半导体IP 深度积累，多下游布局广阔。芯原的主营业务为半导体IP 授权业务和一站式芯片定制业务。 通过20 余年的高研发投入和深度积累，公司已布局GPU IP、NPU IP、VPU IP、DSPIP、ISP IP、 Display ProcessingIP 这六类处理器IP、智能像素处理平台、基于FLEXA 的IP 子系统，1,600 多个数模混 合IP 以及多种物联网连接(含射频)IP 等，并在22nmFD-S0I 工艺上开发了60 多个FD-S0I 模拟及数模混合 IP，为国内外知名客户提供了43 个FD-SOI 项目的一站式设计服务，其中33 个项目已经进入量产，且累 计向45 个客户授权了300 多个/次FD-SOI IP 核。公司根据自身的技术、资源、客户积累，并结合市场发 展趋势，已逐步在AIGC 汽车电子、可穿戴设备、数据中心和物联网这5 个领域形成了一系列优秀的平 台化解决方案，并取得了较好的业绩和市场地位。 战略布局Chiplet 技术和应用，领跑基于Chiplet 的AIGC 和智驾系统赛道。Chiplet 技术及产业化是芯原 的发展战略之一，公司已于五年前开始布局Chiplet 技术的研 ...

Group 1: Chip Collaboration - OpenAI and AMD have signed a multi-billion dollar chip deal to co-develop AI data centers based on AMD processors [1] - OpenAI commits to purchasing AI chips worth 6 gigawatts based on multiple generations of AMD Instinct GPUs [1] - The partnership aims to deepen collaboration on hardware and software since the MI300X and MI350X series, starting with the MI450 series [1] Group 2: Model Development - DeepSeek has released the experimental model DeepSeek-V3.2-Exp, which introduces Sparse Attention for improved training and inference efficiency on long texts [2] - The model development utilized TileLang, an open-source AI operator programming language developed by a team from Peking University [2] - Huawei Cloud and Cambricon announced Day0 adaptation for DeepSeek-V3.2-Exp, supporting a maximum context length of 160K [2] Group 3: Application Advancements - OpenAI launched the next-generation video generation model Sora2, enhancing realistic video effects and adding audio generation capabilities [3] - The Dev Day event introduced several platform-level tools, including Apps SDK, Agent Kit, and Codex, aimed at creating a closed loop for development, distribution, and monetization [3] - Apps SDK allows developers to build interactive applications within ChatGPT, while Agent Kit focuses on backend development efficiency [3] Group 4: Investment Opportunities - Investment opportunities are suggested in areas such as AI computing power, applications, physical AI, AIGC, and anti-generative AI [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is leading in the Chiplet technology and its applications, particularly in AIGC and intelligent driving systems. It has been developing Chiplet technology for five years and is focusing on "IP chipification," "chip platformization," and "platform ecosystem" [3] - The company expects to achieve a record high revenue of 1.284 billion yuan in Q3 2025, with a year-on-year growth of 78.77% and a quarter-on-quarter increase of 119.74%. New orders are projected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - The company has a strong accumulation of semiconductor IP and a broad layout across various downstream sectors, including AIGC, automotive electronics, wearable devices, data centers, and IoT [8] Financial Projections - The company’s total revenue is projected to reach 3.813 billion yuan in 2025, with a year-on-year growth of 64.22%. The net profit attributable to the parent company is expected to be -76.76 million yuan [1][10] - The report adjusts the revenue expectations for 2025-2027 to 3.8 billion, 5.3 billion, and 7 billion yuan respectively, and the net profit expectations to -0.8 billion, 2.7 billion, and 5.6 billion yuan [9]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The report highlights significant developments in the AI industry, including a multi-billion dollar chip deal between OpenAI and AMD, which aims to enhance AI data center capabilities [11][22] - The introduction of the DeepSeek-V3.2-Exp model marks a step towards next-generation architecture, optimizing long text training and inference efficiency [12][22] - OpenAI's release of the Sora2 video generation model and various platform-level tools further strengthens its ecosystem, allowing developers to create interactive applications within ChatGPT [13][22] Summary by Sections 1. Industry Insights - OpenAI and AMD have signed a chip deal worth hundreds of billions, with OpenAI committing to purchase AI chips valued at 6 gigawatts based on AMD's technology [11] - The partnership aims to deepen collaboration on multiple generations of hardware and software, starting with the AMD Instinct MI450 series [11] 2. Model Developments - The DeepSeek-V3.2-Exp model introduces a sparse attention mechanism, enhancing training and inference for long texts [12] - The model's development utilized TileLang, an open-source AI programming language, to optimize code generation [12] 3. Application Advancements - OpenAI's Sora2 model improves video realism and adds audio generation capabilities, allowing users to create personalized video content [13] - The launch of the Apps SDK and Agent Kit during OpenAI's Dev Day enhances the development of interactive applications and AI agents [13] 4. Investment Opportunities - The report suggests focusing on investment opportunities in AI computing, applications, physical AI, AIGC, and anti-generative AI sectors [14] - Specific areas of interest include chips, servers, data centers, and various B-end applications [14]

