国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月23日消息，据报道，三星电子存储部门与SK海力士的毛利率，有望在第4季超越台积电，可能是存 储芯片利润七年来首次超过晶圆代工。 三星存储业务与SK海力士的毛利率，本季估计63%-67%，超越台积电的60%。这一变化标志着，在AI 产业浪潮中，半导体行业的利润重心正在发生转移。 同时，AI推理也将驱动存储架构升级，加速SSD对传统机械硬盘的替代，为存储行业带来新的增长动 力。 ***************END*************** 半导体公众号推荐 半导体论坛百万微信群 加群步骤： 第一步：扫描下方二维码，关注国芯网微信公众号。 据悉，台积电虽凭借先进制程牢牢握有AI训练芯片的代工订单，但在当前产业阶段，存储芯片已成为 制约AI推理能力的关键瓶颈，并因此获得了更强的定价权与利润空间。市场预计，在推理需求推动 下，明年存储市场规模有望达到4440亿美元。 随着AI应用场景的不断拓展，推理需求将持续增长，存储芯片的市场地位与需求规模有望进一步攀 升。 第二步：在公众号里面回复"加群"，按 ...

相关标的： 国内半导体设备企业中微公司、京仪装备、微导纳米、拓荆科技、北方华创等； 布局端侧AI存储方案的兆易创新、北京君正等； 受益存储技术迭代的澜起科技、联芸科技等； 近日，东方证券发布研报称，AI推理需求有望带动存储芯片需求高速成长。部分投资者对于AI对存储 芯片需求的带动幅度仍有低估。 研报中称，未来AI应用的推理需求将带动活跃数据存储需求大幅提升，进而推动存储芯片需求高速成 长。AI大模型推理过程中需要通过高频次地访问数据，来实现高质量内容生成。例如，检索增强生成 (RAG)技术允许LLM从知识库提取相关信息，而针对RAG数据库的近似性查询属于极为密集的随机读操 作。此外，大语言模型推理过程中需要使用KV缓存来加速推理过程。整体来看，AI推理过程将使得存 储结构发生较大变化，有望提升对活跃数据存储的需求。而当前数据中心存储中占据主要地位的机械硬 盘难以满足高速读取活跃数据的需求，SSD等有望在AI推理中持续扩大应用。未来随着AI应用更加广 泛，AI推理需求持续提升，有望带动存储芯片需求持续高速成长。 存储供不应求持续，国内两存扩产迎来历史性机遇。当前，国内两大存储芯片厂商合肥长鑫/长江存储 在DRA ...

证券日报网讯 12月17日，星宸科技在互动平台回答投资者提问时表示，公司始终重视长期价值与投资 者回报，有信心业务基本面将持续向好。公司业务聚焦AI端边侧核心赛道，机器人、车载视觉感知等 新业务快速成长，产品向高端化升级。同时通过战略性投资与收购，探索包括具身智能、AI推理、大 模型在内的各类前沿赛道，补强公司核心能力、扩大公司规模。二级市场股价波动受综合因素影响，敬 请投资者理性看待，注意投资风险。 （文章来源：证券日报） ...

Core Viewpoint - The recent performance of Muxi Co., a leading domestic GPU company, has drawn attention, with its stock price experiencing a decline after a significant initial surge following its market debut [1][3]. Company Performance - Muxi Co. opened at 782.03 CNY per share on December 18, down 5.77% from its previous close of 829.00 CNY, resulting in a market capitalization of approximately 313.3 billion CNY [1][2]. - On its debut day, December 17, Muxi Co. achieved a remarkable single-day increase of 692.95%, closing at 829.90 CNY per share, with a total market value of 3320.43 billion CNY [3]. - The company has not yet turned a profit but is on a path to significantly reduce its losses, with a reported net loss of 3.46 billion CNY for the first three quarters of 2025, a 55.79% reduction year-on-year [5][8]. Product and Revenue Growth - Muxi Co.'s core product, the Xiyun C500 series, has seen substantial growth, contributing to a revenue increase of 453.52% year-on-year, reaching 1.236 billion CNY for the first nine months of 2025 [8][9]. - The Xiyun C500 series accounted for 30.09% of the company's revenue in 2023, with projections indicating this will rise to 97.28% in early 2025 [9]. Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architectures, and is competing against established players like NVIDIA, which holds a 70% market share in China's AI chip market [15]. - The company aims to capture a larger share of the AI accelerator market, currently estimated at about 1% for 2024, indicating significant growth potential [15]. Strategic Initiatives - Muxi Co. is actively developing a domestic supply chain for its next-generation Xiyun C600 chip, expected to be delivered in October 2024, which will enhance its production capabilities and technological independence [10][12]. - The company is also expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and product testing expected to lead to orders in 2025 [18]. Future Outlook - Muxi Co. anticipates achieving annual revenues between 1.5 billion CNY and 1.98 billion CNY for 2025, representing a year-on-year growth of 101.86% to 166.46%, despite projected losses of 5.27 billion CNY to 7.63 billion CNY [12]. - The company is well-positioned to leverage the growing demand for AI inference and training solutions, with a focus on enhancing its software ecosystem to support rapid deployment of applications on its GPU products [15][16].

