2025年 12 月 12-13 日，由 GAIR 研究院与雷峰网联合主办的「第八届 GAIR 全球人工智能与机器人大 会」，将在深圳南山·博林天瑞喜来登酒店举办。点击文末"阅读原文"，即可报名参会。 今年大会，将开设三个主题论坛，聚焦大模型、算力变革、世界模型等多个议题，智算论坛将汇聚来自 AI 芯片、智算中心、云计算、基础设施与资本领域的建设者与思考者，共同探讨算力革命的现实逻辑与趋势 走向。 科创板上市的AI芯片公司严抓品控，落地数个千卡集群 登陆科创板的AI芯片公司，正严格把控算力服务器生产质量，已安排专人驻点合作服务器厂商，确保机器 制造品质。 据悉，该公司面向集群客户的最新一代旗舰产品，单卡算力约0.5P，包含组网、交换机等全模块的价格为 25万元；上一代旗舰产品的8卡一体机售价则在60-65万元。目前，公司已与运营商等合作方合作落地数 个千卡级别集群项目。 2026年将是国产芯片发展的重要时间节点，各家AI芯片厂商的订单量如何？技术迭代有何方向？欢迎添加 微信 YONGGANLL6662 交流更多信息。 国产头部AI芯片公司近期频中大单，向互联网大厂承诺「不限量供应」 头部AI芯片公司近期订单表 ...

昨天股价猛拉之后，寒武纪今天盘中回落超3%。股价大幅波动源于一篇"小作文"。昨天下午，一则 "小 作文"流传称，寒武纪计划明年将AI芯片产量提升超三倍，对标华为抢占市场份额，填补英伟达空缺。 报道还称，寒武纪计划2026年交付50万个AI加速器，其中包括多达30万个其最先进的思元590和690晶 片。寒武纪昨天原本跌近3%。消息一出，尾盘放量拉升，收盘涨2.75%。晚间，寒武纪立马发布严正声 明称，相关信息均为误导市场的不实信息。提醒广大投资者提高信息辨别能力，不传播、不采信来源不 明或未经核实的虚假信息。东海证券分析认为，阿里、腾讯、字节等国内云厂商持续加码AI资本开 支，国产算力替代需求增强。今年以来，公司股价累计涨幅超100%。甚至在8月一度超越贵州茅台登顶 A股 "股王"。 ...

Core Viewpoint - The market experienced a significant fluctuation in the stock price of Cambrian Technology due to misleading information circulating about the company's product and capacity forecasts, prompting the company to issue a formal statement denying these claims [1][3]. Group 1: Stock Performance - Cambrian Technology's stock surged by 2.75% at the close of trading on December 4, following rumors of a substantial increase in production capacity to fill the gap left by NVIDIA's exit from the Chinese market [4][6]. - The stock price reached 1369 CNY per share, with a total market capitalization of 577.3 billion CNY, and has seen a cumulative increase of 108% in stock price this year [7]. Group 2: Analyst Ratings and Market Outlook - Bernstein, a well-known investment firm, upgraded Cambrian Technology's rating to "outperform" with a target price of 2000 CNY, reflecting positive sentiment in the market [8]. - First Shanghai Securities highlighted the accelerating demand for AI applications and the positive outlook for major clients, indicating that Cambrian's products excel in specific AI scenarios such as large model training and inference, intelligent vision, voice processing, and recommendation systems [8]. - The domestic supply chain is making significant progress in filling the demand gap in the trillion CNY market, with domestic chips expected to capture market share in the coming years, positioning Cambrian Technology favorably in the new investment cycle for domestic computing power [8].

【导读】寒武纪发布严正声明 中国基金报记者 李智 12月4日下午，一则有关寒武纪的"小作文"在市场流传，寒武纪尾盘 快速拉升 。12月4日晚间，寒武纪发布严正声明称，公司关注到今日 媒体及网络传播的关于公司产品、客户、供应及产能预测等相关信息，均为误导市场的不实信息。 寒武纪发布严正声明 声明称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能预测等相关信息，均为误导市场的不实信息。 公司提醒广大投资者，公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的虚 假信息。 此外，对于任何捏造、散布传播不实信息的行为，公司将保留追究相关人员法律责任的权利。 寒武纪尾盘拉升 | 40 | 0 | 小作文又来了，这波冲着新高去了。 | 1 | 12-04 18:57 | | --- | --- | --- | --- | --- | | 24 | O | 章盟主真的是牛 ■啊 | on and in the later | 12-04 18:51 | | 49 | | 今年一个小愿望，年底收官之战，寒王股价能够打破茅台魔咒，... ■ ■ ■ ■ | | 12- ...

