Group 1 - The core viewpoint is that the overseas AI computing power sector is expected to experience strong support due to significant capital expenditures from major cloud providers, with a quarterly capital expenditure exceeding $100 billion and an annualized figure of approximately $400 billion [1][2] - The capital expenditures of North American cloud providers have shown a consistent quarterly growth trend since 2023, leading to a rapid increase in their revenues, despite the absence of standout applications [2][3] - The ongoing investment in AI is expected to empower traditional businesses of cloud providers, resulting in sustained growth in AI-related revenues, which in turn supports ongoing capital expenditures [3][4] Group 2 - Google is emerging as a global AI superpower, excelling in various segments from TPU chips to large models and applications, with its recent Gemini3Pro model setting new performance benchmarks [3][4] - The demand for computing power is rapidly increasing, with Google's AI infrastructure reportedly doubling its computing needs every six months, indicating strong growth potential in both training and inference dimensions [5][6] - The collaboration between departments within Google has improved significantly in 2023, enhancing its capabilities in AI and further supporting the sustained demand for computing power [6]

Group 1 - The S&P 500 index has reached a new closing high, indicating a potential year-end rally, with Nvidia leading the charge [1][2] - Fundstrat's technical strategist Newton predicts a rebound in the market, with Nvidia expected to perform well in the coming weeks, which is significant for the U.S. stock market [2] - Nvidia's stock price has shown a notable increase, breaking through a downward trend line, suggesting a bullish outlook for the tech sector [2][3] Group 2 - Nvidia's next technical resistance levels are identified at $196 and $212, with a potential rise towards $220 if it closes above $212 [2] - The S&P 500 index has broken through the critical level of 6,903 points, suggesting a possible year-end close above 7,000 points [3] - The market is advised to remain bullish, with any minor pullbacks seen as buying opportunities [3] Group 3 - Argent Capital's manager expects continued demand for computing power, citing supply chain shortages and conservative capacity expansion by TSMC as key factors [4] - The anticipated release of OpenAI's new GPT model in early 2026, trained on Nvidia's latest Blackwell chips, could significantly impact Nvidia's market position [4] - Gabelli Funds' manager emphasizes the importance of the new GPT model's performance for Nvidia, comparing it to the recent success of Google's Gemini 3 model [4] Group 4 - Concerns about competition from Google's Gemini 3 model are noted, but it is suggested that the real competition lies in the rivalry between OpenAI and Google rather than a direct threat to Nvidia [5][6] - Custom chips developed by other companies are not expected to pose a significant threat to Nvidia, as Nvidia's Blackwell chips are versatile and support various data centers [6] - The market will closely monitor the progress of OpenAI's Stargate data centers and its recurring revenue targets, which will help alleviate investor concerns regarding Nvidia's competitive advantage [6]

聚焦优势产业与AI结合赛道，重点推荐算力、储能、半导体设备与晶圆厂 漫画：王建明 【深圳商报讯】(记者陈燕青)临近年底，国泰基金、中欧基金、长城基金等多家公募召开年度策略会，对明 年市场进行展望。根据记者梳理，大多数公募认为明年上市公司盈利增长将回升，对A股市场持乐观态度。 投资机会方面，部分基金经理认为市场有望逐渐转化为外需、内需共振拉动的态势，AI产业链尤其是AI应用 存在结构性机会。 展望2026年，长城基金权益投资部基金经理苏俊彦认为，市场仍值得乐观期待，上涨动力或将从单一的估值 驱动逐渐转向盈利+估值双重驱动。结构上，有望从外需主导拉动，逐渐转化为外需、内需共振拉动的态 势。 他指出，内需有望回暖主要基于两方面：一是当前居民消费仍有较大提升空间，未来几年消费提升将极大驱 动内需增长；二是2026年国内有望进一步扩大财政开支，持续推动消费回到合理水平。 在中欧基金权益专户投委会主席、基金经理王培看来，最近几年A股市场基本上以价值回报为主线、叠加主 题轮动的方式进行演绎。随着2025年估值的大幅提升，预计2026年或迎来估值演绎下半场，企业盈利有望成 为股价的核心驱动因素。 王培认为，当前市场处于基本面 ...

在全球数字化进程提速的背景下，算力成为竞争的焦点。传统行业上市公司纷纷跨界布局，加入算力角 逐战。仅12月份，就有多家上市公司发布收购算力行业公司的相关公告，寻觅主业外第二增长曲线。 例如，12月23日，浙江星华新材（301077）料集团股份有限公司(以下简称"星华新材")与东旺智能科技 (上海)有限公司(以下简称"东旺科技")签署了《股权转让协议》，公司将使用自有或自筹资金向东旺科 技原股东何运东、张国发购买其持有的东旺科技70%股权，交易价格为1.4亿元。通过此次收购，星华 新材在原有业务基础上，进一步切入人工智能及算力相关领域。 "头部企业应聚焦异构计算架构优化，中小企业则适合布局边缘计算节点，以此形成多层次的供给体 系。"郭涛认为，算力缺口的缓解，关键在于应用场景的匹配度，需要建立"场景—算法—算力"的协同 机制。 事实上，传统企业跨界布局算力赛道，往往面临技术壁垒、资金压力、整合难题三重挑战，决定转型成 败的关键是什么？ "战略定力是决定传统企业算力转型成败的关键。企业需构建三位一体的支撑体系：一是技术吸收能 力，建立专项人才池，组建'外部专家+内部骨干'的混编团队；二是资本运作能力，设计多元组合融 ...

