这是我们曾经提到的，一位长期关注AI的投资人说的话。 作者｜陈伊凡 头图｜AI生成 "如果用新赛道比喻新机会，那么每一次技术变革都会让所有人回到同一起跑线。而年轻人，往往是第一个发现赛道、第一个起跑、第一个 全力冲刺的人。" 而在AI2.0时期，年轻人正在成为这场技术浪潮中核心力量。 这也是我们为什么要做这一份"最有潜力的30岁以下AI领军者·TOP20榜单"的原因。 两个月前，虎嗅发起《最有潜力的 30 岁以下 AI 领军者・Top20》榜单，在经历了两个月的报名、评选， 由云启资本、光源资本、中科创星、科锐国际等机构资深专家、投资人及虎嗅编辑部组成的评审团，从技术、产品、商业、融资、市场五大 核心维度进行严格筛选，最终确定 20 位领军者名单。 这份名单只是一个开始，我们相信在榜单之外，还有许多优秀的年轻AI领军者。 评审过程中，技术硬实力与商业转化能力成为关键考量。技术端，上榜者团队普遍拥有高比例研发投入，核心成员多来自顶尖高校或科研机 构，在专利布局、顶级学术会议成果引用及 GitHub 项目运营上表现突出。部分产品通过快速迭代构建起活跃的用户社区，形成高效数据飞 轮；商业端，除了亮眼的收入增长率和毛 ...

型及花 计算刷 2025 年 11 月 22 日 破壞 行业 相关研究 《Al Infra 梳理! 物理 Al—数字李生、具 身智能实现基石！ -- 计算机行业周报 20251110-20251114》 2025/11/15 《超节点趋势再确认！ 小鹏重要模型更 新！ ——计算机行业周报 20251103- 20251107》 2025/11/08 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihanq@swsresearch.com 徐平平 A0230525080002 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 联系人 罗宇琦 (8621)23297818× luoyq@ ...

Group 1 - Google's release of Gemini 3 Pro and Nano Banana Pro significantly enhances multi-modal understanding and production capabilities, moving beyond simple image generation to more complex outputs [5][7][20] - The Chinese AI industry is expected to evolve from a competitive landscape to a more structured development path by 2026, with opportunities in computing power, models, and applications [5][6][20] - Huawei's Flex:ai technology represents a breakthrough in AI infrastructure, improving computing resource utilization by 30% through advanced scheduling and management of heterogeneous computing resources [5][6][76] Group 2 - The performance gap between Chinese and American large models is narrowing, with domestic models like DeepSeek and Qwen3 showing competitive capabilities in language and reasoning tasks [35][38][42] - The trend of "super nodes" in computing power is becoming clearer, with significant advancements in domestic AI chip performance and architecture, enhancing the overall competitiveness of Chinese solutions [20][25][33] - The software industry in China is entering a prime period for AI application, leveraging industry-specific know-how that large models cannot fully replace, thus creating a unique competitive advantage [63][66][70] Group 3 - The introduction of mid-training in model development signifies a shift towards a more refined and systematic approach, enhancing the capabilities of large models through targeted training [56][60] - The emergence of physical AI, which combines physical laws with data-driven decision-making, is expected to revolutionize various industries, particularly in areas like autonomous driving and digital twins [51][52] - Huawei's Flex:ai is positioned to compete with NVIDIA's Run:ai, offering a more versatile solution for managing diverse AI workloads across different hardware platforms [79][81]

智东西 作者 | 陈骏达 编辑 | 漠影 算力，正成为大模型时代名符其实的"新石油"。 上周三，国际能源署发布的报告为这一观点提供了有力佐证。2025年，全球数据中心的投资预计将达到约5800亿美元，远超今年5400亿美元的 全球石油供应投资额。这一400亿美元的投资差额，折射出市场对AI发展潜力的认可。 从今年上半年点亮的昆仑芯P800三万卡集群，到支撑万卡集群实现98%有效训练时长的百舸平台，再到会上最新发布的昆仑芯最新一代产品、 天池256/天池512超节点。百度已构建起一个覆盖芯片、集群到平台的全栈式、规模化AI Infra解决方案。 在竞争日益激烈的AI云战场上，谁能率先构建起稳定、可扩展、成本可控的全栈AI Infra体系，谁就有望在未来的竞争中占据更主动的战略高 地。而百度在本届百度世界大会展示的全栈AI Infra能力，或许正是其在下一轮AI云竞争中亮出的底牌。 一、AI云建设热潮持续，全栈能力成关键竞争力 构建覆盖芯片、集群、平台等领域的全栈AI Infra能力，正在成为AI行业头部玩家竞相投入的核心方向。 在海外市场，这一趋势尤为明显。谷歌依托长期发展的TPU（张量处理单元），形成了以TP ...

