据媒体报道，在监管不确定的情况下，英伟达（NVDA）要求海外客户为其H200 AI芯片支付全额预付 款。英伟达称该芯片订单量已超过200万片，台积电（TSM）已被要求增产。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 据媒体报道，在监管不确定的情况下，英伟达（NVDA）要求海外客户为其H200 AI芯片支付全额预付 款。英伟达称该芯片订单量已超过200万片，台积电（TSM）已被要求增产。 ...

Market Overview - The A-share market experienced a slight decline with a trading volume above 2.8 trillion yuan, while 3,731 stocks closed in the green, led by military, aerospace, and satellite sectors [1][4] - The market sentiment has turned cautious after consecutive gains, with a decrease in the willingness to chase high prices, but profit-taking has not triggered panic, maintaining a balance between bulls and bears [3][4] Sector Performance - The defense and military sector surged by over 4%, leading the market, with 12 stocks hitting the daily limit up [7][13] - Other sectors such as media, construction decoration, real estate, and building materials also saw gains exceeding 1% [7] - The commercial aerospace sector continued to show strong performance, with many stocks experiencing significant increases [5][13] Trading Dynamics - The margin trading balance rose to 2.6 trillion yuan, indicating sustained interest in leveraged investments [1][4] - The trading volume decreased by 552 billion yuan compared to the previous day, reaching 2.83 trillion yuan [4] - The market remains active despite profit-taking pressures, with a notable number of stocks still performing well [3][4] Notable Stocks - Key stocks in the defense sector included Aerospace South Lake and Hailanxin, both hitting the daily limit up of 20% [8][13] - Other notable performers included Tianrun Technology and Qian Zhao Lighting, which also saw significant price increases [13] - The AI chip sector showed positive momentum, while sectors like brokerage, CPO, and rare metals experienced corrections [5][11] Summary of Key Indices - The Shanghai Composite Index fell by 0.07% to 4,082.98 points, while the ChiNext Index dropped by 0.82% to 3,302.31 points [4] - The CSI 300 and SSE 50 indices both declined by nearly 1% [4]

Core Viewpoint - Nvidia is entering the robotaxi market and plans to test its own robotaxi offering by next year [1] Company Summary - Nvidia, known as the leader in AI chips, is expanding its business into the robotaxi sector [1]

Group 1: Industry Growth and Performance - Shanghai's integrated circuit industry revenue reached 391.2 billion yuan from January to November 2025, marking a year-on-year growth of 23.72%, with an expected annual scale exceeding 460 billion yuan, a 24% increase [1] - The AI chip industry cluster in Shanghai has significantly contributed to this growth, with the "Four Little Dragons" of GPU chips making a strong entry into the capital market [3][4] - The revenue of the AI chip companies is on the rise, with Muxi Technology's revenue expected to exceed 700 million yuan in 2024 and 915 million yuan in the first half of 2025, while Wallen Technology and Tensu Zhixin also show rapid growth [4] Group 2: Capital Market Activity - The "Four Little Dragons" of Shanghai's GPU chips have recently listed on capital markets, with Tensu Zhixin raising 3.7 billion HKD through its IPO, achieving an oversubscription of 414.24 times in the public offering [3][4] - Muxi Technology and Wallen Technology have also made significant strides in the capital market, with Muxi being the first to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board [3] Group 3: Technological Advancements - Tensu Zhixin has achieved several breakthroughs in the domestic GPU industry, launching the first training-specific and inference-specific general-purpose GPU products, filling gaps in the domestic chip market [4] - Muxi Technology has developed a series of GPUs for intelligent computing, with its products already deployed in over ten intelligent computing clusters, showcasing significant commercial application [8] Group 4: Industry Ecosystem and Support - Shanghai has established a robust ecosystem for integrated circuits, ranking fourth globally and first in mainland China, with over 1,200 integrated circuit companies and a significant concentration of talent and innovation resources [7] - The city has implemented supportive policies for the integrated circuit industry, providing funding and resources to companies at various stages of development, exemplified by Muxi Technology's early-stage funding and strategic investments [7][8] Group 5: Future Outlook - The AI chip market in China is projected to grow significantly, with an expected shipment of 2.5 million units in 2024 and a compound annual growth rate of 32.1% until 2029, indicating substantial potential for domestic companies [4] - Shanghai aims to continue leading in the integrated circuit industry, focusing on innovation, talent cultivation, and comprehensive service support to enhance its competitive edge in the global market [9]

