春节期间，算力产业链新闻不断。OpenAI"大幅下调"算力投资，引发广泛关注和讨论；Meta与英伟达 达成一项价值数十亿美元的芯片采购协议；Taalas芯片的异军突起引人瞩目……在业内人士看来， OpenAI并非是预算下调而是表达口径的差异，将原来"8年广义基建"口径改为"5年算力专项"，并非意味 着AI泡沫破灭和产业发展"刹车"，而是产业发展进入更务实阶段，开始回归商业本质，更加关注营收利 润。北美云厂继续增长的资本开支，将使得算力及英伟达产业链继续保持高景气度。不过，在AI应用 加速落地的背景下，产业链公司对算力结构、AI大模型乃至于商业模式的需求，都将发生变化，AI推 理算力、国产AI芯片的投资机遇值得重点关注。（上证报） ...

t 31 - 11 - 1 Friday of Special A JUDD 深圳商报·读创客户端记者 钟国斌 马年初八将迎来A股首个交易日，A股市场将如何运行？招商证券首席策略分析师张夏接受记者采访时表示，马年A股慢牛行情有望延续。"2026年上市公司 盈利增速有望进一步回升，预测非金融及两油A股上市公司2026年有望实现5%至10%的温和增长，盈利增速将会对A股市场上行产生关键动力。"他分析指 出，2026年A股整体仍处在盈利增速回升和估值温和扩张的阶段，预计上证指数上涨幅度介于10%至15%之间。 "A股本轮上行周期正从流动性驱动、赛道股占优的'牛市第二阶段'，向以盈利改善为驱动力的'牛市第三阶段'过渡。关键观察变量是PPI的触底回升，这通常 标志着企业盈利实质性改善"。张夏表示，在此过渡期内，市场风格将趋于均衡。 2026年以来，A股日均成交额保持在2万亿元上方。张夏认为，在A股过去两年有较好赚钱效应以及整体中高回报率资产荒的背景下，2026年A股资金供需有 望延续较大规模净流入，或达1.56万亿元，为实现慢牛带来流动性支持。 具体来看，资金供给端，公募基金将延续发行回暖趋势，如果能够有效突破扭亏阻力 ...

（文/陈济深 编辑/吕栋） 2月18日，国产AI芯片企业太初（无锡）电子科技有限公司（又称"太初元碁"）完成智谱GLM-5.0、阿 里千问Qwen3.5-397B-A17B等大模型的深度适配 。 截至目前，其已完成包括DeepSeek、Qwen、GLM、Intern-S1、文心等在内的40+AI大模型的即发即适 配，上线即可用 。 大模型端的爆发，已开始向价格端传导——2月12日，智谱宣布GLM套餐涨幅30%起，并启动算力合作 伙伴计划，供需紧张的信号清晰可见 。 更值得注意的是，多模态大模型正在成为算力消耗的新引擎 。 自2026年元旦以来，多家知名企业纷纷宣布更新国产大模型，行业全面跨入"周更"时代 。在这样的高 频迭代下，底层算力底座的响应速度已经成为决定生态话语权的关键 。太初元碁此次的高效交付，正 是对其软硬件协同实力的有力印证。 这一进展正发生在国产大模型史上最密集的爆发周期之中——大模型迭代节奏已从季度级压缩至周级， 随之而来的算力需求正在加速向上游传导，国产AI芯片迎来了前所未有的历史性机遇 。 需求向上游算力加速传导 马年春节前后，国产大模型集中引爆 。 1月27日，月之暗面发布Kimi K ...

Group 1 - The company announced the resignation of independent director Liu Peng, who has served since February 2020 and will leave after completing a six-year term [1][2] - Liu Peng will continue to fulfill his duties until a new independent director is elected at the shareholders' meeting [2] - The board expressed gratitude for Liu Peng's contributions during his tenure [2] Group 2 - The company has decided to postpone certain fundraising investment projects and adjust the internal investment structure for the "Information Technology Innovation Cloud Platform" project [3][5] - The actual fundraising amount raised in the IPO was approximately RMB 1,048.31 million, with a net amount of RMB 917.16 million after deducting fees [4][37] - The postponement is primarily due to delays in core R&D work related to the integration of domestic AI chips [6][7] Group 3 - The internal investment structure adjustment includes reallocating RMB 1,000 million from equipment costs to R&D for the "Information Technology Innovation Cloud Platform" project [7] - An additional RMB 1,750.14 million from the completion of the "Dedicated Information Technology Cloud Service Platform" project will also be redirected to the "Information Technology Innovation Cloud Platform" [5][7] - The adjustments aim to enhance the project's core technological competitiveness and support the company's strategic R&D goals [7] Group 4 - The board's audit committee approved the postponement and internal investment structure adjustment, confirming that it does not harm the interests of shareholders [8][9] - The company will not submit these matters for shareholder approval as they comply with relevant regulations [9][10] - The sponsor, Guolian Minsheng Securities, has also expressed no objections to the adjustments [11] Group 5 - The company plans to hold its first temporary shareholders' meeting of 2026 on March 2, 2026, to discuss various proposals, including daily related transactions with Shenzhen Jiangyuan Technology Co., Ltd. [50][53] - The expected amount for daily related transactions in 2026 is capped at RMB 20 million [21][23] - The company emphasizes that these transactions will not affect its independence or harm the interests of minority shareholders [32][24]

