A股2026年第一个交易周，科技赛道集体爆发，半导体设备、芯片等硬科技板块涨幅靠前，指数层面，上证科创板人工智 能指数上涨11.6%，中证人工智能主题指数上涨6.0%。 上证科创板人工智能指数从科创板市场中选取30只市值较大的AI产业链相关股票作为样本，数字芯片设计行业占比近 50%，"硬科技"属性突出，科创人工智能ETF易方达（588730）跟踪该指数，可助力投资者把握硬科技板块投资机遇。 | | 中证人工智能主题指数 | 上证科创板人工智能指数 | | --- | --- | --- | | 本周涨跌幅 | 6. 0% | 11. 6% | | 指数滚动 | 5.2倍 | 16. 5倍 | | 市销率 | | | | 滚动市销率 | 98. 2% | 89. 2% | | 分位 | | | | 跟踪该指数 的ETF | 人工智能ETF易方达 | 科创人工智能ETF易方达 | | | (159819) | (588730) | 上证科创板人工智能指数 S 覆盖科创板人工智能龙头,由科创板市场中30只市值较大且 业务涉及人工智能基础资源、技术以及应用支持的股票组成, 聚焦算力和应用环节,电子和计算机行业占比超 ...

Group 1 - The core viewpoint of the article emphasizes that Xiaomi's self-developed 3nm chip marks the beginning of its chip development journey, with the "Xuanjie O1" chip winning the highest award at the 2025 Xiaomi "Ten Million Technology Award" [1] - Lei Jun expressed the importance of continuous technological innovation to ensure Xiaomi's sustained success and commitment to investing 100 billion yuan in core technology research over the past five years, with actual investment reaching approximately 105 billion yuan [1] - Starting this year, Xiaomi has pledged to invest 200 billion yuan in research and development over the next five years, focusing on core technologies such as chips, AI, and operating systems to build a comprehensive ecosystem [1] Group 2 - Lei Jun hinted at a potential breakthrough in technological innovation in 2026, with hopes of achieving a "grand convergence" of self-developed chips, operating systems, and AI models in a terminal product [1]

曾经因80亿注册资本轰动行业、又在2024年底陷入欠薪停摆风波的博瑞晶芯，近期似乎正悄 然回归。 有博瑞晶芯的前员工告诉我们，引进了新投资的博瑞晶芯已经给他们补上了之前拖欠的工 资。也有供应商透露，博瑞晶芯已经结清了此前的欠款。 天眼查信息显示，珠海新质生产力基金等机构已于近期正式完成对博瑞晶芯的入股，这也意 味着博瑞晶芯正式获得了珠海国资的战略支持。 过去几年，芯片行业经历了一波大起大落，有不少曾被寄予厚望的初创企业从惊艳亮相走向 了一蹶不振甚至倒闭，能实现V字回归的屈指可数。博瑞晶芯能成为少数突围的幸运儿吗？这 又是否代表着众多ARM CPU厂商乃至大芯片赛道正在迎来新转机？ 芯片创业浪潮，ARM玩家崛起 自2014年大基金出台，中国就兴起了一股芯片创业潮。尤其在2019年美国将华为加入黑名单后， 本土芯片创业潮双倍加速。从魏少军教授过去几年在ICCAD上发布的数据，我们可以一窥国内的 芯片热。 统计数据显示，2019年，全国共有1780家芯片设计企业，比2018年增长了4.8%；进入2020年，中 国芯片设计企业增加到2218家，同比增长了24.6%；2021年再度增长26.7%到2810家。而截止到 ...

Group 1: Stock Market Activity - On the institutional leaderboard, 36 stocks were listed, with 24 showing net buying and 22 showing net selling [1] - The top three stocks with the highest net buying by institutions were Dongyangguang (1.063 billion), Zhenlei Technology (422 million), and Aerospace Electronics (260 million) [1] Group 2: AI Applications - Yidian Tianxia, a leader in cross-border marketing, has developed a self-research GEO optimization framework to enhance brand visibility in generative AI search results [2] - Leo Holdings has launched a large model "Leo Unified" in the marketing sector, providing a one-stop intelligent platform for advertising clients [2] - GEO refers to an engine optimization method based on generative AI, aimed at improving content visibility in AI search results by enhancing data sources and authoritative citations [2] Group 3: Aerospace Industry - Qianzhao Optoelectronics has successfully applied gallium arsenide solar cell epitaxial wafers and chips in the commercial aerospace sector, maintaining the highest domestic market shipment volume [4] - Xinke Mobile's subsidiary recently won a bid for a terminal verification evaluation system and a payload testing subsystem for satellite internet research [4] - Guangzhou's government has announced a plan to accelerate the construction of a strong advanced manufacturing city, focusing on reusable rocket technology and supporting the development of a complete commercial aerospace industry ecosystem [4] Group 4: Satellite Launch Demand - According to Guojin Securities, there is an urgent global demand for satellite launches due to the "first come, first served" rule for low-orbit satellite resources [5] - The theoretical capacity for near-Earth orbit is approximately 60,000 satellites, with SpaceX's Starlink having launched over 10,000 and domestic plans for nearly 30,000 [5] - The core costs of rockets, including engines and structural components, account for over 60% of total costs, with 3D printing technology being a significant trend for cost reduction and efficiency improvement in engine manufacturing [5]

