论国产代工的三层逻辑 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， forchina"，台积电、intel和三星16nm及以下节点总产能超 120万片，当前中国先进制程产能不到5万片，十五五的先进制程规划有望扭转这一局势，非最先进制程的节点都 或将成为中国的主战场。 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， 论国产代工的三层逻辑 DRAM和3DNAND的趋势都是将逻辑晶圆外包（CBA工艺），两存远期规划的产能超过120万片，#而当前全球 20/28nm逻辑产能仅80万片左右，逻辑 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 自 2023 年以来，数据中心的发展趋势很简单：GPU 和网络才是王道。人工智能训练和推理的出现 及其随后的爆发式增长，使得计算需求从 CPU 转向了 GPU。这意味着服务器 CPU 的主要供应商英 特尔未能搭上数据中心建设和支出的顺风车。由于超大规模数据中心和新型云平台将重心放在 GPU 和数据中心基础设施上，服务器 CPU 的收入一直相对停滞不前。 与 此 同 时 ， 这 些 超 大 规 模 数 据 中 心 运 营 商 也 纷 纷 为 其 云 计 算 服 务 开 发 基 于 ARM 架 构 的 数 据 中 心 CPU，这无疑蚕食了英特尔的一大潜在市场。而在英特尔自身的x86领域，其执行力不足、性能远逊 于竞争对手AMD，进一步蚕食了市场份额。由于缺乏有效的AI加速器产品，英特尔只能原地踏步， 眼睁睁地看着其他厂商大举扩张。 过去六个月，情况发生了巨大变化，指出CPU需求飙升。我们展示并建模的主要驱动因素是强化学习 和Vibe编码对CPU的巨大需求。 然而，英特尔近期的股价反弹以及2025年下半年不断变化的市场需求信号表明，CPU如今再次变得 至关重要。在最新 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 四年前，英特尔开始为其第四代至强处理器筹备软件定义芯片（SDSi）计划，旨在销售处理器的同 时 ， 通 过 允 许 客 户 激 活 特 定 工 作 负 载 的 加 速 器 来 赚 取 溢 价 。 最 终 ， 该 计 划 正 式 更 名 为 "Intel On Demand"（英特尔按需服务） ……然后便销声匿迹。如今，据Phoronix报道，这家标志性的 PC 芯 片制造商正在悄然终止该计划。 近年来，英特尔基本停止了公开讨论其"Intel On Demand"计划，而缺乏新的补丁也表明其开发活动 放缓，这可能意味着英特尔已不再将其视为优先事项。Phoronix最新报道称，包含支持 Intel On Demand 所需软件组件的 Intel SDSi GitHub 代码库已于去年 11 月被存档，这标志着该计划的积极 开发已经结束。与此同时，英特尔也从其网站上删除了大部分 On Demand 相关文档，目前所有与该 计划相关的内容都只能通过其网站访问到一些旧的 PDF文档。 综上所述，软件支持、文档和公开讨论的消失强烈表明，英特尔已经彻底放弃了软件定义芯片计划， ...

To attack this sector, Intel introduced Project Crescent Island. This new GPU is built on the Xe3P architecture and is optimized for inference tasks. A key differentiator for this product is its form factor. Unlike power-hungry competitors that often require complex and expensive liquid cooling systems, Crescent Island is designed to be air-cooled. This makes it significantly easier and cheaper for standard data centers to adopt, potentially lowering the barrier to entry for enterprise clients.The most sign ...

美股三大指数集体低开，标普500指数、纳指随后转涨，截至发稿，道指跌0.14%，纳指涨0.11%，标普500指数涨0.18%。wind显示，2267只个股上涨， 2884只个股下跌。 减肥药概念股普涨，诺和诺德涨超6%，礼来涨超2%，因仿制司美格鲁肽而遭到诉讼的Hims & Hers则大跌24%。 诺和诺德2月9日早些时候宣布，已就Hims & Hers公司在美国市场销售的复方司美格鲁肽产品侵犯专利提起诉讼。诺和诺德称，Hims通过宣传活动突出其 复方司美格鲁肽产品，误导消费者和医疗专业人士相信这些未经批准的药物具有临床效益和安全性。Hims持续非法大规模配制注射剂版本，使用非正规 原料药生产，这些仿制品正危及患者健康与福祉。 2月9日，Hims & Hers声明称，诺和诺德的诉讼是对数百万依赖复方药获得个性化治疗的美国民众公然的攻击，大型制药企业再次将美国司法体系武器化 以限制消费者选择。声明称，Hims & Hers长期为数百万美国人提供安全获取个性化医疗服务的渠道，将继续奋战以保障选择权、可负担性及可及性。 (9 2026/02/25 (美东) 盘后发布财报 宁 1D ▼ 5日 日K 周K 月K 李K ...

