" 历时一年，我们在算力产业的褶皱中寻找真相。 " 作者丨 刘伊伦 编辑丨 包永刚 2025年年初，DeepSeek以算力效率的极致优化，打破大模型高算力、高成本的部署壁垒，中国AI产业迎 来了一个极具象征意义的时刻，这不仅是一次技术路线的胜利，更为国产算力基础设施与全球顶尖模型同 频共振提供舞台。 从华为昇腾、寒武纪，到摩尔线程、昆仑芯，国产芯片厂商纷纷抓住这一轮模型革新带来的适配机遇，与 国内开源AI生态形成紧密联动。 然而，技术的浪漫主义终究要让位于产业的冷峻法则。 年初炙手可热的一体机仅四个月便沦为"明日黄花"，智算中心在"算力闲置"与"卖卡求生"中的痛苦挣扎。 GPU贸易从暴利狂欢跌落至薄利常态，存储涨价潮则将中小厂商逼至生死边缘。 退潮中，真正的价值才开始浮现。 我们历时一年，深入调研产业链内多家头部企业、访谈上百位产业专家、追踪国产GPU"四小龙"的上市征 程、见证推理芯片从"围攻英伟达"到"部分卡位"的艰难跃迁，记录存储产业链在成本暴涨下的集体承压。 这些深度内容不是为了渲染焦虑，而是为了在产业的褶皱中寻找真相： 当技术热潮的余温散去，什么才是 真正支撑中国AI算力走向规模化、生态化的底层因素 ...

当前，行业正面临技术理想与商业现实间的"鸿沟"，尤其在具身智能等领域，实现可规模化的商业闭环是关键挑战。我 们认为，高质量垂直数据将成为工业AI的核心壁垒，而中国的完整产业链与丰富场景是孵化突破性技术的独特优势。 展望2026年，投资将更趋理性，"硅基智能"仍是长期主线。我们将聚焦三大方向纵深布局：一是AI向"系统智能"进化， 重点投资能闭环垂直行业任务的智能体（Agent）及AI原生硬件；二是机器智能的商业化融合，把握自动驾驶技术外溢 红利，推动具身智能在工业、物流等B端场景实现规模化落地；三是前瞻布局颠覆性计算架构，如存算一体、RISC-V 等，为下一轮范式革命储备核心能力。 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 業 王光配 ： 回顾过去一年，尽管宏观环境存在挑战，联想创投凭借清晰的战略定力逆势前行。2025年，我们全年新增投资企业超40 家，近百家被投企业获得新一轮融资，总投资笔数达60余笔，其中80%投向与"硅基生态"紧密相关的领域，持续巩固在 AI算力、大模型及具身智能等核心赛道的系统布局。我们的被投企业总数已 ...

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

Core Insights - The article highlights the rapid growth and development of China's artificial intelligence (AI) industry, showcasing significant user adoption and innovation across various sectors [3][4][14][24][31]. Group 1: AI Industry Growth - By the end of 2025, China's generative AI user base is projected to reach 602 million, a 141.7% increase from the end of 2024, with a penetration rate of 42.8%, up 25.2 percentage points year-on-year [3]. - The AI industry in Beijing has surpassed 2,400 companies, including 46 listed firms and 36 unicorns, accounting for over half of the national total [4]. - Shanghai's AI industry is expected to exceed 550 billion yuan in scale by the end of 2025, with a year-on-year growth rate of over 30% [14]. Group 2: Key Players and Innovations - Major companies leading the AI sector include ByteDance, Baidu, and Huawei, focusing on areas such as large models, AI algorithms, and smart driving [5][24]. - Shenzhen has seen a 22.6% year-on-year growth in its core AI industry, with a total scale reaching 368.5 billion yuan in 2024, indicating a shift towards source innovation [24]. - Hangzhou's AI industry is projected to grow from 300 billion yuan in 2023 to 399 billion yuan in 2024, with 84 listed companies and 10 unicorns by the end of 2025 [31]. Group 3: Data and Infrastructure - Beijing has registered 123 large model products and established a data foundation with over 150 petabytes of data [4]. - Shanghai has completed 137 registrations for generative AI services, building a workforce of 300,000 in the AI sector [14]. - Shenzhen's AI industry encompasses a full range of the supply chain, from chips to applications, with 2,887 related enterprises [24].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative performance exceeding 15% compared to the benchmark index over the next 12 months [8]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, enabling users to create videos with simple text prompts, which is expected to enhance user engagement and frequency of use over the long term [3][5]. - The model's capabilities include multi-modal input acceptance, narrative coherence, and audio-visual synchronization, addressing key industry challenges such as character consistency and audio-visual mismatch [4][5]. - The demand for computational power is projected to increase exponentially due to the anticipated high concurrency from both consumer (C-end) content creation and business (B-end) API calls [6]. Summary by Sections Seedance 2.0 Launch and Features - Seedance 2.0 is integrated into various platforms, allowing users to generate short videos easily, which is expected to drive higher usage rates [3]. - The model supports multiple input types and can generate videos with synchronized audio, enhancing the creative process for users [4]. Computational Demand Projections - The report estimates that by October 2025, the monthly usage of AI-generated content on the platform will reach 63,900 times, with a total usage time of 1,668.2 hours [6]. - The complexity of video generation is significantly higher than that of text and images, leading to a substantial increase in computational requirements [6]. - Projections indicate that the number of required H100 GPUs for video generation could range from 2.4 million to 4.284 million under different scenarios, with a market space for H100 GPUs estimated between $4.8 billion and $8.568 billion [14][12]. Long-term Market Opportunities - The report highlights the potential for domestic computational power providers to benefit from the growth of AI video generation, with specific companies recommended for investment, including chip designers and AI server manufacturers [13]. - The user base for short videos in China is expected to exceed 1 billion by the end of 2024, with increasing daily usage times projected [7][11].

