21世纪经济报道记者 吴佳楠 深圳报道 将导航地图从中控屏流畅地"甩"到仪表盘或副驾屏上，并自动适配不同屏幕的分辨率，整个过程画面清 晰无延迟； 在手机内部，把超高分辨率照片或视频智能压缩后快速传输给屏幕显示，既保证画质完美，又节省手机 功耗…… 要实现这些功能，都离不开"AI Scaler"芯片。 根据弗若斯特沙利文报告，在高端显示屏应用增加、视频接口标准持续演进及终端生态日趋成熟的共同 推动下，全球Scaler出货量将在2025年至2029年期间以10.3%的复合年增长率增长至2.612亿颗。 在深圳，就有一家仅成立7年的企业曦华科技，头顶"全球Scaler行业第二、ASICScaler行业第一"的光 环，在近期向港交所递交上市招股书，开启IPO冲刺。 根据曦华科技的招股书，2022年至2025年前9个月，公司不到四年时间亏损4.26亿元，前五大客户贡献 超8成收入。 一边是承载着端侧AI带来的产业想象空间，另一边是全球龙头叙事下难掩的利润疲软，曦华科技站在 叩响港股IPO大门面前，又该如何闯关？ 与公司在"AIScaler"芯片领域头顶光环一样的，是创始人的多重高光时刻。 创始人陈曦是1993年的广西高 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①服务器液冷+卫星通信+无人驾驶，服务器液冷板送样测试中，低轨卫通天线即将批量交付，这家公司多 种产品已应用于自动驾驶领域； ②人形机器人+端侧AI，这家公司基于Nvidia平台推出人形机器人大小脑 控制器，可广泛用于人形机器人、工业机器人，并有订单落地。 ...

外电指出，原苹果AI负责人John Giannandrea交棒后，有部份业界人士认为，这是苹果推进AI战略遇到 阻碍。不过，最新报导指出，苹果并未因高层变动而改变其核心方向。尽管过去一年有关于AI团队成 员离职的报导，但这些变动更多反映了内部架构的优化而非战略失误。 苹果目前依然坚定执行既定的"端侧AI"路线，并未出现任何向纯云端转移的迹象。相反地，所有迹象都 表明，苹果正集中精力兑现先前的承诺，重点打磨安全、隐私且高效的AI生态系统。 Appleinsider报导，针对外界关于苹果AI人才"大量流失"的唱衰论调，实际数据给出了有力反击。虽然 苹果素以保密著称，但在AI领域仍保持着稳定的论文产出。据统计，仅在苹果近期发布的96页研究文 档的前四页中，就列出了近200名内部贡献者。 存储器价格飙涨，苹果明年可能调涨iPhone 18系列新机售价之际，公司仍持续冲刺AI布局，传出深度 重组AI团队，规划在大语言模型的基础上，重构全新的Siri，扩大iPhone的AI应用与体验。 业界认为，苹果相关策略有助抵抗存储器涨价冲击，借由"以软带硬"，刺激2026年iPhone买气，对台积 电、鸿海与大立光等供应链有利。 ...

2025 年 12 月 24 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 110 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/12/23) | 92.64 | | 上证指数(2025/12/23) | 3919.98 | | 股价 12 个月高/低 | 113/56.07 | | 总发行股数(百万) | 261.66 | | A 股数(百万) | 261.66 | | A 市值(亿元) | 242.40 | | 主要股东 | 钱鹏鹤 | | | (17.19%) | | 每股净值(元) | 17.28 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 7.5 -12.7 44.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-07-11 | 81.77 | 买进 | | 2025-04-29 | 74.60 | 买进 | | 2025-01-23 | 83.17 | 买进 | | 2024-09-23 | 39 ...

Core Viewpoint - The stock of Rockchip Electronics Co., Ltd. has shown significant performance, with a year-to-date increase of 63.85% and a recent market capitalization of 75.29 billion yuan [1] Group 1: Stock Performance - On December 24, Rockchip's stock rose by 2.03%, reaching 178.86 yuan per share, with a trading volume of 736 million yuan and a turnover rate of 0.99% [1] - The stock has experienced a 1.06% increase over the last five trading days, a 1.74% decrease over the last 20 days, and a 20.44% decline over the last 60 days [1] - The company has appeared on the stock market's "龙虎榜" (top trading list) six times this year, with the most recent appearance on August 28 [1] Group 2: Financial Performance - For the period from January to September 2025, Rockchip achieved a revenue of 3.141 billion yuan, representing a year-on-year growth of 45.46%, and a net profit attributable to shareholders of 780 million yuan, reflecting a 121.65% increase [2] - Since its A-share listing, the company has distributed a total of 1.274 billion yuan in dividends, with 566 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 34.79% to 87,500, while the average number of tradable shares per shareholder decreased by 25.76% to 4,811 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 15.36 million shares, an increase of 1.65 million shares from the previous period [3] - The sixth largest shareholder, Galaxy Innovation Mixed A, reduced its holdings by 461,000 shares to 4.39 million shares [3]

