Financing Transactions - Hongxin Biotech completed Series A financing, attracting top venture capital firms such as IDG Capital, Jingwei Venture Capital, and Tencent Investment, indicating strong market confidence in China's original RNA platform technology [1] - Jita Semiconductor completed Series D financing with investments from CITIC Capital, China International Capital Corporation, and China Electronics, highlighting its strategic position in the national semiconductor industry chain [2] - Weilian Star completed Series C financing of 400 million RMB, with investors including Hongtai Fund and CICC, focusing on next-generation communication applications in the 5G-A/6G era [3] - Zongwei Technology completed Series C financing of several hundred million RMB, with investments from Innovation Works and BlueRun Ventures, recognized as a key player in industrial automation [4] - Yundongchu Technology completed Series C financing of 500 million RMB, with a strong lineup of investors, establishing itself as a leader in commercializing quadruped robots [5] - Beidou Zhili completed Series B financing of several hundred million RMB, with investments from GAC Group and Shangqi Capital, recognized for its integration of high-precision positioning and intelligent cockpit technologies [6] - Houmo Intelligent completed Series B financing, focusing on a disruptive "storage-computing integration" architecture to challenge traditional chip performance [7] - Unconventional AI raised $475 million in seed funding from top venture capital firms, exploring AI simulation computing based on semiconductor physical properties [8] - Castelion completed $350 million in Series B financing, with significant investment from Silicon Valley funds, focusing on hypersonic technology [9] - BlossomHill Therapeutics completed $48 million in B+ financing, addressing drug resistance in cancer and autoimmune diseases through innovative drug design [10]

【印度官员：博枫将投资10亿美元在孟买建全球能力中心】 【其他市场消息】 【英伟达将于下周举办一场闭门峰会 旨在破解AI时代日益严峻的电力短缺困局】 据市场消息，英伟达将于下周举办一场闭门峰会，旨在破解AI时代日益严峻的电力短缺困局。本月 初，摩根士丹利将2025-2028年美国数据中心累计电力缺口从44吉瓦上调至47吉瓦，此缺口相当于9个迈 阿密或15个费城的用电量。 【澳大利亚颁布社媒禁令后 Reddit把澳通信部长告上法庭】 澳大利亚针对16岁以下人群的社交媒体禁令于12月10日正式生效。Reddit就此禁令向澳大利亚最高法院 提起诉讼。Reddit将澳大利亚联邦政府通信部长阿尼卡·韦尔斯列为被告，称该法律影响了隐私与政治交 流。Reddit在提交给法院的文件中称，该禁令应被宣布无效，因为它干涉了澳大利亚宪法所隐含的自由 政治交流。 凤凰网财经讯 12月12日，美股三大指数开盘走势分化，道指高开0.17%刷新历史高位，纳指低开 0.45%，标普500指数低开0.2%。 博通销售展望未达预期令科技股承压，博通跌超7%，AMD、甲骨文跌近1%。受降息预期提振，黄金、 白银板块表现强势，赫克拉矿业、哈莫尼黄金 ...

Core Viewpoint - The report from CITIC Securities emphasizes that in the AI era, the upgrade of memory bandwidth and capacity is crucial, with integrated storage and computing being a trend, indicating a high level of activity in the sector and highlighting investment opportunities [1] Group 1: Storage Solutions Manufacturers - Focus on manufacturers that provide necessary CUBE support and customized design solutions to aid industrialization, aiming to penetrate the high-end market, particularly those with backing from original storage manufacturers and first-mover advantages [1] - Attention is also directed towards companies developing ultra-thin LPDDR stacking solutions [1] Group 2: Semiconductor Equipment - The industry is benefiting from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, which accelerates the localization of the supply chain [1] - Key areas of focus include etching, bonding, and thinning equipment due to the advancements in packaging and localization [1] Group 3: Advanced Packaging - Advanced packaging is identified as a critical breakthrough point for high-end storage, with high availability of equipment [1] - Chinese manufacturers are noted to have leading capabilities in advanced packaging and are expanding their production capacity [1] Group 4: Logic Chip Companies - The report also highlights the importance of logic chip companies in the context of the evolving semiconductor landscape [1]

Core Viewpoint - The upgrade of memory bandwidth and capacity is central in the AI era, with integrated storage and computing being a trend, leading to high demand in near-storage computing, presenting investment opportunities [1] Group 1: Investment Recommendations - Focus on four key areas within the domestic HBM and CUBE-related industrial chain: 1) Storage solution manufacturers are essential for CUBE support, with customized design solutions aiding industrialization and entry into high-end markets, particularly those with original storage manufacturer support and first-mover advantages [1] 2) Semiconductor equipment will benefit from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, accelerating the localization of the supply chain; focus on etching, bonding, and thinning equipment [1] 3) Advanced packaging is a critical breakthrough point for high-end storage, with high equipment availability, and mainland Chinese manufacturers leading in advanced packaging capabilities and expanding production capacity [1] 4) Logic chip companies are also highlighted as a focus area [1]