Core Insights - Guizhou province has initiated significant investment projects, with 863 major projects planned and an expected investment of 548.693 billion yuan from January to November this year [1] - A total of 652 projects have been signed, with a contract amount of 337.124 billion yuan, and 444 projects have commenced construction, amounting to 179.919 billion yuan [1] Group 1: Investment Projects Overview - The province's government has outlined a detailed plan for industrial investment and optimizing the business environment, emphasizing early action and strategic planning [3] - Specific measures include the allocation of special funds to support local governments in project planning and the establishment of 22 key industrial parks focusing on main industries [3][4] Group 2: Local Government Initiatives - Local governments are actively taking responsibility for investment, with various cities focusing on specific industries such as electric vehicles, aluminum, and aviation [4] - For instance, Guiyang is attracting enterprises in the electric vehicle sector, while Anshun is focusing on the aviation industry [4] Group 3: Collaborative Efforts - The provincial departments are collaborating to enhance investment efforts, with initiatives targeting agriculture, manufacturing, and tourism [5] - A total of 90 specialized investment events have been organized, leading to the successful landing of several major projects [5] Group 4: Future Plans - Guizhou aims to strengthen its investment strategy by enhancing the responsibilities of local governments and focusing on attracting leading global companies [6] - The province plans to leverage existing enterprises for expansion and improve the business environment to support industrial growth [6]

Group 1: Market Performance - The A-share market experienced a rebound on December 24, with the Shanghai Composite Index achieving six consecutive days of gains, and the ChiNext Index rising by 0.77% [2][7] - The ChiNext 50 ETF (159949) increased by 0.59%, closing at 1.539 CNY, with a turnover rate of 5.05% and a transaction volume of 1.377 billion CNY, making it the top performer among similar ETFs [2][7] Group 2: Fund Flow and Liquidity - Over the past 20 trading days, the ChiNext 50 ETF (159949) saw a net inflow of 333 million CNY, with a net inflow of 880 million CNY in the last 5 trading days [1][8] - As of December 24, the cumulative transaction amount for the ChiNext 50 ETF over the past 20 trading days reached 32.213 billion CNY, with an average daily transaction amount of 1.611 billion CNY [1][8] Group 3: Institutional Insights - Analysts from various institutions predict a gradual upward trend in the A-share market, driven by improved liquidity and risk appetite, alongside favorable domestic policy expectations [9][10] - The focus is expected to remain on technology growth sectors, with artificial intelligence and computing power leading the market [10] Group 4: Fund Performance - The ChiNext 50 ETF (159949) was established on June 30, 2016, and has achieved a cumulative return of 52.76% over the past three years, outperforming its benchmark [11] - The latest circulating scale of the fund is 27.186 billion CNY as of December 23, 2025, managed by Xu Zhiyan [11]

Group 1 - The core viewpoint of the article emphasizes that the competition in the AI industry is not about speed but about stability and long-term sustainability, with a significant shift from conceptual hype to value reassessment in the capital market by the end of 2025 [1] - The demand for computing power has been rapidly increasing due to the comprehensive explosion of AI technology, yet the computing power leasing industry is experiencing a situation of "increased revenue but decreased profit" [1][5] - In the third quarter of 2025, 59 out of 99 listed companies in the computing power leasing sector reported a year-on-year decline in gross profit margin, indicating a challenging market environment [1] Group 2 - The rapid development of AI applications is stimulating the construction of computing power centers, with significant government policies supporting enterprise applications and the cultivation of vertical models [4][5] - As of November 1, 2025, a total of 611 generative AI services have been registered in China, with an average of 31 new registrations per month, reflecting a 55% increase compared to the previous year [4] - The overall scale of computing power in China has been growing at an annual rate of about 30% since the 14th Five-Year Plan, with expectations of over 40% growth in 2025 driven by AI advancements [5] Group 3 - The operational challenges faced by computing power centers include high operational costs, market demand segmentation, and the need for strategic regional adjustments [2][6] - Many computing power centers in western regions are underutilized due to distance and latency issues, leading to a re-evaluation of their value as demand shifts towards eastern regions [7] - The high energy consumption of computing power centers, comparable to that of small steel plants, poses significant compliance costs and operational challenges, especially with increasing regulatory scrutiny on green development [6][7] Group 4 - The market is shifting from a focus on training chips to inference chips, with higher demands for computing power efficiency and cost-effectiveness, making targeted supply a competitive focus [8] - Large enterprises are the main players in computing power construction due to the substantial investment and operational costs, making it difficult for small and medium-sized enterprises to access necessary resources [8] - The development of domestic chips is crucial for the computing power sector, with a need for collaboration across the industry to enhance the ecosystem and support the growth of domestic AI chips [9]

