盘前市场动向 1. 12月16日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.03%，标普500指数期货跌0.13%，纳指期货跌0.23%。 | 2. 截至发稿，德国DAX指数跌0.43%，英国富时100指数跌0.45%，法国CAC40指数跌0.11%，欧洲斯托克50指数跌0.28%。 | | --- | | 3. 截至发稿，WTI原油跌1.69%，报55.71美元/桶。布伦特原油跌1.63%，报59.57美元/桶。 | 英伟达(NVDA.US)收购SchedMD，以开源战略加固AI生态护城河。SchedMD的核心业务是提供大规模计算任务调度软件，这类任务往往需要占据数据中心 服务器的巨量资源。该公司的开源技术Slurm允许开发者与企业免费使用其基础软件，公司主要营收来源于工程实施与维护支持服务。本次交易财务条款尚 未披露，英伟达承诺将继续以开源形式分发SchedMD的软件产品。英伟达表示："支持最新英伟达硬件的Slurm系统已成为生成式AI关键基础设施的重要组成 部分，被基础模型开发者与AI构建者广泛用于管理模型训练和推理需求。"这家芯片巨头正通过加大开源技术投入、强化AI生态布局，以应对 ...

Core Points - The core viewpoint of the news is the significant debut performance of the chip company Angruiwei on the STAR Market, with a first-day increase of 160.11%, marking it as one of the most profitable new listings of the year [1][3]. Group 1: Company Performance - Angruiwei specializes in radio frequency front-end chips, RF SoC chips, and other analog chip businesses [3]. - The company's initial offering price was 83.06 yuan, ranking fifth among new listings this year [3]. - The first-day profit per lot (500 shares) reached approximately 66,500 yuan, making it the second-highest in terms of single lot profit for new stocks this year, following Mothen [5]. Group 2: Market Context - The average first-day increase for new stocks in December was around 268.6%, ranking third among all months this year [6]. - Angruiwei's first-day performance, while impressive, was below the average increase of 252.91% for new stocks this year [3]. - The stock price of Angruiwei exceeded 200 yuan on its debut, placing it among the top 30 stocks in the A-share market and 12th in the electronics sector [5]. Group 3: Upcoming Listings - The upcoming listing of Muxi Co., which will debut tomorrow at an offering price of 104.66 yuan, is generating significant investor interest [10].

Core Viewpoint - The signing of the rare earth supply chain agreement by the U.S. and its allies is primarily a strategic move to challenge China's dominance in the rare earth sector, rather than a simple resource cooperation initiative [1][3][8]. Group 1: Political Intentions - The agreement is seen as a U.S.-led action aimed at weakening China's advantages in resources, technology, and supply chains [3][8]. - The U.S. is anxious about China's overwhelming control over the global rare earth industry, with 91% of rare earth refining and separation capacity concentrated in China [3][10]. - The U.S. aims to establish a supply chain that bypasses China, laying the groundwork for future competition in AI [8][10]. Group 2: Implications for AI and Technology - The U.S. government links the rare earth supply chain to the AI industry, indicating that control over rare earth resources is crucial for competing in AI [10][13]. - The U.S. recognizes that without a stable supply of rare earths, advancements in AI technology cannot be realized [13][15]. - The agreement is expected to benefit U.S. mining, military, and tech sectors, ensuring a stable supply chain for high-tech industries over the next decade [17][20]. Group 3: Global Supply Chain Dynamics - The agreement signifies a shift in global technology dynamics, where control over core resources will be as important as technological advancement [20][21]. - The U.S. is attempting to create a closed-loop supply chain with like-minded allies, injecting political factors into the industry chain [22][26]. - China's response emphasizes the importance of market principles and cooperation, highlighting its critical role in stabilizing the global rare earth supply chain [23][25]. Group 4: Future Competition - The competition between the U.S. and China in key minerals and AI is expected to continue, with China's rare earth advantages stemming from years of industrial accumulation [26][28]. - The outcome of this geopolitical struggle will depend on the strength and completeness of each country's supply chain rather than the size of their political alliances [28].

当前，具身智能机器人市场加速崛起，IDC预测数据显示，2026年—2030年工业场景人形机器人市场规 模年复合增长率将达48%，2030年有望突破640亿元，CH37系列的技术特性与产业演进方向高度契合。 此次研发突破对景嘉微战略布局具有重要意义。作为国内率先实现自主GPU芯片研发与产业化的企业， 公司此前已形成从JM5400到JM11系列的完整GPU产品迭代体系，业务覆盖军工、信创等核心领域。 CH37系列的阶段性进展，将推动公司构建"GPU+边端侧AISoC"双轮驱动格局，进一步强化自主可控算 力底座建设，丰富技术储备与产品线，提升在智能算力领域的核心竞争力与市场影响力。 同时，景嘉微近期经营态势进一步改善。2025年7月—9月，公司实现营业收入3.01亿元，同比增长 230.65%；净利润1507.67万元，同比扭亏为盈，主要得益于产品销售收入增长及前期推进项目顺利验 收。公司相关负责人在投资者互动平台上表示，坚定看好GPU与边端侧AISoC芯片的市场前景，将持续 加大研发投入，强化基础研究的前瞻性布局。 国产GPU（图形处理器）领军企业长沙景嘉微（300474）电子股份有限公司（以下简称"景嘉微"）在 ...