Core Insights - Black Sesame Technology has reached a strategic investment intention with Wu Yuefeng Science and Technology and its partners, aiming to receive a total of 500 million RMB for long-term strategic investment to support its development in edge AI and embodied intelligence [1] - The company’s high-performance all-scenario intelligent driving chip, Huashan A2000, has passed relevant reviews by the U.S. Department of Commerce and the Department of Defense, allowing for global sales and application, marking its entry into the scale application phase [1] - Black Sesame Technology reported a revenue of 253 million RMB in the first half of this year, a year-on-year increase of 40.4%, but recorded a net loss of 762 million RMB, indicating a shift from profit to loss [1] Investment and Strategic Moves - The investment will be specifically allocated to the strategic layout of the edge AI and embodied intelligence industry chain, integrating quality targets with core technologies and products through investments and acquisitions [1] - Recently, Black Sesame Technology announced the completion of a strategic controlling acquisition of Yizhi Electronics, indirectly holding 60% of its shares, which is seen as a key move to expand edge intelligent solutions and explore new growth paths [2] - In November last year, the company launched the SesameX multidimensional embodied intelligent computing platform, marking its entry into the humanoid robot sector [2]

" 「六芯组合」是单芯片红利触顶的现实倒逼，也是英伟达在推理 市场的破局之举。 " 作者丨赵之齐 编辑丨包永刚 在预训练赛道凭借硬件性能与生态优势称霸的英伟达，进入AI推理时代后，面临新的挑战。 在CES 2026上，英伟达创始人兼CEO黄仁勋强调了"物理AI"是AI的下一波浪潮。他将推理性AI置于核心 位置，发布了具备自主思考能力的自动驾驶AI Alpamayo，提出了与西门子联手打造工业AI的未来蓝图， 并且， 也披露了下一代AI计算平台Vera Rubin的细节。 显然，黄仁勋不愿让Rubin停留在"概念革命"的想象层。他花了大量篇幅阐述AI推理带来的挑战：模型规 模每年增长十倍，推理从单次生成走向多步思考，所需算力呈指数级膨胀，更长的上下文也导致存储与带 宽压力飙升。 对此，英伟达给出的解决方案是，集成Vera CPU、Rubin GPU、NVLink 6交换机、ConnectX-9 SuperNIC、BlueField-4 DPU和Spectrum-X以太网交换机的组合平台。 在部分业内人士眼中， 这是一场"营销意味更重"的发布： 面对TPU、超节点等在推理领域相继崛起，以 及单芯片制程逼近物理极限 ...

Core Viewpoint - Prior to 2020, China relied entirely on imports for platinum resistance temperature sensors, which severely restricted the development of advanced fields such as aerospace and superconducting quantum computing [1] Group 1: Technological Advancements - Professor Luo Jian from Northwestern Polytechnical University holds two key patents but faced challenges in transforming them into productive technology [1] - A breakthrough occurred with the introduction of three reforms by Northwestern Polytechnical University, which included separate management of job-related scientific achievements, evaluation of technology transfer personnel, and the use of surplus funds from horizontal research projects for transformation [1] - In September 2025, Professor Luo's team successfully mass-produced China's first Pt10000 platinum resistance temperature sensitive chip, breaking a nearly 30-year foreign monopoly [1] Group 2: Policy and Reform Impact - The reform model has been promoted throughout the province, becoming an important measure for Shaanxi to leverage its scientific and educational advantages and accelerate the cultivation of new productive forces [1] - The integration of technology with reform initiatives has positioned the Northwest region of China as a new hub for innovation [1]

