5、根据2024年年报，公司海外营收占比为71.98%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 来源：新浪证券-红岸工作室 11月28日，均普智能涨1.42%，成交额1.05亿元，换手率0.80%，总市值131.30亿元。 异动分析 人形机器人+汽车热管理+华为汽车+新能源汽车+人民币贬值受益 1、2025年7月14日互动易，公司全资子公司与智元机器人通过成立合资公司开展通用人形机器人本体的 共研、生产和销售，同时公司也向智元机器人供应零部件。 2、公司承接并完成了宝洁集团全球近十年投资最大的电动剃须刀智能制造装备项目，并陆续开拓了采 埃孚、保时捷、福特、美国车桥、美的集团等客户的新能源汽车电驱动和电控模块、 800V 汽车电压升 压模块、新一代大尺寸汽车中控触摸屏系统、汽车电子刹车助力系统、新能源汽车空调压缩机等代表行 业前沿技术的智能制造装备项目。 3、2023年10月13日互动易：公司为客户提供车载控制系统装配智能产线，据了解相关产线生产的终端 产品会上车华为HI模式或智选模式相关车型。 4、宁波均普智能制造股份有限公司的主营业务是成套装配与 ...

11月28日，寒武纪盘中上涨2.10%，截至13:54，报1345.00元/股，成交56.67亿元，换手率1.03%，总市 值5671.67亿元。 资金流向方面，主力资金净流入791.09万元，特大单买入13.19亿元，占比23.27%，卖出15.12亿元，占 比26.68%；大单买入36.43亿元，占比64.28%，卖出34.41亿元，占比60.73%。 截至9月30日，寒武纪股东户数6.20万，较上期增加52.13%；人均流通股6748股，较上期减少34.13%。 2025年1月-9月，寒武纪实现营业收入46.07亿元，同比增长2386.38%；归母净利润16.05亿元，同比增长 321.49%。 机构持仓方面，截止2025年9月30日，寒武纪十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股1200.35万股，相比上期减少370.05万股。易方达上证科创板50ETF（588080）位居第六大流 通股东，持股540.56万股，相比上期减少323.78万股。华夏上证科创板50成份ETF（588000）位居第七 大流通股东，持股529.89万股，相比上期减少607.67万股。华夏上证50ETF（5 ...

联发科股价已连涨5天，周涨幅超过20%，即将创2002年以来最大周度涨幅，投资者对谷歌最新Gemini模型和AI芯片交易的热情高涨。据此前报道，联发科已与谷歌合作设计TPU目前被视为英伟达AI芯片的竞争对手 。摩根士丹利认为联发科明年在中国手机市场仍面临严峻挑战，但谷歌TPU的潜力应该能在长期内抵消手机业务的不利影响。（大摩周四将谷歌评级从观望上调至增持）外汇交易员 (@myfxtrader):谷歌正大幅加紧在AI芯片竞赛中与英伟达展开竞争，而Meta正成为其潜在的数十亿美元客户。多年来，谷歌一直将其定制TPU限制在自家云数据中心内使用，并对外出租算力。但据The https://t.co/D2wxUlbHSQ ...

Core Viewpoint - 瑞芯微's stock price has shown significant growth this year, with a year-to-date increase of 68.10% and a recent uptick of 2.14% on November 28, 2023, indicating strong market interest and performance [1][2]. Financial Performance - For the period from January to September 2025, 瑞芯微 achieved a revenue of 3.141 billion yuan, representing a year-on-year growth of 45.46% [2]. - The net profit attributable to shareholders for the same period was 780 million yuan, reflecting a substantial year-on-year increase of 121.65% [2]. Shareholder Information - As of September 30, 2025, 瑞芯微 had 87,500 shareholders, an increase of 34.79% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 25.76% to 4,811 shares [2]. Stock Market Activity - 瑞芯微's stock has been active, appearing on the龙虎榜 six times this year, with the most recent appearance on August 28 [1]. - The stock's trading volume on November 28 was 804 million yuan, with a turnover rate of 1.06% [1]. Dividend Distribution - Since its A-share listing, 瑞芯微 has distributed a total of 1.274 billion yuan in dividends, with 566 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 1.6511 million shares to 15.3608 million shares [3]. - Other notable changes in institutional holdings include a decrease in shares held by 银河创新混合A and 南方中证500ETF [3].

