贵金属成为本周最突出的亮点。避险情绪和降息预期共振下，现货黄金连续刷新历史新高，周五最高一度突破4530美元/盎司，今年累计涨超70%。白银走 势更为凌厉，连续突破整数关口并刷新纪录，周五最高涨破75美元/盎司关口；铂金、钯金及工业金属铜也在资金推动下创出阶段性甚至历史新高。截至发 稿，金银分别报4517.22和74.50美元/盎司。 非美货币方面，日本方面释放强烈干预信号，推动美元兑日元明显回落。弱势美元下，欧元、英镑、澳元兑美元本周均明显走高。 国际油价在供应端扰动预期下震荡偏强。周初受委内瑞拉、俄罗斯潜在供应风险影响明显反弹，随后两日围绕高位反复拉锯。美国可能出售扣押的委内瑞拉 原油，与乌克兰加大对俄相关设施的袭击消息交织，使油价在利多与不确定性之间反复定价，整体呈现高位震荡、小幅走高的特征。 行情回顾 本周，美元指数整体偏弱运行。周一开盘后持续下行，周二进一步跌破98关口，反映市场对美联储明年降息预期有所升温，之后虽然出现技术性反弹，一度 重回98附近，但力度有限，全周仍处相对低位震荡。截至发稿，美指报97.93。 美股方面，三大股指整体延续震荡上行走势，"圣诞行情"如期而至。标普500指数在周二、周 ...

Core Insights - TianShu ZhiXin is the first company in China to achieve mass production of general-purpose GPUs, set to be listed on the Hong Kong Stock Exchange on January 2026, marking a significant milestone in its development and positioning it as a rare GPU entity in the Hong Kong market with "domestic substitution" and "full ecosystem compatibility" capabilities [2][9]. Business Operations and Core Advantages - TianShu ZhiXin provides general-purpose GPU products and full-stack AI computing solutions across various industries, including general-purpose GPU chips, accelerator cards, and customized AI computing solutions that integrate self-developed hardware and proprietary software stacks [4]. - The company has achieved several breakthroughs in the Chinese chip design sector, being the first to mass-produce inference and training general-purpose GPU chips, and the first Chinese general-purpose GPU design company to utilize advanced 7nm process technology for these milestones [4]. - As of June 30, 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPUs, leading the industry in shipment volume, with a revenue of 189 million yuan, 289 million yuan, and 540 million yuan over the past three years, and a market share of 9.8% in the domestic general-purpose GPU sector, ranking third [4]. Issuance and Fundraising Plans - The company plans to issue no more than 29,246,520 overseas listed ordinary shares and convert 219,670,165 shares held by 68 existing shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [6]. - The raised funds will primarily be allocated to R&D of products and solutions, including general-purpose GPU chips and accelerator cards, expanding the R&D team for proprietary software stack development, promoting AI computing solutions, sales and marketing over the next five years, and supplementing working capital for general corporate purposes [7]. Listing Progress and Management Team - TianShu ZhiXin is currently in the post-hearing stage and is expected to complete subsequent processes for trading, leveraging its competitive advantage as the first to achieve mass production and full compatibility with mainstream ecosystems [9]. - The management team possesses extensive international operational experience and top-tier technical backgrounds, including the CEO and Chairman, Gai Lujiang, with nearly 20 years in global professional services, and Vice President Sun Yile, who has over 20 years of chip development experience [10][12]. Conclusion - In the increasingly competitive landscape of domestic GPUs, TianShu ZhiXin, while not the most vocal player, has demonstrated its capabilities through the first mass production of both training and inference chips using 7nm technology, proving its ability to convert designs into products and scale shipments [14]. - The upcoming listing positions this technically robust enterprise to translate its full-stack self-research system and ecosystem compatibility into a clear and sustainable commercial path, offering investors a viable option with both technological strength and commercial validation [14].

智通财经APP讯，芯原股份(688521.SH)发布公告，2025年10月1日至2025年12月25日，公司新签订单24.94亿元，较去年第四季度全期大幅增长129.94%，较 今年第三季度全期进一步增长56.54%，继2025年第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公司未来营业收入增长提供有 力的保障。 截至2025年12月25日，公司第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占比超84%，数据处理领域订单占比近76%。 ...

