在1月21日国新办新闻发布会上，工业和信息化部副部长张云明介绍，2025年我国人工智能产业活力迸发、亮点纷呈。国内企业发布多款人工智能芯片产 品，建成万卡智算集群42个，智能算力规模达1590EFLOPS，行业高质量数据集加速涌现，国内大模型引领全球开源生态。下一步，工信部将以落实 《"人工智能+制造"专项行动实施意见》为抓手，加快推动人工智能产业高质量发展。抓好技术创新，加快突破训练芯片、异构算力等关键技术。 这组关于新兴产业和未来产业的数据，彰显经济发展的强劲动能。政策部署的叠加释放，清晰勾勒出我国人工智能产业从规模扩容向质量提升跨越的演进 轨迹，为产业进阶、赋能新型工业化提供重要支撑。 《"人工智能+制造"专项行动实施意见》将智算设施建设作为"创新筑基"的核心任务之一，明确提出加快建设全国一体化算力网监测调度平台，推动智算 资源优化布局与高效供给，为智算设施的体系化发展提供了清晰政策指引。 智算设施作为人工智能技术创新与产业应用的底座，其体系化构建是激活芯片价值、释放异构算力效能的重要前提与基础。智算设施的发展不是简单的硬 件叠加模式，而是朝着集约化、协同化的系统布局方向演进，本质上是通过对算力资源的统 ...

华见早安之声 市场概述 标普500涨1.2%，收复前一日失地，创去年11月以来最大日涨幅。小盘股再成领头羊，罗素2000涨2%创新高，连续13个交易日跑赢标普500。科技七巨头中 微软独跌2.3%，甲骨文跌超3%，奈飞财报后跌超2%。Moderna飙升16%。卡夫亨氏跌5.7%，伯克希尔拟"清仓式"减持。 日债趋于稳定。10年期美债收益率下行4.7个基点。美元反弹0.2%。 特朗普"TACO"，称与北约达成格陵兰协议框架。 贝森特达沃斯施压：欧洲增兵格陵兰是"异想天开"，丹麦对美债的投资"无关紧要"。达沃斯闭门晚宴上，美商务部长痛批欧洲"缺乏竞争力"，拉 加德愤而离席。 加拿大总理卡尼重磅演讲：基于规则的秩序已死，中等强国应团结行动，抵制某些大国胁迫。 马克龙呼吁：欧洲喜欢尊重而非霸凌、关键领域应引入中国投资。 欧洲议会宣布无限期冻结欧美贸易协定审议工作。 特朗普要败诉？美最高法对罢免美联储理事库克态度谨慎，大法官警告"粉碎"央行独立性。 特朗普态度软化后，比特币自盘中创下的去年12月低点拉涨，幅度3.5%，以太坊自日低涨超5%，突破3000美元。 现货黄金一度逼近4900美元，但随避险需求减弱，涨幅收窄。特 ...

Market Overview - The S&P 500 rose by 1.2%, marking its largest daily gain since November of the previous year, while small-cap stocks led the rally with the Russell 2000 increasing by 2% to a new high, outperforming the S&P 500 for 13 consecutive trading days [2] - The 10-year U.S. Treasury yield decreased by 4.7 basis points, and the dollar rebounded by 0.2% [3] - Bitcoin surged by 3.5% after Trump's softened stance, while Ethereum rose over 5%, surpassing $3,000 [4] - In Asia, the Shanghai Composite Index experienced fluctuations, with the SSE 50 ETF achieving record trading volume [5] Key News - Shanghai tax authorities imposed a fine of 100,000 yuan on Pinduoduo for failing to submit required tax information [23] - Trump emphasized Greenland as a core U.S. security interest during his Davos speech, stating that the U.S. would not use force to acquire it and sought immediate negotiations [24] - The European Parliament announced an indefinite freeze on the review of the EU-U.S. trade agreement [26] - Canada’s Prime Minister Carney stated that the rules-based order is dead and called for medium powers to unite against coercion from larger nations [7] Company Updates - Berkshire Hathaway plans to "clear out" its stake in Kraft Heinz, proposing to sell 325.4 million shares, leading to a 4.9% drop in Kraft Heinz's stock price [43] - Tianfu Communication expects a net profit growth of 40%-60% year-on-year, driven by stable demand for high-speed optical devices [14] - Moer Thread anticipates a revenue increase of 230%-247% in 2025, with a reduction in losses by 34.5%-41.3% [15] - Demingli forecasts a staggering net profit increase of 1051.59%-1262.41% year-on-year in Q4, driven by surging AI storage demand [16] Industry Insights - The AI storage demand is igniting significant growth in the storage industry, with companies like Demingli and Moer Thread poised for substantial revenue increases [16][15] - The semiconductor industry is experiencing a K-shaped recovery, with AI storage chips in high demand benefiting companies like Samsung and SK Hynix, while downstream manufacturers face cost pressures [33] - The electric power sector is seeing increased demand due to a cold wave, with the State Grid reporting record electricity loads [44] - The Chinese government is advancing its 6G technology trials, having completed the first phase and initiated the second phase of testing [34]

