Core Viewpoint - The mHC architecture is expected to introduce a new paradigm in AI chip design by combining manifold constraints with engineering optimization, addressing the mismatch between computing power and bandwidth [1] Group 1: mHC Architecture - The mHC architecture promotes the logic of "software actively adapting to hardware bottlenecks," driving the industry towards a "efficiency-first" approach in hardware-software collaboration [1] - Through optimizations like kernel fusion and selective recomputation, mHC significantly reduces bandwidth requirements, allowing chip design to move away from solely pursuing high-bandwidth HBM memory [1] - The manifold constraint logic of mHC may foster innovation in dedicated computing units for chips, breaking the current monopoly of "general computing units" in AI chips and advancing towards a "general + dedicated" heterogeneous architecture [1] Group 2: Performance and Market Impact - The mHC architecture, as released by DeepSeek, demonstrates stable performance and high scalability in large-scale model training, indicating a potential direction for the next generation of infrastructure [1] - The framework is expected to reignite academic interest in macro-architecture design and deepen the understanding of how topological structures influence optimization and representation learning, potentially breaking current limitations [1] Group 3: ETF and Market Representation - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which has a daily price fluctuation limit of 20% [1] - This index selects listed companies involved in AI technology and related applications from the ChiNext market, covering various segments from hardware manufacturing to software development, reflecting the overall performance of AI-related listed companies in the ChiNext market [1]

Core Insights - The CES 2026 is expected to showcase a significant focus on AI applications that are "human-centered," reflecting the industry's shift towards practical AI implementations across various sectors [1][2] - Over 3,500 exhibitors are anticipated to participate, highlighting advancements in robotics, healthcare, automotive, wearables, and gaming [1] - The event will serve as a testing ground for consumer acceptance of AI-driven products, particularly humanoid robots, which are expected to be more prevalent than ever before [2] Group 1: AI and Technology Trends - AI will be a primary selling point for many products at CES, moving beyond being a supplementary feature [2] - The event will feature a significant number of robots, especially humanoid robots designed for both home and industrial applications [2] - AI's impact on healthcare and autonomous mobility will be key topics at the exhibition [2] Group 2: Chip Industry Competition - A notable focus of CES will be the competition among major AI chip manufacturers, including NVIDIA and AMD, with both companies showcasing their latest AI processing technologies [3] - NVIDIA's CEO announced the full production of their next-generation AI supercomputer chip platform, Vera Rubin, with customer deliveries expected later this year [3] - The presence of CEOs from major chip manufacturers like Intel and Qualcomm indicates an impending "chip war" at the event [3] Group 3: Global Participation and Market Dynamics - Chinese companies are gaining prominence at CES, with their displays increasingly occupying high-profile areas traditionally dominated by South Korean firms like Samsung and LG [5] - The interest in AI-driven vehicles, particularly from Chinese automaker Geely, reflects a growing global curiosity about AI innovations in the automotive sector [5] - Observations from attendees suggest that the rapid iteration of tech consumer products in China has set a high expectation for AI integration at CES [6]

知情人士称，百度旗下人工智能（AI）芯片公司昆仑芯已聘请投资银行安排香港IPO，募资金额可能高 达20亿美元。知情人士透露，昆仑芯已选择中金、中信证券和华泰证券为IPO牵头行，中信建投证券也 参与拟定昆仑芯的潜在发行方案。知情人士表示，相关讨论仍在进行中，IPO规模等细节可能会有所变 化，并指出融资规模也可能在10亿美元左右。 百度1月2日表示，昆仑芯已以保密方式递交香港IPO文 件。 来源：环球市场播报 ...