Core Viewpoint - The report from CITIC Securities emphasizes that in the AI era, the upgrade of memory bandwidth and capacity is crucial, with integrated storage and computing being a trend, and a positive outlook on investment opportunities in this sector [1] Group 1: Memory Technology - HBM (High Bandwidth Memory) is expected to become the standardized mainstream memory solution for cloud training and inference [1] - Domestic memory manufacturers are accelerating breakthroughs in response to increased U.S. sanctions against China, presenting significant investment opportunities within the related industrial chain [1] Group 2: CUBE Technology - CUBE is anticipated to become a key path for "breaking the AI storage wall" in inference and edge computing, achieving breakthrough bandwidth through customization and advanced packaging [1] - The packaging technology is seen as a way to compensate for process shortcomings, making CUBE the preferred solution for meeting AI storage demands domestically [1] - CUBE is identified as a critical observation direction for achieving a leapfrog development in integrated storage and computing, laying the foundation for true integration in the future [1]

2025年的商业世界正站在新旧转换的十字路口。在商业叙事重构、科技浪潮席卷的当下，WISE2025商业之王大会以"风景这边独 好"为基调，试图在不确定中锚定中国商业的确定性的未来。我们在此记录这场思想盛宴的开篇，捕捉那些在变局中依然坚定前行 的声音。 11月27-28日，被誉为"年度科技与商业风向标"的36氪WISE2025商业之王大会，在北京798艺术区传导空间落地。 今年的WISE不再是一场传统意义上的行业峰会，而是一次以"科技爽文短剧"为载体的沉浸式体验。从AI重塑硬件边界，到具身智 能叩响真实世界的大门；从出海浪潮中的品牌全球化，到传统行业装上"赛博义肢"——我们还原的不仅是趋势，更是在捕捉在无 数次商业实践中磨炼出的真知。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 "未来五到十年，端边侧计算将从以逻辑控制为主，转向以AI为主。我们正站在端边侧AI爆发的前夜。"在大会上，后摩智能创始 人兼CEO吴强这样判断。 他认为， 端边AI计算正在经历类似数据中心过去十年的"范式迁移"——从控制优先转向数据优先，而推动这一变革的核心动力， 正是大模型落地带 ...

2025年的商业世界正站在新旧转换的十字路口。在商业叙事重构、科技浪潮席卷的当下，WISE2025商业之王大会以"风景这边独好"为基调，试图在不确定 中锚定中国商业的确定性的未来。我们在此记录这场思想盛宴的开篇，捕捉那些在变局中依然坚定前行的声音。 11月27-28日，被誉为"年度科技与商业风向标"的36氪WISE2025商业之王大会，在北京798艺术区传导空间落地。 今年的WISE不再是一场传统意义上的行业峰会，而是一次以"科技爽文短剧"为载体的沉浸式体验。从AI重塑硬件边界，到具身智能叩响真实世界的大门； 从出海浪潮中的品牌全球化，到传统行业装上"赛博义肢"——我们还原的不仅是趋势，更是在捕捉在无数次商业实践中磨炼出的真知。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 "未来五到十年，端边侧计算将从以逻辑控制为主，转向以AI为主。我们正站在端边侧AI爆发的前夜。"在大会上，后摩智能创始人兼CEO吴强这样判断。 他认为，端边AI计算正在经历类似数据中心过去十年的"范式迁移"——从控制优先转向数据优先，而推动这一变革的核心动力，正是大模型落地带来的算 力 ...

2025年11月27日，由全球高科技产业研究机构TrendForce集邦咨询以及旗下全球半导体观察主办的"MTS2026存储产业趋势研讨会"与2026十大科技市场趋势 预测发布暨TechFuture Awards颁奖典礼在深圳圆满落幕。 本次会议汇聚了全球半导体存储与终端应用产业重量级嘉宾、集邦咨询核心分析师团队，以及来自产业链上下游企业的逾千名业界精英。现场气氛热烈，座 无虚席，尽显行业对未来趋势的渴求与关注。峰会当天，线上直播平台更是吸引了超万名业内人士实时关注，共同见证这场年度盛宴。 会议伊始，集邦咨询顾问(深圳)有限公司董事长董昀昶致辞，他首先对与会嘉宾的出席表达了欢迎。针对AI浪潮给存储行业带来的影响，董昀昶先生指出， 虽然AI使存储市场价格波动剧烈但AI并非泡沫，需求真实存在，且已改变高科技制造供应链供给顺序。同时，他表示希望当天的演讲能为嘉宾答疑解惑。 最后他指出集邦咨询成立25年来以专业中立促进行业沟通合作为目标，感谢大家信任并希望未来25年能继续收获业界伙伴的支持。 随后，集邦咨询分析师与行业大咖相继发表精彩演讲，演讲精华汇总如下。 在芯片领域，英伟达仍是AI领域的王者，但同时2026年也将 ...

