你是否注意到，现在的 AI 越来越 "聪明" 了？能写小说、做翻译、甚至帮医生看 CT 片，这些能力背后 离不开一个默默工作的 "超级大脑工厂"——AI 算力集群。随着人工智能从简单规则判断进化到能处理万 亿参数的大模型，单台计算机的算力就像小舢板面对汪洋大海，而算力集群则是把上万台甚至几十万台计 算机像搭积木一样连接起来，形成一艘能承载巨量计算任务的 "算力航空母舰"。 (2) 业务层容错： 租户无感知下，通过重试容忍网络闪断，将系统故障转为亚健康， (3) 运维层容错： 主要构筑亚健康感知和优雅恢复技术，通过主动方式将消减亚健康事件影响。 集群线性度：人多力量大的完美协作 当我们把上万台计算机整合成一个有机整体时，需要解决一系列世界级难题：如何让它们像精密钟表一样 协同工作？如何在部分设备故障时依然保持高效运行？如何快速修复大规模训练中的中断问题？接下来我 们将逐一揭秘这些支撑 AI 算力集群的关键特性，看看华为团队如何用工程智慧驯服这头算力巨兽。 超节点高可用：24 小时不停工的智能工厂 就像医院的急诊系统必须时刻在线，AI 训练和推理也不能轻易中断。算力集群里每台计算机都有 "备用替 身"，当某台机器 ...

机器之心发布 机器之心编辑部 你是否注意到，现在的 AI 越来越 "聪明" 了？能写小说、做翻译、甚至帮医生看 CT 片，这些能力背后离不开一个默默工作的 "超级大脑工厂"——AI 算力 集群。 随着人工智能从简单规则判断进化到能处理万亿参数的大模型，单台计算机的算力就像小舢板面对汪洋大海，而算力集群则是把上万台甚至几十万台计算机 像搭积木一样连接起来，形成一艘能承载巨量计算任务的 "算力航空母舰"。 当我们把上万台计算机整合成一个有机整体时，需要解决一系列世界级难题：如何让它们像精密钟表一样协同工作？如何在部分设备故障时依然保持高效运 行？如何快速修复大规模训练中的中断问题？ 接下来我们将逐一揭秘这些支撑 AI 算力集群的关键特性，看看华为团队如何用工程智慧驯服这头算力巨兽。 技术报告地址：https://gitcode.com/ascend-tribe/ascend-cluster- infra/blob/main/Overview/%E6%98%87%E8%85%BE%E9%9B%86%E7%BE%A4%E5%9F%BA%E7%A1%80%E8%AE%BE%E6%96%BD%E7%BB%BC%E8%BF ...

Group 1 - The core viewpoint of the news highlights the strong performance of the AI computing sector, particularly driven by the merger agreement between Haiguang Information and Zhongke Shuguang, which is expected to create a comprehensive domestic computing ecosystem [1] - The merger involves Haiguang Information issuing A-shares to acquire Zhongke Shuguang, with the trading suspension expected to last no more than 10 trading days, starting from June 10, 2025 [1] - The restructuring aims to establish a full technology stack "carrier" for domestic computing, with Haiguang focusing on high-end CPU/DCU design and Zhongke Shuguang leading in servers, storage, and cloud computing [1] Group 2 - Investors interested in the computing industry and information technology opportunities are encouraged to consider the Information Technology ETF (562560), which tracks the CSI All-Share Information Index [2] - Haiguang Information and Zhongke Shuguang are significant components of this ETF, ranking 5th and 9th respectively, with a combined weight of nearly 5% [2] - The ETF covers the entire AI industry chain, including design, end applications, and digital infrastructure, with major holdings in companies like SMIC, Cambrian, Luxshare Precision, and BOE Technology Group [2]