1月7日，芯片板块表现抢眼，概念股盘中掀起涨停潮。 芯源微、高盟新材、南大光电等20%涨停， 安集科技逼近20%涨停， 园林股份、 盈新发展、大唐电 信等涨停。 | 代码 | 名称 | 张唱 | 总金额 | 总市值 | 现价 | | --- | --- | --- | --- | --- | --- | | 300200 | 高盟新材 | +20.03% | 16.77 Z | 62.75 6 | 14.56 | | 301256 | 华融化学 | +20.03% | 5.07 乙 | 83.14亿 | 17.32 | | 300346 | 南大光电 | +20.00% | 69.54 Z | 381.4亿 | 55.19 | | 688037 | 芯源微 | +20.00% | 16.69 Z | 384.7 亿 | 190.79 | | 888019 | 安集科技 | +19.18% | 13.95 Z | 470.5 Z | 279.12 | | 688661 | 和林微纳 | +16.29% | 8.07 乙 | 29.65 | 65.57 | | 688548 | 广钢气体 | +16.09% | ...

韩国股市周三攀升至纪录高位，连续第四个交易日上涨，受人工智能乐观情绪提振，芯片股走强，现代 汽车领涨汽车板块。基准KOSPI指数上涨34.26点，涨幅0.76%，报4,559.74点，创历史新高。 责任编辑：栎树 股票频道更多独家策划、专家专栏，免费查阅>> 两大芯片制造商三星电子上涨2.16%，SK海力士上涨3.72%，均创历史新高，三星电子将于周四公布第 四季度业绩。现代汽车大涨11.69%，刷新纪录高位，此前有媒体称其执行董事长郑义宣在美国科技展 会上会见了英伟达首席执行官黄仁勋。姊妹公司起亚汽车上涨4.33%。 ...

Core Insights - Nvidia has launched the new open-source VLA model Alpamayo at the CES conference, which will first be integrated into the new Mercedes-Benz CLA model [1] - The unveiling of Nvidia's global L4 autonomous driving and Robotaxi ecosystem indicates that the "chip + algorithm" integrated model is becoming the mainstream supply path for advanced intelligent driving [1] - The industry is entering a critical acceleration phase for commercial operation of L4 autonomous driving, with a resonance of trends both domestically and internationally, presenting opportunities for valuation recovery from technology development to scale profitability [1] Industry Overview - The Hang Seng Hong Kong Stock Connect Automotive Theme Index consists of 40 stocks related to the automotive industry within the Stock Connect range, covering leading companies in the Hong Kong automotive sector and core companies in the intelligent supply chain [1] - Investors can track investment opportunities in the intelligent driving industry chain through products like the E Fund Automotive ETF (159121) [1]

消息面上，近日，硬蛋创新下属的开普勒研究院（Kepler Lab）在自研产品领域取得新突破。该研究院 基于AMD下一代核心芯片授权，开发出面向商业卫星互联网领域基于RFSoC的"KPL-多通道射频 SOM"及高带宽特殊检测领域基于Versal Gen2 VE3858\VE3558的"KPL-高速边缘AI SOM"两款自研产 品，并正式推向市场。 值得注意的是，科创板第五套上市标准扩围至商业航天领域，行业正加速向产业化临界点迈进。未来随 着可回收火箭技术成熟，商业航天产业链将迎来系统性价值重估。硬蛋创新此次布局与其传统芯片分销 业务形成战略协同。基于对全球顶尖芯片的技术理解，公司已实现多款自研产品在下游领域的批量落 地。 智通财经APP获悉，硬蛋创新(00400)再涨超13%，本周累涨逾30%。截至发稿，涨12.99%，报4港元， 成交额5241.33万港元。 ...

存储芯片概念7日盘中再度活跃，截至发稿，芯源微涨超16%，普冉股份涨约15%，安集科技、鼎龙股 份涨超12%，兆易创新涨近7%，均创出新高。 据悉，近几个月来，存储芯片价格持续上涨。一方面，芯片产业正转向人工智能相关芯片的生产，传统 存储芯片产能因此受到挤压；另一方面，训练和运行人工智能模型对传统芯片与高端芯片的需求均在激 增。 爱建证券指出，2025年四季度存储芯片进入新一轮涨价周期。Micron、Samsung、SK Hynix三大存储巨 头陆续上调DRAM及NAND Flash产品合约价，相关现货价格同步持续上扬。复盘历史周期，2016年— 2018年的存储芯片涨价由智能手机配置升级直接驱动；2020年—2023年受益于线上经济、居家办公场景 拉动PC等终端出货量提升，叠加疫情下产业链囤货需求，推动存储市场阶段性上行。与前两轮周期不 同，本轮涨价周期来自于智能手机和服务器的双重需求共振。IPhone在2025年完成存储容量升级后，其 内存容量有望在2026年迎来再次升级。如此密集的持续升级，有望助推全球存储芯片市场涨价周期在 2026年延续。受益于AI服务器持续高景气叠加iPhone等智能手机存储芯片参 ...