11月11日，2025年"智慧之光"湖北省创新创业成果转化对接活动现场，一个重磅消息让 人眼前一亮：北京大学武汉人工智能研究院成功研发我国首款存算一体视觉芯片，并将从实 验室走进我们的生活。 工业车间里，它能帮着监控生产流水线，及时发现产品问题；安防监控设备装上它，识 别可疑情况更快更准；在低空经济、医疗影像识别等领域，它都能派上用场。简单说，只要 是需要"看"和"判断"的智能设备，这款芯片都能适配。 据杨林介绍，与国外同类芯片相比，在同等速度下，这款芯片更节能。更重要的是，它 能更加保障我国智能数据的安全。 之所以选择在湖北推进产业化，杨林看中了这里的优势：有小米等头部企业，能快速对 接市场，科教资源丰富，政府大力支持。他希望联合本地力量，培养团队，把这款芯片做成 湖北的特色产业，让国产视觉芯片在更多领域落地生根。 编辑：代婧怡 牵头这项研发的北京大学武汉人工智能研究院智算芯片实验室首席科学家杨林教授介 绍："现在用的电脑、手机，存储数据和计算数据是分开的。但这款芯片可以像人脑一样， 存东西和算东西同步进行，存算一体。" 杨林说，视觉芯片是新发展方向，各类智能设备包括智能机器人，核心元件正朝着这个 方向走。 ...

Summary of Conference Call on Customized Storage and 3D DRAM Technology Industry Overview - The conference focuses on the **3D DRAM** industry, particularly advancements in **Processing in Memory (PIM)** technology and its integration with DRAM [1][3][20]. Key Points and Arguments PIM Technology - **Samsung** is actively promoting PIM technology, integrating it directly with DRAM at the DDR level, which is expected to become a development hotspot [1]. - **SK Hynix** is also pushing related protocols, with potential adaptations from **Qualcomm** and **MTK** [1][3]. - PIM optimizes bandwidth requirements for large model inference by placing the most bandwidth-demanding components within memory [1][6]. 3D DRAM Market Dynamics - **Changxin Semiconductor** dominates the domestic 3D DRAM market with strong competitiveness and high user stickiness, potentially becoming a de facto standard [1][7]. - Current mature technology supports up to **8 layers** of stacking, with bandwidth sweet spots around **1-2TB** [9]. - The cost structure indicates that DRAM manufacturers capture the highest value in the customized storage segment, with costs exceeding **50%** of chip expenses [14][15]. Technical Comparisons - **PIM vs. Traditional SOC**: PIM offers high internal bandwidth but does not significantly enhance the main SoC's bandwidth, as it offloads bandwidth-intensive tasks to DRAM [6]. - **3D DRAM vs. Standard DDR4**: 3D DRAM uses Die-to-Die or Wafer-to-Wafer packaging, imposing limitations on SoC size and power consumption, contrasting with traditional DIMM designs [8]. Industry Players and Competitiveness - Domestic players include **Changxin** and **Changchun**, with Taiwanese firms like **Nanya** and **Micron** having higher demand for 3D DRAM but lower technical capabilities [5]. - **Wuhan Xinxin** employs advanced packaging technology (XSTACK) but lacks its own fab, limiting large-scale production [26][27]. Future Trends and Challenges - The integration of **HBM** (High Bandwidth Memory) and 3D DRAM is anticipated, with HBM being favored for high bandwidth and cooling efficiency in GPU applications [20][21]. - The potential for customized storage to replace HBM is limited due to inherent advantages of HBM in capacity and thermal management [21]. - The market for customized storage is expected to grow, but prices may not significantly drop until production scales and technology matures [31]. Application and Market Demand - Different end-user devices (e.g., smartphones, PCs, automotive) have varying requirements for storage and computing products, with smartphones demanding low power and compact designs [22][23]. - The timeline for seeing related products in the consumer market is projected for early to mid-next year, with AI PCs expected to lead the way [24]. Conclusion - The 3D DRAM and customized storage market is evolving with significant technological advancements, competitive dynamics, and varying application needs. The interplay between PIM, HBM, and traditional DRAM solutions will shape future developments in the industry [34].