AI 需求持续增长及国家大力支持推动国产算力发展，尽管面临先进制程 瓶颈，但以 Deepseek 为代表的算法已在全球表现出色，硬件和软件算 法在兼容国际标准方面亦有创新突破，如 FP8 运算和 CUDA 兼容性。 国产半导体设备国产化率自 2019 年起稳步提升，表明行业正逐步克服 技术壁垒。寒武纪、升腾、海光等公司技术不断迭代，已涉及 12nm 至 7nm 制程，单纯算力角度已领先，生态系统兼容性是当前挑战，但有望 通过时间和投入突破。 预计未来两三年内，国产算力将从流片量转向订单量，行业将经历从 0 到 1 到 10 再到 100 的扩张。大厂和创业公司积极下单扩产，当前是投 资该领域的时机。2025 年底至 2026 年，国产算力仍将是二级市场关 注焦点，尤其在中美博弈背景下。 中芯国际为首的新制程进展乐观，良率和产能预期良好，2026 年或是 业绩兑现和股价上升的关键年，存在投资机会。建议关注华为、海光、 寒武纪等龙头企业，以及木兮、摩尔、阿里平头哥、百度昆仑芯等第二 梯队公司。 Q&A 近年来国产算力的发展情况如何？ 近年来，国产算力领域取得了显著进展。尤其是摩尔线程和牧原等新生代企业 的上市，吸 ...

Core Viewpoint - The domestic chip industry in China is undergoing significant transformation, moving from a perception of being "stuck" or "ineffective" to showcasing advancements and capabilities by 2025 [1][3]. Group 1: Consumer Electronics and Automotive - The gaming performance of domestic processors is improving, with the Haiguang C86 processor achieving frame rates of nearly 200 and 300 for major games, indicating readiness for high-performance gaming [2][3]. - The Haiguang C86 processor, featured in the "Black Warrior·Hunting Blade Pro" gaming PC, has a base frequency of 2.8GHz and supports PCIe 5.0, demonstrating its capability to handle high-load tasks [5][6]. - The GAC Aopao GT "Climbing Edition" achieved 100% domestic chip design, utilizing the RK3588M chip for its intelligent cockpit, showcasing the reliability and performance of domestic chips in high-end vehicles [12][13]. Group 2: Storage and Memory Chips - Changxin Storage launched DDR5 products with speeds up to 8000Mbps, marking a significant advancement for domestic manufacturers in the high-end memory market [9][10]. - The introduction of DDR5 technology represents a leap from DDR4, with performance improvements and the ability to address high-frequency signal interference [10][11]. - Longjiang Storage's TiPlus7100s SSD achieved read speeds of 7400MB/s and write speeds of 6900MB/s, indicating competitive performance against international brands [11]. Group 3: AI and Computing Power - The exit of international giants from the AI chip market has created opportunities for domestic companies, with Cambrian Technologies reporting a 1332.52% year-on-year revenue increase in Q3 2025 [15][16]. - Domestic firms are adopting "super node" technology to enhance computing power by integrating multiple AI acceleration cards into a single cabinet, addressing performance bottlenecks in large model training [17][18]. - The demand for storage has shifted from being a cost component to a strategic asset, with significant implications for the supply chain and market dynamics [18][19]. Group 4: Semiconductor Manufacturing and Equipment - Domestic companies are making strides in semiconductor manufacturing equipment, with the shipment of a 350nm lithography machine that supports the production of power devices and RF chips [23][24]. - The development of high-speed oscilloscopes and EDA tools is filling critical gaps in the chip design and testing process, enhancing the capabilities of domestic semiconductor firms [25][26]. - The Chinese semiconductor industry is transitioning from "point breakthroughs" to "chain collaboration," indicating a shift towards more integrated and cooperative development efforts [20][27].

