CITIC SEC released a research report stating that during the 2025 National Day holiday, the domestic AI computing power ecosystem continued to evolve: In terms of server orders, ICBC (01398) and CHINA UNICOM (00762) announced combined server procurement results totaling 10 billion yuan, with domestic computing power suppliers winning over 90% of the contracts; In terms of large models, BABA-W (09988) released the Qwen3-VL-30B-A3B large model with Huawei Ascend achieving 0-day support, while TENCENT's (00700) Hunyuan latest vision model ranked third globally on the LMArena leaderboard. CITIC SEC believes that domestic computing power is accelerating its evolution and recommends focusing on leading manufacturers.
CITIC SEC's main viewpoints are as follows:
**10 Billion Yuan Server Procurement Concluded, Domestic Manufacturers Dominate**
On October 4-5, ICBC and CHINA UNICOM successively announced their server procurement results. ICBC: Hygon chip server procurement scale reached 3 billion yuan, with Inspur Information as the primary winning bidder, while ZTE and Lenovo served as backup options. CHINA UNICOM: General server procurement totaled 7.96 billion yuan, divided into two packages. Package one included Intel CPU servers with a budget of 895 million yuan, with winning candidates including Tsinghua Unigroup, Inspur Electronics, and xFusion; Package two included Kunpeng servers with a budget of 4.285 billion yuan and Hygon servers with a budget of 2.782 billion yuan, with winning candidates including H3C, Yangtze River Computing, Lenovo Kaitian, Powerleader, iSoftStone, Henan Kunlun, Inspur Computer, and Hangzhou Pingzhi Information.
According to statistics, domestic computing power suppliers won approximately 10 billion yuan in these two procurements, accounting for about 91%. We believe that in key sectors such as telecommunications and finance, domestic computing power has shifted from being an alternative to the preferred choice, marking the domestic computing power chain's gradual transition from "technological breakthrough" to large-scale application.
**BABA-W Releases Qwen3-VL-30B-A3B Large Model, Huawei Ascend Provides 0-Day Support**
Alibaba Cloud's Tongyi Qianwen announced on October 4 the open-sourcing of Qwen3-VL-30B-A3B-Instruct and Thinking models, simultaneously launching FP8 versions and the FP8 version of the ultra-large-scale model Qwen3-VL-235B-A22B. Huawei's "Ascend CANN" WeChat account stated that Qwen3-VL-30B-A3B-Instruct and Thinking are smaller in size yet maintain strong performance, integrating all Qwen3-VL capabilities. With only 3 billion active parameters, it can match GPT-5-Mini and Claude4-Sonnet across multiple domains including STEM, Visual Question Answering (VQA), Optical Character Recognition (OCR), video understanding, and Agent tasks.
On the evening of October 4, Huawei Ascend announced 0-day support for Qwen3-VL-30B-A3B, meaning users can directly deploy and run the model using Ascend chips. Previously, on September 29, DeepSeek-V3.2-Exp was released and open-sourced, introducing sparse Attention architecture. Ascend quickly completed adaptation deployment based on inference frameworks such as vLLM/SGLang, achieving 0-day support for DeepSeek-V3.2-Exp and open-sourcing all inference code and operator implementations for developers.
On October 7, according to TENCENT Hunyuan's official Weibo, LMArena released its latest vision model leaderboard, with TENCENT Hunyuan's latest vision model Hunyuan-Vision-1.5-Thinking achieving third place globally and first domestically. We believe that domestic large models are accelerating their iterations, while domestic computing power chips achieve seamless compatibility, creating an ecosystem closed loop and supporting the continued development of domestic AI.
**Domestic Autonomous Control Trend Established, Emphasizing Domestic Computing Power Investment Opportunities**
Previously, in Q2 2025, despite overseas AI chips being restricted due to geopolitical factors, cloud manufacturers like BABA-W maintained high-speed Capex growth. We believe this demonstrates that domestic AI chips continue to iterate and autonomous control progress is smooth, ensuring continued expansion of computing power infrastructure. Meanwhile, domestic cloud manufacturers have shown determination to accelerate catching up with North American AI companies, and we expect more cloud manufacturers to follow with investments, driving domestic computing power back to high-speed growth trajectory. Therefore, we recommend focusing on domestic computing power investment opportunities.
**Risk Factors:** AI technology development and application falling short of expectations; domestic new infrastructure construction below expectations; AI-related policy implementation below expectations; cloud manufacturers and telecom operators' capital expenditure below expectations; geopolitical risks.
**Investment Strategy:** During the 2025 National Day holiday, the domestic AI computing power ecosystem continued to evolve: ICBC and CHINA UNICOM announced combined server procurement results totaling 10 billion yuan, with domestic computing power suppliers winning over 90%; BABA-W released the Qwen3-VL-30B-A3B large model with Huawei Ascend providing 0-day support, and TENCENT Hunyuan's latest vision model ranked third globally on the LMArena leaderboard. We believe domestic computing power is accelerating its evolution and recommend focusing on leading manufacturers.