Core Viewpoint - NVIDIA's CEO Jensen Huang emphasized the ongoing necessity of HBM (High Bandwidth Memory) despite the advantages of SRAM (Static Random Access Memory) and other cost-saving solutions for AI workloads, indicating that each memory type has its own strengths and limitations [1][2]. Group 1: Memory Technology Insights - Huang noted that while SRAM can significantly enhance efficiency for certain workloads, its capacity limitations may hinder its effectiveness in large-scale AI production environments compared to HBM, which offers better bandwidth and density [1][2]. - The transition of workload pressures among different memory types and interconnects is dynamic, with varying demands based on the architecture of AI models, such as mixed expert models and multi-modal models [2]. Group 2: Market Dynamics and Cost Considerations - Despite customer complaints regarding the costs of HBM and GPUs, Huang believes there is no inherent conflict between these costs and the demand for advanced memory solutions, suggesting that the market for NVIDIA's products remains robust [3].

Core Viewpoint - Scarcity is defined as the limitation in obtaining resources needed by people, with a focus on time as a crucial factor in both enhancing and destroying scarcity [2][4]. Group 1: Definition of Scarcity - Scarcity in investment refers to a situation where demand for a product remains stable or grows while supply cannot keep pace, often due to a lack of adequate substitutes [2][3][4]. - The definition emphasizes limited supply and the absence of sufficient substitutes [2]. Group 2: Types of Scarcity - Geographic scarcity occurs when a product is unique to a specific location, making it irreplaceable, such as Moutai liquor, which can only be produced in Maotai Town, Guizhou [4]. - Technological scarcity is characterized by monopolistic advantages, as seen with companies like NVIDIA, which have maintained a strong market position through innovation [5][6]. - Non-renewable scarcity refers to resources that are inherently limited and diminish with use, such as indium, which has a very low natural reserve [11]. Group 3: Impact of Time on Scarcity - Scarcity is not constant and can be altered by supply factors; for example, cocoa has seen increasing scarcity due to rising demand and limited production areas [13][14]. - The cocoa market is particularly sensitive to environmental conditions, which can drastically affect supply and prices [14][15]. Group 4: Market Dynamics and Investment Implications - The investment value of certain products can fluctuate significantly over time, influenced by market conditions and consumer behavior [4][17]. - Companies must adapt to changing market dynamics, especially during periods of consumer downgrading, to maintain their competitive edge [17].

文 | 新质动能，作者｜沐风，编辑｜时楠 上海悄悄包圆国产GPU，国资成背后大"金主"。 2026年开年，上海企业壁仞科技，正式登陆港交所，认购倍数超过2300倍，开盘暴涨超80%，市值一度 冲破1000亿港元。这不仅是开年最大的IPO，更是上海国投先导人工智能产业母基金的首个直投项目。 事实上，国产GPU"四小龙"中，有3家都诞生在上海。壁仞、沐曦、燧原，全是土生土长的上海公司。 不久前，沐曦股份在科创板上市，首日涨幅接近700%，市值一度冲上3500亿。也就是说，短短一个 月，上海就多了两家千亿级公司。 第3家也正在路上。2026年开年，燧原科技顺利完成IPO辅导，正全速冲刺科创板。 很多人纳闷：为什么是上海？在这个被海外巨头封锁的芯片赛道，上海凭什么能包圆国产GPU的超级 IPO？ 其实，芯片只是冰山一角。上海最可怕的地方在于，它已经提前10年把未来的"底牌"全部握在了手里。 从GPU、机器人到核聚变 曾几何时，国产GPU一度被欧美"卡脖子"，但上海硬是把这块硬骨头啃了下来。 2018年，赵立东与张亚林在上海张江创立了燧原科技；2019年，哈佛博士张文决定在上海成立壁仞科 技；2020年，同样是在上海张 ...

近日，安凯微在接受机构调研时表示，公司AI眼镜相关芯片已正式实现量产，后续将有更多搭载该芯片的终端产品上市。 安凯微的芯片和解决方案已覆盖AI音频眼镜、AI拍摄眼镜、AI显示/投影眼镜等主流品类，支持视频、音频、无线连接等核心功能。低功耗蓝牙芯片还可广 泛应用于AI耳机、智能穿戴、智能玩具等多个场景。 目前，安凯微已与第四范式集团微克、浩声科技等企业达成合作，相关AI智能眼镜、AI骑行眼镜产品已顺利推出。在CES2026展会上，还有合作伙伴携基于 其芯片的AI眼镜产品亮相。 安凯微表示，还有更多终端产品的方案在推广和客户项目开发阶段，后续预计还会有更多客户产品上市及量产。 （校对/黄仁贵） - 12 20 11 20 12 20 12 -18 and ry and and the program and the first of the f a " 72337" 2 - 1 1 2 2 2 20 4 - 1 - 9 - 9 - 9 - 9 - 9 - 1 // Ad > 10 that 1 = l an 11 25 Prifil 1.50 P.1 11 2 2 and and and the search o ...

