2025年，人工智能（AI）技术的全面爆发与深化应用，成为驱动全球半导体行业发展的核心引 擎。 就A股半导体板块而言，受益于需求提升，相关上市公司业绩在2025年实现新一轮增长。二级市场 方面，2025年，申万半导体行业指数大幅上行，以全年45.99%的涨幅跑赢大盘。从寒武纪市值飙升， 到摩尔线程、沐曦股份先后上市刷新新股盈利纪录，都让半导体成为A股市场热度最高的板块之一。进 入2026年，半导体板块在二级市场的热度不减。截至1月7日收盘，申万半导体行业指数在3个交易日内 累计上涨9.12%。 展望2026年，在外部环境充满变数的当下，国内半导体企业能否继续"穿越风浪"稳健发展？二级市 场能否再现"高光时刻"？ 2025年板块涨幅跑赢大盘 按申万二级行业分类，半导体行业指数去年涨幅显著。同花顺iFinD统计显示，该指数年内上涨 45.99%，跑赢沪深300指数28个百分点。从三级行业看，其中，印制电路板涨幅144%，半导体设备涨幅 60%，半导体材料涨幅36%。 中银证券认为，2025年，人工智能产业链迎来需求的较快增长，从下游的人工智能基础设施（AI Infra），到中游的AI服务器组装，再到上游的PCB（ ...

转自：北京日报客户端 1月8日，海淀企业北京智谱华章科技股份有限公司正式在香港联合交易所挂牌上市，"全球大模型第一 股"——全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中国北京。 智谱（02513.HK）是一家成立于2019年、由清华大学技术成果转化而来的科技企业，一直以"让机器像 人一样思考"为愿景，专注通用人工智能（AGI）的研发。 2025年，智谱推出新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体 能力，模型立即在12项权威评测中综合排名取得国内第一、全球开源第一的效果。在全球大模型超市 OpenRouter（体现全球大模型真实调用量）上，GLM-4.5/4.6自上线以来调用量稳居全球前10，同时付 费API收入超过所有国产模型之和。 当下处于发展初期的大模型行业还未在商业化上形成清晰、具有共识的盈利路径。截至2025年6月，智 谱的基座模型能力已覆盖约8,000万台终端设备，并实现日均约4.6万亿Token的调用规模。该运行强度意 味着模型长期处于高并发、长链路、真实业务环境中，表明其已跨越演示或试验阶段，进入可规模化、 可长期运行的商业化阶段 ...

智谱挂牌上市，"全球大模型第一股"的突围与想象 今日，全球大模型第一股诞生了——智谱以股票代码"2513"在港交所主板正式挂牌上市，首日开盘价 120港元/股，盘中拉升大涨超11.88%至130港元，市值一度冲上572亿港元。 自2022年底ChatGPT横空出世至今三年间，全球大模型领域展开激烈乃至残酷的角逐。技术加速演进、 市场热情高涨，但赛道也迎来疾速洗牌，淘汰赛不断升级。智谱成功突破重围，率先锁定"全球大模型 第一股"的身份登陆港股。 凭借第一股的稀缺性，智谱吸引了JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、Perseverance Asset Management等11家机构作为基石投资者，阵容覆盖北京核心国资、头部 保险资金、大型公募基金、知名私募基金及产业投资人，合计认购占比高达7成。而在IPO之前，智谱 已在私募市场累计融资了83.44亿元。 作为国内少数仍坚持自研基座模型的AI创业公司，智谱在研发投入仅为OpenAI等美国同行约1%-2%的 情况下，实现了行业顶尖的模型能力。在商业化路 ...

Core Insights - The year 2025 marks a significant "paradigm shift" in the global business landscape, transitioning from visions of AI, consumption, and geopolitics into practical industrial applications [1][40]. Group 1: AI and Technology Developments - DeepSeek's emergence and Manus's $1 billion sale to Meta signify a pivotal moment in China's AI technology sector, reducing reliance on foreign models and initiating a trend towards open-source large models [2][41]. - The rapid competition in the AI field has led to numerous emerging competitors for DeepSeek, including Doubao, Qianwen, Lingguang, and Antifufu, alongside established players like Baidu and Kimi [4][43]. - AI models have evolved from mere chat tools to autonomous decision-making agents, with companies shifting from "buying models" to "nurturing agents" for task execution [6][45]. Group 2: Economic and Market Trends - The low-altitude economy in China is projected to exceed 1.5 trillion yuan, with cities like Shenzhen and Guangzhou pioneering eVTOL urban routes and drone deliveries becoming standard for logistics giants [8][46]. - The year 2025 is recognized as the year of humanoid robots entering factories, with significant orders surpassing 10,000 units, indicating a shift from experimental technology to industrial-grade products [10][49]. - Global trade dynamics are shifting, with the normalization of tariff battles between the US and Europe against Chinese electric vehicles and solar industries, prompting a "global localization" strategy among Chinese firms [12][51]. - The introduction of solid-state batteries in China, including the first national standards, addresses electric vehicle charging anxieties and strengthens China's position in the global renewable energy value chain [13][52]. Group 3: Consumer Behavior and Cultural Shifts - The establishment of the Hainan Free Trade Port marks a critical step in China's institutional openness, attracting global capital and talent [15][54]. - The rise of the "silver economy" in response to China's aging population is expected to create a trillion-yuan market for elder care products and services [28][67]. - The backlash against high-priced pre-made dishes, highlighted by public figures like Luo Yonghao, reflects a growing consumer demand for transparency and value, signaling the end of the "arrogant brand era" [24][63]. - The decline of the Labubu toy series from a speculative investment to a more accessible product illustrates a shift in consumer sentiment towards value-driven purchases [29][72]. Group 4: Capital and Investment Trends - The focus of global capital is shifting from generic large models to investments in "sovereign AI" infrastructure, with data centers becoming strategic national assets [16][57]. - Starbucks' decision to sell part of its Chinese operations to local investors signifies the end of the era where foreign brands dominated the market solely through globalization [34][73].