Core Insights - The 2025 Integrated Circuit Development Forum (ICCAD-Expo) held in Chengdu highlighted the optimistic sales forecast for China's chip design industry, projecting sales to exceed $100 billion for the first time by 2025, indicating a return to high growth [1][3] - The event gathered over 2,000 renowned companies in the integrated circuit industry, including major players like Samsung, Siemens, and TSMC, showcasing the latest technologies [1][3] - The forum emphasized the significant growth potential of non-GPU AI chips, with projections indicating that the market share of reconfigurable chips in non-GPU server markets will reach 30% by mid-2025 and grow to 50% by 2028 [3][5] Industry Developments - The theme of this year's ICCAD-Expo was "Open Innovation, Achieving the Future," attracting over 6,300 industry experts to discuss the development trends of the integrated circuit industry [3] - The Chinese semiconductor industry is expected to experience a new wave of growth, potentially reaching a scale of 1 trillion yuan by 2030, driven by advancements in AI and other new technologies [3][5] - Clear Micro Intelligence, a domestic reconfigurable computing chip company, presented insights on the strategic development opportunities in the non-GPU chip architecture during the forum [5][6] Company Highlights - Clear Micro Intelligence's CEO, Wang Bo, was awarded the "2025 IC Design Annual Entrepreneur" title for his strategic vision and commitment to promoting the localization of new AI chip architectures [6][10] - The company has successfully mass-produced the TX81 chip, which is designed for large-scale AI applications, achieving a 50% cost reduction compared to competitors and a threefold increase in energy efficiency [6][7] - Since the mass production of its products, Clear Micro Intelligence has established large-scale intelligent computing clusters across multiple regions in China, with over 20,000 orders for reconfigurable computing cards [7]

Group 1 - The article discusses the gradual improvement of China-US relations, highlighted by three significant events [1] - China's central bank has increased its gold reserves for 12 consecutive months, reaching 74.09 million ounces, which is still below the global average of 15% [3][27] - The increase in gold reserves aims to optimize foreign exchange reserves and reduce risks associated with excessive dollar assets, acting as a "safety cushion" for the economy [5] Group 2 - China has resumed large-scale purchases of US soybeans, with 3 million tons valued at approximately $1.5 billion, marking a significant trade development since May [10][12] - This soybean purchase is strategically timed ahead of the US midterm elections, benefiting agricultural states that are crucial for the Republican Party [12][14] - The US is considering the export of Nvidia's H200 AI chips to China, which could significantly impact the AI chip market and reflects ongoing negotiations between the two countries [15][19] Group 3 - The article suggests that these developments indicate a pragmatic approach to trade, with both countries seeking mutual benefits, contrasting with the tensions seen during the 2018 trade war [24][26] - Despite the positive signals, underlying differences remain, particularly regarding chip exports, which are still under intense debate in the US [26] - The overall economic interdependence of China and the US, accounting for over 40% of global GDP, emphasizes the need for cooperation rather than confrontation [29]

Core Viewpoint - The AI chip market is experiencing significant shifts as Google accelerates the commercialization of its self-developed AI chip, TPU, potentially impacting NVIDIA's dominance in the GPU market [1][4]. Group 1: Google's TPU Development - Google has been developing TPU since 2013, initially for internal AI workloads and Google Cloud services, but is now pushing for external commercialization, with Meta considering deploying TPU in its data centers by 2027 [4]. - The potential contract with Meta could be worth several billion dollars, indicating a significant market opportunity for Google [4]. - Google’s strategy aligns with its long-term goal of integrating hardware and software, especially as the costs of training large models rise dramatically [4]. Group 2: NVIDIA's Market Position - NVIDIA currently holds over 90% of the AI chip market share, but faces increasing competition from companies like Google [4]. - In response to the competitive landscape, NVIDIA emphasizes its "one generation ahead" advantage and the versatility of its GPUs, which are seen as irreplaceable in current AI innovations [5]. - Despite the challenges posed by self-developed chips, NVIDIA continues to supply GPUs to Google, indicating a complex relationship between the two companies [5]. Group 3: Industry Trends - The trend towards self-developed AI chips is not limited to Google; other tech giants like AWS and Microsoft are also advancing their own chip technologies [6][7]. - The industry is moving towards a heterogeneous architecture, where companies are diversifying their chip supply strategies rather than relying solely on one type of architecture [7]. - The collaboration between companies like Anthropic with both NVIDIA and Google highlights a shift towards a multi-supplier strategy in AI infrastructure [7]. Group 4: Market Reactions - Following news of Google's TPU commercialization, NVIDIA's stock experienced significant volatility, reflecting market concerns about its future share and profitability in the AI infrastructure space [8]. - The evolving landscape suggests a transition from hardware competition to system-level competition, with changes in software frameworks and energy efficiency influencing the AI chip market [8].

