Core Insights - The competition among major chip manufacturers is intensifying around the foundational computing power for AI, with native AI hardware accelerating its large-scale implementation, transitioning from laboratory settings to consumer and industrial applications [1][2] - Chinese manufacturers are playing an increasingly significant role at global tech events, showcasing their advancements in AI hardware and capabilities, which are supported by their supply chain and R&D strengths [2][11] Group 1: Computing Power and AI Development - The rapid evolution of underlying computing infrastructure is crucial for the accelerated development of AI large models, with chip leaders emphasizing the exponential growth of computing power and the new application opportunities it creates [3][4] - NVIDIA's CEO highlighted the arrival of the "ChatGPT moment" for physical AI, indicating that machines are beginning to understand and act in the real world, with autonomous taxis being one of the first applications to benefit [3] - AMD's CEO noted that the floating-point computing power for training AI models is growing fourfold annually, with inference token consumption increasing by 100 times over the past two years, necessitating new product offerings to meet Yotta-scale infrastructure demands [4] Group 2: Emerging AI Applications - The potential of edge AI is significant, with advancements in smart wearable devices being highlighted as a new category of mobile terminals that will coexist with smartphones [5][6] - Qualcomm's CEO projected that the market for personal AI devices could reach 100 million units in the coming years, emphasizing the importance of edge data for providing highly relevant user services [6] Group 3: Robotics and Physical AI - The maturity of physical AI was showcased at CES, with Chinese manufacturers presenting advanced robots that demonstrate improved capabilities compared to previous years [7][8] - The introduction of humanoid robots and their increasing commercial viability was noted, with companies achieving substantial progress in motion control and operational precision [9][10] - The integration of hardware, sensors, and environmental perception into scalable systems is seen as essential for advancing physical AI applications across various industries [10] Group 4: Chinese Manufacturers' Competitive Edge - Chinese companies are leveraging their supply chain efficiencies and R&D capabilities to drive rapid iterations and cost optimization in the robotics sector, significantly outpacing European competitors in product development cycles [11][12] - The shift from simple manufacturing to innovative solutions reflects a broader transformation in the perception of "Made in China" to "Created in China," highlighting the technological advancements and better solutions being offered [12]

编者按： 各大芯片巨头围绕算力底座展开激烈角逐，原生AI硬件加速规模化落地，物理AI从实验室走向消费与 产业场景，中国厂商则凭借供应链与研发积淀实现从"制造"到"创造"的跨越。这场科技盛宴背后，既是 算力底座的竞速重构，也是AI生态竞争迈入深水区的真实写照，技术、资本与产业力量的碰撞融合， 正重塑全球智能科技的竞争格局与未来走向。 AI生态新棋局 ...

4日，国家超算互联网平台发布消息显示：其用户规模已突破100万，标志着我国一体化算力服务体 系迈上新台阶。 为促进我国AI产业协同创新，超算互联网2025年启动了"AI生态伙伴加速计划"，AI社区开发者超 3.2万人，吸引国内多家知名大模型厂商入驻，开源大模型、智能体、数据集等资源持续丰富，助力用 户快速构建创新应用。（记者 谷业凯） 国家超算互联网由科技部指导发起建设，于2024年4月正式上线，通过连接产业生态中的算力供 给、应用开发、运营服务、用户等各方能力和资源，构建一体化超算算力网络和服务平台。上线以来， 国家超算互联网已接入14个省市、超过30家国家级超算中心与智算中心，整合形成全国规模最大的异构 算力资源池，为用户提供近70种规格的算力服务，覆盖科学计算、工业仿真、AI训练等场景。目前， 国家超算互联网平台已集聚超600家服务商，上线7200款算力商品，完成超20万次交付；平台日均API （应用程序编程接口）调用量超百万次，月均访问量超300万次，累计处理作业数达1.65亿。 ...