Group 1 - The electronic industry has performed well this year, with a cumulative increase of 40.90% as of November 14, 2025, ranking fifth among the Shenwan primary industries, primarily driven by the AI innovation cycle [15][20][6] - In the first three quarters of 2025, the electronic industry achieved operating revenue of 2.44 trillion yuan, a year-on-year increase of 20.86%, with net profit attributable to the parent company reaching 1,003.33 billion yuan, up 33.41% year-on-year [20][31][6] - The rapid growth in performance is attributed to strong demand from AI data centers, recovery in traditional consumer electronics, and emerging fields such as AI glasses and AR/VR [20][31][6] Group 2 - The AI Infra market is expected to maintain high growth, with global AI infrastructure spending projected to reach $3-4 trillion by 2030, with a CAGR of 38%-46% from 2025 to 2030 [33][70][71] - Major model vendors are increasing their computing power reserves, with OpenAI and NVIDIA planning to deploy significant AI data centers, indicating strong revenue guidance for the coming years [40][51][47] - The demand for AI servers is projected to grow significantly, with global shipments expected to reach 1.249 million units in 2025, a year-on-year increase of 25.28% [71][76][82] Group 3 - PCB and CCL segments are expected to see both volume and price increases, driven by new technologies such as CoWoP and orthogonal backplanes, which will enhance the value of the PCB industry [83][89][90] - The introduction of high-end PCB materials and advanced manufacturing techniques is anticipated to further elevate the market value and production efficiency [83][89][90] - The demand for high-end CCL is also expected to rise due to the increasing requirements from AI computing hardware [31][32][20]

格隆汇11月19日丨新华都(002264.SZ)在投资者互动平台表示，公司主营互联网营销业务，是一家以数 据研究为基础的效果营销及产品开发运营公司。公司未涉及包括芯片、服务器、存储设备等硬件设施的 算力业务，目前部署算力主要服务于公司内部业务支撑和研发需求，预计伴随公司后续研发及运营，算 力需求将持续提升。近期国产大模型加速迭代，通过线性注意力机制等技术不断降低算力成本。公司密 切关注算力产业发展，积极寻求与算力厂商在AI Infra等领域的合作机遇，加速模型在B端、C端的应 用。 （原标题：新华都(002264.SZ)：积极寻求与算力厂商在AI Infra等领域的合作机遇） ...

模力工场新鲜事： 上周，模力工场对 AI Infra 相关工具进行了系统梳理，并将其定义为："AI Infra 不是单一技术，而是 一整套让 AI 真正运行起来并实现规模化落地的基础设施组合，涵盖从 GPU → 数据 → 模型 → MLOps → LLMOps → 部分开发基础设施。" 目前，模力工场已完成 49 款 AI Infra 工具的上线。欢迎访问模力工场的 AI Infra 标签专区，查漏补 缺，看看有哪些你熟悉或尚未了解的 AI Infra 工具。同时也欢迎大家将自己了解的工具上传至模力工 场，试用平台上已有的 AI Infra 工具，并在评论区分享你的使用心得与看法。 11 月 22 日，模力工场携多款上榜应用亮相杭州 AI 开源生态大会。主论坛特邀知名院士、业界 科学家、社区代表及全球开发者，分享行业洞见与实践经验，更有 N 场技术干货分享蓄势待 发。 大会现场，模力工场不仅设有上榜应用展台，还将带来精彩的分论坛分享。欢迎加入模力工场杭州 AI 开源生态大会交流群，亲临现场，与上榜应用开发者面对面交流、打卡互动～ 模力工场秋季赛 进行中，本周榜单如下，恭喜各位上榜的同学！完整榜单见模力工场网页 ...

