Sugon 8000 launch and investor feedback

研报英文原文证据摘录

Sugon 8000 launch and investor feedback

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July 12, 2026 08:09 PM GMT

Morgan Stanley Asia Limited+MHygon Information Technology Co., Ltd. | Asia Daisy Dai, CFA

Pacific Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

Morgan Stanley Taiwan Limited+

Sugon 8000 launch and Charlie Chan

Equity Analyst

Charlie.Chan@morganstanley.com +886 2 2730-1725investor feedback Daniel Yen, CFA

China launched its first 100,000-card AI supercluster using Daniel.Yen@morganstanley.com +886 2 2730-2863

Hygon's CPUs, GPUs and switch chips. We also address Morgan Stanley Asia Limited+

Ethan Jia

questions about Hygon's differentiation, valuation and the Research Associate

agentic AI opportunity. Ethan.Jia@morganstanley.com +852 3963-2287

Henry Zhao

Hygon's CPUs and GPUs used in China's first 100,000-card AI supercluster: ResearchHenry.Zhao@morganstanley.comAssociate +852 2239-7731

Sugon launched Sugon 8000, a 100,000-accelerator AI supercluster, in Zhengzhou

last Friday. All six core chip types in the cluster were developed domestically by the

Sugon/Hygon ecosystem, including the Hygon C86 CPU, Hygon DCU (GPGPU AI

accelerator), HySW scale-up switch ASIC (interconnecting GPUs within the same the

board), PCIe 5.0 switch chip (interconnecting CPUs and GPUs), 400/800G switch

ASIC, 400G NIC ASIC. For more see Key Takeaways from HIECO Conference. Hygon Information Technology Co., Ltd. (688041.SS,

688041 CH)

We address three key investor questions following our Hygon initiation report: Greater China Technology Semiconductors | China

Stock Rating Overweight

First, the differentiation of Hygon vs. other GPU companies. Hygon’s integrated

Industry View Attractive

“CPU + GPU” model differentiates it from most local peers that focus primarily on Price target Rmb480.00