Core Viewpoint - RISC-V has the potential to integrate the characteristics of CPU, GPU, and AI processors, breaking through the ecological barriers of CUDA [47] Group 1: AI and Computing Power - The eighth GAIR Global AI and Robotics Conference will be held in Shenzhen, focusing on the core of intelligent systems—computing power [2] - Computing power is not just a reflection of hardware performance but a capability system to complete tasks under resource and time constraints [3] - The rapid growth of generative AI's demand for computing power necessitates heterogeneous computing (CPU + XPU) as CPUs alone cannot meet real-world needs [11][16] Group 2: Software and Ecosystem - The true determinant of computing power release is the software and application ecosystem, rather than the hardware itself [20] - The ecosystem includes all software that runs on processors, and the productivity is generated by application software, not the chips [24] - The x86 ecosystem has a significant market share and inertia, making it challenging for new architectures to compete [26] Group 3: RISC-V and Market Challenges - RISC-V's openness presents new possibilities, but openness does not guarantee success; many open CPUs have failed commercially [27][28] - RISC-V faces commercialization difficulties, particularly in complex computing fields, due to an immature software ecosystem [29] - The need for a robust software ecosystem is critical for RISC-V to succeed in the competitive landscape [20][29] Group 4: Future Directions - The future of computing architecture may return to a CPU-centric model, with RISC-V having the potential to unify CPU, GPU, and AI processor characteristics [47] - The importance of building a domestic computing ecosystem is recognized at the national level to avoid dependency on foreign technologies [33] - Successful chip development hinges on the ability to create a comprehensive software ecosystem that adds significant value to products and services [34][45]

重要新闻提示 住建部：着力稳定房地产市场，因城施策控增量、去库存、优供给 星华新材：拟1.4亿元收购东旺科技70%股权，切入人工智能及算力相关领域 8连板3倍牛股胜通能源：如未来股票价格进一步上涨，公司可能申请停牌核查 今日提示 科创板新股健信超导（688805）今日上市 央行公开市场今日有468亿元7天期逆回购到期 财经新闻 1.12月22日至23日，全国住房城乡建设工作会议在北京召开。会议提出，着力稳定房地产市场，重点是：因城施策控增量、去库存、优供给，结合城市更 新、城中村改造盘活利用存量用地，推动收购存量商品房用作保障性住房、安置房、宿舍、人才房等。详见住建部发声！着力稳定房地产市场 2.12月23日，交通运输部副部长李扬在国新办新闻发布会上表示，预计今年完成交通固定资产投资超3.6万亿元，新增高速铁路超2000公里、高速公路约 8000公里、高等级航道约900公里。跨区域人员流动量超660亿人次，完成营业性货运量超580亿吨，同比均增长3.5%左右。 3.央视新闻消息，12月23日，北京市首批L3级高速公路自动驾驶车辆专用号牌由北京市公安局交通管理局正式发放给三辆智能网联汽车，这也是国内首批 发放的 ...

昨日，锂电池产业链全天表现活跃，锂电池电解液、六氟磷酸锂等多个方向涨幅居前。截至收盘，华盛 锂电涨超10%，多氟多、天际股份、深圳新星等涨停。 华盛锂电近日在投资者互动平台上表示，目前公司正在积极推进"年产20万吨低能耗高性能锂电池负极 材料项目（其中第一期5万吨）"等项目的建设，该项目已进入试生产和客户评价阶段，为公司在电解液 添加剂及负极材料领域扩大市场份额、巩固技术领先地位注入新动能，也为后续项目的顺利推进积累了 宝贵经验。 12月23日，中国有色金属工业协会锂业分会发布最新数据：2025年11月，国内碳酸锂价格中枢明显抬 升，电池级碳酸锂价格从月初的81000元/吨上涨至月末的92000元/吨，上涨13.58%。 西部证券研报认为，国内独立储能经济性显现，需求超预期，欧美及新兴市场大型储能需求景气度旺 盛，预计2026年储能电池需求有望延续高增长。从供需平衡表看，磷酸铁锂等环节2026年供需结构有望 明显改善，在行业产能集中化、高端化的趋势下，头部厂商的产能更加紧俏。随着中小产能逐步退出， 在涨价预期下，行业头部企业的盈利能力有望提升。海外动力电池需求增速迎接拐点，储能电池维持高 需求景气。 张大伟 ...