从指数表现来看，自年初至11月21日，科创创业AI指数涨幅72.04%，远超创业板人工智能（代码970070）、科创人工智能（代码950180）、中证人工智能 指数（代码930713）表现。同时从最大回撤来看，也是最低水准。 随着大盘突破4000点，近期A股尤其是成长板块有所回调，引发投资者担忧。从原因来看，当前主要矛盾是源于美联储12月不降息预期引发的流动性担忧， 次要原因是AI泡沫担忧，主要是美国AI开支透支过度担忧。机构指出：首先联储降息但市场并没有中国降息预期。其次，12月议息会议市场已经基本定价 不降息，据CME美联储观察工具，12月维持利率不变的概率为89%。而只要不降息+鸽派指引就可以对市场构成利好。然后，美国AI开支过度目前无法证 实，中国情况不同，并不存在AI资本开支过度这一问题。再次，中国仍有12月经济工作会议政策可以期待。最后，市场在一致预期明年春季行情增量资金 流入背景下，12月存在抢跑冲动。而当前市场因海外波动而陷入迷茫时刻或许正是加仓吸筹的绝佳机会。 鹏华基金拥有完整的科创宽基矩阵，和非常丰富的科创行业与科创债产品布局，是目前全市场科创品类最全ETF供应商。本次鹏华获批两支产品，分 ...

Core Insights - The AI computing industry is transitioning into an "application dividend period," driven by the integration of artificial intelligence and high-performance computing, with a projected global market size of $234 billion in 2024 and expected to exceed $2.75 trillion by 2032, reflecting a compound annual growth rate of 36.8% [5][6][10] AI Computing Industry Overview - AI computing (Intelligent Computing) combines AI with high-performance computing, utilizing dedicated hardware and distributed architecture to provide efficient and scalable computing power for AI tasks [2][3] - The industry is characterized by a three-pronged model of "computing power + algorithms + data," which supports complex AI model training and inference, making it a critical infrastructure for the digital economy [2][3] Global and Chinese AI Computing Development - The global AI market is evolving from a "model dividend period" to an "application dividend period," becoming a core engine for the digital economy, with significant advancements in computing power architecture [5][6] - In 2024, the total global computing power is expected to reach 2207 EFLOPS, with intelligent computing power contributing 1610 EFLOPS, marking a year-on-year growth of 63.8% [5][6] - China's total computing power is projected to reach 280 EFLOPS in 2024, with intelligent computing power at 90 EFLOPS, indicating a significant gap between supply and future demand [6][10] AI Computing Industry Chain in China - The AI computing industry chain in China consists of upstream hardware (GPUs, NPUs), midstream service providers (telecom operators, cloud service providers), and downstream application sectors (internet, finance, manufacturing) [8][10] - The market for AI acceleration chips is expected to grow from 17.56 billion yuan in 2020 to 142.54 billion yuan in 2024, with a compound annual growth rate of 68.8% [9][10] Competitive Landscape - Major players in the infrastructure layer include Huawei, which leads in domestic chip production, and Inspur, which dominates the AI server market [10] - Telecom operators and cloud service providers, such as China Telecom, Alibaba Cloud, and Tencent Cloud, are key players in the computing service layer [10] Future Trends in AI Computing Industry - The industry is expected to evolve towards collaborative evolution, with a focus on efficient resource utilization and deep integration with the real economy [11][12] - The emphasis will shift from model performance to creating measurable business value through large-scale applications in key sectors such as manufacturing, finance, and healthcare [13]

作者丨雷晨 编辑丨朱益民 全球AI风向标英伟达的最新业绩，再次在全球资本市场投下了一颗"深水炸弹"。其营收与指引依旧亮 眼，财报发布当日股价一度涨超5%，但却收跌3.15%。美东时间周五，英伟达跌0.97%，该股11月以来 已累计跌近12%。 剧烈波动的背后，是外界对其未来增长可持续性的微妙预期，叠加近期外部环境不稳定不确定因素较 多。 随着美股科技板块承压下行，其冲击波也迅速传导至A股市场。 东方财富数据显示，11月21日，算力概念板块较上一日下跌3.38%，资金净流出141.2亿元，光模块"三 剑客"新易盛、天孚通信、中际旭创分别收跌8.46%、7.34%、5.69%。 此外，AI芯片板块收跌4.33%，净流出16.85亿元，寒武纪跌5.54%。 基金持仓方面，截至今年第三季度末，电子、通信板块（含算力相关标的）超配比例已达历史高位，筹 码结构相对复杂。有分析指出，接近年末，部分机构存在回笼资金需求，导致短期获利盘了结压力加 大。 业内专业人士人认为，市场正对算力板块估值与基本面匹配度重新审视。而从长远来看，当前市场的波 动更像是产业浪潮中的一次理性回调。 全球AI算力竞赛的长期逻辑并未改变，微软、谷歌、 ...

