Group 1 - The retail sector experienced a significant surge, with Baida Group hitting the daily limit, and other companies like Maoye Commercial, Dongbai Group, and Yonghui Supermarket also seeing notable increases [2] - The A-share market opened lower, with the Shanghai Composite Index down 0.62%, the Shenzhen Component Index down 0.81%, and the ChiNext Index down 1.16% [5][6] - The coal futures contract saw a daily increase of 4.00%, currently priced at 1070.50 CNY per ton [4] Group 2 - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong dropping over 8% and 6% respectively [3] - The Hong Kong stock market opened lower, with the Hang Seng Index down 1% and the Hang Seng Tech Index down 1.34%, affected by declines in major companies like JD Health and Baidu [10][11] - The controlled nuclear fusion sector saw multiple stocks open high, with companies like Xue Ren Group and Hualing Cable reaching their daily limit [4]

大摩开门会：中国 AI 算力的供给及需求 251212 摘要 中国 AI 算力供不应求，尽管算法优化，AI 效率芯片仍紧缺。腾讯、阿里 巴巴等企业面临 GPU 供应限制，资本市场担忧芯片短缺，未来三年混合 云厂商资本支出预计增长至 4,500 亿人民币，但仍低于美国大厂水平。 H200 芯片在性能上领先，国内尚无替代品，需求量大。监管层或允许 企业采购 H200，以审批形式平衡模型玩家需求与国产芯片发展，放开 H200 供应将利好云厂商及下游模型和应用。 放开 H200 供应后，国内数据中心需求预计显著提高，过去需求受芯片 供给限制。推荐腾讯、阿里巴巴等超大型公司，以及 GDS、VNET 等数 据中心公司。 受 GPU 限制，中国云厂商倾向于在海外数据中心进行模型训练，国内数 据中心主要用于推理。台积电为中国市场生产芯片的计划将延续至 2026 上半年，每个 H200 中端单元成本约 1,300 美元。 中国需加强本土化生产能力，天生、阿里巴巴平头哥、百度昆仑等企业 开发专用集成电路（ASIC），调整设计以符合出口管制，减少对进口依 赖。中芯国际计划到 2027 年月产能达 3-4 万晶圆。 在 H200 板 ...

H200 最新情况以及国内 AI 芯片格局趋势推演 20251214 摘要 受政策影响，2026 年英伟达 H200 在中国出货量预计在 120 万至 200 万片之间，主要受国企和国资背景单位限制，民营互联网企业受限较小。 互联网行业采购量占国内 AI 芯片需求的 45%-50%，是需求趋势的关键 驱动因素。 2026 年国内 AI 芯片总需求预计 420 万片，国产芯片约占 300 万片。 若英伟达完全供货，将占据超过 55%的市场份额，挤压国产芯片约 120 万片市场空间。华为 920C、BN166 和木兮 500 核分等国产芯片在理 论算力上接近 H100 的 80%，但综合性能仍有差距。 除互联网外，运营商和智算中心等领域需求快速增长，占整体需求的 25%左右，预计未来三年在人工智能基础设施上的投入将高速增长，支 出占比可能超过 50%，主要原因是国内 AR 算力投入与国际水平相比仍 较低。 目前国内 AI 芯片性能大致达到 H200 的 60%，部分量产产品达 H100 的 80%。预计 2026 年将有七八家厂商推出计算能力达 600-800T 的产 品，性能基本对标甚至超越 H200，完全超越 ...

Core Viewpoint - The retail sector has shown significant upward movement, with several companies experiencing notable stock price increases, indicating a positive trend in the market [3]. Retail Sector - The retail sector saw a sharp rise, with companies like Baida Group hitting the daily limit, and others such as Maoye Commercial, Dongbai Group, and Yonghui Supermarket also experiencing gains [3]. - The retail index recorded a 1.20% increase, reflecting overall positive sentiment in the sector [4]. Storage Chip Sector - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong seeing declines of over 8% and 6% respectively, indicating potential challenges in this segment [5]. Coal and Nuclear Fusion Sectors - The main contract for coking coal surged by 4.00%, reaching 1070.50 CNY per ton, suggesting strong demand or supply constraints in the coal market [6]. - The nuclear fusion sector saw multiple stocks open high, with companies like Snowman Group and Huazhong Cable approaching their daily limits, indicating investor interest and optimism in this emerging technology [6]. Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down by 1% and the Hang Seng Tech Index down by 1.34%, reflecting broader market challenges [12]. - Notable declines were observed in major companies such as JD Health and Baidu, which fell by over 5% and 3% respectively, indicating a bearish sentiment in the tech sector [12].

