21世纪经济报道记者 吴佳楠 深圳报道 将导航地图从中控屏流畅地"甩"到仪表盘或副驾屏上，并自动适配不同屏幕的分辨率，整个过程画面清 晰无延迟； 在手机内部，把超高分辨率照片或视频智能压缩后快速传输给屏幕显示，既保证画质完美，又节省手机 功耗…… 要实现这些功能，都离不开"AI Scaler"芯片。 根据弗若斯特沙利文报告，在高端显示屏应用增加、视频接口标准持续演进及终端生态日趋成熟的共同 推动下，全球Scaler出货量将在2025年至2029年期间以10.3%的复合年增长率增长至2.612亿颗。 在深圳，就有一家仅成立7年的企业曦华科技，头顶"全球Scaler行业第二、ASICScaler行业第一"的光 环，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？ 与公司在"AIScaler"芯片领域头顶光环一样的，是创始人的多重高光时刻。 创始人陈曦是1993年的广西高 ...

首届MUSA开发者大会上，图灵量子与摩尔线程达成战略合作。图灵量子供图 "QPU+GPU"融合首先面临严峻的通信瓶颈与数据传输延迟挑战，因量子态的相干时间极短，要求两者间的数据交互必须在微秒级完成。这种融合的一大核 心目的是利用GPU的强大算力来辅助QPU进行量子纠错（QEC），提升QPU计算结果的准确性。但这要求GPU必须实时解码错误特征并迅速反馈纠错指 令，这对GPU的实时推理能力提出了极高要求。此外，要真正打通软硬件壁垒，还必须解决异构指令集的统一与编译难题。 "我们将从算法、架构、系统三个维度出发，加速推进量子经典混合核心技术自主化和产业应用本土化，构建一个开放协同且自主可控的新计算生态。"图灵 量子负责人称，"QPU+GPU"异构计算不仅将加速量子计算迈入容错时代，更可能催生新一代AI基础设施标准，推动中国在全球算力竞争中占据先机。 （文章来源：科技日报） 日前，在北京中关村国际创新中心举办的首届MUSA开发者大会上，我国光量子计算企业图灵量子与国产GPU企业摩尔线程达成战略合作，将携手打 造"QPU+GPU"异构计算平台，旨在通过GPU的强大算力加速量子计算模拟，实现量子与经典算力的深度融合，进一 ...

同样在12月24日，来自人工智能领域传出两则利好，提振了市场。首先是美国特朗普政府可能至少在18 个月内不对中国芯片加征额外关税。其次是英伟达与人工智能初创企业Groq达成授权协议。巨头对初 创公司的投资仍在持续。 美国银行全球研究部日前也在报告中预测，明年投资者对人工智能如何重塑经济基本面拥有更清晰的认 识，届时美国和中国的经济增长将更强劲。该部门负责人Candace Browning表示，外界对泡沫即将破裂 的担忧纯属过度夸大。 尽管如此，马斯克的"丰满理想"也与"骨感现实"存在极大差距，会受限于基建和供应链体系，存在极大 风险。人工智能落地脚步可能会放缓，能源供应限制其扩展，新的监管法规形成障碍……任何一种情形 都会使整个时间表推迟。 今年早些时候，基于概念股估值显著高于实际业绩、商业化进展缓慢、企业级应用回报率低、数据中心 建设出现产能过剩等，各机构持续看空、做空人工智能行业。 世界首富全力押注人工智能，对该技术应用带来的经济加速效应表露出极大信心。 美东时间12月24日，马斯克在其社交媒体平台上预测，若将人工智能的落地应用视为经济增长的代理指 标，那么未来12到18个月内美国将实现两位数的GDP增长 ...

