英伟达以上海为落点，着力研发，联动梁文峰所在的杭州，则长三角的AI大势还可以再上 一个台阶。 作者：今纶 黄仁勋真的急了。 据媒体报道：5月21日，英伟达CEO黄仁勋在台北Computex2025大会上表示，美国对华人工智能芯片出 口管制是失败的。 他说："事实证明，最初制定人工智能扩散规则的那些基本假设存在根本性缺陷。" 黄仁勋称，英伟达在中国的市场份额已从美国前总统拜登执政初期的95%降至目前的50%。从95%暴跌 至50%，这不就是暴跌了45%吗？如果你是黄仁勋，你也会急。 他甚至表示，禁令"令人深感痛苦"，英伟达也将因此减少150亿美元销售额。 但是，上海的机会来了，这也是真的。 中国对英伟达、黄仁勋有多重要？这是可以量化的。 在截至今年1月26日的财年中，中国市场为英伟达创造了170亿美元的收入，占该公司总销售额的13%。 这个财年不是我们通常我们理解的从1月到12月，而是公司自己定的财年概念，比如，英伟达的财年采 用非自然年度，每个财年结束于次年1月的最后一个星期日。 2024年1月，黄仁勋到访了英伟达北京、上海、深圳三处办公室，参加中国区年会。这是黄仁勋时隔数 年首次访问中国大陆。 黄仁勋在英伟 ...

Group 1 - The 2025 Hong Kong-Macao Shandong Week series of events was held in Hong Kong, featuring the establishment of 7 new offices in Hong Kong and Macao for Shandong, aimed at promoting "Lu" branded agricultural and food products directly to these regions [1][2] - During the event, Shandong state-owned enterprises signed 21 cooperation projects with Hong Kong and Macao partners, covering sectors such as telecommunications, healthcare, and transportation [2] - The establishment of the "Shandong International Talent Workstation" by Shandong's Hualu Group aims to accelerate the gathering of high-end talent in the region [2] Group 2 - A signing ceremony for the construction of a Hong Kong distribution supply chain base for Shandong agricultural and food products was held, launching the "Lu-Hong Kong Direct Train" cross-border supply chain channel [2] - Eight cooperation agreements were signed during the ceremony, and 16 Shandong enterprises received the Hong Kong quality "Zheng" certification, allowing their products to directly access Hong Kong, Macao, and RCEP markets [2] - The event also included a promotional meeting for Shandong's education and cultural tourism resources, resulting in a memorandum of cooperation between Shandong's Education Department and the Hong Kong Vocational Training Council [3]

Core Insights - Nvidia is collaborating with Navitas Semiconductor to develop an 800V power architecture aimed at transforming the power supply systems for AI data centers [1][2] - The partnership leverages Navitas's GaN and SiC technologies, which are expected to significantly enhance energy efficiency and reduce copper usage in data center infrastructure [1] - The current data center architecture, which operates on a traditional 54V system, is reaching its physical limits as power demands increase beyond 200kW [1] Group 1 - Nvidia's solution involves converting 13.8kV AC grid power directly to 800V high-voltage DC, utilizing solid-state transformers and industrial-grade rectifiers to maximize efficiency and reliability [2] - The implementation of 800V HVDC allows for a reduction in copper wire thickness by up to 45%, addressing sustainability concerns for next-generation AI data centers that require gigawatt-level power [2] - Traditional 54V DC systems require over 200kg of copper to supply power to a 1MW rack, which is unsustainable for the increasing power needs of modern AI applications [2]

