自今年5月7日债券市场"科技板"推出以来，济南市委金融办密集施策，通过组织专题培训、全面摸排企 业、建立联动机制、争取政策试点、提供发行辅导等一揽子措施，全力推进科创债融资工作。一系列举 措旨在积极承接"央地协同、风险共担"机制，全力推进济南企业通过科创债融资。 工作启动迅速且深入，一方面通过高频次、多层次的宣传培训传导政策红利，于5月14日、6月18日及8 月26日连续组织多场专题培训及宣讲会，面向部门干部、企业融资负责人及国有企业等不同群体，有效 提升了市场认知。 另一方面，扎实做好后备资源储备，联合发改、科技、工信等多部门全面摸排科技企业，共筛选出45家 企业纳入科创债后备资源储备库。 在机制建设与合力凝聚上取得关键突破，不仅成功争取到上交所"债券市场城市行动计划"在济南试点， 建立了债券融资服务联动机制，还积极承接国家"央地协同"风险分担机制，制定配套补助政策，激励担 保和增信机构为科创债发行提供支持。 与此同时，服务主动靠前，邀请上交所及专业服务机构专家实地走访10家意向企业，"面对面"指导制定 发行方案。 值得注意的是，济南财金集团所属济南财投成功发行济南市属国有企业首单科技创新公司债券。 其中， ...

AI生成 "通过元脑HC1000超扩展AI服务器，可实现将原先每百万token超过10元钱，下降到仅1元钱的成 本。"浪潮信息首席AI战略官刘军与笔者分享了浪潮信息结合用户需求，将算力成本"打下去"的最新解 决方案。 除了成本之外，当AI从大模型进入Agent时代，甚至从AGI向着ASI迈进的过程中，实现多Agent协同的 目标，如何降低响应速度是不可避免的问题，刘军也在与笔者的交流中，分享了浪潮信息在降低通信延 迟方面的AI算力布局，他表示，通过浪潮信息元脑SD200超节点AI服务器，可将原本国内最低15ms左 右的延迟，下降到8.9ms左右。 速度决定了ASI能否"照进现实" 随着Scaling Law持续推动模型能力跃升，以DeepSeek为代表的开源模型极大的降低了创新门槛，加速 智能体产业化的到来。智能体产业化的核心三要素是能力、速度和成本。其中模型能力决定了智能体的 应用上限，交互速度决定了智能体的商业价值，token成本决定了智能体的盈利能力。 "速度，是智能体商业化应用落地的第一要义。"这是在与刘军交流过程中，他反复强调的观点。在智能 体商业化应用落地过程中，交互速度是决定其能否在真实场景中发 ...

克雷西 henry 发自 凹非寺 量子位 | 公众号 QbitAI 一百万Token的输出推理成本，只要一块钱了。 今年的人工智能计算大会上，浪潮信息发布了超扩展AI服务器元脑HC1000，把AI推理成本狠狠地打了下来。 与此同时，浪潮信息还推出另一杀手锏——元脑SD200超节点，也将DeepSeek-R1的Token生成时间打到了毫秒量级。 △ 浪潮信息首席AI战略官刘军 随着AI竞赛进入智能体产业化阶段，能力、速度和成本成为了决胜的核心三要素。 元脑SD200和元脑HC1000，将为多智能体协同与复杂任务推理的规模化落地，提供高速度、低成本的算力基础设施。 DeepSeek-R1推理进入10ms时代 首先来看 元脑SD200 超节点AI服务器。 特别是在速度上，元脑SD200率先将大模型端到端推理延迟控制在了10ms以内。 实测中，元脑SD200在运行DeepSeek-R1时，TPOT（每Token输出时间）仅有 8.9ms ，领先了前SOTA（15ms）近一倍，还使 DeepSeek-R1 671B的推理性能实现了最高16.3倍的 超线性扩展率 。 它可以在单机内同时运行DeepSeek-R1、Kimi ...

