公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能（AI）模型呈指数级增长，目前已达到万亿参数，这揭示了传统单芯片图形处理单元 （GPU）架构在可扩展性、能源效率和计算吞吐量方面的显著局限性。晶圆级计算已成为一种 变 革 性 的 范 式 ， 它 将 多 个 小 芯 片 集 成 到 一 块 单 片 晶 圆 上 ， 以 提 供 前 所 未 有 的 性 能 和 效 率 。 Cerebras晶圆级引擎（WSE-3）拥有4万亿晶体管和90万个核心，特斯拉的Dojo每个训练芯片拥 有1.25万亿晶体管和8,850个核心，这些平台都体现了晶圆级AI加速器满足大规模AI工作负载需 求的潜力。 本综述对晶圆级AI加速器和单芯片GPU进行了全面的比较分析，重点关注它们在高性能AI应用中的 相 对 性 能 、 能 源 效 率 和 成 本 效 益 。 同 时 ， 也 探 讨 了 台 积 电 （ TSMC ） 的 晶 圆 上 芯 片 封 装 技 术 （CoWoS）等新兴技术，该技术有望将计算密度提高多达40倍。 此外，本研究还讨论了关键挑战，包括容错、软件优化和经济可行性，深入探讨了这两种硬件范式之 间的权衡和协同作用。此外，还 ...

沐曦股份 20250701 摘要 沐曦公司产品线覆盖低端到高端，包括元版本 C7,000、智算系列和希 云 G100 系列，主要以模组、板卡形式出货，少量服务器。C 系列 GPU 以训推一体为主，适用于 AI 推理和中小型模型训练，采用自主研发 Link 协议和国产供应链。 沐曦 C6,000 已基于国产供应链完成流片，性能包括 FP8 指令兼容性、 多精度混合计算、HBM3E 显存及卡间高速互联，构建自主软件站平台 MC MAC，兼容约 6,000 个 CUDA 算子，易用性强。 截至 2025 年 6 月末，沐曦累计销售 25,000 颗 GPU 芯片，2024 年收 入 7 亿元，主要来自训推一体卡，另有 2 亿元来自服务器。2025 年第 一季度收入保持高增速，97.5%来自训推一体 GPU 板卡，分销模式占 比持续提升。 沐曦 2024 年毛利率为 53.4%，2025 年一季度为 55.3%，接近寒武纪 但低于海光信息。IP 授权业务毛利率高达 100%，但公司总体毛利率受 训推一体 GPU 板卡影响。 Q&A 沐曦公司目前的主要业务和产品布局是怎样的？ 沐曦公司主要围绕 GPU 产业进行布局，其 ...

Economic Information - In the first five months, internet enterprises above designated size achieved internet business revenue of 773.5 billion yuan, a year-on-year increase of 0.9%, while total profit was 69.2 billion yuan, a year-on-year decrease of 2.2% [2] - In June, the average price of second-hand residential properties in 100 cities was 13,691 yuan per square meter, a month-on-month decrease of 0.75% and a year-on-year decrease of 7.26%, indicating a trend of "price for volume" in the market [3] Company Alerts - Aong Likang has only one innovative drug project under research, which is the ALK-N001 project [8] - *ST Yuancheng is under investigation by the China Securities Regulatory Commission for suspected false disclosure of financial data in annual reports and other periodic reports [8] - Several companies, including Hangzhou Thermal Power and Ruijie Environmental Protection, have announced plans for significant share reductions by major shareholders [10] Overseas Market Alerts - The NASDAQ index fell by 0.82%, with Tesla dropping over 5%, while the Dow Jones increased by 0.91% [5] - President Trump stated he does not plan to extend the July 9 deadline for trade negotiations, expressing skepticism about reaching an agreement with Japan [5][6] Storage Chip Market - TrendForce reported that DDR4 prices may peak and decline in the fourth quarter, driven by supply cuts and market demand, while DDR5 prices are expected to remain stable with a projected quarterly increase of 3% to 8% in 2025 [7]

