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].

Core Viewpoint - The U.S. government's recent decision to allow NVIDIA to export H200 chips to China, while imposing a 25% profit-sharing clause, is seen as a strategic maneuver rather than a genuine policy shift, aimed at re-establishing market dependence on NVIDIA's ecosystem while simultaneously extracting profits from Chinese enterprises [1]. Group 1: U.S. Policy and Market Dynamics - The approval of H200 chips is perceived as a "flexible adjustment" in U.S. policy towards China, but it is fundamentally a tactic to maintain technological dominance and control [1]. - Analysts estimate that this business could generate $10 billion in revenue for NVIDIA, indicating the financial stakes involved [1]. - The U.S. government is banking on the assumption that Chinese companies, having been restricted from high-end computing chips for years, will be eager to replenish their supplies [1]. Group 2: Chinese Response and Strategic Moves - In response to the U.S. decision, China has introduced a policy that prioritizes the procurement of domestic AI chips, signaling a shift towards self-reliance in critical technology sectors [5]. - The inclusion of domestic AI chips in government procurement lists indicates a systematic transition towards self-developed technology across various industries, including finance and telecommunications [5]. - This move is seen as a proactive strategy to counter U.S. attempts to re-establish market ties through the H200 chip offering [5]. Group 3: Challenges and Transition to Domestic Chips - Despite the push for domestic chip adoption, Chinese companies face significant challenges, including the need to rewrite software to be compatible with local chip architectures, which has led to instances of unused domestic hardware [6]. - Current domestic AI chips are reported to have lower energy efficiency compared to NVIDIA's high-end products, resulting in higher operational costs [6]. - The Chinese government is expected to intervene with policies to support the transition, including energy subsidies and preferential procurement, to facilitate the development of a self-sustaining chip ecosystem [6]. Group 4: Long-term Implications for the Semiconductor Industry - NVIDIA's potential loss of market share in China reflects a broader trend of diminishing ecological ties due to U.S. export controls, as Chinese engineers and systems gradually shift towards domestic platforms [7]. - The loss of ecological stickiness is critical for semiconductor companies, as it undermines the value of individual chip products without a robust ecosystem [8]. - The current situation illustrates a significant shift in strategy for China, moving towards a path of technological independence despite the inherent challenges, which may reshape the future of technology and market sovereignty [8].

Group 1: Market Overview - Northbound trading recorded a net purchase of HKD 0.82 billion, with a net sell of HKD 11.06 billion on the Shanghai Stock Connect and a net buy of HKD 11.88 billion on the Shenzhen Stock Connect [1] - The most net bought stocks included Xiaomi Group-W (01810), Xpeng Motors-W (09868), and Tencent (00700), while the most net sold stocks were Alibaba-W (09988), China Mobile (00941), and SMIC (00981) [1] Group 2: Company-Specific Developments - Xiaomi Group-W (01810) saw a net buy of HKD 6.33 billion following the completion of its first major home appliance factory in Wuhan, marking a significant milestone in its smart home strategy [3] - Xpeng Motors-W (09868) received a net buy of HKD 3.45 million after obtaining an L3 autonomous driving road test license in Guangzhou, initiating regular L3 road tests [3] - Tencent (00700) and Meituan-W (03690) had net buys of HKD 1.95 billion and HKD 1.77 billion, respectively, while Alibaba-W (09988) faced a net sell of HKD 6.31 billion amid market speculation regarding tax recognition for high-tech companies [3] Group 3: Sector Performance - Longi Green Energy (06869) experienced a net sell of HKD 1.02 billion, influenced by market sentiment regarding Oracle's delayed OpenAI data center project, despite Oracle's clarification that the project will proceed as planned [4] - Oil stocks faced significant selling pressure, with CNOOC (00883) and PetroChina (00857) seeing net sells of HKD 3.32 billion and HKD 3.3 billion, respectively, as market speculation arose about potential changes in oil supply following discussions on the Russia-Ukraine conflict [4] - SMIC (00981) recorded a net sell of HKD 4.59 billion, with implications from the U.S. allowing NVIDIA to export AI chips to approved customers, potentially impacting domestic AI chip manufacturers [4]

景嘉微(300474.SZ)发布投资者关系活动记录表公告称，诚恒微边端侧AI SoC芯片CH37系列与市场现有 竞品相比，其在算力、功耗等关键指标上表现卓越。CH37系列可提供64TOPS@INT8的峰值计算能力， 在确保高性能的同时，将功耗维持在较低水平。在算力达到高水平的同时，功耗得到了稳定控制，实现 了出色的能效比。 ...