Group 1: Starlink User Growth - Starlink, a satellite internet service by Elon Musk, has surpassed 9 million active users globally, providing high-speed internet in 155 countries and regions [2] - The user growth rate has accelerated significantly, with the latest addition of 1 million users occurring in just 47 days [2] Group 2: AI Model Developments - Alibaba Tongyi has released a new open-source voice interaction model, Fun-Audio-Chat-8B, suitable for various applications including voice chat and customer service [3] - Zhiyu AI has launched and open-sourced its flagship model GLM-4.7, which enhances programming capabilities and task planning [4] Group 3: Security Incidents and Responses - WeChat has refuted rumors regarding account theft linked to a live streaming platform, confirming that their security measures are intact [5] - JD.com has responded to reports of a theft at its Paris warehouse, disputing the reported loss of over €37 million and stating that operations have returned to normal [6] Group 4: Mergers and Acquisitions - Harman International, a subsidiary of Samsung Electronics, has agreed to acquire ZF Group's Advanced Driver Assistance Systems (ADAS) business for €1.5 billion (approximately $1.8 billion) [7] Group 5: Legal Challenges in AI - A group of authors has filed a copyright infringement lawsuit against six AI companies, including OpenAI and Google, claiming their works have been used without compensation [8] Group 6: Automotive Developments - Zoox, an autonomous driving company owned by Amazon, is recalling 332 vehicles due to software errors that increase collision risks [9] - Beijing has issued the first L3-level autonomous driving vehicle license plates, marking a significant milestone in the commercialization of autonomous vehicles in China [13] Group 7: Robotics and AI Investments - Galaxy General has signed a strategic cooperation agreement with Baida Precision to deploy over 1,000 intelligent robots in industrial manufacturing [10] - EVE Energy has initiated the construction of a sodium battery headquarters and an AI robotics center, with a total investment of approximately 1 billion yuan [10] Group 8: Semiconductor Industry Updates - SMIC has implemented a price increase of about 10% on certain capacities, driven by rising demand for semiconductor products due to mobile and AI applications [15] - Chip and Semiconductor has completed its IPO counseling, indicating a clear direction for its capital market activities [19]

继今年4月，面壁携手长安马自达、梧桐科技共同打造的首款端侧模型量产车型——长安马自达战略级新能源车型MAZDA EZ-60上市后，今年9月全球上 市发售的吉利AI科技大六座旗舰SUV银河M9也搭载了MiniCPM多模态模型，双方共同打造全新的人车交互体验，成为面壁在汽车智能座舱领域的又一代 表作。 2025年被业界普遍视为「端侧智能」元年。在模型技术突破与端侧算力提升的双重驱动下，端侧AI的独特优势进一步彰显，推动市场规模驶入快车道， 应用场景实现规模化渗透。作为端侧智能的「头雁」，面壁智能持续深耕模型研发与场景落地，并成功完成多轮数亿元融资，投资方阵容日趋多元化。 12月23日，面壁智能宣布已于近期完成数亿元融资。本次融资由京国瑞、国科投资、中金保时捷基金、米聚资本与和基投资共同参与，募集资金将主要用 于加大端侧高效大模型的研发投入，加速端侧AI的商业化进程。 面壁智能顺利完成本轮融资，得益于端侧智能市场空间进一步打开，更有赖于投资方对面壁的技术实力、市场地位及行业前景的充分认可。作为国内在端 侧智能领域布局最早的大模型厂商，面壁构建起完善的理论体系与模型产品谱系，MiniCPM面壁小钢炮端侧模型已在汽车、 ...

《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①液冷+电解液，核心产品用于半导体制程冷却和数据中心浸没式冷却，已实现全球主流客户批量交付， 这家公司有机氟化学品业务板块保持稳健增长； ②存储芯片+智能驾驶，这家公司存储芯片订单价格开始 上涨，新计算芯片推进端侧AI布局，深化汽车电子和安防市场竞争力。 前言 ...

新浪科技讯 12月23日晚间消息，面壁智能宣布于近期完成数亿元融资。本次融资由京国瑞、国科投 资、中金保时捷基金、米聚资本与和基投资共同参与，募集资金将主要用于加大端侧高效大模型的研发 投入，加速端侧 AI 的商业化进程。 据悉，面壁智能顺利完成本轮融资，得益于端侧智能市场空间进一步打开，以及投资方对面壁技术实 力、市场地位及行业前景的充分认可。目前，MiniCPM面壁小钢炮端侧模型已在汽车、手机、PC及智 能家居等多个领域实现规模化落地，与吉利、长安、大众、华为等多家知名企业达成深度合作，端侧大 模型的商业化进程走在行业前列。 责任编辑：何俊熹 责任编辑：何俊熹 面壁智能CEO李大海表示，"我们致力于携手产业链合作伙伴，让高效端侧大模型运行在海量终端之 上，为广大消费者带来创新、普惠的智能体验，在大模型行业赋能的加速时刻，处于国家政策利好、技 术加快迭代、消费场景勃发的新发展阶段，面壁在本次融资后，必将乘势而上，加码投入，持续领跑端 侧AI市场"。（文猛） 面壁智能CEO李大海表示，"我们致力于携手产业链合作伙伴，让高效端侧大模型运行在海量终端之 上，为广大消费者带来创新、普惠的智能体验，在大模型行业赋能的 ...

Core Viewpoint - The company is expanding its product offerings and market presence in both the exoskeleton and semiconductor sectors, indicating a strategic diversification and growth trajectory [1] Group 1: Exoskeleton Product Development - The company has launched its second-generation exoskeleton products in key offline stores across Beijing, Xi'an, and Zhengzhou, establishing experience zones for customers [1] - An online e-commerce platform has been initiated for pre-sales of the exoskeleton products, enhancing accessibility for consumers [1] - Rental services for the exoskeleton products are now available in scenic areas such as Daocheng Yading and Jiuhua Mountain in Anhui [1] Group 2: Semiconductor Sector Expansion - The company has recently acquired two semiconductor firms, Shenzhen Betelgeuse and Shanghai Tongtu, marking a comprehensive layout in the semiconductor field with a focus on a full chain from "graphics to display to touch to perception" [1] - Shanghai Tongtu has provided core high-definition video algorithms to leading domestic AI glasses companies, showcasing the company's technological capabilities [1] - Shenzhen Betelgeuse's hover touch control chips have achieved mass production in various new consumer electronic products, indicating successful integration into the market [1]