Core Viewpoint - The success of "sovereign AI" depends on the willingness of a sufficient number of developers to write code on the platform for the long term [1][2]. Group 1: Sovereign AI and Its Importance - "Sovereign AI" is a critical issue that every country must address to enhance future national competitiveness [1]. - The core of "sovereign AI" lies in achieving a complete system of "autonomous computing power, self-reliant algorithms, and independent ecology" [2]. Group 2: Requirements for Autonomous Computing Power - Autonomous computing power has three requirements: 1. Self-sufficient chip design capabilities 2. Controllable manufacturing and supply chain risks 3. Strong system and cluster delivery capabilities [2]. Group 3: Importance of Ecosystem Independence - Ecosystem independence is considered more important than autonomous computing power and self-reliant algorithms, as it signifies the transition from chips that can run software to those that users are willing to utilize [2]. - Developers are key to ecosystem construction, and a user-friendly development environment must be established for domestic chip platforms to effectively serve the developer community [2]. Group 4: Industry Challenges and Collaboration - The current Chinese chip industry faces issues of internal competition and fragmentation, with different manufacturers providing varying interfaces requiring different adaptations [2]. - It is essential for the industry to unite to address the problems of insufficient applications and weak ecosystems, emphasizing the importance of collaboration between the industry and application sectors [2]. Group 5: Role of Companies in Ecosystem Development - The founder and CEO of Moore Threads, Zhang Jianzhong, emphasizes that the ecosystem is the core moat and value of the GPU industry [3]. - Moore Threads is committed to increasing R&D investment to tackle core technological challenges from hardware to software, aiming to build a self-reliant and strong domestic computing industry ecosystem through open innovation and collaboration with ecosystem partners [3].

Core Insights - Shanghai's government venture capital (GVC) plays a crucial role in supporting innovation and addressing financing bottlenecks in the tech sector, particularly in hard technology fields like semiconductors and AI [1][2][8] Group 1: Scale and Impact - By the end of 2024, Shanghai's government-guided fund reached a total scale of 201.5 billion yuan, ranking third nationally, with an average fund size of 3.2 billion yuan, placing it second in the country [2] - The substantial size of government capital instills confidence in social capital, activating the market ecosystem and encouraging more private investment [2] Group 2: Operational Structure - Shanghai's GVC has historically focused on indirect investments through mother funds, effectively leveraging social capital participation and risk-sharing mechanisms [3] - Recently, there has been a strategic shift towards direct investments, with the number and scale of directly managed funds closely matching those of participating funds, indicating a balanced approach to market guidance and direct project involvement [3] Group 3: Spatial Layout - The GVC resources in Shanghai exhibit a "leading dragon, multiple blooms" pattern, with the Pudong New Area leading in both the number and scale of guiding funds [4][5] - Other districts like Jiading and Songjiang also show significant government venture capital activity, contributing to a collaborative regional innovation ecosystem [5] Group 4: Guidance and Demonstration - Government venture capital emphasizes early-stage investments, with 23.6% of direct investments in seed, angel, and A-round funding in 2024, and 38% in indirect investments, showcasing a commitment to nurturing the initial stages of innovation [6] - The extension of fund durations, such as the Pudong Innovation Investment Fund's extension to 12 years, reflects a long-term investment strategy aimed at supporting foundational technology innovation [7] Group 5: Challenges - Internal mechanisms and external ecological constraints pose challenges to the effectiveness of Shanghai's GVC, including balancing public asset preservation with high-risk investment requirements [8][9] - The tightening of IPO approvals has increased exit difficulties for venture capital, impacting the overall investment cycle [9] Group 6: Innovation and Future Directions - To enhance its effectiveness, Shanghai's GVC must focus on improving governance mechanisms, promoting successful investment cases, and establishing efficient platforms for government-market collaboration [10][11] - Addressing exit bottlenecks through the development of acquisition funds and exploring new exit channels will be crucial for sustaining the venture capital ecosystem [11]

据称，AI大模型尤其是MoE架构模型正向万亿参数迈进，对底层算力的计算效率、通信能力和软件生 态提出了前所未有的要求。海光以"硬件紧耦合、应用解耦合"为核心，发布DTK、DAS、DAP等自研软 件栈的最新升级，为超节点及分布式训练推理提供软硬件耦合支撑。 北京商报讯(记者陶凤王天逸)12月22日，海光信息发文称，公司近期发布"双芯"战略，并全面开放海光 DCU软件栈核心技术，与AI芯片厂商等产业伙伴共建高效、开放的软件栈生态标准。 ...

