Core Viewpoint - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1436.92 points, down 0.32%, with a trading volume of 43.67 billion yuan and a turnover rate of 1.69% [1] Group 1: Index Performance - On the day, 19 constituent stocks rose, with Zhongtung High-tech leading with a 7.67% increase, while 29 stocks fell, with Yun Aluminum leading the decline at 3.21% [1] - The index's constituent stocks experienced a net outflow of 222 million yuan from institutional investors and a net outflow of 127 million yuan from retail investors, while retail investors saw a net inflow of 348 million yuan [1] Group 2: Top Constituents - The top ten constituents of the Shenzhen State-owned Enterprise ESG Index are as follows: - Hikvision (sz002415) with a weight of 9.57%, latest price at 30.07, and a decrease of 1.05% [1] - Wuliangye (sz000858) with a weight of 9.23%, latest price at 107.52, and a decrease of 0.60% [1] - Xugong Machinery (sz000425) with a weight of 8.83%, latest price at 11.73, and a decrease of 0.26% [1] - Weichai Power (sz000338) with a weight of 7.59%, latest price at 17.82, and an increase of 0.91% [1] - Luzhou Laojiao (sz000568) with a weight of 7.52%, latest price at 117.12, and a decrease of 1.26% [1] - Yun Aluminum (sz000807) with a weight of 5.93%, latest price at 33.78, and a decrease of 3.21% [1] - Inspur Information (sz000977) with a weight of 5.93%, latest price at 67.42, and a decrease of 0.98% [1] - AVIC Optoelectronics (sz002179) with a weight of 3.53%, latest price at 37.08, and a decrease of 0.40% [1] - Yanghe Distillery (sz002304) with a weight of 3.17%, latest price at 62.26, and a decrease of 1.77% [1] - Guangxun Technology (sz002281) with a weight of 2.96%, latest price at 71.18, and an increase of 2.45% [1]

【中关村在线北京行情】近日，浪潮英信NF5468M5服务器在中关村在线商家"北京科创腾达(渠道经销商)"特价促销，价格优惠，【商家活动】赠品： 京东E卡 (购买一件及以上，赠完即止）更多优惠详情请致电或微信 13146627892。浪潮英信NF5468M5是一款专为现代数据中心打造的4U双路机架式服 务器，依托双Intel Xeon Gold 5218处理器构建的强大计算平台，展现出卓越的并行处理能力与系统稳定性。其架构设计充分融合了高密度扩展性与灵活 的I/O配置，支持多达20条PCIe 3.0扩展槽，可灵活适配AI加速卡、高速网卡及存储控制器，满足多样化的业务负载需求。内存方面采用ECC DDR4技 术，保障数据完整性；存储配置支持多盘位热插拔，兼顾容量与性能，为关键业务提供可靠的数据底座。整机采用模块化设计理念，便于运维与升级， 同时优化的散热与电源管理机制，确保在高负载下持续稳定运行，是构建企业核心计算环境的理想选择。 QQ号码：317273859 联系我 该服务器广泛适用于人工智能训练与推理、虚拟化平台、大规模数据库集群及实时数据分析等企业级场 景。在AI领域，其支持多种GPU拓扑结构，可无缝对接主 ...

【中关村在线北京行情】近日，浪潮英信NF5280M5服务器在中关村在线商家"北京科创腾达(渠道经销商)"特价促销，价格优惠， 【商家活动】赠品：京东E卡 (购买一件及以上，赠完即止）更多优惠详情请致电或微信 13146627892。浪潮NF5280M5服务器搭载 双路Xeon Gold 5218处理器，构建起强劲的计算核心，凭借多核多线程架构带来卓越的并行处理能力，可轻松应对高密度计算负 载。搭配128GB大容量内存，为多任务并行运行提供充足支撑，有效降低内存瓶颈对业务处理效率的影响。存储方面，6块1.2TB硬 盘组成的大容量存储阵列，不仅能满足海量数据的本地存储需求，还可通过灵活的RAID配置保障数据安全与读写性能。整机采用 全模块化设计，拥有丰富的扩展插槽，支持多种网络接口与加速卡配置，兼具智能管理功能，可实时监控运行状态并简化部署维护 流程，展现出稳定可靠、灵活适配的产品特性。 依托出色的硬件配置与性能优势，该服务器适配多种核心应用场景。在云计算领 域，其强劲算力可支撑虚拟化集群部署，为公有云、私有云平台提供稳定的算力输 出；面对大数据分析任务时，大容量内存与存储的协同配合，能高效处理海量数据 检索与分 ...