Core Viewpoint - Kunlun Core, a self-developed chip project under Baidu, is accelerating its path to IPO following its upcoming share reform [1][3]. Group 1: Company Overview - Kunlun Core was established in 2011 and began independent financing in 2021, with Ouyang Jian as CEO [1]. - Baidu is the controlling shareholder of Kunlun Core, which has completed six rounds of financing, the latest in July this year [1]. Group 2: Product Development - The main product of Kunlun Core is the P800 chip, set to launch in 2024, which has been validated within Baidu's operations [1]. - In the first half of this year, Baidu activated a 30,000-card cluster based on the P800 chip, achieving high cost-performance in training a multimodal model [1]. Group 3: Future Product Roadmap - Kunlun Core plans to release the M100 chip in 2026, optimized for large-scale inference scenarios, and the M300 chip in 2027, aimed at ultra-large multimodal model training and inference [1][3]. - Baidu will launch the "Tianchi 256 Super Node" in the first half of 2026, which supports 256 interconnected cards, enhancing total interconnect bandwidth by four times and improving performance by over 50% compared to the previous model [3]. - The "Tianchi 512 Super Node" is expected in the second half of 2026, supporting 512 interconnected cards and capable of training trillion-parameter models [3]. Group 4: Long-term Vision - According to Baidu's roadmap, Kunlun Core anticipates launching a new generation of N series chips by 2029 and achieving a million-card Kunlun Core single cluster by 2030 [4].

近 日 获 悉 ， 华 研 慧 声 （ 苏 州 ） 电 子 科 技 有 限 公 司 获 得 苏 州 国 芯 科 技 股 份 有 限 公 司 （688262.SH）的新一轮战略投资。本次资金将重点用于加速车载主动降噪解决方案规划化 落地，以及推进AI声学算法及应用的研发。围绕多场景、个性化的智能座舱声学需求，构建 以"声学场景"为核心的AI智能声学系统，实现从算法模型到硬件系统的全链路升级。 作为国内领先的系统级车载声学解决方案提供商，华研慧声自成立以来，持续深耕汽车座舱空间声 学主动控制技术，以"3D主动降噪"和"空间沉浸音频"双轮驱动，以"海量数据+定制化算法"产品方 案，打造"无界声"声学品牌，逐步构建商业护城河。早在2022年，华研慧声已获得苏州国芯科技 Pre-A轮战略投资，双方由此开启在智能声学方向的深度协作，共同推动国产高性能车载音频DSP 芯片（CCD5001）研发及量产落地。 过去三年，华研慧声凭借持续的创新投入与扎实的客户服务，为上汽智己、奇瑞汽车、吉利汽车、 一汽集团、小鹏汽车、福特、大众等国内外优质OEM提供数十款车型开发。2024年6月，华研慧声 自主研发的RNC路噪主动降噪技术，作为 ...

继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪(688256.SH)以一项关键财务操作，实质性扫清了 兑现承诺的首要障碍。 12月15日晚，公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分配利润亏损。这一财务操作，在程序上并不复 杂。它严格遵循了《公司法》及财政部相关规定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司未 分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒武纪，正在系统性清理历史财务包袱。公司明确 表示，此举旨在"减轻历史亏损负担，提升投资者回报能力，推动公司实现高质量发展"。 若将此举置于寒武纪2025年"狂飙"的业绩图景中观察，这并非一次简单的会计技术处理，而是寒武纪在完成了从技术验证、市场破局到规模盈 利的惊险一跃后，为迎接新起点所做的一次关键财务调整。 当战略投入迎来回报周期，寒武纪于年底对历史包袱"清零"，为旧章节画下句点。 其一，满足监管合规，解除股东限制。根据减持新规，若公司连续三年未分红，其控股股东减持将受到限制。补亏后恢复分红能力，有助 ...

Core Insights - A startup named Wanyou Gravity Electronics has developed China's first fully functional MR chip, "Extreme Intelligence G-X100," amidst a slowdown in MR chip development by global tech giants [1][3] - The chip features a global record low color perspective latency of 9 milliseconds and is built on a 5nm advanced process, attracting significant industry attention [3][10] Industry Context - Major global tech companies have recently retreated from the MR chip market due to challenges in hardware experience, including device weight, short battery life, and high latency causing user discomfort [4][5] - Meta and Microsoft have faced substantial losses, leading to the termination of their MR chip projects and a shift towards using existing solutions from Qualcomm [4][5] Company Strategy - Wanyou Gravity's team, including former Apple Vision Pro developers, aims to address the fundamental pain points of XR devices through specialized chip design rather than general-purpose solutions [5][7] - The "Extreme Intelligence G-X100" chip is designed as a powerful co-processor or space computing accelerator, focusing on spatial perception, 3D reconstruction, and virtual-real fusion rendering [7][9] Technical Advantages - The chip's end-to-end optimization has significantly reduced latency, achieving 9 milliseconds compared to Qualcomm's previous solutions, which had latencies of 40-60 milliseconds [10] - The chip's power consumption is as low as 3W, enabling the development of lightweight devices, with a reference design for MR glasses weighing under 100 grams [10] Product Ecosystem - Wanyou Gravity has introduced a complete chip product matrix and a full-stack solution called "Extreme Domain," which includes additional products tailored for AI/AR glasses and spatial rendering [12][14] - The company emphasizes an open ecosystem approach, contrasting with traditional chip giants, and has partnered with nearly 300 companies across various sectors [16] Future Applications - The potential applications of the chip extend beyond MR headsets to include next-generation XR devices, AI hardware, and robotics, enhancing user interaction and environmental understanding [19][20] - The integration of spatial computing capabilities with AI models is expected to bridge the gap between perception and action, enabling smarter interactions in various fields [19][20]

