来源：中国证券报-中证网 今天上午，有色金属和算力两大概念走强。有色金属概念中，稀土永磁板块领涨，两只龙头股——包钢股份（600010）涨停、北方稀土（600111）上涨 8.45%，盘中一度涨停。算力板块中，寒武纪、海光信息、新易盛、中际旭创等龙头股上涨。 此外，白酒、地产、创新药、证券、互联网金融、人形机器人等板块上涨，万科A、舍得酒业等个股涨停。 截至午间收盘，上证指数上涨0.86%，深证成指上涨1.61%，创业板指上涨2.22%。市场成交额为20782亿元，较上周五上午增加5678亿元。 一是市场对美联储9月降息的预期提升。据新华社报道，当地时间8月22日，美联储主席鲍威尔在怀俄明州杰克逊霍尔举行的年度经济研讨会上发表讲话， 暗示尽管当前通胀上行风险依然存在，但美联储仍可能在未来数月降息。 机构表示，随着全球流动性的边际宽松，有色金属价格将获得向上支撑。同时，国内的财税金融等政策有望持续发力、释放内需潜力，叠加美国近期经济 数据显示其实现软着陆的可能性，市场风险偏好上升，工业金属在金融和商品双属性共振加持下，价格有望偏强运行。 二是政策面催化。日前，工业和信息化部、国家发展改革委、自然资源部三部门发布 ...

招商证券认为，交换网络是超节点方案核心增量环节，目前头部厂商引领Scale Up交换芯片市场。如博 通发布TH ultra交换芯片，是针对SUE方案的旗舰芯片。 国内方面，华为于2025世界人工智能大会首次线下展出昇腾384超节点，该产品基于超节点架构，通过 总线技术实现384个NPU之间的大带宽低时延互联。 另外腾讯主推ETH-X方案：基于以太网升级，25年4月推出原型机。阿里主推ALS方案：借力UALink， 发展国内产业生态。同时浪潮、中兴、新华三、华勤、超聚变等也纷纷参与其中，国内厂商加速部署超 节点方案。 8月23日，英伟达推出Spectrum-XGS以太网，采用scale-across突破建筑物限制，实现跨数据中心互联， CoreWeave等云厂商已开始部署。 此外，据央视新闻从2025中国算力大会上了解到，中国算力平台正加快建设。预计2025年，我国智能算 力规模增长将超过40%。 随着AI需求的激增，单个设施内的数据中心功率和容量已达到极限。为了实现数据中心的扩展，必须 打破建筑物的限制，而现有的商用以太网网络基础设施因高延迟、高抖动及性能的不可预测而无法满足 需求。 在数据交换产业中，Inf ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has achieved significant revenue and profit growth, with a 40.32% year-over-year increase in revenue to 636 million yuan and a 106.02% increase in net profit to 90 million yuan in the first half of 2025 [1][2]. - The industrial market revenue saw a remarkable growth of 57% year-over-year, contributing to the overall performance [2]. - The company emphasizes research and development, investing 19.69% of its revenue in R&D, leading to the launch of several new products that have entered mass production [3]. Financial Performance - The company forecasts revenues of 1.25 billion yuan, 1.48 billion yuan, and 1.72 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 178 million yuan, 236 million yuan, and 286 million yuan for the same years [4][6]. - The EBITDA for the years 2025, 2026, and 2027 is expected to be 199.66 million yuan, 244.86 million yuan, and 291.80 million yuan respectively [6]. - The company’s gross margin is projected to improve slightly, reaching 37.4% in 2025 and 37.5% in 2026 [6]. Market Position - The company is expanding its market share in key sectors such as smart home appliances, power energy, smart terminals, industrial control, and AI computing [2]. - The company has established trust with top customers in these strategic application markets, indicating a strong competitive position [2].

