Core Viewpoint - The article discusses the declining user engagement of Deepseek, with active user rates dropping from 15% during the Spring Festival to 3% currently, indicating significant dissatisfaction with the product [1][8]. Group 1: Deepseek's Challenges - Deepseek's R2 upgrade has faced delays, primarily due to founder Liang Wenfeng's dissatisfaction with model performance and a shortage of NVIDIA H20 chips, which are critical for training [7][8]. - User complaints about Deepseek have increased, citing issues such as bugs, slow response times, and overall poor usability, leading to a perception of the platform as a "high-end chat toy" rather than a reliable AI tool [8][9]. - The content quality of Deepseek has deteriorated due to its reliance on the Chinese internet, resulting in a feedback loop of misinformation and reduced trust among users [9]. Group 2: NVIDIA's Market Position - NVIDIA's stock price reached a historic high of $160.98, with a market capitalization of approximately $3.92 trillion, surpassing Apple's previous record [10][12]. - The company's stock has seen a cumulative increase of 17.92% since June and 18.67% year-to-date, driven by the surging demand for AI chips [11][12]. - NVIDIA's dominance in the AI chip market remains unchallenged, with its data center revenue reaching $39.1 billion, a 73% year-over-year increase, and the Blackwell architecture chips accounting for nearly 70% of this revenue [12][13]. Group 3: A-Share Market Dynamics - The A-share market has seen a focus on bank stocks, with significant gains in this sector, while technology stocks have struggled to perform, leading to a narrative of "East Rising, West Falling" [3][15]. - Bank stocks have shown remarkable performance, with 15 out of 42 bank stocks reaching historical highs, and the sector's market capitalization increasing by 2.38 trillion yuan from the end of 2024 [16][17]. - The article highlights the need for technology and thematic stocks to generate profit to sustain market momentum, as the current reliance on bank stocks may not be sustainable in the long term [17].

Group 1 - The core point of the article is that Moer Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 8 billion yuan [1] - Moer Technology is a company focused on intelligent technology and is seeking to list on the STAR Market [1] - The underwriting institution for this IPO is CITIC Securities [1]

Core Viewpoint - The announcement details the first vesting results and stock listing of the 2023 restricted stock incentive plan by Cambricon Technologies Corporation Limited, highlighting the issuance and distribution of shares to incentivize employees and management [1][9]. Summary by Sections Incentive Plan Overview - The total number of shares listed for the incentive plan is 893,471 shares, with the listing date set for July 1, 2025 [1]. - A total of 2,429,693 shares are subject to vesting, of which 1,536,222 shares are from repurchased A-shares and 893,471 shares are from a directed issuance to incentive recipients [1][6]. Decision-Making and Disclosure - The board of directors and independent directors have confirmed the decision-making process and provided independent opinions supporting the incentive plan [1][4]. - The supervisory board has verified the incentive plan and the list of recipients, with no objections raised during the public notice period [2][3]. Shareholder Meetings and Approvals - The company held multiple meetings to approve various aspects of the incentive plan, including the adjustment of the recipient list and the granting of shares [4][5]. - The independent directors have consistently supported the legitimacy and compliance of the incentive plan [4]. Vesting and Stock Listing Details - The vesting of shares involves 650 recipients, with the total number of shares granted being 6,204,293, representing 39.16% of the total granted shares [6]. - The stock listing will increase the total share capital from 417,456,753 shares to 418,350,224 shares, with no change in the holdings of the controlling shareholders [6][9]. Financial Impact - The total cash received from the incentive recipients amounts to approximately RMB 182.47 million, with the stock issuance expected to have a minor impact on the company's financial results [8][9]. - The basic earnings per share for the first quarter of 2025 will be diluted due to the increase in total shares, although the net profit remains unchanged [8][9].

Group 1 - HSBC Research initiates a "Buy" rating for Horizon Robotics with a target price of HKD 10.2 [1] - Horizon Robotics currently serves over 40 automotive manufacturers, including BYD, Geely, and Li Auto, with more than 310 vehicle models [1] - The company is expected to achieve a compound annual growth rate (CAGR) of 64% in revenue from 2025 to 2027 and is projected to turn profitable by 2028 [1] Group 2 - Despite NVIDIA's dominance in the high-end automotive market, Horizon Robotics' lower chip prices are anticipated to enhance its market share in China, increasing from approximately 15% in 2024 to about 25% by 2027 [1] - The current trade tensions are believed to provide Horizon Robotics with higher supply chain security [1]

作者 | 玉盘 AI 团队 审核 | 华卫 "大模型每生成 1 美元价值，需支付 3 美元算力成本"，算力成本挑战已无争议。从软件层面的各类优化 方案层出不穷，真正从硬件源头着手的方案却屈指可数，市面上能看到的包括 Groq 在内的新计算硬件 也多数在大模型爆发前定型，难以充分匹配大模型本身的需求。 DeepSeek 从用户角度的不少构想与玉盘 SRDA 在做的事不谋而合，包括 IO 融合、3D 堆叠 DRAM 等， 而玉盘进一步提出了更完整的架构设计，或正式拉开下一代大模型专用计算架构的序幕。 今天，国内团队玉盘 AI 发布《SRDA AI 大模型专用计算架构》白皮书，提出了一种全新的计算架构： 系统级精简可重构数据流架构 SRDA （System-level Simplified Reconfigurable Dataflow Architecture）， 从硬件源头解决当前 AI 算力的核心瓶颈。 与此同时，DeepSeek 于半个月前发表论文《Insights into DeepSeek-V3: Scaling Challenges and Reflections on Hardware for AI ...

