重点公司介绍： 交易所数据显示，11月26日午后算力芯片板块表现活跃，东芯股份涨超10%，天普股份实现2连板，博 通集成、万通发展涨停，寒武纪、翱捷科技、芯原股份、乐鑫科技等个股涨幅均超5%。 市场炒作点在于全球AI算力需求的爆发式增长，大型云端服务业者加速自研AI ASIC芯片以提升算力效 率，带动相关资本支出大幅增加，市场预期算力芯片及产业链上下游企业将迎来业绩增长机遇。 消息面上，Trendforce最新行业报告指出，全球大型云端服务业者（CSP）正积极推进AI ASIC芯片的自 主研发，以应对人工智能应用带来的算力需求激增。报告预计，到2025年谷歌、亚马逊云科技、 Meta、微软、甲骨文等八大CSP的合计资本支出将突破4200亿美元，其中用于AI芯片研发、数据中心建 设及算力基础设施的投入占比显著提升，反映出行业对算力自主可控和性能优化的长期战略布局，这一 趋势将为算力芯片产业链带来持续增长动力。 受影响板块分析： AI芯片设计板块：作为算力芯片的核心环节，AI ASIC芯片设计企业直接受益于云端服务商的自研需 求。随着CSP加大定制化芯片投入，具备高性能计算架构设计能力及软硬件协同优化经验的企业将 ...

（文章来源：每日经济新闻） 每经AI快讯，11月26日，午后算力芯片股持续走强，东芯股份涨超12%。此前，天普股份2连板，博通 集成、万通发展涨停，寒武纪、翱捷科技、芯原股份、乐鑫科技均涨超5%。 ...

根据《摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上市发行公告》公布的回拨机制， 由于本次网上发行初步有效申购倍 数约为4126.49倍，超过100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调节，将扣除最终战略配售部分后本 次公开发行股票数量的10% （向上取整至500股的整数倍，即560.00万股）从网下回拨到网上。 回拨机制启动后：网下最终发行数量为3,920.00万股，占扣除最终战略配售数量后发行数量的70.00%；网上最终发行数量为1,680.00万股，占扣除最 终战略配售数量后发行数量的30.00%。 回拨机制启动后，网上发行最终中签率为0.03635054%。 在全球AI产业链加速本土替代的大背景下，国产GPU企业迎来了资本市场的高光时刻。 11月24日，被誉为"国产GPU第一股"的摩尔线程正式启动科创板发行，发行价定为114.28元/股，创下2025年以来A股新股发行价新高。 摩尔线程此次发行获得机构投资者高度关注。 初步询价阶段，共有267家网下投资者参与报价，涉及配售对象多达7555个，总申购股数超 700亿股，网下申购倍数高达1572倍。 ...

人民财讯11月20日电，品高股份(688227)11月20日公告，公司拟按照24.139亿元的江原科技整体投前估 值，通过增资方式向江原科技投资4亿元，预计对应认购江原科技新增注册资本26.8727万元。本次增资 完成后，江原科技的注册资本将增至189.0429万元，届时公司预计新增持有江原科技14.2151%股权，预 计合计持有江原科技15.4182%股权。江原科技产品是基于12英寸晶圆流片的算力芯片，主要以算力卡 形式出货，作为核心算力硬件提供给AI一体机客户、算力服务器等客户，最终在端侧算力设备(AI一体 机等智能终端)、智算中心等场景应用。 ...

11月13日，从证监会官网获悉，证监会同意沐曦集成电路(上海)股份有限公司(简称"沐曦股份")首次公 开发行股票并在科创板上市的注册申请。公司拟募集资金39.04亿元，用于投资"新型高性能通用GPU研 发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性 能GPU技术研发项目"。 公开信息显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，持续为国家人工智能公共算 力平台、运营商智算平台、商业化智算中心等提供基础算力底座，主要产品包括用于智算推理的曦思N 系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列 GPU。 中电港：表示沐曦股份作为公司国产授权代理品牌之一，目前的合作为GPU产品业务。 东港股份：主要业务分为印刷类业务，覆合类业务和技术服务类业务，控股子公司北京瑞宏与沐曦股份 有战略合作关系。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 民生证券认为，沐曦股份和摩尔线程作为国产GPU领军者，不断打破海外算力的垄断，加速突围，持续 看好国内算力芯片的快速发展，也密切关注其对供 ...

