问世月余，以香港地标命名的"狮子山芯"热度未减，持续吸引着业界的关注。 "目前市场反应积极，几乎所有的OEM（原始设备制造商）、ODM（原始设计制造商）和云服务提 供商都已与我们建立紧密联系。"芯片设计公司赛昉科技首席执行官徐滔说。 作为全球首款基于RISC-V架构的数据中心管理芯片，"狮子山芯"由香港本地创业家孵化，是颗不 折不扣的"香港芯"。它的诞生标志着香港在芯片自主研发领域取得了重要突破。 从"香港芯"发布，到"深圳—香港—广州"创新集群全球首次登顶，再到河套深港科技创新合作区香 港园区（简称"河套香港园区"）开园……过去一年，香港创科活力进一步迸发，成绩亮眼，稳步积蓄经 济发展新动力。 生态沃土 "香港芯"破茧而出 赋生资本是赛昉科技的创始股东。七年前，赋生资本就看好芯片行业前景，下注RISC-V架构赛 道，在香港播下赛昉科技这颗种子。彼时，赛昉科技是为数不多的专注于RISC-V架构开发的公司。而 今，赛昉科技已成长为该领域软硬件生态的领军企业。 眼光准，起跑早，赛昉科技发展基础条件良好，但芯片研产从来不是一蹴而就的。 "芯片从设计到投产是个极其复杂的系统工程，环节众多，分工极细。"徐滔说，这个过程 ...

新华社香港1月5日电 题：活力涌动 蓄势待发——香港创科生态蓬勃向好 新华社记者郑静霞 问世月余，以香港地标命名的"狮子山芯"热度未减，持续吸引着业界的关注。 "目前市场反应积极，几乎所有的OEM（原始设备制造商）、ODM（原始设计制造商）和云服务提供商 都已与我们建立紧密联系。"芯片设计公司赛昉科技首席执行官徐滔说。 赛昉科技在香港设立创新中心，正是为了最大限度利用香港在科研政策、人才和国际化方面的优势，加 速科技创新和商业应用，陈英龙说。 作为全球首款基于RISC-V架构的数据中心管理芯片，"狮子山芯"由香港本地创业家孵化，是颗不折不 扣的"香港芯"。它的诞生标志着香港在芯片自主研发领域取得了重要突破。 从"香港芯"发布，到"深圳—香港—广州"创新集群全球首次登顶，再到河套深港科技创新合作区香港园 区（简称"河套香港园区"）开园……过去一年，香港创科活力进一步迸发，成绩亮眼，稳步积蓄经济发 展新动力。 生态沃土 "香港芯"破茧而出 赋生资本是赛昉科技的创始股东。七年前，赋生资本就看好芯片行业前景，下注RISC-V架构赛道，在 香港播下赛昉科技这颗种子。彼时，赛昉科技是为数不多的专注于RISC-V架构开发的 ...

将投中网设为"星标⭐"，第一时间收获最新推送 近日，成立仅一年半的中法合资IC设计公司灵朔科技完成数千万元的天使轮融资，本轮由利城资本 独家投资。 作者丨簪竹 来源丨 投中网 黄金十年，英雄折戟 过去十年，是国产替代IC设计的黄金十年，2021年"缺芯潮"开始，中国一级市场对IC设计投资热情 迎来了高潮，大量国内基金涌入，热钱呼啸过后，国内许多IC设计标的都经历了多轮融资，但IC设 计行业受到半导体固有周期变化的影响，行业从2023年开始遇冷，真正被并购甚至能够走向科创板 的IC设计公司寥寥无几，于是英雄折戟，相当一部分投资，成为了国内芯片设计发展的花泥。 2025年，IC设计赛道，尤其是高端车规MCU设计赛道遇冷，市场上弹药充足且坚持投向芯片设计的 投资机构寥寥无几，过去十年芯片设计投资血和泪的教训让一级市场投资人甚至形成了少碰车规IC 设计的共识，毕竟道理是显然易见的：高昂的人工费用、严苛的主机厂测试流程、并不性感的毛利以 及并不低的估值，种种因素让投资人难以下手，进而让本就现金流难以打正的初创设计公司更加难以 维系，恶性循环之下，原本喧嚣的赛道，还没有真正辉煌就逐渐冷落下来。 逆行者 然而市场永远不乏" ...