汽零切入数据中心液冷产业链：看好 ASIC 增长，重视国 产链机会 20260211 摘要 数据中心液冷市场规模预计将从 2025 年的 26 亿美元增长到 2027 年的 265 亿美元，年复合增速超过 200%，增长迅猛，为相关企业带来巨大 机遇。 英伟达 GPU 液冷市场规模在 2026 年预计达到 84.5 亿美元，并将在 2027 年接近 130 亿美元，其液冷需求主要基于 GB200、GB300 和 Ruby 架构机柜的出货量增长。 英伟达数据中心液冷供应链复杂，决策权集中在台商 ODM 手中，上游 零部件份额也多由台商占据，但随着技术路径变化，核心供应商份额可 能调整，未来英伟达或收回部分指定权。 国内 ASIC 芯片市场快速发展，为避免产能不足并追求性价比，国内厂 商倾向于选择已进入英伟达供应链但份额较少且技术质量可靠的供应商， 同时美国对高端 AI 芯片出口限制加速了国产 AI 芯片的发展。 预计到 2026 年，国产 AI 算力芯片出货量将达到 435 万片，同比增长 31%，华为升腾 910 系列和阿里等云厂商逐步采用液冷方案，国产化率 提升明显，但关键部件如调节阀仍以海外供货为主。 Q ...

Core Viewpoint - The domestic AI chip unicorn, Hanbo Semiconductor, has completed its guidance for the Sci-Tech Innovation Board IPO, alongside Suiyuan Technology, marking a significant moment for the AI chip sector in China as it gathers six notable companies in the capital market, showcasing the rapid development of artificial intelligence [1] Group 1: Company Developments - Hanbo Semiconductor is advancing its IPO process and is recognized for its commercial success in both general AI and rendering applications, leading in the domestic data center AI and edge computing sectors [3][5] - Suiyuan Technology has developed four generations of cloud AI chips and aims to raise 6 billion yuan for the R&D and industrialization of its fifth and sixth-generation products [5] - The "Six Little Dragons" of AI chips, including companies like Moer Thread and Muxi, are focusing on technological advancements and product updates, with Muxi launching a new GPU product line [2][3][4] Group 2: Market Trends - The domestic general GPU market share is expected to rise from 8.3% in 2022 to 17.4% in 2024, with projections indicating it could exceed 50% by 2029 [13] - The AI chip market is experiencing structural changes, with companies transitioning from relying on external support to achieving self-sustained growth [13] - The upcoming IPOs of these companies are anticipated to strengthen the trend of domestic AI chip localization, providing a stable financial foundation and increasing market recognition [12] Group 3: Government Support and Investment - Shanghai has positioned itself as a leader in the integrated circuit industry, ranking first in China and fourth globally, and is actively supporting local AI chip companies through funding and policy initiatives [7][8][10] - Significant investments have been made by Shanghai's state-owned enterprises in companies like Wallen Technology and Suiyuan Technology, facilitating their growth and technological advancements [9][10]

Group 1 - The core point of the article highlights the significant escalation in AI promotion during the Spring Festival, with major companies like Tencent, Baidu, and Alibaba launching massive cash red envelope campaigns to engage users and showcase AI capabilities [1][2][10] - Tencent's Yuanshuo APP initiated a record-breaking 1 billion yuan red envelope campaign, while Baidu followed with a 500 million yuan initiative, and Alibaba's Qianwen APP announced a 3 billion yuan "Spring Festival Treat" plan [2][5][7] - The competition among these tech giants is not just about user acquisition but also about establishing a strong foothold in the AI landscape, with the outcomes of user retention post-festival being crucial for determining market leadership [10][12] Group 2 - The article discusses the underlying "chip war" that supports the AI applications, emphasizing that the high concurrency demands during these promotional events are met by domestic AI chips rather than Nvidia's GPUs [12][13] - The landscape of the Chinese AI chip market is undergoing a dramatic shift, with Nvidia's market share in high-end training chips dropping from 95% to 0% due to U.S. export restrictions, allowing domestic companies to gain ground [14][15][16] - Predictions indicate that by 2026, Huawei is expected to dominate the Chinese AI chip market with a 50% share, while other companies like AMD, Cambricon, and Haiguang will follow with significantly smaller shares [17][18] Group 3 - The rise of domestic AI chips is marked by several companies achieving substantial order volumes, with Huawei Ascend and Baidu Kunlun being among the largest suppliers [23][24] - Despite the rapid growth of domestic AI chips, there remains a significant performance gap compared to Nvidia, prompting a focus on optimizing chip usage and system architecture to enhance competitiveness [25][26][30] - The article concludes that while the promotional activities may end, the advancements in AI chip technology are just beginning, indicating a potential shift in the global AI semiconductor landscape [32][34]

