本文来自微信公众号：每日经济新闻 （ID：nbdnews），作者：杨卉，原文标题：《突然"变天"！两位华裔大佬历史性同框，这家芯片巨 头慌了？专家："三分天下"不存在了》，题图来自：视觉中国 英伟达和英特尔的"双英"合作，像极了朝堂新贵牵手世家大族，前者风头正盛，有不可替代的AI芯片壁垒，后者风光多年，有众多用户 与大量专利。当曾经的竞争对手谈起合作，尤其双方还有着改变业界规则的话语权和能力，事情开始变得有趣起来。 北京时间9月18日晚间，两大芯片巨头，英特尔及英伟达"突然"宣布达成合作。9月19日凌晨，英伟达创始人兼首席执行官黄仁勋和英特 尔首席执行官陈立武出现在同一场线上发布会上，以"为下一个计算时代创造创新解决方案"为主旨介绍了此次合作。两家公司剑指数据 中心、个人电脑和边缘计算等规模合计超500亿美元的市场。 "双英"合作被业界视为一个可能改变游戏规则的事件。独立国际策略研究员陈佳介绍，双方业务横跨PC（个人电脑）、服务器的CPU （中央处理器）、NPU（神经网络处理器）以及AI（人工智能）算力，双方的合作相当于将CPU、AI处理器等多个PC模块和多种芯片架 构拉通了。英伟达、英特尔、AMD三分天下的 ...

Market Overview - A-shares continued to fluctuate in the afternoon session [1] - Real estate stocks saw significant movements, with major players like Longfor Properties hitting the daily limit, Vanke A rising nearly 4%, and others like Binhai Group and Electronic City increasing over 5% [2] - The storage chip sector experienced a rally, with stocks like Jiangbolong and Xiangnong Chip Innovation reaching new highs, and Tianshan Electronics hitting a 20% limit up [3] - The Hang Seng Index and Hang Seng Technology Index both declined [4] - Asian markets collectively adjusted, with the Nikkei 225 down over 0.8% and the Korean Composite Index down more than 0.6% [5] Economic Indicators - The CCTD reference prices for thermal coal in the Bohai Rim region showed increases, with prices for 5500K, 5000K, and 4500K grades at 693, 603, and 533 RMB/ton respectively, reflecting daily increases of 5 RMB, 5 RMB, and 6 RMB, and a total increase of 12 RMB from previous lows [2] Monetary Policy - The Bank of Japan decided to maintain its policy interest rate at around 0.5% during its monetary policy meeting on September 19 [6] - The market has already priced in the anticipated interest rate cuts by the Federal Reserve, leading to short-term fluctuations in A-shares [6] Investment Sentiment - Despite the short-term volatility, the overall valuation of A-shares remains at historically low to mid-levels, indicating potential medium to long-term investment value [7]

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. is pursuing an IPO on the Sci-Tech Innovation Board, but faces significant uncertainties due to internal conflicts, control issues, and declining profit margins [1] Group 1: Control and Management Issues - The company has experienced a 15-year power struggle between founder Ping Xu and the current controlling shareholders, the Ke family, leading to instability in management [2][3] - The Ke family, lacking a technical background, now holds a combined voting power of only 27.13%, raising concerns about the stability of control [4] - Post-IPO, the controlling shareholders' voting power is expected to dilute to 20.35%, below the critical threshold of 30% for absolute control [5] Group 2: Related Party Transactions - The company has engaged in outsourcing R&D and business transactions with entities associated with the spouse of the controlling shareholder, raising regulatory scrutiny [6] - The total outsourced R&D expenses exceeded 21 million yuan, with significant contracts in place for various projects, including collaborations with universities [9] Group 3: Financial Performance - Revenue showed a decline from 339 million yuan in 2022 to 313 million yuan in 2023, before rebounding to 411 million yuan in 2024 [10] - The net profit followed a similar trend, decreasing from approximately 81.4 million yuan in 2022 to 72.1 million yuan in 2023, then slightly recovering to 77.9 million yuan in 2024 [10] - Despite revenue recovery in 2024, the company's gross margin has been under pressure, declining from 55.26% in 2022 to 46.75% in 2024 [11][12]

资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 证 券 研 究 报 告 2025 年 9 月 19 日星期五 【实时热点】 【美国债市】 1 请务必阅读免责条款 美联储降息为美股 IPO"开绿灯" 多行业企业将启动申请 美国 9 月费城联储制造业指数录得 23.2，大幅高于预期 美国上周初请失业金人数为 23.1 万 低于预期 美英签署科技合作协议 迫于特朗普压力，欧盟计划加快逐步淘汰俄罗斯液化天然气 英国央行维持利率不变 符合预期 韩股再创历史新高，年内累涨 44.25% 英伟达以 50 亿美元入股英特尔 并达成芯片合作 微软豪掷 70 余亿美元 打造"世界最强 AI 数据中心" 华为公布未来三年昇腾芯片发展路线图 2 年期美债收益率涨 1.03 个基点报 3.555% 5 年期美债收益率涨 0.52 个基点报 3.658% 10 年期美债收益率涨 1.15 个基点报 4.101% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-09-19 | 2259 | 紫金黄金国际 | | ...

