12月18日，大同市委书记张强与京东科技CEO徐丰举行工作会谈，就推动在同项目建设、深化务实合作深入交流。市 委副书记、市长刘俊义，市领导王明厚、翟永清、宁文鑫，京东集团副总裁区力出席。 张强代表市委、市政府对徐丰一行表示欢迎，向京东集团长期以来对大同发展的关注和支持表示感谢。他表示，京东 集团业务板块与大同发展战略高度契合，双方合作基础扎实、潜力巨大、前景广阔。希望京东加大在同布局力度，拓 展业务板块，围绕算力中心、数据服务、人工智能、智慧城市、消费零售等领域深化务实合作，培育更多新场景、新 业态，持续扩大就业供给，更好助力大同经济社会高质量发展。大同市将进一步创优营商环境，为企业在同投资发展 提供全方位服务保障。 徐丰感谢大同市委、市政府对京东集团的信任和支持，介绍了在同项目建设运营情况和深化合作意向。他表示，大同 区位条件优越、产业基础雄厚、应用场景丰富、发展潜力巨大，进一步坚定了企业在同发展的信心和决心。京东将紧 跟大同发展战略，充分发挥自身优势，不断拓展合作广度深度，形成更多成果，为大同培育经济增长点和发展新引擎 贡献力量。 ▍合作多年 注意到，9个月前即3月17日，大同市委书记张强，市委副书记、市 ...

Core Viewpoint - The recent rebound in tin prices is driven by macroeconomic expectations, supply chain risks, and changing industry narratives, indicating a significant shift in market trading logic [1][3]. Group 1: Macroeconomic Factors - The immediate catalyst for the rebound is the weak U.S. employment data, which has raised expectations for an upcoming interest rate cut by the Federal Reserve, leading to a weaker dollar and providing upward valuation support for dollar-denominated commodities [1][2]. - The easing liquidity expectations are becoming a key variable influencing commodity market sentiment [1]. Group 2: Supply Dynamics - The core contradiction in the fundamentals remains the rigid supply tension, exacerbated by low inventory levels, which amplifies price volatility [2]. - Global tin inventories are at historically low levels, making the supply chain highly sensitive to any disruptions [2]. Group 3: Demand Shifts - The demand narrative is undergoing structural changes, with emerging technologies like artificial intelligence and advanced computing driving new long-term growth for tin, despite seasonal pressures in traditional consumer electronics [2]. - Tin is essential for high-end soldering materials, serving as a foundation for AI servers and high-performance chip packaging, thus gaining robust support from future demand [2]. Group 4: Market Dynamics - The market focus has shifted from weak expectations to strong realities, with recent price rebounds reflecting a renewed investor attention on supply shortages [2]. - Any negative news from the supply side could be quickly priced in, especially in the context of extremely tight global inventories [2]. Group 5: Price Outlook - Short-term expectations indicate that tin prices will maintain a strong oscillating pattern, supported by persistent supply constraints and low global inventories [3]. - The anticipated price fluctuation range is between 320,000 to 335,000 yuan/ton, with the ability to break through the 330,000 yuan/ton resistance depending on new supply signals and the strength of emerging demand [3].

