其次从产业格局进行分析：自2022年10月7日起，美国商务部工业与安全局通过一系列"先进计算与半导体制造"出口管制规则，将英伟达面向中国的高端 GPU基本纳入许可管理范围。英伟达对华高端 GPU 出口管制，本质上压缩了中国在先进算力领域的外部供给弹性，也客观上为国产GPU创业提供了前所 未有的市场窗口。算力资源从"效率工具"转变为"安全资源"，使得国产替代不再只是商业选择，而是国家层面的必要选项。 再次从主要国产GPU公司发展路径及财务表现视角，关键变量至少包括： 2025年12月5日，国产GPU企业摩尔线程登陆上交所科创板，开盘上涨468.78%，市值一度突破 3,000 亿元。值得注意的是，摩尔线程2025 年前三季度营 业收入约8亿元，仍处于亏损状态。在传统盈利和现金流估值框架之外，该市值水平反映了市场对其长期成长空间与战略价值的更高预期。若将其置于"发 展与安全并重"的新政策框架下，上述现象并非孤例，而是一种安全定价与产业战略溢价叠加效果的映射。 二、性价比是市场定价逻辑的支点： 首先梳理宏观背景，2025年10月，新华社受权全文播发《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，《建议 ...

Group 1 - The European Union (EU) has initiated investigations and imposed tariffs on Chinese electric vehicles, citing excessive subsidies and low-price dumping that harm local industries, with tariffs reaching up to 35% [2] - Major Chinese automotive companies like BYD and SAIC have seen a significant decline in exports to Europe due to these tariffs [2] - The EU's actions have disrupted supply chains, particularly affecting German companies that rely on Chinese components, despite some member states like France and Italy pushing for these tariffs [2][6] Group 2 - China has retaliated by investigating EU agricultural products, specifically targeting dairy products from France, the Netherlands, and Italy, with preliminary duties ranging from 21.9% to 42.7% [2][4] - The tariffs on EU dairy products are expected to result in significant losses for French and Dutch exporters, with annual exports to China valued in the hundreds of millions of euros [4][11] - The Netherlands faces additional complications due to the semiconductor company Nexperia, which has been restricted by the Dutch government, leading to supply shortages for Chinese and international automotive companies [4][9] Group 3 - The EU is struggling to present a unified front in response to China's actions, with member states having differing priorities and interests, particularly in the agricultural sector [6][8] - France is particularly affected by the tariffs on dairy products, prompting calls for a coordinated response among EU member states, but achieving consensus has proven difficult [8][11] - The ongoing trade disputes are causing economic strain on both sides, with the EU's agricultural exports declining and Chinese consumers increasingly turning to domestic products [11]

2025年，A股在政策、估值、盈利、资金四重支撑下走出了牛市行情。2026年作为"十五五"规划开局之 年，经济转型深化与政策发力预期叠加，但A股市场细分赛道的分化却愈发明显，在这样的背景下， 2026年的投资机会如何？驱动2026年行情的核心变量是什么？哪些领域可能成为市场资金新的"共识"？ 对于这些问题，私募大佬们又有着怎样独到的判断？近日，《每日经济新闻》记者(以下简称NBD)就带 着这些问题，专访了上海保银私募基金管理有限公司总经理及基金经理李墨(以下简称保银基金李墨)。 首先，2025年为市场确立了坚实的"政策底"与"资金底"。政策上，从2024年9月首提"适度宽松"到2025 年12月会议的再次定调，表明宽松已不再是权宜之计，而是构建长效机制的宏观基准，这为长期风险偏 好提供了"定海神针"。资金上，数据已验证了信心的实质性回归："长钱"考核机制优化下，险资全年预 计贡献超4000亿元增量；北上资金三季度持仓市值创下2.59万亿元新高；叠加全年日均成交额重回1.1万 亿元上方，市场的承接力与定价效率已显著跃升。 然而，行情的持续性面临"结构性分化"的挑战。虽然以硬科技为代表的新质生产力板块在三季度率先 ...

