兄弟姐妹们啊，趁着A股放假，外围市场"偷袭"暴涨，一起看看发生了什么事情。 A股放假，外围暴涨 10月2日，亚太市场全线暴涨。 港股今日开盘，低开高走，截至发稿，恒生指数大涨近2%，恒生科技指数暴涨近4%。 个股方面，中芯国际暴涨超11%，阿里巴巴涨超4%，腾讯涨超2%。 | > | 恒生科技指数(HSTECH.HK) | | Q C | | --- | --- | --- | --- | | | 6696.440 +230.780 +3.57%. | | | | 新闻 | 成份股 | | 基金 | | 中芯国际 HK 00981 | 88.400 | +11.13% | 45.51亿 | | 快手-W HK 01024 | 91.850 | +8.57% | 58.46亿 | | 花虹米导体 HK 01347 | 85.600 | +7.00% | 19.77亿 | | 蔚来-SW HK 09866 | 61.400 | +6.97% | 4.54亿 | | 比亚迪电子 HK 00285 | 44.200 | +6.92% | 11.67亿 | | 百度集团-SW HK 09888 | 140.400 | ...

Core Viewpoint - The Hong Kong stock market saw significant gains in major indices, particularly the Hang Seng Technology Index, which rose nearly 4% [1] Group 1: Market Performance - The Hang Seng Technology Index experienced a notable increase of nearly 4% in the afternoon session [1] - Key stocks that contributed to this rise include: - SMIC (中芯国际) up over 11% - Hua Hong Semiconductor (华虹半导体) up over 8% - Kuaishou (快手) up nearly 8% - BYD Electronics (比亚迪电子), NIO (蔚来), and Baidu (百度) each up over 6% - Alibaba (阿里巴巴) up over 4% [1][2] Group 2: Individual Stock Performance - Notable stock performances include: - SMIC (00981) with a gain of 11.06% - Hua Hong Semiconductor (01347) with a gain of 8.63% - Kuaishou (01024) with a gain of 7.92% - BYD Electronics (00285) with a gain of 6.63% - NIO (09866) with a gain of 6.53% - Baidu (09888) with a gain of 6.01% - Alibaba (09988) with a gain of 4.35% - JD.com (09618) with a gain of 3.25% - BYD Company (01211) with a gain of 3.18% [2]

本届AI电影季并非单纯的技术竞赛，而是一场关乎"创作主体性"的探索。它明确强调"人类主导、AI协 作"，拒绝全自动生成，鼓励创作者在算法与灵感之间寻找平衡点。无论是剧情短片、实验影像、广 告、音乐视频，还是混合制作类作品，只要AI在创作全流程中发挥实质性作用，皆可参赛。 本届电影季设立通用单元、定向单元与特别单元三大赛道。其中，通用单元专注于考察AI在叙事、视 效、音效、美术、剪辑等核心制作环节的实质性贡献与创新突破，旨在奖励那些将AI技术深度应用于 某一专业领域，并展现出卓越完成度的作品。定向单元注重"开辟新路"，它面向那些因AI参与而催生的 特定作品形态或创作模式，具有更强的融合性与实验性。"让世界充满 AI-联想特别计划""72小时AI电 影黑客松""海螺AI·我的人生电影"等特色单元更注重实时创作与公众参与，展现出AI影像创作的多样性 与社会性。 为鼓励优质创作，AI电影季设立了现金支持、签约合作、设备赠送等多种奖励方式。所有入围作品均 将在第七届海南岛国际电影节期间进行线下展映，优秀作品创作者还有机会受邀赴三亚参加第七届海南 岛国际电影节·联想AI电影季开幕式，与行业顶尖专家面对面交流。 转自：北京 ...

