总体来看，910C在这三款卡中性能表现相对更优。 海光BW100作为一款全精度计算卡，其单卡可用 性能实测达到87%左右，而寒武纪590能否达到80%尚不确定。此外，海光BW100采用了较为先进的 交换芯片设计，在单卡上传方面表现良好。需要注意的是，寒武纪590推出时间 早于海光BW100， 因此后者在技术更新和优化上具有一定优势。 在本营的一个纪要中，曾给出了这样的性能排名：第一位是910C；第二位是海光BW100C；第三位 是华为910B；第四位是公司的卡（百度、阿里的自研卡）；第五位是寒武纪；第六位包括沐曦和天 数智芯等其他厂商产品。其他大未测试过。 价格方面，目前市场上海光BW100目前采购价格约为10万元/张，而910B和910C分别为7万和18万元 左右。寒武纪590则从最初报价8 万-8.5万元下降至6万-7万元之间。 从显存上来看，国内GPU大部分最新的产品都是使用HBM2e，受制裁的影响，没办法使用最先进的 HBM3e。在推理任务中，显存是首要考虑的指标。推理模型在启动时需要足够的显存支持，如果显 存容量不足，模型将无法启动，这直接导致后续推理任务无法进行。只有在模型成功启动后，才会 进一步 ...

1.参会学习，包含服务：参会学习+会后资料+会议专属社群 2.展台展示，包含服务：展台展示+3人参会+会刊彩印+公众号推广+视频采访(详情咨询会议主办 方) 3.演讲宣传，包含服务：专题会场30分钟演讲+3人参会+会刊彩印+公众号推广(详情咨询会议主办 方) - 演讲/参会/推广 - 会议详情可咨询 车乾信息 19802168066（微信同） hxj@auto-study.com • ✦ 议 程 长 图 ✦ • • ✦ 参 会 方 式 ✦ • • ✦ 扫 码 报 名 ✦ • "2025第二届高算力芯片开发者论坛暨芯片热管理技术交流会" 将于 5月22- 23日 在 北京 举办。本次论坛由 车乾信息&热设计网 主办，论坛重点探讨：国产 AI芯片进程、AI芯片安全、芯片封装Chiplet技术、先进封装材料与封装基板、AI 芯片热力设计、芯片直冷技术、3DVC均温技术等。届时将安排 20+ 演讲，预计将 超过 300+ 行业专家参会！ ...

星球中每日还会更新Seeking Alpha、Substack、 stratechery的精选付费文章， 现在星球中领券后只需要 390元，即可每天都能看到上百篇外资顶尖投行科技行业的分析报告和每天的精选报告，无论是我们自 己做投资，还是对行业有更深入的研究，都是非常值得的。 还有专注于半导体行业分析的SemiAnalysis的全部分析报告： 想要看外资研报的同学，给大家推荐一个星球，在星球中每天都会上传几百篇外资顶尖投行的原文研 报：大摩、小摩、UBS、高盛、Jefferies、HSBC、花旗、BARCLAYS 等。 ...

总体而言，中国半导体自给率为 24%，高于我们的预期。根据高德纳（Gartner）的数据，中国半导 体公司的总收入为 430 亿美元，较 2023 年的 320 亿美元增长了 36%。中国半导体市场规模约为 1830 亿美元，占全球需求的 29%。因此，中国半导体自给率约为 24%，比 2023 年的 20% 提高了 4 个百分点。我们认为，中国半导体自给率的提升主要归因于以下几点：第一，政府对家电和消费电 子产品的补贴刺激了需求，与全球同行相比，中国半导体供应商在消费市场的曝光度相对较高；第 二，大多数中国半导体公司在 2023 年底或 2024 年上半年完成了库存消化，因此 2024 年中国半导体 公司的增长超过了外国同行；第三，存储芯片和先进节点产品（智能手机系统级芯片、GPU 等）的 产能提升和良率改善。 这篇文章是Morgan Stanley对中国GPU自给自足程度的研报的部分内容，最后那张图很有意思，把华 为昇腾系列GPU在2024到2027（预测）的产能、良率、价格、产量和收入情况都详细列了出来，相 信很多朋友对这个数据也都很有兴趣。报告原文放星球了。 正文 据我们估算，2024 年中国人工智能 ...