证券研究报告 | 2025年10月08日 快手-W（01024.HK） OpenAI 发布 Sora APP，AIGC 需求加速增长 1 优于大市 公司研究·海外公司快评 互联网·互联网Ⅱ 投资评级：优于大市（维持） 证券分析师： 张伦可 0755-81982651 zhanglunke@guosen.com.cn 执证编码：S0980521120004 证券分析师： 陈淑媛 021-60375431 chenshuyuan@guosen.com.cn 执证编码：S0980524030003 事项： OpenAI 于 2025 年 9 月 30 日发布的新一代视频生成模型 Sora 2 和 Sora APP，发布后在社交媒体火爆出圈。 国信互联网观点： 作为"世界模拟器"的升级版本，Sora 2 在图像分辨率、风格操控和指令遵循方面均有突破。Sora2 通过 整合音视频同步生成技术，实现画面与环境音、物体交互声及对话的匹配，并显著提升物理仿真精度，能 模拟体操动作、跳水力学等真实世界动态。 OpenAI 同步推出了独立的 Sora App，从工具到社交平台，构建了一个集创作、分发、互动于一体的 AI 原 生社 ...

一次关于内容价值衡量 和品牌塑造逻辑的范式转移。 文 ｜ 阿至 上线三天就强势登顶美国 App Store 榜首，这个国庆假期， Sora App 在全球互联网掀起了一场 AI 视频狂欢，连奥特曼都得忙着在全世界网友生成的内容 中跑龙套 "客串"。 这款被网友称为 " AI 版抖音 "的产品，允许普通用户通过文本提示生成 10 秒的 AI 视频，并可以通过 "Cameos （客串） " 功能将自己的虚拟形象置入任 何 AI 场景中。 支撑起整个 Sora App 体验的是 OpenAI 在 10 月 1 号凌晨发布的新一代视频生成模型 Sora 2 ——奥特曼在 X 直言，这是 "ChatGPT for creativity" moment 。 创意领域的 " ChatGPT 时刻 "来了， AI 视频生态会发生怎样的变革？与创意密不可分的广告内容会不会被 AI social media 的模式再次改变？ 能够预见的是，这一轮 AI 转型，所撬动的市场规模，将会是万亿级别。而万亿，可能只是一个起点。 上述判断来自红杉资本合伙人 Pat Grady 。在几个月前的红杉资本 AI 峰会上，包括奥特曼在内的 150 ...

