Investment Rating - The report maintains a rating of "Buy" for the electronic industry [1] Core Insights - The electronic industry is expected to experience significant growth driven by advancements in AI technology and the domestic supply chain's maturation, particularly in cloud and edge computing [11][15] - The report highlights the importance of 3D DRAM as a key hardware innovation for AI applications, with expectations for substantial demand growth in 2026 [22][27] - The shift towards high-density interconnects and advanced power supply architectures is crucial for supporting the increasing power density of AI data centers [50][56] Summary by Sections Cloud Computing Power - The domestic computing power supply chain is accelerating, with significant performance releases expected from local manufacturers like Zhongke Shuguang and Huawei [11] - The transition from Scale-Out to Scale-Up networking is enhancing bandwidth and reducing latency, which is critical for AI applications [11] Edge Computing Power - The integration of edge and cloud computing is becoming essential for AI applications, with edge devices benefiting from advancements in SoC technology [15][17] - Companies like Jingchen and Ruixinwei are positioned to capitalize on the growing demand for edge AI solutions [19] 3D DRAM - 3D DRAM is anticipated to become mainstream in 2026, driven by its high bandwidth and low cost, making it essential for various AI applications [22][27] - Companies such as Zhaoyi Innovation are expected to lead in the development of 3D DRAM technologies [28] AI Models - The optimization of AI models is crucial for enhancing performance and user experience, with a focus on local processing capabilities [29][30] - The collaboration between terminal manufacturers and model providers is expected to evolve, shaping the competitive landscape [30][33] AI Terminals - 2026 marks the beginning of a new era for AI terminals, with major companies like Meta, Apple, and Google launching innovative products [34][36] - The development of new terminal forms, such as smart glasses and desktop robots, is expected to drive market growth [34][35] Longxin Chain - Longxin's expansion plans are set to enhance the DRAM supply chain, with a focus on 3D architecture to improve performance and efficiency [38][39] - The company is expected to benefit from increased capital investment and technological advancements [39][41] Wafer Foundry - The domestic wafer foundry industry is entering a new expansion phase, particularly in advanced logic processes [42][43] - Key players like SMIC and Huahong are expected to lead this expansion, addressing the growing demand for advanced chips [44] PCB Industry - The PCB market is poised for growth, driven by the demand for high-performance materials and advanced designs [45][48] - Companies like Shenghong Technology are expected to benefit from the rising demand for AI-related PCB applications [49] Optical-Copper Interconnection - The demand for optical and copper interconnections is increasing, driven by the growth of AI computing clusters [50][52] - Companies such as Changguang Huaxin are well-positioned to capitalize on this trend [53] Server Power Supply - The shift to HVDC power supply architectures is becoming essential for AI data centers, addressing the challenges of increasing power density [55][56] - Companies like Oulu Tong are expected to lead in the development of advanced power supply solutions [56]

大盘午后拉升，硬科技方向较为活跃，机器人、GPU、ASIC芯片等概念涨幅居前。截至14:35，科创板 50指数上涨1.1%，上证科创板人工智能指数上涨1.3%。 中金公司表示，"十五五"规划明确将科技自立自强作为核心目标，在全球AI大模型加速迭代的背景下， 国产算力全链条创新突破迫在眉睫，全国一体化算力网战略地位亦有所提升。同时，海外AI硬件方向 有望延续高景气。看好国内AI链加速创新与前沿科技方向。 科创板50指数由科创板中市值大、流动性好的50只股票组成，半导体行业占比超65%；上证科创板人工 智能指数则聚焦科创板AI产业链企业，芯片相关权重占比在同类指数中排名第一。科创板50ETF （588080）、科创人工智能ETF（588730）分别跟踪以上指数，为投资者投资科技成长板块提供了便捷 配置工具。 每日经济新闻 消息面上，国内GPU领域迎来一波上市潮。证监会官网显示，近日通用GPU芯片厂商瀚博半导体(上海) 股份有限公司已完成上市辅导，拟申报科创板，公司目前拥有自主研发的核心IP以及两代GPU芯片，提 供适用于通用计算和图形渲染的GPU产品，两代芯片已量产，实现商业化落地。 此前，沐曦股份和摩尔线程已在 ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the domestic computing power industry, particularly the developments surrounding H Company and its supply chain partners, including companies like 华正新材 (Huazheng New Materials), 神州数码 (Digital China), and 杰华特 (Jiahua Technology) [1][2][3][4][5][6][7][8][9][10][11]. Key Points and Arguments H Company's Strategic Shift - H Company's strategic shift is expected to accelerate product iteration and increase the market share of Ascend series chips among major internet companies, potentially lowering supplier bargaining power and improving profitability [1][2]. - The adjustment aims to alleviate competition between H Company's cloud business and chip customers, enhancing the software ecosystem and GPU architecture transition speed [3][9]. Supply Chain Performance - The supply chain companies, including 华正新材, are experiencing significant growth due to rising copper prices and effective price transmission downstream, leading to improved profit margins [1][4]. - 华正新材 is expected to gain substantial market share with the upcoming launch of new products, benefiting from H Company's strategic shift [4]. - 神州数码 has secured large orders from top AI CSP clients, with a projected revenue growth of 20%-30% next year, indicating a positive development trend [5]. Domestic AI and Computing Power Demand - The demand for domestic computing power is rapidly increasing, as evidenced by large orders from domestic AI CSP clients, indicating a tight supply-demand balance in the intelligent computing card market [6][7]. - The introduction of new generation products in 2026 is anticipated to expand application scenarios and growth potential for domestic computing cards [8]. Market Performance and Future Outlook - Companies like 杰华特 are expected to see revenue growth of 30%-40% next year, driven by their adaptation to H Company's GPU and CPU scenarios [3][11]. - The semiconductor testing industry, particularly companies like 伟测科技 (Weicet Technology), is projected to benefit from H Company's incremental demand, with expectations of over 50% compound annual growth rate [10]. Communication Sector Insights - The communication sector is advised to focus on stable value contribution and profit release segments related to H chips, such as liquid cooling and server partnerships [9]. Additional Important Insights - The competitive landscape is shifting, with domestic companies poised to capture more market share as they adapt to technological advancements and strategic changes within H Company [2][3][6][11]. - The emphasis on domestic production and innovation in the semiconductor and computing power sectors reflects a broader trend towards self-sufficiency and competitiveness in the global market [1][8][10].

