未知机构：华为昇腾910C产业链国产算力从可用到必选的跨越时刻-20260213

Summary of Key Points from the Conference Call Industry and Company Involved - The discussion centers around the domestic computing power industry in China, specifically focusing on Huawei's Ascend 910C as a critical component in the national computing power platform [1][3]. Core Insights and Arguments - National-Level Order: China Mobile has awarded a contract worth 1.55 billion yuan for the Shenzhen Guangming large-scale computing power platform, explicitly stating "no imports," making Huawei's Ascend 910C the sole computing base [1]. - Market Transition: The industry has transitioned from viewing domestic computing power as "available" to "essential," indicating a significant shift in market perception and demand [1]. - Application Explosion: The demand for computing power is being driven by applications such as ByteDance's Seedance 2.0, which has reduced video generation costs to 4.5 yuan, lowering barriers in the film industry [1]. - Advancements in AI Models: The DeepSeek-V4 is set to launch in mid-February, with code generation capabilities surpassing Claude and GPT series, indicating a leap in developer productivity tools [1]. - Price Adjustments: The pricing for the Zhiyu GLM-5 API has increased by 67%-100%, marking the first time domestic models have dared to raise prices, reflecting a robust demand for computing power [1]. Additional Important Content - Supply Chain Dynamics: The supply of advanced NVIDIA cards is constrained, with the only alternative being the Ascend 910C, highlighting its critical role in the market [3]. - Market Expectations: The discussion emphasizes that the difference in expectations is not about the existence of demand but rather its magnitude [4]. - Investment Recommendations: The recommendation is to maintain an overweight position in the sector, suggesting confidence in the growth potential of the computing power industry [5]. - Technological Advancements: The Ascend 910C has over 60% market share in high-speed backplane connectors, with exclusive domestic production of 112G, indicating a strong competitive position [6]. - Value Enhancement: The integration of high-power server power supplies through Yada Electronics has increased the single-machine value by over five times, with clear visibility on new production line orders [6]. - Certification and Connectivity: High-speed I/O connectors have received Huawei certification, supporting the interconnection of 800G optical modules, which is expected to drive both volume and price increases [6].