Core Viewpoint - The article discusses the significant technological release of MXMACA software stack version 3.3.0.X by the newly listed domestic GPU company, Muxi Co., which aims to enhance the usability of domestic GPUs in various applications [1][2][4]. Group 1: Software Stack and Compatibility - The MACA software stack is defined as a core computing platform that includes a complete set of self-developed tools, covering compilers, performance analysis tools, and format conversion components, enabling multi-language support and automatic optimization [6][9]. - MACA serves as a critical link between Muxi's self-developed GPU hardware and upper-layer application ecosystems, addressing the compatibility issues faced by domestic GPUs in the AI development landscape [7][9]. - The new version of MACA focuses on deep adaptation to various scenarios, achieving a high success rate of 92.94% in adapting existing CUDA projects, with 4,173 out of 4,490 projects able to run directly on the Muxi platform [10][12]. Group 2: AI Framework Compatibility - MACA 3.3.0.X has achieved deep compatibility with PyTorch 2.8, covering all 2,650 core operators, and supports other mainstream frameworks like TensorFlow, PaddlePaddle, and JAX [15][16]. - The software stack is designed to ensure seamless usage of existing models without requiring adjustments to project build logic, thus enhancing the platform's usability for developers [16][18]. Group 3: Performance Optimization and Integration - MACA includes a complete toolchain for performance analysis and optimization, enabling developers to identify computational bottlenecks and ensuring a full workflow from development to deployment on the Muxi platform [24][25]. - The software stack is designed to support high-performance computing, with optimizations for distributed training and inference, achieving over 95% linearity in training and improving GPU utilization by 15%-30% [30][31]. Group 4: Strategic Positioning and Ecosystem Development - The launch of MACA 3.3.0.X represents a long-term strategy for Muxi to redefine the ecosystem through software-defined computing, ensuring compatibility with existing CUDA projects while maintaining a self-developed instruction set for security and performance [37][38]. - Muxi's approach aims to lower the migration costs for AI developers, facilitating their transition to the domestic computing ecosystem while maximizing commercial efficiency [39][40].

从AI基建、RISC-V生态到具身智能，从海上新基建到低空经济，珠海科技产业集团正以"陆海空"协同 创新的生动实践，在推动城市产业跃升中彰显国企"顶梁柱"的担当。 推动8家投资企业成功上市，全力打造国家级RISC-V生态创新中心，吸引智元机器人、智谱华章等一批 行业领军企业落户，实现珠海私募科创债发行"零的突破"……揭牌不到8个月，珠海科技产业集团捷报 频传。亮眼成绩的背后，是这家千亿级国资平台紧扣珠海发展战略，以"耐心资本"培育新质生产力的坚 实行动。 在珠海万山隘洲海域的碧波之上，一片由智能网箱组成的"海上牧场"蔚为壮观，依靠风力和光伏发电驱 动，无人机和自动化系统精准投喂……这是我国首个"标准海"样板区，也是珠海科技产业集团激活"蓝 色引擎"、经略"蓝色粮仓"的生动缩影。 算力是"云上智城"的关键支撑。集团旗下云上智城公司扎实推进算力建设，400P算力项目实现"当年启 动、当年交付"，并规划建设超万P级算力集群，夯实城市数字底座。 在RISC-V开源芯片领域，珠海科技产业集团大动作频频：今年9月，推动全国首个"RISC-V芯片兼容性 测试验证和应用推广创新中心"落地珠海，填补产业标准化验证空白。11月， ...

消息面上，"港股GPU第一股"壁仞科技港股IPO已启动招股，计划2026年1月2日登陆港交所，将成为港 股首家GPU上市企业。此次IPO最高募资48.5亿港元，每手200股入场费3959.5港元，公募部分已录得 2607亿港元孖展额，超购1072倍，国际配售因需求强劲提前截止。 业内人士指出，全球AI芯片竞争从"一家独大"走向"分散称霸"。以英伟达为代表的传统巨头地位出现 松动，谷歌TPU等ASIC芯片崛起，中国本土芯片力量快速成长，共同推动全球芯片格局向多元化发 展。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） 12月29日早盘，A+H芯片半导体产业链携手走强，港股硬科技方面，优必选、上海复旦涨超10%，建滔 积层 ...