New Energy Vehicles Delivery Overview - BYD delivered 383,000 vehicles in June, a year-on-year increase of 11.98% [2] - NIO delivered 24,925 vehicles in June, a year-on-year increase of 17.5% [2] - Leap Motor delivered 48,000 vehicles, a year-on-year increase of 138.65% [2] - Li Auto delivered 36,000 vehicles, a year-on-year decrease of 24.06% [2] - Xpeng delivered 35,000 vehicles, a year-on-year increase of 224.44% [2] - Xiaomi delivered over 25,000 units, maintaining over 20,000 units for eight consecutive months [2] - Seres sold 46,086 new energy vehicles in June, a year-on-year increase of 4.44% [2] - Great Wall Motors sold 110,700 units in June, a year-on-year increase of 12.86% [2] - Zeekr sold 16,702 units, a year-on-year decrease of 17% [2] - Lynk & Co sold 26,310 units, a year-on-year increase of 8% [2] - GAC Aion sold 27,848 units in June [2] - Deep Blue delivered 29,893 vehicles in June, a year-on-year increase of 79% [2] - Avita sold 10,153 vehicles in June, a year-on-year increase of 117% [3] - Lantu delivered 10,053 vehicles in June, a year-on-year increase of 83% [3] Xiaomi's New Initiatives - Xiaomi launched youth apartments in Beijing and Nanjing with a monthly rent of 1,999 yuan, prioritizing fresh graduates [3] - Xiaomi's YU7 model received high demand, prompting other car manufacturers to offer compensation for customers who switch to their brands [6] Tesla Management Restructuring - Tesla adjusted its management structure, with Elon Musk taking over sales in Europe and North America, while Zhu Xiaotong oversees global manufacturing [6] NIO's Chip Development - NIO's self-developed 5nm automotive-grade chip, NX9031, has reached its design performance targets, marking a significant milestone in its chip development efforts [6] New Company Establishments - Chongqing Qianli Zhijia Technology Co., Ltd. was established with a registered capital of 10.5 million yuan, focusing on smart vehicle equipment and AI hardware [9] Investment and Financing Activities - Tianyan Pharmaceutical announced a strategic investment of up to $25 million from Sanofi to support the development of its SAFEbody® antibody projects [18] - Figma filed for an IPO in the US, seeking to trade under the ticker "FIG" [18] - Lingchuan Technology completed a multi-hundred million yuan Series A financing round to expand its AI chip development [18]

Core Viewpoint - Beijing Lier, a leading refractory materials company, is undergoing a strategic transformation towards a dual business model of "refractory materials + emerging technology" under the leadership of Chairman Zhao Wei, focusing on AI chips and silicon-carbon anodes [1][2]. Strategic Iteration - The company is shifting from a single business focus to a dual-track approach, recognizing the need for a composite growth system that combines traditional industries with emerging technologies to address cyclical challenges in the steel industry and global technological changes [1][2]. - Zhao Wei emphasizes that the investment in Shanghai Xiwang and Lianchuang Lithium Energy is a strategic decision to enter the intelligent manufacturing and new energy sectors, which are seen as golden opportunities [2]. Forward-looking Layout - Beijing Lier has invested 200 million yuan in Shanghai Xiwang, focusing on AI chip development, which is characterized by its original technology, resource integration capabilities, and adaptability to specific industrial applications [2][3]. - The company plans to develop specialized AI models tailored for manufacturing processes, enhancing efficiency in energy consumption and equipment management [2][3]. Material Revolution - The investment in Lianchuang Lithium Energy reflects Beijing Lier's insight into the new energy materials market, particularly the potential of silicon-carbon anodes to overcome limitations in traditional graphite anodes for battery technology [3][4]. - Lianchuang Lithium Energy is working on a vertically integrated approach to address production challenges in silicon-carbon anode manufacturing, with plans to increase production capacity to 50,000 tons per year within three years [3][4]. Future Layout - Beijing Lier is pursuing a comprehensive technological transformation across its entire industry chain, focusing on both domestic and international market expansion in refractory materials while also securing upstream resource control [4][5]. - The company is developing smart refractory materials that incorporate sensors for real-time monitoring of furnace operations, showcasing innovation within traditional manufacturing [4][5]. - The strategic vision includes continuous collaboration with quality enterprises and research institutions in the AI chip and silicon-carbon anode sectors to drive technological innovation and industry upgrades [5].

Core Insights - The self-sufficiency rate of vegetable seeds in China is approaching 91%, which significantly ensures the diversity of the "vegetable basket" [1] - A new domestic solid-phase gene chip for tomato breeding has been successfully developed and is expected to be commercially available by the end of this year [1] - The cost of gene testing is projected to decrease from 120 yuan per sample to 40 yuan, enhancing the efficiency of both upstream molecular breeding and downstream variety identification [1] Industry Developments - The launch of the first national tomato breeding autonomous solid-phase gene chip project commenced in May this year [1] - The application range of the newly developed gene chip will cover upstream tomato molecular breeding and variety selection, as well as downstream variety identification [1]

【摘要】近日，燧原科技发布第三期上市辅导工作进展情况报告，公司或冲击A股科创板上市。 报告显示，公司IPO的募集资金已确定初步投向，整体规模及募投项目可行性、收益情况还在持续论证 当中。 据知情人士透露，燧原科技已在近期退出某参股企业股东名列，或为上市做准备。 2018年成立仅一个月，燧原就获得亦合资本、真格基金的种子轮投资；五个月后，腾讯以3.4亿元领投 Pre-A轮，开启连续六轮注资的"热启动战略"。 截止目前，燧原科技已完成了十轮融资，累计融资金额近70亿元，公司以160亿元估值登上胡润"2024全 球独角兽榜"。 数据显示，腾讯是燧原的第一大股东，持股比例约20.5%，半导体产业基金武岳峰资本、国家半导体集 成电路基金都位列燧原的股东名单。 在上市的重要关头，剥离非核心资产、规避同业竞争、聚焦主营业务，或成为公司冲刺A股IPO的理性 选择。 近年来，AI芯片国产替代成为业界的共同呼声，除燧原以外，沐曦集成、壁仞科技、摩尔线程也纷纷 开启上市计划。 巨额研发投入下，AI芯片企业的盈利压力仍较为明显。 此外，部分业内人士也表示，AI技术应用带动芯片需求增长，但随着企业增多，可能出现结构性产能 过剩或局部市 ...

