如果您希望可以时常见面，欢迎标星收藏哦~ 以前跟随为主，现在慢慢走到无人区，可参考的地方越来越少了。米硅已全面着手研发4*224G ASP(CDR)系列产品，4*448G ASP 系列已在蓝图。一边定义下一代产品，一边把技术边界再往前 推，前面没有参照物，就自己成为坐标。 关于米硅科技 技术原理对比： CDR(时钟数据恢复)通过模拟电路提取时钟信号，主要解决抖动问题。核心组件包括鉴相器、锁相 环(PLL)和频率检测器，像传统相机的光学防抖，用物理方式稳定信号。 ODSP(光学数字信号处理)采用ADC将模拟信号数字化，通过数学算法补偿光纤损耗、色散和非线 性效应 >。相当于用Photoshop的AI算法逐像素修复，能处理PAM4/相干调制等复杂信号。 算力中心短距连接 米硅科技的4x112G PAM4 CDR核心技术除了400G、800G光模块可替代oDSP方案打破海外垄断 同时成本功耗降50%-70%, 同时也可用于400G、800G AEC方案，在3-7米铜缆传输场景替代传统 DSP方案，成本功耗可降低50-70% 新的挑战，新的规划 米硅科技首款自研4X112G ASP(CDR)电芯片收发套片ms8904 ...

政策层面，美联储内部对后续路径的分歧持续影响市场定价。美联储理事斯蒂芬·米兰指出，若政策环 境无法继续放松，经济下行风险可能上升，该表态进一步强化了市场对未来宽松空间的定价。在此背景 下，美元指数在GDP数据公布前维持弱势整理，整体技术结构仍偏承压。与此同时，市场亦关注GDP价 格指数等通胀分项数据，其变化将直接影响美联储对增长与通胀平衡的判断。在假期流动性不足的环境 中，美元对单一数据的短线敏感度有所放大。 外汇市场中，日元表现相对突出。周二亚欧时段，日元连续第二个交易日走强，美元/日元在156.00关 口附近持续承压。日本财务大臣片山五月及外汇事务官员接连释放偏强立场，强化了市场对官方干预的 预期。与此同时，日本央行并未排除进一步加息的可能性。在上周将政策利率上调至三十年来高位后， 日本10年期国债收益率升至26年新高，与市场普遍预期美联储在2026年继续降息形成鲜明对照。政策分 化叠加地缘政治不确定性，使日元在年末阶段获得持续支撑。 从交易层面看，当前市场正处于假期效应与宏观数据窗口交汇阶段。股指期货整体波动受限，趋势性机 会有限，更适合以区间交易与事件驱动为主；外汇市场中，美元整体偏弱，但在关键数据公 ...

格隆汇12月23日丨北京君正(300223.SZ)在投资者互动平台表示，公司车规互联芯片主要为LIN、CAN、 GreenPHY等产品，可应用于不同等级为汽车。 ...

Group 1 - The core viewpoint emphasizes the need for high-quality governance to drive the development of listed companies, which play a strategic role in the national economy with a total market value exceeding 100 trillion yuan and significant profit growth [1] - Listed companies are identified as the main force for innovation, contributing 45% of R&D investment in key areas such as chips, new energy, and artificial intelligence [1] - The report highlights the increasing scale of cash dividends and share buybacks, showcasing listed companies as role models in social responsibility [1] Group 2 - The "China Listed Company Governance Classification Index Report No. 24 (2025)" covers 5,292 listed companies with over one million data points, indicating an overall positive trend in corporate governance [2] - Key indices such as protection of minority investors, board governance, entrepreneurial capability, and financial governance have shown significant improvement, although voluntary information disclosure and executive compensation indices have declined [2] - State-controlled listed companies outperform non-state-controlled companies in protecting minority investors, indicating a need for enhanced rights and supervisory powers across various types of companies [2]