Group 1 - The capital market continues to be influenced by AI bubble theories, but significant advancements in model capabilities have been observed, particularly with Gemini 3, which surpasses ChatGPT in various evaluations, especially in "multimodal interactive" capabilities [3][45] - The AI industry is experiencing a competitive landscape where companies like OpenAI, Meta, and XAI are racing to enhance their models, with OpenAI planning to release GPT 5.3 in early 2026 to regain its leading position [4][46] - The competition has led to a shift in the tech industry, where companies are increasingly undermining each other rather than collaborating, as seen with OpenAI's entry into advertising and e-commerce, and Google's integration of AI into its search engine [5][47] Group 2 - In 2025, AI capabilities have evolved significantly, with reasoning becoming standard across major language models, and the cost of processing tokens decreasing by 50% [9][50] - Long-term memory capabilities have emerged in AI models, allowing them to remember user interactions and improve task execution strategies, which is essential for developing personal assistant applications [10][50] - The concept of "craft intelligence" has developed, where AI is expected to deliver satisfactory results in various tasks, reflecting a shift from merely providing accurate answers to replicating human best practices [11][51] Group 3 - The economic value generated by AI is complex, with significant investments in AI data centers (AIDC) expected to reach nearly $500 billion in 2025, leading to substantial depreciation costs for companies [15][16] - The revenue generated from AI applications is difficult to quantify, as it is spread across cloud vendors and enterprises that utilize AI tokens for internal improvements [17][19] - Companies are increasingly purchasing AI applications rather than building them in-house, with 76% of enterprises opting for external solutions in 2025, indicating a rapid acceptance of AI applications in the market [19][21] Group 4 - The future of AI applications is expected to bring transformative changes, including significant improvements in model performance and the potential for traditional software paradigms to be disrupted [23][25] - The integration of multimodal capabilities in AI models is anticipated to redefine content creation, moving towards an "experience industry" where video and interactive content become prevalent [32][34] - The demand for computational power in AI is projected to grow exponentially, with GPU and TPU technologies competing for dominance in the market [36][38]

而英伟达在AI加速器市场占据 80%以上 的市场份额，其产品为客户提供了最低的总拥有成本(TCO)。 在摩根大通公司举办的活动上，Kress指出，企业数据处理需求(而不仅仅是人工智能)也在推动对下一 代计算技术的需求，这将有助于到本十年末，相关投资总额达到数万亿美元。 然而，这些言论并未打动投资者。英伟达股价在美股收盘时下跌不到1%，至187.28美元。该股去年累 计上涨了39%。尽管前景乐观，但市场对AI领域的投资估值高昂，存在一定的风险。高盛和美银等机构 预测， 2026年 投资者可能会从过度集中AI龙头股转向关注更广泛的周期性股票，市场格局可能拓宽。 智通财经获悉，针对人工智能支出泡沫的担忧，英伟达公司表示，由于强劲的需求，此前发布的营收指 引将变得更加乐观。英伟达首席财务官 Colette Kress在摩根大通主办的活动上称，由于需求强劲，因此 英伟达如今更为看好数据中心业务，到 2026 年末，英伟达数据中心芯片的预期收入 " 肯定 " 会超过去 年 10 月给出的预测 5000 亿美元。 虽然该公司没有提供新的数字，但暗示在此期间的收入将超过 5000 亿美元。英伟达首席执行官黄仁勋 在新闻发布会 ...