Market Performance - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,235.41 points, down 393.47 points, representing a drop of 1.54% [1] - The Hang Seng Technology Index also fell, closing at 5,402.51 points, down 95.91 points, a decrease of 1.74% [2] Market Influences - The decline in the Hong Kong market was attributed to overall low market sentiment and a collective drop in the Asia-Pacific markets, notably the Nikkei 225 index down 1.56% and the KOSPI index down 2.24%, which negatively impacted both A-shares and H-shares [4] - Anticipation of the Bank of Japan's monetary policy meeting on December 18-19, where a potential interest rate hike from 0.5% to 0.75% is expected, may lead to foreign capital returning to Japan, increasing risk aversion and affecting the Hong Kong market [7] Sector Performance - The market saw widespread declines across various sectors, with notable drops in technology stocks such as Alibaba down nearly 3%, and other major players like Xiaomi, JD.com, and Bilibili down over 2% [7] - Gold stocks also faced declines, with Zijin Mining down over 4%, and other gold companies like Shandong Gold and Lingbao Gold down over 3% [7] Capital Flow - There was a net inflow of southbound funds into Hong Kong stocks, amounting to over 80 million HKD by the end of the trading day [8] Future Outlook - Analysts suggest that the Hong Kong market is at a potential rebound phase, with attractive long-term positioning despite existing risks. The focus remains on the economic fundamentals of China and the inflow of southbound capital [10] - The market is expected to remain volatile until the end of the year, with a consensus on a strong policy opening in the first quarter of the next year, particularly favoring sectors like technology and metals [10]

英集芯于2022年4月19日在上交所科创板上市，发行新股数量为4200.00万股，发行价格为24.23元/股， 保荐机构(主承销商)为华泰联合证券有限责任公司，保荐代表人为张鹏、田来。该股目前处于破发状 态。 中国经济网北京12月16日讯英集芯(688209.SH)今日股价下跌，收报20.51元，跌幅6.30%。 英集芯首次公开发行股票的发行费用(不含税)总额为11026.50万元，其中，承销及保荐费用9070.04万 元。 英集芯首次公开发行股票募集资金总额为10.18亿元，募集资金净额为9.07亿元。英集芯实际募资净额比 原拟募资多5.07亿元。英集芯于2022年4月14日披露的招股说明书显示，该公司原拟募集资金4.01亿元， 分别用于电源管理芯片开发和产业化项目、快充芯片开发和产业化项目、补充流动资金项目。 ...

Group 1 - The core viewpoint of the article is that Kunlun Core is set to complete its share reform and accelerate its efforts towards an IPO, with a timeline yet to be confirmed [1] - Kunlun Core has decided to shift its focus to the Hong Kong stock market after discussions with several brokerages prior to this round of share reform [1] - Baidu, as the major shareholder, has announced that it is currently evaluating the proposed spin-off and listing of Kunlun Core [1] Group 2 - Baidu emphasized that any spin-off and listing would require relevant regulatory approval, and there is no guarantee that the spin-off and listing will proceed [1]

近期博通备受市场关注，很大程度上源于其与多家头部人工智能模型提供商的合作。例如，OpenAI已 与博通签订协议，采用其定制的人工智能芯片设计方案。博通也是谷歌TPU项目的重要合作伙伴，负责 TPU芯片的工程实现。受益于大规模数据中心建设带来的定制芯片需求，博通在人工智能芯片市场中所 占份额正持续扩大。博通公司首席执行官陈福阳预计，公司2026财年一季度人工智能半导体业务营收将 同比翻倍，达到82亿美元。但是，与不断增长的营 收预期形成对比的是公司的利润率下降。陈福阳表 示，由于"人工智能业务占比提高"，其2026年一季度毛利率将低于前三个季度水平。毛利较低的定制化 AI处理器销售占比持续攀升，挤压整体获利能力，引发市场对博通业务盈利性可能下滑的担忧。投资 者对大型科技公司在AI投资回报方面的担忧正在加剧。（经济日报记者 周明阳） 受博通与甲骨文业绩引发的人工智能泡沫担忧，加之美联储降息后市场对政策的谨慎情绪，以及美国国 债收益率的上扬，当地时间12月12日，美股主要指数全线下跌。芯片巨头博通股价收盘下跌11.4％，市 值蒸发约2200亿美元。 （来源：经济日报） 转自：经济日报 ...

格隆汇12月16日丨振芯科技(300101.SZ)在投资者互动平台表示，公司目前暂不涉及算力芯片研发，公 司采用国内先进GPU芯片的国产化方案形成了定制化的GPU算力板卡、嵌入式智能计算卡等全国产化的 优势产品，目前已实现批量销售。 ...