文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 继 2 月钢铁行业出台新规范条件后，近期供给侧结构性改革、行业内卷式竞争被多方提及，涉及光伏、汽 车、电商等行业。 （一） 3 月 1 日，《求是》杂志发表总书记重要文章《经济工作必须统筹好几对重要关系》，其中提 到，"必须统筹好总供给和总需求的关系……持续深化供给侧结构性改革。要加快补上内需特别是消费短 板"。 （二） 2 月 25 日，市场监管总局召开企业公平竞争座谈会，光伏、电商、汽车行业 7 家企业参会，具体 包括天合光能、晶澳科技、隆基绿能、阿里集团、京东集团、北汽集团、奔驰集团。 （三） 2 月 27 日，国家能源局有关负责人表示，"光伏制造业的内卷式竞争仍未从根本上解决，国家能源 局正在配合国家发改委、工信部等部门研究制定和完善政策措施"。 近一周，其他值得关注的政策： （一）全国两会召开前，政治局会议讨论政府工作报告 ，提出"扩大国内需求，推动科技创新和产业创新融 合发展，稳住楼市股市"。 （二）总理调研科技创新工作 ...

Core Viewpoint - The meeting emphasized the importance of financial support for the development of private enterprises, aligning with the directives from the central government and the speech by President Xi Jinping, which serves as a guiding principle for promoting the growth of the private economy [2][3]. Group 1: Financial Support Measures - The meeting called for the implementation of a moderately loose monetary policy and the effective use of structural monetary policy tools to enhance credit support for private and small enterprises [2]. - Financial institutions are urged to treat all types of ownership enterprises equally and to increase credit allocation to private and small enterprises [2]. - The execution of 25 measures to support the private economy is essential, along with the establishment of a credit enhancement system for small and medium-sized private enterprises [2]. Group 2: Collaborative Efforts - There is a need for enhanced collaboration among various stakeholders to improve the financing environment for private enterprises, addressing issues related to financing difficulties and high costs [3]. - The meeting highlighted the role of industry associations in facilitating connections between private enterprises and financial institutions to improve financing accessibility [3]. Group 3: Innovation and Governance - Private enterprises are encouraged to focus on independent innovation, improve governance structures, and enhance credit management while managing risks effectively [3].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [4]. Core Insights - The recent meeting held by President Xi Jinping aimed to reassure private enterprises amidst external pressures, particularly in the context of "Trade Friction 2.0" and the intensifying global AI competition [2][6]. - The meeting emphasized the importance of private enterprises in technological advancement and social stability, signaling a commitment to dismantle barriers that hinder their development [6][12]. - Historical context shows that significant support policies for private enterprises have been issued during times of economic challenge, indicating a pattern of governmental support in response to external pressures [3][7]. Summary by Sections Event Description - On February 17, 2025, President Xi Jinping attended a meeting with private enterprises, marking a significant event after six years [1]. Event Commentary - The meeting's timing is crucial as it coincides with heightened external pressures and aims to provide a "calming pill" for private enterprises, which is different from past responses that came after crises [2][6]. - The focus on the "two unwavering principles" reinforces the government's support for private enterprises and aims to address historical issues such as financing difficulties [6][12]. Historical Review - The report outlines three major historical support policies for private enterprises, highlighting the government's adaptive strategies in response to economic conditions [3][7]. Industry Focus - The meeting included representatives from key sectors such as new energy vehicles, advanced manufacturing, and biotechnology, aligning with the goals of the "14th Five-Year Plan" [8][11]. - Notable absences from the meeting included major companies like Baidu and SenseTime, indicating a shift in industry leadership and focus [3][8]. New Productive Forces - The report discusses the importance of enhancing total factor productivity as a means to navigate external trade pressures and technological competition [12]. - The emergence of companies like DeepSeek is seen as a positive signal for the confidence of private enterprises in the face of global challenges [12].

以下文章来源于解码LP ，作者岳笑笑 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 投向人工智能。 作者 I 岳笑笑 报道 I 投资界-解码LP 投资界-解码LP获悉，国家人工智能产业投资基金合伙企业（有限合伙）成立，出资额600.6亿元，落地上海市徐汇区。 这让人不禁想起，去年上海数支百亿规模人工智能产业基金先后建立、人工智能大会火爆等诸多难忘场景。如此一幕，也是全国各地 发力人工智能产业的一缕写照。 国家队出手 600亿AI大基金来了 | 序号 | 合伙人名称 | 出资比例 ÷ | 认缴出资额; | 认缴出资日期÷ 关联产品/机构 | | --- | --- | --- | --- | --- | | | 〗 ■▓ 国智投（上海）私募基金管理有限公司 孟 | | | 上海国盛投资 質闭 | | 2 | + 国家 国家集成电路产业投资基金三期股份有限公司 孟 | | | 国家集成电路 产业投资基金 | （图源天眼查） 先来看国家大基金三期——去年5月，注册资本高达3440亿人民币的国家大基金三期正式宣布成立，高于其一期9 87.2亿元和二期 2041. 5亿元规模的总和，成为国内史上规模最 ...