而在"小作文"流传仅4天以前，寒武纪刚发布了一份略低于预期的业绩预告。1月30日，寒武纪发布的 2025年度业绩预告显示，公司预计营收60亿元至70亿元，归母净利润18.5亿元至21.5亿元，这虽然意味 着，寒武纪将交出上市以来首份盈利年报，但同时也意味着寒武纪2025年第四季度的净利润环比出现下 降。在这份低于外界预期的业绩预告发布后，2月2日，寒武纪股价跌1.34%。 不过，仍有机构看好寒武纪未来走势。国联民生研报认为，寒武纪是国产AI芯片龙头，积极研发新一 代智能处理器微架构和指令集，推动智能芯片及加速卡在互联网、运营商、金融、能源等多个重点行业 持续落地。软件生态的持续完善，有望进一步提升公司在行业内的竞争力，助力公司长期发展。 2月3日寒武纪大跌主要受到一则与业绩相关的"小作文"影响，市场传闻称寒武纪在一次小范围中交流释 放了2026年较低的收入预期。当天中午，寒武纪即发布声明对这一传闻进行驳斥。 寒武纪在官方公众号"寒武纪科技"发布的《严正声明》显示，"公司关注到今日网络传播的关于公司近 期组织小范围交流等信息为不实信息，公司近期从未组织任何小范围交流，没有出具过任何年度、季度 营业收入指引数据， ...

记者｜金珊 见习记者林芊蔚 编辑｜江佩霞 港股科网股回升，腾讯跌幅收窄至3%，此前一度跌超6%；百度集团跌幅收窄至4%，此前一度跌近7%；快手跌幅收窄至4.5%，此前一度跌近 8%；阿里跌幅收窄至1.22%，此前一度跌近5%。 贵金属板块强势反弹，晓程科技涨超18%，湖南黄金涨停。（详见： 黄金急升突破4890美元，A股贵金属大爆发，紫金矿业大涨6% ） CPO等算力硬件股走强，罗博特科20cm涨停，天孚通信涨超10%，股价均创历史新高。 热门个股方面，寒武纪盘中大幅跳水，一度跌超13%，截至收盘跌幅缩窄，下跌9.18%。3日中午，寒武纪发布公告称，关于公司近期组织小范 围交流等信息为不实信息，公司目前研发进展顺利，经营稳步推进。 近期，国产AI芯片上市公司业绩陆续发布，主营情况均有好转，但股价表现上却不尽如人意。摩尔线程收盘报554.92元/股，跌2.65%，沐曦股 份跌超3%，报513.78元/股。 【详情】 港股方面，午后恒生指数翻红，恒生科技指数午后跌幅收窄至0.9%，此前一度跌3.4%， 较2024年10月高点累计下跌超过20%，正式迈入技术 性熊市区间。 2月3日，亚太股市集体大反弹，日经225指 ...

Group 1 - The core point of the article is that after a significant drop in stock price, Cambricon issued a statement denying rumors about its revenue guidance and reaffirming its operational stability and R&D progress [1][3][4] - On February 3, Cambricon's stock price fell over 14%, reaching a low of 1063 yuan per share, which raised concerns about competition and revenue expectations [3][4] - Following the statement, Cambricon's stock experienced a slight recovery, with the decline narrowing to within 10% [4] Group 2 - Cambricon's 2025 revenue forecast is between 6 billion to 7 billion yuan, representing a growth of 410.87% to 496.02% year-on-year, with a projected net profit of 1.85 billion to 2.15 billion yuan [6] - The company attributes its expected revenue growth to the increasing demand for computing power in the AI industry and its competitive product offerings [6] - However, Cambricon's Q4 net profit is expected to be between 245 million to 545 million yuan, which is below market expectations [6] Group 3 - The competition in the domestic AI chip market is intensifying, with major internet companies ramping up their efforts [8] - Alibaba's self-developed AI chip "Zhenwu" has been launched, achieving significant deployment and surpassing Cambricon in shipment volumes [9] - Huawei and Baidu are also advancing their AI chip technologies, with Huawei planning to release several new chips by 2028 and Baidu launching new Kunlun chips for large-scale AI tasks [12][13]