Core Insights - The article discusses the shift in AI from training to inference, highlighting that inference is now surpassing training in terms of power consumption and importance in the industry [22][24]. - The focus is on the evolution of AI technology, particularly in China, where companies like Yuntian Lifei are building their own AI technology systems by investing in both algorithms and chips [5][6]. Group 1: AI Industry Evolution - The AI industry has undergone significant changes since 2014, with a notable acceleration in the pace of technological development, particularly with the advent of large models [18][20]. - The demand for inference capabilities has increased dramatically, with a reported growth of nearly 100 times from last year to this year [8][28]. - By the end of 2024, it is expected that domestic AI chips will account for over 50% of the AI chip market in China, surpassing non-domestic high-end GPUs [28][24]. Group 2: Yuntian Lifei's Strategy - Yuntian Lifei has adopted a dual approach of focusing on both algorithms and chips, which has allowed the company to navigate the complexities of the AI landscape effectively [5][6]. - The company emphasizes the importance of integrating into existing ecosystems, particularly the CUDA ecosystem, to reduce adaptation costs for clients [8][9]. - Yuntian Lifei aims to enhance its core capabilities in inference, ensuring that its technology is both reusable and deliverable, thereby providing clear value to customers [13][31]. Group 3: Challenges and Opportunities - The primary challenge facing AI inference is the cost, as companies strive to make AI more precise while managing expenses [11][12]. - The article highlights the need for a robust ecosystem that supports the integration of various technologies, including the development of standards and protocols for AI chips [12][30]. - The future of AI infrastructure is expected to move towards heterogeneity and high cost-effectiveness, addressing the performance-cost-accuracy trade-off [39][41].

Core Viewpoint - The domestic GPU chip company, Muxi Co., has made significant strides by successfully listing on the capital market, achieving a remarkable single-day increase of 692.95% and a market capitalization of 332.04 billion yuan, marking a pivotal moment for the domestic GPU industry [2][4]. Group 1: Company Performance - Muxi Co. achieved a record for the most profitable new stock, with investors potentially earning approximately 395,200 yuan per lot based on the peak price of 895 yuan per share [3]. - Despite facing challenges, Muxi Co. has shown continuous improvement in its financial performance, with a significant revenue increase of 453.52% year-on-year, reaching 1.236 billion yuan for the first three quarters of 2025 [8]. - The company reported a net loss of 346 million yuan for the first three quarters, a reduction of 55.79% compared to the previous year, indicating a positive trend in loss reduction [8]. Group 2: Product Development and Market Position - Muxi Co. focuses on the GPU market, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% in early 2025 [8][10]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain for its production [10]. - Muxi Co. is positioned to capture a growing share of the AI accelerator market, with an estimated market share of approximately 1% in 2024, indicating substantial growth potential [13]. Group 3: Strategic Partnerships and Customer Base - Muxi Co. is actively expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and testing expected to lead to orders in 2025 [17]. - The company has secured a significant order backlog of 1.43 billion yuan, primarily from its Xiyun C500 series, indicating strong demand from existing and new customers [16]. - Muxi Co. is recognized as one of the few domestic suppliers capable of large-scale commercial applications of GPU clusters, supporting various AI models and applications [16]. Group 4: Competitive Landscape and Market Dynamics - The return of NVIDIA's H200 chip to the Chinese market raises questions about potential competition, although it is primarily focused on large model training, which may not directly compete with Muxi Co.'s current offerings [19]. - The domestic AI chip market is evolving, with Muxi Co. and other companies like Moer Thread capitalizing on the growing demand for AI inference, suggesting a shift in market dynamics [19]. - The successful listing of Muxi Co. and Moer Thread reflects a broader trend of domestic GPU chip development, driven by technological independence and ecosystem building [19].

