来源：硅谷AI见闻 来源：硅谷AI见闻 责任编辑：江钰涵 责任编辑：江钰涵 ...

J was great spoken for for Nvidia of course but Colet Crest is an amazing CFO and she's at the UBS global technology conference today and she's talking about how something that Jensen made first of all 90% of CPU for P for PC server now it's 90% GPU that's him that's going to happen for the rest of the of all technology everywhere but the other thing that he's she's doing is is mentioning look the new orders are right on top of the old orders they don't rip out the previous they don't take Blackwell and get ...

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down by 0.55%, the Shenzhen Component Index down by 0.77%, and the ChiNext Index down by 0.88% [1] - The trading volume in the Shanghai and Shenzhen markets reached 10,560 billion yuan, a decrease of 1,807 billion yuan compared to the previous day [1] - Over 3,900 stocks in the market experienced declines [1] Sector Performance - The sectors that saw gains included pharmaceutical commerce, Fujian, Hainan Free Trade Zone, tourism and hotels, AI mobile phones, real estate, and coal mining and processing [1] - Conversely, sectors that weakened included lithium battery electrolyte, CRO, GPU, rare earth permanent magnets, superhard materials, servers, robotics, and photolithography concept stocks [1] ETF Performance - The Invesco Great Wall Fund S&P Consumer ETF rose by 1.59%, driven by strong U.S. Black Friday consumer data [1] - Hong Kong dividend stocks performed well, with the China Merchants Fund Hong Kong Dividend Low Volatility ETF, Huatai-PB Fund Hong Kong Dividend Low Volatility ETF, and E Fund Hang Seng Dividend Low Volatility ETF increasing by 1.46%, 1.36%, and 1.22% respectively [1] - The S&P Biotechnology ETF fell by 2.2%, while the rare earth sector ETFs, including the Harvest Rare Earth ETF, also declined by 2% [1] - The robotics sector ETFs, including the Invesco Robotics ETF and E Fund Robotics ETF, decreased by 1.97% and 1.94% respectively [1]

This is a huge deal. The partnership we're announcing today is about revolutionizing one of the most computensive industries in the world, design and engineering. U Synopsis is pivoting across their company to transform their software and all the tools that the the industry the world's been using for some 35 years to be GPU accelerated on Nvidia.They're going to pivot the company to build on top of NVIDIA CUDA physics physical AI as well as Omniverse so that we could revolutionize all of these tools from ED ...

Core Viewpoint - The article discusses the launch of the new generation GPU, Vusi A0, by the Chinese manufacturer Xiangdi, highlighting its advanced specifications and capabilities in high-end rendering and AI applications [1][2]. Product Specifications - The Vusi A0 GPU is built on a 5nm process and features Imagination Technologies' DXD high-performance GPU IP, focusing on ray tracing, super-resolution, and large 3D scene rendering [1]. - It is reported that the Vusi A0 has an FP32 computing power of up to 160 TFLOPS and is equipped with 12GB of HBM2 memory, confirming earlier market speculations [1]. - The design includes a dual-slot, dual-fan configuration with four DRAM soldering positions, allowing for flexible capacity configurations in the future [2]. - During demonstrations, the Vusi A0 maintained an average of approximately 35 FPS while rendering complex 3D scenes and performing ray tracing in the game "Black Myth: Wukong" [2]. Product Development - The Vusi series chips have entered the tape-out stage, with plans for complete board testing and driver integration in the near future [2]. - The company plans to release two products under the new Vusi architecture: the A0 targeting high-end rendering and desktop-level visual computing, and the B0 integrating GPU and NPU for edge inference and AI PC markets [1].

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.65% to close at 3914.01 points, the Shenzhen Component Index rising by 1.25% to 13146.72 points, the STAR Market 50 Index up by 0.72% to 1336.76 points, and the ChiNext Index gaining 1.31% to 3092.50 points [1][14] - Overall, 3396 stocks rose while 1868 stocks fell, with a total trading volume of 18739 billion yuan, an increase of 2881 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included non-ferrous metals (up 2.85%), telecommunications (up 2.81%), electronics (up 1.58%), commercial retail (up 1.41%), and social services (up 1.35%). The only sectors that declined were agriculture, forestry, animal husbandry, and fishery (down 0.43%), environmental protection (down 0.23%), and real estate (down 0.06%) [1][14] Concept Sectors - The leading concept sectors with significant gains today included smart speakers, MCU chips, ice and snow tourism, photolithography machines, selected industrial metals, the Internet of Things, TWS headphones, GPUs, the SMIC industrial chain, rare earths, circuit boards, 6G, AI wearable devices, selected shipping, and AI mobile phones [2][11]

Market Overview - A-shares opened slightly lower, with the Shanghai Composite Index down 0.11% and the ChiNext Index down 0.04% [1] - The total trading volume in the Wande All A collection auction was only 12.9 billion, marking a new low for the stage [1] - Hong Kong stocks opened higher but turned negative, with the Hang Seng Index down 0.33% and the Hang Seng Tech Index down 0.2% [1][2] Sector Performance - OCS concept stocks mostly retreated, while sectors like deep-sea technology, gold, and superconductors performed well [1] - Large technology stocks in Hong Kong saw minor increases, with Alibaba, Baidu, and JD.com all rising less than 0.9% [1] - The non-ferrous metals sector continued its upward trend, with Chalco International rising by 6% [1] Bond Market - Government bond futures opened higher across the board, with the 30-year main contract up 0.11% and the 10-year main contract up 0.02% [2][3] Currency Exchange - The RMB to USD central parity rate was reported at 7.0789, down 10 points from the previous day [7]