Group 1 - The rebound of technology stocks was driven by a new US-China agreement allowing Oracle to host TikTok's US user data, providing a much-needed relief for global financial markets [1][3] - If the agreement is finalized, Oracle will store and protect US user data on its cloud infrastructure and assist in overseeing cybersecurity and algorithm safety measures, which is significant given that about half of the US population uses TikTok [3] - Oracle is expected to gain approximately 15% equity in the restructured US TikTok business, while a broader investor consortium will obtain majority control, marking a strategic foothold for Oracle in a high-growth digital platform [3] Group 2 - The competitive landscape in the chip manufacturing sector is rapidly changing, with Chinese chipmaker Moore Threads planning to launch new AI chips to compete with Nvidia's Hopper series [4] - Moore Threads claims its upcoming chips can rival Nvidia's H20 and H200, potentially reducing reliance on Nvidia hardware as China seeks to encourage domestic alternatives [4][5] - Despite the advancements, challenges remain in designing and mass-producing advanced chips, especially after Moore Threads was placed on the US Entity List, limiting its collaboration with TSMC [5] Group 3 - The broader information indicates that China has not conceded in the global tech race, with technology stock indices in Asia showing gains [6] - The KOSPI index in South Korea rose over 2%, while Japan's Nikkei initially increased but later retreated due to significant bond sell-offs [6] - Gold prices surged to over $4,400 per ounce, reaching a historical high amid geopolitical tensions between the US and Venezuela, while oil prices also increased [6]

Group 1 - The GDP gap between China and the US has widened from $6.4 trillion in 2023 to approximately $10.8 trillion, with the US aiming for $29.5 trillion and China at $18.7 trillion [1][3] - The apparent GDP difference is attributed to currency exchange rates rather than actual production, as China's real production activities are growing at a rate of 4.8%, while the US is at 2.0% [5][7] - The US economy is heavily indebted, with a national debt of $37.8 trillion, leading to over $1 trillion spent annually just on interest payments, which exceeds their military spending [8][11] Group 2 - China's GDP of $18.7 trillion is based on tangible production, with significant outputs in various sectors, contrasting with the US's inflated figures due to financial services and debt [13][19] - Purchasing Power Parity (PPP) indicates that by 2025, China's economy could reach $40.72 trillion, surpassing the US's $30.51 trillion, highlighting the efficiency of resource utilization in China [15][17] - China's agricultural production exceeds that of the US by approximately 10% for total grain output and 19 times for vegetable production, indicating a strong foundational economy [21][22] Group 3 - The structural differences between the US's "virtual" economy and China's "real" economy may not be apparent during stable times but could become critical during global supply chain disruptions or geopolitical tensions [24][26] - The US is attempting to bring back manufacturing and is aware of its economic vulnerabilities, while China has a robust global trade network that enhances its resilience [27][29] - China's advancements in sectors like new energy vehicles and high-end equipment manufacturing signify a shift from follower to leader in these industries, contributing to real productivity gains [31][32]

Core Viewpoint - Investors are caught in a dilemma between missing out on the AI boom and fearing a potential bubble burst, leading to expected market volatility in the U.S. stock market in 2026 [1] Group 1: Market Trends and Predictions - The stock market has experienced alternating phases of significant sell-offs and rapid rebounds over the past 18 months, a trend likely to continue into 2026 [1] - Some strategists predict that the AI sector may follow a historical pattern of "boom-bust" cycles seen in previous technological revolutions [1] - The performance of tech companies, which have a disproportionate market influence, is expected to diverge from other components of the S&P 500 in 2025, potentially stabilizing overall market volatility [1] Group 2: Volatility and Trading Strategies - Strategists anticipate that market volatility will be supported in 2026 due to the instability often associated with expanding asset bubbles, with potential for over 10% declines followed by rapid rebounds [2] - UBS strategists suggest that regardless of whether the AI trend continues or collapses, profiting from increased volatility in the Nasdaq 100 index is key, recommending strategies like straddles or OTC swaps [2] - The VIX index is expected to maintain a median range of 16 to 17 in 2026, but could spike significantly during risk-averse market conditions [2] Group 3: Options Pricing and Trading Strategies - The imbalance of investment funds is projected to influence options pricing, potentially steepening the volatility curve [3] - Pair trading strategies, betting on individual stock volatility rising while index volatility narrows, are expected to gain popularity, although some funds are taking contrarian positions due to overcrowding [3][4] - Investors are encouraged to explore various forms of pair trading to extract profits, as the traditional strategy has become widely known and its excess return potential diminished [4] Group 4: Market Dynamics and Risk Management - A model proposed by Societe Generale suggests that a flattening yield curve signals a buy in volatility, while a steepening curve indicates a sell, with the model having successfully avoided major downturns in the past [5] - The current low leverage levels in U.S. corporate sectors may be the beginning of a new leverage cycle driven by AI, which could elevate credit spreads and stock market volatility [5] - Investors are advised to prepare for extreme market conditions in 2026, driven by fears of missing out, conflicting narratives around AI, and uncertainties from U.S. government policies [5]

