北京时间12月20日凌晨，美股周五午盘维持涨势，科技股领涨。受甲骨文公司的交易消息提振，AI板 块在近期波动后试图重拾升势。"四巫聚首日"金融市场波动可能加剧。 道指涨270.57点，涨幅为0.56%，报48222.42点；纳指涨244.19点，涨幅为1.06%，报23250.55点；标普 500指数涨54.88点，涨幅为0.81%，报6829.64点。 周五是所谓的"四巫聚首日（quadruple witching）"，即美国的股票指数期货、股票指数期权、个股期权 和个股期货合约同时到期的日子，这种情况通常会导致金融市场波动加剧。 据高盛称，本周五将有超过7.1万亿美元名义价值的期权风险敞口到期，使其成为有记录以来最大的期 权到期日。 软件巨头甲骨文股价大涨，此前TikTok同意将其美国业务售予由甲骨文和私募股权投资机构银湖资本等 成立的新合资企业。 根据一份内部备忘录，TikTok的母公司字节跳动已与甲骨文、银湖资本和总部位于阿布扎比的MGX签 署具有约束力的协议，将成立一家名为"TikTok USDS Joint Venture LLC"的合资公司。 甲骨文股价上涨并扭转了近期颓势。在媒体爆料称该公司失 ...

证券日报网讯12月19日，东芯股份在互动平台回答投资者提问时表示，公司聚焦中小容量存储芯片独立 研发、设计与销售，同时以存储为核心，在"存、算、联"一体化领域进行技术创新，拓展行业应用范 围，优化业务布局，旨在为客户提供多样化的芯片解决方案。在"算"的领域，公司基于对砺算科技的技 术及未来市场空间的潜力的认可，投资了砺算科技，符合公司战略方向。未来公司将持续评估投资战 略，优化资产配置，努力为公司与股东创造长期价值。 ...

我国科学家实现新一代光计算芯片研究新突破 新华社上海12月19日电（记者陈潇雨）记者从上海交通大学获悉，该校科研人员近日在新一代光计算芯 片领域取得突破，首次实现了支持大规模语义媒体生成模型的全光计算芯片。相关成果12月19日发表于 《科学》杂志。 据了解，随着深度神经网络和大规模生成模型迅猛演进带来超高算力和能耗需求，传统芯片架构的性能 增长速度已出现严重缺口，光计算等新型架构受到广泛关注。 "所谓光计算，可以理解为，不是让电子在晶体管中运行，而是让光在芯片中传播，用光场的变化完成 计算。光天然具备高速和并行的优势，因此被视为突破算力与能耗瓶颈的重要方向。"论文作者、上海 交大集成电路学院助理教授陈一彤表示，把光计算真正用到生成式AI上并不简单，已有的全光计算芯 片主要局限于小规模、分类任务，光电级联或复用又会严重削弱光计算速度。如何让下一代算力光芯片 运行复杂生成模型，是全球智能计算领域公认的难题。 陈一彤课题组此次提出并实现了全光大规模语义生成芯片LightGen，采用极严格算力评价标准的实测表 明：即便采用性能较滞后的输入设备，LightGen仍可取得相比顶尖数字芯片2个数量级的算力和能效提 升。团队 ...

