半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （59%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 （文章来源：每日经济新闻） 华泰证券认为，算力芯片放量瓶颈在先进制造产能，先进制造产能释放瓶颈在于良率培养与核心主设备 供应，而光刻机为前道设备中的核心技术瓶颈所在，国内目前加速推进布局，据芯上微装官方公众号信 息，截至3Q25已交付超500台先进封装用步进光刻机，公司该类产品能用于2.5D/3D等先进封装领域， 目前全球市占率达到35%，国内市占率达到90%，并且公司于9月23日工博会发布多款光刻机新品。随 国内光刻机等核心主设备厂商持续实现技术突破，将有望在前道光刻、刻蚀与薄膜沉积等过程逐步实现 自主可控，长期中将为下游先进代工厂减缓设备限制，打开产能释放空间。 相关ETF：公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418）跟 踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（59%）和半导体材料（25%）细分 领域的硬科技公司。半导体设备和材料行业是重要的国产替代领域，具备国产 ...

国信证券认为，OpenAI与英伟达的意向书展示了科技巨头对AI基建的大规模投入，英伟达GPU的支 持，有望加速OpenAI的大模型的进化，大模型也反向推高了算力需求，反映了当前AI驱动下云基础设 施需求持续旺盛，我们认为AI算力仍然是需求确定性高增长的投资主线 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 截至2025年10月9日 13点28分，上证科创板人工智能指数强势上涨3.71%，成分股芯原股份上涨 14.21%，恒玄科技上涨7.31%，合合信息上涨6.52%，萤石网络，澜起科技等个股跟涨。科创人工智能 ETF华夏（589010）上涨3.61%， 冲击3连涨。最新价报1.61元。流动性方面，科创人工智能ETF （589010）华夏盘中换手12.78%，成交9715.06万元，市场交投活跃。规模方面，科创人工智能ETF华 夏（589010）最新规模达7.40亿元，创成立以来新高。份额方面，科创人工智能ETF华夏（589010）最 新份额达4.77亿份，创成立以来新高。从资金 ...

Core Insights - Computing power is viewed as the core infrastructure and "engine" of the AI era, with global demand for computing power rising due to the AI wave [1] - Wuhu is gaining attention as a key player in China's computing power landscape, being part of the national "East Data West Computing" project and home to the "Chinese Digital Island" [1][5] - The National Data Bureau aims to concentrate over 60% of new computing power in national hub nodes by the end of this year [1] Group 1: Wuhu's Computing Power Development - Wuhu is one of the ten data center clusters in the national "East Data West Computing" project, with the "Chinese Digital Island" as its core area [1][5] - The Wuhu computing power public service platform has connected to four national platforms and added six new data centers, indicating a shift from planning to a "harvest period" for the computing power industry [4] - As of now, the Wuhu cluster has integrated 34 data centers, accumulating a total of nearly 640P of general computing power, 26,000P of intelligent computing power, 33.3P of supercomputing, and 2,070 bits of quantum computing [4] Group 2: Strategic Importance and Competitive Edge - Wuhu's energy supply is robust, being the only province in the Yangtze River Delta with a positive net power supply, which is crucial for data center operations [10] - The city is strategically positioned to serve high-demand sectors such as industrial internet, finance, and AI inference due to its low latency network connections to major cities [12] - Wuhu's intelligent computing power accounts for 70% of the province's total, with major clients in AI model training and intelligent driving [12] Group 3: Economic Transformation and Future Challenges - Wuhu is undergoing an industrial transformation, moving beyond traditional manufacturing to embrace new sectors like digital economy and intelligent robotics [17] - The city faces competition from other regions in the Yangtze River Delta, with similar computing power goals and ongoing developments in cities like Jiangsu and Zhejiang [18] - Despite its advantages, Wuhu must address challenges such as higher electricity costs compared to western hubs and the need for improved cross-regional computing coordination [19]