Group 1 - Lenovo Group Limited is actively promoting AI integration in its products, particularly through the sponsorship of the China Open Tennis Tournament and the launch of the ThinkPad X9Aura [1][2] - The ThinkPad X9Aura is a limited edition with only 1,000 units available globally, showcasing advanced AI capabilities such as real-time translation and AI-assisted note-taking [1][2] - Lenovo's AI PC features five key characteristics, including embedded personal models for user interaction and a diverse AI application ecosystem, enhancing its value proposition from a productivity tool to an AI partner [2] Group 2 - The ThinkPad legal AI PC includes the "Lenovo AI Law Assistant," which streamlines legal processes such as contract review and document generation, catering to the needs of legal professionals [3] - Lenovo is engaging with tennis fans through promotional activities, such as the "Champion Free Purchase" initiative, which offers free laptops if a Chinese player wins the tournament [3] - The collaboration between Lenovo and the China Open demonstrates a synergy between technology and sports, emphasizing a commitment to professional excellence rather than mere brand association [3]

Group 1 - Xiaomi has launched the Xiaomi 17 series, directly targeting Apple's entire lineup, but notably lacks an "Air" version [1][4] - Lenovo's Moto X70 Air is set to launch in late October, aiming to fill the gap left by Xiaomi and directly compete with the iPhone Air [1][4] - The Moto X70 Air is expected to feature a thickness of less than 5.5mm, weight under 160g, and a battery capacity between 4500-5000mAh, while retaining a physical SIM card slot [6][7] Group 2 - Lenovo's mobile strategy has evolved since acquiring Motorola in 2014, focusing on a multi-series product layout with Moto as the core [8][10] - Lenovo's Moto brand has seen significant growth in the foldable phone market, with its market share doubling from 14% to 28% year-over-year [10] - Other Chinese smartphone manufacturers, including OPPO and Vivo, are also increasingly mimicking Apple's designs and features in their new products [11][15] Group 3 - The Moto X70 Air represents Lenovo's first use of the "Air" branding in smartphones, drawing from its experience with the YOGA Air series in laptops [6][8] - The competitive landscape is shifting as domestic brands emphasize compatibility with Apple's ecosystem while also leveraging their own strengths in areas like photography and battery life [15][16] - Over-reliance on mimicking Apple could risk the unique identity of these brands in the long term, suggesting a need for differentiation in the high-end market [16]

Core Viewpoint - Lenovo's Moto officially announced the launch of the new Moto X70 Air smartphone, which is set to be released at the end of October, emphasizing its "AI" features [1] Group 1: Product Features - The Moto X70 Air is marketed as a lightweight and AI-focused device [1] - The phone is expected to have multiple rear cameras, although specific details about the camera configuration have not been disclosed [1] - The design includes a volume key and a power button on the right side of the device [1]

Core Insights - Lenovo Kaitian showcased its full-stack products in four cities, aligning with the "Strong Technology Nation" initiative and celebrating National Day [1] Group 1: Product Offerings - Lenovo Kaitian, as a leader in the trusted computing sector, collaborates closely with ecosystem partners to integrate hardware, operating systems, and applications [3] - The company has launched the first AI PC and AI laptop featuring high-performance domestic NPU, capable of performing edge inference and intelligent interactions in offline or weak network environments [3] - Lenovo Kaitian's workstations and servers provide localized productivity and central computing bases, supporting complex model calculations, engineering simulations, and local deployment of large models [3] Group 2: Strategic Vision - The company aims to drive the application of domestic computing power from "key areas" to "various industries," supporting digital upgrades and high-quality development of the digital economy [4] - Lenovo Kaitian emphasizes customer scenarios and technological innovation, leveraging its product and ecosystem strengths [4] Group 3: Ecosystem Collaboration - The company adopts an open collaboration strategy, integrating industry chain resources and partnering with software vendors like Kirin Software to optimize the synergy of domestic hardware and software [3] - This collaboration has led to a closed-loop system of "domestic computing power + domestic large models + domestic systems and applications," accelerating the large-scale application of new products and innovative solutions across various sectors such as government, education, finance, and manufacturing [3]