Core Viewpoint - The recent listings of domestic GPU companies, including Moore Threads and Muxi Co., have generated significant market excitement, while Birran Technology is set to become the first domestic GPU stock on the Hong Kong Stock Exchange, despite substantial losses in the AI chip industry [1][2]. Group 1: Company Overview - Birran Technology, founded in 2019, is a provider of general intelligent computing solutions and has recently passed the Hong Kong Stock Exchange hearing [2][3]. - The company has accumulated over 4 billion yuan in revenue from 2022 to the first half of 2025, but has also incurred losses of 60 billion yuan during the same period [1][2]. - The company’s core technology team has backgrounds from Nvidia, HiSilicon, and AMD, enhancing its competitive edge in the market [5][6]. Group 2: Financial Performance - Birran Technology's revenue from 2022 to 2025 is projected to be 49,900 yuan, 62.03 million yuan, 337 million yuan, and 590 million yuan, respectively, with corresponding losses of 14.74 billion yuan, 17.44 billion yuan, 15.38 billion yuan, and 16.01 billion yuan [3][4]. - The total losses over three and a half years amount to 63.57 billion yuan, attributed mainly to non-cash changes in redemption liabilities [3][4]. - The company’s gross margin is expected to decline from 100% in 2022 to 31.9% in the first half of 2025, indicating increasing pressure from competition and potential pricing wars [8]. Group 3: Market Dynamics - The AI chip industry is experiencing a surge in demand for computing power, with the domestic intelligent computing chip market projected to reach 50.4 billion USD by 2025, where Birran Technology anticipates capturing approximately 0.2% market share [2][3]. - The market is highly concentrated, with Nvidia and HiSilicon expected to hold 94.4% of the market share in 2024 [2]. - Despite significant losses, the capital market remains optimistic, as evidenced by the soaring valuations of Moore Threads and Muxi Co. after their listings [4].

作为四川省绿色零碳算电融合代表性项目，将为四川省数字经济快速发展注入强劲动能。 来 源：央 视 新 闻 客 户 端 E n d 欢 迎 分 享 给 你 的 朋 友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 全国首个高海拔岩洞式算力舱智算中心正式投运。 今天， 全国首个高海拔岩洞式算力舱智算中心——雅砻江两河口算电融合示范项目，在两河口水电站正式投运 。项目总投资3.5亿元， 包括6个算力舱，部署了2000张国产算力芯片，最高每秒能完成60亿亿次浮点运算。 项目选址在两河口水电站施工隧洞内，抗震设防烈度达8度。充分利用水电站岩洞地质结构稳定的天然优势，能有效抵御地震、暴雨等 自然灾害，为算力设备提供安全可靠的运行环境。借助隧洞的天然恒温优势，两河口算电融合示范项目PUE值（能耗效率指标）控制在 1.2以下，达到了国内领先水平。同时与水电站共享高等级安防配置，可满足算力舱对数据安全的严格要求。 ...

Group 1 - The 2026 capital market ecosystem and funding structure will undergo profound changes, with a clear trend of China's economy transitioning towards high-end manufacturing and technological innovation [1] - Companies that can represent China in the new global industrial and financial order will become the most valuable asset anchors of this era [1] - The Chinese innovative pharmaceutical industry is poised for significant growth supported by technological cycles, policy cycles, and interest rate environments [1] Group 2 - The demand for asset allocation is shifting towards assets that can provide hedging to manage risks and enhance returns [2] - The importance of flexible application of various tools in asset management is emphasized by market participants [2] - The commitment of Ping An Futures to customer-centric risk management services is highlighted, aiming to create value for traders in changing market conditions [2]

Core Viewpoint - The stock market is experiencing increased volatility, leading to a significant rise in trading volume for broad-based ETFs, with a focus on capturing structural growth opportunities before the upcoming Spring Festival [1][6]. Group 1: ETF Performance - As of December 17, the top three stock ETFs by net inflow over the past month are the CSI A500 ETFs from Huatai-PB, Southern, and Huaxia, with net inflows of 11.865 billion, 9.386 billion, and 6.897 billion respectively [3]. - The CSI A500 ETF has seen the highest trading volume, with Huatai-PB's version exceeding 100 billion in trading volume, while Huaxia and Southern's versions surpassed 90 billion and 70 billion respectively [3]. - Other notable ETFs with significant net inflows include the Sci-Tech 50 ETF, CSI 500 ETF, CSI 1000 ETF, and CSI 300 ETF, indicating a preference for broad-based ETFs during market fluctuations [3][4]. Group 2: Market Trends and Investor Behavior - Investors are favoring broad-based ETFs for their risk diversification, liquidity, and higher tolerance for errors, making them suitable for core portfolio allocations [6]. - The current market environment has led to a preference for growth stocks, particularly in technology and sectors aligned with industrial upgrades, while large-cap blue-chip stocks are being viewed with caution [6][7]. - The upcoming Spring Festival is expected to favor large-cap growth styles, with a potential rebound in value stocks supported by insurance capital allocations [7].