Core Viewpoint - TianShu ZhiXin, a domestic general-purpose GPU chip company, successfully listed on the Hong Kong Stock Exchange on January 8, 2025, with an initial price of HKD 144.60, experiencing a first-day increase of 31.5% and closing up 8.39%, resulting in a market capitalization of HKD 39.877 billion. The company raised approximately HKD 3.5 billion, with 80% allocated for product and solution R&D, reflecting high market interest in domestic AI chips following the recent IPOs of several competitors [1][10]. Company Overview - TianShu ZhiXin is a leading provider of general-purpose GPU chips and computing systems in China, focusing on developing autonomous and internationally competitive GPU products [2]. - The company was established on December 29, 2015, and has undergone several management changes, including a significant shift in focus from software and cloud services to GPU development after multiple rounds of financing in 2018 [4][5]. Management Structure - The ownership of TianShu ZhiXin is controlled by an employee stock ownership platform, with a management committee comprising four executive directors and eight executives, each holding one vote for major decisions [3]. Product Development and Market Position - The company currently offers training chips (TianHui) and inference chips (ZhiKai), with a total of 52,000 GPUs delivered by mid-2025, marking a historical high of 15,000 units shipped in the first half of 2025, which is 2.3 times the amount shipped in the same period of 2024 [7]. - In 2024, TianShu ZhiXin held a 0.3% market share in China's general-purpose GPU market, ranking fifth, with fourth-place rankings in both training and inference GPU markets [7]. Financial Performance - TianShu ZhiXin's revenue from 2022 to the first half of 2025 was reported as follows: CNY 189 million, CNY 289 million, CNY 540 million, and CNY 324 million, respectively. The R&D costs during the same period were CNY 457 million, CNY 616 million, CNY 773 million, and CNY 452 million [8]. - The company has been operating at a loss, with net losses increasing from CNY 554 million in 2022 to CNY 609 million in the first half of 2025, despite a 64% revenue growth in the same period [8]. Customer Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for 94.2% of total revenue in 2022, dropping to 38.6% in the first half of 2025 [8]. Market Trends - The domestic GPU market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 70.1% from 2022 to 2024, and a projected CAGR of around 30% from 2025 to 2029 [11][12]. - The domestic GPU market's localization rate is expected to rise significantly as foreign competitors like NVIDIA and AMD potentially exit the Chinese market due to geopolitical factors [10]. Competitive Landscape - The recent IPOs of several domestic GPU companies, including MoEr Thread and MuXi Co., have generated significant market interest, with their stock prices experiencing substantial increases on their debut [15][16]. - The competitive environment is characterized by a mix of established players and new entrants, all striving for a share of the rapidly growing AI chip market [16].

| | | | | Al芯片板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 688041 | 海光信息 | 1 | 10.04 | 5697亿 | 9.22 | | 2 | 002195 | 岩山科技 | 1 | 9.53 | 586亿 | 45.84 | | 3 | 688795 | 摩尔线程-l 1 | | 7.28 | 3114 乙 | 12.68 | | 4 | 688802 | 沐園股份-L 1 | | 5.76 | 2556亿 | 10.11 | | ട | 603031 | 安孚科技 | 1 | 4.55 | 129亿 | 12.64 | | 6 | 688256 | 寒龍纪-U | 1 | 4.31 | 6136亿 | 7.34 | | 7 | 301259 | 艾布鲁 | | 3.85 | 54.68 Z | 6.05 | | 8 | 300192 | 科德教育 | | 3.25 | 73.10亿 | 5.11 | | ರಿ | 66 ...

