撰 文 / 周 洲 设 计 / 张 萌 3月20日，春分时节，由人民邮电出版主办的《志在超车：智能网联汽车的中国方案》新书发布暨 媒体见面会在北京举行。 《志在超车：智能网联汽车的中国方案》由第十四届全国政协常委、经济委员会副主任，工业和信 息化部原部长苗圩撰写。 2020 年7月底，苗圩从工业和信息化部部长的岗位上退休。 由于大学所学专业是内燃机，几十年来工作也一直与汽车行业息息相关，苗圩对汽车行业最有感 情、最有兴趣、也最为熟悉，所以决定把对工业、通信业和信息化发展的重大问题研究聚焦到汽车 行业，继续探讨汽车行业在面临百年一遇的全球大变局下如何"换道超车"的问题。 经过四年多的努力，苗圩出了两本书，第一本是2024年年初出版的《换道赛车：新能源汽车的中国 道路》；第二本就是3月20日发布的《志在超车：智能网联汽车的中国方案》。 《换道赛车》回答了中国的汽车产业"如何换道"的问题，姊妹篇《志在超车》对汽车产业竞争智能 化"下半场"发展方向进行了深入浅出的前瞻研判。 换道和超 发布会上，苗圩带着对汽车行业深厚的情感，围绕我国发展智能网联汽车的潜力与优势、机遇与挑 战，分享了自己写作这本书的心路历程以及对中国汽 ...

Core Viewpoint - The logistics robot industry is entering a rapid growth phase, driven by technological advancements and the increasing demand for efficiency in logistics operations in China, which is the largest logistics market globally [2]. Group 1: Industry Overview - The logistics robot sector is transforming traditional logistics operations, significantly enhancing efficiency and reducing costs, while also contributing to industrial upgrades and national competitiveness [2]. - By 2025, the Chinese logistics robot market is expected to showcase remarkable development trends due to advancements in artificial intelligence, IoT, and big data technologies, alongside the continuous pursuit of logistics efficiency by e-commerce and manufacturing sectors [2]. Group 2: Company Developments - Shanghai Kepler Robotics has launched its humanoid robot, the Pioneer K2, which can perform tasks such as box moving and instrument operation on factory assembly lines, with a dual-arm collaborative carrying capacity of 25-30 kilograms [3]. - K2 has been tested in various scenarios, including material handling, sample processing, patrol inspection, stamping receipt, and quality inspection, indicating its versatility in practical applications [3]. Group 3: Klai Electric's Business Segments - Klai Electric's main business includes intelligent equipment and automotive parts, focusing on flexible automation and industrial robot systems for the automotive electronics sector, as well as expanding into medical packaging and semiconductor manufacturing [4]. - The automotive parts segment involves the development and production of core engine components and new energy vehicle parts, including high-pressure air conditioning systems [4]. Group 4: Klai Electric's Robotics Strategy - Klai Electric is developing a loading robot system classified as a composite robot, which can intelligently complete loading tasks for box trucks, marking a significant breakthrough in their technology [5]. - The company collaborates with academic institutions and potential clients to research the application of generative AI in intelligent equipment, focusing on visual AI algorithms for smart video analysis [5]. - A subsidiary, Zhuque Transmission, has been established to focus on the manufacturing of gears and gear reducers, indicating a strategic move to enhance their robotics capabilities [5].

Core Viewpoint - Perplexity AI is in early talks for a new funding round that could double its valuation to $18 billion, aiming to compete with Google in the AI search engine market [1][2]. Funding and Valuation - The company is discussing raising between $500 million to $1 billion in this funding round, with negotiations still in the early stages [2]. - Previously, Perplexity was reported to have received funding offers at a valuation of $15 billion [3]. - Founded in 2022, Perplexity's valuation surged from $1 billion to $3 billion in 2024, reflecting strong investor interest in the AI sector [3]. Business Model and Services - Perplexity offers both paid and free versions of its search tools, along with additional services such as internal document search and financial query tools for stock prices and earnings data [3]. - The company currently has an annual recurring revenue (ARR) close to $100 million and reported over 15 million active users as of last March [4]. Competitive Landscape - Perplexity faces increasing competition in its core search business from Google and OpenAI, which launched a search product for all ChatGPT users last year [4]. - The company has received backing from notable investors, including SoftBank's Vision Fund 2, NVIDIA, and Jeff Bezos, although it is unclear which investors are participating in the new funding round [4].