港股通(深)活跃成交股 智通财经APP获悉，1月8日港股市场，北水成交净卖出49.01亿港元，其中港股通(沪)成交净卖出39.68亿港元，港股通(深) 成交净卖出9.33亿港元。 北水净买入最多的个股是小米集团-W(01810)、腾讯(00700)、中芯国际(00981)。北水净卖出最多的个股是盈富基金 (02800)、恒生中国企业(02828)、南方恒生科技(03033)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 30.16亿 | 27.05亿 | 57.22亿 +3.11 乙 | | 盘冒基金 HK 02800 | 1.16亿 | 47.48亿 | 48.64亿 -46.31 Z | | 中芯国际 | 18.46 乙 | 15.06亿 | 33.52亿 | | HK 00981 | | | +3.40亿 | | 小米集团-W | 14.87 亿 | 9.10亿 | 23.97 亿 | | HK 01810 | | | +5.78 Z | | 腾讯控股 HK 00700 | ...

Core Insights - Haiguang Information is building a domestic chip open ecosystem in collaboration with partners, aiming to establish a strong presence in the CPU industry by 2027 with projected revenues of around 20 billion yuan [2][8] - The company has developed a "dual-core" strategy, integrating high-end general-purpose processors (CPU) and co-processors (DCU), to enhance its competitive edge in the global market [9][20] Revenue Growth and Projections - Haiguang Information's revenue reached 9.162 billion yuan in 2024, with a projected growth rate of 52.4% for 2024 and a target of 20 billion yuan by 2027 [4][8] - The company has experienced a doubling of revenue from 2020 to 2022, maintaining a growth rate of 17.3% in 2023 despite industry downturns [4][7] Strategic Partnerships and Ecosystem Development - The company emphasizes collaboration with various partners in the ecosystem, including machine manufacturers, xPU manufacturers, and OS vendors, to create a robust platform for AI computing [2][7] - Haiguang Information has established the "Light Alliance" organization, which has gathered over 6,000 partners and built 28 physical ecological adaptation centers across the country [21][22] Technological Advancements - The company has launched its own open system interconnect bus, HSL, to facilitate collaboration among AI chip and hardware manufacturers, aiming to create a unified interconnect standard [14][15] - Haiguang's DCU products are designed to meet national strategic needs and have been well-received in the market, with ongoing development of various AI chip products [10][20] Future Challenges and Goals - The company aims to attract more industry-leading manufacturers to the Light Alliance platform, ensuring that product development incorporates the strengths of all partners involved [22][23] - Haiguang Information is entering its 3.0 phase in 2024, focusing on integrating with upstream and downstream partners to build a self-sufficient domestic integrated circuit industry [3][23]

值得注意的是，中国目前在成熟制程芯片领域的自给率正持续提升，在AI芯片等特定细分市场，国内企业的核心竞争力也日渐增强。这一趋势意味着，中 国市场已不再是美国芯片企业的"必选项"，全球供应链重组的大背景下，包括中国在内的诸多国家都在积极寻求多元化供应源。若美国继续推进当前的限制 性政策，最终受损的或许不仅是中方芯片产业的短期发展，更包括那些高度依赖中国市场的美国企业——失去庞大的消费市场将直接导致其营收下滑，进而 影响研发投入的可持续性。 黄仁勋提及的"中国客户需求很高"并非空穴来风。据市场分析数据，H200芯片的性能较前代产品H100有显著跃升，配备141GB HBM3e高速显存，内存带宽 高达4.8TB/s，能为AI大模型训练、高性能计算等场景提供强劲算力支撑。对于急于提升AI计算能力的中国企业而言，H200无疑是现阶段极具吸引力的核心 硬件。但美国政府的出口限制措施，让这场商业合作充满变数，也让中国市场的潜力释放与风险挑战并存。 可以说，当前中美科技领域的竞争已进入下半场。在早期博弈中，美方试图凭借技术霸权遏制中方发展；如今中方正加速追赶，全力构建自主可控的芯片产 业链。越来越多的中国企业投身芯片自给自足 ...