A-share Market Performance - A-shares saw collective gains across the three major indices from September 22 to September 26, with the Shanghai Composite Index closing at 3828.11 points, up 0.21% for the week [2][3] - The Shenzhen Component Index closed at 13209.00 points, up 1.06%, while the ChiNext Index ended at 3151.53 points, up 1.96% [2][3] - Over 30% of stocks experienced gains during the week, with 126 stocks rising over 15% and 50 stocks declining over 15% [2] Sector Performance - According to the Shenwan industry classification, sectors such as electric equipment, non-ferrous metals, electronics, environmental protection, media, and public utilities saw increases [2] - Conversely, sectors including social services, comprehensive, retail, light industry manufacturing, and textiles and apparel experienced declines [2] International Market Overview - The New York stock market indices rose on September 26, with the Dow Jones Industrial Average increasing by 299.97 points to close at 46247.29 points, a gain of 0.65% [4][5] - The S&P 500 index rose by 38.98 points to 6643.70 points, up 0.59%, and the Nasdaq Composite increased by 99.37 points to 22484.07 points, up 0.44% [4][5] - European indices also saw gains, with the FTSE 100 rising by 70.85 points to 9284.83 points, up 0.77%, and the CAC 40 increasing by 75.26 points to 7870.68 points, up 0.97% [4][5] Commodity Prices - International oil prices increased, with light crude oil futures for November delivery rising by $0.74 to $65.72 per barrel, a gain of 1.14% [4][5] Economic Policies and Initiatives - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to discuss the economic operation of state-owned enterprises, focusing on stabilizing electricity and coal prices and preventing excessive competition [6] - The Ministry of Commerce announced that starting January 1, 2026, export licenses will be required for pure electric passenger vehicles to promote healthy trade in new energy vehicles [6] - The People's Bank of China suggested enhancing monetary policy regulation to improve effectiveness and match monetary supply growth with economic growth [7][8] Industry Growth Plans - The Ministry of Industry and Information Technology (MIIT) and other departments issued a growth plan for the non-ferrous metals industry, targeting an average annual growth of around 5% in value added from 2025 to 2026 [9] - A similar plan for the petrochemical industry was also released, emphasizing policy support and financial backing for technological innovation and equipment upgrades [9] Industrial Profit Trends - From January to August, profits of large-scale industrial enterprises in China grew by 0.9%, reversing a previous decline, with significant growth observed in August [10] Market Outlook - Analysts from Everbright Securities expect the A-share market to continue rising post-holiday, with a focus on the TMT sector as a key driver [11] - Open-source Securities suggests a dual-driven market with technology leading, and recommends focusing on high P/E stocks as the market transitions [11][12]

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、 ...

明日主题前瞻 1、存储 | 据台湾工商时报消息，DRAM及NAND闪存市场缺货情况较此前预测更为严峻，预计今年四季度及2026年行业价格将进一步上升。继闪迪、美 光、三星及西部数据宣布涨价之后，存储模组大厂威刚在日前宣布，自29日起停止DDR4报价，DDR5与NAND闪存优先供应主要客户；NAND闪存控制芯片 大厂群联则已在近日恢复部分报价，价格涨幅约10%，被看作NAND闪存市场的"开涨信号"。 点评：业内人士多认为，存储第四季度涨价已成定局。虽然10月合约价尚未正式敲定，但上游原厂涨价态度更为强势，涨幅可能超过原有预期——根据原有 预期，DDR5合约价上涨10%-15％、现货价15%-25％，DDR4合约价涨幅逾10％、现货价逾15％。当前海外存储原厂盈利需求急迫，且由于AI高景气，相关 产能逐步转向高阶产品，叠加下半年传统备货旺季，平安证券认为，自第二季度起DRAM和NAND Flash存储产品合约价有望筑底回升，叠加eSSD、 RDIMM等企业级存储产品需求持续高企，相关存储产业链企业业绩有望迎来明显改善。 2、固态电池 | 据科技日报报道，日前，清华大学化工系教授张强领衔的团队在锂电池聚合物电解质研 ...

