宏观要闻： 1.工业和信息化部近日印发《关于优化业务准入促进卫星通信产业发展的指导意见》，提出到2030年，卫星通信管理制度及政策法规进一步完 善，产业发展环境持续优化，各类经营主体创新活力充分迸发，基础设施、产业供给、技术标准、国际合作等综合发展水平显著提升，手机直连 卫星等新模式新业态规模应用，发展卫星通信用户超千万，推动卫星通信充分融入新发展格局，有力服务经济社会高质量发展。 2.8月27日，商务部副部长盛秋平在国新办新闻发布会上透露，促进服务出口的系列政策举措，以及扩大服务消费的若干政策举措都将于近期推 出。具体来看，商务部服贸司司长孔德军表示，《关于促进服务出口的若干政策措施》将从财税、金融、监管便利化、国际市场开拓等方面推出 新一批政策措施，加大力度促进服务出口。 1.商务部、江苏省人民政府印发《中国(江苏)自由贸易试验区生物医药全产业链开放创新发展方案》，开展生物医药和医疗器械技术创新。支持布 局实施一批生物医药领域国家科技重大项目，发挥新型科研组织作用，着力突破创新药、高端医疗器械关键核心技术。加强大数据、人工智能在 药物靶标筛选、药物分子设计、医疗器械设计制造等方面的应用。 2.2025AG ...

Group 1 - The definition of "luxury cars" is evolving in China, with consumers increasingly valuing technology and user experience over traditional metrics like price and brand prestige [1][3][11] - Chinese automotive brands are advancing into the luxury car segment, offering high-end features that were once exclusive to imported luxury vehicles, such as air suspension and advanced infotainment systems [2][4][5] Group 2 - The introduction of air suspension technology in domestic vehicles has significantly reduced costs, with entry-level models now starting around 200,000 yuan, down from 500,000 yuan [4] - The market share of Chinese brands in the 300,000 yuan and above segment is increasing, with companies like NIO and Li Auto successfully targeting high-end consumers [5][6] Group 3 - Chinese brands are gaining recognition in the high-end market, with a reported 68.5% share of total passenger vehicle sales in the first half of the year, a 6.6 percentage point increase year-on-year [6][7] - The perception of "Chinese cars" is shifting, as brands like BYD and Lantu penetrate the premium market, challenging the stereotype of low-cost, economy vehicles [7][8] Group 4 - Traditional luxury brands are facing challenges in the Chinese market, with significant declines in sales for BMW, Mercedes-Benz, and Audi, particularly in the first half of the year [9][10] - In response, these brands are accelerating their electric vehicle strategies and collaborating with local suppliers to meet the diverse demands of Chinese consumers [10][11]

8月12日，2025金融AI推理应用落地与发展论坛在上海举行。会上，华为发布AI推理创新技术--UCM推 理记忆数据管理器。华为公司副总裁、数据存储产品线总裁周跃峰表示，该技术旨在推动AI推理体验 升级，提升推理性价比，加速AI商业正循环。同时，华为携手中国银联率先在金融典型场景开展UCM 技术试点应用，并联合发布智慧金融AI推理加速方案应用成果。 据了解，UCM推理记忆数据管理器包括对接不同引擎与算力的推理引擎插件（Connector）、支持多级 KV Cache管理及加速算法的功能库（Accelerator）以及高性能KV Cache存取适配器（Adapter）三大组 件，通过推理框架、算力、存储三层协同，实现AI推理"更优体验、更低成本"。 推理体验方面，依托UCM层级化自适应的全局前缀缓存技术，系统能直接调用KV缓存数据，避免重复 计算，使首Token时延最大降低90%。同时，UCM将超长序列Cache分层卸载至外置专业存储，通过算 法创新突破模型和资源限制，实现推理上下文窗口10倍级扩展，满足长文本处理需求；推理成本方面， UCM具备智能分级缓存能力，可根据记忆热度在HBM、DRAM、SSD等存储介 ...

Group 1 - Nvidia's Q2 financial report shows that data center revenue has declined for two consecutive quarters, with Blackwell product revenue increasing by 17% quarter-over-quarter, while data center computing revenue decreased by 1% due to a $4 billion drop in H20 sales [1] - Nvidia's CEO Jensen Huang indicated that China could present a $50 billion business opportunity this year, with an expected annual growth rate of approximately 50% in the Chinese market, although no H20 chips were sold to Chinese customers in Q2 [1] - Concerns have been raised regarding potential security vulnerabilities in Nvidia's H20 chip, as noted by the People's Daily [1] Group 2 - Huaxia Securities suggests that domestic AI computing chip companies, such as Huawei's Ascend and Cambricon, may accelerate their development due to factors like the US chip security legislation and H20 discussions, indicating a clearer long-term growth trajectory for domestic chips [1] - According to招商证券, local GPU companies are expected to see continuous year-over-year sales growth by 2025, with a positive long-term outlook for the semiconductor sector, particularly in AI computing and self-controllable attributes [1] - Semiconductor industry segments, including GPU/ASIC/Switch and supporting chips, advanced manufacturing/storage, upstream equipment/materials/EDA, and PCB/CCL, are anticipated to experience significant growth [1] Group 3 - Semiconductor company SMIC is expected to see increased reliance on its advanced process production lines for domestic computing chips, with potential for value reassessment as advanced process capacity and yield improve [1]