Core Insights - The article discusses the challenges of managing excess inventory in the semiconductor industry, highlighting the financial burden of storage and capital costs associated with unsold materials [1] - It promotes a service called "Chip Superhero," which has served 22,000 users and offers rapid transaction completion for excess inventory [1][6] Group 1: Inventory Management - Excess inventory of 100,000 units incurs monthly storage and capital costs of at least 5,000, leading to a potential loss of 30,000 after six months [1] - The article emphasizes the difficulty in promoting and selling excess materials, suggesting that companies can seek assistance from the "Chip Superhero" service [1][7] Group 2: Inventory Offerings - A list of available excess materials for sale is provided, including various brands and models, with quantities ranging from 6,473 to 240,000 units [4] - The inventory includes components from brands like NEXPERIA, Qualcomm, Broadcom, and Samsung, indicating a diverse range of products available for potential buyers [4] Group 3: Purchase Requests - The article also includes a section for purchasing specific components, indicating demand for certain models from brands like Micron and Bosch, with quantities specified [5] - This highlights the ongoing need for specific semiconductor components in the market, reflecting the dynamic nature of supply and demand [5] Group 4: Company Capabilities - "Chip Superhero" operates a 1,600 square meter smart storage facility with over 1,000 models and a total inventory of 50 million chips, valued at over 100 million [6] - The company also has a dedicated laboratory in Shenzhen for quality control, ensuring that each component meets quality standards [6]

[Table_Reportdate] 2025年12月25日 [table_summary] ➢ 1.美国经济展现超预期韧性——海外观察：美国2025年三季度GDP数据点评 ➢ 2.海光信息（688041）：国产CPU领军企业，DCU卡位算力芯片千亿蓝海——公司深度报 告 [证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251225 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 ➢ 1.北京调整住房限购政策：放宽非京籍家庭购房条件 支持多子女家庭住房需求 ➢ 2.人民银行：将开展4000亿元MLF操作 ➢ 3.央行重要会议发声：维护资本市场稳定 ➢ 4.央行等多部门联合发布《关于金融支持加快西部陆海新通道建设的意见》 ➢ 5.《鼓励外商投资产业目录(2025年版)》发布 | 1. 重点推荐 | ...

英伟达公司已与人工智能初创公司 Groq 达成一项批准上市许可 / 注册协议，进一步深化其对 AI 热潮相关企业的投资，并获得了将一项新型技术整 合至其产品中的权利。 这家全球市值最高的上市公司已支付使用 Groq 技术的授权费用，并将把其芯片设计整合到未来产品中。 两家公司表示， Groq 的部分高管将离职加入英伟达，以协助此项整合工作。 Groq 在其官网周三发布的声明中称，公司将保持独立运营，并任命 新的首席执行官。 英伟达的技术已在数据中心领域占据主导地位，而这些数据中心正是支撑 AI 软件与服务所需新型计算能力爆发的核心。其现有产品的广泛普及已 使英伟达成为芯片行业当之无愧的资本最雄厚企业，该公司表示将利用部分资金推动人工智能在整个经济领域中的普及应用。 Groq 是 Alphabet 旗下的谷歌等正在开发自己 AI 芯片以与英伟达竞争的初创公司和企业之一。这家成立于 2016 年的初创公司在 9 月以 69 亿美元 投后估值融资 7.5 亿美元。 当时， Groq 表示将利用这笔资金扩大其数据中心容量。该公司在声明中表示，其提供外包计算的数据中心业务将继续 运营。 Groq 首席执行官乔纳森·罗斯 ...

今日周四（12月25日）因圣诞节休息，2025年全球央行黄金储备连续三年破千吨，Q3净购金315吨，为 金价提供结构性支撑。COMEX主力合约年内累计涨幅超70%，近期屡创历史新高，最高触及4525.70美 元/盎司。 打开APP，查看更多高清行情>> 【要闻速递】 12月25日环球时报报道，美国政府23日宣布将于2027年对中国芯片加征关税，标志着上届拜登政府发起 的相关贸易调查正式结束。美媒分析指出，尽管美方声称中国芯片产业"损害美国利益"，但最终决定至 少18个月内不额外加税，彭博社将此视为美方巩固中美"休战"、稳定关系的新信号。 美国贸易代表办公室去年12月启动针对中国成熟制程芯片的301调查，旨在评估其对美国经济影响。经 近一年意见征询与数据评估，美方周二公布结果，称中国追求半导体主导"不合理"，构成美商业负担， 故可采取行动。《纽约时报》称，美方将先对进口中国半导体加征0%关税，2027年6月起上调（幅度待 定，提前30天公布）。 报道指出，此类芯片广泛用于手机、汽车、家电、电信乃至军工领域，美两党担忧依赖加深成"国家安 全威胁"，中国在该领域的巨额投入已令美企运营承压。中国外交部发言人林剑24日 ...

