Core Viewpoint - NIO has announced a change in the technical solution for the rear entertainment expansion feature of the new ES8 due to a shortage of supply for the required chips, effective from December 22, 2025, to ensure vehicle delivery [1] Group 1: Changes in Features - The new ES8 will no longer support local video playback via USB drives, although lossless music playback and wireless screen mirroring will remain unaffected [1] - The ability to output the vehicle's screen to an external display via the USB-C port in the armrest will also be discontinued, but data input and wired screen mirroring will still be supported, with a maximum resolution of 1080P [1] Group 2: Compensation Measures - NIO will provide a one-time compensation of 15,000 points to users who lock in the new ES8 with the new technical solution before December 31, 2025, credited to the primary user's account within three days of vehicle delivery [1] - Users can opt for the original technical solution after chip supply improves by paying 12,000 points or 1,200 yuan for retrofitting [1] Group 3: Chip Development and Strategy - NIO's founder, Li Bin, announced the successful application of the self-developed 5nm automotive-grade intelligent driving chip, Shenji NX9031, in multiple models, marking a significant milestone in NIO's chip strategy [7] - The Shenji NX9031 chip is noted for its high performance, equivalent to four NVIDIA Orin-X chips, and is designed to support long-term upgrades of intelligent driving algorithms and software [10] - NIO aims to ensure that its intelligent driving chips can operate safely under extreme conditions and provide high bandwidth and processing power for a decade [8] Group 4: Challenges and Achievements - NIO faced significant challenges during the chip development process, including the abrupt termination of a partnership, but managed to overcome these obstacles and advance the project ahead of schedule [9] - The successful first-time tape-out of the Shenji NX9031 chip is a notable achievement, as it is the first automotive-grade 5nm chip to be mass-produced and deployed in vehicles [10] - NIO's commitment to self-research and development in chip technology is seen as a long-term strategy to enhance competitiveness in the automotive industry [11]

Core Viewpoint - Rivian has launched its first custom AI chip, the Rivian Autonomy Processor 1 (RAP1), which aims to replace Nvidia products in future models, boasting performance four times that of previous Nvidia systems [2][3] Group 1: Rivian's AI Chip Development - Rivian's RAP1 chip is designed to be integrated into the upcoming R2 SUV, marking a strategic shift towards in-house chip development to enhance its autonomous driving capabilities [3] - The RAP1 chip utilizes TSMC's 5nm process and features a memory bandwidth of 205GB per second, with two RAP1 chips capable of processing 5 billion pixels per second [3] - Rivian claims that the self-developed chip is a critical turning point for achieving Level 4 autonomous driving, moving beyond the Level 2 capabilities previously supported by Nvidia [3] Group 2: Competitive Landscape - Tesla is also advancing its chip development with the AI5 chip, set for mass production in 2027, which will utilize a 3nm process and offer 2000-2500 TOPS of computing power, five times that of the current HW4 chip [4] - The global automotive industry is witnessing a surge in self-developed chip initiatives, driven by the need for supply chain security, cost efficiency, and differentiated competition [5][6] - American automakers, particularly Tesla, are leading in chip development, with Tesla's FSD chip achieving a computing power of 1000 TOPS, enhancing its autonomous driving capabilities [5] Group 3: Strategic Implications - The shift towards self-developed chips is seen as a necessary strategy for automakers to maintain competitive advantages in the evolving automotive landscape [6][7] - Rivian's approach aims to create a highly integrated smart ecosystem where the chip serves as the core, processing data from sensors to enhance vehicle intelligence [8] - The introduction of the Autonomy Plus subscription service represents a new revenue stream for Rivian, aligning with the trend of combining hardware sales with software profitability [8] Group 4: Industry Transformation - The automotive industry is transitioning from a reliance on Tier 1 suppliers to a model that integrates hardware and software, with self-developed chips being a key breakthrough [7] - The competitive landscape is shifting towards a focus on technological capabilities and strategic safety, making self-developed chips a survival necessity for automakers [9] - The ongoing "chip war" among automakers is expected to shape the profitability and market positioning of companies in the smart vehicle era [9]