Market Overview - US stock indices collectively rose, with the Dow Jones up 0.51%, Nasdaq up 0.81%, and S&P 500 up 0.58%. Notable tech stocks like Broadcom and Nvidia saw increases of over 3% and 2% respectively, with Nvidia surpassing Microsoft to become the world's most valuable company at $3.445 trillion [4] - International oil prices increased, with WTI crude oil rising 1.31% to $63.34 per barrel and Brent crude oil up 1.47% to $65.58 per barrel [5] - European stock indices also closed higher, with Germany's DAX up 0.67%, France's CAC40 up 0.34%, and the UK's FTSE 100 up 0.15% [6] Company News - Xiaomi's founder Lei Jun stated that the company will not engage in price wars and that the rumored price of the Xiaomi YU7 at 235,900 yuan is not possible. The automotive business is expected to achieve profitability by Q3 or Q4 of 2025 [17] - NIO reported Q1 2025 revenue of 12.03 billion yuan, a year-on-year increase of over 21%. The company anticipates Q2 deliveries between 72,000 and 75,000 vehicles, a significant increase of 71% to 78% from the previous quarter [18] - Seres announced May sales of 39,982 electric vehicles, a year-on-year increase of 17.15%, with total sales for the first five months reaching 126,022 vehicles [22] - The Pang Donglai Group reported sales exceeding 10.176 billion yuan as of June 2, 2025, with supermarket sales being the highest at approximately 5.566 billion yuan [24] - Porsche has significantly reduced prices, with discounts on models like the Cayenne reaching up to 35%, making it available for 750,000 yuan [26] - China Citic Bank received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, aimed at supporting market-oriented debt-to-equity swaps and equity investments [30] Regulatory and Industry Developments - The National Development and Reform Commission and other departments are organizing the 2025 New Energy Vehicle Rural Promotion Campaign, targeting areas with low adoption rates [9] - The China Automobile Dealers Association issued a statement opposing "involution" competition primarily through price wars, advocating for improved dealer conditions and inventory management [10] - The regulatory body is taking action against market disruptions caused by "small essays" that affect stock market stability [11]

"汽车正在从纯粹的机械设备，转变为某种像是'装上轮子的计算机'。" 点击阅读：《 巨头Baillie Gifford旗舰基金掌舵人的年度信：在不确定环境中，韧性并不是次要美德， 而是长期成功的核心…… 》 "没有哪个电动车市场像中国这样：极其拥挤，竞争激烈，但它也有望以良好的品质和极低的价格，引 领全球电动车行业。" 地平线是成立于 2015 年的中国 AI 芯片独角兽，专注于为自动驾驶、智能驾驶和通用机器人提供软硬 件一体化的计算平台。 2024 年 10 月 24 日，地平线登陆港股主板市场，成为港股当年最大科技 IPO 。今年 2 月底其股价 曾一度超 10 港元，目前最新市值近千亿港元。 2024 年公司收入 23.84 亿元，同比增长 53.6% ；授权及服务收入增长 70.9% ，毛利率高达 92% ，这意味着公司不仅在卖芯片，还在往更高附加值的软件授权、全栈解决方案转型。 Baillie Gifford 是地平线的主要机构投资者之一。早在私募融资阶段，该公司即已投资地平线，并在 IPO 中认购约 5.07 亿股，投资约 2.6 亿美元，成为最大基石投资者之一。截至 2025 年 4 月，贝利 · ...

北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青 岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽 约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青 岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽 约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou ...

? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688256 证券简称：寒武纪 公告编号：2025-026 中科寒武纪科技股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （一） 股东大会召开的时间：2025 年 5 月 21 日 （二） 股东大会召开的地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层 金辉 6 厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 普通股股东人数 967 普通股股东所持有表决权数量 263,278,878 例（%） 普通股股东所持有表决权数量占公司表决权数量的比例（%） 63.3003 注：截至本次股东大会股权登记日，公司回购专用账户中股份数为 1,536,222 股，不享有股 东大会表决权。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 《上市公司股东会规则》 《上海证券交易所科创板股票上市规则》 《中 科寒武纪科技股份有限公司章程》 （以下简称"《公司章程》"） ...

根据当地时间5月15日提交给美国证券交易委员会（SEC）的监管文件，"股神"巴菲特旗下伯克希尔哈撒韦一季度减持花旗银行、美国银行和第一资本金融 公司的部分持股，主要持仓股依旧是苹果、美国运通、可口可乐、美银、雪佛龙。 减持银行股、啤酒制造商持仓翻倍 根据13F文件，伯克希尔出售了1,463.95万股花旗集团股票；文件还显示，该公司出售了4,866.01万股美国银行股票，减持比例超过7%；截至3月31日，伯克 希尔仍持有超过6.315亿股美国银行股票。伯克希尔还减持了30万股第一资本金融公司股票，减持比例约为4%。 伯克希尔本季度最大的买入是啤酒制造商星座品牌公司，购入了638.47万股，持仓增加超过113%，总持股数达到1,200.90万股。此外，该公司加倍持有了泳 池设备供应商Pool Corp。 每经编辑｜杜宇 另外，伯克希尔在第一季度清仓了其持有的Nu Holdings股份，后者运营着巴西数字银行Nubank，清仓规模为4000万股。伯克希尔将其在Liberty Formula One 的投资削减了约一半，降至350万股。 苹果仍是第一大持仓 目前，苹果公司仍是伯克希尔最大的单一持仓，持有3亿股，占其整 ...