Group 1: Opportunities for Domestic Substitution - Domestic companies are making significant technological breakthroughs in the silicon carbide (SiC) sector, narrowing the gap with international leaders, particularly in the electric vehicle (EV) market [2] - In 2023, China's market share of SiC epitaxial wafers reached 38.8%, ranking first globally, driven by increased production capacity [3] - National policies are increasingly supportive of key semiconductor materials, with the "14th Five-Year Plan for Integrated Circuit Industry" emphasizing the need to overcome technological bottlenecks in third-generation semiconductor materials [4] Group 2: Restructuring Industry Landscape - The core competitiveness of the SiC industry chain lies in the self-sufficiency of upstream materials and equipment, with companies mastering key equipment and high-end materials poised for rapid growth [5] - Domestic companies are accelerating their catch-up in device manufacturing, especially in automotive-grade SiC power devices, benefiting from the continuous growth of the EV market [6] - The application scenarios for SiC are expanding beyond EVs to include photovoltaic power generation, rail transportation, and industrial power supplies, positioning domestic companies for significant global market presence [7] Group 3: Dual-Driven Growth of Domestic Breakthroughs - Chinese companies have established a significant cost advantage through continuous R&D and process innovation, with 6-inch substrate prices at only 30% of international levels [8] - The acceleration of equipment localization is exemplified by Northern Huachuang's new generation SiC crystal growth furnace, which reduces equipment prices by 50% and surpasses key performance indicators [9] Group 4: Market Opportunities for Domestic SiC - The EV market is the largest application for SiC, with projected production and sales of 12.888 million and 12.866 million units in China for 2024, reflecting year-on-year growth of 34.4% and 35.5% [12] - In the photovoltaic and energy storage sectors, SiC is a key technology for improving system efficiency, with China's new photovoltaic installations expected to reach 277.2 GW in 2024, a 27.8% increase [13] - Emerging technologies such as AI data centers and AR glasses present new growth opportunities for the SiC industry, with AI data centers requiring high-efficiency power modules [14] Group 5: Benefiting Companies - Tianyue Advanced is one of the few global participants capable of mass-producing 8-inch SiC substrates, with a projected global market share ranking second in conductive SiC substrate materials by 2024 [16] - Tianshuo He Da is the largest domestic supplier of power electronics SiC substrates, holding a 17.3% share in the global market, and is positioned to capture orders following Wolfspeed's bankruptcy [16] - Sinda Semiconductor is making progress in the SiC sector, with its SiC MOSFET modules for passenger vehicle motor controllers seeing increased volume [16] - Mind Electronics, through its subsidiary Guangxin Microelectronics, is expected to achieve an annual production capacity of 36,000 6-inch SiC wafers, with costs significantly lower than competitors [17]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】煤炭行业信用风险回溯及展望——煤炭行业债券专题研究报告 2024年，煤炭企业营业收入回落，经营性净现金流有所下降，投资性现金流净流出规模仍然较大。筹资性 现金流仍然保持净流出态势，杠杆水平较高，债务规模增长，但整体偿债能力仍然较强。预计2025年煤炭 企业盈利仍然受到制约，但总体看盈利仍有支撑；经营性净现金流仍然相对宽裕；投资性现金流净流出持 相对刚性；筹资性净现金流保持净流出，整体信用风险仍然相对可控。 （张旭） 2025-05-21 您可点击今日推送内容的第1条查看 【银行】一轮"稳息差"的降息——银行LPR报价利率下降与存款挂牌利率下调点评 5月以来，伴随宽货币系列政策落地，利率频谱系统性下移。综合本轮"一 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自semi ，谢谢 。 2025年第一季度半导体设备投资环比下降7%，但同比增长27%。这是由对尖端逻辑、高带宽存储 器 (HBM) 和先进封装的投资推动的。其中，存储器相关设备的资本投资较去年同期大幅增加 57%，非存储器资本投资也增加15%。 随着对与人工智能相关的先进逻辑和内存的投资变得越来越普遍，对晶圆厂设备（WFE）的投资 正在加速增长。这使得 2025 年第一季度与去年同期相比增长了 19%。预计第二季度也将增长 12%。测试设备销售额与去年同期相比增长了56%，预计第二季度将再增长53%。组装和包装设备 也实现了两位数的增长。 积极的资本投资也将导致全球晶圆厂产能的扩张。到2025年第一季度，预计每季度300毫米晶圆产 量将超过4250万片。与上一季度相比增长了 2%，与去年同期相比增长了 7%。特别是日本正在投 资提高功率半导体的产量，而台湾则继续投资提高其尖端代工厂的产量。 在此背景下，SEMI和TechInsights预测，由于贸易政策的不确定性等因素，"2025年将偏离正常的 季节性模式"。报告称，虽然人工智能和数据中心的需求前景 ...