这是substack上的一篇分析，作者是Mary Clare McMahon，发布于ChinaTalk，我们之前发过几篇 ChinaTalk的文章，写的都很好，而且很多都是免费的，推荐大家看一下。本篇文章已获得作者的转 载许可。原文链接如下： 英伟达的软件护城河 1. 构建自己的软件堆栈，包括专有的并行编程模型和开发者依赖的周边工具，以高效编写、优化和 部署代码。 2. 深化与PyTorch的整合，PyTorch是最广泛采用的开源机器学习框架，用于模型训练。 3. 投入工程资源开发开放神经网络交换（ONNX），这是一个支持跨硬件平台模型可移植性的开放 标准，以支持在昇腾芯片上部署非昇腾训练的模型。 https://www.chinatalk.media/p/can-huawei-compete-with-cuda 这篇文章的作者并不是中国人，但看了这篇分析会发现，虽然华为目前在挑战英伟达上面临着各种 各样的问题，但作者同样对华为充满了信心。 正文 上个月，有报道称DeepSeek在其R1推理模型的精简版上使用华为昇腾芯片运行。虽然DeepSeek的模 型是在英伟达Hopper系列芯片上训练的，但华为部署Dee ...

还有专注于半导体行业分析的SemiAnalysis的全部分析报告： 星球中每日还会更新Seeking Alpha、Substack、 stratechery的精选付费文章， 现在星球中领券后只需要 390元，即可每天都能看到上百篇外资顶尖投行科技行业的分析报告和每天的精选报告，无论是我们自 己做投资，还是对行业有更深入的研究，都是非常值得的。 想要看外资研报的同学，给大家推荐一个星球，在星球中每天都会上传几百篇外资顶尖投行的原文研 报：大摩、小摩、UBS、高盛、Jefferies、HSBC、花旗、BARCLAYS 等。 ...

Market Overview - The global AI server market is projected to reach $125.1 billion in 2024, $158.7 billion in 2025, and $222.7 billion by 2028, with generative AI servers expected to increase their market share from 29.6% in 2025 to 37.7% in 2028 [1] Major Players' Shipment Data - NVIDIA holds nearly 70% of the AI chip market share, with the new Blackwell platform expected to account for 82% of its high-end GPU shipments in 2025. The company plans to launch the B30 for the Chinese market in the second half of 2025, with the B300 and GB300 expected to contribute 60-65% of its total GPU shipments for the year [2][3] - AMD's high-end GPU shipments are forecasted to grow by 48% in 2025, reaching approximately 585,000 units. The MI325 series has a low adoption rate, while the MI350 series is expected to enter the market in the second half of 2025 [5][4] - Intel's Gaudi3 high-end AI chip is projected to have a shipment volume of around 100,000 units in 2025, targeting CSPs and IBM as primary customers [6] - Google is expected to lead in cloud service provider (CSP) shipments with approximately 2.2 million TPUs in 2025, while AWS's self-developed ASIC shipments are projected to reach over 1.8 million units, nearly doubling from previous figures [7][8] Chip Type and Shipment Forecast - NVIDIA's high-end GPU shipments are expected to total around 6.6 million units in 2025, with significant contributions from the Blackwell platform [3] - AMD's MI series is expected to see a total shipment of 585,000 high-end GPUs in 2025, with the MI350 series anticipated to compete directly with NVIDIA's offerings [5] - The Ascend (昇腾) ASIC is projected to reach 450,000 units in 2025, driven by domestic AI demand and trade restrictions [8]

还有专注于半导体行业分析的SemiAnalysis的全部分析报告： 想要看外资研报的同学，给大家推荐一个星球，在星球中每天都会上传几百篇外资顶尖投行的原文研 报：大摩、小摩、UBS、高盛、Jefferies、HSBC、花旗、BARCLAYS 等。 星球中每日还会更新Seeking Alpha、Substack的精选付费文章， 现在星球中领券后只需要390元，即可 每天都能看到上百篇外资顶尖投行科技行业的分析报告和每天的精选报告，无论是我们自己做投资，还 是对行业有更深入的研究，都是非常值得的。 ...