Core Viewpoint - The stock of Xuanji Information has shown a positive trend with a 6.86% increase since the beginning of the year, reflecting strong market interest and performance in the technology sector [1]. Group 1: Stock Performance - As of January 8, Xuanji Information's stock price rose by 2.08% to 6.39 CNY per share, with a trading volume of 274 million CNY and a turnover rate of 2.53%, resulting in a total market capitalization of 11.039 billion CNY [1]. - The stock has experienced a 6.68% increase over the last five trading days, a 2.08% increase over the last twenty days, and a 9.98% increase over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Xuanji Information reported a revenue of 1.47 billion CNY, representing a year-on-year growth of 6.90%. However, the net profit attributable to shareholders was -173 million CNY, a decrease of 20.48% compared to the previous year [2]. - The company has distributed a total of 327 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Xuanji Information reached 132,500, an increase of 35.01% from the previous period, while the average number of circulating shares per person decreased by 25.93% to 12,905 shares [2]. - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 30.7632 million shares, which is an increase of 20.6485 million shares from the previous period [3].

第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 上海GPU"四小龙"背后，是已布局几十年的集成电路产业。在世界集成电路协会《全球集成电路产业综 合竞争力百强城市》最新排名中，上海位列全球第四、中国（大陆）第一。 | 排名 | 城市 | 国家/地区 | 洲别 | | --- | --- | --- | --- | | 1 | 圣克拉拉 | 美国 | 北美 | | 2 | 新竹 | 中国台湾 | 亚洲 | | ...

特朗普一语，美股崩盘 芯片是国家科技实力的底子，在全球竞争里谁也绕不开。美国一直想牢牢抓住这个优势，从2022年开始 就对中国芯片产业使劲压着。拜登那时候签了芯片法案，总额2800亿美元，里面有五百多亿直接补贴半 导体厂，还有两百多亿税收优惠，鼓励企业在美国本土搞研发和生产，另外两千亿扔给科研。 结果，美国商务部直接禁了向中国出口高端芯片设备，还拉着荷兰日本这些盟友一块儿玩，目的就是卡 住中国技术链条。荷兰的阿斯麦公司没法卖极紫外光刻机给中国，日本东京电子也跟着调整出口。中国 企业只好自己想办法，转向本土供应链，加速自主研发。 特朗普2024年大选赢了，重回白宫，他的思路跟拜登不一样，更爱用关税当武器。2025年3月4日，他在 国会演讲里把芯片法案批得一文不值，说这是浪费钱，最好废掉它，用那些资金减债。 中国天才，逆境腾飞 陈云霁1983年出生在江西南昌，家里条件一般，但他从小数学就牛。小学时候就搞定二元一次方程，还 拿了全国奥数一等奖。1997年，14岁考上中科大少年班，19岁去中科院计算所读硕博连读，24岁博士毕 业，25岁就当了中科院8核龙芯的主架构师。 特朗普觉得补贴芯片公司没用，那些企业拿了钱也不见 ...

Core Insights - Nvidia's CEO Jensen Huang announced the launch of the Rubin platform, claiming it to be the strongest computing chip ever, which is expected to drive significant business growth for Nvidia and its partner TSMC in 2026 [1][2] Group 1: Nvidia's Rubin Platform - The Rubin platform integrates six types of computing chips, including the Rubin GPU, Vera CPU, and advanced networking platforms like Spectrum 6 and BlueField-4 DPU, marking a significant innovation in chip technology [1] - Nvidia has received substantial orders for the Rubin platform, alongside continued demand for the existing GB300, indicating a strong market response [1] - The platform utilizes TSMC's 3nm process technology combined with CoWoS-L advanced packaging, enhancing its performance capabilities [2] Group 2: Impact on TSMC and Related Companies - TSMC is expected to experience significant growth in 2026 due to the strong order flow from Nvidia's Rubin platform, with ongoing collaboration between the two companies [1][2] - The introduction of NVL72 computing technology indicates a substantial increase in procurement units for cloud service providers, which will positively impact Nvidia and TSMC's operational performance [2] - Related companies such as ASE Technology Holding, King Yuan Electronics, and probe card suppliers like Wanshih and Yungwei are also anticipated to benefit from the growth driven by the Rubin platform [2]