Group 1 - China and the U.S. should lead bilateral economic and trade relations based on the consensus reached during the recent meeting between the two countries' leaders [5] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.08%, S&P 500 up 0.98%, and Nasdaq up 0.88% [5] - Bitcoin has experienced a significant decline, currently priced at $84,626, down over 2% and more than 22% for the month, marking its worst performance since 2022 [6] - International oil prices fell, with WTI crude down 1.73% to $57.98 per barrel, and Brent crude down 1.42% to $62.48 per barrel [7] - Gold prices decreased by 0.3%, settling at $4,064.28 per ounce, while COMEX silver futures fell by 1.27% to $49.66 per ounce [8] Group 2 - China's Ministry of Commerce reported that from January to October, the country attracted foreign investment of 621.93 billion yuan, a year-on-year decrease of 10.3% [12] - The first batch of AI-focused ETFs and several chip-related ETFs have been approved, expected to attract new capital into the market [14] - Eli Lilly became the first healthcare company to reach a market capitalization of $1 trillion, with a stock price increase of over 38% this year [26][27] - Xiaopeng Motors has officially launched its first land carrier prototype, marking a significant step in the production of its flying car [28]

Core Insights - The report titled "2025 Domestic AI Chip Software Ecosystem White Paper" highlights the competitive landscape of domestic AI chips, emphasizing the shift in user focus from hardware performance to the maturity, compatibility, and usability of the software ecosystem [1][10] - The software ecosystem is structured into four layers: foundational support layer, core tools layer, framework adaptation layer, and management monitoring layer, which collectively determine the value realization and commercialization of AI chips [1][14] - Domestic AI chips are categorized into specialized acceleration chips, general-purpose computing chips, and graphics computing chips, with notable manufacturers focusing on different aspects of the ecosystem [1][10] Group 1: Background and Significance - The report outlines the context of increasing international technological competition, which has led to significant advancements in domestic AI chip technology and market expansion [10][11] - The primary goal of the white paper is to systematically assess the development status of the domestic AI chip software ecosystem, providing a technical reference for industry, academia, and government [12][13] Group 2: AI Chip Software Ecosystem Composition - The AI chip software ecosystem serves as a technical hub connecting hardware capabilities with upper-layer applications, structured into four main modules: foundational support, core tools, framework adaptation, and management monitoring [14][20] - Each module plays a critical role in the training and inference processes of AI models, with the foundational support layer abstracting hardware complexity and providing standard interfaces for upper-layer tools and applications [17][19] Group 3: Current State of Domestic AI Chip Software Ecosystem - The report identifies various domestic AI chip categories and representative manufacturers, highlighting their unique software ecosystem resources and the need for improvement in completeness and community engagement [3][10] - The current ecosystem has progressed from "basic usability" to "specific scenario usability," with two main paths emerging: "full-stack ecosystem" and "compatible ecosystem" [1][10] Group 4: Future Development Directions - The report emphasizes the need for standardization, open-source collaboration, and industry-academia synergy to enhance the domestic AI chip software ecosystem from "usable" to "excellent" [1][10] - The ultimate goal is to establish a robust and controllable technological system that supports the commercialization of domestic AI chips [1][10]