截至2025年12月25日，公司第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相 关订单占比超84%，数据处理领域订单占比近76%。 智通财经APP讯，芯原股份(688521.SH)发布公告，2025年10月1日至2025年12月25日，公司新签订单 24.94亿元，较去年第四季度全期大幅增长129.94%，较今年第三季度全期进一步增长56.54%，继2025年 第二、三季度单季度新签订单屡创历史新高后，再创历史单季度新高，将为公司未来营业收入增长提供 有力的保障。 ...

（文章来源：证券日报） 证券日报网12月26日讯 ，远望谷在接受投资者提问时表示，公司专有RFID芯片是自主研发设计的，同 时根据市场的需求，也采购部分通用芯片。 ...

以下文章来源于硬AI ，作者专注科技产研的 硬AI . AI时代，快人一步~ 来源 | 硬AI 英伟达周三在硅谷引发震动，公司同意支付约200亿美元获得初创公司Groq的技术授权，并聘 用其核心团队。 这一巨额交易不仅意在通过获取Groq的专用技术来巩固英伟达在人工智能推理计算领域的统治 地位，同时也采取了特殊的交易结构，以此规避日益严格的反垄断审查。 据一位参与交易的人士透露，这笔交易的具体形式为非独家技术授权，英伟达将同时聘用Groq 的创始人及高管。尽管交易细节尚未完全公开，但这笔约200亿美元的资金规模，已达到Groq 数月前融资时69亿美元估值的约三倍。通过这一举措， 英伟达旨在 获得更具成本效益且速度 更快的芯片设计能力，以应对日益增长的AI应用运行需求。 英伟达CEO黄仁勋在发给员工的内部邮件中明确了此次交易的战略意图。他表示，计划将 Groq的低延迟处理器整合进英伟达的AI工厂架构中，从而扩展平台能力，以服务更广泛的AI推 理和实时工作负载。这意味着英伟达正试图在极其昂贵的高性能训练芯片之外，补齐在推理芯 片领域的高效能短板。 这笔交易的架构与微软、亚马逊和谷歌过去两年采用的模式如出一辙，即通 ...

Core Viewpoint - The global geopolitical landscape is increasingly complex, with ongoing international conflicts, intensified strategic competition among major powers, and a surge in sanctions and export control measures, significantly raising compliance thresholds for cross-border transactions and complicating corporate compliance management [1][2]. Group 1: Overview of Global Sanctions and Trade Control Policies - The number of global sanctions and sanctioned entities is at a historically high level, indicating a trend towards institutionalization of international sanctions activities [1]. - The article outlines the core policy dynamics in the field of global economic sanctions and trade controls for 2025, focusing on major economies like the US, EU, and China [2]. Group 2: US Economic Sanctions and Export Control Policies - In 2025, the US continues to tighten economic sanctions and export controls, enhancing oversight of sensitive technologies and strategic industries while allowing for some flexibility in implementation timelines to ease short-term compliance burdens [3]. - A new "Interim Final Rule" was introduced, requiring higher standards of due diligence for the export of advanced computing integrated circuits, expanding the scope of controlled items [4]. - The introduction of the "50% ownership rule" in export controls signifies a shift from a targeted approach to a more comprehensive one, impacting multinational companies with complex ownership structures [5][6]. - The integration of economic sanctions and export controls is becoming more pronounced, with both areas increasingly serving similar strategic objectives [7]. Group 3: EU Economic Sanctions and Trade Control Policies - The EU has intensified sanctions against Russia, expanding the scope to include third-party entities that assist in evading sanctions, reflecting a more systemic approach to sanctions [8][9]. - The EU's export control policies are increasingly aligned with international multilateral frameworks, emphasizing compliance with international obligations and enhancing cooperation among member states [10][11]. - Recent updates to the EU's dual-use item control list include new technologies and materials, indicating a proactive stance in regulating sensitive technologies [12]. Group 4: UK Economic Sanctions and Trade Control Policies - The UK has strengthened its sanctions against Russia, particularly in traditional energy and emerging technology sectors, while enhancing oversight of evasion behaviors [13][14]. - The UK has revised its Export Control Order to align more closely with international export control mechanisms, reflecting a commitment to maintaining consistency with major partners [16]. Group 5: China's Economic Sanctions and Trade Control Policies - China has introduced significant policies in economic sanctions and export controls, transitioning from a defensive posture to a more proactive and strategic approach [17]. - The implementation of the "Counter-Sanctions Implementation Regulations" marks a key step in operationalizing China's counter-sanctions law [18][19]. - China has actively utilized unreliable entity lists and export control lists, indicating a more frequent and systematic use of these tools in response to foreign sanctions [21]. - Recent announcements regarding export controls on critical materials and technologies reflect a substantial upgrade in China's export control framework [22][23]. Group 6: Future Outlook on Compliance with Economic Sanctions and Export Controls - The compliance environment for businesses is expected to become more complex and multifaceted, with rising costs associated with adapting to frequently changing regulations [25]. - Companies will need to integrate compliance into their internal controls and develop robust governance frameworks to navigate the evolving landscape of international sanctions and export controls [28][29]. - The demand for legal services related to cross-border disputes and compliance strategies is anticipated to increase as businesses face heightened risks from sanctions and export controls [26][27].

