点击按钮▲立即预约 中国11月CPI同比涨幅创新高 12月10日，国家统计局公布数据显示，11月，中国居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，涨幅比上月扩大0.5个百分点，为 2024年3月份以来最高。扣除食品和能源价格的核心CPI同比上涨1.2%，连续3个月保持在1%以上。同比涨幅扩大主要是食品价格由降转涨拉 动。食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54%转为上拉0.04%。 11月，工业生产者出厂价格指数（PPI）环比上涨0.1%，连续两个月上涨，同比下降2.2%。从同比来看，生产资料价格下降2.4%，影响工业生 产者出厂价格总水平下降约1.79%。工业生产者购进价格同比下降2.5%；环比上涨0.1%。（国家统计局官网） ｜点评｜ 11月CPI同比大幅回暖具有季节性因素，能否就此企稳还存在不确定性。从数据中看，由于气候因素，蔬菜短期供应不足，鲜菜价格 大幅上涨，成为推动CPI回暖的主要因素。从食品分项中看，猪肉价格仍在持续探底过程中，短期内供大于求的状况很难得到根本性的改善。金 饰价格持续走高，也为CPI数据提供了一定支撑。 随着国内城市化进程 ...

Core Insights - The company, Yuntian Lifei, has been focusing on the research and commercialization of AI inference chips, being one of the early adopters of the NPU-driven AI inference chip concept [1][3] - The company has completed four generations of NPU product iterations and has established typical application demonstrations across multiple fields [1][3] NPU Development and Innovation - The company has accumulated numerous invention patents around the core architecture of NPU during its continuous iteration process and has participated in the standardization of the domestic neural network processor chip industry ecosystem [3] - The upcoming Nova 500 series will upgrade the self-developed GPNPU architecture, incorporating 3D stacked storage and soft-hard collaborative design to enhance computing power density, power consumption performance, and development friendliness [3] - The Nova 500 series NPU aims to meet multi-scenario inference needs while improving model deployment efficiency for large model inference and video analysis workloads [3] Product Launch and Market Strategy - The IPU-X6000 acceleration card is set to launch in 2024, targeting software companies, AI application enterprises, and internet firms for research and ecological adaptation [3] - The X6000 acceleration card has begun pilot testing in actual business scenarios, providing inference acceleration capabilities while optimizing drivers, compilers, and upper-layer applications [3] Strategic Partnerships and Future Plans - In November 2025, the company formed a strategic partnership with Kingdee Software to explore the integration of "domestic computing power engines + enterprise-level software ecosystems" [4] - The company believes that the integration of domestic AI chips in general computing power and industry scenarios will be crucial for driving digital transformation in enterprises [4] - Future R&D investments will focus on NPU architecture, board products, and software ecosystem collaboration, while expanding into broader industry application scenarios [4]

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated, leading to significant market reactions, particularly a drop in Zhongke Shuguang's stock price [1][2][3] Group 1: Merger Termination - The merger was initially announced on May 25, with Haiguang Information planning to absorb Zhongke Shuguang through a share exchange [1][2] - The termination was attributed to the large scale of the transaction, involvement of multiple parties, and changes in market conditions since the planning phase [2][3] - Following the announcement, Zhongke Shuguang's stock hit the daily limit down, closing at 90.12 yuan per share, with a total market value of 131.9 billion yuan [2][3] Group 2: Company Focus and Future Plans - Both companies will now focus on their core areas: Haiguang on computing infrastructure integration and Zhongke on high-end chip design, aiming for collaborative development across the supply chain [3][8] - Haiguang Information's CEO stated that the company will continue to invest heavily in R&D, with a planned investment of 3.446 billion yuan in 2024, representing 37.61% of its revenue [3][9] - The company has established deep collaborations with major internet firms like ByteDance, Tencent, Alibaba, and Baidu, focusing on joint product development and customized services [4][9] Group 3: Financial Performance - For the first three quarters of the year, Haiguang Information reported revenues of approximately 9.49 billion yuan and a net profit of about 1.961 billion yuan [4][9] - Zhongke Shuguang achieved revenues of around 8.82 billion yuan and a net profit of approximately 966 million yuan during the same period [4][9]