Core Viewpoint - Huawei's advancements in AI and computing capabilities, particularly through its Ascend chip series and supernode technology, position it as a formidable competitor in the global computing landscape, especially against NVIDIA [1][2][3]. Group 1: AI and Computing Strategy - Huawei's strategy focuses on "supernodes + clusters" to overcome limitations in chip manufacturing processes and to provide sustainable AI computing power for domestic needs [2][4][6]. - The company has unveiled a roadmap for its AI chips, including the Ascend 950PR, 950DT, 960, and 970, with a planned release schedule that aims for a doubling of computing power approximately every year [8][9]. - The CloudMatrix 384 supernode is highlighted as the largest commercial supernode in China, capable of integrating 384 Ascend computing cards, showcasing Huawei's commitment to leading in AI infrastructure [4][5][9]. Group 2: Competitive Positioning - Huawei's Ascend 950 supernode is projected to maintain its status as the world's strongest computing supernode for several years, significantly outperforming NVIDIA's upcoming products in various metrics, including total computing power and memory capacity [9][10]. - The company emphasizes that its innovations are driven by necessity due to external pressures, leading to breakthroughs in computing architecture that redefine traditional models [5][6][12]. Group 3: Ecosystem and Future Outlook - Huawei aims to build a robust ecosystem around its hardware, promoting open-source initiatives to attract developers and enhance the overall utility of its products [11][12]. - The company is focused on establishing a comprehensive AI infrastructure that does not rely on Western technologies, positioning itself for long-term growth in the AI sector [12][13]. - Huawei's leadership believes that AI is still in its early stages, akin to the 2G phase of mobile communications, with significant potential for future advancements [13].

Core Viewpoint - Huawei's advancements in AI and computing capabilities, particularly through its Ascend chip series and supernode technology, position it as a formidable competitor in the global computing landscape, especially against NVIDIA [1][2][3]. Group 1: Huawei's AI and Computing Strategy - Huawei's strategy focuses on "supernodes + clusters" to overcome limitations in chip manufacturing processes and to provide sustainable AI computing power for China [2][4][6]. - The company has unveiled a roadmap for its AI chips, including the Ascend 950PR, 950DT, 960, and 970, with a planned release schedule that aims for a doubling of computing power approximately every year [8][9]. - Huawei's CloudMatrix 384 supernode is highlighted as the largest commercial supernode in China, capable of integrating 384 Ascend computing cards, thus achieving the highest effective computing power globally [4][5][9]. Group 2: Competitive Positioning - Huawei's Ascend 950 supernode is projected to maintain its status as the world's strongest computing supernode for several years, significantly outperforming NVIDIA's upcoming products in various metrics, including total computing power and memory capacity [9][10]. - The company emphasizes that its innovations are driven by necessity due to external pressures, leading to breakthroughs in computing architecture that redefine traditional models [5][12]. Group 3: Ecosystem and Future Outlook - Huawei aims to build a robust ecosystem around its hardware, promoting open-source software to attract developers and enhance hardware sales [11][12]. - The company is committed to developing its own AI ecosystem independent of Western technologies, with a focus on long-term positioning in the AI infrastructure market rather than direct monetization of large models [12][13].

Core Viewpoint - Huawei's advancements in AI and computing capabilities, particularly through its Ascend chip series and supernode technology, position it as a strong competitor in the global AI infrastructure landscape, despite facing challenges from U.S. sanctions and competition from companies like NVIDIA [2][3][4]. Group 1: AI and Computing Strategy - Huawei's core strategy revolves around "supernodes + clusters," which aims to provide continuous AI computing power despite limitations in chip manufacturing technology [4][8]. - The company has developed the CloudMatrix 384 supernode, which is the largest commercial supernode in China and boasts the highest effective computing power globally [8][9]. - Huawei plans to release several new AI chips and supernodes over the next few years, with a roadmap that includes the Ascend 950PR, 950DT, 960, and 970 series, aiming for a doubling of computing power approximately every year [12][13]. Group 2: Competitive Positioning - Huawei's Ascend 950 supernode is projected to maintain its status as the world's strongest computing supernode for several years, significantly outperforming NVIDIA's upcoming products in various metrics [13][15]. - The company emphasizes that its supernode architecture is designed to overcome traditional computing limitations, moving away from the von Neumann architecture to a self-defined "equal interconnection architecture" [9][16]. - Huawei's innovations are seen as a response to U.S. sanctions, pushing the company to explore alternative paths for technological advancement [7][8]. Group 3: Ecosystem and Market Dynamics - Huawei is focused on building a robust ecosystem around its hardware, with an emphasis on open-source software to attract developers and enhance hardware sales [17][18]. - The company does not rely on the CUDA ecosystem, instead developing its own MindSpore framework to ensure independence from Western supply chains [18]. - Huawei's long-term vision includes not just chip development but also providing comprehensive system integration capabilities to foster healthy collaborations within the AI industry [18][19].

