公司点评 | 中科曙光 自主研发上下游软硬件，打造完备计算产业生态 中科曙光（603019.SH）2025 年半年报点评 业绩摘要：2025 年上半年，公司实现营业收入 58.50 亿元（YoY+2%），实 现归母净利润 7.29 亿元（YoY+29%）。其中，2025Q2 单季度实现营业收入 32.64 亿元（YoY+1%），实现归母净利润 5.42 亿元（YoY+29%）。 公司有效控制应收账款和存货规模，截至 2025 年二季度末，应收账款 29.08 亿元（YoY-1.6%），存货 33.23 亿元（YoY-7%）。公司费用情况总体稳定， 2025 年上半年研发费用为 6.29 亿元（YoY+0.7%），销售费用为 3.28 亿元 （YoY-5%），管理费用为 1.70 亿元（YoY+13%）。 公司通过强化自主可控、深化产业协同、赋能行业应用，积极推动国产算力 生态建设，沿产业链布局的海光信息、中科星图、曙光数创等多项优质资产 获得了良好的投资回报。公司自主研发上下游软硬件，降低了对外部供应链 的依赖，同时，加大与人工智能、存储、网安等厂商的技术合作，加强公司 核心产品与产业链厂商的适配和协同，打造 ...

报告期内，公司坚持在智能算力、先进存力、绿色算力等领域加大研发投入，推动技术创新和产品升级。在人工智能领域，进一步丰富和优化"曙光AI大模 型仓库"，提供更多高质量的模型源码；在先进存力领域，持续突破技术瓶颈，提高存储性能。在绿色算力领域，优化液冷技术，提升产品性能和能效。同 时，通过强化自主可控、深化产业协同、赋能行业应用，积极推动国产算力生态建设。一方面，通过自主研发上下游软硬件，降低对外部供应链的依赖，并 在部分自研软硬件产品上实现性能与稳定性的行业领先，巩固一体化解决方案的成本优势。另一方面，加大与人工智能、存储、网安等厂商的技术合作，加 强公司核心产品与产业链厂商的适配和协同，打造面向应用场景的联合推广方案。此外，公司积极与各行业用户合作，推动算力在更多领域的应用落地，并 通过提供定制化的解决方案和技术支持，帮助用户降低使用门槛，提高算力应用水平，促进各行业的数字化转型。 中科曙光表示，公司将继续以创新为引领，坚持高端计算核心技术研发；继续完善以液冷为基础的数据中心散热解决方案；继续提升智能制造能力，加大智 能产线产能；继续优化经营管理与资源配置，摒弃以高投入驱动的传统增长模式，依托多元化经营优势， ...

Core Viewpoint - The big data industry ETF (516700) showed stable performance with a 1.1% increase in intraday price and a transaction volume of 12.2 million yuan, reaching a total fund size of 103 million yuan [1] Group 1: ETF Performance - The big data industry ETF (516700) passively tracks the CSI Data Index (930902), which rose by 1.35% on the same day [1] - The top ten weighted stocks in the index include iFlytek, Inspur Information, and Hang Seng Electronics, among others [1] Group 2: Component Stocks Performance - Notable performers among component stocks include Zhongke Shuguang, Kehua Data, and Dongfang Guoxin, with daily increases of 4.34%, 3.99%, and 2.49% respectively [1] - Conversely, stocks such as Tuolisi, Shenzhou Information, and Shuiyou Co. experienced declines of 2.97%, 2.76%, and 2.37% respectively [1] Group 3: Market Insights - Nvidia launched a new robotics technology stack "New Brain" and the Jetson Thor edge supercomputer, enhancing AI capabilities [3] - The DeepSeek-V3.1 model shows significant improvements in programming agents and complex task handling, indicating a strong performance boost over previous models [3] - The computer industry is benefiting from AI technology upgrades and ecosystem collaboration, driving technological iterations and application expansions [3][4]

Core Insights - The company reported a revenue of 165 million yuan for the first half of 2025, representing a year-on-year growth of 7.21%, while the net profit loss narrowed by 9.25 million yuan, an increase of 36.91%, indicating significant improvement in profitability [2] - The demand for intelligent computing is experiencing explosive growth, with China's intelligent computing scale expected to grow by over 40% this year, driven by applications in various fields such as generative models, autonomous driving, and smart cities [2] - The company is strategically focused on building a comprehensive domestic AI computing infrastructure through deep collaboration with Jiangyuan Technology in the AI chip sector, aiming for breakthroughs in technology through a "hardware + software" integration approach [3] Company Developments - The company announced the upcoming launch of the new generation of its AI integrated machine (PYD20 series), which features the Jiangyuan D20 board card with a single card computing power of 320 TOPS and a total memory capacity of 4 terabytes, doubling the computing power and quadrupling the memory capacity compared to the previous PYD10 model [3][4] - The PYD20 series is the first domestically produced AI inference product with a dual-chip architecture, achieving full-stack domestic adaptation from CPU chips to operating systems, supporting localized deployment for enterprise-level AI applications [4] - The company has also made strategic investments in domestic chip manufacturers to enhance its layout in domestic inference chips and integrated sensing chips, while collaborating with universities to establish joint research centers for model optimization and chip technology [4] Future Outlook - The company launched the Bingo AIInfra intelligent computing scheduling platform, designed for enterprises, which offers advanced GPU resource management capabilities to ensure efficient support for AI computing tasks under varying loads [5][6] - Looking ahead, the company aims to continue its core strategy centered on the "cloud data foundation platform," focusing on a dual-driven approach of "vertical field AI + domestic computing ecology" to build a diversified business system covering full-stack cloud services and domestic computing ecosystems [6]

（文章来源：证券日报） 证券日报网讯太极股份8月25日在互动平台回答投资者提问时表示，公司与中昊芯英在天津移动TPU智 算中心等项目中有相关合作，共同致力于推动国产算力生态向更高能级迈进。 ...

