Huatai Securities pointed out that as the core means of clustering computing power to improve efficiency, supernodes break through physical system boundaries and achieve tight coupling and interconnection of tens to hundreds of acceleration cards within a single cabinet. I am optimistic that domestic supernodes will be launched in 2026, driven by AI training and promotion: 1) The trillion parameter model will force computational power clustering to improve efficiency. Supernodes reduce communication expenses through system-level restructuring and effectively transform theoretical computing power into usable throughput; 2) Based on the gap between domestic cards and overseas advanced cards, supernodes may break the problem of domestic computing power, to fill the single-card gap by amplifying the role of system-level interconnection within the cluster; 3) Starting in 2025, major domestic computing power participants will release supernode prototypes one after another. It is estimated that the domestic supernode market space is expected to reach 341.4 billion yuan in 2028, and the CAGR for 2026-2028 is 194%. It is recommended to focus on the supernode core incremental scaling process and other beneficial aspects such as complete cabinets, liquid cooling, and optical modules.

Huatai Securities pointed out that as the core means of clustering computing power to improve efficiency, supernodes break through physical system boundaries and achieve tight coupling and interconnection of tens to hundreds of acceleration cards within a single cabinet. I am optimistic that domestic supernodes will be launched in 2026, driven by AI training and promotion: 1) The trillion parameter model will force computational power clustering to improve efficiency. Supernodes reduce communication expenses through system-level restructuring and effectively transform theoretical computing power into usable throughput; 2) Based on the gap between domestic cards and overseas advanced cards, supernodes may break the problem of domestic computing power, to fill the single-card gap by amplifying the role of system-level interconnection within the cluster; 3) Starting in 2025, major domestic computing power participants will release supernode prototypes one after another. It is estimated that the domestic supernode market space is expected to reach 341.4 billion yuan in 2028, and the CAGR for 2026-2028 is 194%. It is recommended to focus on the supernode core incremental scaling process and other beneficial aspects such as complete cabinets, liquid cooling, and optical modules.