Core Viewpoint - The article provides an in-depth analysis of SMIC (Semiconductor Manufacturing International Corporation), focusing on its financial model and growth prospects, particularly in the context of China's semiconductor policies and market dynamics [1]. Financial Indicators - Revenue is projected to grow from $2.07 billion in 2017 to $23.04 billion in 2028, with a compound annual growth rate (CAGR) of 24.8%, driven by the expansion of 28nm and above mature process capacities, especially post-2020 due to global chip shortages and domestic semiconductor policies [2]. - Gross margin is expected to increase from 21.2% in 2017 to 26.1% in 2028, benefiting from scale effects in mature processes, although it remains significantly lower than TSMC's 55% during the same period [2]. - EBITDA is forecasted to rise from $730 million to $12.17 billion, with EBITDA margin improving from 35.5% to 48.5%, indicating enhanced operational efficiency [2]. Capital Expenditure - Capital expenditures (Capex) are set to reach $7.326 billion in 2024, increasing to $8.69 billion in 2025 and peaking at $9.622 billion in 2026, reflecting a CAGR of 18.4% from 2017 to 2028, which is higher than the revenue growth rate [3]. - 90% of Capex is allocated to equipment procurement, primarily for mature process technologies, with 10% for wafer fab infrastructure [4]. - High Capex leads to significant depreciation costs, projected to reach $3.742 billion in 2024, which will pressure profit margins [4]. Business Structure - The wafer business is the core revenue driver for SMIC, contributing approximately 93.2% of total revenue in 2018, expected to rise to 95% by 2024 [7]. - Revenue from the 12/14nm nodes has shown rapid growth, from nearly negligible in 2019 to an estimated $838 million in 2024, driven by increasing market demand [8]. - The 28nm node remains a significant revenue contributor, with expected revenue of approximately $1.145 billion in 2024, despite facing competitive pressures [9]. Capacity and Market Competitiveness - Total capacity is projected to reach 884,000 wafers per month in 2024, increasing to 941,000 in 2025, with major production bases in Shanghai, Beijing, Shenzhen, and Tianjin [13]. - The Shanghai facility focuses on advanced processes, while the Beijing plant targets mature processes, with a significant portion of Capex directed towards expanding capacity in response to rising automotive electronics demand [13]. - Risks include potential impacts from U.S. sanctions on equipment maintenance and over-reliance on policy subsidies, which could lead to price competition [13]. R&D Investment and Technological Innovation - R&D expenditures are expected to rise to $1.031 billion in 2024, accounting for 9.4% of revenue, with a focus on optimizing 14nm FinFET processes and developing IoT chips [16]. - Despite increased R&D spending, challenges remain due to U.S. sanctions limiting access to advanced equipment, resulting in lower yield rates for 14nm processes [16]. - The company aims to balance high R&D intensity with policy requirements, although the return on investment in R&D is projected to be below the cost of capital, indicating diminishing marginal returns [17][18].

还有专注于半导体行业分析的SemiAnalysis的全部分析报告： 星球中每日还会更新Seeking Alpha、Substack的精选付费文章， 现在星球中领券后只需要390元，即可 每天都能看到上百篇外资顶尖投行科技行业的分析报告和每天的精选报告，无论是我们自己做投资，还 是对行业有更深入的研究，都是非常值得的。 想要看外资研报的同学，给大家推荐一个星球，在星球中每天都会上传几百篇外资顶尖投行的原文研 报：大摩、小摩、UBS、高盛、Jefferies、HSBC、花旗、BARCLAYS 等。 ...