Core Insights - The AI SoC for smart devices is a rapidly developing technology that serves as the "brain" for various smart devices, driven by advancements in artificial intelligence (AI) and the Internet of Things (IoT) [1][4] - The global market for smart device AI SoCs is projected to grow from $10.7 billion in 2020 to $31.8 billion in 2024, with an expected increase to $43.8 billion by 2025 [1][4] - Consumer electronics account for 40% of the AI SoC market, with low-power applications representing over 60% of that segment [4] Industry Definition and Characteristics - Smart devices are defined as devices with operating systems, data processing capabilities, and network connectivity, including smart cameras, cars, smartphones, smart speakers, tablets, and wearables [2] - The SoC directly influences the response speed, battery life, multitasking ability, and user interaction experience of smart devices, making it a key driver of their evolution [2] Industry Chain - The upstream of the smart device AI SoC industry includes raw materials such as wafers, photoresists, electronic gases, and target materials, as well as equipment like photolithography and etching machines [4] - The midstream involves the design, manufacturing, and packaging of AI SoCs, while the downstream encompasses application markets including smart homes, commercial and educational sectors, automotive, personal mobile devices, industrial, medical, and energy sectors [4] Cost Structure - The cost structure of smart device AI SoCs is primarily divided into raw material costs (65-80% of total costs) and processing fees (15-25% of total costs) [5] Competitive Landscape - The smart device AI SoC industry is characterized by a competitive landscape where international giants dominate the high-end market, while domestic companies carve out differentiated niches [6] - Major domestic players include companies like Rockchip, Xiamen Xingchen Technology, and Hengxuan Technology, each leveraging their technological expertise and market positioning [6][7] Representative Companies - Rockchip has over 20 years of experience in SoC design and has expanded into the AIoT market, achieving revenues of 3.141 billion yuan and a net profit of 780 million yuan in the first three quarters of 2025 [7][8] - Xiamen Xingchen Technology focuses on visual AI SoCs and reported revenues of 1.402 billion yuan with a gross profit of 464 million yuan in the first half of 2025 [9] - Hengxuan Technology leads in the smart audio SoC sector, achieving revenues of 2.934 billion yuan and a net profit of 502 million yuan in the first half of 2025 [10] Industry Development Trends - The smart device AI SoC industry is transitioning from a phase focused solely on computational power to a transformative era characterized by efficiency, intelligence, and integration across various application fields [11]

格隆汇11月28日｜Wind数据显示，A股11月27日共有3735只个股获融资资金买入，有325股买入金额超 亿元。其中，中际旭创、新易盛、胜宏科技融资买入金额排名前三，分别获买入44.28亿元、34.97亿 元、20.77亿元。 从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中积 成电子、通灵股份、物产中大融资买入额占成交额比重排名前三，分别为35.54%、31.53%、30.87%。 从融资净买入金额来看，有24只个股获融资净买入超亿元。其中，胜宏科技、寒武纪-U、中兴通讯融 资净买入金额排名前三，分别获净买入5.01亿元、3.7亿元、2.86亿元。 ...

沪深两市数据显示，11月27日，融资净买入前十的股票分别为：胜宏科技（5.01亿元）、寒武纪（3.70 亿元）、中兴通讯（2.86亿元）、香农芯创（2.58亿元）、药明康德（2.54亿元）、芯原股份（2.47亿 元）、剑桥科技（1.81亿元）、汉得信息（1.59亿元）、鹏辉能源（1.45亿元）、海光信息（1.42亿 元）。 ...