Investment Rating - The report maintains a rating of "Outperform" for the industry, indicating an expected performance that exceeds the market average [2]. Core Insights - The report emphasizes that AI inference will lead innovation, focusing on demand-driven Opex-related areas, specifically storage, power, ASIC, and supernodes [2][28]. - It predicts that 2025 will be a significant year for the expansion of storage capacity, driven by the increasing demand for SSDs and HBM products [2][28]. - The report highlights the importance of domestic supply chains in the storage industry, particularly in NAND and DRAM sectors, and suggests monitoring key players in these areas [2][28]. - The introduction of the GPT-5.2 model by OpenAI is noted as a significant development in the AI sector, showcasing advancements in professional knowledge work [25][26]. Summary by Sections Market Review - The Shanghai Composite Index decreased by 0.34%, while the Shenzhen Component Index increased by 0.84%, and the ChiNext Index rose by 2.74% [11]. - The Shenwan Electronics Index increased by 2.63%, ranking third among 31 Shenwan industries, with a year-to-date increase of 45.9% [11]. Weekly Insights - The report identifies key areas of investment: storage, power, ASIC, and supernodes, with specific companies highlighted for each category [2][28]. - It notes the expected growth in the power industry, particularly in new technologies for both generation and consumption [28]. Related Research - The report references several previous studies focusing on AI inference and domestic semiconductor trends, indicating a consistent theme of growth and innovation in these sectors [4][5][28]. Company Performance - The report details the performance of specific companies within the electronics sector, noting significant gains for firms like Fuxin Technology and Dongtian Micro, while others like ST Huilun faced declines [19][22].

一、宏观迷雾：为什么"坏数据"成了"救命稻草"？ | 首页 | 昼念板块 财报日历 | 新股中心 | 机构造综 | 财经日历 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 道琼斯指数 | | | | 纳斯达克综合指数 | | | | 标准500指数 | | | | | | 48114.26 | | | | 23111:46 | | | | 6800.26 | | | | | | 305 30 -D 03 | | | | *24.02 +0.23 | | | | 16:25 -0 24 | | | | | | 领涨榜 | 盘中 ·· | | 更多 > | 领跌榜 | 国中 · | | 更多 > | 热力图 行业 个股 | | | | 更多 > | | 代码 | នធ | 新颜描 : | 履新价 | 代码 | 名称 | 源联盟 : | 量新价 | | | | | | | VMAR | Vision Marine | +156.77% | 0.6760 | TTS ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in AI and big data infrastructure software in China, with a strategic shift from being a digital infrastructure provider to an AI infrastructure enterprise [8][13]. - The emergence of GPU-native databases is driven by the need for new storage architectures that cater to AI inference demands, which require high concurrency and low-latency data access [8][47]. - The company has been recognized as a leader in the generative AI data infrastructure sector by IDC, highlighting its strong market position and technological advancements [8][65]. Summary by Sections 1. Company Overview - The company operates in three business lines: AI and big data foundational software, solutions, and other services, serving over 1,600 end users across various industries [8][13]. - The company has a strong customer base in finance and digital government sectors, with significant growth in orders from these areas [8][29]. 2. Financial Performance - For 2023, the company reported total revenue of 490.81 million yuan, with a year-on-year growth of 31.72%. However, it is projected to face a decline in 2024 with revenues of 371.49 million yuan, a decrease of 24.31% [1]. - The net profit attributable to shareholders is expected to improve from a loss of 343.46 million yuan in 2024 to a loss of 212.61 million yuan in 2025, indicating a narrowing of losses [1][29]. 3. Technological Advancements - The report emphasizes the transition from CPU-centric architectures to GPU-centric architectures, which is essential for meeting the demands of AI inference workloads [8][47][56]. - The company has developed GPU-native database products, positioning itself to capitalize on the growing market for AI-driven data solutions [8][60]. 4. Market Position and Future Outlook - The company is actively pursuing international expansion, with plans for a dual listing in Hong Kong to enhance its market presence [8][65]. - Revenue forecasts for 2025, 2026, and 2027 are projected at 4.26 billion yuan, 4.88 billion yuan, and 5.83 billion yuan respectively, reflecting a positive growth trajectory [1][8].

Investment Rating - The report maintains an "Overweight" rating for Oracle (ORCL.N) [7][12] Core Insights - Oracle has significantly raised its FY2026 capital expenditure guidance by $15 billion to $50 billion, indicating potential bottlenecks in revenue realization due to data center construction progress [3][12] - The remaining performance obligations (RPO) for Oracle reached $523 billion, with a net increase of $68 billion quarter-over-quarter, including contracts from Meta and NVIDIA [12] - Oracle's revenue projections for FY2026 to FY2028 have been adjusted to $67 billion, $84 billion, and $128 billion respectively, with Non-GAAP net profits estimated at $21 billion, $24 billion, and $33 billion [12] Financial Summary - Revenue (in million USD): - FY2024: 52,961 - FY2025: 57,399 - FY2026E: 67,046 - FY2027E: 84,328 - FY2028E: 127,751 - Year-over-year growth rates: - FY2024: 6.0% - FY2025: 8.4% - FY2026E: 16.8% - FY2027E: 25.8% - FY2028E: 51.5% [5] - Non-GAAP net profit (in million USD): - FY2024: 15,709 - FY2025: 17,283 - FY2026E: 21,068 - FY2027E: 23,945 - FY2028E: 33,509 - Adjusted PE (diluted): - FY2026E: 25.7 [5][12] Market Data - Current price: $184.92 [7] - Market capitalization: $531,299 million [8] - 52-week stock price range: $122.82 - $328.33 [8]