国投证券指出，国产算力从供给侧和需求侧均迎来新的变化，一方面以华为异腾为代表的国产算力芯片 持续迭代，另一方面，国内互联网大厂逐步适配国产芯片，建议关注国产算力产业链。 华创证券认为，科创估值或仍有继续上行空间。康波周期下的科技竞赛，继续打开估值上限。AI链： 端侧增长稳健可持续，应用侧关注ToB端商业化落地。参考上一轮康波周期中90年代美股互联网时代的 信息技术板块估值，其在推动康波周期上行过程中普遍创下新高，而中国当前的科创估值上限打开程度 与彼时仍存在一定差距，因此整体估值或仍有继续上行空间。 【国产替代之光，科创自立自强】 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF华宝（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业 链、具备较强国产替代特点，前十大重仓股权重占比逾七成，第一大重仓行业半导体占比超一半，集中 度高，具备较强进攻性。同时，该ETF是融资融券标的，是一键布局国产算力的高效工具。 成份股方面，芯原股份领涨超5%，云天励飞、寒武纪涨逾4%，中科星图涨超2%，亚信安全、道通科 技、复旦微 ...

截至2025年12月29日 10:10，上证科创板100指数上涨0.19%，成分股中复神鹰上涨6.81%，云天励飞上 涨6.28%，华丰科技上涨4.79%，翱捷科技上涨4.52%，思瑞浦上涨3.71%。科创100指数ETF(588030)上 涨0.15%，最新价报1.38元。拉长时间看，截至2025年12月26日，科创100指数ETF近1周累计上涨 5.60%。 流动性方面，科创100指数ETF盘中换手0.59%，成交3625.43万元。拉长时间看，截至12月26日，科创 100指数ETF近1年日均成交3.31亿元。 资金流入方面，科创100指数ETF最新资金净流入1653.77万元。拉长时间看，近10个交易日内，合计"吸 金"1.49亿元。（数据来源：Wind） 科创100指数ETF紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 数据显示，截至2025年11月28日，上证科创板100指数前十大权重股分别为 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【小米集团突发公告！林斌拟减持不超20亿美元股票】 12月28日，小米集团在港交所发布公告称，公司联合创始人、执行董事、副董事长林斌计划自2026年12月开 始，每12个月出售金额不超过5亿美元的公司B类普通股，累计出售总金额不超过20亿美元。 根据小米2025年中期报告披露，林斌直接或间接持有小米约18.81亿股B类股份以及约4.49亿A类股票，按照最 新股价39.22港元计算，持有市值约913.83亿港元。 对于欧洲冻结的俄罗斯资产是否应转移的问题，特朗普表示，相关安排"尚未最终确定"。 【传字节跳动2026年从华为采购昇腾芯片，订单总额或超400亿元】 12月28日晚间消息，据媒体报道，字节2026年从华为采购的昇腾芯片订单总额或将超过400亿元，而在2025年 这一数值近乎为零。其中，首批芯片即将开启交付，规模达百亿级，将成为国产算力发展的里程碑时刻。相关 报道指出，字节大规模加大国产算力采购，动力来自两方面：一是2025年4月英伟达H20断供后，算力缺口显 现；二是其云计算业务火山引擎和AI应用豆包的T ...