（编辑 楚丽君） 证券日报网讯 2月13日，寒武纪在互动平台回答投资者提问时表示，公司专注于主营业务，将持续聚焦 人工智能芯片设计领域技术创新，提升核心竞争力，积极拓展市场份额，加速场景落地，推动公司的持 续良好发展，公司2026年度具体经营业绩情况请以公司在指定披露媒体披露的定期报告等公告信息为 准。根据《上海证券交易所交易规则》《上海证券交易所科创板股票上市规则》的有关规定，公司目前 没有触发被要求停牌核查的条件。特别提醒广大投资者理性看待市场波动并注意投资风险。 ...

证券日报网讯 2月13日，寒武纪在互动平台回答投资者提问时表示，公司一直并将继续专注于主营业 务，持续聚焦人工智能芯片设计领域技术创新，提升核心竞争力，积极拓展市场份额，加速场景落地， 推动公司的持续良好发展。公司相关信息请以公司发布在上交所官网的公告或公司官方网站披露的信息 为准。其他公司信息请以其官方公布的信息为准。 （文章来源：证券日报） ...

Investment Rating - The semiconductor industry is rated as "stable improvement" for the next 12 to 18 months, with potential for upward adjustments based on demand growth from automotive electronics and artificial intelligence [5][7]. Core Insights - The semiconductor industry in China is expected to benefit from effective industrial support policies, accelerating domestic substitution processes, and a stable upward trend in credit quality [5][8]. - The competition in the semiconductor industry remains a key national focus, with ongoing support for high-end breakthroughs and supply chain management [7][9]. - The recovery of the semiconductor industry is driven by the mild recovery in consumer electronics and rapid development in automotive electronics and artificial intelligence [19][24]. - The global semiconductor sales reached approximately $697.18 billion in 2025, with a year-on-year growth of 11.22%, indicating a new recovery cycle after a previous downturn [20][24]. - The domestic semiconductor market in China is projected to reach $210.88 billion in 2025, growing by 14.68% year-on-year, driven by AI and automotive electronics [24]. Industry Fundamentals Analysis - The semiconductor industry is supported by a comprehensive policy framework that includes national and local government initiatives aimed at enhancing self-sufficiency and technological breakthroughs [9][10]. - The production of integrated circuits in China reached 484.3 billion units in 2025, a year-on-year increase of 87.28%, with exports also showing significant growth [11][24]. - The industry is characterized by a high degree of concentration, with the top ten chip design companies holding over 65% of the market share globally, predominantly led by U.S. firms [30][31]. Credit Performance of Industry Enterprises - The overall financial performance of the semiconductor industry has improved, with revenue, profit, and operating cash flow showing growth, while debt levels remain manageable [29]. - The industry has not experienced any bond extensions or defaults, indicating a stable credit environment [29]. - The chip design sector has seen rapid growth, particularly in AI chip manufacturers, which have outperformed other segments [31].

寒武纪回复称，原力聚合与公司及行歌科技没有关联关系。 格隆汇2月13日｜有投资者在互动平台向寒武纪提问：贵公司旗下行歌品牌的官网现在已经变更为原力 聚合。请问行歌相关的汽车自动驾驶芯片业务线是否放弃，原力聚合是否是贵公司旗下的新业务？ ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential for significant growth in the coming months [6][44]. Core Insights - The report highlights a rapid release of computing power demand driven by the dual forces of training and inference, with 2026 identified as a pivotal year for this transition [6]. - Major internet companies are intensifying their competition in AI, leading to a surge in demand for high-quality, multi-modal models, which in turn is expected to drive substantial growth in computing power requirements [11][25]. - The supply side is expected to improve structurally, with domestic computing power resources becoming more abundant, thus supporting the anticipated demand explosion [6][32]. Summary by Sections 1. Rapid Release of Computing Power Demand - The "arms race" in large models continues unabated, with leading internet firms like ByteDance, Alibaba, and Tencent releasing new models with trillions of parameters, enhancing their competitive edge [11][12]. - The demand for inference computing power is rising at an unexpected rate, with significant user growth reported for AI applications, particularly the Doubao app, which reached 226 million monthly active users by December 2025, marking a year-on-year increase of over 200% [6][25]. 2. Supply Side Improvements and Domestic Production Acceleration - The approval of NVIDIA's H200 AI chips for the Chinese market is expected to alleviate computing power shortages for major internet firms, facilitating faster model iterations [32]. - Domestic computing power chips have reached a performance level that is now considered "good enough," with significant advancements in local chip development and deployment [33]. 3. Full-Chain Inflation in Domestic Computing Power - The report predicts that the computing power industry will enter a "full-chain inflation" cycle in 2026, with growth expected across various segments including AIDC, cloud services, and supporting power equipment [38]. - Major tech companies are projected to increase their capital expenditures significantly, with estimates suggesting that the four largest tech firms in Silicon Valley will spend up to $650 billion in 2026 [40]. 4. Related Companies - The report lists several companies as relevant to the industry, including Dongyangguang, Hanwha, Haiguang Information, Wangsu Technology, and others, indicating a broad spectrum of potential investment opportunities [4][44].