Core Viewpoint - Rivian Automotive's recent unveiling of its self-developed autonomous driving chip and AI technology has led to a reassessment of the company's actual value by Wall Street analysts, highlighting a significant divide in opinions regarding Rivian's future prospects [1] Group 1: Technology and Product Development - Rivian plans to equip its upcoming R2 SUV with the Rivian Autonomy Processor 1 (RAP1) chip and a new lidar sensor, aiming for full autonomous driving capabilities [2] - The RAP1 chip utilizes advanced chiplet packaging technology with a memory bandwidth of 205GB per second, significantly enhancing Rivian's autonomous driving capabilities [2] - The new system, Autonomy Compute Module 3, can process 5 billion pixels per second, outperforming the current Nvidia system used in Rivian vehicles by four times [2] Group 2: Market Position and Analyst Ratings - Needham reaffirmed a "Buy" rating for Rivian, raising the target price to $23, citing confidence in Rivian's unique market positioning and vertical integration that allows for rapid learning and iteration in autonomous driving technology [3] - Morgan Stanley remains cautious, maintaining an "Underweight" rating with a target price of $12, highlighting concerns over demand risks that could limit data collection necessary for advanced autonomous driving [4] - Wells Fargo holds a neutral stance with an "Equal Weight" rating, noting the low margin for error in Rivian's business and the need for the company to prove its ability to grow its customer base while maintaining low advertising costs [5] Group 3: Company Background and Challenges - Rivian, which went public in 2021, was initially seen as a strong competitor to Tesla but has faced operational challenges, with production expected to fall below 50,000 vehicles this year [6] - The company has experienced significant stock price declines, losing over 80% from its IPO peak, despite ongoing commitments from partners like Volkswagen to invest nearly $6 billion in joint projects [6] - Rivian's core autonomous driving system, the Large Driving Model, aims to enhance driving capabilities in existing models before the full R2 platform launch in 2027, although initial software upgrades will be limited compared to Tesla's Full Self-Driving features [7]

近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进锦好医疗。作为听力健 康领域的领军企业，锦好医疗凭借持续的技术创新、全球化的市场布局和坚定的产业深耕，实现了经营 业绩的快速增长，更在打破海外垄断的道路上稳步前行。 锦好医疗董事长王敏在接受中国证券报记者专访时介绍，从自研芯片突破到AI技术赋能，从跨境渠道 拓展到国内市场深耕，锦好医疗以"做全球最放心的医疗器械"为使命，正朝着"成为助听器行业世界第 一品牌"的愿景迈进，力争为全球听障者带来更优质的听力解决方案。 技术攻坚筑根基 助听器虽体积小巧，却是一个集合了听力学、声学、电子学、心理医学的跨学科产业，集成了多项高科 技零部件与前沿技术。锦好医疗深谙核心技术的重要性，多年来持续加大研发投入，在芯片设计、算法 研发、产品小型化等关键领域不断取得突破，成功研发并量产应用低功耗数字助听器芯片，开发出具有 AI言语增强功能的算法，以及自主测听、自主验配软件，让助听器在性能提升的同时，更贴合用户实 际使用需求。 面对目前与国际巨头的差距，锦好医疗制定了清晰的追赶路径。目前，企业在助听器算法研发深度、第 一代集成电路芯片模数转换、ADC模块声音采集 ...

新华财经上海12月11日电 12月11日，市场研究咨询机构BCI最新发布的数据显示，自华为Mate80系列发布以 来，华为手机国内市场份额连续2周超越苹果，重夺国内市场份额第一。 第48周，华为拿下国内手机市场27.81%的份额，以显著优势超越苹果17.12%的市场份额。此外，OPPO、 vivo、荣耀分列排名的第三至第五名。到了第49周（12月1日至7日），华为以22.89%的市场份额，再度登顶 国内手机市场，苹果以18.65%的份额位居第二。OPPO、vivo紧随其后位居第三、第四名。小米以13.3%的份 额排名第五。 | 排名 | 品牌 | 市场份额 | | --- | --- | --- | | NO.1 | 华为 | 22.89% | | NO.2 | 苹果 | 18.65% | | NO.3 | OPPO | 16.36% | | NO.4 | vivo | 15.05% | | NO.5 | 小米 | 13.30% | | Others | 其他 | 13.74% | 在全球存储大涨价的背景下，华为此次新机的定价却相较上一代降幅明显，自研芯片的先进制程良率上升和 鸿蒙系统逐渐成熟是敢于降价的助力 ...