Core Insights - The report highlights the rapid growth and potential of the Chinese smart chip industry, driven by advancements in artificial intelligence, IoT, and 5G technology, with a projected market size exceeding 600 billion yuan by 2030 [1][2][3] Industry Overview and Background Analysis - Smart chips are defined as highly integrated circuits capable of perception, computation, and decision-making, integrating AI algorithms and big data analysis to respond to complex environments [8][9] - The smart chip industry in China has evolved from reliance on imports to developing domestic capabilities, with significant government support and technological breakthroughs in recent years [19][23][24] Market Size and Growth Trends - The Chinese smart chip market has experienced a compound annual growth rate (CAGR) of over 20% from 2018 to 2022, driven by demand in consumer electronics, smartphones, and IoT applications [33][35] - The AI chip segment is the largest, accounting for over 40% of the market, with rapid growth in autonomous driving and edge computing chips [36][41] Technological Development and Innovation Trends - Key technologies in smart chips include Neural Processing Units (NPUs) optimized for AI tasks, edge computing for real-time data processing, and innovations in high-performance computing architectures [51][54][57] - The report emphasizes the importance of hardware-software co-design and the integration of advanced semiconductor processes to enhance performance and reduce power consumption [52][58]

Core Insights - The main point of the articles is the significant net outflow of capital from the Shanghai and Shenzhen stock markets, totaling 128.99 billion yuan, with a notable outflow from the Sci-Tech Innovation Board [1] Group 1: Market Overview - The total net outflow of capital from the Shanghai and Shenzhen markets was 128.99 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 12.93 billion yuan [1] - A total of 98 stocks on the Sci-Tech Innovation Board saw net inflows, while 495 stocks experienced net outflows [1] - Among the stocks that saw net inflows, the top three were 德科立 (1.10 billion yuan), 晶晨股份 (1.07 billion yuan), and 沃尔德 (959.27 million yuan) [1][2] Group 2: Stock Performance - On the Sci-Tech Innovation Board, 33 stocks rose, with two stocks, 禾信仪器 and 品高股份, hitting the daily limit [1] - The stock C恒坤 had the highest decline, dropping 11.47% [1] - The stock with the largest net outflow was 寒武纪-U, which saw a net outflow of 1.14 billion yuan and a decline of 5.54% [1] Group 3: Continuous Capital Flow - There were 24 stocks with continuous net inflows for more than three trading days, with 伟创电气 leading at nine consecutive days of inflow [2] - The stock with the longest continuous net outflow was 智翔金泰, which experienced 19 consecutive days of outflow [2]

证券代码：688256 证券简称：寒武纪 公告编号：2025-073 中科寒武纪科技股份有限公司 关于设立募集资金专项账户 并签订募集资金专户存储监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 募集资金基本情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会出具的《关于同意中 科寒武纪科技股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]1969 号）， 中科寒武纪科技股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股）（以下简称"本次发行"）股票 3,334,946 股，每股发行价格为人民币 1,195.02 元， 募集资金总额为 3,985,327,168.92 元，扣除各项发行费用人民币 32,171,304.93 元（不含 税），公司实际募集资金净额为人民币 3,953,155,863.99 元。上述募集资金已于 2025 年 9 月 26 日到账，到位情况已经天健会计师事务所（特殊普通合伙）审验并于 2025 年 9 月 29 日出具《验资报告》（天健验 ...

（文章来源：每日经济新闻） 每经AI快讯，11月21日，寒武纪公告，公司向特定对象发行股票333.49万股，每股发行价格为人民币 1195.02元，募集资金总额为39.85亿元，扣除发行费用后，实际募集资金净额为39.53亿元。公司已与保 荐机构中信证券及商业银行签订募集资金专户存储监管协议，新增全资子公司上海寒武纪信息科技有限 公司、上海寒武纪信息科技有限公司深圳分公司、安徽寒武纪信息科技有限公司、寒武纪（西安）集成 电路有限公司作为募集资金投资项目实施主体，共同实施"面向大模型的芯片平台项目"和"面向大模型 的软件平台项目"。 ...

寒武纪晚间公告，公司向特定对象发行股票333.49万股，每股发行价格为人民币1195.02元，募集资金总 额为39.85亿元，扣除发行费用后，实际募集资金净额为39.53亿元。公司已与保荐机构中信证券及商业 银行签订募集资金专户存储监管协议，新增全资子公司上海寒武纪信息科技有限公司、上海寒武纪信息 科技有限公司深圳分公司、安徽寒武纪信息科技有限公司、寒武纪（西安）集成电路有限公司作为募集 资金投资项目实施主体，共同实施"面向大模型的芯片平台项目"和"面向大模型的软件平台项目"。 （文章来源：第一财经） ...