2025 年 12 月 19 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 超配（维持） 通信行业双周报（2025/12/5-2025/12/18） 行 业 光模块市场规模持续增长 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 通信行业 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（12/5-12/18）累计上 涨5.92%，跑赢沪深300指数5.79个百分点，涨幅在31个申万一级行业中 位列第2位；申万通信板块12月累计上涨8.49%，跑赢沪深300 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 五位消息人士称，美国总统唐纳德·特朗普的 政府已启动一项审查，该审查可能导致英伟达第二强 大的AI芯片首次向中国发货，从而兑现了他允许这项备受争议的销售的承诺。 特朗普本月表示，他将允许英伟达的H200芯片出口到中国，美国政府收取25%的费用，而这些销 售将有助于美国公司通过减少对中国芯片的需求，保持对中国芯片制造商的领先地位。 此举招致美国各政治派别对华鹰派的猛烈抨击，他们担心这些芯片将极大地增强北京的军事实力， 并削弱美国在人工智能领域的优势。 但美国何时会批准此类销售，以及北京是否会允许中国公司购买英伟达芯片，仍然存在疑问。 路透社上周报道称，英伟达正在考虑增加 H200 的产量，H200 是其目前旗舰芯片 Blackwell 的直 接前身，此前来自中国的初始订单超过了目前的产能。 消息人士称，负责监管出口政策的美国商务部已将芯片出口许可证申请送交国务院、能源部和国防 部进行审查。由于审查过程不公开，消息人士要求匿名。 点这里加关注，锁定更多原创内容 根据出口管制条例，这些机构有30天的时间进行评估，如果机构官员意见不一致，最终决定权将 归特朗普所有。此前未有关 ...

Core Viewpoint - The launch of the scaleX 10,000-card AI supernode by Zhongke Shuguang marks a significant milestone in China's AI computing power history, entering the era of 10,000-card supernodes [1][3]. Group 1: Development of AI Computing Power - The establishment of the scaleX 10,000-card supernode represents a new answer to the development path of China's AI computing infrastructure [3]. - Three years ago, China's AI computing power system heavily relied on NVIDIA for GPU acceleration, NVLink technology, and CUDA software, creating a dependency on a single supplier [4]. - The turning point came with export restrictions on NVIDIA chips, prompting domestic manufacturers to explore alternative computing power systems [4]. Group 2: Competitive Landscape - Major players like Huawei, Inspur, and Alibaba are entering the AI supernode market, each adopting different technological routes [5]. - Huawei has taken a "fully self-developed" approach, while Inspur and Alibaba focus on "open architecture" to build a domestic AI computing foundation [6]. - The scaleX 10,000-card supernode consists of 16 scaleX640 supernodes, totaling 10,240 AI accelerator cards and exceeding 5 EFlops in computing power [7]. Group 3: Technological Innovations - The scaleX640 supernode features a self-developed scaleFabric high-speed network with a bandwidth of 400 Gb/s and an end-to-end latency of less than 1 microsecond [7]. - The system supports multiple brands of accelerator cards, indicating a shift towards a diversified computing power ecosystem in China [7]. Group 4: Industry Trends - The trend of "de-NVIDIA" is driven by the need for computing power security and independent innovation in China, especially following U.S. export restrictions on high-performance GPUs [8]. - The domestic AI industry is not merely replicating NVIDIA but aims to establish a complete, replaceable computing power ecosystem [8]. - The development paths of closed-stack integration, represented by Huawei, and open collaboration, represented by Shuguang, Inspur, and Alibaba, are emerging as two significant trends in the industry [8]. Group 5: Application and Impact - Various products have already been deployed, with Huawei's CM384 and Inspur's SD200 being used in operational data centers [9]. - The open architecture approach has facilitated the large-scale application of domestic chips, moving away from reliance on NVIDIA's ecosystem [9]. - The year 2025 is seen as a turning point for China's AI computing power system, emphasizing the importance of both performance and collaborative ecosystems [11].