Group 1 - The report maintains a positive outlook on the AI chain, emphasizing the impact of the storage cycle and the acceleration of self-control in the industry [1] - In 2026, the focus will be on the AI chain, storage cycles, and the acceleration of self-control, with expectations of continued growth in the electronics sector driven by AI data centers and terminal demand recovery [1][3] - The storage sector is expected to enter a price increase cycle starting in the second half of 2025 due to significant supply-demand imbalances [1][3] Group 2 - The Scaling Law remains effective, transitioning into a 2.0 phase that enhances model capabilities and drives demand for computing power [2][18] - The demand for high-end PCBs is anticipated to increase significantly in 2026, driven by the upgrade of AI server platforms and the growth of cloud service providers' self-developed ASICs [2][73] - The AI-driven demand for storage is expected to grow rapidly, with major storage manufacturers like SanDisk, Micron, and Samsung announcing price increases, indicating a sustained upward trend in storage prices [3][60] Group 3 - The domestic storage chip and module manufacturers are expected to benefit from the upward cycle in storage prices, with a focus on DRAM and NAND markets [3][4] - The trend towards domestic production in the storage sector is expected to continue, with companies like Changxin and Changcun expanding capacity and market share [4][66] - The consumer electronics sector may face pressure from rising storage prices, particularly affecting Android smartphones and PCs, while new product innovations could catalyze market recovery [5][72] Group 4 - The report highlights the importance of advanced processes and domestic production in the semiconductor industry, with a focus on improving production capacity and technology [4][68] - The AI chip market is projected to grow significantly, with a compound annual growth rate (CAGR) of 35.19% expected from 2025 to 2030, driven by strong demand for AI training and inference [60][66] - The custom AI chip market is anticipated to expand rapidly, with a forecasted CAGR of 53% from 2024 to 2028, as domestic internet companies increasingly adopt a dual approach of third-party procurement and self-developed ASICs [72][73]

AI芯片板块领跌，下跌1.56%，其中景嘉微下跌3.4%，寒武纪下跌3.36%，海光信息下跌3.34%，国科 微、云天励飞、瑞芯微跌超2%。（AI生成） AI芯片板块领跌，下跌1.56%，其中景嘉微下跌3.4%，寒武纪下跌3.36%，海光信息下跌3.34%，国科 微、云天励飞、瑞芯微跌超2%。（AI生成） ...

Group 1 - The GPU index experienced a decline of 2% during intraday trading on December 5 [1] - Among the constituent stocks, Jingjia Micro fell by 3.48%, Chipone decreased by 2.95%, Haiguang Information dropped by 2.78%, Loongson Technology declined by 2.18%, and Cambricon Technologies fell by 2.12% [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of semiconductor stocks, particularly related to Moores Threads and the semiconductor equipment sector, with significant price increases expected due to rising demand driven by AI [1][2][3] - Moores Threads announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, with its issuance price being the highest among new stocks this year [1] - The semiconductor equipment ETF (561980) saw a daily increase of 3.63%, leading its peers, and the underlying index, the CSI Semiconductor, had the highest single-day gain among similar indices [1][3] Group 2 - The global semiconductor equipment sales are projected to grow by 11% year-on-year, reaching $33.66 billion by Q3 2025, indicating strong growth in the sector [1] - The storage industry is experiencing a tight supply-demand situation, with AI becoming a core driver of future storage demand, particularly for HBM, large-capacity DDR5, and enterprise SSDs [2] - The anticipated supply-demand gap for NAND is expected to reach -14.20% and -14.25% in 2026 and 2027, respectively, while DRAM supply-demand gaps are projected at -9.38% and -8.84% for the same years [2] Group 3 - Historical cycles in the storage market have been driven by emerging technologies that promote product upgrades and innovations, suggesting that the industry may be at the beginning of a new storage cycle driven by AI [3] - The semiconductor equipment ETF (561980) tracks an index where over 50% is composed of semiconductor equipment, with a significant concentration in leading companies such as Zhongwei Company and North Huachuang [3] - As of December 3, the CSI Semiconductor index has seen a year-to-date increase of 54%, with a maximum increase of over 80%, ranking first among major semiconductor indices [3]

责任编辑：小浪快报 12月4日，海光信息涨2.79%，成交额37.69亿元。两融数据显示，当日海光信息获融资买入额4.53亿 元，融资偿还3.79亿元，融资净买入7415.89万元。截至12月4日，海光信息融资融券余额合计81.26亿 元。 资料显示，海光信息技术股份有限公司位于北京市海淀区东北旺西路8号中关村软件园27号楼C座4-5 层，成立日期2014年10月24日，上市日期2022年8月12日，公司主营业务涉及研发、设计和销售应用于 服务器、工作站等计算、存储设备中的高端处理器。主营业务收入构成为：高端处理器99.73%，其他 (补充)0.27%。 截至9月30日，海光信息股东户数12.75万，较上期增加59.34%；人均流通股18230股，较上期增加 64.54%。2025年1月-9月，海光信息实现营业收入94.90亿元，同比增长54.65%；归母净利润19.61亿元， 同比增长28.56%。 分红方面，海光信息A股上市后累计派现7.43亿元。 机构持仓方面，截止2025年9月30日，海光信息十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股5275.03万股，相比上期减少2037.64万 ...