今日A股冲高回落，上方存在阶段性压力。板块层面多数上涨，受海内外贵金属涨幅扩大刺激，有色、 矿业、光伏等板块领涨，前期表现强势的半导体、芯片、人工智能等板块表现稍逊。截至收盘，上证指 数放量上涨，报3963.68点，上涨0.1%，深证成指涨0.54%，创业板指涨0.14%。个股层面跌多涨少，约 1800家上涨，3400余家下跌。成交方面，沪深两市成交额约2.18万亿元，较昨日放量超两千亿元，高位 分歧渐显。 本周市场持续单边运行，沪指日线录得八连阳，虽盘中多有反复，但紧贴五日线上涨，涨势颇强。周一 市场高开站上整数关口，上周的反弹趋势得以延续。周二，指数上探短周期高点附近便遇阻回落。周 三，外围贵金属突破重要阻力位置，商品市场的做多情绪扩散，受此影响A股重拾涨势。周四、周五， 随着单边行情的演进，市场中逐渐出现了些许恐高的情绪，以高位盘整走势为主。 落到操作层面，"核心底仓+卫星轮动"的组合策略或是行情中段进可攻退可守的较优选择。核心方面， 虽然近期市场颇为震荡，但一旦出现新的热点催化，行情或随时到来，底仓的配置可以避免情绪化的追 涨杀跌等非理性操作，推荐中证A500ETF(159338)捕捉中国经济中长期投 ...

受益于投资者对人工智能的狂热追捧，美国科技行业最富有的十位创始人财富今年突破5500亿美元。 在AI芯片巨头英伟达市值突破4万亿美元的带动下，其创始人黄仁勋以1560亿美元净资产位列第八。证券文件显示，黄仁勋年内已减持价值超10 亿美元的股票，在股价高位实现部分套现。类似地，亚马逊创始人杰夫·贝佐斯出售了56亿美元股票，迈克尔·戴尔也减持其同名公司股份超20亿美 元。 | 排名 | 姓名 | 净资产（十亿美元） | 同比变化 (%) | | --- | --- | --- | --- | | 1 | 埃隆·马斯克 | 645 | 49 | | 2 | 拉里·佩奇 | 270 | 61 | | 3 | 杰夫·贝索斯 | ટરર | 7 | | 4 | 谢尔盖·布林 | 251 | 59 | | 5 | 拉里·埃里森 | 251 | 31 | | 6 | 马克·扎克伯格 | 236 | 14 | | 7 | 史蒂夫·鲍尔默 | 170 | 16 | | 8 | 黄仁勋 | 156 | 37 | | 9 | 迈克尔·戴尔 | 141 | 14 | | 10 | 比尔·盖茨 | 118 | -26 | | | 数据来 ...

对于这几年异常火热的芯片行业，笔者认为有一个非常重要的领域被忽视了，那就是安全。 例如早些年被曝光的"熔断（Meltdown）"和"幽灵（Spectre）"，就几乎将世界上所有计算 机设备置于黑客攻击的风险之中。 从硬件层面看，"山海"S30FP/S30P是完善的HSM子系统，支持多种国际通用算法以及中国商用密 码算法，可按需灵活配置，较上一代增加SHA3、Whirlpool、ED25519/448等多种算法，同时， 通过多种软硬件手段增强抗物理攻击的能力，能够有效抵御SPA/DPA攻击，并能防护FI（Fault Injection）等攻击。 " 山 海 "S30FP/S30P 抗 物 理 攻 击 强 度 按 照 Common Criteria （ CC ） Protection Profile PP-0117 和"国密二级"的标准开发，通过第三方测试机构的严格测试保障，能够满足客户对CC EAL4+及国 密二级等高等级安全认证的需求。 "山海"S30FP的功能安全能力达到最高等级ASIL D，已获得权威功能安全认证机构颁发的产品级 功能安全认证，并支持灵活配置，可适配ASIL B和ASIL D的不同功能安全 ...