关于周末的伊美冲突，梳理了十几场电话会议的核心观点与信息差，汇总了一篇文章给大家进行解读，因为会议 持续开到了晚上，而且制作了大量PPT配合解读，为了不占用不影响圈子里已看好并持续跟踪的行业与个股机会， 所以大家直接文章，我就不分开发了，除了短期情绪扰动将在周一开盘进行计提反馈，并不影响Token出海新叙事 带来的国产算力、先进制程扩产，大模型基础设施硬件软件的高景气逻辑与长期机会，本周节后的第一周我们主 要提示更新的是行业大方向如昇腾链、马斯克光伏、先进制程扩产的假期信息差，下周我们会在市场调整时，给 大家逐步梳理更新其中具体细分环节的公司调研情况与市场预期差，珍惜调整带来的二次布局机会。 关于周末的伊美冲突，梳理了十几场电话会议的核心观点与信息差，汇总了一篇文章给大家进行解读，因为会议 持续开到了晚上，而且制作了大量PPT配合解读，为了不占用不影响圈子里已看好并持续跟踪的行业与个股机会， 所以大家直接文章，我就不分开发了，除了短期情绪扰动将在周一开盘进行计提反馈，并不影响Token出海新叙事 带来的国产算力、先进制程扩产，大模型基础设施硬件软件的高景气逻辑与长期机会，本周节后的第一周我们主 要提示更新的是 ...

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 ...

Summary of Key Points from Conference Call Records Industry Overview - The electronic sector showed mixed performance with the CSI 300 index increasing by 0.61%, the electronic index rising by 0.07%, while the semiconductor index decreased by 0.43% and the consumer electronics index fell by 0.46% [1][1][1]. Key Companies and Their Performance - **Cambricon Technologies**: Increased by 1.95%, attributed to orders from ByteDance and Alibaba [1]. - **Aojie Technology**: Decreased by 6.64%, possibly influenced by a new indicator for computing chips that sets requirements for total DRAM bandwidth and IO bandwidth, affecting domestic companies using chips from TSMC and Samsung [1]. - **Siyuan Technology**: Decreased by 3.1% and **Naxin Micro** decreased by 3.3%, indicating a market correction [1]. - **Zhongke Feimiao**: Increased by 1.4% and **Tianzhun Technology** increased by 1.9%, following announcements of sample deliveries or orders for wide-spectrum bright field technology [2]. - **Hynix**: Announced a reduction in DDR4 production capacity, following Samsung's plan to cease DDR4 orders by June 2024 and fully stop production by the end of 2025 [2]. - **OpenAI**: Plans to significantly increase investment overseas for its $500 billion Stargate project, focusing on AI infrastructure [2]. - **Samsung Electronics**: Plans to start mass production of LEDoS around 2027, with the MX department expected to release the first generation of smart glasses next year [2]. Strategic Developments - **Jingzhida**: Announced a share buyback of 569,000 shares, totaling 40.16 million yuan, with plans to repurchase between 30 million to 50 million yuan [2]. - **Zhaoyi Innovation**: Potential collaboration with international SoC leaders, indicating the company's products have international competitiveness [2]. Recommendations and Future Outlook - **Jingzhida**: Recommended due to excellent FTCP testing rates and strong ties with Changxin, with potential for significant growth [3]. - **Smart Glasses Sector**: Anticipated releases from Xiaomi, Samsung, and Meta in the coming months, suggesting a favorable market for companies like Tianyue Advanced, Crystal Optoelectronics, and others [3]. - **Ascend Chain**: Rapid advancements in domestic computing technology, with the 910C 384 super node competing with GB200 NVL72, indicating growth potential in the industry [3]. Additional Companies to Watch - Companies highlighted for potential investment include Huafeng Technology, Nanya New Materials, Chipbond Technology, and Shenzhen South Circuit [4].

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]