明日主题前瞻 1、电力 | 据上证报，寒潮致国家电网负荷承压产业链景气度持续提升本周以来，受大范围寒潮天气影响，全网用电需求持续攀升。1月19日至21日，国家电 网经营区用电负荷连续三天创冬季历史新高，最大负荷达11.68亿千瓦，较去年10.41亿千瓦的极值增长1.27亿千瓦，增幅约12.2%。预计周末随着气温逐步回 暖，用电负荷将稳步回落。 点评：国泰海通认为，此前，央行等八部门发布《关于金融支持加快西部陆海新通道建设的意见》，提出发挥数字人民币支付即结算，低成本，可编程等优 势，研究利用数字人民币智能合约打造创新解决方案，探讨拓展数字人民币在通道支付结算，融资，退税等场景中应用的可行性，将成为扩大人民币跨境使 用的重要抓手，数字人民币有望迎发展新机遇。关注银行IT系统，支付生态以及硬件钱包，金融机具等基础设施配套产业链。 3、CPU | 据IT之家报道，英特尔首席财务官表示，由于数据中心与客户端CPU需求远超预期，公司芯片库存正快速消耗，预计2026年第一季度将面临最大 供应挑战，届时库存可能耗尽。此外，根据KeyBanc的数据，Intel与AMD为应对供需失衡并确保后续供应稳定，计划将服务器CPU价格上 ...

Investment Rating - The report upgrades the investment rating of Haiguang Information (688041) to "Strong Buy" with a target price of 336 CNY [2]. Core Insights - Haiguang Information has launched an open platform strategy to build a unified ecosystem for domestic computing power, focusing on AI computing architecture [2]. - The company aims to transition from a chip manufacturer to a platform-based core hub for domestic computing power, leveraging its "DCU + CPU" dual-core strategy and open software stack [9]. - The newly released HSL 1.0 interconnection specification is a significant step towards standardizing and scaling domestic computing power, facilitating integration with various AI chips [9]. - The company is developing a "Chinese version of CUDA" to lower application migration costs, enhancing ecosystem stickiness and accelerating the deployment of domestic AI applications [9]. Financial Summary - Total revenue projections for Haiguang Information are 9,162 million CNY in 2024, increasing to 26,327 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 52.4% to 35.0% [5]. - Net profit attributable to shareholders is expected to grow from 1,931 million CNY in 2024 to 6,583 million CNY in 2027, with growth rates of 52.9% to 35.9% [5]. - Earnings per share (EPS) are projected to rise from 0.83 CNY in 2024 to 2.83 CNY in 2027, indicating strong profitability growth [5]. - The price-to-earnings (P/E) ratio is expected to decrease from 264 in 2024 to 78 in 2027, suggesting improving valuation metrics as the company grows [5].