Core Insights - The article emphasizes the importance of time management in research and investment, highlighting that time is the most scarce asset for individuals [3] - It advocates for focusing on significant issues and understanding the macro, industry, business, and financial logic to make informed decisions [5][6] - The essence of industries and their core drivers should be grasped, especially during critical changes, to identify investment opportunities [7][8] Group 1: Research and Investment Insights - Time management is crucial; individuals should prioritize researching significant issues over minor details [3] - Research should focus on major problems, industry directions, and high-probability outcomes [3] - A scientific and rational research methodology should be established and continuously optimized [4] Group 2: Analytical Frameworks - Four logical frameworks for analyzing important issues include macro logic, industry logic, business logic, and financial logic [5] - Macro logic considers economic factors, societal trends, and geopolitical relationships that influence industries [5] - Industry logic examines how core drivers and competitive factors change across different development stages [6] Group 3: Industry Characteristics and Changes - Understanding the essence of different industries is vital; for example, the stability of the water and electricity industry versus the rapid changes in technology-driven sectors [7] - Key drivers of industry growth and company success must be identified, such as product strength in consumer goods [8] - Recognizing critical changes at inflection points in industries, like the end of the smartphone boom, is essential for strategic investment [8] Group 4: Core Competencies and Business Models - Companies should align their business models with societal trends and human development to ensure sustainability [9] - The importance of a strong governance structure and entrepreneurial spirit in driving a company's core competitiveness is emphasized [10] - Sustainable competitive advantages can be built through strong systems, R&D capabilities, and brand loyalty [10] Group 5: Industry-Specific Analysis - In the consumer goods sector, the disappearance of demographic dividends and the rise of the middle class will shift market dynamics [11] - The service industry is expected to grow as consumer preferences shift towards experience and service consumption [14] - Manufacturing in China retains competitive advantages due to its comprehensive capabilities and large domestic market [18] Group 6: Research Methodology - Research involves three processes: induction, deduction, and empirical validation, which should be interlinked for effective analysis [24] - Induction requires organizing fragmented information to identify key issues, while deduction involves formulating hypotheses based on this information [24] - Empirical research validates hypotheses and can lead to new insights, enhancing understanding and decision-making [25] Group 7: Characteristics of Successful Researchers - Curiosity and a strong desire to learn are essential traits for effective researchers [26] - Honesty and self-reflection are critical for recognizing biases and improving research quality [29] - Independent thinking allows for clearer analysis and the development of a unique research framework [30] Group 8: Daily Work Recommendations - Establishing a personal network of experts can enhance research quality and provide diverse perspectives [33] - Continuous learning and broad reading are vital for staying informed and developing a comprehensive understanding of industries [35] - Structuring research documentation can improve efficiency and facilitate future analysis [37]

智通财经APP获悉，周五，芯片概念股集体走高，美光科技(MU.US)盘初涨超7%，股价触及历史新高。 英伟达(NVDA.US)涨超2.9%，AMD(AMD.US)涨超4.5%，台积电(TSM.US)涨超1.2%，博通(AVGO.US) 涨超2.4%。 ...

据介绍， LightGen可完整实现"输入—理解—语义操控—生成"的闭环 ，完成高分辨率 （≥512×512）图像语义生成、3D生成（NeRF）、高清视频生成及语义调控，同时支持去噪、 局部与全局特征迁移等多项大规模生成式任务。 "LightGen为新一代光计算芯片助力前沿人工智能开辟了新路径，也为探索更高速、更高能效 的生成式智能计算提供了新的研究方向。"陈一彤说。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 实时盯盘 VIP资讯 据新华社，记者从上海交通大学获悉， 该校科研人员近日在新一代光计算芯片领域取得突破，首次 实现了支持大规模语义媒体生成模型的全光计算芯片。 相关成果12月19日发表于《科学》杂志。 据了解，随着深度神经网络和大规模生成模型迅猛演进带来超高算力和能耗需求，传统芯片架 构的性能增长速度已出现严重缺口，光计算等新型架构受到广泛关注。 "所谓光计算，可以理解为，不是让电子在晶体管中运行，而是让光在芯片中传播，用光场的 变化完成计算。光天然具备高速和并行的优势，因此被视为突破算力与能耗瓶颈的重要方 向。"论文作者、上海交大集成电路学院助理教授陈一彤表示， ...

公司的产品销售呈现显著增长态势。在GNSS芯片及模块方面，标准精度产品销量从2022年的340万件 激增至2024年的1090万件，主要受消费电子物联网及交通管理需求推动。高精度产品销量从2022年的 200万件增至2024年的510万件，共享单车、交通管理及智能驾驶是主要增长动力。在综合芯片及模块方 面，销量从2022年的4710万件稳步增长至2024年的7280万件，反映了下游客户关系的深化。与此同时， 公司采取了积极的价格策略以扩大市场渗透。标准精度芯片及模块的平均售价从2022年的7.4元降至 2024年的4.8元；高精度产品平均售价也从2022年的25.1元降至2024年的15.2元。公司表示，有效的成本 控制使产品更具价格竞争力，从而促进了销量增长和市场份额的扩大。 华大北斗是一家提供支持北斗及其他主要GNSS（全球卫星导航系统）的芯片、模块及相关解决方案的 提供商。根据灼识咨询的报告，按2024年出货量计，华大北斗在全球GNSS芯片及模块市场排名第六， 市场份额为4.8%；以收入计，则位列全球第八，并在中国内地企业中排名第三，市场份额约1.1%。这 一市场地位凸显了公司在全球卫星导航产业链中的竞 ...

