Galaxy Securities: Kimi K3 Open-Source Launch Reshapes LLM Commercial Ecosystem, Suggesting Focus on Domestic Super Nodes and Supply Chain

Galaxy Securities research report pointed out that after Kimi K3 went online, within only 48 hours, the request volume saturated the existing clusters, and subsequently Kimi announced the suspension of new C-end user membership subscriptions, confirming both the strong 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 capabilities of domestic open-source models are approaching those of the world's top closed-source models, forcing top model manufacturers to maintain differentiation through larger-scale training and faster iteration. On the other hand, it continues to ignite inference computing power demand. Currently, Kimi K3 has achieved Day 0 rapid adaptation with multiple domestic computing platforms, driving demand for domestic super nodes, and thereby promoting supporting demand in the domestic computing power industry chain, including servers, switches, optical modules, liquid cooling, and power supplies. The report recommends paying attention to domestic super nodes and related supply chain companies.