Core Insights - The strategic partnership between Teslian and H3C aims to leverage their respective strengths in AIoT computing platforms and heterogeneous computing ecosystem development [1][3] Group 1: Deep Integration of Computing Technology - Teslian's expertise in heterogeneous computing compilation allows for efficient integration and optimization of diverse computing resources, providing robust computational support for AIoT applications [4] - H3C's comprehensive technology support across the "cloud-network-security-computing-storage-end" full industry chain enhances the AIoT computing platform [4] Group 2: Resource Integration and Synergy - The collaboration focuses on resource integration, with Teslian possessing extensive industry scenarios and customer resources across various sectors, including government and enterprises [5] - H3C also has a broad customer base and successful case studies in finance, education, and healthcare, facilitating market expansion through shared resources [5] Group 3: New Exploration: Heterogeneous Computing Supernodes - The evolving computational demands in AIoT scenarios necessitate the development of heterogeneous computing supernodes, moving beyond simple additive computing to precise multi-dimensional matching [6] - H3C's full-stack technology architecture and integration model of "computing × data × algorithms" provide a solid foundation for building these supernodes [7] Group 4: Comprehensive Solutions for Digital Transformation - The collaboration aims to create a complete chain from infrastructure construction to intelligent decision-making in industrial internet and digital transformation [7] - By optimizing costs and integrating ecosystems, the partnership seeks to offer high-cost performance digital transformation solutions, promoting the widespread application of domestic computing resources [7]

Core Insights - The strategic partnership between Teslian and H3C aims to leverage their respective strengths in AIoT computing platforms and heterogeneous computing ecosystems to drive innovation and application in the domestic computing sector [1][4][6] Group 1: Technical Collaboration - Teslian's expertise in heterogeneous computing compilation allows for efficient integration and optimization of diverse computing resources, providing robust computational support for AIoT applications [4] - H3C's comprehensive technology support across the "cloud-network-security-computing-storage-end" full industry chain enhances the AIoT computing platform [4][6] Group 2: Resource Integration - The collaboration focuses on resource integration, with Teslian's extensive industry experience and customer resources across various sectors, including government and enterprises, complementing H3C's broad customer base in finance, education, and healthcare [5] - Both companies aim to achieve resource sharing and market expansion through their combined strengths [5] Group 3: Heterogeneous Computing Supernodes - The evolving demand for AIoT computing has shifted from "single-dimensional computing accumulation" to "multi-dimensional computing precision matching," necessitating the development of heterogeneous computing supernodes [6] - H3C's full-stack technology architecture and Teslian's integrated hardware-software capabilities will facilitate the construction of these supernodes, optimizing heterogeneous chip operations and reducing development barriers [6][7] Group 4: Industry Impact - The establishment of heterogeneous computing supernodes will create a complete chain from infrastructure development to intelligent decision-making in sectors like industrial internet and digital transformation [7] - This model promotes the widespread application of domestic computing resources and supports China's autonomous innovation and technological leadership in artificial intelligence infrastructure [7]

Core Insights - The article emphasizes the importance of cultivating "future industries" as a strategic pivot for leading technological innovation and reshaping industrial patterns, particularly in the context of the ongoing technological revolution and industrial transformation [1] Group 1: Future Industries Development - The Yangtze River Delta region has emerged as a leader in technological innovation in China over the past decade, with a collaborative development model among the three provinces and one city laying a unique foundation for future industry cultivation [1] - Shanghai has introduced several measures to accelerate the innovation of frontier technologies and the cultivation of future industries, aiming to establish itself as a globally influential hub for future industries [5][6] Group 2: Key Technological Advancements - The successful delivery of the ring-shaped magnetic coil box for the CRAFT project marks a significant step towards the commercialization of fusion energy, with the component being the largest of its kind globally, measuring 21m x 12m and weighing 400 tons [2] - The launch of the Kexin Computing Power Scheduling Platform in Wuxi, which manages approximately 7000P of operational computing resources, aims to provide standardized and efficient computing power services to enterprises [3][4] Group 3: Strategic Initiatives and Goals - Shanghai's "Several Measures" aim to systematically and proactively cultivate future industries, targeting the establishment of around 20 leading enterprises in future industry ecosystems by 2027 and fostering several strategic emerging industries by 2030 [6] - The focus areas for development include future manufacturing, information, materials, energy, space, and health, with specific support for technologies such as brain-computer interfaces, quantum computing, and 6G [6]