China's first ever domestic GPU maker, More Threads, is readying a public debut in Shanghai. Now, it was founded by former Nvidia employees now trying to take on the chip giant itself. Dear Drabosa has more in today's tech check.Uh, Deardra, this is all about GPUs and just what it can do in the domestic Chinese market. >> Yeah, and it's about a story I know we're going to talk to as well is securing China securing its own supply for Nvidia in particular. This could also be a two-front challenge.Google's TPU ...

Market Trends & Competition - China is building its own GPU ecosystem, becoming a competitor in the AI chip market [3] - This ecosystem is backed by state capital and retail investment, aiming to create a parallel AI chip stack [3] - Chinese companies are being pushed to adopt domestic accelerators due to export controls [5] - Even if less performant, domestic chips are good enough to replace some US systems within China [5] - A Chinese AI stack is emerging that is accessible and scalable, potentially appealing to those who can't afford Nvidia-level systems [5][6] Companies & Technologies - More Threads, China's first homegrown GPU company, is preparing for a public debut in Shanghai [1] - More Threads' IPO was 4,100 times oversubscribed [2] - Besides More Threads, companies like Huawei, Cambercon, Byron, and Medax are building different parts of the system [3][4] - Chinese companies are clustering domestic accelerators to create powerful AI solutions [9] Challenges & Limitations - China's GPU industry is fragmented and subsidy-dependent [4] - Chinese chips currently lag American chips by generations [4] - More Threads has small sales and billions in losses [4] Nvidia's Perspective - Nvidia warns investors to pay attention to the rise of domestic accelerators in China [5] - Nvidia is seeking permission from Washington to sell more powerful chips in China [8] - If Nvidia takes too long to gain approval, it may be too late [8]

Market Overview - On November 26, A-shares showed mixed performance with the three major indices fluctuating, and the total market turnover reached 1.8 trillion yuan, a decrease of 29 billion yuan compared to the previous trading day [1] - Market focus was on sectors such as pharmaceutical commerce and innovative drugs, while the shipbuilding sector declined and aerospace stocks fell [1] Stock Performance - A total of 68 stocks hit the daily limit up, with 21 stocks on consecutive limit up, and 23 stocks failed to hit the limit, resulting in a limit up rate of 75% (excluding ST and delisted stocks) [3] - Notable stocks included: - Shida Group (5 consecutive limit up) [4] - Xinhua Du (4 consecutive limit up) [4] - Special Information (4 consecutive limit up) [4] - Huanrui Century (4 consecutive limit up) [4] Key Stocks Analysis - **Shida Group**: Price at 6.15 yuan, up 10.02%, with a 5-day limit up due to acquisition plans [5] - **Huanrui Century**: Price at 9.75 yuan, up 10.05%, with a focus on AIGC and interactive content [5] - **Xinhua Du**: Price at 10.79 yuan, up 9.99%, involved in AI e-commerce and cross-border e-commerce [5] - **Special Information**: Price at 13.92 yuan, up 10.04%, linked to Shenzhen state-owned assets and optical communication [5] Trading Dynamics - The top three net buying stocks on the daily leaderboard were Dongxin Co., Yongding Co., and Zhongji Group, with net purchases of 373 million yuan, 260 million yuan, and 228 million yuan respectively [6] - The top three net selling stocks were Aerospace Development, Shanghai Port Bay, and Changcheng Military Industry, with net sales of 498 million yuan, 229 million yuan, and 219 million yuan respectively [7] Institutional Activity - Among stocks with institutional involvement, the top net buying stocks were Changguang Huaxin, Zhongji Group, and Zhonghuan Hailu, with net purchases of 232 million yuan, 187 million yuan, and 47 million yuan respectively [8] - The top net selling stocks with institutional involvement were Aerospace Development, Shanghai Port Bay, and Rongji Software, with net sales of 295 million yuan, 203 million yuan, and 101 million yuan respectively [9] Company Highlights - **Dongxin Co.**: Focused on niche storage chip design, with a revenue of 230 million yuan in Q3 2025, a year-on-year increase of 27.03% [10][11] - **Yongding Co.**: Reported a revenue of 3.63 billion yuan in the first three quarters, a year-on-year increase of 22.13%, with a net profit of 329 million yuan, up 474.30% [14] - **Zhongji Group**: Holds a backlog of orders worth approximately 5.55 billion USD in offshore engineering, with expected strong growth in revenue and profit [18] Trading Trends - **Changguang Huaxin**: Achieved a limit up with a turnover rate of 17.64% and a total transaction volume of 3.1 billion yuan [21] - **Zhongji Group**: Also reached a limit up with a turnover rate of 8.46% and a total transaction volume of 1.76 billion yuan [21] - **Aerospace Development**: Experienced a limit down with a turnover rate of 31.2% and a total transaction volume of 6.51 billion yuan [21]