证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250803 新股上市 ◼ 鼎佳精密（874397.BJ）：2025 年 7 月 31 日上市，首日涨幅达 479%， 振幅 89.61%，成交额 10.60 亿元，换手率 89.34%，总市值 51.70 亿元。 公司主要从事消费电子功能性产品及防护性产品的设计、研发、生产与 销售，产品应用于笔记本电脑、平板电脑、智能手机、一体电脑、服务 器、显示器、AR/VR、智能游戏机等消费电子产品。 投资建议 北证 50 指数周内回调，关注中报高增与产业 催化共振标的 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 产业催化与主题轮动主导盘面，关注中报高增与产业催化共振标的。产 业消息面上，固态电池板块受头部设备厂商陆续出货加速行业量产进度 催化，带动灵鸽科技、纳科诺尔等标的在本周初表现活跃；2025 世界人 工智能大会上，华为 384 超节点真机与基于 CloudMatrix 384 超节点的 华为云新一代昇腾 AI 云服务首次亮相，带动华为概念股明显上涨，*ST 广道于 7 月 31 日涨幅 29.94% ...

核心观点 算力作为新质生产力重要组成，随着"双碳"目标推动"低碳化"与 AI 应用普及推动 "数字化"，双引擎驱动绿色算力蓬勃发展。从算力全生命周期来看，绿色算力包括能 源侧的间接碳排放、算力侧的算法选择和数据中心设备载体层面的制造间接碳排放与 运营直接碳排放、应用侧的使能行业转型减碳三大主要方向。具体案例分析了头部科 技公司绿色算力实践：Amazon AWS 迁移场景、Google 24/7 无碳能源、Microsoft 循 环中心、腾讯"风光储"微电网、阿里云浸没式液冷、华为绿色网络。 ❑ 宏观：绿色算力是 AI 时代的必然选择 算力是新质生产力的重要形态之一，是加快发展新质生产力的重要抓手。据中国 信息通信研究院测算，2023 年全球算力总规模达到 1369EFLOPS（每秒进行百亿 亿次浮点运算的能力），预计未来五年将以超过 50%的速度增长；我国算力总规模 达到 230EFLOPS，近 5 年平均增速近 30%。随着算力需求爆发式增长，高能耗挑 战伴随而至。IDC 数据显示 2024 年 AI 数据中心 IT 能耗达到 55.1TWh，2025 年 将增至 77.7TWh，2027 年将增长至 14 ...

Group 1: DeepSeek and ACL Conference - DeepSeek, in collaboration with Peking University, won the Best Paper Award at the 63rd ACL conference, highlighting a significant achievement in natural language processing with the introduction of the Native Sparse Attention (NSA) mechanism [1][2] - The ACL conference saw a record submission of over 8000 papers, with a main conference acceptance rate of 20.3% and a Findings acceptance rate of 16.7% [1] Group 2: Anthropic's Market Position - Anthropic has surpassed OpenAI in popularity among enterprises, capturing 32% of the large language model market, while OpenAI's share has decreased to 25% [3][4] - Two years ago, OpenAI held a dominant 50% market share, with Anthropic at only 12%, indicating a significant shift in the competitive landscape [3] Group 3: AI Model Developments - The AI startup Step 3 has released an open-source foundational model with 321 billion parameters, showcasing advanced capabilities in visual perception and complex reasoning [5] - Multiple companies, including Tencent and Moonlight, have also released open-source models, indicating a trend towards open-source solutions in the AI industry [5] Group 4: Baidu's AI Integration - Baidu is testing an AI application entry point on its search homepage, allowing users to access various AI applications directly [6][7] - This move follows a major redesign of Baidu's search platform and reflects the company's commitment to integrating AI into its services [6] Group 5: Robotics Industry Insights - Tencent's chief scientist, Zhang Zhengyou, stated that the embodied intelligence industry is still in its early stages, comparing it to the mobile phone industry's evolution [8] - He emphasized that current humanoid robots are primarily used for data collection and research, and a significant breakthrough is needed for widespread adoption [8] Group 6: Supernode Solutions - Several companies showcased supernode solutions at the WAIC, addressing the challenges of large-scale computing clusters [9] - Supernodes aim to enhance performance by integrating computing chip resources, which is increasingly necessary as model parameters grow larger [9] Group 7: Financial Performance of Major Tech Companies - Meta reported a 22% year-over-year revenue increase in Q2, reaching $47.5 billion, with a net profit of $18.3 billion, up 36% [10] - Microsoft achieved a revenue of $76.4 billion in Q4, an 18% increase, with its market capitalization reaching $4 trillion, driven by demand for AI services [11]

