我们认为，后续各大模型迭代有望提升国产算力紧缺程度，其中文生视频有望成为国产算力需求的核心加速剂， 字节链应该持续重视，芯原则是字节链核心！ 公司在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据 【财通电子&新科技】坚定看好芯原股份——本轮底部推荐至今， 我们认为，后续各大模型迭代有望提升国产算力紧缺程度，其中文生视频有望成为国产算力需求的核心加速剂， 字节链应该持续重视，芯原则是字节链核心！ 公司在手量产订单超30亿 截至25年四季度，公司在手订单金额达到50.75亿元，较三季度末的32.86亿元大幅提升54.45%，量产业务订单超30 亿元，整体订单预计一年内转化的比例超80%，且近60%为数据处理应用领域订单。 【财通电子&新科技】坚定看好芯原股份——本轮底部推荐至今， 现阶段字节一代即将量产，二代开始预研，工艺继续冲击先进制程，而观察国内芯片设计服务厂商有从7nm-4nm流 片经验储备的厂商仅有芯原一家，同时大量案例均为一次流片点亮，选择芯原实际上 ...

Group 1 - The core viewpoint emphasizes a strategy of continuous low-cost positioning, particularly focusing on ByteChain, as the central economic work conference highlights the importance of innovation-driven growth and the potential for sustained policy benefits in the tech industry [1][2] - The AI industry is experiencing accelerated iteration, with significant developments such as Google's release of Gemini 3 and OpenAI's launch of GPT-5.2, indicating a robust growth trajectory [2] - Upcoming events like the Photonic Organization's AI Innovation Conference and the Volcano Engine's Original Power Conference are expected to showcase advancements in AI, particularly in areas like AI Agents and large models, which are crucial for ByteChain's influence in the domestic market [2] Group 2 - The report on Robotaxi indicates that the industry is entering a phase of accelerated commercialization, suggesting a pivotal moment for investment opportunities in this sector [5] - The focus on core leaders in the AI sector and those with significant marginal changes in their respective niches is recommended for investors looking to capitalize on the ongoing technological advancements [1][2]