Core Viewpoint - The AI server power supply market is projected to become a trillion-yuan market, with rapid growth expected between 2025E and 2027E, driven by advancements in GaN/SiC technology and the adoption of 800V HVDC and SST architectures [2][3]. Market Size and Growth - The AI server power module market is expected to reach $74 billion in 2025E, $150 billion in 2026E, and $325 billion in 2027E, with a CAGR of 110%. The AI server power chip market is projected to grow from $55 billion in 2025E to $154 billion in 2027E, with a CAGR of 67% [4][6]. - The global AI server power market (chip basis) is anticipated to grow from approximately $55 billion in 2025 to $154 billion in 2027, driven by the continuous ramp-up of NVIDIA's NVL72 and other high-power ASIC models [6][39]. Key Components and Directions - The AI server power supply system can be divided into three layers: power supply system (UPS, HVDC, PDU), AC-DC conversion (PSU, PMC, BBU), and DC-DC conversion (PDB, VRM). The core drivers are high power density, high efficiency, and intelligent management [5][13]. - Future developments in AI server power supplies are expected to focus on three main directions: the upgrade of power supply architecture, the enhancement of core power devices, and the intelligentization of power management [9][10]. Incremental Growth Areas - The main incremental growth areas in the AI server power supply industry include: 1) PSU and DC-DC benefiting from GaN/SiC penetration, leading to increased value [10]. 2) The transition to 800V HVDC and SST architecture, which is expected to drive power system upgrades [10]. 3) The increasing importance of PDU and BBU in high power density and intelligent management scenarios [10][18]. Component Value Breakdown - The estimated value of the NVL72 server power system is approximately $70,855, with key components valued as follows: PSU at $9,647, BBU at $7,200, PDB at $4,500, and VRM at $5,783 [28][29]. - The market for DC-DC converters is projected to grow from $13.61 billion in 2025 to $28.47 billion by 2032, with a CAGR of 9.66% [21]. Competitive Landscape - The UPS market is expected to maintain high demand due to its critical role in ensuring power continuity and efficiency in AI data centers, despite the rise of HVDC systems [15][16]. - The market for GaN power devices is becoming increasingly competitive, with significant growth expected as companies focus on scaling production and integrating supply chains [24].

Group 1 - The core issue involves a gold pendant shaped like a carrot by Laomiao Gold, which has been accused of plagiarism from STAYREAL's IP "Momo Hu Hu Carrot" [3][4] - Laomiao Gold recently announced a formal collaboration with STAYREAL on August 24, but the controversial product was not part of this collaboration, leading to accusations of betrayal [5] - Following the backlash, Laomiao Gold issued an apology on August 26, explaining that the product was an internal design mistakenly listed by e-commerce staff, and they have since removed it from all platforms [5] Group 2 - Meituan announced plans to eliminate late delivery penalties for riders by the end of 2025, shifting from punitive measures to positive incentives [5][7] - The company has already begun trials in 22 cities to implement a system that rewards timely deliveries instead of penalizing delays [5][7] Group 3 - Cambrian Technology's stock price surged, briefly surpassing Kweichow Moutai to become the "king of A-shares," with a monthly increase of over 100% and a year-to-date increase exceeding 2500% [6][19] - Anta Group reported a revenue of 38.544 billion yuan for the first half of the year, a year-on-year increase of 14.3% [19] - Mixue Group achieved a revenue of 14.87 billion yuan in the first half of the year, reflecting a year-on-year growth of 39.3% [20]

Core Insights - The rapid evolution of artificial intelligence (AI) technology is transitioning from experimental exploration to value creation, leading to profound changes across various sectors of the economy and society [1] - The State Council has issued the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action," promoting dual empowerment of AI technology innovation and application development [1] Group 1: Confidence in Core Technology Breakthroughs - The issuance of the "Opinions" is timely for Shenzhen enterprises at the forefront of AI innovation, emphasizing support for AI chip innovation and ecosystem cultivation [5] - Companies like Yuntian Lifei and KunYun Technology express that the policy provides broad development space and support, enhancing confidence in technology research and market expansion [5][5] - The policy aligns with industry development needs, offering clear guidance for companies focused on embodied intelligence solutions, accelerating the integration of AI with the real economy [5] Group 2: Empowering Industry for Intelligent Upgrades - The integration of AI with various industries is expected to stimulate new development vitality, transforming AI from a mere tool to an essential infrastructure [7] - The agricultural sector is experiencing a deep integration with AI, promoting data openness and resource sharing, which will enhance technological applications in agriculture [7] - Companies specializing in AI visual communication and multimodal technology are set to benefit from the policy, which will accelerate the adoption of AI-generated content in creative and design fields [7] Group 3: Establishing AI Application Benchmarks - Shenzhen is actively positioning itself as a pioneer city for AI, launching nearly 200 "city + AI" application scenarios to create a comprehensive construction system covering public services, enterprise services, and urban operations [8] - The integration of AI technology with urban governance is exemplified by the development of national benchmark applications in various fields, enhancing efficiency and public satisfaction [8] - Continuous support for enterprises in Shenzhen aims to foster growth and innovation, contributing to economic dynamism and vitality [8]