Investment Rating - The investment rating for the industry is "Outperform" (maintained) [3] Core Insights - The release of the Claude Opus 4.5 model by Anthropic in November 2025 marked a significant turning point for AI agents, leading to a notable increase in CPU demand as it transitioned from a supportive unit to a central scheduling and execution hub [4][6] - The report anticipates a substantial rise in CPU demand driven by the explosion of AI agents, with server CPU configurations evolving from 1:32 to 1:4, and even reaching 1:2 in next-generation products [4][60] - The CPU market is expected to experience a price increase due to rising demand, precious metal material costs, and a scarcity of advanced process capacity, with a 10% price increase already observed as of February 2026 [4][66][69] - The report highlights the competitive landscape of the global CPU market, predicting Intel's market share in server CPUs to be around 55% and AMD's to be approximately 40% by 2026, indicating a clear dominance and head effect [4][72] Summary by Sections 01 Phenomenon of AI Agents - The report discusses the emergence of AI agents as a transformative event in the industry, emphasizing their capabilities in autonomous perception, planning, execution, reflection, and memory [12][18] 02 Evolution of Opus 4.5 Model - Opus 4.5 is described as a significant advancement in AI coding, enabling end-to-end autonomous software engineering capabilities and improving the delivery rate of complex tasks [27][29] - The model's pricing strategy allows for a balance between performance and cost, enhancing its market competitiveness [28][29] 03 Explosion of CPU Demand Under AI Agents - The report outlines how the shift to AI agents necessitates a reevaluation of CPU roles, with CPUs becoming essential for executing complex tasks and managing high concurrency [60][61] - It predicts that the server CPU market will see a significant increase in demand, with a projected market size of $45 billion by 2026 [72]

行情速递 / Part 01 ①CINNO，赛伍技术宣布对今蓝纳米完成并购/赛伍技术将把自身在材料研发与配方体系方面的优势/与今蓝纳米的品 牌影响力和渠道网络相结合/打通从材料研发、产品开发到终端销售与服务的完整链条/加快高附加值汽车功能膜产品 的市场推广与应用落地/ ②光纤在线，中国团队成功研制出一款覆盖近红外至中红外波段的超宽带高速薄膜铌酸锂电光调制器/利用单个调制 器/在O-U波段和2微米波段均实现了单波速率超过200 Gbps和170 Gbps的高速信号传输/突破了高速电光调制器在宽光 谱工作范围上的瓶颈/ ③艾邦ARAI眼镜资讯，芯瑞达依托其在Mini/Micro LED领域长期积累的研发与工程化能力/联合中国科学技术大学、 合肥工业大学等高校科研力量/协同推进面向AR-AI显示的Micro LED微显示全彩化技术及核心光机方案攻关/目前/相 关样机验证工作正在有序开展/ ④核芯产业观察号，新基讯正式发布了新一代天地一体多模通信芯片IM3610/该产品突破性实现了 4G、5G 地面网络 与低轨卫星通信全制式融合/原生支持 5G 非地面网络（NTN）再生架构/满足 2025 年 12 月冻结的 3GP ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The release of the Claude Opus 4.5 model by Anthropic marks a significant turning point for AI agents, leading to a substantial increase in CPU demand as the model transitions from a "super intern" to a "senior architect" [4][12] - The report anticipates a surge in CPU demand driven by the proliferation of AI agents, with server CPU configurations evolving from 1:32 to 1:4, and even reaching 1:2 in advanced products [4][60] - The CPU market is expected to experience a price increase due to rising demand, precious metal price hikes, and limited advanced process capacity, with a 10% price increase already observed as of February 2026 [4][66] Summary by Sections 01 Phenomenon of AI Agents - AI agents are defined as closed-loop intelligent systems capable of autonomous perception, planning, execution, reflection, and memory [12] - The shift from instruction-driven to goal-driven AI is highlighted, enabling end-to-end task closure [12] 02 Evolution of Opus 4.5 Model - Opus 4.5 significantly enhances coding capabilities, acting as a highly autonomous AI engineer, with improved understanding of complex tasks and better performance metrics compared to previous models [29][37] - The model introduces a balanced pricing strategy and a new "effort" parameter for precise cost and performance management [28][29] 03 Explosion of CPU Demand Under AI Agents - The report predicts that the demand for CPUs will increase significantly due to the operational needs of AI agents, which require CPUs to act as central scheduling and execution units [60][61] - The anticipated growth in the server CPU market is projected to reach $45 billion by 2026, with Intel and AMD expected to dominate the market with shares of approximately 55% and 40%, respectively [72]