美国宣布要对我们的芯片加税，这消息一出，很多人心里咯噔一下。但你知道吗？他们这看似凶狠的一拳，可能非但没打疼我们，反而帮我们理清了思路， 逼着我们跑得更快了。更关键的是，他们一边喊着要加税，一边却又悄悄允许英伟达继续卖AI芯片给我们。这种自相矛盾的操作，恰恰暴露了他们底气不 足，他们根本离不开中国市场。 为什么这么说？因为中国早就是全球芯片产业绕不开的核心。2024年，中国半导体设备的支出就占了全球市场的42.3%。全球超过三分之一的芯片都卖到了 中国，而封装测试这种关键环节，中国更是占了全球产能的一半以上。高通、博通这些美国芯片巨头的收入，很大一部分都来自中国。如果真的彻底"断 供"，先扛不住的恐怕不是我们，而是他们自己。就连英伟达这样的行业霸主，也得私下向白宫求情，生怕丢了这块大市场。 所以你看，美国把加税的时间定在了2027年6月，提前将近两年放出风声。这根本不是立刻要动手，更像是一种"预告式施压"。他们想用关税大棒吓唬人， 又怕真打下来砸了自己的脚。这种套路，在光伏和新能源汽车领域，我们早就见识过了。 那么，他们这次为什么把矛头特别对准了28纳米及以上的"成熟制程"芯片呢？以前他们不是总盯着最尖端的7 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 107.19 | | --- | --- | | 总股本/流通股本（亿股）4.83 | / 4.21 | | 总市值/流通市值（亿元）517 | / 451 | | 52 周内最高/最低价 | 107.19 / 60.40 | | 资产负债率(%) | 6.5% | | 市盈率 | 140.97 | | 第一大股东 | 刘强 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com l 投资要点 以AI 为核心，构建计算、存储、感知与执行的全栈技术体系。 在计算领域，公司基于 RISC-V 架构，重点发力 AI-Vision、LLM、 AI-MCU/AI-MPU 等方向，持续迭代 CPU 与 NPU 技术，从 NPU 1.0 发 展到即将推出的 NPU 4.0，实现算力从 0.1Tops 到 512Tops 的跨 越，满足从端级到边缘 ...

Group 1 - The signing of the "Rare Earth Supply Chain Agreement" by the US and eight allied countries indicates a strategic move to reduce reliance on China for critical minerals and semiconductor materials [1][30]. - The agreement aims to create an independent supply chain that excludes Chinese elements, reflecting the US's desire to not be the second player in the global market [30][18]. - Japan is tightening export approvals for critical semiconductor materials, particularly photoresists, which are essential for chip manufacturing, indicating a coordinated effort among allied nations [6][8]. Group 2 - The US and its allies are shifting their focus from equipment to materials, aiming to disrupt the supply of essential components like photoresists, which are crucial for chip production [4][12]. - China's current self-sufficiency in photoresists is only 12%, with even lower rates for advanced materials, highlighting a significant vulnerability in its semiconductor industry [12][13]. - The US's strategy includes using administrative power to distort market rules, aiming to eliminate China's long-held advantages in rare earth resources and semiconductor materials [22][24]. Group 3 - China's response to the supply chain agreement emphasizes the importance of market-driven supply chains and criticizes the creation of exclusive clubs that undermine fair competition [32][30]. - New regulations in China could restrict the export of products containing even a small percentage of Chinese rare earth elements, potentially impacting the global semiconductor supply chain [34][36]. - The current geopolitical landscape is pushing China to innovate and develop its semiconductor capabilities, with domestic companies beginning to fill gaps left by foreign suppliers [41][39]. Group 4 - The domestic market in China is becoming a testing ground for new technologies, with local material suppliers gaining opportunities to validate their products amid external supply threats [41][43]. - Chinese companies are exploring alternative architectures like RISC-V to reduce dependency on traditional semiconductor designs, with significant growth projected in this area [45][48]. - The ongoing geopolitical tensions may ultimately lead to a transformation in China's semiconductor industry, as it seeks to overcome challenges and achieve greater self-sufficiency [50][52].

AI算力上市潮中，谁是幕后最大赢家？这家"独中四元"的机构，如何用十年完成这场精准伏击？答案 都在这里。 作者丨 巴里 编辑丨 关雎 图源 丨Midjourney 2015年，当深度学习算法在ImageNet竞赛中一鸣惊人时，大多数人看到的是AI应用的曙光，而联想 创投看到的，是一场即将到来的、更为底层的算力革命。 洪荒时代的"冒险者" 时间拨回2017年。AI芯片在中国还停留在实验室论文和少数巨头的内部项目。市场上最炙手可热的 是O2O和共享经济。 就在这个时间点，联想集团提出了"端-边-云-网-智"的新IT战略蓝图。在这幅蓝图中，联想创投扮 演着"科技瞭望塔"的角色。 他们很早就形成了一个核心判断：智能世界的万物生长，都依赖于一颗强大的"心脏"——算力。未来 的大计算将由应用驱动，从云端的数据中心到边缘的智能设备，对算力的需求将在十年内增长百倍。 然而，这颗"心脏"的形态将发生根本性变革：它不再仅仅是中心化、通用化的，而将变得多元化、专 属化，并无处不在。正是基于这一超前的产业洞察，联想创投没有随波逐流，而是在AI算力尚处洪荒 时代时，便开始了系统性布局。 投资，尤其是早期投资，最忌讳的是盲目类比和追逐风 ...