什么是FP8？ FP8（8-bit Floating Point）即8位浮点数，是一种低精度数据格式。在AI大模型动辄千亿、 万亿参数的时代，算力瓶颈日益凸显。FP8的核心优势在于，相较于传统的FP16或BF16（16位浮点 数），它能将模型训练和推理过程中的内存占用和带宽需求减半，从而显著提升计算速度和能效 。这 被视为突破算力墙的关键技术之一。 UE8M0 FP8的特殊性：UE8M0是FP8的一种特定格式，其命名代表"无符号（Unsigned）、8位指数 （Exponent）、0位尾数（Mantissa）"。与英伟达主推的E4M3、E5M2等FP8格式不同，UE8M0牺牲了 尾数精度，换来了更广的数值表示范围和更简洁的硬件实现逻辑。有分析认为，这是一种为适配国产芯 片现有硬件逻辑、确保稳定运行的"折中方案"或"优化方案"，旨在通过软件层面的创新来弥补硬件上的 短板 。 2025年8月的A股市场，见证了一场科技股的极致狂欢。主角，是被称为"AI芯片第一股"的寒武纪 （SH688256）。8月22日，寒武纪股价强势封上涨停板，单日涨幅达20%，股价一举攀升至1243.2元， 总市值突破5200亿元大关，历史性 ...

以下文章来源于旧叔笔谈 ，作者旧叔笔谈 旧叔笔谈 . 一流数字营销专家（举世公认）；二流广告公司创始人（专业认证）；三流财经撰稿人（篇篇10W+)。约稿&公关推广案例&项目合作联络：jiushua 导语：市盈率4000倍的寒武纪，正在资本狂热和质疑漩涡中，推动中国科技股走向全新阶段。 8月24日，一份引发业界震动的分析报告把寒武纪推向风口浪尖，国际投行高盛将寒武纪的目标价推高至1835元，较此前目标价上调50%。 这个数字意味着，寒武纪市值有望接近7700亿元。甚至，在高盛的牛市假设中，寒武纪股价可能达到3934元，公司市值将飙升至1.64万亿，逼近 目前的A股市值之王贵州茅台，约为英伟达市值的5.3%。 值得注意的是，当前，寒武纪市值已超5800亿，是A股市场唯一一个股价超过千元的科技股。 高盛的乐观预测并非无的放矢，8月26日，寒武纪便用一份营收增长43倍的业绩报告再此震惊业界。 寒武纪最新发布的半年报显示，在截至2025年6月30日的报告期内，公司主营收入28.81亿元，同比上升4347.82%；归母净利润10.38亿元，同 比上升295.82%。 这一业绩表现远超市场预期，直接打破了长期以来市场对其" ...

本报记者 曹师韵 图一 图二 印度尼西亚政府2022年正式启动在东加里曼丹省建设新首都努山塔拉的计划，以缓解现首都雅加达的交 通拥堵、地面下沉、空气污染等问题，更好应对自然灾害风险，助推区域协调发展和经济转型。当前， 新首都建设已进入第二阶段。本报记者近日前往努山塔拉实地探访，探寻这座城市如何从蓝图一步步变 为现实。 新首都颇具规模—— 寄托民族团结的愿景 从东加里曼丹省东海岸的石油重镇巴厘巴板出发，车辆穿行热带雨林约两小时后，密林渐次退去，努山 塔拉这座现代化新城跃然眼前。穿过几栋白色办公楼，记者来到这座新城的"心脏地带"——中央政府核 心区(见图一，印尼新首都管理局供图)。地处正中央的是总统府，背后一座展翅欲飞的雄鹰雕塑巍然矗 立，与印尼国徽中的神鹰形象相呼应。 分布在总统府两侧的是政府部门办公楼，布局错落有致。不远处，一栋形似小鹰的白色建筑与周围地貌 相映成趣。"这是印尼央行总部大楼，造型精巧别致，很多游客都会在这栋楼前合影留念。"印尼新首都 管理局公共传播特别助理纳尔迪对记者说。 2024年9月起，努山塔拉正式对公众开放参观。根据新首都管理局的数据，今年3月27日至4月5日的公共 假期，6.4万人前往 ...