Core Insights - Nvidia has made a significant strategic shift in its cloud business, moving away from competing directly with AWS and focusing on internal needs for its chips [2][3] - The restructuring involves integrating the DGX Cloud team into the engineering and operations organization, which will now primarily serve Nvidia engineers rather than external enterprise clients [3][4] Summary by Sections Cloud Business Strategy - Nvidia's CEO Jensen Huang has abandoned the vision of creating a cloud service to compete with AWS, opting instead for a strategy that prioritizes internal chip demand [3][4] - The DGX Cloud service, initially aimed at establishing direct relationships with AI developers, will now focus on supporting Nvidia's internal engineering needs [5][8] Team Restructuring - The cloud team, consisting of hundreds of employees, has been merged into the engineering and operations division led by senior vice president Dwight Diercks [3][4] - Key personnel changes have occurred, including the reassignment of executives and the departure of some team members [3][4] Market Challenges - Nvidia's DGX Cloud has struggled to attract sufficient customers, partly due to operational challenges in providing support across different cloud service providers [7] - The company has been cautious about expanding this business to avoid upsetting major chip customers who are also cloud service providers [7] Financial Outlook - Earlier this year, Nvidia indicated that its cloud business could potentially generate $150 billion in revenue, surpassing AWS's current annual revenue [8] - Nvidia plans to invest $26 billion in renting servers over the next few years to support its cloud initiatives [10] Competitive Landscape - Despite competition from companies like Google and Amazon, Nvidia maintains a strong position in the AI chip market [9] - Nvidia has become one of the largest renters of its own servers, which are procured from AWS and Google, while also using them for developing various AI models [9]

Core Viewpoint - Youxun Co., Ltd. (688807.SH) experienced a significant decline in stock price, closing at 203.11 yuan, down 5.45%, with an intraday low of 194.81 yuan, marking a record low since its listing [1] Group 1: Company Overview - Youxun Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 19, 2025, with an initial public offering (IPO) of 20,000,000 shares, representing 25% of the total share capital post-issue [1] - The IPO price was set at 51.66 yuan per share, and the total funds raised amounted to 1,033.20 million yuan, with a net amount of 927.69 million yuan after deducting issuance costs [1] Group 2: Fund Utilization - The company initially planned to raise 809.07 million yuan, but the final amount exceeded this by 118.62 million yuan [1] - The raised funds will be allocated to the development and industrialization of next-generation access network and high-speed data center chips, automotive chip R&D, and the development of 800G and above optical communication chips and silicon photonic components [1] Group 3: Issuance Costs - The total issuance costs (excluding VAT) amounted to 105.51 million yuan, with underwriting and sponsorship fees accounting for 70.56 million yuan [1]

当地时间周一，市场对美联储明年多次降息的预期升温，叠加美国和委内瑞拉局势引发避险交易活跃，国际金价显著上涨，突破每盎 司4400美元整数关口，创盘中和收盘历史新高。与此同时，受美联储降息、供应紧缺、投资需求和工业需求显著增加等因素综合影 响，白银期价也延续强劲涨势，周一收盘再创历史新高。 22日美国三大股指集体收涨 当地时间周一，随着年末的临近，美股受到季节性与技术性因素支撑，三大股指高开高走。随着美国11月通胀数据意外回落、失业率 反弹，市场更多押注美联储明年至少降息两次，同时也看好美国上市企业明年的盈利增长前景。 受降息预期升温推动，金融、材料和工业等类别的周期股和小盘股领涨美股，同时，此前接连遭抛售的热门AI概念股被部分投资者逢 低买入，七大科技巨头与热门芯片股多数上涨，美国三大股指集体收涨。截至收盘，道指涨0.47%，标普500指数涨0.64%，纳指涨 0.52%。个股方面，特斯拉是美股周一成交额最高的个股，收涨1.56%，股价创盘中新高；存储芯片股周一集体走高，美光科技预计整 个行业供应紧缺的情况可能持续数年，美光科技周一收涨4.01%。 22日欧洲三大股指集体收跌 欧洲方面，随着西方国家传统节假日 ...