【环球网科技报道 记者 李文瑶】12月9日晚间，海光信息技术股份有限公司与中科曙光信息技术股份有限公司共同发布公告，宣布终止此前筹划的海光信息 换股吸收合并中科曙光的重大资产重组事项。 此举意味着两家公司在算力产业链上的战略布局将保持相对独立，未来将围绕各自核心业务，进一步参与并推动国产算力生态的构建与完善。 重组终止源于市场环境变化 自重组交易启动以来，双方依法依规推进相关工作，履行内部决策与信息披露义务，市场对此持续关注。公告显示，终止重组主要由于交易涉及面广、方案 论证周期较长，其间市场环境发生显著变化，继续推进重组条件尚未成熟。为切实维护上市公司及投资者利益，经与相关方协商论证，双方最终做出审慎终 止决定。 行业观察指出，市场环境变化可能体现在两方面：一是半导体、人工智能及国产算力等相关板块股价波动较为明显；二是今年以来"人工智能+"行动加速落 地，推动国产算力向多元化、异构化方向演进，产业链合作模式面临新的调整。 两家公司均在公告中强调，终止重组不会对生产经营与财务状况产生重大不利影响，也不存在损害公司及中小股东利益的情形。 业务聚焦：强化产业链上下游协同 海光信息与中科曙光分别位于算力产业链的芯片 ...

" CUDA之后，算力生态有没有反超机会？ " 作者丨 赵之齐 编辑丨包永刚 在国产算力赛道里，硬件强、软件弱，已是集体性的难题。 作为龙芯、海光CPU的创始人，唐志敏深耕国产芯片领域二十年，当下，他把目光更坚定地投向"软件"一 侧。他直言： 芯片问题的根本，不在硬件，而在软件。 在与雷峰网的对谈中，他把国产芯片难以起势的矛头直接指向行业里敏感的一环—— 底层软件接口与指令 系统的混乱 。他认为，国内芯片表面上"百花齐放"，背后却是整个 社会为兼容性付出高昂的隐性成本 ； 真正决定未来算力格局的，并不只是哪家硬件的性能领先，而是 谁能够让其上的软件真正复用、真正跑起 来 。 他举了几个如今行业里颇具荒诞感的案例：在国内创业公司还在"是否要兼容CUDA"的十字路口徘徊时， 有人试图在国内做"CUDA兼容性测试标准"；还有人把"模拟电路"视为数字芯片发展的瓶颈，却忘了数字 与模拟本就是实现电路的两种基本路径。 这些荒诞，也有一部分源于国内产业人才缺乏软件思维、"高不成低不就"。在这次对谈中，唐志敏围绕指 令系统、底层软件接口、人才培养等关键议题展开剖析，试图为国产算力指出更深层的"底座问题"。 从 牵头研制国内首 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The termination of a major asset restructuring will not adversely affect the company's operations or financial status in the long term. The company will continue to focus on high-end chip products and maintain strong collaboration with partners [6][8]. - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, a year-on-year increase of 54.7%, and a net profit of 1.96 billion RMB, up 28.6% year-on-year. The third quarter alone saw a revenue of 4.03 billion RMB, growing 69.6% year-on-year [8]. - The company is well-positioned in the domestic computing power market, benefiting from the "信创+AI" trend, with its CPU and DCU products gaining traction in various industries [8]. Financial Summary - The company expects net profits of 3.20 billion RMB, 4.67 billion RMB, and 6.71 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 65.81%, 45.96%, and 43.56% respectively. The earnings per share (EPS) are projected to be 1.38 RMB, 2.01 RMB, and 2.89 RMB for the same years [10][8]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 166, 114, and 79 respectively, indicating a favorable valuation outlook [10][8].