市场调查机构Mercury Research公布的最新数据显示，2025年第二季度，AMD桌面CPU市场份额跃升至 32.2%，较上一季度环比增长4.2个百分点，较去年同期大幅提升近10个百分点；桌面CPU收入份额达到 39.3%，与数据中心级EPYC处理器41%的收入份额基本持平，均创下历史新高。同时，其服务器CPU市 场份额提升至27.3%，收入份额首次攀升至41%，为自首款EPYC处理器问世以来的最高纪录。 回顾2017年，AMD服务器CPU市场份额尚处于个位数水平，与英特尔的Xeon系列存在较大差距。而在 短短几年内，AMD便实现了从边缘玩家到主流供应商（36.5%）的跨越式发展。 此外，苏姿丰还透露，AMD正积极布局AI计算领域。尽管目前在AI GPU领域尚未对英伟达形成直接挑 战，但公司有信心凭借自身的创新能力和持续投入，逐步在AI硬件市场复制其在服务器CPU市场的成 功。（纯钧） 苏姿丰指出，如今众多客户已将AMD视为战略级的CPU供应商，其在数据中心CPU领域的市场地位， 可与英伟达在AI加速器领域的主导地位相媲美。 来源：环球网 【环球网科技综合报道】8月17日消息，AMD首席执行官苏姿丰在 ...

Group 1 - The core viewpoint of the news is that Chipown Microelectronics (芯朋微) reported significant growth in revenue and net profit for the first half of 2025, driven by new product launches and market expansion [1] - The company achieved operating revenue of 636 million yuan, representing a year-on-year increase of 40.32% [1] - The net profit attributable to shareholders reached 90.49 million yuan, with a year-on-year growth of 106.02% [1] Group 2 - The growth in performance is attributed to the diversification strategy of the "Power System Total Solution," with non-AC-DC product lines seeing a substantial revenue increase of 73% year-on-year [1] - The industrial market revenue also saw a significant rise of 57% year-on-year, driven by the successful launch of high-voltage, high-reliability AC-DC products [1] - The company has a diverse product portfolio, including nearly 1,800 effective product models across various applications such as smart appliances, AI computing, and industrial motors [2] Group 3 - Research and development expenses for the first half of the year amounted to 125.24 million yuan, accounting for 19.69% of the company's operating revenue [3] - The company has made key breakthroughs in several new technology areas, with new products aimed at emerging fields like renewable energy, robotics, and AI computing expected to drive significant growth in the next two years [3] - The company is transitioning its new product strategy from "Chipown AC-DC Inside" to providing a comprehensive "Power System Total Solution," enhancing the efficiency of new product promotion [3]

Core Insights - Huawei has announced the open-sourcing of its CANN software toolkit for Ascend AI GPUs, emphasizing its AI strategy centered around computing power and monetization of Ascend hardware [3][6][11] - The CANN architecture, akin to NVIDIA's CUDA, provides a multi-layer programming interface to help users build AI applications specifically for Huawei's Ascend GPUs [4][6] Group 1: Huawei's CANN Open-Sourcing - The CANN toolkit has been upgraded to version 8.0, offering both a community version for early feature access and a commercial version tailored for enterprise users [6] - CANN now supports various deep learning frameworks, including PyTorch, MindSpore, TensorFlow, and others, enhancing its compatibility and usability for developers [9] - Huawei has initiated the "CANN Open Source Ecosystem Co-Building Initiative," indicating a strong commitment to developing an open ecosystem around Ascend technology [11] Group 2: Competitive Landscape - A new startup, Oxmiq Labs, founded by a legendary GPU architect, aims to create a software ecosystem similar to CUDA, focusing on GPU hardware and software IP [12][14] - Oxmiq's software stack includes OXCapsule for workload management and OXPython, which allows CUDA-based applications to run on non-NVIDIA hardware without modification [21][23] - The competitive environment is intensifying, with multiple players challenging NVIDIA's dominance in the GPU market, ultimately benefiting developers through increased options and innovation [7][23]