Group 1 - The State Council emphasizes the need for all departments to align their actions with the central government's economic work requirements for the upcoming year, enhancing responsibility and urgency in implementing tasks [1] - The Ministry of Commerce highlights the importance of high-quality business development and international trade coordination, aiming to boost domestic and international economic cycles [2] - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in all-optical computing chips, which could significantly enhance computational efficiency for AI and large-scale data processing [3] Group 2 - The National Internet Information Office and the China Securities Regulatory Commission have taken action against 17 accounts spreading rumors and illegal stock recommendations, emphasizing the need for accurate financial information dissemination [4] - Fujian Province has introduced a comprehensive financial support plan for technology innovation, aiming for a 10% annual growth in loans to technology-related industries by 2025-2027 [5] - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, marking a significant advancement in energy technology [6] Group 3 - Moore Threads has launched a new GPU architecture, "Huagang," which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [7][8] - The first L3-level autonomous driving license has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology [9] - Nine U.S. pharmaceutical companies have reached agreements with the government to lower drug prices, indicating a shift towards more affordable healthcare solutions [10] Group 4 - The market has shown signs of recovery with a three-day rebound, although caution is advised as the overall trend has not yet confirmed a sustained upward movement [11] - Samsung has unveiled the world's first 2nm smartphone chip, which is expected to enhance performance significantly, indicating advancements in semiconductor technology [12]

北水净买入最多的个股是中芯国际(00981)、小米集团-W(01810)、腾讯(00700)。北水净卖出最多的个股 是中国移动(00941)、阿里巴巴-W(09988)。 港股通(沪)活跃成交股 港股通(深)活跃成交股 （原标题：北水动向|北水成交净买入31.25亿 内资全天加仓中芯国际(00981)超7亿港元） 智通财经APP获悉，12月22日港股市场，北水成交净买入31.25亿港元，其中港股通(沪)成交净卖出8.24 亿港元，港股通(深)成交净买入39.49亿港元。 北水加仓芯片股。中芯国际(00981)、华虹半导体(01347)分别获净买入7.3亿、200万港元。消息面上， 安捷利美维电子有限责任公司的工商变更引发关注——原股东安捷利电子实业有限公司正式退出，同时 国家大基金三期旗下国投集新股权投资基金、国新发展投资管理有限公司，以及广州产业投资控股集团 有限公司等新股东加入。这标志着国家大基金三期落子IC载板领域。 工商银行(01398)获净买入1.22亿港元。消息面上，中信证券预计，2026年银行业净息差降幅收窄至4bps 左右，为2022年以来首次年度息差降幅在低个位数水平。受益于此，上市银行全年 ...

2025年12月22日，黑芝麻智能在格隆汇"金格奖"评选中荣获"年度港股通卓越奖"。 在港股这个以长期资金、基本面逻辑和产业趋势为核心的市场里，这家公司正被越来越多的投资者重新 审视，并被置于更长周期的框架下进行评估。 资本市场的关注焦点，已悄然从"能否卖出更多芯片"转向更本质的问题：这家本土智驾芯片的领军企 业，是否正在构建更具延展性的增长逻辑？ 另一方面，其核心能力也不再局限于单一芯片，而是延伸至工具链、系统软件以及整体解决方案层面。 这种变化，使其更接近"平台型供给者"，而非单纯的硬件供应商。 公司构建的"自研核心IP+山海工具链+瀚海中间件平台"生态体系，为客户提供从硬件、系统调度到模型 开发的全栈支持。同时，通过与Nullmax等算法公司建立产业联盟，形成"芯片+算法"的协同优势。华源 证券研究所指出，未来若能进一步拓宽合作机构，与元戎启行、Momenta等头部算法公司达成合作，共 同打造基于华山A2000芯片的系统级智驾解决方案，或将进一步提升黑芝麻高阶智驾芯片产品竞争力。 更优秀的平台化能力，意味着更强的客户黏性、更长的合作周期，也意味着收入结构和商业模式具备更 高的可预期性。2025年上半年， ...

核心要点： 市场对美联储2026年降息的预期持续为金价提供支撑，假期临近放大不确定性；日本央行决议"不够鹰派"引发日元大幅抛售；AI乐观 情绪推动美股科技股延续反弹。 隔夜市场总览 上周五，市场在假期前交投中消化了多重线索。降息预期和地缘不确定性共同支撑黄金与白银（再创历史新高）。日元在日本央行加息后因前瞻 指引模糊而重挫。美股在AI龙头（美光、英伟达）强劲表现的带动下继续收高，抵消了部分消费股的疲软。 市场分项解读 金市-在降息与避险情绪中稳健 行情：现货黄金上涨0.4%，收于 4347.07美元/盎司，全周上涨1.1%。现货白银飙升2.6%，再创 67.43美元/盎司 的历史新高，全年涨幅已达132%。 动因：1) 政策预期：美国疲软通胀与就业数据巩固了2026年至少降息两次的预期。2) 假期风险：圣诞与新年假期临近，市场流动性下降，地缘不 确定性增加，提振避险需求。 ⬛ 油市-地缘事件提供短期扰动 行情：美原油上涨0.9%，收于 56.66美元/桶，但全周仍累跌约1%。 动因：美国拦截委内瑞拉油轮并实施新制裁，引发供应中断担忧，推升油价。然而，下游需求疲软（汽油期货跌至四年低点）和宏观供应过剩的 担忧限 ...