约翰尼·斯鲁吉在2008年加入苹果公司，在苹果领导了几乎所有自研芯片的开发，包括iPhone上的A系列， Apple Watch上的S系列以及用于Mac与iPad上的M系列芯片。 苹果首个自研系统级芯片A4、全球首颗64位手机芯片A7，以及标志着苹果电脑从英特尔处理器转向自家 Apple Silicon的M1芯片，均是约翰尼·斯鲁吉领导开发的。 苹果近期的人事变动真是不少！根据彭博社最新的报道，苹果硬件技术高级副总裁约翰尼·斯鲁吉正考虑从 公司离职。 提起名字，大家可能对这位技术大佬并不熟悉，但如果你看过发布会，肯定会熟悉他的面孔，他经常在发 布会上出镜介绍苹果自研芯片。 爆料称，约翰尼·斯鲁吉表示他不愿意在其他首席执行官手下工作。不难看出，约翰尼·斯鲁吉计划离职， 可能更多还是与库克未来辞任苹果CEO一事相关。 如果约翰尼·斯鲁吉真的不久后离职，那么他将成为近期苹果第五位离职的高管，近期苹果设计主管、人工 智能主管、总法律顾问以及环境/政策副总裁都相继离职。 据知情人士透露，约翰尼·斯鲁吉向库克已经透露他正在认真考虑不久之后的离职相关事宜，并且他并非退 休离职，而是打算加入其他公司。 为了留住约翰尼·斯鲁吉 ...

苹果高管动荡仍在持续，这一次，是让苹果转向自研芯片的关键人物—— 苹果硬件技术高级副总裁Johny Srouji。 最新爆料称，这位苹果自研芯片项目架构师，已经向库克表达了去意，并透露如果离开苹果，他将加入其他公司。 这已经是苹果这个月以来，第四位处于动荡状态的高管。 就在本月，苹果AI负责人John Giannandrea和苹果首席UI设计师Alan Dye已经先后离任，后者还立刻转投了Meta。 苹果自研芯片项目架构师 约翰尼·斯鲁吉 （Johny Srouji），现任苹果公司硬件技术高级副总裁，直接向CEO库克汇报。 他在2008年就加入了苹果，迄今为止已经在苹果工作了17年。而加入之初，他的职责就是领导A4的开发，即苹果第一颗自研系统芯片。 此后，他也一直是苹果芯片一把手。随着苹果从移动端的A系列芯片，到桌面级的M系列芯片，全面实现了旗下产品的芯片自研，斯鲁吉的 职位也一路升至硬件技术副总裁、苹果高级副总裁、苹果硬件技术高级副总裁。 最近，他还启动了苹果自研调制解调器项目，以进一步替代高通芯片。 彭博社爆料，库克正在积极挽留斯鲁吉，不仅是提高薪酬待遇，内部甚至有人提出了让其担任CTO的方案—— 负责硬 ...