据悉，此次合作规模相当于Groq最新估值的3倍，交易完成后Groq创始人及总裁将加入英伟达。花旗分 析师Atif Malik和Papa Sylla在报告中指出，这一合作具有双重战略意义：一方面，继9月发布Rubin CPX GPU后，英伟达通过此次合作间接认可了专用推理架构对于实时、高成本效益AI部署的重要性，这将 帮助其应对来自TPU及新兴初创企业的竞争;另一方面，相较于全额收购，授权合作模式能让Groq保持 独立运营，有助于规避监管审查。 报告强调，当前超大规模AI推理需求正呈现每六个月翻一番的快速增长趋势。12月初亚马逊 (AMZN.US)AWS为其Bedrock AgentCore平台推出情景记忆功能，11月初谷歌(GOOGL.US)提出嵌套学习 方法并计划每六个月将AI计算能力翻倍，这些行业动态均推动GPU/XPU需求持续攀升。英伟达此前发 布的Rubin CPX GPU采用成本效益更高的GDDR7内存，相较昂贵的HBM内存可降低3倍总拥有成本 (TCO)，专为推理密集型工作负载设计;而Groq的语言处理单元(LPU)则专注于推理实时响应，具备超低 延迟和高效处理语言模型令牌的优势。通过授权获得Gr ...

格隆汇12月29日｜寒武纪-U成交额达100亿元，现涨6.6%。 ...

伯里再启"预言家"模式，斥资1000万美元做空AI双雄。但问题在于他不确定泡沫何时会破。网友调 侃："他过去预测20次衰退，只中2次"...... 由于过早地嗅到危机而成为人群中的异类，迈克尔·伯里（Michael Burry）对这类"剧情"并不陌生。 正如电影《大空头》（The Big Short）中的经典场景：克里斯蒂安·贝尔（Christian Bale）饰演的伯里， 向投资者说明他做空美国房地产市场的押注。若判断正确，市场崩盘后，这位对冲基金经理将通过类似 保险的合约斩获7亿美元巨额收益；若判断失误，他的基金将在几个季度内破产。 "等着瞧，一定会有回报的，"电影里的伯里说道，"我或许下手早了，但我没说错。" "又是 老一套！"一位投资者反驳道。 如今，现实中的伯里正试图说服华尔街：他能从人工智能（AI）企业英伟达（NVDA）和Palantir （PLTR）的股价下跌中获利。今年以来，AI行业一直是推动市场创下历史新高的核心动力，但过去十 年大多保持低调的伯里，近期再度现身，直言AI板块存在泡沫，且即将破裂。 但问题在于：他不确定泡沫何时会破。 伯里这种直言不讳的"异类"，很适合成为迈克尔·刘易斯（Mi ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - Tesla's FSD v14 has passed the "physical Turing test," marking a significant milestone in the practical application of AI in smart driving. This version enhances the system's ability to recognize emergency vehicles and obstacles, and introduces real-time navigation and path planning features [10][12]. - Samsung is advancing towards a fully self-developed mobile GPU, with plans to integrate its own architecture into future chips, aiming to establish a complete edge AI product ecosystem [13][15]. - Volcano Engine has launched an AI-native cloud solution for the gaming industry, which is expected to drive innovation and efficiency across the entire game development lifecycle [17][19]. Summary by Sections Smart Driving - Tesla's FSD v14 has been recognized for its advanced capabilities, including improved recognition of emergency vehicles and dynamic path planning, which signifies a shift from experimental to practical applications in smart driving [10][12]. - Companies to watch in the smart driving sector include Horizon Robotics, Black Sesame Intelligence, and various Robotaxi firms [3]. Semiconductor and AI - Samsung's new Exynos 2600 chip, developed using 2nm technology, represents a significant step towards self-sufficiency in chip design, with plans to expand its GPU applications beyond smartphones to include AI-specific chips [13][15]. - The shift to self-developed GPUs is expected to enhance Samsung's control over product differentiation and innovation in AI applications [15]. Gaming Industry - Volcano Engine's AI-native cloud solution is being adopted by over 80% of leading gaming companies, facilitating innovation in game creation, development, and operation [17][19]. - The company aims to provide a comprehensive support system for partners, enhancing their delivery capabilities and market competitiveness [18][19].