Core Viewpoint - The report highlights the transformative impact of the AI boom on the global server market, with Nvidia GPUs being a key driver of this growth, leading to a significant increase in server revenue in Q4 2024 compared to the previous year [1][5]. Market Overview - The global server market revenue reached $77.321 billion in Q4 2024, marking a 91% year-over-year increase, the second-largest growth since 2019 [5][7]. - Non-x86 server revenue surged by 262.1% to $22.5 billion, while x86 server revenue grew by 59.5% to $54.8 billion [1][5]. - Embedded GPU servers accounted for over half of the market revenue growth, with a 192.6% increase year-over-year [1][5]. Company Performance - Nvidia dominated the embedded GPU market, capturing 90% of the total shipments in Q4 2024 [2][5]. - Dell Technologies and Super Micro tied for the top position in market share at 7.2% and 6.5% respectively, with revenue growth of 20.6% and 55% [3][7]. - ODM Direct suppliers accounted for 47.3% of total revenue, experiencing a remarkable 155.5% growth [3][7]. Regional Insights - Canada recorded the highest year-over-year growth rate at 118.4%, while the U.S. accounted for 56% of total revenue [6][7]. - China saw a 93.3% increase, representing nearly a quarter of global quarterly revenue [6][7]. - Other regions, including Japan (66.9%), other Asian countries (43.8%), and EMEA (28.2%), also experienced significant growth [6][7].

Investment Rating - The report assigns a "Buy" rating for NVIDIA (NVDA US) with a target price of $168.00, indicating a potential upside of 45.5% from the current price of $115.43 [1][12]. Core Insights - The report highlights NVIDIA's transition towards generative AI, with CEO Jensen Huang predicting that capital expenditures in the cloud service provider (CSP) sector could exceed $300 billion by 2025 and reach $1 trillion by 2028 [2]. - NVIDIA is actively participating in AI transformations across vertical industries, including mobile communications and smart driving, with a vision of establishing "AI factories" for production planning and intelligent assistance [2]. - The company continues to release new products, with significant upgrades in data center offerings, emphasizing the importance of scale-up architecture over scale-out in server design [6]. Financial Overview - Revenue projections for NVIDIA show substantial growth, with expected revenues of $60,922 million in 2024, increasing to $311,585 million by 2028, reflecting a compound annual growth rate (CAGR) of 15.2% [5][14]. - Net profit is forecasted to rise from $32,312 million in 2024 to $180,404 million in 2028, with a notable increase in earnings per share (EPS) from $1.30 to $7.30 over the same period [5][14]. - The report indicates a significant improvement in profit margins, with gross margins expected to remain around 75% and net margins projected to increase to 57.9% by 2028 [16]. Product Development and Roadmap - NVIDIA's product roadmap includes the launch of the Blackwell Ultra chip in the second half of 2025, followed by the Rubin and Rubin Ultra chips in 2026 and 2027, respectively, showcasing substantial performance upgrades [6][7]. - The introduction of new switch products, Spectrum-X and Quantum-X, is planned for 2025 and 2026, respectively, with advancements in technology such as optical-electrical hybrid packaging [8]. Market Position and Valuation - NVIDIA's current price-to-earnings (P/E) ratio is noted at 24 times the FY26 earnings, which is considered attractive compared to its historical average of 38 times [6]. - The report emphasizes NVIDIA's strong product and technology advantages, particularly in the early stages of AI deployment both domestically and internationally [6].

Core Viewpoint - Google's acquisition of Wiz, its largest acquisition to date, signals a potential shift away from its core search business, which faces significant competition from generative AI companies like ChatGPT and Perplexity. This acquisition could act as a catalyst for Wall Street to better appreciate Google's rapidly growing cloud business [1][3]. Financial Performance - Google's stock has declined by 17% since December 2024 [2]. - The company reported a year-over-year revenue growth of 12% for 2024, with operating profit margin increasing by 500 basis points to 32% [3]. - For the quarter ended December 31, 2023, revenues were $86.31 billion, with a year-over-year change of 13% [4]. - The cloud business achieved a robust growth rate of 30% year-over-year [4]. Acquisition Details - Google acquired Wiz for $32 billion, which is significant compared to its previous top ten acquisitions combined. The deal includes a $3.2 billion termination fee [6][7]. - Wiz is expected to have an ARR of $1 billion by 2025, leading to a high acquisition price-to-sales ratio of 32 times [8]. - The acquisition is anticipated to enhance Google's cloud offerings and complement its cybersecurity division, Mandiant [7]. Market Expectations - Analysts remain cautious about Google's core search business due to fears that generative AI could pose a long-term threat [3][11]. - The market expects Google's revenue to maintain double-digit growth in the coming years, although this may be overly optimistic given the challenges faced by the search business [11]. Valuation Insights - Analysts prefer a sum-of-the-parts valuation for Google, estimating the search business will generate $198 billion in revenue in 2024, with a long-term net profit margin of 45% [12]. - The estimated valuation for Google, considering all segments, is approximately $2.56 trillion, suggesting a potential upside of 25% even with conservative earnings multiples [12]. Strategic Considerations - The company is unlikely to split its business segments in the short term, although separating the cloud business could highlight its value more effectively [13]. - Despite the challenges in the search business, Wall Street is expected to focus more on the strength of Google's cloud operations, potentially undervaluing the stock [13].