涨价信号：景气发轫与延续的新线索 央行四季度例会指出"促进经济稳定增长和物价合理回升"，价格信号的重要性日趋凸显。自2025年下半 年起，随着国内反内卷政策推进，叠加全球弱美元的宽松环境，涨价逻辑在部分领域逐步开启。 具体来看，三大领域值得关注：一是需求改善但供给收缩的化工板块，如有机硅、制冷剂、农药、溴 素、PTA等，以及新能源领域的碳酸锂、六氟磷酸锂、多晶硅等；二是需求急剧扩张令供给短期难以跟 上的TMT供应链，如存储芯片、覆铜板、电子布等；三是金融与需求属性同步提升的有色板块，如贵 金属、工业金属与小金属等。 2026 年开年以来，A 股市场迎来多重积极信号。国泰海通证券发布研报，认为政策预期、流动性与基 本面共振上修，A 股市场有望迎接春季"开门红"。涨价信号下，产业景气正在发轫与延续。行情看好的 重点在科技、非银、消费。 春季行情逻辑：三大支撑因素 海外流动性宽松预期升温。 美联储下任主席谜底即将揭晓，市场开始憧憬2026年美国降息前景。海外 流动性宽松，叠加春节前结汇，有望推动人民币稳定与升值，为A股市场提供有利的外部环境。 增量资金持续涌入。 以A500ETF为代表的增量资金持续流入市场，叠加险 ...

【导读】海光信息正与合作伙伴共同构建国产芯片开放大生态 "在主流生态系统中抢占市场，最现实的道路就是高铁模式。"2022年8月，中国工程院院士李国杰在海光信息上市答谢宴会致辞中如是表示。 海光信息正是芯片行业"高铁模式"的代表之一。截至2026年1月8日收盘，该公司市值超过5600亿元。 2024年，海光信息营收为91.62亿元，按照其最新发布的股权激励计划，2027年公司营收有望达到200亿元左右，能在CPU行业的全球竞争中初步立足，并 在与国际主流生态兼容的基础上分叉发展。 值得注意的是，作为少数几家同时具备高端通用处理器（CPU）和协处理器（DCU）研发能力的芯片设计公司之一，海光信息几年前就已构建 起"CPU+DCU"的"双芯"发展格局，且在打通"高速路网"的基础上，通过光合组织，与国内一流的整机厂商、xPU厂商、OS厂商等合作伙伴一起，构建国 产芯片开放大生态，推动中国AI计算产业从无序竞争的"红海"向协同共生的"蓝海"转型。 2025年12月18日，在光合组织2025人工智能创新大会期间，海光信息副总经理吴宗友接受了中国基金报记者的专访，详细阐述了公司的发展战略和未来发 展路径。 "从2024年开 ...

Core Viewpoint - Haiguang Information is building a large open ecosystem for domestic chips, aiming to establish a strong presence in the CPU industry and transition from chaotic competition to collaborative development in the AI computing sector [2][3][4]. Group 1: Company Growth and Revenue - As of January 8, 2026, Haiguang Information's market capitalization exceeds 560 billion yuan [3]. - The company achieved a revenue of 9.162 billion yuan in 2024, with projections suggesting it could reach around 20 billion yuan by 2027, establishing a foothold in the global CPU competition [3][9]. - From 2020 to 2022, Haiguang Information's revenue doubled, and in 2023, it maintained a growth rate of 17.3%. The revenue for 2024 is expected to grow by 52.4%, and by the first three quarters of 2025, it has already surpassed the total revenue of 2024, reaching 9.49 billion yuan, a year-on-year increase of 54.65% [6][8]. Group 2: Dual-Core Strategy - Haiguang Information is one of the few chip design companies with capabilities in both high-end general-purpose processors (CPU) and co-processors (DCU), having established a "dual-core" development strategy [3][9]. - The company has been iterating its CPU products approximately every 1.5 years to address performance bottlenecks, while also collaborating with various partners in the ecosystem to enhance product offerings [8][10]. - The DCU products, including the Deep Computing Unit (DCU), are designed to meet national strategic needs and have been well-received by clients and ecosystem partners [10]. Group 3: Ecosystem Development - Haiguang Information emphasizes the importance of building a collaborative ecosystem, having established the "Light Alliance" organization to integrate various partners across the chip, machine, software, and application sectors [21][23]. - As of December 2025, the Light Alliance has gathered over 6,000 partners and established 28 physical ecological adaptation centers, facilitating over 15,000 hardware and software adaptation testing projects [23]. - The company aims to create an open ecosystem that allows domestic users to gain confidence in the domestic chip industry, reducing reliance on foreign products [4][24]. Group 4: Future Challenges and Goals - The primary challenge for Haiguang Information is attracting more industry-leading manufacturers to the Light Alliance platform, ensuring that product development considers the strengths of all partners involved [24]. - The company has outlined its development phases, with the current phase (3.0) focusing on integrating with upstream and downstream partners to strengthen the domestic integrated circuit industry [4][24].