Market Overview - The Shanghai Composite Index achieved an eight-day winning streak, with a weekly increase of 1.88%, indicating a "steady rise" trend [2] - The Shenzhen Component Index and ChiNext Index performed better, with weekly gains of 3.55% and 3.90% respectively [2] - The Wande Commercial Aerospace Index surged by 8.36%, marking its largest weekly gain in the second half of the year [2] - The overall market sentiment showed improvement, with increased trading volumes, indicating a recovery in risk appetite [4] Equity Market - The average daily trading volume in the Shanghai and Shenzhen markets significantly increased to 1.95 trillion yuan, surpassing 2 trillion yuan on Friday [4] - Growth style stocks outperformed value style stocks, suggesting a shift in market preference [4] - The market is showing signs of breaking out of the consolidation phase, with a need to closely monitor changes in trading volume [4] Bond Market - The bond market showed a recovery, with both interest rate bonds and credit bonds strengthening, supported by a balanced funding environment [2][29] - The central bank's measures have maintained liquidity, alleviating initial concerns about market adjustments [5] - A cautious approach is recommended for long-term bonds due to supply pressures, with a focus on short to medium-term bond strategies [5] Commodity Market - COMEX gold prices continued to rise, reaching new highs, driven by a weaker dollar and geopolitical tensions [2] - The South China Commodity Index increased by 4.00%, with significant gains in precious metals and non-ferrous metals [33] - The outlook for gold remains positive in the medium to long term, supported by factors such as central bank purchases and limited supply capacity [6] Overseas Market - The U.S. stock market showed resilience, with the S&P 500 reaching new highs, supported by strong economic data [2] - The U.S. GDP for Q3 was reported at an annualized rate of 4.3%, exceeding expectations, which has led to a slight reduction in interest rate cut expectations [2] - Investors are encouraged to consider diversified overseas investments through QDII funds, balancing asset classes and regional exposures [7]

Core Viewpoint - The recent surge in Shanghai Fudan's stock price, attributed to the rapid development of the low-orbit satellite industry in China, highlights the potential benefits for companies in the related supply chain [1] Industry Summary - The commercial aerospace sector is experiencing significant catalysts, driven by national top-level design and supportive policies, which are expected to accelerate the development of the low-orbit satellite industry in China [1] - Companies involved in satellite manufacturing, launching, and networking face complex technological requirements, particularly regarding the stability, durability, and radiation resistance of chips [1] Company Summary - Fudan Microelectronics, a leader in high-end FPGA technology in China, emphasizes the advantages of FPGA chips, which are essential for space satellites due to their flexibility, high parallelism, and low latency [1] - The company identifies FPGA as an ideal solution for various fields, including wired and wireless communication, low-orbit satellite communication, video imaging, industrial control, artificial intelligence, and high-reliability applications [1]

再谈人民币汇率何时破 720251228 摘要 2025 年人民币升值受多重因素驱动，包括美联储降息、中美关税缓和 及年底结售汇顺差，推动人民币中间价逼近 7.0。若这些因素持续，叠 加中国经济基本面稳定和全要素生产率提升，未来数月突破 7.0 的可能 性增加。 人民币长期升值潜力取决于美元贬值趋势和中国自身发展。美国可能在 2027-2030 年因人工智能风险释放导致美元贬值，为人民币提供升值 空间。中国跨越中等收入陷阱并证明科技实力，将吸引外资流入，推动 人民币升值。 预计 2026 年中国制造业和基建投资增速将回升，基建投资由负转正， 制造业投资增速回升至 5%-6%区间。中央经济工作会议强调推动投资 止跌企稳，重大工程将靠前发力，为投资增长提供支撑。 2026 年全口径居民消费增速预计超过 5%，高于 2025 年的 4.6%。服 务消费增速将进一步提高至约 6%，带动商品消费和民生类基建投资。 服务消费与房地产销售相关性较低，且无强烈透支效应。 Q&A 为什么人民币汇率在近期突然加速升值？ 近期人民币汇率的加速升值主要由以下几个因素共同作用导致。首先，年底结 汇行为显著增加。通常在年底，出口企业会集 ...