Huatai Securities: Optimistic that domestic super nodes will begin to scale up from 2026 driven by AI training and inference.

Mars Finance News: On April 13, Huatai Securities pointed out that, as a core means of improving efficiency for computing-power clusters, super nodes break through the physical boundaries of the system and enable dozens to hundreds of accelerator cards to be tightly coupled and interconnected within a single cabinet. They are optimistic that starting in 2026, domestic super nodes will begin to scale up under the drive of AI training and inference: 1) Trillion-parameter models will force computing-power clusters to become more efficient; super nodes reduce communication overhead through system-level reconstruction, effectively converting theoretical computing power into usable throughput; 2) Based on the gap between domestic cards and advanced overseas cards, super nodes may be the solution to break through for domestic computing power, compensating for the shortfall of individual cards by amplifying the role of system-level interconnection within clusters; 3) Starting in 2025, major domestic computing-power participants will gradually release prototype super nodes. It is estimated that in 2028, the domestic super-node market space could reach 3414 billion yuan, and the CAGR for 2026 to 2028 is 194%. It is recommended to focus on the core incremental scaling-up segment—interconnect components (switch chips, switches, and copper connections)—as well as other benefiting segments such as complete cabinets, liquid cooling, and optical modules. (Wide-Angle Observation)