Core Viewpoint - The seminar focused on the innovative applications of GPU+CPU hybrid architecture in deep-sea exploration and marine carbon sink monitoring, highlighting the collaboration between the heterogeneous computing industry and various partners, including Intel [1][5][6]. Group 1: Event Overview - The seminar titled "Innovating the Future of Heterogeneous Integration, Empowering Marine Technology with Intelligent Computing" was held in Qingdao, featuring discussions on the innovative applications of hybrid computing architectures [1]. - Key attendees included members from the Chinese Academy of Sciences, the Marine Technology Industry Alliance, and various technology companies, who engaged in in-depth discussions and showcased technological advancements [3][5]. Group 2: Technological Insights - The integration of AI, high-performance computing, and cloud computing is enhancing the understanding and predictive accuracy of marine environmental changes, contributing to sustainable development goals [5]. - The rapid development of large model technology is providing a solid foundation for marine artificial intelligence, enabling better understanding of climate change impacts on marine ecosystems [9]. Group 3: Strategic Initiatives - The Laoshan Laboratory is focusing on the integration of marine technology and heterogeneous computing to support the construction of a strong marine nation, emphasizing the importance of high-performance computing systems [6]. - Qingdao Guoshi Group aims to leverage advancements in algorithms, computing power, and data accumulation to accurately simulate marine ecosystems and address data processing challenges in various marine technology fields [9]. Group 4: Industry Collaboration - Lenovo is advancing its "One Horizontal and Five Verticals" strategy to provide comprehensive infrastructure solutions, including a heterogeneous computing platform tailored for large model training and inference [12][13]. - Intel is committed to developing HPC & AI integrated computing technologies to support diverse industry needs and enhance AI technology deployment [15][17].

Core Viewpoint - The article discusses the challenges and opportunities in China's computing power market, particularly focusing on the emergence of "intelligent computing centers" and the role of the company Wuwen Xinqun in addressing these challenges through innovative solutions [1][10]. Group 1: Current State of Computing Power - As of September 2024, China's computing power scale reached 246 EFLOPS, with intelligent computing power growing over 65% year-on-year, and over 13,000 computing power application projects across various industries [1]. - Despite the growth in computing power, the average cabinet utilization rate in intelligent computing centers is only 20% to 30%, with some enterprise-level centers as low as 10% [1][2]. - The overall utilization rate of computing power in the country is only 32%, indicating a significant gap between supply and demand [2]. Group 2: Challenges in the Computing Power Market - There is a shortage of quality computing power supply, making it difficult for many enterprises to find suitable resources [2][3]. - High usage thresholds prevent startups from effectively utilizing available computing power, leading to a phenomenon of "computing power scarcity" among AI companies [3]. - The domestic chip ecosystem is fragmented, with various models and architectures that are incompatible, hindering efficient resource flow [3]. Group 3: Wuwen Xinqun's Approach - Founded in May 2023 by a team with strong ties to Tsinghua University, Wuwen Xinqun has quickly gained market attention, securing nearly 1 billion yuan in funding within two years [4][5]. - The company aims to be a "computing power operator" in the era of large models, addressing the challenges posed by the dominance of NVIDIA's CUDA ecosystem and the fragmentation of domestic chip manufacturers [5]. - Wuwen Xinqun has developed a cloud computing network that integrates heterogeneous computing resources, allowing developers to focus on applications without worrying about underlying hardware differences [5][10]. Group 4: Product Offerings - Wuwen Xinqun has introduced three core products, referred to as "three boxes," to enhance computing power utilization across various scales [6][9]. - The "Wuqiong AI Cloud" serves as a large-scale computing network, integrating resources from 26 provinces and over 53 data centers, with a total computing power exceeding 25,000 P [7]. - The "Wujie Intelligent Computing Platform" targets large computing clusters, demonstrating significant performance in training large models [8]. - The "Wuyin Terminal Intelligence" solution is designed for limited computing terminals, enabling them to perform complex tasks without relying on cloud resources [9]. Group 5: Future Outlook - Wuwen Xinqun's efforts reflect a broader need for a cohesive ecosystem that allows computing power to flow effectively, addressing the current challenges of fragmentation and high costs [10][11]. - The company aims to enhance the actual utilization rate of computing resources and improve the cost-performance ratio, contributing to the growth of China's AI industry [10].