Core Viewpoint - The company 瑞晟智能 is strategically expanding its business into the AI and robotics sectors, focusing on smart factories and computational power, with significant growth potential anticipated in the coming years [3][6][12]. Group 1: Business Expansion and Strategy - 瑞晟智能 is focusing on AI and robotics as a second growth curve, integrating domestic GPU technology to enhance its computational power offerings [3][8]. - The company aims to develop vertical models in various industries, including smart factories and logistics, with expected annual growth rates of 20%-30% for its industrial-grade intelligent scheduling models [6][7]. - 瑞晟智能 has established a subsidiary, 浙江天玑智能控制系统有限公司, to focus on robotics, particularly in high-performance motor development for specific industrial applications [7][12]. Group 2: Market Opportunities and Financial Performance - The domestic GPU market is projected to grow significantly, with the share of local chip suppliers expected to rise to 40% by 2025, driven by increasing demand for AI servers [8][10]. - 瑞晟智能 reported a revenue of 2.73 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 10.20%, with a net profit increase of 30.33% [14]. - The company has secured substantial orders in its ICT (computational power server) business, with total order amounts exceeding 100 million yuan [12][14]. Group 3: Partnerships and Investments - 瑞晟智能 has acquired a 25% stake in 武珞智慧, positioning itself as the largest shareholder and enhancing its capabilities in the computational hardware and software ecosystem [8][10]. - The company received a strategic investment from 宁波文旅, which acquired a 6% stake for 2.17 billion yuan, aimed at leveraging 瑞晟智能's expertise in digitalization and AI for the cultural and tourism sectors [13][14]. - The partnership with 武珞智慧 is expected to bolster 瑞晟智能's technological foundation and market position in the rapidly evolving AI and robotics landscape [10][12].

Core Insights - 瑞晟智能's subsidiary 武珞智慧 is a key agent for 沐曦股份, currently holding a substantial order backlog [1] - The first phase of 武珞智慧's planned capacity is set to produce 5,000 servers annually, with an expected capacity of 40,000 cards [1] - 瑞晟智能 aims to deepen its presence in the computing power sector, leveraging 武珞智慧's order resources and the opportunities presented by domestic computing power substitution [1] - The company anticipates rapid growth in its computing power business over the next five years [1] - In October, 瑞晟智能 became the largest shareholder of 武珞智慧, holding a 25% stake [1]

Core Viewpoint - The article discusses the challenges and opportunities faced by iFlytek, particularly in the context of its AI model "Xunfei Spark" and the competitive landscape of the AI industry, highlighting the need for new growth points beyond its traditional education business [4][12]. Group 1: Company Performance and Market Sentiment - iFlytek's stock price has been volatile, experiencing a decline since October 9, despite the company's ambitious plans for its AI model [4][11]. - The company has seen significant fluctuations in its stock price during previous market cycles, often linked to external market conditions and technological advancements in AI [6][10][11]. - iFlytek's current market valuation is high compared to industry peers, with a TTM P/E ratio of approximately 137, indicating potential overvaluation [15][16]. Group 2: Business Challenges and Financial Health - iFlytek has faced challenges in profitability, recording substantial net losses in recent quarters, with a cumulative loss exceeding 10 billion [16][18]. - The company's high accounts receivable, which increased from 5.733 billion to 15.9 billion from 2020 to Q3 2025, poses risks to cash flow and increases the likelihood of bad debt [20][21]. - Government subsidies have played a crucial role in supporting iFlytek's financial stability, with cumulative subsidies amounting to 1.735 billion from 2021 to 2024 [19][20]. Group 3: Strategic Focus and Future Growth - iFlytek is pivoting towards its AI model as a key growth driver, with plans to enhance its capabilities across various sectors, including education and healthcare [12][24]. - The company aims to strengthen its C-end business, which has shown significant growth, contributing to 32% of total revenue with a year-on-year increase of 38% [26][30]. - iFlytek's management recognizes the need to address quality control issues in its C-end products to ensure sustainable growth and market expansion [30].

