Galaxy Securities: Kimi K3 officially open-sources and reshapes the commercial ecosystem of large models. It is recommended to pay attention to domestic supernodes and related companies in the industry chain.

The research report from Galaxy Securities states that after the launch of Kimi K3, the request volume filled the existing cluster within just 48 hours. Subsequently, Kimi announced a suspension of new user subscriptions on the C-side, verifying the outstanding capabilities of the Kimi K3 model and the shortage of computing power. Galaxy Securities believes that Kimi K3 does not suppress the demand for computing power. On one hand, the capability of domestically developed open-source models is approaching that of the worlds top closed-source models, forcing leading model developers to maintain differentiation through larger-scale training and faster iterations. On the other hand, it continues to ignite the demand for inference computing power. Currently, Kimi K3 has achieved rapid adaptation with multiple domestic computing power platforms on Day 0, driving the demand for domestic supernodes, which in turn promotes the supporting demand in the domestic computing power supply chain, including servers, switches, optical modules, liquid cooling, and power supplies. It is recommended to pay attention to domestic supernode and related companies in the supply chain.