每日晨报│2025 年 8 月 25 日 主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,339 | +0.93% | +26.32% | | 恒生科技指数 | 5,647 | +2.71% | +26.40% | | 国企指数 | 9,079 | +1.17% | +24.56% | | 沪深 300 | 4,378 | +2.10% | +11.26% | | 上证综合指数 | 3,825 | +1.45% | +14.14% | | 深证成份指数 | 12,166 | +2.07% | +16.82% | | 中小板指 | 7,447 | +1.65% | +16.70% | | 道琼斯指数 | 45,631 | +1.89% | +7.26% | | 标普 500 指数 | 6,466 | +1.52% | +9.95% | | 纳斯达克指数 | 21,496 | +1.88% | +11.32% | | 伦敦富时指数 | 9,321 | +0.13% | +14.05% | | CAC40 指数 | ...

格隆汇8月25日丨太极股份(002368.SZ)在投资者互动平台表示，公司与中昊芯英在天津移动TPU智算中 心等项目中有相关合作，共同致力于推动国产算力生态向更高能级迈进。 ...

Group 1 - The semiconductor sector experienced an increase today, with companies such as Haiguang Information, Runxin Technology, and Dongwei Semiconductor showing significant gains [1] - Huajin Securities highlighted the release of DeepSeek-V3.1, which supports FP8 precision, indicating that leading domestic models' support for upcoming domestic chip designs is expected to accelerate the improvement of the domestic computing power ecosystem [1] - The entire industrial chain of domestic computing power chips is viewed positively, from design, manufacturing, to packaging and testing, as well as upstream equipment and materials [1] Group 2 - Huafu Securities noted the continuous expansion of the global semiconductor materials market, with an expected increase in the domestic semiconductor materials localization rate, indicating a favorable investment window for domestic semiconductor materials [1]

兴业证券指出，后续围绕两条思路进行布局：第一，继续寻找科技成长主线内部的低位方向，挖掘尚未 被充分定价的细分领域；第二，对于低位顺周期板块，精选具备景气预期、符合资金审美，既有短期轮 动机会、同时兼具中长期成长性的优质赛道。 消息面上，2025中国算力大会透露，中国算力平台正加快建设。数据显示，近年来，我国算力总规模年 增速达到30%左右。工业和信息化部负责人表示，将引导各地合理布局智能算力设施，逐步提高智能算 力供给质量，满足新兴产业和未来产业发展需要。预计2025年，我国智能算力规模增长将超过40%。 另外，上周深度求索在官方订阅号发布文章《DeepSeek-V3.1 发布，迈向 Agent时代的第一步》，明确 指出"DeepSeek-V3.1使用了UE8MO FP8 Scale 的参数精度"。同时，在推文下置顶留言解释:"UE8MO FP8是针对即将发布的下一代国产芯片设计"，引发Deepseek新版本带来"国产AI芯片"量产的预期。 华金证券评论，随着DeepSeek-V3.1的发布，支持FP8精度，针对即将发布的下一代国产芯片设计，头部 国产模型对国产芯片的支持有望加速国产算力生态进一步完善。看好国 ...

《商道创投网》2025年8月24日从官方获悉：珠海市芯动力科技有限公司近日完成了由飞图创投独家投 资的近亿元B2轮融资。 《商道创投网》创业家会员·单位简介 芯动力科技成立于2017年，在珠海、深圳、西安及硅谷设有研发中心。公司原创可重构并行处理器RPP 架构，可把GPU通用性与NPU高能效合二为一，同时兼容CUDA生态，面向边缘AI推理市场提供高算 力、低功耗、易迁移的一站式芯片及加速卡解决方案。 《商道创投网》创业家会员·本轮融资用途是什么？ 芯动力科技CEO李原表示：资金将主要用于RPP芯片量产爬坡、第二代7nm高能效产品流片，以及边缘 计算场景标杆客户的规模化部署，确保软硬件平台在安防、工业视觉、机器人等多领域快速落地。 《商道创投网》创投家会员·本轮投资原因是什么？ 飞图创投管理合伙人赵戈称：RPP架构打破传统GPU与NPU边界，能效比实测领先同级产品3倍以上； 团队兼具清华学术背景与AMD、英伟达工程经验，商业化节奏清晰，已获多家头部客户POC订单，具 备弯道超车潜力。 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帥表示：工信部"算力基础设施高质量发展行动计划"刚落地，芯动力 ...