Core Viewpoint - Moer Technology officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, achieving a peak stock price increase of 500%, highlighting the significance of domestic computing power in the market [1] Group 1: Financial Support for Technology Innovation - Postal Savings Bank (PSB) has played a crucial role in supporting Moer Technology's IPO, demonstrating a successful partnership between hard technology and precise finance [1] - PSB has established a comprehensive financial service model to address the development bottlenecks of technology enterprises, focusing on key areas such as intellectual property empowerment and AI layout [2][3] - The bank's innovative financial services have enabled technology companies to convert intangible assets like patents into tangible financial support, enhancing their growth potential [5] Group 2: Technology Evaluation and Credit System - PSB has developed a "technology flow" evaluation system that quantifies core innovation indicators such as R&D investment ratio and patent quantity into credit criteria, providing precise financial support to tech enterprises [3][5] - The bank's approach allows for rapid credit approval processes, exemplified by a one-day approval for a 10 million yuan credit line for a technology company [5] Group 3: Comprehensive Financial Services Across the Industry Chain - PSB extends its financial services beyond individual companies to cover the entire industry chain, facilitating collaboration among upstream and downstream partners [6] - The bank's support for Moer Technology's ecosystem includes supply chain finance and industry cluster loans, promoting a collaborative innovation environment among large and small enterprises [6] Group 4: Empowering Manufacturing Upgrades - PSB focuses on providing financial support to the manufacturing sector, aligning with national strategies for technological transformation and green upgrades [9][10] - The bank has successfully assisted traditional manufacturing enterprises in upgrading their technology and achieving significant production increases through tailored financial products [10] Group 5: Future Financial Commitments - PSB plans to provide at least 3 trillion yuan in financing support for technology innovation over the next five years, aiming to foster a virtuous cycle between technology, industry, and finance [11]

Core Viewpoint - Groq, an AI chip startup, has entered into a non-exclusive licensing agreement with NVIDIA for its inference technology, allowing Groq to operate independently while benefiting from NVIDIA's resources and expertise [3][8]. Group 1: Agreement Details - The agreement includes key personnel from Groq, such as founder Jonathan Ross and president Sunny Madra, joining NVIDIA to enhance the licensed technology [3][8]. - Groq will continue its operations as an independent company, with Simon Edwards taking over as CEO, and its cloud services will remain unaffected by this partnership [3][8]. Group 2: Technology and Performance - Groq's LPU inference chip is specifically optimized for AI inference scenarios, achieving inference speeds 5 to 18 times faster than NVIDIA's H100 GPU, with a first token response time of just 0.2 seconds [4][9]. - The LPU design addresses traditional GPU limitations, such as high latency and memory constraints, while also reducing computational costs [4][9]. Group 3: Financial and Market Implications - Groq recently completed a funding round of $750 million in September, resulting in a post-money valuation of $6.9 billion, with total funding exceeding $3 billion [10]. - Although NVIDIA did not acquire Groq, the partnership allows Groq to gain significant licensing revenue while maintaining operational independence, leveraging NVIDIA's market presence to expand its business [10]. - NVIDIA's stock closed at $188.61 on December 24, with a slight after-hours decline of 0.32%, reflecting a rational market response to the strategic adjustment, while the stock has seen a year-to-date increase of over 35% [10]. Group 4: Industry Context - The global AI industry is transitioning from model training to large-scale inference deployment, making low-latency and high-efficiency inference capabilities essential [5][11]. - The collaboration between NVIDIA and Groq exemplifies a new model of "technology licensing and talent integration," providing a framework for cooperation between tech giants and emerging startups [5][11].

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。 本次交易并非传统的全资收购。Groq创始人Jonathan Ross、总裁Sunny Madra及其他员工将加入英伟 达，以"推进和扩展"获授权的技术。与此同时，Groq原有的云业务将保留在公司内部，由9月加入的首 席财务官Simon Edwards出任新CEO，继续运营。 这种非独家许可交易的结构，是近期科技巨头规避监管审查的常用手段。 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 ...