Core Insights - The year 2025 marks a significant paradigm shift in China's and the global business landscape, transitioning from vision to industrial implementation of AI, consumption, and geopolitical changes [3][4]. Group 1: AI and Technology Developments - DeepSeek's emergence in early 2025 signifies a pivotal moment for China's AI technology sector, reducing reliance on foreign models and initiating a trend towards open-source large models [5]. - The rapid competition in the AI field has led to the emergence of numerous competitors, including Doubao, Qianwen, and Lingguang, alongside established players like Baidu and Kimi [7]. - AI has evolved from a simple chat tool to a productivity employee, marking the beginning of an era of automated decision-making [10]. Group 2: Economic and Market Trends - The low-altitude economy is projected to exceed 1.5 trillion yuan in 2025, with cities like Shenzhen and Guangzhou leading the way in eVTOL operations and drone deliveries becoming standard for logistics giants [11]. - The year 2025 is recognized as the year of humanoid robots entering factories, with significant orders surpassing 10,000 units, indicating a shift from experimental technology to industrial applications [14][16]. - Global trade dynamics are shifting, with the normalization of tariff battles between the US and Europe against Chinese electric vehicles and solar industries, prompting a move towards localized global strategies [18][20]. - The introduction of solid-state batteries in China is set to revolutionize the electric vehicle market, addressing energy storage concerns and enhancing safety [21][23]. Group 3: Consumer Behavior and Cultural Shifts - The "silver economy" is emerging as a key driver of domestic demand, with policies targeting the aging population leading to a surge in consumption in this sector [38][40]. - The rise of GLP-1 drugs is reshaping health and lifestyle industries, significantly impacting consumer habits and the broader economic landscape [41]. - The decline of speculative trends in collectible toys, such as Labubu, reflects a shift in consumer sentiment towards value-driven purchases rather than hype [42][44]. - The backlash against high-priced pre-made dishes, highlighted by public figures like Luo Yonghao, indicates a growing demand for transparency and value in branding [35][37]. Group 4: Corporate Strategies and Capital Trends - Starbucks' decision to sell part of its Chinese operations to local investors marks the end of the era where foreign brands dominated solely through globalization, necessitating a more localized approach [45][46]. - The capital landscape is shifting towards investments in sovereign AI infrastructure, with data centers becoming critical national assets [27]. Group 5: Overall Business Landscape - The events of 2025 illustrate a transition to a new business paradigm where technology, market efficiency, consumer sovereignty, and localized capital strategies are paramount [48][49][52][54].

Core Viewpoint - The article discusses the advancements made by Moores Threads in the field of full-function GPUs, highlighting the launch of the new Huagang architecture, which enhances computing density by 50% and improves performance by 10 times, showcasing the company's rapid development and broad application potential in various industries [1][22]. Group 1: Moores Threads' Innovations - Moores Threads has showcased its full-function GPU capabilities, which span from consumer applications to vertical industries, integrating graphics, AI, and high-performance computing [3][7]. - The company has introduced the Huagang architecture, along with new AI training and inference chip Huashan and professional graphics chip Lushan, which significantly enhance performance metrics [22][29]. - The Huashan chip features advanced floating-point performance and supports over 100,000 card computing clusters, while Lushan offers substantial improvements in gaming and AI computation performance [29][31]. Group 2: Application Cases and Market Impact - The article highlights nearly 100 application cases that demonstrate the unique capabilities of Moores Threads' full-function GPUs across various sectors, including gaming, healthcare, and AI [15][49]. - The integration of AI capabilities with graphics rendering allows for complex applications in fields such as medical imaging and industrial design, showcasing the versatility of the technology [11][15]. - Moores Threads has achieved 100% compatibility with the top 50 popular games in China since the launch of its consumer-grade graphics card, indicating strong market acceptance [9]. Group 3: MUSA Ecosystem and Developer Engagement - The MUSA (Meta-computing Unified System Architecture) is a comprehensive technology stack developed by Moores Threads, aimed at fostering a robust developer ecosystem [33][49]. - The company aims to attract a large number of developers to build applications on the MUSA platform, emphasizing the importance of collaboration between manufacturers and developers [35][38]. - Moores Threads has set a goal of reaching one million MUSA developers, indicating its commitment to expanding its ecosystem and enhancing the value of its technology [47][49].

