Core Insights - The article emphasizes the critical role of High Bandwidth Memory (HBM) in supporting AI technologies, highlighting its evolution from a niche technology to a necessity for AI performance [1][2][15] - A comprehensive roadmap for HBM development from HBM4 to HBM8 is outlined, indicating significant advancements in bandwidth, capacity, and efficiency over the next decade [15][80] Understanding HBM - HBM is designed to address the limitations of traditional memory types, such as DDR5, which struggle to meet the high data transfer demands of AI applications [4][7] - The architecture of HBM utilizes a 3D stacking method, significantly improving data transfer efficiency compared to traditional flat layouts [7][8] HBM Advantages - HBM offers three main advantages: superior bandwidth, reduced power consumption, and compact size, making it essential for AI applications [11][12][14] - For instance, training a model like GPT-3 takes 20 days with DDR5 but only 5 days with HBM3, showcasing the drastic difference in performance [12] HBM Generational Upgrades - HBM4, expected in 2026, will introduce customizable base dies to enhance memory performance and capacity, addressing mid-range AI server needs [17][21] - HBM5, anticipated in 2029, will incorporate near-memory computing capabilities, allowing memory to perform calculations, thus reducing GPU wait times [27][28] - HBM6, projected for 2032, will focus on high throughput for real-time AI applications, with significant improvements in bandwidth and capacity [32][35] - HBM7, set for 2035, will integrate high-bandwidth flash memory to balance high-speed access with large storage needs, particularly for multimodal AI systems [41][44] - HBM8, expected in 2038, will feature full 3D integration, allowing seamless interaction between memory and GPU, crucial for advanced AI applications [49][54] Industry Landscape - The global HBM market is dominated by three major players: SK Hynix, Samsung, and Micron, which collectively control over 90% of the market share [81][84] - The demand for HBM is projected to grow significantly, with the market expected to reach $98 billion by 2030, driven by the increasing need for high-performance computing in AI [80] Future Challenges - The HBM industry faces challenges related to cost, thermal management, and ecosystem development, which must be addressed to facilitate widespread adoption [86] - Strategies for overcoming these challenges include improving yield rates, expanding production capacity, and innovating cost-reduction technologies [86]

证券日报网讯 12月18日，常山北明在互动平台回答投资者提问时表示，公司围绕软件主业，在云数 据、智慧城市及在线争议解决（ODR）领域构建了扎实的核心竞争力。公司作为高新技术企业，在北 京、广州、上海等地设立6个研发基地，并拥有"广东省智慧城市研究院"等多个技术研发中心。截至 2025年12月18日，公司共取得749项软件著作权和32项发明专利。ODR领域，公司打造的"在线矛调中 心——浙江解纷码"荣获浙江省改革突破金奖，并推广至多省市。未来公司将紧扣数字经济发展机遇， 深化与华为等行业巨头的战略合作，做大做强软件主业。冷链物流项目目前经营正常，客户资源稳定。 在新能源及产业园布局方面，公司深泽县210MW风电项目一期已完成并网发电，润石智谷产业园正加 快建设及提升招商力度。与华为鸿蒙的合作方面，公司组建了华为鸿蒙开发团队，团队成员全员通过了 HarmonyOS应用开发者高级认证。 证券日报网讯 12月18日，常山北明在互动平台回答投资者提问时表示，公司围绕软件主业，在云数 据、智慧城市及在线争议解决（ODR）领域构建了扎实的核心竞争力。公司作为高新技术企业，在北 京、广州、上海等地设立6个研发基地，并拥有" ...

