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。 ...

Core Viewpoint - The company, Aojie Technology (688220.SH), has reported an increase in repeat orders and new projects from major clients in its chip customization business, indicating a high certainty of revenue growth in this segment by 2026 [1] Group 1: Business Performance - The company has successfully completed the latest tape-out of its 4G chip, which features a 20 TOPS computing power NPU and supports various mainstream large models, enhancing AI interaction experiences for end users [1] - This chip is the only solution among similar 4G smartphone chips that supports LPDDR4/4X/5/5X, providing a competitive edge in the market [1] Group 2: Market Strategy - The platform has completed adaptations for multiple edge-side models and is currently in the process of ongoing performance optimization, promotion, and demonstration, receiving positive feedback from clients, including brand customers [1] - The company aims to advance business negotiations and partnerships to achieve market breakthroughs as soon as possible [1]

Core Viewpoint - Moer Technology (688795.SH) experienced a significant decline in stock price, with a drop of 7.13% on December 16, resulting in a total market value loss of 49.11 billion RMB over two trading days [1] Group 1: Financial Management and Fund Utilization - The company announced the use of part of its idle raised funds for cash management, aiming to improve the efficiency of fund utilization without affecting the implementation of investment projects [1] - The maximum amount planned for cash management is 750 million RMB, with a usage period of 12 months from the board's approval date, allowing for rolling use of funds within this limit [1][2] - The company will strictly control risks and invest in high-security, liquid principal-protected products, with the income from these investments allocated to supplement project funding and daily operational liquidity [2] Group 2: Fundraising and Financial Details - Moer Technology's recent public offering raised a total of 799.96 million RMB, with a net amount of 757.61 million RMB after deducting issuance costs, which is 42.39 million RMB less than originally planned [3] - The public offering consisted of 70 million shares, representing 14.89% of the total share capital post-issuance, with an issue price of 114.28 RMB per share [2] - The total issuance costs amounted to 42.35 million RMB, including a sponsorship and underwriting fee of 39.20 million RMB [4]

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The SW electronic industry index increased by 2.63%, ranking 3rd out of 31 sectors, while the CSI 300 index decreased by 0.08% [2]. - The U.S. government has allowed NVIDIA to export the H200 AI chip to China, but more advanced chips like Blackwell and Rubin are not included in this approval [5][10]. - The H200 chip, based on the Hopper architecture, features 141GB of HBM3e memory and a memory bandwidth of 4.8TB/s, outperforming the A100 and mainstream domestic AI chips [10][12]. - Domestic companies like Huawei and Cambrian have launched their own AI chips, but they still lag significantly behind the H200 in terms of core computing power [12][15]. - The successful IPO of Moer Technology on December 5, 2025, highlights the growth potential in the domestic GPU market, with a revenue increase of 253.65% year-on-year [16][19]. Summary by Sections Section 1: U.S. Export Control Information - The U.S. BIS has implemented export controls limiting China's access to advanced chips, leading NVIDIA to adjust its chip offerings to comply with these regulations [6][8]. Section 2: Global Industry Dynamics - AMD launched the EPYC Embedded 2005 series processors, designed for embedded environments, showcasing significant performance improvements over competitors [21][22]. - Naxin Micro officially listed on the Hong Kong Stock Exchange, focusing on high-performance analog and mixed-signal chips [23]. - Sanan Optoelectronics has begun small-scale shipments of its 800G optical chips, indicating advancements in optical communication technology [24][25]. - North China Innovation has acquired a 90% stake in Chengdu Guotai Vacuum, enhancing its capabilities in precision optical coating equipment [26]. Section 3: Market Performance Review - The SW electronic industry index's performance reflects a positive trend, with significant gains in integrated circuit manufacturing and printed circuit boards [31][34].