请介绍海光信息的业务布局及其在国内市场的地位。 海光信息是国内高端处理器领域的领先企业，主要布局 CPU 和 GPU 两个赛道。 在 CPU 领域，海光信息处于国产 CPU 龙头地位，目前在国内市场份额排名前 二。国产 CPU 市场呈现双寡头格局，尤其是在服务器领域。而在 GPU 方面， 国内正逐步替代海外产品，目前出货仍以英伟达为主，但预计从 2025 年二季 度开始，随着 H20 逐步断供，国产芯片占比将加速提升。近期农业银行 AI 服 务器集采中选用了华为升腾、寒武纪和海光的信息平台，这表明国产 AI 芯片格 海光信息 20250606 摘要 海光信息正处于新一代高端 CPU 量产阶段，预计核数翻倍，显著提升竞 争力和单价，将带动主业量价齐升。同时，上代 DCU 22+已规模化出 货，新一代 AI 产品预计在吸收合并中科曙光后加速推出。 海光信息通过换股方式吸收合并中科曙光，旨在加强主业，整合芯片到 软件到系统的产业布局，实现技术互补、产业链协同和市场资源复用， 形成规模效应，提升算力产业发展水平。 海光信息主要产品包括 7,000 系列（高端服务器）、5,000 系列（边缘 计算服务器）、3,000 ...

Core Viewpoint - The semiconductor storage chip industry is becoming a key battleground in global technology competition, driven by domestic substitution and the explosive demand for AI computing power. The global storage chip market is projected to reach 1,189.7 billion RMB in 2024, with DRAM accounting for 697.9 billion RMB and a 58.7% market share [1]. Group 1: Company Overview - Zhejiang Liji Storage Technology Co., Ltd. focuses on memory chip design and AI computing solutions, having evolved into a leading memory chip design company in China after acquiring Zentel Japan in 2020 [2]. - The company's business model revolves around memory chip design, packaging, and testing, with products including memory chips, memory modules, and KGD wafers [2]. - Memory chips constitute the core business of the company, maintaining a revenue share of 70.2% to 88.2% from 2022 to 2024 [3]. Group 2: Financial Performance - The company experienced revenue of 610 million RMB in 2022, 580 million RMB in 2023, and is projected to reach 646.4 million RMB in 2024, indicating a "first decline then rise" trend [5]. - Cumulative losses over three years amount to nearly 500 million RMB, with annual losses of 139 million RMB, 244 million RMB, and 109 million RMB from 2022 to 2024 [7]. - The gross margin improved from -2.1% in 2022 to 9.3% in 2024, driven by a recovery in memory chip prices and an increase in high-margin module business [7]. Group 3: Market Position and Growth Potential - By 2024, the company ranks fourth among domestic players in the niche DRAM market, with a market share of 11.3% in China and 0.8% globally [3][4]. - The global DRAM market is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2029, while the Chinese market is projected to grow at a CAGR of 7.6% [11]. - The company is enhancing its core competitiveness through continuous technological innovation and optimizing its business structure to expand its market share [14]. Group 4: Future Strategies - The company plans to use funds from its potential IPO to enhance R&D capabilities, improve production and testing capacities, and expand global sales and marketing efforts [14]. - Measures will be taken to improve financial conditions, including better inventory management and optimizing accounts receivable and payable [14].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The launch of Broadcom's TH6 switch chip, with a capacity of 102.4 Tbps, is expected to enhance the global computing infrastructure investment logic, supporting the next generation of AI networks [4][14] - The report emphasizes the importance of the AI computing infrastructure investment wave, highlighting the need for upgrades in communication network equipment and the development of the computing network [6][14] - The report identifies seven key investment directions within the AI computing industry chain, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [7][16] Summary by Sections Section 1: Investment Insights - Broadcom's TH6 switch chip is the first in the world to achieve 102.4 Tbps, doubling the current Ethernet switch bandwidth, and is designed to support AI clusters with over 1 million XPUs [4][13] - The TH6 chip features advanced technologies such as flexible connection options, AI-optimized routing, and support for various network topologies, making it suitable for large-scale AI network operations [5][13] Section 2: Market Review - The communication index rose by 4.06% during the week of June 2 to June 6, 2025, ranking first among the TMT sector [24] Section 3: Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.081 billion, a year-on-year increase of 21.6% [25] - 5G mobile phone shipments in April 2025 were 19.889 million units, accounting for 79.4% of total shipments, with a year-on-year decrease of 1.7% [25] Section 4: Operator Performance - The report highlights strong growth in innovative business development among the three major operators, with significant revenue increases in cloud computing services [39][40] - The ARPU values for the three major operators remained stable, with slight variations noted [39][44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The launch of Broadcom's TH6 switch chip, with a capacity of 102.4 Tbps, is expected to enhance the global computing infrastructure investment logic, particularly in AI computing networks [4][14] - The report emphasizes the importance of the AI computing infrastructure investment wave, highlighting the need for upgrades in communication network equipment [6][14] - The report identifies seven key investment directions within the AI computing industry, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [16] Summary by Sections Section 1: Investment Insights - Broadcom's TH6 switch chip is the first in the world to achieve 102.4 Tbps, doubling the current Ethernet switch bandwidth and supporting next-generation AI networks [4][13] - The TH6 chip features advanced routing capabilities and supports large-scale AI clusters, enhancing system efficiency and functionality [5][13] Section 2: Industry Trends - The report notes that as the TH6 chip is shipped, the investment logic for global computing infrastructure is expected to strengthen, with a focus on the development of the overall computing industry chain [14][15] - The report highlights the potential for accelerated investment in computing networks as trade tariffs ease, boosting confidence in overseas computing investments [6][14] Section 3: Key Investment Directions - AIDC Data Center Construction: Recommended stocks include New Idea Network Group, Yingweike, and Baoxin Software [17] - IT Equipment: Recommended stocks include Unisplendour and ZTE Corporation [18] - Network Devices: Recommended stocks include Unisplendour and ZTE Corporation [19] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [21] - AI Applications: Beneficiary stocks include Guohua Tong and Yiyuan Communication [22] - Satellite Internet: Beneficiary stocks include Haige Communication and Chengchang Technology [23] - 6G: Recommended stocks include ZTE Corporation [23] Section 4: Market Review - The communication index rose by 4.06% during the week, ranking first among the TMT sector [24] Section 5: Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [25] - The number of 5G mobile phone users reached 1.081 billion, a year-on-year increase of 21.6% [25]