来源：环球时报 【环球时报报道 记者 陈子帅】编者的话：当下，全球主要经济体正大力布局新能源汽车、人形机器人 等新兴产业和未来产业，相关人才的培养也成为不可忽视的课题。人工智能（AI）等前沿产业的发 展，不仅依赖高科技人才在研发端的突破，更离不开大量技术技能人才在落地应用环节的支撑。近日， 中国工信部在重庆举办了第三届全国工业和信息化技术技能大赛，将智能网联汽车、机器人等领域的真 实工业场景搬到了赛场上，来自全国近千名职业技术院校的师生展示了他们对这些前沿产业技术的掌握 能力。《环球时报》记者在现场采访发现，在上述关键产业中，中国已经培养和储备了一批技术技能人 才，他们将成为中国高端产业落地的重要支撑。 "新型工程人才"要掌握跨学科知识 90分钟，让人形机器人搬箱子 3名学生组成一队，当场编写程序和调试机器人，短短1.5小时，人形机器人就能完成自主避障行走、搬 箱子，乃至从一堆杂物中挑选指定零件等考核内容。《环球时报》记者在全国技术技能大赛现场目睹了 这一生动场景。 近年来随着人形机器人产业迅速发展，越来越多的技术院校开始培养该领域的技能人才。记者了解到许 多参赛选手在今年甚至最近几个月才刚接触人形机器人，但 ...

Core Viewpoint - Concerns about the bubble-like valuations in the AI sector are weighing heavily on SoftBank Group's stock price, with the market increasingly viewing SoftBank as a "shadow proxy" for the unlisted OpenAI, leading to significant stock volatility [1][2]. Group 1: Stock Performance and Market Sentiment - SoftBank's stock has experienced a dramatic decline of nearly 40% since late October, resulting in a market capitalization loss of over 16 trillion yen (approximately $102 billion) [1]. - The recent launch of Google's Gemini 3.0 has intensified competitive pressures on OpenAI, contributing to a broader sell-off in the AI sector that has adversely affected SoftBank [1][2]. - Analysts suggest that SoftBank's stock fluctuations are more reflective of its sensitivity to OpenAI's performance rather than a general weakness in the AI market [4]. Group 2: Financial Performance and Strategic Moves - SoftBank's deep exposure to the AI sector, particularly its stake in OpenAI, has led to a significant unrealized gain of $14.6 billion, which was a key driver for a net profit surge to 2.5 trillion yen in the second fiscal quarter [2]. - The company is preparing to invest an additional $2.25 billion in OpenAI as part of a larger $32 billion commitment, highlighting its aggressive strategy to become a central player in the AI ecosystem [3][4]. Group 3: Strategic Acquisitions and Challenges - SoftBank recently completed a $6.5 billion acquisition of Ampere Computing, a U.S. chip design company, while also facing the need to raise funds for a proposed $5.4 billion acquisition of ABB Ltd.'s robotics division [3]. - The CFO of SoftBank expressed caution regarding the current valuation landscape, indicating that the determination of whether the AI sector is in a bubble can only be made in hindsight [3]. Group 4: Competitive Landscape and Investment Logic Shift - The rise of RISC-V architecture poses a competitive challenge to SoftBank's investments, as it gains traction in the AI chip design space, potentially impacting traditional players like NVIDIA [5]. - The investment logic in the AI sector is shifting from indiscriminate buying to a more selective approach, with investors now focusing on identifying winners and losers within the industry [6].

Company Overview - SaiFan Technology recently launched its first data center management chip, "Lion Mountain Chip," based on RISC-V architecture, marking the first large-scale commercial application of RISC-V in the data center sector [1][2] - The chip is positioned as the "property hub" of a data center, responsible for system security, energy consumption management, and operational management, ensuring efficient and stable operation [1] Investment and Market Recognition - Hong Kong Investment Management Company announced its investment in SaiFan Technology in March, which has now yielded tangible results with the launch of "Lion Mountain Chip" [1] - The chip has received market recognition and customer support, indicating a move towards large-scale production [1] Strategic Partnerships - SaiFan Technology and Super Fusion have established a strategic partnership to promote the commercialization of "Lion Mountain Chip" and deepen collaboration in the data center field [1][2] - The partnership has been in place since March 2024, with the first chip successfully lit up within 16 months of signing the agreement [2] Technical Specifications - "Lion Mountain Chip" features a high-performance RISC-V core and a network-on-chip (NoC) developed by SaiFan Technology, adhering to an open architecture that allows for customization based on application scenarios [2] - The chip has achieved international mainstream levels in specifications, functionality, performance, and power consumption, supported by localized hardware and software from SaiFan Technology [2] Industry Context - The demand for data center management chips is surging due to the increasing need for greener, more economical, and safer data center solutions [3] - The global annual shipment of data center management chips is approximately 16 million units, projected to grow to 30 to 40 million units by 2030 [3] Company Achievements - Since its establishment in 2018, SaiFan Technology has made significant strides in providing RISC-V-based products and solutions, including CPU IP, NoC IP, and SoC [3] - The company has collaborated with various entities in Hong Kong to promote RISC-V applications and has initiated talent development programs in partnership with local universities [3]