未知机构：中泰通信重视华为昇腾链950PR有望推出昇腾950PR有望近期推出-20260227

Summary of Conference Call Notes Company and Industry Involved - The focus is on Zhongtai Communication and the Huawei Ascend series, particularly the Ascend 950PR chip. Core Points and Arguments - Ascend 950PR Launch: The Ascend 950 chip is expected to be launched soon, featuring a four-die package structure that includes two computing dies and two I/O dies, connected via CoWoS-L technology [1] - Yield Improvement and Performance: Recent improvements in yield rates and actual performance scores may exceed expectations [2][3] - Surge in Computing Demand: The demand for computing power is anticipated to surge due to rapid growth in TOKEN demand, with 2026 projected to be a significant year for domestic computing power [4] - Domestic Internet Giants' Strategy: Major domestic internet companies are expected to adopt a dual strategy of self-research and external procurement, with Huawei likely to capture a substantial market share due to its ecosystem [4] - Investment Focus Areas: Suggested companies to watch within Huawei's full industry chain include: - Connectors: Huafeng Technology, Luxshare Precision, Yihua Co., Ltd. - Optical Modules: Huagong Technology, Guangxun Technology - Computing Power: Huasheng Tiancai, Digital China, Fenghuo Communication - Liquid Cooling: Yingweike, Chuanrun Co., Ltd., Shenling Environment, Gaolan Co., Ltd. - Switch Chips/Switches: Shengke Communication, Ruijie Networks - Power Supplies: Taijia Co., Ltd., Jiewate [4] - Investment Logic: The successful launch of the Ascend 950, combined with the strong demonstration effect from leading internet companies, is expected to transition domestic computing power from "usable" to "highly usable" and "essential for large-scale applications" [4] Other Important but Possibly Overlooked Content - High Demand Certainty: The competition for computing power among major companies is likened to the historical competition for prime real estate, indicating a high level of demand certainty [5] - Risk Factors: Potential risks include product development not meeting expectations and slower-than-expected order placements from the internet sector [4]