研究早观点 2025 年 9 月 30 日 星期二 市场走势 资料来源：最闻 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,862.53 | 0.90 | | 深证成指 | | 13,479.43 | 2.05 | | 沪深 | 300 | 4,620.05 | 1.54 | | 中小板指 | | 8,328.93 | 1.85 | | 创业板指 | | 3,238.01 | 2.74 | | 科创 | 50 | 1,470.41 | 1.35 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 【行业评论】通信：周跟踪（20250922-20250928）-昇腾 950 引领国产 超节点新时代，英伟达入股英特尔有望扩大 NVLINK 版图 【山证纺服】行业周报-特步开设海外首家跑步俱乐部，FILA 成为中 网独家运动鞋服赞助商 国内市场主要指数 【公司评论】美格智能(002881.SZ)：美格智能 2025 半年度报告点评- 模组+解决方案双轮驱动，多行业深耕保持领先 2019 年 2 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [36]. Core Insights - Huawei's new Ascend roadmap was unveiled at the 2025 Connectivity Conference, showcasing significant advancements in supernode capabilities, with the upcoming 950PR architecture expected to achieve 1P FP8/2P FP4 computing power and 2TB/s interconnect bandwidth [2][11]. - The collaboration between NVIDIA and Intel aims to create a new order in data centers, with NVIDIA acquiring a 4% stake in Intel and both companies working on customized data center and PC products [4][14]. - The report highlights the potential acceleration of domestic AI chip shipments in 2026, driven by Huawei's leadership in the domestic computing sector [11][12]. Summary by Sections Industry Trends - Huawei's Ascend AI chip roadmap indicates a significant leap in domestic computing capabilities, with the 950 series expected to surpass NVIDIA's previous flagship in interconnect bandwidth [2][11]. - The Atlas 950 SuperPoD supernode utilizes a hybrid copper-optical architecture, enhancing cost-effectiveness and potentially setting a benchmark for domestic computing cluster design [3][12]. Market Overview - The overall market saw an increase during the week of September 22-26, 2025, with the STAR Market index rising by 6.47% and the ChiNext index by 1.96% [6][15]. - The top-performing sectors included liquid cooling (+7.16%), IoT (+5.95%), and IDC (+1.54%) [15]. Stock Performance - Leading stocks included Cambridge Technology (+18.77%), Inspur Information (+11.86%), and Zhongtian Technology (+9.08%) [15][29]. - Stocks with the largest declines were Bochuang Technology (-14.77%), Changfei Fiber (-14.61%), and Yihua Technology (-8.95%) [15][29]. Companies to Watch - Key companies to monitor include Cambricon, Haiguang Information, and ZTE Corporation in the domestic computing sector, as well as Inspur Information and Ziguang Corporation in the supernode market [15].