花50万元以上买豪华SUV的人已经分为两个阵营，以宝马X5、奥迪Q7为代表的传统燃油派，在极 氪9X和问界M9中抉择的新能源体验派。 与之相应的，汽车销量排行榜单也早已悄然发生了变化。11月，极氪9X销量突破8000辆，以绝对 优势位列50万级以上大型SUV市场销量榜首，力压新能源豪华SUV销冠问界M9、宝马X5等燃油派强劲 对手，仅上市两个月就冲上总榜第一位。 作为中国新一代豪华旗舰车型，极氪9X交付均价高达53.8万元，不仅成功切入传统德系豪华车最稳 固的价格腹地，更登顶汽车之家大型SUV口碑评分榜与懂车帝40-60万价位新能源SUV懂车分榜首，在 产品力与用户认可度上实现双重领跑，印证了中国品牌在高端新能源领域的突破能力。极氪9X的成 功，也标志着中国品牌正式站稳高端汽车市场，开启属于中国品牌的旗舰之路。 从预售1小时订单破4.2万，到上市13分钟大定锁单破万、万台交付迅速落地，再到月销破8000，极 氪9X热销态势的背后，远非单纯的销售数字增长，而是中国自主品牌在技术自主、价值定义、用户关 系重构三个维度，对传统豪华车市场逻辑的一次系统性重塑。 架构级创新重构豪华底层逻辑 "极氪的品牌向上从来不是一句 ...

在"国产 GPU 第一股""国产GPU 第二股"点燃投资市场之后，另一个大热赛道，固态电池的"第一股"，也要来了。 拆解这份底气，你会发现卫蓝的背景硬得惊人： 它脱胎于中科院物理所，由"中国锂电之父"陈立泉院士亲自坐镇，身后站着的投资团更是集齐了华为、小米、吉利、蔚来等一众产业链"顶流"。 它的"拳头产品"，原位固化半固态电池，更是当前半固态电池的第一梯队产品。 什么是"原位固化"，可以用一个通俗的"灌浆"实验来比喻。 12 月 11 日，证监会发布消息，卫蓝新能源与中信建投签署上市辅导协议，正式开启 A 股的 IPO 之旅。 这个消息就像引爆市场热情的沙皇炸弹。毕竟摩尔线程上市首日中一签浮盈接近 30 万、沐曦股份上市首日中一签浮盈更是逼近 40 万元，在这样恐怖的收 益下，没人能忍住不疯狂。 顶着 185 亿的估值，身后站着华为、小米、蔚来等一众大佬，卫蓝新能源就像是自带了"满级装备"入场，让所有人都觉得，只要它上市，"中签=中彩 票"的戏码就会再次上演。 这次冲击固态电池第一股，市场、情绪给的情绪价值是足够了，那最核心的"产品"本身，卫蓝新能源准备好了吗？ "第一股"的底气 既然卫蓝新能源敢冲击"固态电 ...

Core Insights - Edge AI is leading a technological paradigm shift, reshaping the new landscape of the smart terminal industry by enabling local execution of AI models, resulting in low latency, high energy efficiency, and privacy protection [4][9][10] - The development of Edge AI is driven by innovations in AI computing architecture, multimodal perception and interaction, and system-level AI integration, transitioning smart devices from mere "computing nodes" to "local reasoning and autonomous decision-making" [4][6][10] Application Ecosystem - Multiscenario integration is accelerating the growth of the Edge AI terminal market, with AI PCs expected to achieve a penetration rate of 64% by 2028, and AI smartphones projected to exceed 900 million units in shipments by the same year [5][6] - AI wearables are anticipated to reach a market size of $153.8 billion by 2030, while AI smart homes are expected to grow to $537.2 billion, highlighting Edge AI as the core growth engine of smart hardware [5][6] Upstream Ecosystem - Breakthroughs in advanced process technology and Chiplet architecture are driving significant performance improvements in Edge AI, with NPU computing power increasing to 50-100 TOPS to meet local model operation demands [6][10] - The global Edge AI processor market is projected to grow from $31 billion in 2022 to $60.2 billion by 2028, with major players like Qualcomm, Apple, and NVIDIA dominating the high-end market [6][10] Business Recommendations - Companies should prioritize Edge AI as a key strategic focus, developing differentiated strategies around terminals, supply chains, and application scenarios to capitalize on this emerging trend [6]