证券日报网讯 1月6日，浪潮信息在互动平台回答投资者提问时表示，截至2025年12月31日公司股东总 户数将在公司年报中披露。 （文章来源：证券日报） ...

Group 1 - Goldman Sachs has updated its global server market forecast, expecting total revenue to reach $433.1 billion, $606.1 billion, and $763.9 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 71%, 40%, and 26% [2] - AI training servers are identified as the core growth engine, with projected revenues of $234.8 billion, $369.8 billion, and $506.2 billion for the same years, reflecting year-on-year growth rates of 97%, 57%, and 37% [2] - The report highlights a structural transformation in the global server market, driven by accelerated ASIC server penetration and significant capital expenditure growth from global cloud service providers, maintaining a high prosperity period from 2025 to 2027 [1][2] Group 2 - ASIC chip penetration in AI servers is expected to increase, with forecasts of 38%, 40%, and 50% for 2025, 2026, and 2027 respectively, up from a previous estimate of 45% for 2027 [3] - The demand for AI chips corresponding to AI servers is projected to reach 11 million, 16 million, and 21 million units in 2025, 2026, and 2027, representing increases of 7%, 17%, and 26% from previous forecasts [3] - The AI rack server market is shifting from reliance on Nvidia to a more diversified competition, with non-Nvidia solutions like AMD's Helios expected to gain market share [4] Group 3 - High-power AI training servers are projected to see significant growth, with shipment forecasts of 692,000, 952,000, and 1,227,000 units for 2025, 2026, and 2027, and corresponding market sizes of $180.2 billion, $205.2 billion, and $251.1 billion [5] - AI inference servers are expected to grow steadily, with shipment forecasts of 470,000, 539,000, and 656,000 units, and market size increasing from $29.8 billion to $48.4 billion from 2025 to 2027 [6] - The general server market is returning to normal growth, with shipment growth rates of 11%, 8%, and 2% for 2025, 2026, and 2027, and revenue growth rates of 51%, 19%, and 5% [7] Group 4 - Key companies in the server supply chain include ODM manufacturers like Wistron, Quanta, and Hon Hai, with Hon Hai being a leader in AI server market share [8] - Liquid cooling manufacturers such as AVC and Auras are highlighted for their roles in the cooling solutions for AI servers, with AVC providing custom cooling solutions for Nvidia's platforms [10][11] - TSMC is recognized as a foundational player in the AI chip and ASIC manufacturing sector, while companies like Chenbro and GCE are noted for their roles in critical components for server manufacturing [12]

Group 1: Market Performance - The Shanghai Composite Index accelerated its rise by over 1%, returning to the 4000-point mark, with the computing power sector showing strong performance [1] - The cloud computing ETF Huatai-PineBridge (159273) saw a significant increase of over 3%, with a total trading volume exceeding 30 million yuan, representing a 33% increase compared to the previous period [1] Group 2: Stock Performance of Key Companies - Most of the weighted stocks in the cloud computing ETF Huatai-PineBridge closed in the green, with Kingsoft Office rising over 6%, and Alibaba-W, Zhongke Shuguang, and others increasing by over 2% [2] - The estimated weight and performance of key stocks include: - Zhongbiao Chuang (11.14% weight, +2.21% change) - Alibaba-W (9.52% weight, +2.55% change) - Kingsoft Office (3.97% weight, +6.49% change) [3] Group 3: Industry Trends and Projections - Guosen Securities reviewed the trends in AI model development, noting that the narrative around AI has evolved, with significant advancements expected in reasoning capabilities and application companies [4] - The capital expenditure (Capex) of major tech giants is projected to grow by over 50% year-on-year in 2025, with expectations of continued growth of over 30% in 2026 [5] - The demand for data center capacity is expected to increase significantly, with a projected shortfall in power supply due to the retirement of coal power and long construction cycles for supporting infrastructure [5] Group 4: Technological Developments - The evolution of model architecture continues, with a focus on addressing computational and memory consumption bottlenecks during training, as well as enhancing reasoning capabilities [5][7] - The emergence of AI agents is supported by improvements in model capabilities and efficiency, which are expected to drive significant growth in applications such as AI programming and content creation [8] Group 5: Investment Opportunities - The cloud computing ETF Huatai-PineBridge (159273) is positioned to capture the historical opportunities presented by AI-driven computing power, covering a wide range of sectors including hardware, cloud services, and data center operations [10]