Core Viewpoint - Huawei's advancements in AI and computing capabilities, particularly through its Ascend chip series and supernode technology, position it as a strong competitor in the global AI computing landscape, despite facing challenges from U.S. sanctions and competition from companies like NVIDIA [3][4][12]. Group 1: AI and Computing Strategy - Huawei's core strategy revolves around "supernodes + clusters," which aims to provide continuous AI computing power despite limitations in chip manufacturing technology [5][10]. - The company has developed the CloudMatrix 384 supernode, which is the largest commercial supernode in China and boasts the highest effective computing power globally [9][10]. - Huawei plans to release several AI chips and computing products over the next few years, with a roadmap that includes the Ascend 950PR, 950DT, 960, and 970 series, aiming for a doubling of computing power approximately every year [13][14]. Group 2: Competitive Positioning - Huawei's Ascend 950 supernode is projected to outperform NVIDIA's upcoming NVL144 in multiple aspects, including scale, total computing power, memory capacity, and interconnect bandwidth [14][16]. - The company emphasizes that its supernode architecture is designed to break away from traditional computing frameworks, establishing a new standard for interconnected computing systems [10][12]. - Huawei's approach to innovation has been driven by necessity due to U.S. sanctions, leading to breakthroughs in its technology and architecture [8][9]. Group 3: Ecosystem and Market Dynamics - Huawei is focused on building a robust ecosystem around its hardware, with an emphasis on open-source software to attract developers and enhance hardware sales [18][19]. - The company aims to establish a self-sufficient AI ecosystem that does not rely on Western technologies, particularly CUDA, to ensure long-term sustainability and independence [19][20]. - Huawei's long-term vision includes not just chip development but also providing comprehensive system integration capabilities to foster healthy collaborations within the AI industry [20].

Core Strategy - Huawei's core strategy is defined as "super nodes + clusters," which is central to its approach in the AI and computing landscape [1][2][10]. AI and Computing Capabilities - Huawei has developed a robust AI computing capability, claiming to have built the world's strongest computing cluster, with plans to launch new super nodes, including CloudMatrix 384 and Atlas 950 SuperPoD, in the coming years [2][12][16]. - The CloudMatrix 384 super node can support 384 Ascend computing cards, making it the largest commercial super node in China and one of the largest globally [10][12]. Competitive Positioning - Huawei's AI chips, including Ascend 910, are positioned to compete directly with NVIDIA's offerings, with Huawei asserting that its products will maintain a competitive edge in the market [9][16]. - The Atlas 950 super node is projected to outperform NVIDIA's upcoming NVL144 in several key metrics, including scale and total computing power [16][18]. Innovation Under Constraints - The company has been forced to innovate due to external pressures, particularly U.S. sanctions, which have limited its access to advanced chip manufacturing technologies [3][9][10]. - Huawei's approach to overcoming these challenges involves a shift from traditional computing architectures to a new "equal interconnection architecture," which enhances performance and scalability [11][19]. Future Product Roadmap - Huawei has outlined a clear product roadmap for its AI and computing chips, with multiple new products scheduled for release between 2026 and 2028, aiming for a doubling of computing power approximately every year [15][16]. - The company plans to introduce new series of AI chips, including Ascend 950PR, Ascend 950DT, and Ascend 960, alongside advancements in its Kunpeng CPU line [15][16]. Ecosystem Development - Huawei emphasizes the importance of building a robust ecosystem around its hardware, including open-source software initiatives to attract developers and enhance the usability of its products [20][21]. - The company aims to establish a self-sufficient ecosystem that does not rely on Western technologies, particularly in the AI domain, to ensure long-term sustainability and growth [21][22].