Group 1: U.S. AI Initiatives - The U.S. government has launched the "U.S. Tech Force" program to mobilize national AI capabilities, involving agencies like OPM, OMB, GSA, and OSTP[7] - The program includes 28 initial private sector partners such as Adobe, Amazon Web Services, and AMD, with plans for further expansion[7] - This initiative reflects a broader trend of nations reorganizing resources as AI evolves from an industrial tool to a foundational national capability[10] Group 2: Global AI Developments - China is focusing on AI, computing power, and data as key components of its "14th Five-Year Plan," indicating a consensus on digital economic development[3] - The EU is advancing its AI governance framework, with a focus on enforceable regulations and expanding computational power[20] - Other countries, including South Korea and Japan, are enhancing their AI and semiconductor competitiveness through national capital and institutional tools[22][23] Group 3: AI Governance and Infrastructure - The U.S. is moving towards a unified AI governance framework, with federal oversight of AI regulation marking a new phase in governance[17] - The expansion of AI infrastructure in Europe is characterized by a dual approach of sovereign power and commercial capital[21] - AI safety and data governance are transitioning from principles to actionable tools, indicating a systematic approach to regulation[15]

【扎根自主可控，护航国家安全】 12月24日，重仓软件开发行业的信创ETF基金（562030）在水面附近震荡，场内价格盘中摸高0.59%，现跌0.2%，值得关注的是，该ETF回落至今年7月位 置，较高点回落明显，考虑到2027年央国企信息化系统全面替代节点临近，当前或可能是左侧布局的窗口期。 成份股方面，江波龙、赢时胜和千方科技表现较为突出，涨幅分别为2.76%、2.64%和2.29%。另一方面，奇安信、海光信息和纳思达表现较弱，跌幅分别为 0.88%、0.83%和0.76%。 消息面上，12月22日MDC 2025大会聚焦国产算力突破，中国工程院院士郑纬民强调"主权AI"需构建算力自主体系，摩尔线程展示MUSA架构在AI推理及深 度学习生态的进展；同期国内首个规模化光量子计算机制造工厂在深圳落地，推动量子计算产业化进程，相关技术突破有望赋能信创产业链核心环节。 天风证券表示，2025年计算机行业跑赢沪深300，基本面自2024年低点后修复，25Q3营收同比+3.22%、归母净利润同比+2.40%，盈利拐点显现。AI Coding 规模化落地将降低研发成本，中长期利润率有望提升5pct+。2026年行业进入" ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月24日，重仓软件开发行业的信创ETF基金（562030）在水面附近震荡，场内价格盘中摸高0.59%， 现跌0.2%，值得关注的是，该ETF回落至今年7月位置，较高点回落明显，考虑到2027年央国企信息化 系统全面替代节点临近，当前或可能是左侧布局的窗口期。 成份股方面，江波龙、赢时胜和千方科技表现较为突出，涨幅分别为2.76%、2.64%和2.29%。另一方 面，奇安信、海光信息和纳思达表现较弱，跌幅分别为0.88%、0.83%和0.76%。 消息面上，12月22日MDC 2025大会聚焦国产算力突破，中国工程院院士郑纬民强调"主权AI"需构建算 力自主体系，摩尔线程展示MUSA架构在AI推理及深度学习生态的进展；同期国内首个规模化光量子计 算机制造工厂在深圳落地，推动量子计算产业化进程，相关技术突破有望赋能信创产业链核心环节。 天风证券（维权）表示，2025年计算机行业跑赢沪深300，基本面自2024年低点后修复，25Q3营收同比 +3.22%、归母净利润同比+2.40%，盈利拐点显现。AI Coding规模化落地将降低研发成本 ...

智通财经获悉，很难想象有哪家公司在2025年对华尔街和人工智能行业的影响能超过英伟达 (NVDA.US)。投资者密切关注着该公司首席执行官黄仁勋的一举一动，无论是他与美国总统特朗普的 会面，还是与三星和现代的高管晚上一起吃炸鸡喝啤酒。英伟达的营收在2025年飙升，达到1871亿美 元。其市值则继续攀升，一度短暂突破5万亿美元，随后回落并稳定在4万亿美元区间。 英伟达在2025年里既有诸多高光时刻，也不乏剧烈震荡，而以下这15件事无疑是最重要的关键节点。 1月6日：CES 2025 英伟达在CES 2025上以一系列产品发布拉开了新一年的序幕，从全新超小型AI芯片到性能更强的游戏 显卡。黄仁勋的主题演讲涵盖了多个话题，包括实体AI(即机器人)、桌面级AI系统，以及一系列AI软件 更新，为公司2025年的发展奠定了基调。 1月27日："DeepSeek时刻" 英伟达同样未能幸免。该公司股价从4月2日的110美元跌至4月4日的94.31美元，股价在4月9日回到"解 放日"前水平，但直到4月25日才真正走出低迷。 不过，最初的恐慌之后，关于AI公司不再需要高性能芯片的担忧被证明有些夸大，原因在于，训练AI 模型和运行 ...