这是XR行业首次因核心技术专利侵权而遭遇实质性"禁售"的案例，也为中国智能制造企业出海敲响警 钟。据了解，案件中涉及双方专利储备悬殊：VITURE在欧洲、美国等关键海外市场专利布局为0，而 XREAL在全球范围内累计专利800余件，其中发明专利近450件，是VITURE的近20倍，并在欧洲、美 国、日本、韩国等高标准市场建立了系统性专利布局。 近日，德国慕尼黑第一地区法院已作出一审裁决，认定VITURE公司旗下的VITURE Pro等产品侵犯了同 行业公司闪耀现实（XREAL）所持有的欧洲专利（专利号：EP3754409B1），并当庭批准了一项具有 强制执行力的临时禁令。该禁令直接针对VITURE在德国市场的销售枢纽——其香港经销商Eden Future HK Limited立即停止在德国境内提供、投放市场、使用或进口相关侵权产品。此项裁决意味着，其涉诉 产品在德国市场已失去合法销售资格。 然而，核心技术和专利的布局，直接决定了企业在全球竞争中的位置。业内专业人士指出，VITURE的 产品竞争力更多体现在硬件集成和产品组合层面，尚未形成真正意义上的底层技术壁垒。这种模式在早 期市场或许能够快速起量，但一旦进入 ...

【环球网科技报道 记者 张阳】近期，德国慕尼黑第一地区法院的一纸禁令，在XR行业掀起轩然大波。当地法院认定Viture公司旗下Viture Pro等产品侵犯 XREAL（闪耀现实）所持有的欧洲专利（专利号：EP3754409B1），当庭批准针对其香港经销商Eden Future HK Limited的临时禁令，禁止相关侵权产品在 德国境内的销售、投放、使用及进口。 这场被业内人士称为"XR专利第一案"的知识产权纠纷，以其罕见的严厉程度，为中国科技企业出海敲响了警钟：当技术创新的号角吹响，在全球科技竞技 场，专利不是陈列在证书墙上的一张纸，而是决定市场生死的"硬通货"。 据了解，案件始于2025年9月22日。XREAL 针对 Viture Inc. 及其香港运营实体 Eden Future HK Limited 向德国法院递交临时禁令请求，所涉专利聚焦增强现 实设备及其光学系统这一核心技术领域。值得注意的是，Viture Inc.在初期并未应诉，直至9月29日法院已单方面批准针对其的禁令后，才于11月7日提交应 诉文件，并要求参与11月13日的正式庭审。德国法院经审理后，正式认定侵权事实成立，强化了禁令的法律效 ...

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" ...

Core Insights - The luxury SUV market is witnessing a shift with the emergence of the Zeekr 9X, which has surpassed 8,000 units in sales within two months of its launch, outperforming traditional fuel models like the BMW X5 and Audi Q7, as well as other electric competitors like the AITO M9 [1][15] - The Zeekr 9X has achieved a high average delivery price of 538,000 yuan, indicating a successful penetration into the traditional luxury car segment, and has topped various consumer satisfaction rankings, showcasing the capability of Chinese brands in the high-end electric vehicle market [1][15] - The success of the Zeekr 9X reflects a broader transformation in consumer preferences from brand symbolism to technology and experience, with over 80% of its buyers coming from traditional luxury brands [7][8] Market Dynamics - The competition in the luxury electric vehicle sector has evolved from a focus on individual features to a comprehensive assessment of architectural capabilities, with the Zeekr 9X exemplifying this shift through its innovative design and technology [5][15] - The Zeekr 9X is built on the Haohan-S architecture, which includes advanced technologies such as a super electric hybrid system and AI-driven safety features, positioning it as a leader in performance, control, and safety [4][5] Consumer Behavior - The target demographic for the Zeekr 9X includes high-net-worth individuals, with 52% of buyers having an annual household income exceeding one million yuan, indicating a shift in purchasing criteria towards technology and experience rather than brand prestige [7][8] - The evolving consumer mindset is driving a transition in the luxury car market from brand-oriented to value-oriented purchasing, with consumers seeking superior product experiences without the premium associated with traditional luxury brands [8][10] Brand Strategy - Zeekr's approach to user engagement emphasizes transparency and trust, with initiatives such as early announcements of product updates and user participation in design processes, fostering a strong relationship with customers [10][11] - The brand's commitment to user-centric service and communication has resulted in a positive feedback loop, with nearly 20% of existing Zeekr owners opting to purchase the 9X, reinforcing brand loyalty [10][11] Global Positioning - The success of the Zeekr 9X in international markets, with sales exceeding 600,000 units across over 40 countries, signifies a growing recognition of Chinese luxury vehicles on the global stage [13][14] - The vehicle's appeal in markets like Qatar and Saudi Arabia highlights a shift in the perception of luxury, moving away from traditional materials to a focus on technological innovation and user experience [13][14] Industry Implications - The performance of the Zeekr 9X marks a pivotal moment for Chinese automotive brands, transitioning from participants in the luxury market to leaders in defining new standards for luxury in the electric vehicle era [15] - The advancements made by Zeekr in technology and user experience are setting a precedent for other Chinese brands, indicating a potential shift in the global automotive landscape towards innovation-driven luxury [15]

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]