Core Insights - The company reported a loss of 47.09 million, yet its gross margin increased significantly to 44.55%, a year-on-year growth of 14.85%, which is considered top-tier in the communication equipment sector [2][3] - Cash received from sales reached 961 million, exceeding the operating revenue of 846 million by 115 million, indicating strong cash flow management [3][4] Financial Performance Indicators - The net profit margin was -5.57%, while the gross profit margin was 44.55% [3] - The return on equity was -2.95%, reflecting the company's current financial challenges [3] Cash Flow Analysis - Cash received from sales decreased by 18.69% to 961 million, while tax refunds increased by 113.93% to 22.46 million [4] - The company reported a significant improvement in bad debt losses, which decreased by 293% to 20.29 million, indicating better customer quality and shorter collection cycles [4][8] Business Structure and Strategy - The company has a diversified business structure, with transmission equipment contributing 1.9 billion in revenue (35.29%), while software products, with a gross margin of 98.20%, contributed 36.77% to profits, indicating a shift towards software-defined hardware [7] - The company is strategically positioned in three key areas: optical networks, intelligent computing, and smart transportation, enhancing its competitive edge [9][10][11] Market Position and Future Outlook - The company is involved in significant projects, such as the global first OSE+OSU integrated technology cloud network, which enhances operational efficiency for operators [9] - The company is also collaborating with major players in the intelligent computing sector, showcasing its technological capabilities [10] Investment Perspective - The company exhibits characteristics of a "turnaround" opportunity, with improving gross margins, better cash collection, and narrowing losses [14] - The strategic positioning in high-growth sectors aligns with national strategies, suggesting potential for future growth [14]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company has a strong foundation in marine communication technology, which is expected to drive continuous expansion in overseas markets and improve the quality of its main business operations. The subsidiary, Changjiang Computing, is rapidly generating revenue amidst the domestic computing power construction wave, potentially becoming the key growth engine for the company in the coming years [2][12]. Financial Performance - In the third quarter of 2025, the company achieved a total revenue of 17.072 billion yuan, a year-on-year decrease of 19.30%. However, the net profit attributable to shareholders increased by 30.28% to 513 million yuan [6][12]. - The company is projected to have net profits of 920 million, 1.15 billion, and 1.38 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31%, 25%, and 20% [12]. Business Development - The company is advancing its optical network construction towards ultra-high speed, large capacity, low latency, and intelligent directions, while maintaining rapid development in computing power infrastructure. Despite a slight decline in revenue due to reduced capital expenditures from domestic operators, the company has optimized its revenue structure [12]. - The company has made significant strides in international markets, achieving breakthroughs in Southeast Asia, the Americas, and Africa, and has secured substantial market shares in optical network and broadband products [12]. - The computing power business is accelerating, focusing on building a soft and hard integrated, domestically produced computing power platform to meet the needs of key sectors and the digital transformation of various industries [12]. Research and Development - The company has consistently invested heavily in R&D, maintaining global competitiveness in OTN and broadband access products. It is recognized as a major supplier in the global market and a source of original technology [12]. - The company has developed core technologies in marine communication, being the only high-tech enterprise globally that integrates chip devices, shore-based and underwater equipment, and marine engineering equipment [12].