以下文章来源于More Than Semi ，作者Nico More Than Semi . More Than SEMI 半导体行业研究 这篇文章，结合业内的一个专家纪要，聊一下超节点。 超节点领域的合作与方案 在超节点领域，下游CSP大厂主要找服务器供应商定制整机柜产品。服务器厂商，包括国产GPU厂商， 也在规划自己的超节点机柜，但以NV方案为主。在国内，主流超节点方案包括腾讯的ETH-X、NV的 NVL72或其变形、华为昇腾的CM384、阿里的磐久，这些已在市场推广或者有客户购买。字节在规划 大模型的以太网创新方案，以博通Tomahawk为主，还未推广。海光的方案多为传统刀片式服务器，与 NV和华为的以太网或NVLink互联不同，目前海光无类似创新方案。 互联网大厂自研方案与华为384、海光96卡、摩尔跨柜方案本质不同在于应用偏向：CM384偏训练和大 模型计算；腾讯ETH-X偏推理；字节大模型整机柜偏训练和高性能计算。服务器厂商在合作中需具备交 换机和服务器开发能力，与博通、NV、国产GPU厂商有关系。在AI服务器8卡、16卡、32卡方案有市场 占有度，才能进入CSP选型。目前入选供应商有华勤、华三、 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The AI server market continues to grow, driven by demand for AI computing power and hardware upgrades [7]. - System assembly is emerging as a new driver for performance enhancement in AI servers, as traditional manufacturing processes may not keep pace with the rapid development of AI computing needs [8]. - Advanced packaging techniques are becoming crucial for improving chip performance, especially as traditional process upgrades slow down [8]. - Industry leaders are expected to benefit from the rising technical barriers and improved competitive environment in the system assembly sector [8]. Summary by Sections AI Server Market Dynamics - The demand for AI computing facilities is driving growth in the AI server market, with significant upgrades in hardware [7]. - The number of GPUs in AI servers is increasing dramatically, with projections for future upgrades to 144 GPUs per cabinet by 2027 [8]. Performance Enhancement Drivers - The report highlights that system assembly is becoming a key factor in enhancing AI server performance, as the number of GPUs per server increases [8]. - The complexity of system assembly is rising, which may limit production capacity for some companies [8]. Recommended Investment Targets - The report recommends several companies related to AI server system assembly, including: - Industrial Fulian (601138, Buy) - Haiguang Information (688041, Buy) - Lenovo Group (00992, Buy) - Huaqin Technology (603296, Buy) [8]. - Industrial Fulian is noted for significant improvements in product testing and production efficiency, with strong order growth expected [8]. - Haiguang Information is positioned to leverage vertical integration capabilities following its merger with Zhongke Shuguang [8]. - Lenovo Group is anticipated to launch various servers based on Nvidia's Blackwell Ultra starting in the second half of 2025 [8]. - Huaqin Technology is recognized as a core ODM supplier for AI servers, benefiting from increased capital expenditures by cloud service providers [8].

Core Viewpoint - The company, Moer Technology, has successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid approval process for a domestic GPU leader in less than three months [1][3]. Group 1: Capital Raising and Use of Proceeds - Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [3]. - The company has a diverse shareholder base, including major internet companies like Tencent and ByteDance, as well as top venture capital firms and state-owned funds [3][5]. Group 2: Shareholding Structure - The shareholding structure is characterized by a combination of founder control and diverse capital participation, with founder Zhang Jianzhong holding 11.06% directly and controlling 36.36% of voting rights through various agreements [4]. - Employee stock ownership plans cover 724 employees, accounting for 64% of the total workforce, which is crucial for attracting and retaining top talent in the competitive chip industry [4]. Group 3: Strategic Partnerships and Collaborations - Moer Technology has established business partnerships with several listed companies to build a domestic GPU ecosystem, including collaborations with Weixing Intelligent and Runxin Technology for AI computing and GPU packaging [8]. - The company is also working with various suppliers for high-end components, indicating a strong integration within the industry [8]. Group 4: Financial Performance and Market Outlook - The company has reported cumulative losses of 5.276 billion yuan from 2022 to mid-2025, reflecting the high investment nature of the chip industry [10]. - The IPO is expected to test market recognition of domestic GPU enterprises, with projections indicating that the Chinese AI chip market could reach 13.4 trillion yuan by 2029, positioning Moer Technology to benefit from this growth [10].