按申万一级行业来看，本周（9月22日至9月26日）五个交易日内，无行业获主力净流入，电子、计算 机、机械设备、医药生物、通信、电力设备、有色金属等板块遭净流出额居前。其中电子板块遭抛售超 450亿元。 个股方面，本周浪潮信息获净流入12.09亿元居首，周涨幅达11.86%。C联合动、新易盛、沃尔核材主力 净流入分别为12.09亿元、11.22亿元、11.00亿元。净流出方面，胜宏科技、立讯精密、和而泰分别遭抛 售76.72亿元、38.32亿元、36.66亿元。 ...

多图速览>> 本周（9月22日至26日）五个交易日内，三大指数均上涨，沪指涨0.21%，深成指涨1.06%，创业板指涨1.96%。 | 指数 | 周五涨跌幅 | 周五收盘点数 | 周五成交额(亿元) | 近一周涨跌幅 | स्ट | | --- | --- | --- | --- | --- | --- | | 上证指数 | -0.65% | 3828 | 9279 | 0.21% | 1 | | 深证成指 | -1.76% | 13209 | 12190 | 1.06% | 2 | | 北证50 | -1.81% | 1529 | 195 | -3.11% | 4 | | 科创50 | -1.60% | 1451 | ਰੇਤਰੇ | 6.47% | 4 | | 创业板指 | -2.60% | 3152 | 5671 | 1.96% | 4 | | 上证50 | -0.40% | 2941 | 1502 | 1.07% | 9 | | 沪深300 | -0.95% | 4550 | 5987 | 1.07% | Ji | ►牛熊股：7股周涨超40%，最牛股周涨超60% Wind数据显示，本周（9月22日至9月 ...

Group 1 - Laishang Bank issued a 5-year sci-tech bond, raising 1 billion yuan, marking Jinan's total sci-tech bond issuance at 201 billion yuan, making it the first city in Shandong to exceed this threshold [1] - Since the launch of the "Technology Board" on May 7, Jinan has led Shandong in the number, volume, and amount of sci-tech bond issuances within just over four months [1] - Jinan Municipal Financial Office has implemented various measures to leverage the opportunities presented by the sci-tech bond policy, including training sessions and resource support [1][2] Group 2 - Jinan has established a bond financing service linkage mechanism and successfully secured the Shanghai Stock Exchange's "Bond Market City Action Plan" pilot [2] - The Municipal Financial Office has developed policies to subsidize guarantee and credit enhancement institutions, encouraging support for the issuance of sci-tech bonds by technology enterprises [2] - Jinan has organized experts to provide face-to-face guidance to 10 potential issuing companies, focusing on assisting private technology enterprises in accessing bond financing [2] Group 3 - Currently, 13 enterprises in Jinan have issued a total of 22 sci-tech bonds, accounting for 37.1%, 32.8%, and 34.9% of the total number, volume, and amount of issuances, respectively [3] - Notable issuances include the first national and Shandong sci-tech bonds by Inspur Electronic Information Industry Co., Ltd., and the first financial institution and city commercial bank sci-tech bonds in Shandong by Zhongtai Securities and Qilu Bank, respectively [3] - The two city commercial bank sci-tech bonds in Jinan will specifically support technology innovation through technology loans and investments in innovative enterprises [3]

Core Viewpoint - The "Beijing Plan" for supernode intelligent computing applications was jointly released by over 30 core enterprises and research institutions in the AI industry chain, aiming to address the growing demand for AI computing power and the inadequacies of traditional computing architectures [1] Group 1 - The "Beijing Plan" was launched at the AICC2025 Artificial Intelligence Computing Conference [1] - The initiative involves key players such as China Mobile, Inspur Information, Beijing Shengke, and Zhiyuan Research Institute [1] - The plan is designed to provide essential infrastructure support for the high-quality development of the artificial intelligence industry [1]