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 懂车帝的智驾测试出来后，我们 最近一直在思考一个问题，自动驾驶的路在何方？学术界和工业界的人扎堆在转具身智能、大模型，自动驾驶真的不行了么？ 已经转行的小伙伴认为自动驾驶技术栈已经趋同，没什么可做的了，三四年前还在百花齐放，现在只有端到端+大模型，再不走只有被淘汰，量产都是脏活累 活，趁着好时机去具身占坑。 还在观望的人一方面舍不得自驾现有的薪资，另一方面也没靠谱的具身行业资源。 大部分人仍然坚守在自驾领域，国内智驾的路任重而道远。自动驾驶是最接近实现的通用具身智能赛道，如果自驾都做不好，现在所谓的具身智能更是泡沫一 场。但国内的智驾量产确实是有些浮躁的，现有方案的量产问题可能还没收敛，新一代的方案就要着急上车。不少人都认为智驾的风口过去是好事，这样可以沉 得下心扎实地做量产。端到端和VLA确实给了我们新的智驾能力预期， 单打独斗式的 模块化方法已经是过去式，未来的量产模型会是统一、多模态、端到端的 形式。这就要求全栈式的人才，你不仅需要懂感知，还要懂规划和预测，甚至还要懂大模型，更希望你有一些部署优化的技术 ...

英伟达7月31日晚回应称："网络安全对我们至关重要。NVIDIA 的芯片不存在'后门'，并不会让任何人有远程访问或控制这些芯片的途径。" 今年以来，黄仁勋三次访问中国，在中美关系敏感时期，黄仁勋频繁访问，让英伟达和中国进入相对的"蜜月期"，但这次约谈打破了很多看法和幻想。 在一见财经看来，中央网信办约谈英伟达这件事并不简单。 脱下标志性黑色夹克，换上传统唐装，在致辞时秀中文，在接受央视《面对面》栏目专访时，盛赞中国人工智能产业发展…… 这是英伟达创始人黄仁勋半个月前在中国的表现，但没过多久，英伟达就露出了马脚。 7月31日，中央网信办约谈了英伟达，要求其就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相关证明材料。 网信办旗下微信公众号"网信中国"当日发布的消息称，近日英伟达算力芯片被曝出存在严重安全问题。此前，美议员呼吁要求美出口的先进芯片必须配 备"追踪定位"功能。美人工智能领域专家透露，英伟达算力芯片"追踪定位""远程关闭"技术已成熟。 其一、本次约谈，网信办披露的内容很详细，可以说是"有理有据"有细节，说明问题比较严重。 其二、从约谈的时间点看，发生在黄仁勋访问中国，对中国"示好"后不久， ...

Company Performance - Berkshire Hathaway reported Q2 2025 revenue of $92.515 billion, down from $93.653 billion in the same period last year, indicating a slight decline in revenue [2] - The net income attributable to Berkshire shareholders was $12.370 billion, a significant drop of 59% from $30.348 billion year-over-year [2] - Berkshire's cash reserves decreased from $347 billion at the end of March to $344.1 billion, marking the first decline in three years [2] Macro Economic Trends - The State Administration for Market Regulation implemented guidelines for online trading platform fee compliance, requiring platforms to disclose fee rules and prohibiting unreasonable charges [3] - China's internet and related services sector saw a revenue of 961.3 billion yuan in the first half of the year, reflecting a year-on-year growth of 3.1%, with an acceleration of 2.2 percentage points compared to the January-May period [3] - The film box office for the summer season in China surpassed 6.5 billion yuan as of August 2, setting a record for the fastest daily box office to exceed 100 million yuan [3] - China's industrial robot market continues to grow, with sales projected to rise from 70,000 units in 2015 to 302,000 units in 2024, maintaining its position as the largest industrial robot market globally [3] - By the end of June, the balance of inclusive loans to small and micro enterprises in China increased by 12.31% year-on-year, significantly outpacing the average growth rate of all loans [3] Investment News - Yongying Fund announced a limit on subscriptions for its equity fund, Yongying Ruixin, with a daily cap of 1 million yuan per account starting August 4, following a performance return exceeding 60% since its inception [5] - As of July 31, numerous companies have announced mid-year dividend plans, with at least nine companies declaring dividends for the first time since their listing [5] - A total of 178 companies submitted IPO applications to the Hong Kong Stock Exchange this year, with technology firms accounting for 38.2% of the applications [5] Company Movements - Zhiyuan Robotics completed a new round of strategic financing led by LG Electronics and Mirae Asset Group, marking LG's first investment in the field of embodied intelligence [7] - Huawei and Zunpai faced a court ruling regarding the infringement of Huawei's trade secrets, resulting in prison sentences for 14 former employees of a subsidiary [7] - Fujifilm raised prices for most of its digital cameras and lenses in the U.S., with some products seeing price increases of several hundred dollars [7] - OpenAI's ChatGPT has seen its paid enterprise user count grow from 3 million in June to over 5 million, indicating strong demand across various sectors [7] International Dynamics - As of July 31, the average effective tariff rate on imported goods in the U.S. reached 18.3%, the highest level since 1934, which is expected to lower GDP growth rates and increase unemployment [8] - Former President Trump ordered the dismissal of the head of the Bureau of Labor Statistics due to dissatisfaction with the latest employment data [8] - The South Korean government decided to eliminate the tax refund policy for foreign tourists receiving cosmetic surgery services starting next year [8]