Core Viewpoint - JinHao Medical is positioned as a leading enterprise in the hearing health sector, focusing on technological innovation and global market expansion to achieve rapid growth and break overseas monopolies [1] Group 1: Technological Advancements - The company emphasizes the importance of core technology and has increased R&D investment, achieving breakthroughs in chip design, algorithm development, and product miniaturization [2] - JinHao Medical is concentrating on AI hearing aid algorithms to enhance user experience, improving speech enhancement in noisy environments and enabling smart fitting and adjustment through apps and remote services [3] - The company has developed several core technologies in self-researched chips, including low-power audio signal conversion and noise enhancement algorithms, and is optimizing the next generation of AI hearing aid chips [4] Group 2: Market Expansion - The hearing aid market in China has shown significant growth, with a CAGR of 18.02% from 2015 to 2019, and JinHao Medical aims to expand its market share through a comprehensive market strategy [5] - The company has established online stores on platforms like JD and Tmall, and is building a retail network combining direct sales and distribution [5] - JinHao Medical is leveraging global certifications to enter international markets, including partnerships with major retailers in the U.S. and establishing subsidiaries in Southeast Asia [5] Group 3: Brand Development - JinHao Medical has made significant strides in developing its own brand, focusing on product differentiation and a full-channel strategy to achieve simultaneous domestic and international market growth [6] - The company is enhancing its brand image by controlling product quality and establishing a differentiated brand identity, targeting both OTC and professional medical-grade products [7] - The company is committed to building a robust talent system to support long-term development, focusing on attracting skilled professionals to enhance R&D and product innovation [7] Group 4: Future Strategy - JinHao Medical plans to extend its business along the hearing aid industry chain through internal growth and external acquisitions, aiming to integrate upstream and downstream resources [8] - The company will focus on acquiring core components and technologies related to hearing aids, as well as retail channels and established brands, to enhance its industry influence and competitiveness [8]

● 本报记者 万宇 近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进锦好医疗。作为听力健 康领域的领军企业，锦好医疗凭借持续的技术创新、全球化的市场布局和坚定的产业深耕，实现了经营 业绩的快速增长，更在打破海外垄断的道路上稳步前行。锦好医疗董事长王敏在接受中国证券报记者专 访时介绍，从自研芯片突破到AI技术赋能，从跨境渠道拓展到国内市场深耕，锦好医疗以"做全球最放 心的医疗器械"为使命，正朝着"成为助听器行业世界第一品牌"的愿景迈进，力争为全球听障者带来更 优质的听力解决方案。 技术攻坚筑根基 助听器虽体积小巧，却是一个集合了听力学、声学、电子学、心理医学的跨学科产业，集成了多项高科 技零部件与前沿技术。锦好医疗深谙核心技术的重要性，多年来持续加大研发投入，在芯片设计、算法 研发、产品小型化等关键领域不断取得突破，成功研发并量产应用低功耗数字助听器芯片，开发出具有 AI言语增强功能的算法，以及自主测听、自主验配软件，让助听器在性能提升的同时，更贴合用户实 际使用需求。 面对目前与国际巨头的差距，锦好医疗制定了清晰的追赶路径。目前，企业在助听器算法研发深度、第 一代集成电路芯片模数转换 ...

Core Insights - Amazon Web Services (AWS) has launched its next-generation in-house server CPU, Graviton5, which is claimed to be the most powerful and energy-efficient data center CPU to date [1][2] - The introduction of Graviton5 and the AI ASIC chip Trainium3 highlights AWS's ongoing expansion of its chip product lineup and a shift towards in-house development [1][2] - AWS's self-developed Graviton series CPUs now account for over half of the new large-scale CPU clusters added in the past three years, indicating a significant reduction in reliance on Intel and AMD [1] Product Details - Graviton5 offers up to a 25% performance improvement compared to its predecessor while maintaining industry-leading energy efficiency, enabling faster application performance and reduced computing costs [2] - The L3 cache capacity of each Graviton5 core is 2.6 times that of Graviton4, with network and storage bandwidth increased by 15% to 20% [2] - The M9g instance based on Graviton5 is currently in preview, while C9g and R9g instances are planned for release in 2026 [3] Market Context - The trend of cloud giants like Amazon, Microsoft, and Google developing their own server CPUs and AI accelerators may significantly reduce their procurement of server CPUs from Intel and AMD, as well as the overall demand for NVIDIA's AI GPU clusters [1][5] - The shift towards in-house ARM architecture CPUs allows cloud providers to optimize for specific workloads, potentially leading to significant cost savings and improved performance [5][6] - Despite the rise of ARM-based CPUs, x86 architecture (Intel and AMD) remains the dominant choice in the global server market, particularly for traditional enterprise cloud infrastructure [6]