证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

证券研究报告·公司深度研究·其他电源设备Ⅱ 中恒电气（002364） 掘金 HVDC 百亿蓝海，御风 AI 基建全球化 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,555 | 1,962 | 2,800 | 3,628 | 4,581 | | 同比（%） | (3.33) | 26.13 | 42.71 | 29.58 | 26.25 | | 归母净利润（百万元） | 39.36 | 109.63 | 180.73 | 240.46 | 306.05 | | 同比（%） | 170.51 | 178.52 | 64.85 | 33.05 | 27.28 | | EPS-最新摊薄（元/股） | 0.07 | 0.19 | 0.32 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 229.94 | 82.56 | 50.08 | 37.64 | 29.57 ...

还有一个板块值得关注，就是虫害防治。苏利股份、长青股份涨停，这和当前农业生产旺季有关。全国农技中心预测，今年病虫害发生面积会增加6.2%， 农药需求自然就上来了。这让我想起2019年的猪肉周期，当时牧原股份就是在行业低谷期被资金盯上的。不过农药板块周期性强，得把握好节奏，别在高峰 期追高。 最后说说市场情绪。虽然今天涨停股有65只，但主力资金净流出265亿，北向资金却在偷偷加仓科技和医药。这说明啥？机构在调仓换股，从题材股转向业 绩确定性高的方向。作为中长线投资者，咱们得学聪明点，别被短期波动影响，重点关注那些能影响长期趋势的变量，比如政策、行业景气度。 好了，以上就是今天的涨停股解读。关注帮主郑重，获取更多中长线投资策略。记住，投资就像钓鱼，耐心比技巧更重要，咱们下次再见！ 先来说说贵金属板块，这可是今天最耀眼的明星。湖南白银、白银有色、盛达资源这些票直接封板，原因很简单——国际银价创了13年新高！帮主我掐指一 算，这背后有三大推手：一是地缘政治紧张，资金都跑去避险了；二是新能源产业对白银的需求激增，光伏电池、电动车都离不开它；三是美元走弱，白银 作为"穷人的黄金"自然水涨船高。不过咱们中长线投资者得注意， ...