国家网信办近日透露，截至目前，我国共有490余款大模型在国家网信办完成备案，大模型应用的个人 用户注册总数超过31亿，API（应用程序编程接口）调用用户总数超过1.59亿。这组数字昭示着中国人 工智能（AI）产业进入了一个历史时刻：全球规模最大、场景最丰富、迭代最迅速的AI试验场已然成 型。 算力挑战。训练大模型就像给AI"喂饭"，AI饭量惊人，厨房设备就得给力。现在全球AI算力芯片市场 就像被英伟达这家"外国大厨"垄断的餐厅，最近还爆出他们的芯片有安全隐患，这不是更得倚重国产芯 片吗？华为、寒武纪这些本土企业的AI芯片已经上桌了，但咱们的"炒菜手艺"还在练级阶段，得继续加 油！ 安全挑战。31亿账号玩AI的背后，藏着不少"炸弹"。聊天记录、照片可能被偷看，这是隐私泄露炸弹。 用方言提问总得不到好答案，这是算法偏见炸弹。AI生成的明星带货视频能以假乱真，这是深度伪造 炸弹。AI发展太快了，这让相应的监管框架和技术标准仍处于追赶状态，企业自查和政府监管也经常 各顾各的，协同机制有待完善。 科研挑战。与美国相比，我国在大模型核心技术方面仍有差距，算法设计、开发框架这些"基本功"还是 美国更扎实。在基础研发投入方面 ...

Core Insights - The article highlights the competitive landscape of the global AI market in 2025, where tech giants like Microsoft, Google, and Amazon are heavily investing, while Apple appears to be lagging behind [2][3] - As of July 25, 2023, Nvidia leads the market with a valuation of $4.24 trillion, followed by Microsoft at $3.8 trillion, while Apple's market cap has dropped to $3.19 trillion, indicating a significant gap in the AI sector [2] - Apple's historical role as an AI pioneer has diminished since the death of Steve Jobs in 2011, leading to stagnation in its AI innovations, particularly with Siri [2][3] Internal Dynamics - Internal conflicts regarding AI strategy have hindered Apple's progress, with one faction pursuing general artificial intelligence (AGI) and another focusing on practical applications, resulting in missed opportunities [3] - In 2022, Apple developed several large language models that were shelved due to concerns over their practicality, showcasing inefficiencies in decision-making [3] - The company has experienced talent attrition, with top employees leaving for competitors like OpenAI and Anthropic, further impacting its innovation capabilities [3] Strategic Challenges - Apple's conservative approach to AI contrasts sharply with the aggressive investments made by competitors, leading to a gradual loss of influence in core AI technologies [3][4] - The company's reliance on partnerships and external procurement to fill gaps in AI capabilities has not been sufficient to maintain its competitive edge [3][4] - Apple's culture of seeking "perfect experience" before product launches conflicts with the fast-paced nature of AI development, resulting in delays and unmet expectations [4] Market Position and Future Outlook - Despite its struggles, Apple possesses a significant advantage with over 2 billion active devices, providing a unique platform for AI integration [5] - The company is considering a shift from an insular approach to one of open collaboration to enhance its AI capabilities [5] - The narrative surrounding Apple reflects a tension between conservatism and the need for transformation, with the future success of the company in the AI landscape dependent on its ability to adapt and innovate [5]

Core Insights - The 2025 AGIC Shenzhen International General Artificial Intelligence Conference and Expo will take place from August 27 to 29, showcasing over 1,000 companies and covering 80,000 square meters, highlighting the practical applications of "Artificial Intelligence+" [1][4] Group 1: Industry Trends - Large models are transitioning from pure software to hardware, becoming the core operating system for robots, smart terminals, and industrial equipment, demonstrating AI's evolution from code to physical capabilities [2][4] - The conference theme "Model-Driven, Intelligent Future" emphasizes the integration of AI with hardware, showcasing products like sensors from Huawei and robots from DJI, which are now equipped with intelligent cores from major AI models [2][4] Group 2: Event Highlights - The event will feature eight industry scenarios including security, finance, manufacturing, and healthcare, with dedicated exhibition areas for general AI, smart sensing, and intelligent terminals [5] - A total of 100 groundbreaking AI technologies will have their global debut at the conference, covering areas such as AI chips, generative AI, and intelligent robots [6] Group 3: International Participation - Over 20 Japanese companies will participate, showcasing innovations like agricultural robots and collaborative robots, highlighting the global collaboration in AI technology [4][6] - The event has attracted nearly 8,876 overseas buyers from over 30 countries, indicating strong international interest and engagement in the AI sector [6]

Group 1 - The article discusses the selection of foldable smartphones within a budget of 10,000 yuan, highlighting options such as Huawei Mate X6, OPPO Find N5, vivo X Fold5, and Honor Magic V5 [2]