" 云端之外，端侧AI也是国产芯片下一个主战场。 " 作者丨赵之齐 编辑丨包永刚 2025年12月12-13日，第八届GAIR全球人工智能与机器人大会在深圳·博林天瑞喜来登酒店正式启幕。 作为AI产学研投界的标杆盛会，GAIR自2016年创办以来，始终坚守"传承+创新"内核，始终致力于连接 技术前沿与产业实践。 在人工智能逐步成为国家竞争核心变量的当下，算力正以前所未有的速度重塑技术路径与产业结构。13日 举办的"AI算力新十年"专场聚焦智能体系的底层核心——算力，从架构演进、生态构建到产业化落地展开 系统讨论，试图为未来十年的中国AI产业，厘清关键变量与发展方向。 IO资本创始合伙人赵占祥，专注于硬科技与半导体领域的早期及成长期投资，在大会上，他发表了题为 《大模型时代，国产AI芯片破局的几种新技术路线》 的演讲。 | | | | 基于SRAM的Al推理芯片 | | --- | --- | --- | --- | | GPGPU | | 低时延 | 创新推理架构提供 | | | | | < 1ms 时延 | | 推理时延高 | 依靠同步并发处理大 | 低成本 | 同时实现高吞吐率,单 位成本性能提升10x ...

Group 1 - The 2026 Global Traders Conference highlighted the significant transformation in the capital market ecosystem and funding structure, emphasizing the importance of companies that can leverage China's shift towards high-end manufacturing and technological innovation as valuable assets in the new global industrial and financial order [1][2] - The conference featured insights from industry experts, including the Chief Economist of Zhongjia Fund, who noted that despite uncertainties, the core trend of China's economic transition is clear, with opportunities in sectors like AI, computing power, semiconductors, and innovative pharmaceuticals [1] - The event attracted nearly 500 traders, focusing on collaborative evolution and risk management, with a commitment to providing value to clients through professional services [4][5] Group 2 - The Director of the Research Institute at Ping An Futures indicated that the long-term upward trend of precious metals remains unchanged, while the pressure on bulk commodities is easing due to economic restructuring and the transition of new and old driving forces [2] - Traders are increasingly seeking assets that can hedge risks and enhance returns, reflecting a shift in asset allocation strategies in response to changing political and economic landscapes [2] - The conference also featured discussions on the importance of flexible application of various tools in rapidly changing markets, with experienced traders sharing their strategies for capturing trends and managing volatility [2]

热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）场内成功反包收涨5%，再度站上所有均线！全天放量成交7.79亿元，资金单日 爆买1.5亿元，近五日资金合计加码超2.6亿元。 | 分时 多日 1分 综合屏 F9 前复权 超级叠加 画线 工具 (2 > | | | | | | 创业板人工智能ETF华宇 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 159363.SZI创业板人工智能ETF华宝] 2025/12/17 收 0.966 幅 5.00%(0.046) 开 | WP | | 0 966 +0.046 +5.00% | | | | 159363 | | | MA5 0.952, MA10 0.9491 MA20 0.9051 MA60 0.874] MA120 0.7711 | (46日) V | | SZSE CNY 15:00:06 闭市 查看L2全景 | | | | | 酸ノ■ | | | | 净值走势 | | 华宝创业板人工智能ETF | 文由 | 100.25% 120日 | | 93. ...

①谷歌+算力+机器人，高速连接器已进入谷歌、英伟达供应链体系，获得T公司、M公司认证和项目定 点，这家公司针对北美人形机器人龙头F公司的新品进入转量产准备阶段。 ②碳酸锂+固态电池，锂资源 自给率超50%，锂资源业务有望持续放量，这家公司储能电芯满产并布局固态电池产能。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...