Core Viewpoint - The rise of domestic AI chip companies, particularly Muxi Integrated Circuit (Shanghai) Co., Ltd., is accelerating their entry into the capital market, with Muxi's IPO on the Sci-Tech Innovation Board being a significant event in the GPU sector [1][2]. Company Overview - Muxi aims to raise 3.904 billion yuan for the development and industrialization of next-generation general-purpose GPUs, AI inference chips, and advanced heterogeneous computing architectures [1]. - Founded in 2020, Muxi is part of the "Four Little Dragons" of domestic GPUs, alongside companies like Moore Threads and Birran Technology [2]. - Muxi's flagship product, the "Xiyun C series," is a self-developed GPU chip that has achieved significant sales and application in AI public computing platforms [3]. Financial Performance - Muxi's revenue projections for 2022 to 2024 are 426,000 yuan, 53.021 million yuan, and 743 million yuan, respectively, indicating substantial growth [3]. - Despite revenue growth, Muxi is facing significant net losses projected at 780 million yuan, 870 million yuan, and 1.41 billion yuan over the same period, totaling 3.06 billion yuan in losses [3]. Market Context - The domestic AI chip market is still in its early stages, with increasing penetration rates for local brands, but lacking a clear competitive landscape [1]. - The rise of domestic GPU manufacturers is driven by the growth of AI models, the "East Data West Computing" initiative, and ongoing policies promoting domestic innovation [5]. - By 2025, domestic AI chips are expected to account for 40% of the AI server market in China, while NVIDIA's share is projected to decrease to 41.5% [7]. Policy Environment - The recent reforms in the Sci-Tech Innovation Board have created a more favorable environment for unprofitable but technologically advanced companies like Muxi, signaling a shift towards supporting "hard tech" enterprises [4].

Group 1 - The core viewpoint of the news is that Xuanji Information successfully completed a performance verification of an AI chip developed by Zhejiang Qusu Technology, leading to a significant stock price increase [1][4] - In 2023, Xuanji Information invested 300 million yuan to acquire a 13.23% stake in Zhejiang Qusu, which committed to launching a next-generation AI chip by June 30, 2025 [2][3] - The newly developed "TGU01 chip" and its associated Bumblebee server were launched on June 30, meeting the performance requirements set in the investment agreement [2][3] Group 2 - Despite the investment in AI, Xuanji Information's core business is in software and information technology services, and it has been undergoing a strategic transformation towards digitalization and intelligent products [5][6] - In 2024, Xuanji Information reported a revenue of 2.723 billion yuan, a year-on-year decrease of 9.23%, and incurred a loss of 274 million yuan [5][7] - The company experienced a net cash flow from operating activities of 35.06 million yuan in 2024, a decline of 22.18% compared to the previous year [5][6]

Group 1: Military Industry - The military industry is currently in a state with significant upward potential and a solid bottom, despite weak performance expectations for 2024 and the first quarter of 2025 [1] - Major contracts and bidding notifications have been announced by several listed companies in the aerospace sector, enhancing market expectations for performance recovery [1] Group 2: Innovative Pharmaceuticals - The release of measures to support the high-quality development of innovative drugs has sparked renewed interest in the sector, with a focus on opening public data resources for innovative drug research and expanding commercial health insurance coverage [1] - Institutions have positively evaluated these measures, which are expected to facilitate China's transition from a "generic drug powerhouse" to an "innovative drug stronghold," benefiting leading innovative drug companies and the biotech sector [1] Group 3: Automotive Industry - The automotive industry in the Yangtze River Delta region is facing severe challenges, including high inventory levels, disordered market competition, and increased risks to the financial chain of enterprises [2][3] - Dealers have suggested that manufacturers allow reasonable inventory limits and adjust sales targets to better align with regional market capacities [3] Group 4: Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.39% and the ChiNext Index falling by 0.24%, with a total market turnover of 14,967 billion yuan [6] - The innovative drug concept stocks surged in the afternoon, with companies like Shutaishen and Anglikang reaching historical highs [6] Group 5: Industry Trends - The PCB sector is experiencing activity due to a report from Citigroup predicting significant growth in AI-PCB markets in 2026 and 2027, with an estimated total addressable market of 53 billion yuan, reflecting a 53% year-on-year increase [6][7] - The report also highlights a projected supply gap of at least 3 billion yuan in AI-PCB from 2026, even without considering capacity expansion and assembly yield loss [7]