Core Viewpoint - InnoPhase has officially announced a partnership with NVIDIA to promote the large-scale implementation of the 800VDC power architecture in AI data centers, which offers significant advantages over traditional power systems [1][2] Group 1: Partnership with NVIDIA - The collaboration aims to leverage NVIDIA's new generation 800VDC power system, designed for efficient power supply in megawatt-level computing infrastructure, enhancing system efficiency, thermal loss, and reliability [1] - The partnership is expected to enable AI computing power to increase by 100 to 1000 times, marking a significant advancement in AI data center capabilities [1] Group 2: Technological Advancements - InnoPhase's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V, which is crucial for the 800VDC architecture [1] - The integration of GaN technology with NVIDIA's 800VDC power architecture is projected to facilitate a transition from kilowatt to megawatt capabilities in AI data centers, promoting a more efficient, reliable, and environmentally friendly AI computing era [1] Group 3: Market Impact - Following the announcement, InnoPhase's stock price surged by 30.91%, reaching HKD 57.6, with a total market capitalization of HKD 51.517 billion [2] - In addition to the partnership with NVIDIA, InnoPhase has established a joint laboratory with a leading automotive electronics supplier to develop advanced power electronics systems for electric vehicles, leveraging GaN technology [2]

InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 承董事會命 英諾賽科（蘇州）科技股份有限公司 董事長兼執行董事 Weiwei Luo博士 中國，2025年8月1日 自願公告 與NVIDIA達成合作 隨着GaN技術與英偉達800 VDC供電架構的融合，未來幾年，AI數據中心將實現 從千瓦級到兆瓦級的飛躍，開啟更高效、更可靠、更環保的AI計算時代。 1 股東及潛在投資者於買賣本公司證券時，務請審慎行事。 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」）自願作出，旨在使本公司 股東及潛在投資者了解本公司最新業務發展情況。 本公司宣佈，本公司已於近日與全球AI技術領導者NVIDIA（「英偉達」）達成合 作，聯合推動800 VDC ...

Core Insights - The goal of xAI is to achieve the deployment of 50 million H100 equivalent AI computing units within five years, with a focus on higher energy efficiency [1] Group 1 - xAI aims to enhance AI computing capabilities significantly by targeting a large-scale deployment of 50 million units [1]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights the launch of four generations of GPU architectures by the company, which includes solutions for AI computing, professional graphics acceleration, desktop graphics acceleration, and intelligent SoC products [1][2][25] - The company aims to provide a comprehensive computing acceleration infrastructure and one-stop solutions globally, focusing on AI computing support for various industries [17][25] - The company has achieved significant revenue growth, with AI computing products projected to contribute 3.36 billion yuan, accounting for 77.63% of total revenue in 2024 [1][2] Summary by Sections Section 1: Company Overview - The company has undergone three development phases, focusing on full-function GPUs to support digital transformation across industries [17] - The company has successfully launched four generations of GPU architectures from 2021 to 2024, with products catering to various market needs [1][28] Section 2: AI Computing Products - The company’s AI computing products are expected to generate significant revenue, with a projected 42.42% of total revenue coming from AI computing clusters in 2024 [1][2] - The company has developed a diverse product line, including AI computing boards and modules, with a focus on high-performance applications [1][2][25] Section 3: Technological Advancements - The company has advanced its manufacturing capabilities, achieving rapid iteration from 12nm to 7nm processes and enhancing its domestic supply chain [2][7] - The company has developed a heterogeneous computing architecture integrating GPU, CPU, NPU, and VPU, leading to the successful production of the "Yangtze" SoC chip [2][32] Section 4: Market Performance - The report provides insights into the performance of the electronic industry, comparing it with the CSI 300 index, indicating a competitive landscape [3][4] - The company has established a strong investor base, having completed six rounds of financing totaling over 4.5 billion yuan, with notable investors including Sequoia China and Tencent [8][9]