智通财经APP获悉，广发证券发布研报称，无论算力还是应用，未来一段时间计算机行业仍然将是以内 需TOB方向为主。国产算力包括芯片、服务器和EDA等替代加速，ERP与工业软件包括智能制造等企业 应用，智能驾驶与机器人方向，鸿蒙等国产基础软件生态推进等。社融和制造业等下游新增贷款的好转 有利于保障后续相关开支。考虑到前期行业表现较为平淡、三季报中规中矩以及前述下游开支的前瞻信 号，短期市场环境和风险偏好的影响或许有限。 广发证券主要观点如下： 下游开支的前瞻变化 ①上半年ERP和智能制造等企业应用在收入增长的同时面临下游因为关税等影响订单释放节奏的挑战。 而三季度以来PMI和社融变化等前瞻指标有积极变化。②观察社融数据的变化，该行可以预期下游扩张 在波动中回暖，相对于去年同期而言在未来1~2个季度或有改善。③PMI环比有所回落，但是ERP和智 能制造软件应用的主要下游高技术制造业、装备制造业、消费品行业的PMI指数均处于扩张区间。④因 此可以预期相关软件技术和应用公司在四季度至一季度会有更好的收入表现。 EDA领域 ①根据新思科技财报电话会议，其业绩主要受到IP业务表现不佳的影响，原本预计会达成的一些交易并 未实 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [4]. Core Insights - The company achieved a revenue of 7.906 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 11.08%, while the net profit attributable to shareholders decreased by 10.51% to 602 million yuan [1]. - The revenue growth is primarily driven by acquisitions, including Zhongjin Payment and Guangdian Wuzhou, which have enhanced the business scale. Guangdian Wuzhou benefits from the domestic computing power substitution trend as a core partner of Huawei's Kunpeng and Ascend servers [1]. - The decline in profit is attributed to a 17.15% increase in operating costs, which outpaced revenue growth, mainly due to the acquisition of low-margin businesses and delayed payment schedules for high-margin government and enterprise information technology services [1]. - The company has obtained the Money Service Operator License in Hong Kong, marking a significant step in its cross-border payment business, enhancing its global service capabilities and financial technology strength [2]. - Guangdian Wuzhou has deepened its collaboration with NVIDIA, providing a one-stop service that integrates NVIDIA's AI technology, which is expected to further drive the company's performance as shipment volumes increase [3]. - Revenue forecasts for 2025-2027 are adjusted to 12.316 billion yuan, 13.937 billion yuan, and 15.057 billion yuan, respectively, with net profit estimates revised to 824 million yuan, 983 million yuan, and 1.051 billion yuan [3]. Financial Summary - For 2025, the company is projected to have a revenue of 12.316 billion yuan, with a growth rate of 13.34% compared to the previous year. The net profit is expected to be 824 million yuan, reflecting a decline of 10.44% [3]. - The earnings per share (EPS) for 2025 is estimated at 0.33 yuan, with a price-to-earnings (P/E) ratio of 38.89 [3]. - The company’s total market capitalization is approximately 32.036 billion yuan, with a total share count of 2,483 million shares [4].

Core Insights - Quantum technology is recognized as a cornerstone of next-generation information technology and a strategic focal point in global technological competition [1] - China is leading in quantum communication, with the 2025 plan highlighting quantum technology as a new economic growth point alongside biomanufacturing and 6G mobile communication [1] - Huawei's integration of computing power with quantum technology is propelling China from a technological power to a technological stronghold [1] Policy and Market Dynamics - National strategic support for quantum technology is evident, with it being included in the "14th Five-Year Plan" as a key area alongside AI and biotechnology, with increasing policy support [8] - The global quantum computing market is projected to exceed $5 billion in 2024 and reach $219.9 billion by 2030, with an average annual growth rate of 87.64% [8] - Quantum computing is at a critical stage of transitioning from laboratory research to engineering applications, with parallel developments in superconducting and photonic quantum technologies [8] Company-Specific Developments 1. ShenZhou Information - Positioned as a leader in the quantum technology sector, with a business focus on technology services, software development, fintech solutions, and agricultural information [4] - Achieved three consecutive trading limit increases within six days in October 2025, becoming a leader in the A-share quantum technology concept sector [5] - Revenue for the first half of 2025 was 4.423 billion yuan, a year-on-year increase of 7.98%, but reported a net loss of 96 million yuan due to overdue receivables [9] 2. iFlytek - Focuses on smart voice, AI models, and industry solutions, with significant advancements in quantum computing [11] - Collaborated with Huawei to achieve breakthroughs in domestic computing clusters, enhancing efficiency by 75% and increasing throughput by 3.2 times [13] - Expected to see a 200% improvement in training inference efficiency by 2025, benefiting from the urgent demand for domestic computing power [14] 3. Electric Security Network - Engaged in password technology, network security, and data security, with a focus on integrating quantum communication with classical encryption [15] - Developed a quantum communication terminal in collaboration with China Mobile, enhancing competitive differentiation [17] - Has commercialized quantum communication products for government and enterprise users, capitalizing on the fast-growing quantum security market [19] 4. Oriental Communication - A pioneer in quantum communication chips, collaborating with Huawei and GuoDun Quantum to develop significant technologies in QKD communication [20] - Participates in the research and development of quantum key distribution technology as a Huawei partner [22] - Increased market attention is reflected in a growing number of shareholders, although specific revenue figures for quantum business remain undisclosed [23] 5. TianRongXin - Focuses on network security, data security, and quantum computing applications, with a strategic partnership with Wentian Quantum [25] - Launched quantum security gateways and solutions for critical national networks, aligning with national security requirements [26] - Revenue specifics for quantum business are not disclosed, but products have been implemented in various sectors including government and finance [26] 6. Deep Technology - Specializes in network security devices and solutions, with potential integration of quantum encryption technology [27] - Collaborates with Huawei in the data security domain, although specific quantum business revenues are not disclosed [27] - The network security market continues to grow, positioning the company favorably [28] 7. Dahua Intelligent - Engaged in IoT, satellite communication, and industry solutions, with potential applications of quantum communication technology [29] - Partners with Huawei in satellite communication, although specific quantum business revenues are not disclosed [29] - The IoT market is on the rise, providing opportunities for growth through technology integration [30]