Summary of Key Points Core Viewpoint - The article discusses the issuance of new stocks in the market, highlighting the total amount raised by various companies and the distribution of these funds across different sectors and regions. Group 1: New Stock Issuance - A new stock, 蘅东光, issued 10.25 million shares at a price of 31.59 yuan, raising 324 million yuan [1] - As of December 23, 112 companies have gone public this year, raising a total of 130.83 billion yuan, with an average of 1.168 billion yuan per company [1] - Among these, 32 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1] Group 2: Fundraising by Sector - The Shanghai Stock Exchange saw 23 new stocks issued, raising 43.97 billion yuan; the Shenzhen Stock Exchange had 15 new stocks raising 17.64 billion yuan; the ChiNext Board issued 31 new stocks raising 24.07 billion yuan; the Sci-Tech Innovation Board had 18 new stocks raising 37.85 billion yuan; and the Beijing Stock Exchange issued 25 new stocks raising 7.31 billion yuan [1] - 华电新能 is the company with the highest fundraising this year, raising 18.171 billion yuan primarily for wind and solar power projects [2] - Other notable fundraisers include 摩尔线程 with 8 billion yuan for AI chip development and 西安奕材 with 4.636 billion yuan [2] Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 24.34 yuan, with 10 companies priced above 50 yuan and 2 above 100 yuan [2] - The highest IPO price was for 摩尔线程 at 114.28 yuan, while the lowest was for 华电新能 at 3.18 yuan [2] - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with the highest fundraising amounts from Fujian, Jiangsu, and Beijing, totaling 22.447 billion yuan, 20.684 billion yuan, and 19.908 billion yuan respectively [2]

Group 1 - Nvidia has acquired AI software company SchedMD, highlighting its increased investment in open-source technology and the AI ecosystem to address growing competition [1] - SchedMD's core technology, Slurm, is open-source software that assists in scheduling large-scale computing tasks, which significantly occupy data center server capacity [1] - Nvidia's proprietary CUDA software has become an industry standard, driving chip sales and emphasizing the importance of software in maintaining its dominance in the AI field [2] Group 2 - Nvidia has launched the third generation of its "Nemotron" large language model, which boasts faster computation speeds, lower costs, and higher intelligence compared to previous versions, covering various fields such as physical simulation and autonomous driving [2] - The trend in the tech industry is shifting towards open-source AI models, with Nvidia becoming a significant supplier by releasing new models and providing training data and tools for enterprise users [4] - The rapid development of generative AI has led companies to explore key variables for the next decade, including self-developed chips and full-stack software control to accelerate their competitive edge [4] Group 3 - Companies like Weimi Hologram are advancing open-source full-stack AI technology by integrating hardware, software, and ecosystems, aiming to create a comprehensive capability from underlying architecture to industry applications [5] - Weimi Hologram is exploring low-power chips and edge computing solutions to lower the computational barriers for intelligent scenarios, supporting third-party model training through open computing resources [5] - The AI market is rapidly evolving, with a shift towards open-source AI model development, indicating a long-term market potential for various industry applications [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech Innovation Board 100 Index, with significant gains in constituent stocks such as Jiewa Technology and Huafeng Technology, indicating a bullish trend in the market [1] - The Sci-Tech 100 Index ETF (588030) has shown a 1.06% increase, marking a three-day consecutive rise, with a latest price of 1.34 yuan and a weekly cumulative increase of 1.77% as of December 22, 2025 [1] - The liquidity of the Sci-Tech 100 Index ETF is robust, with a turnover rate of 2.54% and a transaction volume of 151 million yuan, while the average daily transaction volume over the past year is 335 million yuan, ranking first among comparable funds [1] Group 2 - The rapid development of China's chip technology is expected to reach a "DeepSeek moment" by 2026 or 2027, potentially disrupting Nvidia and its supply chain [1] - Research breakthroughs in the next-generation optical chip field by Shanghai Jiao Tong University have led to the first all-optical computing chip capable of supporting large-scale semantic media generation models [1] - According to招商证券, the growth in AI demand is driving global storage and advanced process capacity expansion, with domestic storage and advanced process expansion expected to accelerate in 2026-2027 [2] - The storage sector is experiencing continuous price increases, with major companies anticipating positive performance trends in Q4, while structural opportunities remain due to limited output next year [2] - The Sci-Tech 100 Index ETF has seen a significant growth of 1.46 billion yuan in scale over the past week, ranking second among comparable funds [2] - The ETF has also experienced a notable increase of 1.14 billion shares in the past two weeks, again ranking second among comparable funds [2] - The latest net outflow of funds from the Sci-Tech 100 Index ETF is 71.41 million yuan, but it has attracted a total of 128 million yuan over the last five trading days [2] - The Sci-Tech 100 Index reflects the overall performance of 100 medium-sized and liquid securities selected from the Shanghai Stock Exchange's Sci-Tech Innovation Board [2]