Financial Data and Key Metrics Changes - The demand for AI training chips has seen fluctuations, with a notable decrease in the urgency for GPU procurement compared to the previous year, attributed to high initial demand and tightening government budgets [16][19][20] - The price of GPUs has decreased significantly, with reductions of around 20% observed in the market [16] Business Line Data and Key Metrics Changes - Companies like Zhipu, Baichuan, and MiniMax primarily relied on third-party computing power leasing, with a gradual shift towards self-built infrastructures, although the transition is still in early stages [13][19] - The rental market remains dominated by NVIDIA's A100 and H100 models, with A800 also seeing increased usage due to better cost-performance ratios [15][16] Market Data and Key Metrics Changes - The market for AI chips is currently characterized by a cautious approach towards domestic alternatives, with companies actively testing local chips but still favoring NVIDIA due to supply stability concerns [20][25] - The overall supply of NVIDIA chips has been impacted by restrictions, leading to a heightened interest in domestic alternatives, although their availability remains inconsistent [24][25] Company Strategy and Development Direction - Companies are increasingly considering self-built computing clusters as a long-term strategy, driven by the need for greater control and customization in their AI training processes [11][19] - The competitive landscape is shifting, with major players like Alibaba and Tencent exploring both domestic chip options and self-research initiatives alongside traditional NVIDIA solutions [30][37] Management Comments on Operating Environment and Future Outlook - The management emphasizes the complexity of the current market, where rapid technological advancements necessitate flexible procurement strategies, including leasing and self-building [11][12] - There is a recognition that while domestic chips are being explored, the immediate reliance on NVIDIA remains due to performance and ecosystem advantages [20][23] Other Important Information - The performance of Huawei's 910B chip is reported to be around 80% of the A800's capabilities, but its higher cost and lower ecosystem support limit its attractiveness [30][38] - The integration of domestic chips into existing infrastructures is seen as a significant challenge, with many companies hesitant to invest heavily without guaranteed performance [31][41] Q&A Session Summary Question: What changes have been observed in the computing power foundation of AI companies? - The computing power foundation for companies like Zhipu and Baichuan has not seen a significant reduction in third-party leasing, but there is an ongoing search for new vendors [13] Question: What types of chips are being prioritized in the rental market? - The rental market is primarily focused on NVIDIA's A100 and H100, with A800 also gaining traction due to its cost-effectiveness [15] Question: How are companies approaching the integration of domestic chips? - Companies are actively testing domestic chips but remain cautious due to supply stability issues, with a preference for NVIDIA when available [20][25] Question: What is the outlook for self-built computing clusters? - There is a strong belief that companies will eventually move towards self-built clusters for better control and customization, despite the current reliance on leasing [11][19] Question: How does the performance of Huawei's chips compare to NVIDIA's? - Huawei's 910B is estimated to perform at about 80% of the A800's capabilities, but its higher cost and lack of ecosystem support hinder its adoption [30][38]

吉姆·西蒙斯去世，半生在用数学搞清楚市场发生了什么 极氪上市，一台车撑起 2.8 万美元市值 学钢琴的孩子少了，雅马哈利润下滑 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 吉姆·西蒙斯去世，半生在用数学搞清楚市场发生了什么 有两个投资团队几乎年年跑赢市场，几十年来为投资者带去上千亿美元回报。 一个团队精简、只有几个人参与直接决策。不动用高等数学和编程语言，只在看过公司基本面后挑最 好的时机买入。平均一年做不了一次交易决策。这是巴菲特和芒格的伯克希尔哈撒韦。 另一个团队雇了数百名数学和物理学博士，用大量数据训练模型、写算法交易，对他们而言一家公司 跟标了名字的筹码没什么区别，电脑一天自动做出成千上万次交易。这是吉姆·西蒙斯的文艺复兴科 技。 图片来源：西蒙斯基金会 当地时间 5 月 10 日，文艺复兴创始人、数学家、破译学家吉姆·西蒙斯在曼哈顿的家中去世，享年 86 岁。西蒙斯的发言人乔纳森·加斯塔尔特证实了他的死讯，但没有具体说明死因。 西蒙斯一生都在求解。三岁时喜欢心算倍数，二十岁从麻省理工学院毕业，然后去加州大学伯克利分 校读博 —— 他听说那里的微分几何最好。毕业后在哈佛和麻省理工学院任教一 ...

深圳云天励飞技术股份有限公司 上市公告书 股票简称：云天励飞 股票代码：688343 深圳云天励飞技术股份有限公司 （深圳市龙岗区园山街道荷坳社区龙岗大道8288号大运软件小镇36栋4F） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 联席主承销商 （北京市朝阳区安立路66号4号楼） 副主承销商 （广东省广州市黄埔区中新广州知识城腾飞一街2号618室） 二〇二三年四月三日 1 深圳云天励飞技术股份有限公司 上市公告书 特别提示 深圳云天励飞技术股份有限公司（以下简称"云天励飞"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 4 月 4 日在上海证券交易所科创板上市。本公 司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书数值通常保留至小数点后两位，若出现总数与各分项数值之 和尾数不符的情况，均为四舍五入所致。 2 深圳云天励飞技术股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告 ...