Core Viewpoint - The keynote speech by NVIDIA CEO Jensen Huang at GTC 2025 focused on the advancements in AI technology, the introduction of new hardware, and the future of robotics, highlighting the transition to the Agentic AI era and the significant computational demands that accompany it [1][3][5]. Group 1: AI Technology Evolution - Huang discussed the evolution of AI through three generations: Perception AI, Generative AI, and now Agentic AI, with the next phase being Physical AI, which pertains to robotics [3]. - The concept of AI scaling laws was introduced, emphasizing the increasing computational requirements for training and deploying AI models [5]. Group 2: Hardware Announcements - NVIDIA unveiled the Blackwell Ultra platform, designed specifically for AI inference, which boasts double the bandwidth and 1.5 times the memory speed of its predecessor [8]. - The upcoming AI chips, Vera Rubin and Rubin Ultra, were announced, with Rubin expected to deliver 3.3 times the performance of the current model and Rubin Ultra projected to achieve 14 times the performance [9]. - Huang highlighted the advancements in silicon photonics, which are expected to serve as the foundation for next-generation AI infrastructure [10]. Group 3: Robotics and Future Prospects - Huang stated that the robotics market could become the largest industry, introducing the GR00T N1, the first open-source humanoid robot model [11]. - Collaboration with Google and Disney on the Newton physics engine aims to enhance robotic learning and development [13]. - General Motors has partnered with NVIDIA to develop future autonomous vehicle fleets, leveraging simulation environments for design improvements [13].

Core Viewpoint - The article highlights NVIDIA's GTC 2025 event, emphasizing the shift in AI focus from training to inference, showcasing new hardware and software innovations aimed at enhancing AI capabilities and applications [1][3][30]. Group 1: Key Innovations and Products - NVIDIA introduced the Blackwell Ultra GPU series and the next-generation architecture Rubin, with plans for the Vera Rubin NLV144 platform to launch in the second half of 2026 and Rubin Ultra NV576 in the second half of 2027 [5][10]. - The Blackwell Ultra architecture significantly enhances AI performance, achieving a 1.5x improvement in AI performance compared to the previous generation, and offers a 50x increase in revenue opportunities for AI factories [8][10]. - The new CPO switch technology aims to reduce data center power consumption by 40MW and improve network transmission efficiency, laying the groundwork for future large-scale AI data centers [13][14]. Group 2: AI Inference and Software Upgrades - NVIDIA's new AI inference service software, Dynamo, is designed to maximize token revenue in AI models, achieving a 40x performance improvement over the previous Hopper generation [19][21]. - The introduction of AI agents and the Ll ama Nemo tr o n series models aims to facilitate complex inference tasks, enhancing capabilities in various applications such as automated customer service and scientific research [20][30]. Group 3: Robotics and Physical AI - NVIDIA launched the GROOT N1, the world's first open-source humanoid robot model, designed for various tasks such as material handling and packaging, indicating a significant step towards the commercialization of humanoid robots [25][30]. - The company also introduced new desktop AI supercomputers, DGX Spark and DGX Station, aimed at providing high-performance AI computing capabilities for researchers and developers [23][24]. Group 4: Market Sentiment and Future Outlook - Despite the significant technological advancements presented at GTC 2025, NVIDIA's stock price fell by 3.43% post-event, reflecting ongoing market concerns regarding AI spending and competition [28][29]. - Analysts suggest that while there are concerns about AI capital expenditure growth in 2026, the overall sentiment may improve due to the innovations showcased at the event [29][30].