Group 1 - The A-share market experienced a broad increase, with the Shanghai and Shenzhen indices rising, particularly in the media and domestic software sectors [1] - The Southern Science and Technology Growth ETF (589700.SH) rose by 2.55%, while Cambricon Technologies increased by 3.4% [1] - According to Galaxy Securities, the current stage of technological development is more robust across multiple dimensions, with dominant industry forces shifting from startups to established tech giants with strong cash flows and balance sheets [1] Group 2 - AI commercialization is still in its early stages and has not yet fully materialized, indicating significant growth potential [1] - Despite some localized valuation bubbles, their transmission effect on the overall stock market remains limited [1] - The global monetary easing environment has not fully unfolded, leaving room for policy adjustments [1] Group 3 - There is a persistent mismatch between technological bottlenecks and explosive demand in the hardware industry, with ongoing tight supply of computing and storage [1] - The evolution of large models towards multimodal applications (e.g., video) and the implementation of AI Agent functionalities are significantly increasing token consumption, creating a rigid demand for high-performance computing [1] Group 4 - The global data center vacancy rate is at a historical low, and the growth rate of power supply industries is accelerating [1] - PCB capacity expansion appears rational, driven mainly by high-end HDI and multilayer boards with over 14 layers, which are characterized by high technical barriers and concentrated production among leading companies [1] Group 5 - The compound annual growth rate (CAGR) for high-end PCBs is expected to reach 20.3% and 11.6% respectively from 2024 to 2029 [1] - As of the first three quarters of 2025, industry capital expenditures grew by only 8.4% year-on-year, significantly lower than demand growth, indicating a restrained and orderly capacity expansion [1] Group 6 - The aforementioned trends provide solid fundamental support for investing in science and technology growth index funds, which broadly cover core areas such as computing chips, advanced storage, high-end PCBs, and cloud computing infrastructure [1] - These funds can capture the benefits of the AI hardware boom while effectively mitigating individual stock bubble risks through diversified index-based allocation [1] - The Southern Science and Technology Growth ETF (589700.SH) is positioned to be an efficient tool for sharing in the new round of technological dividends during the critical transition from infrastructure construction to application implementation in AI [1]

当地时间1月7日，谷歌母公司Alphabet迎来其资本市场的一个重要时刻，其股价逆市上涨2.43%，收报 321.98美元，市值增至3.88万亿美元，自2019年以来首次超越苹果公司，并拿下美股市值第二名的宝 座。 2025年以来，得益于在AI领域的卓越表现，Alphabet股价累计飙升逾60%，创下2009年金融危机以来的 最佳年度表现，并领跑美股七大科技巨头。反观苹果，去年其股价累计涨幅不足10%，在七巨头中仅略 高于亚马逊，其搭载AI功能的新一代Siri助手迟迟不能如期发布，加之硬件更新预期提前透支，导致市 场对其增长想象力的预期持续下降。 谷歌与苹果之间的的市值沉浮，显示出的不仅是市场对两家企业AI布局进展的"用脚投票"，更是AI时代 的到来，对科技巨头发展前景与产业话语权的深刻重构。当应用开发平台从Windows系统和个人电脑向 AI迁移，底层计算体系从以CPU为核心转向以GPU为核心，那些真正掌握AI核心能力的企业，才更有 可能在未来的科技变革中占得先机。 近日，谷歌母公司Alphabet以高达47.5亿美元对价，全资收购数据中心能源供应商Intersect的举措，即受 到业界广泛关注。作为大型科 ...

Core Viewpoint - The Hong Kong technology sector is showing signs of recovery, with the Hong Kong Stock Technology ETF (513020) rising over 0.6% on January 9, driven by developments in the chip industry and positive market sentiment [1] Group 1: Market Developments - Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, and the National Integrated Circuit Industry Investment Fund has increased its stake in SMIC H-shares to 9.25%, boosting market sentiment [1] - The outlook for the Hong Kong technology sector remains positive, particularly with the easing of pressure on the Federal Reserve's liabilities and a rebound in the domestic economy [1] Group 2: Investment Opportunities - The Hong Kong Stock Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes core assets in sectors such as internet, semiconductors, innovative pharmaceuticals, and new energy vehicles [1] - The Hong Kong Stock Connect Technology Index has outperformed the Hang Seng Technology Index, with a cumulative return of 256.46% from the base date at the end of 2014 to October 2025, significantly exceeding the Hang Seng Technology Index's return of 96.94% by nearly 160% [1]