12月4日海光信息大宗交易一览 海光信息12月4日大宗交易平台共发生4笔成交，合计成交量13.40万股，成交金额2808.00万元。以折溢 价进行统计，今日有3笔为折价交易，折价率最高达4.00%。从参与大宗交易营业部来看，机构专用席 位共出现在1笔成交的买方或卖方营业部中，合计成交金额为1036.80万元，净买入1036.80万元。 进一步统计，近3个月内该股累计发生41笔大宗交易，合计成交金额为13.30亿元。 证券时报·数据宝统计显示，海光信息今日收盘价为216.00元，上涨2.79%，日换手率为0.76%，成交额 为37.69亿元，全天主力资金净流入1.53亿元，近5日该股累计上涨0.02%，近5日资金合计净流出3.17亿 元。 两融数据显示，该股最新融资余额为80.07亿元，近5日减少2656.67万元，降幅为0.33%。 据天眼查APP显示，海光信息技术股份有限公司成立于2014年10月24日，注册资本232433.8091万人民 币。（数据宝） | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | 卖方营业部 | | --- | --- | --- | --- | --- | --- ...

| 交易日期 | 证券間称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-04 | 海光信息 | 688041 | 216 | 734.4 | 3.4 | 有限公司是登录股份 | 去筒更素劈绞割限 | | 彩 | | 2025-12-04 | 海光信息 | 688041 | 207.36 | 1036.8 | 5 | 机构专用 | 产品牌最高端路 | | Ka | | 2025-12-04 | 海光信息 | 688041 | 207.36 | 725.76 | 3.5 | ​នឹង​ក្រី​ដង​និង​ | 是重要差估增值 | | 188 | | 2025-12-04 | 海光信息 | 688041 | 207.36 | 311.04 | 1.5 | 交易管理局局面临 | 公費需要業務處理 | | Ka | 12月4日，海光信息大宗交易成交13.4万股，成交额2808万元，占当日总成 ...

Core Viewpoint - The A-share technology sector experienced a rebound, with the Sci-Tech Chip 50 ETF (588750) rising over 2% and trading volume significantly increasing, surpassing 118 million yuan during intraday trading [1][3]. Group 1: Market Performance - The majority of the constituent stocks of the Sci-Tech Chip 50 ETF saw gains, with notable increases in optical modules and optical chips. For instance, Yuanjie Technology rose over 6%, while Tuojing Technology increased by over 5% [3]. - The trading activity of the Sci-Tech Chip 50 ETF was notably active, with intraday trading volume exceeding 118 million yuan, indicating a significant increase compared to the previous day's total [1]. Group 2: Company Developments - Tuojing Technology held a performance briefing on December 4, stating that its thin film equipment series has achieved industrial application in storage chip manufacturing, with a full order book and expected demand growth if downstream clients expand production [5]. - Zhongwei Company announced its comprehensive layout in advanced packaging, including etching and CVD equipment, indicating a strong position in the market [5]. - Huahong Company plans to acquire Huali Micro through a combination of stock issuance and cash payment, which will make Huali Micro a subsidiary of Huahong [5]. Group 3: Industry Insights - According to SEMI, global semiconductor equipment shipments are projected to grow by 11% year-on-year in Q3 2025, reaching $33.66 billion, marking the sixth consecutive quarter of growth [6]. - The semiconductor industry is entering a strong recovery phase, driven by AI demand and storage needs, with the global semiconductor market expected to reach $728 billion in 2025, reflecting a year-on-year growth of 15.4% [8]. - The Sci-Tech Chip sector has attracted significant institutional interest, with 1,218 institutions conducting research on constituent stocks in November, a 51% increase from the previous month [6]. Group 4: Investment Opportunities - The Sci-Tech Chip 50 ETF focuses on the core segments of the semiconductor industry, with a high "chip content" and strong growth potential, making it an attractive investment option [12]. - The index's constituent stocks are expected to see a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated full-year growth rate of 100%, significantly outperforming peers [15]. - The Sci-Tech Chip 50 ETF has demonstrated a maximum increase of 187.69% since September 2024, indicating strong upward elasticity compared to other indices [16].