2025年，AI眼镜成了科技圈的"显学"。 Meta的Ray-Ban智能眼镜在2025年2月销量突破200万副，全年预计冲刺出货量400-500 万副；海外巨头谷歌携手三星重启AI眼镜项目，苹果敲定AI眼镜发 布时间表。 国内企业也闻风而动。华为、小米、阿里、字节等国内大厂纷纷高调亮出相关布局，其中阿里夸克的AI眼镜S1目前在天猫旗舰店的预售期达到了45天， 一"镜"难求；国内AR独角兽企业Rokid（乐奇）、雷鸟创新等专业玩家也在持续迭代AI眼镜新品。 AI眼镜催化时间线，图/东吴证券 表面看，这是一场由大模型技术驱动的新硬件浪潮，但大厂无一例外地都选择了押注AI眼镜，各怀心事。 人工智能竞赛中，不进则退。此前，在大厂尚未将AI大模型列为战略重心的窗口期，部分创业公司率先突围，譬如月之暗面推出的Kimi就凭借长文本等 差异化优势，迅速俘获了海量用户。 即便是腾讯这样的科技巨头，也曾在赛道初期出现战略误判，对 To C 端大模型布局相对保守，旗下产品元宝的面市滞后于同业。 大模型竞赛中曾"吃亏"的公司，绝不愿在下一代终端入口上再次掉队，硬件成为争夺用户注意力和数据闭环的新一道防线。 而当前被寄予厚望的，正是A ...

证券日报网讯12月18日，常山北明（000158）在互动平台回答投资者提问时表示，针对华为鸿蒙应用开 发，公司组建了华为鸿蒙开发团队，团队成员全员通过了HarmonyOS应用开发者高级认证。公司技术 研发团队中，高层由首席科学家、云计算、大数据、人工智能等技术带头人领军，形成业界领先的技术 优势；中层由各行业领域专家带队，形成从咨询到运维服务的行业解决方案团队；基层按照行业和技术 领域，形成专业化的实施团队。 ...

Group 1 - In 2025, global investors experienced a significant market rally, with global stock markets rising approximately 30% and the US stock market rebounding over 50% since April [1] - Gold prices surged over 60% in 2025, marking the second-highest annual increase since 1979, driven by heightened demand for safe-haven assets amid high global debt and shifting monetary policies [1] - The strong performance of global assets in 2025 is attributed to the dual drivers of AI and renewable energy, which have become core growth engines in capital markets [1] Group 2 - A report from BCA Research indicates that the biggest threat to the US economy in 2026 may stem from the financial markets themselves, rather than an economic recession [5] - The report highlights that approximately two-thirds of global stock market capitalization is concentrated in US stocks, with 40% of that in just ten stocks, all heavily reliant on the success of the generative AI narrative [5][6] - Recent market trends show a divergence among leading tech stocks, suggesting that not all tech stocks are viewed as a single entity, allowing for value investors to validate certain companies [5][6] Group 3 - Morgan Stanley's chief economist in China suggests a new asset allocation strategy of 60% stocks, 20% gold, and 20% bonds, reflecting a reassessment of strategic asset values amid declining fiat currency credibility [9] - Analysts predict that gold prices could reach $4,500 by mid-2026, driven by structural demand from central banks, which currently account for 20% of the annual gold production of 5,000 tons [13] - The report emphasizes that the performance of gold is closely tied to the depreciation of the US dollar, with approximately 70% of gold's price increase attributed to changes in the dollar's value [10] Group 4 - The AI sector is identified as a key driver of the stock market's rise in 2025, with significant trends emerging in AI, electricity, and longevity economics [12] - The expectation of further interest rate cuts by the Federal Reserve in 2026 is anticipated to exert downward pressure on the US dollar, with predictions of the dollar to RMB exchange rate reaching around 6.9 by mid-2026 [12] - The shift towards AI-driven productivity is expected to transform business operations, moving from traditional models to agile teams that leverage digital agents for task execution [16]

（文章来源：证券日报） 证券日报网讯 12月18日，常山北明在互动平台回答投资者提问时表示，2025年公司与华为的合作正常 进行，与去年相比开拓了更多的业务场景。 ...

（文章来源：证券日报） 证券日报网讯 12月18日，荣联科技在互动平台回答投资者提问时表示，华为是公司的长期合作伙伴。 ...