央广网北京10月8日消息（记者王逸群）据中央广播电视总台中国之声《新闻和报纸摘要》报道， 今年国庆中秋假期，夜经济蓬勃发展。各地通过沉浸式体验、业态创新等举措，显著提升消费活力与文 旅融合度，推动消费结构升级。 今年国庆和中秋双节假期，不少地方通过科技与业态联动的方式探索夜经济发展新路径。 江苏游客：我刚才参与了板凳龙活动，非常热闹，就像过年一样。 不少地方还通过沉浸式场景构建，挖掘夜经济潜力，通过声光电、水幕投影以及AIGC（人工智能 生成）、元宇宙、数字孪生等技术构建文旅消费场景。在福建省三明市泰宁县，这里推出了内河夜游项 目"泰宁十里金溪夜游"，巧妙串联击鼓鸣志、梅林古戏等九大特色场景。 河南游客：这是我第一次来泰宁，感觉今晚的金溪夜游很惬意、很悠闲。 各地的"夜经济"活力十足，成为了拉动消费的重要引擎，夜骑、夜食、夜购、夜游等夜间文旅消费 业态成为许多游客的选择。 国家发展改革委国土开发与地区经济研究所区域二室副主任刘敏：科技味儿更浓了，许多地方运用 无人机、水幕、全息投影等技术重构夜间视觉体验；人形机器人、巡逻机器人等各类功能型机器人亮相 夜间消费场景，营造了夜间科技生态。 假期前四天，北京全市60 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 PATEO CONNECT Technology (Shanghai) Corporation 博 泰 車 聯 網 科 技 ( 上 海 ) 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司 ） （股份代號：2889） 自願公告 訂立合作框架協議 本公告乃由博泰車聯網科技（上海）股份有限公司（「本公司」或「博泰」）自願作出。 訂立合作框架協議 本公司董事（「董事」）會（「董事會」）謹此宣佈，於2025年10月7日，本公司與上 海商湯智能科技有限公司（「商湯智能科技」）訂立合作框架協議（「合作框架協 議」）。 合作框架協議主要內容 合作原則 本公司及商湯智能科技基於「資源互補、優勢共享、合 作共贏」的原則，決定建立長期戰略合作關係，並簽署 合作框架協議，以共同推動人工智能在智能網聯汽車等 相關領域的融合與應用。 本公司及商湯智能科技將聯合部署高性能服務器， 依託A ...

Core Insights - Sora 2 represents a significant advancement in AIGC video technology, creating a closed-loop business model that connects content platforms, payment channels, and e-commerce platforms, indicating substantial commercial potential [1][8] - The introduction of the "Agentic Commerce Protocol" (ACP) facilitates a new business model in the AI era, enhancing the integration of AI with e-commerce [3][8] Group 1: Sora 2's Impact on Distribution Platforms - Sora 2 has created new opportunities for distribution platforms, achieving top rankings in app stores shortly after launch, indicating a shift in commercial models [1][2] - The app features innovative AIGC social functions such as Cameo and Remix, allowing users to create and share content easily, thus lowering barriers to participation in AIGC production [1][2] Group 2: E-commerce Integration - OpenAI's new "Instant Checkout" feature allows users to purchase products directly through ChatGPT, marking a deep integration with e-commerce and creating a full transaction loop from product recommendation to payment [3][4] - The collaboration with Stripe enhances payment processing capabilities, enabling features like pre-filled payment information and one-click checkout for ChatGPT subscribers [3] Group 3: IP Licensing and Compliance - Sora 2 opens new markets for IP licensing and compliance management, with OpenAI planning to provide copyright holders with more control over character generation and share revenue with them [5][8] - The rapid development of AIGC is expected to increase the demand for IP protection, as seen with companies like VDNA, which offers advanced video content identification technology [6][5] Group 4: Cloud Demand and Global Expansion - OpenAI's ambitious plans for scaling its computing infrastructure to 250 GW by 2033 suggest a significant increase in cloud demand driven by the success of Sora 2 [7] - Companies like Alibaba Cloud are already benefiting from this trend, with substantial growth in their AI-driven services and global reach [7]

计算机周报 20251007 Sora 2 发布利好的三大方向 2025 年 10 月 07 日 ⚫ 市场回顾 上周（9.29-9.30）沪深 300 指数上涨 1.99%，中小板指数上涨 2.48%，创业板 指数上涨 2.75%，计算机（中信）板块上涨 2.68%。板块个股涨幅前五名分别为： 初灵信息、汇金股份、当虹科技、开普云、ST 易联众；跌幅前五名分别为：*ST 东通、中威电子、安博通、金现代、数据港。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 概伦电子：9 月 29 日消息，公司董事会披露，拟通过"发行股份+现金" 方式收购成都锐成芯微科技股份有限公司 100%股权及纳能微电子（成都）股份 有限公司 45.64%股权。本次交易总对价 21.7384 亿元，其中股份对价 11.84 亿 元、现金对价 9.89 亿元；向交易对方合计发行股份 67,774,455 股，发行价 17.48 元/股；交易对方涵盖向建军、海南芯晟等，所获股份锁定期为 12 个月或 36 个 月。业绩承诺方面，若交易于 2025 年实施，锐成芯微 IP 授权业务收入承诺分别 不低于 1.2096/1.4274/1.6843 亿元；同期纳能 ...