Core Viewpoint - The article discusses the advancements in autonomous driving technology, particularly focusing on the Vision-Language-Action (VLA) model, which integrates visual perception, semantic understanding, and logical decision-making to enhance the capabilities of autonomous vehicles. The introduction of the AutoDRRT 3.0 framework aims to address the challenges of real-time processing and system optimization for VLA models in automotive applications [2][3][8]. Summary by Sections VLA Model and Challenges - The VLA model is becoming the preferred solution for autonomous driving, enabling vehicles to understand and reason like humans. However, the model's parameter scale has increased to billions, leading to processing delays exceeding 100ms, necessitating optimization of hardware and software systems for real-time performance [2][5][6]. AutoDRRT 3.0 Framework - The AutoDRRT 3.0 framework, developed by Inspur Information, is an open-source solution designed to accelerate the deployment of VLA models in vehicles. It reduces the end-to-end latency of VLA models from 8000ms to 78ms, achieving a performance improvement of 102 times [3][13][23]. Innovations in Computation - AutoDRRT 3.0 introduces several computational innovations, including parallel decoding, visual pruning, and operator fusion. These techniques significantly enhance the efficiency of the VLA model's inference process, allowing for smoother and faster action outputs [9][12][13]. Communication Mechanism - The framework also features a high-performance communication mechanism that optimizes data transfer between heterogeneous computing units, reducing latency and improving the overall responsiveness of the system. This mechanism allows for zero-copy data transfer, enhancing efficiency during large data loads [16][17][23]. Scheduling Innovations - AutoDRRT 3.0 implements a unified scheduling framework for heterogeneous computing resources, ensuring efficient task management and resource allocation. This approach minimizes idle computing time and enhances the overall system stability and performance [18][21][20]. Future Prospects - The article concludes that the AutoDRRT 3.0 framework not only validates the feasibility of real-time operation of VLA models in vehicles but also lays a solid foundation for the transition of autonomous driving technology towards scalable and replicable solutions across various applications [23].