Core Insights - Groq, an AI inference chip startup founded in 2016, has entered a non-exclusive licensing agreement with Nvidia, where Nvidia pays approximately $20 billion for Groq's core AI inference technology and related assets [2][5] - Groq's technology is seen as a significant competitor to Nvidia's GPUs, particularly in the AI inference market, where Groq claims its chips can achieve up to 10 times the inference speed compared to Nvidia's offerings [1][5] - The transaction reflects a growing trend among tech giants to utilize "quasi-acquisitions" to acquire technology and talent while avoiding full ownership and regulatory scrutiny [4][5] Company Overview - Groq was founded by Jonathan Ross, a key member of Google's TPU project, to address inefficiencies in traditional computing architectures for modern AI tasks [1] - The company has recently partnered with major firms like Meta and IBM to enhance its AI inference capabilities [3] Financial Aspects - The $20 billion deal significantly exceeds Groq's previous valuation of $6.9 billion, indicating a strong market interest in its technology [7][8] - Groq's recent revenue forecast was lowered by approximately 75%, highlighting challenges in scaling its operations and the competitive landscape [7] Strategic Implications - Nvidia aims to integrate Groq's low-latency processors into its AI factory architecture to enhance its platform capabilities for AI inference and real-time workloads [3][5] - The acquisition strategy allows Nvidia to strengthen its position in the AI inference market while maintaining Groq's operational independence, which could lead to faster commercialization of Groq's technology [8]

Group 1 - Haidian District has been officially designated as a "Green Water and Green Mountain is Gold and Silver Mountain" practice innovation base by the Ministry of Ecology and Environment, becoming the first area in Beijing's central urban area to receive both national-level titles of "Ecological Civilization Construction Demonstration Zone" and "Two Mountains" practice innovation base [1] - The district is recognized for its complete ecological system of "mountains, waters, forests, fields, lakes, and grass," and is focused on integrating natural elements with urban development, aiming to accelerate the development of new productive forces and build a world-leading technology park [3] - The transformation of the old industrial base in the Xisanqi Innovation Development Zone has led to the relocation of over 10 "high-energy-consuming" enterprises, freeing up 56 hectares of land for the construction of a 265,000 square meter ecological park, which supports the development of the world's first AI innovation street [3] Group 2 - In 2024, the total number of tourists in Haidian District reached 91.438 million, representing a year-on-year growth of 17.3%, with tourism revenue increasing by 17.8%, leading the city of Beijing [5] - The "Ten Cross Green Chain" formed by the Qinghe Riverside Green Corridor and the Beijing-Zhangjiakou Railway Heritage Park has activated regional innovation resources and driven economic development and industrial upgrades in the surrounding areas [7] - The "Yudao Yuanshang" agricultural and cultural tourism brand has helped rural areas generate over 6.6 million yuan in income from 2023 to 2024, with the yield of Jingxi rice smart farms increasing by over 35% [9] Group 3 - The Daoxiang Lake Reclaimed Water Plant has innovatively transformed from an "environmental nuisance facility" to an "ecological check-in site," creating a new model of "water-saving pollution control—resource recycling—ecological integration—value spillover" [11] - The region has successfully accelerated the conversion of ecological value into economic and social value, demonstrating the innovative practice of the "Two Mountains" concept in Haidian District, with the total economic output exceeding 10 trillion yuan for three consecutive years [13]

记者丨 吴佳楠 编辑丨孙超逸 仅成立7年，头顶"全球Scaler行业第二、ASICScaler行业第一"的光环，深圳曦华科技股份有 限公司（简称"曦华科技"）日前递交招股书，准备在港交所上市。在近期向港交所递交上市招 股书，开启IPO冲刺。 根据曦华科技的招股书，2022年至2025年前9个月，公司不到四年时间亏损4.26亿元，前五大 客户贡献超8成收入。 一边是承载着端侧AI带来的产业想象空间，另一边是全球龙头叙事下难掩的利润疲软，曦华科 技站在叩响港股IPO大门面前，又该如何闯关？ 据公开资料，曦华科技成立于2018年8月，是国家级重点"小巨人"企业，主要提供智能显示芯 片、智能感控芯片及解决方案，已应用于智能汽车、手机、可穿戴设备和机器人等市场。 清华高考状元创出端侧A I芯片龙头 2018年，陈曦担任和聚百川管理合伙人，同年8月创办了曦华科技。陈曦还是德载厚资本的创 始合伙人之一，该机构专注于汽车产业投资的私募基金，投资的知名项目包括瑞浦兰钧、蜂巢 能源、特来电、基本半导体、T3出行等。 夫妻持股超6 5%，历经9轮融资 据弗若斯特沙利文报告，曦华科技研发了全球首款ASIC架构的AIScaler，掌握 ...

