事情的起因，是特朗普政府和中国签的一年期出口管制暂停协议。这协议一出来，美国国会直接炸了锅，本周四专门开听证会，主题就是"堵 芯片漏洞"，议员们唾沫横飞喊着要加码管制，生怕中国趁机追上。 哈喽大家好，今天小无带大家聊聊芯片圈的年度大瓜！ 美国对华芯片管制喊了这么久，本以为是"天罗地网"，结果越堵越慌、漏洞百出，反而被中国反手走出一条硬核破局路。 自相矛盾藏不住短板 结果呢？前脚刚喊完"收紧"，后脚美国商务部就给大家整了个活——批准向沙特和阿联酋卖英伟达Blackwell芯片！ 两家中东公司，各能拿到相当于3.5万颗GB300服务器的货，这操作直接给人看懵了。 咱先说说这暂停协议到底是啥买卖。根据美国财政部长贝森特说的，美国给中国两个好处：中国商品关税降10个百分点，9月29号该生效的 50%附属公司规则，暂停一年。 作为交换，中国放松稀土出口限制，还让恩智浦的子公司Nexperia恢复给美国卖芯片。 加州有个议员直接骂街了，说这暂停规则一年，等于给中国留足时间找路子绕开管制，纯纯给对手送buff啊！咱就是说，这话没毛病，毕竟这 规则本来是要管黑名单实体持股50%以上的关联公司，现在一暂停，可不就给了可乘之机。 ...

Core Insights - The report titled "2025 National AI Chip Industry White Paper" outlines the current status, innovation paths, industrial landscape, and core applications of domestic AI chips, emphasizing their strategic significance as the computational foundation of the AI industry while highlighting multiple challenges and breakthrough directions faced by the industry [1]. Group 1: Current Development and Challenges - Domestic AI chip development is crucial for ensuring supply chain autonomy and competing for the next generation of computing dominance, transitioning from "technological breakthroughs" to "ecological rise" [1]. - The industry faces three core challenges: insufficient architectural leadership, shortcomings in the ecosystem (software stack, development tools, and model compatibility), and obstacles in scaling from laboratory performance to industrial-grade reliability [1][2]. Group 2: Innovation Directions - Domestic AI chips are making strides in multiple architectural fields, focusing on x86, Arm, RISC-V, GPU, and DSA dedicated accelerators, while also targeting breakthroughs in sparse computing, FP8 precision optimization, memory-compute integration, and Chiplet heterogeneous integration [1]. - Companies like MoXing AI, Huawei, and Cambricon have accumulated technology in sparse computing, while companies like Moore Threads have achieved mass production of FP8 computing power [1][2]. Group 3: Industrial Landscape and Key Applications - The industry exhibits a collaborative development trend across various fields, with CPU, AI SoC, cloud/edge/vehicle AI chips, and GPU companies each having unique characteristics, primarily concentrated in key regions such as Shanghai, Beijing, and Guangdong [2]. - Core application scenarios are accelerating, with intelligent computing expected to reach 725.3 EFLOPS by 2024, and companies like Huawei and Moore Threads deploying large-scale clusters [2]. Group 4: Future Focus Areas - Future domestic AI chips should concentrate on full-stack closure and open collaboration, enhancing autonomous solutions in intelligent computing, breaking through dedicated computing architectures in automotive electronics, and prioritizing real-time collaborative architectures in robotics [2]. - The goal is to achieve a transition from "usable" to "user-friendly" through technological innovation, ecosystem improvement, and deepening application scenarios, thereby promoting high-quality industrial development [2].

2006年三国 254三 总量论坛 | | 2月26日(周三)13:30-16:55 ° 2F嘉宾厅 | | --- | --- | | 0 主持人 | 杨均明 国信证券经济研究所所长 | | 13:30-13:40 | 领导致辞 | | | 袁 超 国信证券首席营销官 | | 13:40-14:25 | 2025年宏观与资本市场分析 | | | 徐小庆 敦和资管首席经济学家 | | 14:25-14:50 | AI赋能资产配置- | | | DeepSeek对国信多元资配框架的优化 | | | 王 开 国信证券策略首席分析师 | | | 执业资格编码:S0980521030001 | | 14:50-15:15 | "三重背离"下的经济再平衡- | | | ZUZO - IA MEI DI IN E | | | --- | --- | --- | | 15:15-15:40 | # 国信证券宏观首席分析师 | | | | 执业资格编码:S0980524090003 | | | | 科技浪潮引领资产价值重估 | | | | 国信证券策略首席分析师 王开 | | | | 执业资格编码:S098052103000 ...