Core Insights - OpenAI's largest data center has secured $11.6 billion in funding, indicating significant investment in infrastructure to support its operations [1] - Each building within the data center is expected to utilize up to 50,000 NVIDIA Blackwell chips, highlighting the scale and technological requirements of OpenAI's operations [1]

开源证券股份有限公司诸海滨近期对雅达股份进行研究并发布了研究报告《北交所信息更新：具备电力 监控系统集成自主开发能力，2025Q1营收同比+24%》，给予雅达股份增持评级。 雅达股份(430556) 2025Q1实现营收0.76亿元(+24.11%)，归母净利润623.02万元(+28.44%)2025年一季度公司营业收入 7586.08万元，同比增长24.11%；归母净利润623.02万元，同比增长28.44%，扣非归母净利润566.18万 元，同比增长47.35%。受行业竞争加剧影响，我们下调2025和2026年盈利预测，新增2027年盈利预 测，预计公司2024-2026年归母净利润分别为0.34(原0.46)/0.38(原0.52)/0.44亿元，对应EPS分别为 0.21/0.24/0.27元/股，对应当前股价的PE分别为56.4/49.7/43.4X，我们看好国家电网和南方电网加大投资 +积极向数据中心领域拓展为公司业务增长带来机遇，维持"增持"评级。 国家电网和南方电网大规模投资，重点提高配电网建设和更新改造 国网规划十四五期间投资3500亿美元(约合2.23万亿元人民币)，平均到每年为4460 ...

首先，从新订单的角度来看，这些新技术显著提升了金信诺产品的竞争力和市场吸引力。金信诺深度服务了浪潮、中兴、曙光等国内主流服 务器厂商，通过提供搭载新技术的产品，金信诺成功获得了更多新订单，进一步巩固了与这些客户的合作关系。还实现了海外市场的突破， 通过台湾地区G公司、M公司及国际客户S公司，完成了数十项新规格产品的开发交付，为高速业务开辟了新的增长极。 其次，从成本降低的角度来看，新技术有效提高了产品的性能和稳定性，减少了生产过程中的不良品率，从而降低了生产成本。此外，新技 术的研发量产还带动了生产效率的提升，使得我们能够更快地响应市场需求，提高客户满意度。 高速组件及连接器方面，金信诺的服务器高速线缆、连接器及组件应用于Birch Steam平台（pcie5.0）已实现大批量稳定交付国内外一流客户， 且在持续增量；另外公司已开发完成匹配英特尔下一代平台Oak Stream（pcie6.0）的相关产品，如DA-CEM线缆组件，Multi-trak线缆组件等， 成为国内厂商的技术第一梯队。 近日，金信诺在接受机构调研时表示，随着数据中心、云计算的快速发展和应用，公司在海外已逐步开展MTP/MPO生产，同时通过技 ...

Core Insights - The Data Center Interconnect (DCI) market is expected to exceed $40 billion by 2025, with a year-on-year growth of 14.3% driven by policies and the demand for AI applications [1][2] - Companies in the DCI sector are experiencing significant revenue growth, with Zhongji Xuchuang's revenue projected to reach 23.862 billion yuan in 2024, a 122.64% increase year-on-year [2] - The demand for high-speed optical modules, particularly 800G and 1.6T products, is surging due to the global competition for computing power [2][4] Industry Growth - The DCI technology facilitates high-speed data transmission between data centers, which is crucial for managing the heavy computational load of AI data [2] - Companies like Zhongji Xuchuang are leading the market with substantial increases in revenue and profit, indicating a robust demand for their optical communication products [2][3] - Other companies in the supply chain, such as Shenzhen Xianying Technology and Guangdong Tongyu Communication, also reported net profit growth exceeding 100% in the first quarter [3] Company Strategies - Zhongji Xuchuang is solidifying its market position by continuously innovating and expanding its product offerings, including the successful launch of 800G and 1.6T optical modules [4] - Companies are focusing on developing new technologies, such as linear drive pluggable optical modules, to meet the increasing market demands for high-speed data transmission [4] - Jiangsu Hengtong Optic-Electric is actively engaging in research and development of key materials for hollow-core optical fibers, indicating a commitment to advancing technology in the DCI space [5] Technological Advancements - The industry is witnessing a shift towards more efficient optical components, with a focus on compact design and high integration to meet the rigorous demands of the market [4] - Companies are also exploring flexible direct current transmission technologies to support the rapid development of data centers [6]