Government Initiatives - The Ministry of Industry and Information Technology (MIIT) has revised the "Management Measures for Public Service Platforms for Industrial Technology," effective from December 5, 2025, focusing on key industries such as equipment, petrochemicals, steel, and artificial intelligence [1][1] - The National Development and Reform Commission, along with other ministries, has issued opinions to strengthen the construction of data element disciplines and digital talent teams, aiming to support the development of a digital economy and society [1][1] - The Ministry of Ecology and Environment has released guidelines for the construction of a product carbon footprint factor database to support the establishment of a carbon footprint management system [1][1] - MIIT is seeking public opinions on the "Comprehensive Standardization System Construction Guide for the Metaverse Industry (2026 Edition)," aiming to establish over 50 national and industry standards by 2030 [1][1] Local Actions - Shandong Province is promoting the metaverse as a new economic growth point, supporting cities like Jinan and Qingdao in building future industry pilot zones [1][1] - Jiangsu Province has established a Metaverse Standardization Technical Committee in Nanjing to fill the gap in the standardization system within the province [1][1] Industry Developments - The GPU leader, Moore Threads, has officially listed on the STAR Market, becoming the first domestic GPU stock, with a market capitalization of 305.5 billion yuan and an opening surge of 468.78% [3][3] - Google has integrated AI simultaneous translation into all its headphones and launched an experimental browser named "Disco," aiming to redefine web browsing experiences [3][3] Academic Insights - Academician Zhang Yaqin predicts that the future of large models will not exceed ten, emphasizing the integration of information, physical, and biological intelligence [4][4] - Academician Tan Jianrong stresses the importance of small models as the foundation for large models, advocating for a shift towards precision small models and industry-specific intelligent agents [4][4] Technology and Applications - The Ministry of Industry and Information Technology has granted approval for China's first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercialization [6][6] - Mathematician Terence Tao and his team have solved the 50-year-old Erdős 1026 problem in just 48 hours using AI tools, showcasing the potential of AI in solving complex mathematical challenges [6][6]

Core Viewpoint - The article emphasizes that 2025 is a "golden window period" for AI investment, driven by a deep resonance of policy, technology, and demand, transitioning the industry from "possibility" to "certainty" [4]. Policy Support - The Chinese government has elevated AI as a core engine for economic transformation, with a goal of over 70% penetration of smart terminals by 2027 and a fully intelligent society by 2035 [6]. - In Q1 2025, domestic AI-related companies received government subsidies that increased by 38% year-on-year, with subsidies for computing infrastructure and intelligent robotics exceeding 50% growth [6]. Technological Breakthroughs - OpenAI's release of the o3 and o4-mini models has advanced AI capabilities from understanding to performing tasks [6]. - The establishment of the Agentic AI Foundation (AAIF) aims to unify industry standards, enhancing AI application development efficiency by 40% and reducing implementation costs by 25% [6]. Demand Surge - Global tech giants are aggressively investing in AI infrastructure, with Microsoft planning to invest $17.5 billion in India over four years and Alibaba Cloud aiming for over 380 billion yuan in the next three years [7]. - The demand for AI has expanded from consumer entertainment to B2B applications, with smart factories improving efficiency by 30% and medical AI achieving over 92% accuracy in imaging diagnostics [7]. Investment Strategy - The complexity and volatility of the AI industry necessitate diversified investment strategies, as individual stock performance can be significantly affected by changes in policy, technology, and production schedules [9]. - Index-based investments are highlighted as a superior solution for ordinary investors, allowing them to capture industry growth while mitigating risks associated with individual stocks [9]. ETF Products - The company has developed a range of ETFs that cover the entire AI industry chain, catering to different risk appetites. These include: - The AI ETF focusing on "computing devices + software services + application scenarios" [10]. - The Sci-Tech AI ETF targeting core areas like AI chips [10]. - The Software ETF concentrating on AI software and fintech [10]. - The Robotics ETF, which has a high concentration on humanoid robots [10]. Risk Management - The company employs a robust risk management system that includes real-time monitoring and diversified asset allocation to mitigate the impact of uncertainties in the AI sector [13].