Core Insights - ByteDance's Volcano Engine has secured exclusive AI cloud partnership for the 2026 Spring Festival Gala, marking a strategic shift from traffic competition to AI ecosystem development [1][8] - The competition landscape has evolved through three key phases: traffic acquisition (2015-2020), short video rise (2021), and now the AI ecosystem battle (2025-2026) [3][8] Group 1: Evolution of Spring Festival Gala Competition - The traffic acquisition era saw WeChat and Alipay dominate with massive user engagement through cash incentives [3] - The rise of short videos in 2021 was marked by Douyin's significant interaction and ecosystem closure through payment services [3] - The upcoming AI ecosystem battle is characterized by technological integration and user experience enhancement, with AI becoming a core component [3][8] Group 2: ByteDance's AI Strategy - ByteDance's collaboration showcases a dual-core AI strategy: Volcano Engine as the technical backbone and Doubao as the user interface, creating a comprehensive "technology-product-ecosystem" chain [4][6] - Volcano Engine will utilize AI cloud-native infrastructure and advanced computational capabilities to handle the Spring Gala's high concurrency demands, demonstrating its technical strength [6] - Doubao, with over 100 million daily active users and 170 million monthly active users, aims to solidify its position as a national AI assistant during the Spring Gala [6][8] Group 3: Industry Implications - The partnership signals a shift in AI competition from model comparison to a full-stack ecosystem battle, emphasizing the importance of integrated cloud services, applications, and hardware [8] - The 2026 Spring Gala is anticipated to be a pivotal moment for AI smartphones, with predictions of 147 million units shipped in China, potentially influencing industry trends [8] - The collaboration represents a broader transformation in the Chinese tech industry, moving from a traffic-driven model to one focused on technological empowerment [9]

市值一度逼近5万亿美元的英伟达，在即将过去的2025年一路"买买买"，从Groq到OpenAI，从诺基亚到英特尔，从买技术、买公司到最 终"买"走整个赛道。 当地时间12月24日，英伟达与Groq达成200亿美元的"许可协议"，将最具威胁性的潜在对手、AI推理芯片创企Groq的核心团队与技术收入囊 中。 01 内化变量：200亿美元"收编"Groq 英伟达与Groq的这笔交易，表面上是一项价值约200亿美元的技术授权安排，Groq 仍将保持公司层面的独立运营；但在实质层面，Groq 的联 合创始人、CEO 以及核心技术高管团队将整体并入英伟达，其关键技术能力也随之被纳入英伟达体系。 正如社交媒体上网友的调侃话语中所形容的那样，这更像是一句来自英伟达的"直白邀请"："你们（指Groq）技术很不错，200亿美元，带着你 的团队和架构，一起过来为英伟达工作吧。" 从承诺向OpenAI投资1000亿美元，到向昔日竞争对手英特尔注资50亿美元，英伟达正以前所未有的强度，将AI浪潮带来的现金洪流，转化为 对整个AI生态的结构性影响力。 这并非一次普通收购，而是一次精准的战略防御与能力补全。 Groq的杀手锏在于其LPU（ ...

剑桥科技（603083）(06166)午后涨超8%，截至发稿，涨7.33%，报87.1港元，成交额2.55亿港元。 华泰证券在最新研报中称，不同于OpenAI严重依赖外部算力和云设施，谷歌正在构建从芯片到模型再 到应用的完全自给自足的生态闭环。看好谷歌自给自足"全栈式"AI生态和能力，抢回主导权正当时。开 源证券表示，随着谷歌自研芯片起量，或拉动液冷及光模块需求。 消息面上，剑桥科技此前宣布，拟以H股募集资金向境外全资子公司CIG美国增资1亿美元，用于产能扩 张、研发升级、市场拓展及供应链安全等核心战略布局。资金注入后将加速推进CIG美国在马来西亚、 墨西哥及美国的产能扩张计划，强化高速光模块等核心产品的全球交付能力。 ...

【导读】智能手机的下一次变革，已被AI启动？ 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、 热门产业发展变化和大事件，展望2026年股市机会和基金行业发展前景，以飨读者。 如果要为2025年的手机行业选出一个最具代表性的关键词，"AI"几乎没有悬念。 在过去很长一段时间里，AI更像是智能手机行业反复讲述却始终难以落地的"未来时"。它被写进发布会 PPT，被贴在拍照、性能和系统优化的功能标签上，却很少真正改变用户每天使用手机的方式。 这一年，手机厂商仍在密集发布新机。但不同的是，硬件参数不再是舞台中央的主角，发布会的叙事重 心开始明显转向"AI如何介入操作本身"。 当年底豆包AI手机亮相，并以"AI代替人完成操作"的方式引发热议时，行业突然发现，一个被讨论已久 的问题，终于有了具体形态——如果AI不再只是工具，而是操作主体，智能手机会变成什么？ 中国基金报记者 牛思若 同时按下"AI键"的发布会 2007年，乔布斯在Macworld大会上发布初代iPhone、用手指完成缩放与滑动的那一刻，彻底改变了人们 对手机的传统认知，也迅速推动了人机交互方式的演变 ...