根据外媒@VideoCardz报道，英特尔在近期更新的芯片组路线图中新增了Z990和Z970两款产品，均面向 LGA1954接口，目前尚未披露具体规格细节，包括I/O、通道数及功能差异。 这两款芯片组将与下一代桌面平台Nova Lake-S架构酷睿 Ultra 400S系列进行绑定，意味着Nova Lake-S 需要搭配全新主板。英特尔已公开表示Nova Lake将在2026年底推出，因此Z990和Z970也将同步进入 2026年末的桌面产品周期。 （文中图片来源于网络） 根据外媒@VideoCardz报道，英特尔在近期更新的芯片组路线图中新增了Z990和Z970两款产品，均面向 LGA1954接口，目前尚未披露具体规格细节，包括I/O、通道数及功能差异。 这两款芯片组将与下一代桌面平台Nova Lake-S架构酷睿 Ultra 400S系列进行绑定，意味着Nova Lake-S 需要搭配全新主板。英特尔已公开表示Nova Lake将在2026年底推出，因此Z990和Z970也将同步进入 2026年末的桌面产品周期。 定位方面，英特尔并没有为Arrow Lake-S系列推出H870芯片组，所以Z970将成为其 ...

Investment Rating - The investment rating for the industry is "Outperform" (maintained) [3] Core Insights - The release of the Claude Opus 4.5 model by Anthropic in November 2025 marked a significant turning point for AI agents, leading to a notable increase in CPU demand as it transitioned from a supportive unit to a central scheduling and execution hub [4][6] - The report anticipates a substantial rise in CPU demand driven by the explosion of AI agents, with server CPU configurations evolving from 1:32 to 1:4, and even reaching 1:2 in advanced products [4][60] - The CPU market is expected to experience a price increase due to rising demand, precious metal material costs, and a scarcity of advanced process capacity, with a 10% price increase already observed as of February 2026 [4][66][69] - The report highlights the competitive landscape of the global CPU market, predicting Intel's market share in server CPUs to be around 55% and AMD's to be approximately 40% by 2026, indicating a clear dominance and head effect [4][72] Summary by Sections 01 Phenomenal Events of Agents - The emergence of AI agents is transforming workflows, moving from simple question-answering to complex task execution and result delivery [4][12] 02 Evolution of Opus 4.5 Model - Opus 4.5 has achieved a qualitative leap in delivering complex tasks, acting as a highly autonomous AI engineer capable of managing extensive project files and dependencies [29][33] 03 Explosion of CPU Demand Under Agents - The demand for CPUs is expected to surge as AI agents require more processing power for task execution, orchestration, and high concurrency, with the CPU becoming a critical bottleneck in AI systems [60][61] - The report outlines the four major costs associated with agent tasks that establish the CPU's bottleneck position: tool execution, sandbox isolation, high concurrency, and KV cache [61][62] Market Dynamics - The report discusses the competitive dynamics between x86 and ARM architectures, with x86 maintaining a stronghold in the server market due to its stability and mature software ecosystem, while ARM is gaining traction in energy efficiency and specific ecosystems [80]