人民财讯12月15日电，恒指低开1%，恒生科技指数低开1.34%。京东健康跌近6%，百度跌超3%，理想 汽车、阿里巴巴跌超2%。 ...

在上个月召开的2025江苏人工智能创新发展大会上，省长刘小涛提出，江苏将打造一批OPC社区，构建 更加友好、更具支持性的生态系统。南京是全省唯一的国家人工智能创新应用先导区，刚刚召开的市委 全会明确，"十五五"期间将全面实施"人工智能+"行动，打造"人工智能+"城市。深入贯彻落实省、市决 策部署，建邺区河西中央科创区携手南京阿里中心，以人工智能为主要产业发展方向，采用"总部大厂 牵头、政府政策赋能、市场机制驱动"的全新共建模式，打造亲橙OPC社区。 据了解，亲橙OPC社区位于南京阿里中心T5栋，首期配有508个工位及共享会议室、路演厅等公共配 套，目前已集聚30余个创业团队。阿里巴巴集团不动产管理部华东区域总经理曹玮说，社区将继续引入 阿里巴巴先进的全开放式共享工位和智能化设施，更适应"单人+AI即公司"的创业新模式；同步完善"云 上OPC社区"功能，形成"云上虚拟协同+线下实体集聚"的一体化创新社区。 本报讯(鹿琳建宣)12月12日，建邺区河西中央科创区亲橙OPC社区正式揭牌运营。这是阿里巴巴集团旗 下首个OPC社区，也是我省规模最大的OPC社区。 OPC(One Person Company)，原意是"单 ...

作者：信瀚 AI圈最戏剧性一幕，还是发生了。 你敢信？前一秒还在国会高喊"美国AI要领跑"的扎克伯格，后一秒就让自家千亿级大模型，偷偷给中 国AI"递拜师帖"。 最近，彭博社爆出猛料：硅谷巨头Meta砸了几百亿研发，号称要干翻GPT-5的"牛油果"大模型，居然 被爆"抄中国作业"，核心还用了阿里的通义千问来训练。 更离谱的是什么？没要授权！没打招呼！阿里自己都是看新闻才知道。 要知道两年前，Meta的Llama模型还是开源界的神，国内大模型但凡冒头，就被喷"套壳Llama""没自主 技术"。现在风水轮流转，昔日霸主转头偷用中国模型，前一秒骂别人"抄作业"，后一秒自己当"伸手 党"。这反转，比AI生成的短剧还荒诞！ 但最扎心的是，这事儿它合法。因为阿里千问是开源的，全球谁都能下，现在累计下载量早破7亿次。 可合法不代表合情理啊，Meta用着免费的中国开源模型，转头就把自己的"牛油果"做成闭源收费产 品。 从法律层面Meta没违规，但从伦理层面，这操作很硅谷：拿别人的开源成果，练自家闭源大模型。 一 而更让人唏嘘的是权力交替的现实。 这波操作有多打脸？ 咱们扒扒Meta的"黑历史"就懂了。 回顾Meta过去三年的 ...

图为今年3月在杭州武林之星博览中心举办的2025环梦AI智能机器人科普展上，小观众与舞台上的宇树 科技机器人握手。 记者 李忠 摄 过去半个月，大厂的AI应用赛道格外热闹。 在发布AI健康应用AQ之后，蚂蚁集团又推出了全模态通用AI助手"灵光"。推出第三天，该产品冲上 App Store总榜第七，App Store免费工具榜第一。 几乎同一时间，阿里巴巴也推出AI应用"千问App"。这让杭州再次成为焦点。 宇树科技的机器狗视频被马斯克转发，游戏科学以《黑神话：悟空》引爆全球游戏圈，强脑科技成为脑 机接口领域一个绕不开的名字……今年的杭州频频站上国际舞台，并引得频频发问：为什么是杭州？这 背后，是杭州多年来"以人为本""义利双行"的价值引领和"精致和谐、大气开放"的精神驱动。 科技越进步，越需要人文精神。技术是手段、文化是灵魂，先进科技无一例外都是人文精神的数字表 达，蕴含着人类价值观和文化需求。 今天，我们扒开"出圈"的表层，找寻藏在这些企业背后，这座城市的人文"密码"。 一 前不久，2025年世界互联网大会乌镇峰会上，云深处科技创始人朱秋国回忆起了云深处的第一只机器狗 参加杭州2050大会的场景——"当时的 ...

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 黄俊儒 A0230525070008 huangjr@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 A0230519060002 ted by street the start of the seen the seen the seen the seen the seen the seen the seen the seen the seen the seen the 相关研究 linqx@swsresearch.com 2025 年 12 月 14 日 互联网争夺 C 端 Al 入口: 字节 ...