记者丨彭新 编辑丨张伟贤 当地时间12月24日，AI芯片初创公司Groq宣布已与英伟达就其推理技术达成非独家许可协 议。根据协议条款，Groq创始人Jonathan Ross、总裁Sunny Madra及其他核心团队成员将加 入英伟达，共同推进授权技术的升级与规模化应用。 Groq将继续作为独立公司运营，Simon Edwards将接任首席执行官职务。Groq云服务也将保 持正常运行，不受此次合作影响。 不过，此前有报道称，英伟达已收购Groq，完成其规模最大的一笔收购。Groq投资方之一 Disruptive的CEO Alex Davis透露， 英伟达已同意以200亿美元（约合1402亿元人民币）现金 收购Groq资产。 对此，英伟达向21世纪经济报道记者回应称， "我们并未收购 Groq。我们只是获得了Groq知 识产权的非独家授权，并从Groq团队中聘请了工程人才加入我们。我们将共同致力于提供世 界领先的加速计算技术。" 记者获得的一封英伟达CEO黄仁勋在发给员工的电子邮件中显示同样的说法。不过，双方未 披露该交易的财务条款。 英伟达"收编"潜在竞争者 （GroqChip芯片，图片来源：Groq） 在成 ...

Group 1 - The core point of the article is that Unisoc (002049.SZ) is establishing a new subsidiary, Unisoc Tongxin Technology, to enhance its competitiveness in the automotive domain control chip market and optimize its capital structure [1][2] - Unisoc Tongxin Technology will have a registered capital of RMB 300 million, with Unisoc contributing RMB 153 million, representing a 51% stake [1] - The investment partners include Beijing Zhicheng Gaoyuan Electronic Technology Co., Ltd. and several other entities, with varying ownership percentages [1] Group 2 - The operational purpose of Unisoc Tongxin Technology is to engage in the research, production, and sales of automotive domain control chips [2] - Following the completion of the transaction, Unisoc Tongxin Technology will be included in Unisoc's consolidated financial statements [2] - Unisoc Tongxin Technology plans to acquire an assessed asset group related to automotive domain control chip business from Unisoc for RMB 193 million, reflecting an impressive assessed appreciation rate of 3,723.15% [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is a leading global Fabless chip supplier, expanding its product lines in storage, MCU, niche DRAM, sensors, and analog chips, benefiting from a recovery in downstream demand and opportunities arising from the exit of overseas competitors from niche markets [2][3] - The NOR Flash market is expanding due to AI-driven demand, with the company achieving a market share of 18.5%, ranking second globally and first in mainland China [3][26] - The exit of major overseas manufacturers from the DDR3 market has created significant opportunities for domestic manufacturers in the niche DRAM sector, with the company poised to capture market share [4][45] Summary by Sections I. Global Leading Fabless Chip Supplier - The company has a diversified layout in "sensing, storage, computing, control, and connectivity," continuously deepening its product offerings since its establishment in 2005 and listing in 2016 [7][9] II. AI-Driven Expansion of NOR Flash Market - The global NOR Flash market is projected to grow from $2.8 billion in 2024 to $4.2 billion by 2029, driven by AI applications in consumer electronics and automotive sectors [23][26] - The company has achieved a significant market share in NOR Flash, benefiting from the exit of major competitors and the increasing demand for AI-enabled devices [3][26] III. Optimized Supply Landscape for Niche DRAM - The company is well-positioned in the niche DRAM market, with a product line that includes DDR4 and LPDDR4, expected to see significant growth due to the exit of major players from the DDR3 market [4][45] - The global niche DRAM market is anticipated to grow from $8.5 billion in 2024 to $13.2 billion by 2029, driven by demand from industrial control, AI applications, and automotive electronics [43][45] IV. Profit Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 94.23 billion, 119.46 billion, and 149.62 billion yuan, with corresponding net profits of 17.76 billion, 25.29 billion, and 31.68 billion yuan, reflecting strong growth rates [5][11]

③英伟达拿下芯片初创公司Groq推理技术授权； ④阿里通义千问宣布图像编辑模型Qwen-Image-Edit-2511正式开源； 英伟达拿下芯片初创公司Groq推理技术授权。 ①江苏省具身智能机器人产业现场推进会在苏州召开； ②2026北京亦庄人形机器人半马官宣4月19日开跑； ⑤云深处科技完成数亿元Pre-IPO轮融资； ⑥ETC领域首个AI助手上线，基于腾讯混元底层大模型； ⑦华勤技术成立智能科技公司，含智能机器人的研发业务。 ...