Investment Rating - The report maintains an "Overweight" rating for the AI industry, particularly focusing on the PCB supply chain benefiting from AI infrastructure growth [1]. Core Insights - The AI infrastructure market is expected to maintain high growth, driven by increased model performance and accelerated applications in both B-end and C-end markets, leading to a significant rise in token consumption [6][14]. - The PCB and CCL sectors are experiencing simultaneous increases in both volume and price, with new technologies opening up further opportunities for growth [44]. - The demand for drilling consumables is expected to rise, enhancing the value of products such as micro drills and coated drills due to the increasing complexity of PCB manufacturing driven by AI applications [6][44]. Summary by Sections AI Infrastructure - The AI infrastructure market is projected to grow rapidly, with global data center capital expenditures expected to reach $1 trillion by 2028, reflecting a CAGR of approximately 20% from 2025 to 2028 [6][41]. - Major tech companies are accelerating their capital expenditures, with a combined increase of 67% year-on-year in Q2, focusing on cloud computing and AI [22][24]. PCB/CCL - The introduction of new technologies such as the Rubin series from NVIDIA is anticipated to significantly enhance the value of PCB and CCL materials, with expectations of higher-grade materials being utilized [44][48]. - The demand for high-end PCBs is increasing, with several listed companies actively expanding their production capacities to meet the growing needs of AI applications [61][63]. Drilling Consumables - The rise in AI-related products is expected to increase the number of drill holes and the complexity of PCB designs, leading to a higher demand for specialized drilling tools [6][44]. - The value of drilling consumables is projected to increase as AI applications impose stricter quality and technical requirements on drilling processes [6][44].

Investment Rating - The report maintains a "Buy" rating for Dongyangguang, indicating a positive outlook for the company in the context of the chemical industry [5]. Core Insights - The chemical sector is experiencing a configuration opportunity, with the index having adjusted from a peak of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% from September 2021 to February 2024. However, the sector has shown resilience with a cumulative increase of 13.9% from July 11 to October 17, 2024 [1]. - Dongyangguang's acquisition of Qinhuai Data for 28 billion RMB is expected to accelerate its strategic transformation into the high-growth data center sector, leveraging core technologies and a strong client base [2]. - The integration of Qinhuai Data is anticipated to enhance Dongyangguang's capabilities in AI infrastructure, particularly in liquid cooling and power management, addressing key performance bottlenecks in AI factories [2][6]. Summary by Sections Industry Overview - The chemical industry has seen a significant downturn but is now poised for recovery, with construction project growth rates declining to negative values by Q1 2025 [1]. - The report highlights the ongoing trend of "anti-involution" contributing to the sector's strength [1]. Company Analysis - Dongyangguang's acquisition of Qinhuai Data is a strategic move to enter the data center market, with projected EBITDA nearing 4 billion RMB by 2025 [2]. - The company is positioned to create a comprehensive solution in liquid cooling and power management, enhancing its competitive edge in the AI infrastructure space [6]. Financial Projections - Dongyangguang's earnings per share (EPS) are projected to grow from 0.12 RMB in 2024 to 0.94 RMB by 2027, with a significant reduction in price-to-earnings (PE) ratio from 190.00 in 2024 to 21.72 in 2027, indicating improved profitability [5].

Investment Rating - The report maintains a rating of "Buy" for Dongyangguang [5] Core Viewpoints - The basic chemical sector is experiencing a configuration opportunity, with the index having adjusted from a high of 9565.18 points to a low of 3876.11 points, a cumulative decline of 59.5% from September 2021 to February 2024. The sector has shown a strong performance with a cumulative increase of 20.9% from July 11 to October 10 [1][3] - Dongyangguang's strategic acquisition of Qinhuai Data is expected to enhance its capabilities in AI infrastructure and cooling solutions, positioning the company to leverage high-performance computing demands [2][7] - The integration of Qinhuai Data is anticipated to facilitate a transition from single product offerings to ecosystem development, enhancing collaboration across multiple dimensions [2] Summary by Sections Industry Trends - The basic chemical sector has seen a continuous decline in construction project growth rates, with a negative growth rate of -7.3% expected by Q1 2025. However, the sector is currently experiencing a resurgence due to a trend against excessive competition [1] - The report highlights the increasing importance of liquid cooling solutions in the context of AI infrastructure development, with Dongyangguang positioned as a leading player in the fluorochemical industry [7] Company Analysis - Dongyangguang is projected to achieve an EBITDA close to 4 billion RMB by 2025 following the acquisition of Qinhuai Data, which will provide access to major internet clients and enhance its market presence [2] - The company is focusing on developing comprehensive cooling solutions and energy management systems, leveraging its expertise in capacitors and strategic partnerships [7]