Core Viewpoint - RISC-V is emerging as a potential disruptor in the CPU architecture market, challenging the dominance of ARM and x86, particularly in embedded systems, AI accelerators, and low-power designs [1][10]. Group 1: RISC-V's Unique Features - RISC-V is an open-source instruction set architecture (ISA), allowing manufacturers to use, modify, and extend it without paying licensing fees, unlike ARM and x86 [2]. - The customization capability of RISC-V enables users to design specific core instances, making it suitable for various applications such as AI accelerators and IoT devices [2][4]. Group 2: Market Position and Adoption - RISC-V has gained traction in microcontrollers, AI accelerators, and embedded systems, with companies like SiFive and Alibaba integrating RISC-V processors into diverse products [4]. - Google’s recent support for RISC-V in Android indicates potential for RISC-V smartphones, although widespread adoption is still years away due to uncertainties in implementation [5][10]. Group 3: Challenges Facing RISC-V - RISC-V faces significant challenges in software ecosystem support, as it lacks the extensive optimization that ARM and x86 have developed over decades [7]. - The risk of fragmentation exists due to the customizable nature of RISC-V, which could lead to compatibility issues if manufacturers do not adhere to common standards [3][9]. - Performance optimization is a challenge, as current RISC-V chips generally lag behind ARM in high-performance applications [8][7]. Group 4: Future Outlook - The true potential of RISC-V lies in embedded systems and low-power designs, where cost, efficiency, and flexibility are prioritized over traditional software compatibility [10]. - Major companies like Google, Amazon, and Meta are interested in RISC-V for custom chip designs tailored to specific workloads, which could gradually erode ARM's dominance in the data center market [6].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 招股书显示，2022至2024年间，奕斯伟计算营收分别为20亿元、17.5亿元和20.3亿元。期 内，其智能终端业务分别实现营收17.61亿元、16.36亿元和17.92亿元；具身智能业务实现 营收1.94亿元、6586万元和1.89亿元。营收虽稳定在17亿至20亿元区间，但公司累计亏损 高达49.6亿元，期内分别亏损15.7亿元、18.4元和15.5亿元。 股权结构方面，招股书显示，奕斯伟集团持股17.74%，奕理科技持股12.72%，奕想科技持股1.09%。奕 斯伟集团由奕明科技、米鹏、杨新元及刘还平分别持有52.4%、7.21%、4.32%及3.99%的股权。奕明科 技由王东升作为其普通合伙人持有63%的合伙份额，以及其他九名个人作为其有限合伙人持有。概无有 限合伙人于奕明科技持有超过10%的权益。 王东升为奕斯伟的执行董事、战略与投资委员会主席，米鹏为奕斯伟的执行董事、董事长兼首席执行 官。根据王东升、米鹏、杨新元、刘还平于2025年5月订立的协议，四人将就奕斯伟集团董事会会议及 股东会上的所有事项采取一致行动。 不拘中国、 放眼世界 ！ 关注 世界 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][3]. Core Insights - The report highlights the potential for RISC-V open-source chips to gain policy support for nationwide promotion in China, emphasizing their advantages in flexibility, modularity, and low power consumption [3][6][11]. - The electronic industry experienced a weekly increase of 2.7%, ranking 9th out of 31 sectors, with notable performances in semiconductor equipment and analog/digital chip design [3][27]. - The launch of new AI models and products, such as Manus and QwQ-32B, indicates a growing competitive landscape in AI technology, with significant implications for market demand in AI servers and related applications [18][23][24]. Summary by Sections 1. RISC-V and Domestic Chip Development - RISC-V is positioned to support the entry of domestic chips into the open-source era, with the Chinese government planning to issue guidelines for its promotion [6][15]. - The advantages of RISC-V include its open-source nature, modular design, and applicability across various fields such as IoT and automotive electronics [11][13]. 2. Global Industry Dynamics - The report discusses the release of the AI product Manus, which has achieved state-of-the-art performance, and compares it to existing models [18]. - Meta Quest 3S has become the best-selling VR device globally, indicating strong market demand in the VR sector [19]. - The QwQ-32B large language model from Alibaba demonstrates competitive performance with significantly fewer parameters than its counterparts [23]. 3. Market Review - The report provides a weekly overview of industry performance, noting that the electronic sector's increase of 2.7% is supported by strong performances in specific sub-sectors [27][30]. - The top-performing stocks in the electronic industry include Xinhuike and Green达, while the worst performers include Zhichun Technology and Aojie Technology [32].