扫地机器人与具身智能结合、向多元化赛道拓展、深入开拓全球市场，这三方面都需要大量的资金投 入。 扫地机器人行业正处于向AI生态融合发展的关键期，新一轮资本竞争已开启。 伴随着急速的扩张，外界对于追觅的质疑声不断。自8 月官宣造车后，噪音主要集中在研发、建厂、供 应链锁价所需的数百亿级资金从何而来。 9月，俞浩回应称，追觅现金流充足，最近两年公司和他个人还拿出50亿元左右，高价回购老股；追创 创投则称，不存在任何"强制跟投"规定，在一级市场为关键员工提供自愿性跟投机会是较为常见的做 法。 但可以看到，追觅面临的挑战还很大。 嘉美包装18日晚表示，主营业务仍为食品饮料包装容器的研产销及提供饮料灌装服务；逐越鸿智不存在 未来12个月内改变上市公司主营业务或对上市公司主营业务进行重大调整的计划。业绩上，该公司今年 前三季因订单下降，营收、净利同比分别下降1.93%和47.25%。 逐越鸿智由俞浩100%持股，俞浩同时还在追觅科技中直接、间接持股超过50%。逐越鸿智相关人员表 示，本次收购资金全部源于俞浩及核心团队的自有与自筹资金，无来自追觅科技资金，不会影响追觅科 技正常运营。 IDC数据显示，2025年前三季，全球 ...

Group 1: Education and Talent Development - The latest "China Statistical Yearbook 2025" indicates that Zhengzhou ranks second in the number of college students, with over 1.432 million, following Guangzhou [1] - The total number of college students in the top 20 cities increased from 17.0392 million in 2023 to 17.3746 million in 2024, a growth of 1.97%, representing 44.65% of all college students in China [1] - Zhejiang province, particularly Hangzhou, faces challenges in educational resources despite having Zhejiang University, with plans to establish new universities to enhance talent supply [2][3] Group 2: Policy Initiatives - Guangzhou is set to introduce its first special policy to support the gaming and esports industry, which will be announced soon [4] - The establishment of the first "Emerging Industries Bureau" in Wenzhou aims to promote investment and development in emerging industries [5][6] Group 3: Economic Development Strategies - Jiangxi's provincial leadership emphasizes the importance of county-level economic development, advocating for focused resource allocation to develop key industries [7] - Hangzhou has become the first city in China to legislate for public health promotion, indicating a proactive approach to health and wellness [8] Group 4: Manufacturing and Urban Development - The "2025 Research Report on High-Quality Development of Urban Manufacturing" identifies ten cities with strong manufacturing capabilities, with new entrants like Binzhou and Huizhou [13] - The report highlights that eastern regions continue to lead in manufacturing, with cities in Jiangsu, Shandong, Zhejiang, and Guangdong remaining at the forefront [13]

Group 1 - The U.S. White House announced that President Trump signed an executive order to establish a vision for a "America First" space policy, aiming for a return to the Moon by 2028 and the establishment of initial facilities for a permanent lunar outpost by 2030 [12][12] - The order includes directives for deploying nuclear reactors on the Moon and in orbit [12] Group 2 - The chairman of Guoshun Quantum, Lv Pin, passed away on December 18, 2023 [3] - The CEO of Master Kong, Chen Yingrang, announced his retirement effective December 31, 2025, with Wei Hongcheng appointed as the new CEO starting January 1, 2026 [3][16] Group 3 - The U.S. Labor Department reported that the November CPI increased by 2.7% year-on-year, lower than the expected 3.1% [5] - Major U.S. stock indices closed higher, with the Dow Jones up 0.14%, the Nasdaq gaining over 310 points (1.38%), and the S&P 500 rising by 0.79% [5] - Tesla shares rose over 3%, while other tech giants like Amazon and Facebook saw increases of over 2% [5] Group 4 - The U.S. Treasury reported that Japan's holdings of U.S. Treasury securities increased from $1.189 trillion in September to $1.2 trillion in October [6] - International oil prices saw a slight increase, with WTI crude oil futures rising by 0.38% to $56.15 per barrel [7] Group 5 - The Ministry of Industry and Information Technology announced plans to strengthen capacity regulation in the photovoltaic industry, aiming for a dynamic balance of production capacity by 2026 [9] - The Ministry of Commerce confirmed that some applications for general export licenses for rare earths have been approved [9] Group 6 - The market supervision authority is focusing on addressing "involution-style" competition to promote a healthy market order [10] - The film "Zootopia 2" has become the highest-grossing imported film in China's history, surpassing "Avengers: Endgame" with over 91.06 million viewers [11]