产业链上，此次采购将为字节产业链带来多环节增量，超400亿元的芯片采购意味着字节对光模块、液 冷、服务器机柜、电气设备等硬件的采购将是海量的，尤其是AIDC机柜功率规模翻倍，直接拉动相关 基础设施需求。 在产业链上下游和公司方面，机构总结称，华为昇腾产业链涵盖上游的晶圆制造（中芯国际、华虹半导 体）、中游的AI芯片（华为海思）、服务器整机（拓维信息、神州数码）、服务器组件（中际旭创、 英维克）及下游的智算中心、互联网企业等环节，字节的采购将打通从芯片到终端应用的需求传导，带 动全产业链增长。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据行业媒体划重点KeyPoints获悉，字节跳动2026年从华为采购的昇腾芯片订单总额或将超过400亿元， 而2025年这一数值近乎为零，其中首批芯片即将开启交付，规模达百亿级，这一订单被业内视为国产算 力发展的里程碑时刻。 分析认为字节此次大举采购的背后，是双重因素的驱动： 一方面，2025年4月英伟达H20断供后，公司算力缺口显著显现；另一方面，其云计算业务火山引擎和 AI应用豆包的Tokens调用量爆发式增长，据披露，2025年12月 ...

新浪科技就上述信息向字节跳动求证，截至发稿暂未获得回应。 责任编辑：郭栩彤 责任编辑：郭栩彤 新浪科技讯 12月28日晚间消息，据媒体报道，字节2026年从华为采购的昇腾芯片订单总额或将超过400 亿元，而在2025年这一数值近乎为零。其中，首批芯片即将开启交付，规模达百亿级，将成为国产算力 发展的里程碑时刻。相关报道指出，字节大规模加大国产算力采购，动力来自两方面：一是2025年4月 英伟达H20断供后，算力缺口显现；二是其云计算业务火山引擎和AI应用豆包的Tokens调用量爆发式增 长。为此，字节开始加速与华为的深度合作。 新浪科技讯 12月28日晚间消息，据媒体报道，字节2026年从华为采购的昇腾芯片订单总额或将超过400 亿元，而在2025年这一数值近乎为零。其中，首批芯片即将开启交付，规模达百亿级，将成为国产算力 发展的里程碑时刻。相关报道指出，字节大规模加大国产算力采购，动力来自两方面：一是2025年4月 英伟达H20断供后，算力缺口显现；二是其云计算业务火山引擎和AI应用豆包的Tokens调用量爆发式增 长。为此，字节开始加速与华为的深度合作。 新浪科技就上述信息向字节跳动求证，截至发稿暂未获得 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The 2025 AI Innovation Conference showcased over 50 AI innovation achievements, highlighting the growth of the domestic AI computing industry in various sectors [2][5] - The company is positioned to become a comprehensive platform for AI computing in China, leveraging its strengths in high-end CPU and DCU businesses [12][12] - The conference aimed to address industry fragmentation by promoting open ecosystems and collaborative innovation among various enterprises [12] Summary by Relevant Sections Event Description - The 2025 AI Innovation Conference took place from December 17 to 19, 2025, featuring significant AI innovations across core components, intelligent terminals, and industry applications [2][5] Event Commentary - The conference emphasized the need for open ecosystems to overcome barriers in the AI industry, such as high-end computing supply shortages and software-hardware compatibility issues [12] - The launch of the scaleX supercluster represents a key breakthrough in building large-scale intelligent computing infrastructure [12] Financial Projections - Projected total revenue for 2025 is 14,372 million, with a net profit of 4,181 million [17] - The company anticipates a steady increase in revenue and profit margins over the next few years, with a net profit margin of approximately 29% by 2027 [17]

Group 1 - The core viewpoint of the news highlights the positive performance of the digital economy theme index and its constituent stocks, with significant gains observed in companies like Shengbang Co., SanHuan Group, and others [1] - The digital economy ETF (560800) has shown a 0.51% increase, with a notable trading volume of 813.10 million yuan and a one-year average daily trading volume of 2.12 million yuan [1] - Shanghai Jiao Tong University has made a technological breakthrough in the next-generation optical chip field, while Samsung has launched the industry's first 2nm process smartphone application processor, the Exynos 2600 [1] Group 2 - According to Dongfang Caifu, AI inference technology is driving structural opportunities in key areas such as storage, ASIC, and domestic computing power [2] - The storage sector is experiencing increased demand from data centers, coupled with breakthroughs in domestic storage technology, leading to an upward trend in the industry [2] - The domestic ASIC chip market is benefiting from the rising demand for AI inference customization, with local CSP manufacturers accelerating their market share growth [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the digital economy theme index account for 54.6% of the index, including companies like Dongfang Caifu, Cambricon, and others [3] - The digital economy ETF closely tracks the digital economy theme index, selecting listed companies with high digitalization levels and infrastructure [2][3]