Core Viewpoint - The domestic GPU chip manufacturer Muxi Co., Ltd. is accelerating its IPO process, with the official subscription date set for December 5, 2023, aiming to raise 3.904 billion yuan for three major GPU projects [1] Group 1: IPO Details - Muxi Co., Ltd. plans to issue 40.1 million shares, with an initial strategic placement of 8.02 million shares, and the online subscription code is 787802 [1] - The company submitted its IPO application on June 30 and received approval from the China Securities Regulatory Commission on November 12, completing the process in just 116 days [1] Group 2: Company Background - Established in September 2020, Muxi is recognized as a leader in high-performance general-purpose GPUs in China, achieving technological breakthroughs in the AI chip sector, which has been dominated by international firms [1] - The performance of Muxi's products matches that of mainstream high-end processors internationally, placing the company in a leading position domestically [1] Group 3: Financial Performance - The main product, the Xiyun C500 series, is the primary source of revenue for the company, generating revenues of 15.4681 million yuan, 72.2 million yuan, and 31.4 million yuan from 2023 to the first quarter of 2025, accounting for 30.09%, 97.28%, and 97.87% of the main business income during the same periods [2]

Core Points - Tianpu Co., Ltd. (605255) is undergoing its fourth suspension for stock price fluctuations, with a cumulative increase of over 450% since late August, including a 35% rise in the last four trading days [2][3] Group 1: Stock Price Movement - The stock price of Tianpu Co., Ltd. has increased over 450% from August 22 to November 27, with a notable 35% rise from November 24 to 27 [2][3] - The company has experienced multiple trading halts due to significant price volatility, with a history of 15 consecutive trading days of price increases from August 22 to September 23 [3] Group 2: Acquisition and Control Changes - The price fluctuations are linked to the acquisition and capital increase plans by Zhonghao Xinying, which will result in a new actual controller for Tianpu Co., Ltd. [5] - Tianpu Co., Ltd. has clarified that Zhonghao Xinying's existing capital path is unrelated to the acquisition and that there are no plans for asset injection or major business changes in the next 12 months [5] Group 3: Financial Metrics and Risks - The current price-to-earnings ratio of Tianpu Co., Ltd. is 605.87, significantly higher than the industry average of 29.71 [6] - The controlling shareholders and acquirers hold 75% of the company's total shares, indicating a small free float and potential irrational speculation risks [6] - Recent trading data shows a dispersed trading volume, with nearly 1.2 billion yuan traded over two days, but the top five buying positions accounted for only 57.18 million yuan [6] Group 4: Tender Offer Details - Zhonghao Xinying's tender offer is ongoing and will not be affected by the stock suspension, with the offer period running from November 20 to December 19 [6][7] - The tender offer price is significantly lower than the recent closing price of 147.00 yuan per share, leading to a potential loss of 123.02 yuan per share for investors who accept the offer [6][7]

Core Viewpoint - Bank of America predicts that the AI data center market will grow fivefold to over $1.2 trillion by 2030, maintaining a buy rating on Nvidia, Broadcom, and AMD despite potential market share declines for Nvidia [2][4][11]. Market Growth and Dynamics - The total addressable market (TAM) for AI data centers is expected to increase from $242 billion in 2025 to over $1.2 trillion by 2030, indicating a significant market expansion [11]. - Even if Nvidia's market share normalizes from 85% to 75%, its absolute revenue is projected to experience explosive growth [4][11][12]. Competitive Landscape - Custom chips, such as Google's TPU, are seen as a challenge to GPUs, particularly for companies with large internal workloads like Google and Meta [3][4]. - However, GPUs remain irreplaceable in public cloud and enterprise markets due to their flexibility and broader ecosystem [13]. Investment Recommendations - Bank of America maintains a buy rating for Nvidia, Broadcom, and AMD, suggesting that current valuations do not fully reflect their long-term profitability [5][15]. - Nvidia is expected to achieve over 40% sales and earnings growth, with a target price of $275, while its earnings per share could exceed $10 by 2027 and $20 by 2030 [16][17]. - Broadcom is viewed as a major beneficiary of the custom chip trend, with a target price of $400, anticipating over 100% year-over-year growth in AI business revenue by 2026 [18][19]. - AMD is also recommended for holding, with a target price of $300, reflecting its growth potential across various sectors despite facing cyclical slowdowns in embedded markets [21][23].