Cathay Pacific Haitong: Huawei Ascend 960 completes R&D ahead of schedule and maintains “gain” rating in the computer sector

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report stating that it maintains the computer sector's “gain” rating. Last week, Smart Spectrum completed about 33.5 billion yuan in financing, and about 60% of the capital will be used for next-generation model development and computing power infrastructure; the Huawei Ascend 960 completed R&D preparations ahead of schedule and is scheduled to be launched in 2027; and Kimi released a financial industry solution integrating data, skills, and compliance capabilities.

Cathay Pacific Haitong's main views are as follows:

Smart Spectrum received 33.5 billion yuan in financing, and 60% of the capital was invested in next-generation models and computing power infrastructure.

On September 13, Smart Spectrum announced the completion of approximately US$5 billion (approximately RMB 33.54 billion) of financing, including approximately US$2 billion in share placements and US$3 billion in convertible bonds; approximately 60% of the net capital raised will be used to develop next-generation GLM basic models, complete self-training systems, and large-scale training, production reasoning, and computing power infrastructure, and focus on exploring recursive self-improvement (RSI).

Kimi launches solutions for the financial industry, integrating data, skills, and compliance capabilities.

Kimi launched a solution for the financial industry, covering 10+ authoritative data sources, 9 professional financial skills, and 5 security compliance measures, which can support tasks such as morning position reporting, financial report review, project screening, in-depth research and portfolio review. The solution uses MCP to access data from Wind, Oriental Wealth, S&P Global, etc., and encapsulates processes such as financial modeling, research reports, institutional PPT, and performance reviews as skills; the case shows that manpower investment in financial modeling can be reduced from 5-7 person-days to 0.5-1 person-days, and the in-depth industry research cycle can be shortened from 10-20 days to about 2 days.

The Huawei Ascend 960 completed R&D ahead of schedule, and the supernode introduced an NPO light engine.

On September 17, Huawei announced that the Ascend 960 series had completed R&D preparations ahead of schedule and doubled overall performance; among them, the Ascend 960DT is scheduled to be launched in the first quarter of 2027, three quarters earlier than the original plan. FP8 computing power reached 2 PFLOPS, 288 GB of storage capacity, and 9.6 Tb/s of bandwidth. At the same time, Huawei released a supernode based on the Shengteng 960, using an NPO near-package optical engine and the “Lingqu UnifiedBus+Hi-One” architecture. The Atlas 860 and 960 supernodes are scheduled to be launched in the second and third quarters of 2027, respectively.

Risk warning: Technology development falls short of expectations, and the company's business development falls short of expectations.