for computing power [4][12]. - The Atlas 950 supernode is expected to launch in Q4 2026, with performance metrics significantly exceeding those of NVIDIA's upcoming products [14][17]. Financial Performance - Alibaba's cloud intelligence group reported a 26% year-on-year revenue growth, with AI-related products achieving triple-digit growth for eight consecutive quarters [18][19]. - Alibaba's capital expenditure reached 38.676 billion RMB, a 220% increase year-on-year, maintaining a target of 380 billion RMB for AI hardware infrastructure over the next three years [18][19]. Investment Recommendations - The report suggests focusing on AI infrastructure companies such as Zhongke Shuguang, Digital China, Inspur Information, and others, as well as Alibaba's partners [20]. - The shift in AI competition from single-card performance to system-level efficiency is highlighted, with a recommendation to monitor developments in AI infrastructure [20].

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]

Group 1 - The core viewpoint of the article highlights the significant rise of the Sci-Tech 50 ETF, which increased by 4.05% with a trading volume exceeding 4 billion yuan, driven by strong performances from stocks like Chip Origin Technology, Haiguang Information, and Jingchen Technology, all rising over 10% [1] - Huawei announced its future development roadmap for Ascend at the Huawei Connect 2025 event, planning to launch several new products including the 950PR, 950DT, 960, and 970 between Q1 2026 and Q4 2028, along with the development of large-scale supernodes like Atlas 950 SuperCluster and Atlas 960 SuperCluster [1] - CITIC Securities expressed optimism about Huawei's Ascend as a representative of domestic computing power, recommending attention to advanced processes and the HBM and other supporting industrial chains [1] Group 2 - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, which has a significant allocation in the electronics sector at 68.77% and the pharmaceutical and biological sector at 9.85%, totaling 78.62%, aligning well with the development directions of domestic chips, artificial intelligence, and robotics [1] - The index also covers multiple sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [1] - The current position of the Sci-Tech 50 Index is near its base point, and referencing the historical performance of the ChiNext board, the future growth potential is promising, suggesting that investors optimistic about China's hard technology should continue to pay attention [1]