报告导读： 昇腾多模态推理加速套件正式开源，联合中科弘云发布 AI 推理加速联合解决 方案，加速昇腾芯片渗透率增长，昇腾链预计受益。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 风险提示。 国产算力芯片需求增长不及预期；先进制程产能扩产不及预期。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 昇腾推理加速套件正式开源，昇腾芯片渗透加速；报告日期：2025.12.29 报告作者： 舒迪（分析师），登记编号：S0880521070002 段笑南（研究助理），登记编号：S0880124070028 重要提醒 投资建议。 根据 CNMO 科技， 2025 年 12 月 19 日华 为 昇 腾 多模态推理加速套件 MindIE SD 项目已正式开源，可有效提升推理效率 ...

先说液冷。 今日液冷板块延续强势，龙头英维克在全市场超4000家下跌的悲观情绪下逆势涨停。我们认为今天 液冷板块强势除了前些日出海订单持续超预期的催化外，还与今天字节资本开支信息发酵相关，毕 竟明年起，国内液冷市场将也会呈现爆发增长。 目前国内的超节点都是液冷的形态，除了曙光是浸没式液冷，其他都是冷板式液冷。 这里再补充一点H200的事， 假如H200最终放开，那进到国内的基本都是8卡机，都是风冷的 ；包括 国内厂家的8卡机，也都是风冷为主。 大家对国内液冷市场盈利能力的担忧主要来源于与国内储能液冷市场的横向对比，认为液冷技术门 槛有限，在国内比较卷的商业环境下难有好的利润率。国内经商环境比较卷这点并否认，但储能液 冷与数据中心液冷在应用及适配门槛上差距还是比较大，从适配周期来看，数据中心液冷适配周期 显著长于储能液冷，数据中心液冷新供应商导入周期短则1年，长则2-3年，而储能液冷新供应商导 入最快速度平均在3-6个月，本质还是赛道成熟度及终端产品用途差异所致。国内数据中心液冷的毛 利，对于成本管控能力较强的液冷厂商，可以做到25%左右。 关于昇腾链，也就是国产链，我本来计划元旦前写一篇关于明年的展望时，分析 ...

– 算力：寒武纪+1.95%，传字节加单、阿里下单。 翱捷科技-6.64%，或受网传的"算力芯片新指标"一图影响，新指标对算力芯片总DRAM带宽、IO带宽，以及两者之 和都做了要求，国内企业在台积电及三星利片，回到国内使用的 【DW电子】每日复盘每日新-电子5.7 沪深300指数+0.61%，电子指数+0.07%，半导体指数-0.43%，消费电子指数-0.46%。 – 海力士减产DDR4：继三星电子于2024年6月上旬截止DDR4最后订单，并于2025年底全面停产多款DDR4模块 后，SK海力士也开始逐步减少DDR4产能，计划将DDR4产能压缩至20%左右。 – OpenAI计划通过在海外加大投资，扩展其价值5000亿美元的星际之门项目，预计与全球合作伙伴在AI基础设施 上的投资支出将远超5000亿美元。 – 三星电子计划在2027年左右开始量产LEDoS，第一家供应商很可能是三星电子的MX部门。 【DW电子】每日复盘每日新-电子5.7 沪深300指数+0.61%，电子指数+0.07%，半导体指数-0.43%，消费电子指数-0.46%。 – 算力：寒武纪+1.95%，传字节加单、阿里下单。 翱捷科技-6.64 ...

Summary of Key Points from Conference Call Records Industry Overview - The electronics sector experienced a weekly increase of 1.9%, with semiconductors rising by 2.2% and consumer electronics by 2% [1] - The SoC (System on Chip) segment saw significant growth, driven by Xiaomi's open-source model and related product launches [1] Company-Specific Insights - **Chip Manufacturers**: - Chipsea Technology increased by 7%, benefiting from the recovery of Huawei's supply chain [1] - Sensory Technology rose by 8%, following positive sentiment in the robotics sector [1] - Zhaoyi Innovation surged by 12%, potentially due to business connections with international SoC manufacturers [1] - **Equipment Manufacturers**: - Weidong Nano reported a 9.3% increase, with Q1 performance exceeding expectations [1] - Jingzhida saw a 2.8% rise, indicating improved market recognition [1] - **Packaging and Testing**: - Anji Technology experienced a 10.9% increase, with Q1 results surpassing expectations [1] - **Memory Prices**: - DDR4 memory contract prices have been rising since Q2 of this year, with significant increases in the spot market, particularly as Samsung Electronics begins to phase out DDR4 memory modules [1] Apple Inc. Insights - Apple reported Q2 revenue of $95.4 billion, a year-over-year increase of 5%, with net profit also up by 5% to $24.8 billion [2] - Revenue from Greater China was $16 billion, down 2% year-over-year [2] - The company anticipates a $900 million impact from tariffs in Q3, which is less than market expectations [2] - Supply chain updates indicate the launch of the iPhone 18 Pro series and foldable models in the second half of 2026, with the standard model expected in spring 2027 [2] - This product launch is expected to enhance overall utilization rates in the Apple supply chain, potentially reducing capital expenditures and improving gross margins [2] Other Notable Developments - Cambrian is planning a directed issuance of 4.98 billion yuan for projects related to large model chip platforms and software platforms [2] - Meta reported a threefold increase in sales of Ray-Ban Meta AI smart glasses over the past year, with monthly active users growing more than fourfold compared to the previous year [2] - A strong recommendation was made for Jingzhida, highlighting its excellent FTCP testing rates and recognition from Changxin, with potential for significant growth [2] - Zhaoyi Innovation's potential collaboration with international SoC leaders indicates its products possess international competitiveness, positioning the company within the core mobile ecosystem [2] Emerging Technologies - The domestic computing power technology is advancing rapidly, with the 910C 384 super node competing against GB200 NVL72, and the next-generation 910D is in progress, opening up growth opportunities in the industry [3] Companies to Watch - Key companies to monitor include Huafeng Technology, Nanya New Materials, Chipone Microelectronics, and Shenzhen South Circuit [4] Additional Companies Mentioned - Zhaoyi Innovation, Jingzhida, Tianyue Advanced, Chipone Microelectronics, Xinyuan Micro, Weidong Nano, Chipone Microelectronics, Huqian Technology, and Jepter [5]