Core Insights - The report discusses the development of artificial intelligence (AI) computing centers and their evolution into AI computing networks, emphasizing the importance of infrastructure for digital economy growth and technological advancement [6][7][10]. Group 1: Global AI Computing Center Development - AI computing centers are recognized as critical infrastructure for the digital economy, facilitating the integration of AI technologies with traditional industries [10][18]. - Major countries, including the US, Europe, Japan, and China, are actively investing in AI computing infrastructure to maintain global competitiveness [12][18]. - The US plans to invest approximately $69 billion in AI and quantum computing research and infrastructure over the next five years, aiming to triple the number of AI research institutions by 2025 [13][19]. Group 2: China's AI Computing Center Characteristics - China's AI computing centers are primarily government-led, focusing on autonomous technology development and market-oriented operational mechanisms [31][33]. - The construction of AI computing centers is seen as a vital support for the integration of AI with the real economy, with cities like Wuhan and Shenzhen leading the way in establishing operational centers [23][34]. - The report highlights the importance of creating a public service platform that aggregates innovation resources and empowers industrial development through AI computing centers [46]. Group 3: New Demands and Challenges - The demand for computing power in AI is increasing, driven by large-scale pre-trained models that are being applied across various industries [7][23]. - AI computing centers must adapt to the new landscape characterized by "large models + big data + high computing power" and align with national carbon reduction goals [7][31]. - The report suggests that AI computing centers should evolve into interconnected computing networks to enhance resource sharing and meet the new demands of the economy [7][8]. Group 4: Recommendations for High-Quality Development - The report recommends a coordinated approach to enhance the quality of AI computing center construction and to establish operational mechanisms for AI computing networks [7][8]. - It emphasizes the need for technological innovation and policy support to facilitate collaboration between academia, industry, and government [7][8]. - Standardization in the construction of AI computing networks is crucial for their sustainable development and scalability [7][8].

北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 $$\Xi{\bf{\cal{O}}}\!=\!\Xi{\bf{\cal{H}}}{\bf{\cal{H}}}\!+\!-\!\Xi$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：中科寒武纪科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受中科寒武纪科技股份有限 公司（以下简称"公司 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-075 特此公告。 中科寒武纪科技股份有限公司董事会 2025 年 11 月 28 日 附件：职工代表董事简历 关于选举第三届董事会职工代表董事的公告 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。 中科寒武纪科技股份有限公司（以下简称"公司"或"寒武纪"）于 2025 年 11 月 27 日召开 2025 年第一次临时股东大会，审议并通过了《关于取消公司监事 会、变更注册资本及修订<公司章程>并办理工商变更登记的议案》。根据《公司法》 及修订后且已生效的《公司章程》等有关规定，公司董事会由 9 名董事组成，其 中职工代表董事 1 名。 为保证董事会正常运作，根据《公司法》《上海证券交易所科创板上市公司自 律监管指引第 1 号——规范运作》等法律、法规、规范性文件以及《公司章程》 等有关规定，公司于 2025 年 11 月 27 日召开了职工代表大会，选举王在先生（简 历附后）担任公司第三届董事会职工代表董事。王在先生任期自本次职工代表大 会审议通过之日起至公司 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-074 中科寒武纪科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,103 | | --- | --- | | 普通股股东人数 | 1,103 | | 2、出席会议的股东所持有的表决权数量 | 272,076,900 | | 普通股股东所持有表决权数量 | 272,076,900 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 64.5269 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64.5269 | 注：截至本次股东大会股权登记日，公司回购专用账户中股份数为 36,600 股，不享有股东 大会表决权。 （四） 表决方式是否符合《公 ...

北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • Lon ...

格隆汇11月27日｜寒武纪公告称，公司2025年第一次临时股东大会于11月27日召开，由董事长陈天石主 持。本次会议由董事会召集，11月10日董事会会议表决通过召集议案，11日公告会议通知。出席会议股 东或其委托代理人共1103名，代表股份272,076,900股，占比64.5269%。会议无临时提案，审议通过取 消监事会、修订制度、董事会换届等议案，表决程序和结果合法有效。 ...

11月27日，或由于六部门印发促消费新方案，超107亿主力资金涌入电子板块，板块吸金额高居31个申 万一级行业首位，热门ETF方面，荟聚电子板块核心龙头的电子ETF（515260）早盘活跃，场内价格最 高上探3.53%，后被大盘拖拽，涨幅逐步缩窄，最终收涨0.16%，一举收复10日均线，斩获日线3连涨。 布局工具上，电子ETF（515260）及其联接基金（A类：012550/C类：012551）被动跟踪电子50指数， 重仓半导体、消费电子行业，汇聚AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产 业。外部环境倒逼中国尽快实现半导体产业链自主可控，AI重塑消费电子产品的功能边界，革新用户 体验。国家顶层政策支持，产业政策配套落地，电子板块有望乘势崛起。 风险提示：电子ETF及其联接基金被动跟踪中证电子50指数，该指数基日为2008.12.31，发布于 2009.7.22，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。本文 中提及的个股、指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何 基金的持仓信息和交易动向。基金管理人评估电子ETF的风险 ...