Core Viewpoint - TSMC has announced a price increase for advanced process nodes below 5nm, starting from January 2026, reflecting strong demand in the AI and HPC markets and enhancing its bargaining power in the global foundry market [1][3]. Group 1: Price Increase Details - TSMC will implement a four-year price increase plan with an average price increase of approximately 3%-5% for advanced processes below 5nm, starting from January 2026 [1][3]. - The price increase will primarily affect the 2nm, 3nm, 4nm, and 5nm technology nodes, with the 3nm process expected to see a single-digit percentage increase, potentially reaching double-digit increases in the long term [3][4]. Group 2: Market Demand and Client Impact - The price adjustment is driven by the ongoing supply-demand imbalance for AI and computing chips, with major clients like NVIDIA, AMD, Qualcomm, MediaTek, and Apple relying on TSMC's advanced process technologies [3][4]. - TSMC's advanced process revenue share reached 74% in Q3 2025, with 5nm accounting for 37% and 3nm for 23%, and this share is expected to exceed 75% with the mass production of 2nm technology next year [4]. Group 3: Operational Adjustments - To meet the high demand for AI chips, TSMC is reallocating human and equipment resources from mature processes (6nm, 7nm) to advanced technologies below 5nm, which may lead to supply constraints for some mature process customers [4].

Core Viewpoint - TSMC has initiated a four-year price increase plan for advanced processes below 5nm, starting from September, indicating a potential shift in the semiconductor market dynamics and pricing strategies [2][4]. Group 1: Price Increase and Market Impact - TSMC's price increase is expected to affect the 2nm, 3nm, 4nm, and 5nm advanced technology nodes, with annual adjustments starting in 2026 [4]. - The anticipated price increase is projected to be around 5-10% for advanced processes, with a long-term total increase potentially reaching double digits [4]. - The price adjustments are a response to rising production costs and inflation, as well as TSMC's need to maintain high profit margins [4]. Group 2: Demand and Supply Dynamics - The demand for AI chips and high-performance computing (HPC) applications is driving the need for advanced semiconductor processes, leading to a supply shortage [4]. - Major clients such as NVIDIA, AMD, Qualcomm, MediaTek, and Apple are heavily reliant on TSMC's cutting-edge process technologies [4]. - The acceleration of applications like AI PCs, autonomous driving, and industrial robotics is contributing to explosive growth in demand for chips below 5nm [4].

Core Viewpoint - The article emphasizes the importance of unifying instruction set architecture (ISA) for the development of domestic computing chips in China, suggesting that RISC-V should be adopted as the standard ISA to enhance innovation and resource efficiency in chip development [6][14][36]. Group 1: Evolution of Chip Architecture - Over the past 40 years, processor chips have undergone a "negation of negation" spiral development path, with a recent trend of manufacturers re-entering the chip development arena, shifting from homogeneous computing systems centered on CPUs to heterogeneous computing involving CPUs and xPUs [6][7]. - The article discusses the historical evolution of computing architectures, highlighting the dominance of x86 and ARM architectures in the market, and the decline of many innovative architectures due to economic factors and ecosystem dominance [11][12][13][14]. Group 2: Challenges in Chip Development - Key challenges in the "chip war" include the level of innovation in xPU architecture, the sustainability of innovation, the ability to scale applications, and the costs associated with ecosystem innovation [7][15]. - The article points out that the economic scale and ecosystem costs are critical determinants of architecture viability, with software development costs significantly outweighing hardware costs, making it difficult for new architectures to gain traction [20][21]. Group 3: Future of Computing Chips - The article predicts that x86 CPUs will continue to dominate the server market for the foreseeable future, while ARM has potential to disrupt the x86 monopoly, particularly in cloud services and mobile applications [22][24]. - RISC-V is highlighted as a promising but challenging architecture, with its success largely dependent on overcoming commercialization hurdles and developing a robust hardware ecosystem [26][28]. Group 4: Importance of Software Ecosystem - The success of any new architecture, including RISC-V, hinges on the development of a strong software ecosystem that can support various applications and middleware, as seen with NVIDIA's CUDA ecosystem [19][20][33]. - The article stresses that software must define the success of hardware, and that many current projects in specialized architectures are limited by inadequate software support [33][34]. Group 5: Call for Unified Instruction Set - The article advocates for the unification of instruction sets, proposing that all CPUs, GPUs, and xPUs should be developed based on RISC-V and its extensions to avoid redundant efforts and resource wastage [36].