AI算力上市潮中，谁是幕后最大赢家？这家"独中四元"的机构，如何用十年完成这场精准伏击？答案 都在这里。 作者丨 巴里 编辑丨 关雎 图源 丨Midjourney 2015年，当深度学习算法在ImageNet竞赛中一鸣惊人时，大多数人看到的是AI应用的曙光，而联想 创投看到的，是一场即将到来的、更为底层的算力革命。 洪荒时代的"冒险者" 时间拨回2017年。AI芯片在中国还停留在实验室论文和少数巨头的内部项目。市场上最炙手可热的 是O2O和共享经济。 就在这个时间点，联想集团提出了"端-边-云-网-智"的新IT战略蓝图。在这幅蓝图中，联想创投扮 演着"科技瞭望塔"的角色。 他们很早就形成了一个核心判断：智能世界的万物生长，都依赖于一颗强大的"心脏"——算力。未来 的大计算将由应用驱动，从云端的数据中心到边缘的智能设备，对算力的需求将在十年内增长百倍。 然而，这颗"心脏"的形态将发生根本性变革：它不再仅仅是中心化、通用化的，而将变得多元化、专 属化，并无处不在。正是基于这一超前的产业洞察，联想创投没有随波逐流，而是在AI算力尚处洪荒 时代时，便开始了系统性布局。 投资，尤其是早期投资，最忌讳的是盲目类比和追逐风 ...

Core Viewpoint - Shanghai Jiao Tong University has achieved a breakthrough in the field of next-generation optical computing chips, successfully developing an all-optical computing chip that supports large-scale semantic media generation models, with results published in the journal "Science" on December 19 [1] Group 1: Optical Computing Breakthrough - The traditional chip architecture is facing a significant performance growth gap due to the rapid evolution of deep neural networks and large-scale generative models, leading to increased demand for computing power and energy [1] - Optical computing is viewed as a crucial direction to overcome the bottlenecks of computing power and energy consumption, utilizing light propagation in chips instead of electrons in transistors [1] Group 2: LightGen Chip Development - The LightGen chip developed by the research team demonstrates a performance improvement of two orders of magnitude in computing power and energy efficiency compared to top digital chips, even when using relatively outdated input devices [2] - Key breakthroughs in LightGen include the integration of over one million optical neurons on a single chip, full optical dimension conversion, and a novel light-based generative model training algorithm that does not rely on true values [2] - LightGen can complete a closed loop of "input—understanding—semantic manipulation—generation," enabling high-resolution (≥512×512) image generation, 3D generation (NeRF), high-definition video generation, and semantic control, while also supporting denoising and feature transfer tasks [2]

Core Viewpoint - The U.S. stock market opened higher on December 19, driven by Oracle's stock surge following the announcement of a joint venture with TikTok, while the AI sector attempts to recover from recent volatility. The "quadruple witching" day is expected to increase market fluctuations due to the expiration of various financial contracts [1][3][9]. Group 1: Market Dynamics - December 19 is known as "quadruple witching" day, where stock index futures, stock index options, individual stock options, and individual stock futures expire simultaneously, typically leading to increased market volatility [3][9]. - Goldman Sachs reported that over $7.1 trillion in notional value of options will expire on this day, marking it as the largest options expiration day on record [3][9]. - The S&P 500 and Dow Jones indices ended a four-day decline, while the Nasdaq Composite rose by 1.4% due to several tech stocks recovering from previous losses [5][11]. Group 2: Company-Specific Developments - Oracle's stock rose significantly after TikTok agreed to sell its U.S. operations to a new joint venture formed with Oracle and Silver Lake Partners, reversing a recent downward trend in its stock price [3][10]. - Nvidia's stock increased as reports emerged that the Trump administration is reviewing the company's potential export of advanced AI chips to China, with the possibility of allowing sales to approved customers [4][10]. - Micron Technology's stock continued to rise, supported by strong demand for its memory chips and better-than-expected first-quarter guidance [4][10]. Group 3: Economic Indicators - The U.S. Consumer Price Index (CPI) report for November showed a year-over-year increase of 2.7%, which was below expectations, leading to hopes that the Federal Reserve may lower interest rates by 2026 [5][11]. - Some economists warned that the methodology used for the CPI report could lead to a resurgence in inflation in December [6][11]. - Principal Wealth Management's market strategist noted that the importance and timing of AI investment returns remain uncertain, but easing monetary and fiscal policies, along with trade uncertainties, could create a more favorable macroeconomic environment by 2026 [12].