Group 1 - The software ETF (515230) has risen over 1.2%, indicating increased market attention on the industry's growth potential [1] - The computer and software development industry is experiencing rapid growth, particularly in the GPU chip sector, with companies like Tianzuo Zhixin and Biran Technology making significant advancements [1] - Tianzuo Zhixin has developed two GPU series, Tianpai (training) and Zhikai (inference), with average product prices of 30,000-40,000 yuan and 10,000 yuan respectively, achieving small-scale batch sales [1] Group 2 - Biran Technology focuses on self-developed GPGPU chips and intelligent computing solutions, with over 1.2 billion yuan in orders for 2025 and the next-generation BR20X chip expected to be commercialized in 2026 [1] - In the large model sector, companies like Zhipu and MiniMax are progressing towards IPOs, representing ToB and ToC business models respectively [1] - Zhipu, backed by Tsinghua University, leads in model capabilities domestically, projecting a revenue of 310 million yuan in 2024, a year-on-year increase of 150.9% [1] Group 3 - MiniMax emphasizes efficient model architecture and rapid commercialization, with its ToC products, Conch AI and Talkie, generating 73.1% of its revenue from overseas [1] - Inspur Information has launched the super node AI server "Yuan Nao SD200," which supports trillion-parameter large model inference [1]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights significant developments in the semiconductor and AI sectors, particularly focusing on companies like Wallran Technology and TianShu Intelligent Chip, which are preparing for IPOs and showcasing innovative GPU products [3][28]. - The report emphasizes the rapid growth of revenue in AI-related businesses, with companies like Zhipu and MiniMax leading the way in large model commercialization [39]. Summary by Sections Wallran Technology - Wallran Technology is set to launch its IPO on January 8, 2026, and has developed a range of GPGPU chips and intelligent computing solutions, with significant revenue growth from 0.499 million in 2022 to 58.9 million in 2025H1 [3][4]. - The company has a strong team with backgrounds from major tech firms like AMD and Huawei, focusing on GPGPU architecture and software platforms [4][5]. - Wallran's core products include the BR106 and BR110 series, with a sales volume of 9,344 units for BR106 in 2024 and a projected revenue of 1.24 billion from orders [26][21]. TianShu Intelligent Chip - TianShu Intelligent Chip commenced its IPO process on December 30, 2025, and has developed a comprehensive product line for AI computing, including the TianGai series for training and the ZhiKai series for inference [28][32]. - The company has achieved significant milestones, including the launch of its second-generation training product, TianGai Gen 2, and has a strong financial backing from notable investors [29][32]. - The average selling price for TianGai products is between 30,000 to 40,000 yuan, while ZhiKai products average around 10,000 yuan [34]. Zhipu - Zhipu has established itself as a leader in the B-end localization deployment of AI models, achieving a revenue of 310 million in 2024, with a year-on-year growth of 150.9% [42]. - The company focuses on a comprehensive AI model suite, including language, multi-modal, and intelligent agent models, with a strong emphasis on R&D and high gross margins in localized deployments [41][44]. - Zhipu's models have been adopted by over 8,000 institutional clients, showcasing its significant market presence [47]. MiniMax - MiniMax, founded in 2021, emphasizes efficient model architecture and rapid commercialization of AI products, with a significant portion of its revenue coming from overseas markets [39][50]. - The company has released several innovative products, including the Hailuo AI video generation platform and the M2 series models, which enhance coding capabilities across multiple programming languages [50]. - MiniMax's business model focuses on direct sales and expanding its distribution network, with a notable decrease in revenue concentration from its top clients over recent years [36].

Core Viewpoint - The AI computing power sector is experiencing significant growth, driven by government initiatives and increasing demand for domestic AI chips, particularly the H200 chip, which is set to be delivered to Chinese customers soon [3][4][5]. Group 1: Market Performance - On the last trading day of 2025, AI computing stocks saw a strong afternoon rally, with the cloud computing ETF (159890) rising over 1% and achieving a six-day winning streak [1]. - Notable stock performances included a rise of 11.46% for Yidian Tianxia, over 8% for Hand Information, and more than 4% for companies like Zhongke Xingtai and Wanxing Technology [1]. Group 2: Policy and Industry Developments - A key government official announced the implementation of the "AI+" initiative, which aims to create extensive application scenarios for AI computing power chips, leading to rapid growth in demand and innovation within the sector [3]. - The conditional opening of the H200 chip to China is seen as a positive development, with major tech companies like Alibaba and ByteDance planning significant purchases to enhance their AI capabilities [4]. Group 3: Domestic Chip Strategy - Domestic companies are adopting varied strategies in response to the H200 chip's availability, with Alibaba and ByteDance pursuing large-scale purchases, while Baidu focuses on self-developed Kunlun AI chips to reduce reliance on external suppliers [4]. - Tencent is exploring indirect methods to acquire advanced computing power, aiming to secure over $1.2 billion in usage rights for the latest B200/B300 chips [4]. Group 4: Growth Projections - According to IDC and Inspur, China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025, with a compound annual growth rate of 46.2% from 2023 to 2028 [6]. - The general computing power in China is expected to grow to 85.8 EFLOPS by 2025, with a compound annual growth rate of 18.8% during the same period [6]. Group 5: Investment Opportunities - The current landscape of the AI computing market presents numerous opportunities for investment, with a focus on domestic chip development and technological innovation [5][6]. - The cloud computing ETF (159890) tracks a diverse range of companies involved in AI infrastructure and applications, indicating a comprehensive approach to the AI computing era [6].