Core Insights - The 2025 Intelligent Automotive Conference was successfully held during the 11th China International Big Data Industry Expo, focusing on new business models, technologies, and ecosystems in the smart automotive sector [1] - Huawei Cloud launched significant solutions in the intelligent driving field, including the CloudVeo intelligent driving cloud service and the establishment of automotive zones in Gui'an and Ulanqab, aimed at providing nationwide coverage and reliable infrastructure for the smart automotive industry [1][2] - The Chinese automotive industry is transitioning from electrification to intelligence, with the penetration rate of new energy vehicles reaching 44.3% and the installation rate of L2 and above intelligent driving assistance systems at 67.8% as of the first half of 2025 [1] Huawei Cloud's Market Position - Huawei Cloud has ranked first in China's automotive cloud market for three consecutive years, with over 1 million intelligent driving vehicles operating on its platform and 50 million smart connected vehicles receiving services [2][5] - The CloudMatrix 384 super node, with a computing power of 300 PFlops, is positioned as a powerful AI server to support various industry clients [2] Infrastructure Development - The launch of the Gui'an automotive zone marks the establishment of Huawei Cloud's second major automotive zone, complementing the Ulanqab zone, and aims to create a nationwide integrated intelligent computing network [8][10] - The Gui'an automotive zone is designed to provide low-latency access and high availability, significantly enhancing the user experience for intelligent driving [10] Technological Advancements - Huawei Cloud's CloudMatrix 384 super node is tailored for intelligent driving model training, achieving performance improvements of 2.5 to 3 times compared to traditional architectures [7] - The AI-Native intelligent computing storage has been upgraded to enhance training efficiency by 20% and data mining efficiency by 10 times, while reducing storage costs by 20% [7] Industry Collaboration - Huawei Cloud has established deep collaborations with multiple automotive companies to drive innovation in intelligent driving technology [13]

Core Insights - Huawei's revenue for the first half of 2025 reached 427.04 billion yuan, a year-on-year increase of 3.95%, while net profit declined by 32% to 37.195 billion yuan due to rising operating costs and significant losses in fair value changes [1][5][6] - The company continues to focus on core areas such as terminal products, smart automotive solutions, and cloud computing, with notable performance in the domestic smartphone market [2][3] Financial Performance - Huawei's total assets amounted to 1.25 trillion yuan, with total liabilities of 712.1 billion yuan, resulting in a debt-to-asset ratio of 56.9% as of June [1] - Operating costs for the first half of 2025 reached 224.33 billion yuan, an increase of 9.33%, outpacing revenue growth [5] - Research and development expenses totaled 96.95 billion yuan, accounting for 22.7% of total revenue, reflecting the company's commitment to innovation despite short-term cost pressures [6] Business Segments - In the terminal business, Huawei launched multiple products, including smartphones and laptops, regaining significant market share in China [2] - The smart automotive division, under the brand Hongmeng Zhixing, delivered 44,400 vehicles in May, 52,700 in June, and 47,700 in July, with cumulative deliveries surpassing 900,000 units [3] - Huawei Cloud introduced the CloudMatrix 384 super node, enhancing its capabilities in AI and cloud computing, which are seen as critical for future growth [4][6] Market Challenges - The overall Chinese smartphone market faced a 4.1% year-on-year decline in the second quarter of 2025, indicating potential challenges for Huawei's mobile business in the latter half of the year [2] - The automotive sector is experiencing intensified competition from new entrants like Li Auto and XPeng, which are offering high-cost performance vehicles [3] - Huawei's automotive division is under pressure to control costs, particularly with the introduction of lower-priced models [5]