当地时间周一，投资者普遍等候本周将要陆续出炉的美国月度非农就业报告和消费者价格指数等关键经济数据，对AI行 业估值过高的担忧仍在蔓延，市场交投谨慎，美国三大股指周一集体收跌。截至收盘，道指微跌0.09%，标普500指数跌 0.16%，纳指跌0.59%。 15日国际金价小幅上涨 有美联储官员在周一的公开讲话中看好美国通胀压力在未来两年持续缓解的前景，暗示美联储明年可能继续降息，美元 指数周一下跌，国际金价小幅上涨。截至收盘，纽约商品交易所明年2月交割的黄金期价收于每盎司4335.2美元，涨幅 为0.16%。 美股投资者担忧目前AI行业的巨额投入在未来无法创造相匹配的投资回报，针对AI基础设施概念股的抛售潮在周一持 续，定制AI芯片巨头博通与云服务巨头甲骨文两家公司股价本周一延续上周跌势。博通方面预计公司未来的AI芯片业务 营收将大幅增长，但行业的激烈竞争以及公司在生产设备方面不断攀升的投入，将导致毛利率下降。甲骨文上周发布财 报中的营收数据虽然超预期，但其AI基础设施业务已经在依赖举债融资发展，且公司还在上调资本支出预期，令投资者 担忧公司未来出现债务增速超过盈利增速的糟糕情况。 博通与甲骨文股价均连续四个交易 ...

Core Viewpoint - The rapid development of artificial intelligence (AI) technology is driving an unprecedented industrial transformation in China, leading to a disruptive reconstruction of the existing industrial value chain and deep integration of the industrial chain, innovation chain, and capital chain to support industrial upgrades and cultivate new productive forces [1]. Group 1: Event Overview - The First Financial Capital Annual Conference will take place on December 18 in Lujiazui, Shanghai, focusing on "New Momentum, New Journey" and discussing innovative paths and industrial transitions in the new five-year development cycle [3]. - The conference aims to create a cross-disciplinary dialogue platform for industry, academia, and capital sectors, promoting resource optimization and consensus on industrial development to inject strong momentum into the economy [3]. Group 2: Highlights of the Conference - The event will feature prominent guests, including authoritative experts from the economics field, leaders of hard technology enterprises, and seasoned professionals from the capital market, discussing topics such as economic resilience, opportunities and challenges in technological innovation, and the transition of hard technology from "catching up" to "leading" [4]. - Three thematic roundtable discussions will address key areas such as chips, new materials, and commercial aerospace, focusing on the reshaping of valuation logic and the core competitiveness required for technology companies to navigate through cycles [5]. - An immersive AI market will allow attendees to interact with advanced technologies, including realistic robots and AI assistants, providing a unique experience of human-machine interaction [6]. Group 3: Collaborative Efforts - The First Financial Capital Annual Conference is supported by organizations such as Plug and Play China and RobotToday, with participation from enterprise information platforms like Aiqicha, and collaboration with various partners to build an efficient and trustworthy industrial service ecosystem [8]. - The conference emphasizes innovation as a guiding principle and capital as a supporting force, inviting stakeholders to discuss industry trends, share practical experiences, and explore future development [8].

格隆汇12月16日丨北京君正(300223.SZ)在投资者互动平台表示，公司存储芯片部分产品价格根据市场 情况有所上调。 ...

Group 1 - The core viewpoint of the article is that Xingchen Technology (301536.SZ) is developing products for commercial low-altitude economy devices and consumer drones using 3D ToF technology, and it is not currently involved in satellite chips [1] Group 2 - The company's smart perception business line is leveraging 3D ToF technology for product development [1] - The focus areas for the company's products include commercial low-altitude economy devices and consumer-grade drones [1] - There is no involvement in satellite chip development at this time [1]

MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 日经指数收盘下跌1.6%，报49383.29点，追随华尔街跌势。 日经指数收盘下跌1.6%，报49383.29点，追随华尔街跌势。 日本股市日经指数周二下跌，受芯片和其他与人工智能相关的股票在当天晚些时候的重要美国就业数据 公布前下跌拖累。日经指数今日开盘下跌0.2%，报50051.24点。周一收跌1.3%，报50168.11点。 市场普遍预计周五日本央行行长植田和男将把基准利率上调至三十年来的最高水平。由于政府对廉价融 资的需求与日元贬值推高进口价格形成冲突，未来的政策路径愈发扑朔迷离。去年曾批加息"愚蠢"的新 任首相高市早苗，如今正面临生活成本上涨的压力，这削弱了她所在执政党的支持率。自10月上任以 来，这位日本首位女首相始终未对植田和男缩减货币宽松的计划提出批评，抗击通胀已被她列为优先要 务。 外界普遍预期日本央行政策委员会将在周五为期两天的会议结束时，把基准利率上调0.25个百分点至 0.75%。这是植田和男任内首次出现50位受访经济学家一致预期利率行动的情况。这也可能是央行九人 决策团队自7月以来首次达 ...