Core Insights - The GTC event highlighted NVIDIA's advancements in AI and GPU technology, particularly the introduction of the Blackwell architecture and its Ultra variant, which promises significant performance improvements over previous models [1][3][5] - NVIDIA's CEO, Jensen Huang, emphasized the rapid evolution of AI technology and the increasing demand for high-performance computing in data centers, projecting that capital expenditures in this sector could exceed $1 trillion by 2028 [1][42][43] Blackwell Architecture - NVIDIA has announced that the four major cloud providers have purchased 3.6 million Blackwell chips this year, indicating strong demand [1] - The Blackwell Ultra platform features up to 288 GB of HBM3e memory and offers 1.5 times the FP4 computing power compared to the previous H100 architecture, significantly enhancing AI inference speed [3][4][5] - The Blackwell Ultra GPU (GB300) is designed to meet the needs of extended inference time, providing 20 petaflops of AI performance with increased memory capacity [3][4] Future Developments - NVIDIA plans to launch the Vera Rubin architecture in 2026, which will include a custom CPU and GPU, promising substantial performance improvements in AI training and inference [7][8][11] - The Rubin Ultra, set for release in 2027, will feature a configuration capable of delivering 15 exaflops of FP4 inference performance, significantly surpassing the capabilities of the Blackwell Ultra [12][81] Networking Innovations - NVIDIA is advancing its networking capabilities with the introduction of co-packaged optics (CPO) technology, which aims to reduce power consumption and improve efficiency in data center networks [14][17][21] - The Quantum-X and Spectrum-X switches, expected to launch in 2025 and 2026 respectively, will utilize CPO to enhance bandwidth and reduce operational costs in AI clusters [89][90] Market Context - Major companies like OpenAI and Meta are investing heavily in NVIDIA's technology, with OpenAI reportedly spending $100 billion on infrastructure that could house up to 400,000 NVIDIA AI chips [30] - Despite the technological advancements, NVIDIA's stock has faced volatility, with a notable decline following the GTC event, raising questions about the sustainability of its market dominance [31][32]

Core Viewpoint - The global information technology industry is undergoing a fourth revolution centered around artificial intelligence (AI), which poses unprecedented challenges to the underlying hardware infrastructure, particularly in storage technology [1]. Group 1: AI's Impact on Storage Technology - The demand for storage technology driven by AI is primarily focused on three aspects: high performance, large capacity, and low power consumption, requiring storage manufacturers to find a delicate balance among these factors [3]. - Yangtze Memory Technologies Co. (YMTC) has introduced the Xtacking architecture, which separates storage cells from logic circuits, achieving breakthroughs in I/O speed (3.6 Gbps) and single die capacity (2 Tb) [3][4]. Group 2: Xtacking Architecture Advancements - The Xtacking technology has evolved to its fourth generation, with significant improvements in I/O speed from 800 MT/s to 3.6 GT/s, representing over a fourfold increase [4]. - Three NAND products based on Xtacking 4.0 were showcased, including a 512 Gb TLC flash chip with a 50% increase in I/O speed and over 40% improvement in storage density [4][5]. - The 1 Tb TLC flash chip also achieved 3.6 GT/s I/O speed and a 36% increase in storage density, gaining widespread market recognition since its mass production [5]. - The QLC flash chip under Xtacking 4.0 has a single die capacity of 2 Tb, with a 147% increase in data throughput and a 33% improvement in lifespan compared to previous generations [5]. Group 3: Product Line and Market Coverage - YMTC's product solutions encompass three main lines: embedded products, consumer products, and enterprise products, catering to various applications from IoT devices to cloud computing [9]. - The embedded product line includes flagship products like UC420, UC341, and UC260, designed for high-end AI smartphones and offering significant performance improvements and energy efficiency [10]. - In the PC segment, flagship products like PC550 and PC450 utilize PCIe 5.0 and PCIe 4.0 interfaces, respectively, achieving high performance while maintaining low power consumption [11]. - The upcoming enterprise-grade SSD PE511, based on Xtacking 4.0, is expected to offer a 100% performance increase and larger capacity options, enhancing operational efficiency in data centers [12]. Group 4: Future Outlook - YMTC's growth trajectory underscores the importance of innovation as the sole path to breakthroughs, with a focus on making storage faster, smarter, and more ubiquitous in the AI era [15]. - As AI evolves towards embodied intelligence and general artificial intelligence (AGI), storage technology is poised to become a core hub in the intelligent world, with Chinese companies likely to lead the global storage industry into a new cycle of value growth [15].