利空落地。 12月10日，中科曙光开盘瞬间跌停，海光信息一度跌超5%。消息面上，就在前一晚，海光信息、中科曙光宣布终止千亿元换股合并计划。 这一千亿级别的重大资产重组的终止，影响究竟有多大？券商中国记者采访发现，券商分析师普遍认为，重组的终止对于中科曙光而言会有一定冲击，而对于海光 信息而言更多的是利空落地，影响较小。更有券商提出，"站在未来看，今天或许是最佳买点！" "终止"影响有多大？ 12月9日晚间，海光信息、中科曙光同时发布公告，宣布终止重大资产重组，主要原因是交易规模大、涉及相关方较多，且市场环境较筹划之初发生较大变化。两 家公司均表示，本次交易终止不会对公司的生产经营和财务状况造成重大不利影响，不存在损害公司及中小股东利益的情形，并承诺至少1个月内不再筹划重大资 产重组事项。 刘熹还表示，对于交易中科曙光换股海光信息20%溢价的资金而言，截至12月9日收盘，按1:0.5525换算，中科曙光换股海光信息的价差为21%（套利空间），而在 重组预案出台前（6月9日前）该价差为21.5%，价差已从最低的7.62%（6月11日）回到了重组事件前。这意味着，市场已提前预期了重组终止风险。 一位券商电子行业首席 ...

Group 1 - The core viewpoint of the news is that the approval of NVIDIA's H200 AI chip sales to China is expected to benefit the domestic AI industry chain and computing power in China [1][2] - The recent performance of the ChiNext 50 ETF (588000) shows a significant inflow of funds, with a net inflow of 1.722 billion in the last three days and 1.847 billion in the last five days, indicating strong investor interest [1] - The ChiNext 50 ETF tracks the ChiNext 50 Index, which has a high concentration in the electronics sector (69.39%) and computer industry (4.88%), aligning well with the development of cutting-edge industries like AI and robotics [2] Group 2 - If the H200 chip is approved, it is expected to restart demand for NVIDIA's series of computing servers, which will positively impact AI servers, supernode servers, and server power supply sectors [2] - The approval may also enhance demand for supporting infrastructure such as data centers, power supply, and cooling equipment, which are essential for AI server adaptation [2] - The recovery of supply for chips like the H200 could drive the upgrade of domestic large models and accelerate the development of the domestic AI ecosystem, benefiting the domestic chip sector in the long term [2]

信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取业务涉及软件开 发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新主题相关上市公司 证券的整体表现。指数覆盖了从基础硬件到应用软件的全产业链，行业配置上侧重于制造业和信息传 输、软件服务业，成分股呈现大盘特征，注重市值较大企业。 （文章来源：每日经济新闻） 随着"十五五"规划提出，科技自主可控成为重点工作目标，国产算力板块有望成为市场主线，同时持续 看好AI浪潮下的存储周期和消费电子的创新周期。 相关机构表示，随着海外原厂将资本开支倾斜于HBM为代表的高端存储产品，传统存储的供需缺口具 有持续性，因此国内存储厂商扩产的紧迫性不断上升。目前，长鑫存储已完成IPO辅导，当前其在 DDR5和LPDDR5产品上正实现显著增长，Counterpoint预测，长鑫存储在DDR5市场的份额将从第一季 度不到1%上升至年底的7%，在LPDDR5市场的份额将从0.5%激增至9%，先进制程技术发展迅猛。 ...

«——【引言】——» 关键是，它的"身份"不一样——这是我国第一家登陆资本市场的全功能GPU公司，也是今年科创板最大的一笔IPO。 这件事有点像当年我国造出第一架国产大飞机，不管飞得高不高、远不远，它能飞就是巨大的突破。 摩尔线程代表的是国产算力从"有没有"向"好不好"迈进的一步，而这一步，恰好踩中了最敏感的神经。 为什么是它？因为别人都还在"打副本"，它已经"通关换职业"了 中国又一颗重磅"芯"诞生了！ 一家公司靠这款新型芯片横空出世，创始人身家一夜暴涨260亿，资本市场瞬间沸腾。 它不仅打破了长期被国外垄断的技术壁垒，还可能改写整个算力格局。 可这场看似高光的逆袭，背后真的那么简单吗？ 让我们一起来看看吧。 开盘飙涨468%，它不是在造富，是在制造信号 12月5日一早，摩尔线程股票刚一亮相，股价像开了挂，冲得比AI写稿还快。 发行价114.28元，10分钟内冲到688元，光是"中一签"的潜在收益就让股民群热闹了半个月。 这些数字很诱人，但炒股的都知道，一个新股首日暴涨，并不能说明太多问题。 很多国产芯片公司，一开始都会选择一块"边角料"市场，比如只做图形渲染，或者只做AI加速卡。 毕竟技术门槛低一点，先活 ...