Core Viewpoint - Nvidia announced a $5 billion investment in Intel, leading to a significant increase in Intel's stock price and a positive ripple effect across the semiconductor supply chain [1][2] Group 1: Investment Impact - Nvidia's investment in Intel resulted in a 23% increase in Intel's stock price on Thursday [1] - The investment spurred a collective rise in Asian supply chain stocks, with notable increases in companies like Lasertec Corp. (up 15%) and Ibiden Co. (up 12%) [1] - Other suppliers such as Tokyo Electron, Screen Holdings, and Shin-Etsu Chemical also saw stock price increases [1] Group 2: Market Sentiment - The collaboration between Nvidia and Intel to develop PC and data center chips is expected to boost demand for chip manufacturing tools [2] - Analysts view the partnership as a positive signal for the semiconductor industry, indicating that Intel is unlikely to cut capital expenditures, which benefits suppliers [2] Group 3: Competitive Landscape - Despite the positive sentiment for Intel, TSMC's stock fell by 1.2% due to concerns that Intel might capture some of Nvidia's foundry orders [2] - TSMC derives approximately 3% of its revenue from Intel, and the market is wary of potential negative impacts on TSMC's valuation from this new partnership [2]

Group 1 - Nvidia announced a $5 billion investment in Intel, leading to a 23% increase in Intel's stock price and a collective rise in Asian supply chain stocks [1] - Japanese chip equipment manufacturers, such as Lasertec Corp. and Ibiden Co., saw significant stock price increases of 15% and 12% respectively, due to their revenue dependence on Intel [1] - Other suppliers, including Tokyo Electron Ltd. and Shin-Etsu Chemical Co., also experienced stock price gains following the announcement [1] Group 2 - The collaboration between Nvidia and Intel aims to develop PC and data center chips, boosting market expectations for increased demand for chip tool manufacturers [2] - Intel's supply of processors to Nvidia is viewed as a positive signal for the overall chip industry, with analysts noting that Intel is unlikely to cut capital expenditures [2] - Conversely, TSMC's stock fell by 1.2% due to concerns that the Nvidia-Intel partnership could negatively impact TSMC's valuation, as there is a possibility of Intel capturing some of Nvidia's foundry orders [2]

万通发展源自于冯仑、潘石屹、易小迪等人创立的万通地产，2016年冯仑股权被收购后正式出局。进入到后冯仑时代的万通， 不断试图投入资金并购入股通信及芯片公司，进行科技转型。但是，至今为止，万通尚未从投资并购的科技企业中获得利润回 报。 对万通而言，收购北京数渡或是背水一战。由于房地产市场的影响，万通在过去三年半时间内亏损将近12亿元。8月中旬，71岁 的董事长王忆会被北京市公安局采取刑事强制措施，再给万通的未来发展蒙上一层阴影。 事实上，不仅是万通，以恒大、宝能、碧桂园、富力等为代表的房地产开发商，在市场的高峰期都曾耗资不菲，布局或以投资 方式进入到芯片、新能源、互联网等科技领域，试图找到第二曲线。 就在9月12日，衢州发展(原新湖中宝)亦宣布拟购买先导电科95%股份，收购总额达114亿元。 万通发展日前宣布，完成对北京数渡信息科技有限公司增资及相关股权收购，投资8.54亿元取得该公司62.98%的股权。 但房互君调研统计发现，开发商亲自参与运营的科技企业大多数项目已经停摆。而究其原因，除了赛道本身之外，亦有在运营 中来自开发商传统思维的因素影响。 都有哪些开发商、投入了多少资金，他们都为何折戟，这些前车之鉴， ...

9月19日，寒武纪跌5.02%，截至发稿，报1349.65元/股，成交150.73亿元，换手率2.61%，总市值 5646.26亿元。 资料显示，中科寒武纪科技股份有限公司位于北京市海淀区知春路7号致真大厦D座5层、11-13层、16 层，成立日期2016年3月15日，上市日期2020年7月20日，公司主营业务涉及各类云服务器、边缘计算设 备、终端设备中人工智能核心芯片的研发、设计和销售。主营业务收入构成为：云端产品线99.62%， 其他(补充)0.32%，边缘产品线0.05%，IP授权及软件0.00%。 截至发稿，潘永昌累计任职时间6年27天，现任基金资产总规模3.49亿元，任职期间最佳基金回报 70.04%， 任职期间最差基金回报1.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，诺德基金旗下1只基金重仓寒武纪。诺德研发创新100（007737）二季度持有股数1.9万股， 占基金净值比例为3.27%，位居第六大重仓股。根据测算，今日浮亏损失约135 ...

美国三大股指周一全线收涨，均创下历史收盘新高。道琼斯工业平均指数上涨0.27%，报收46142.42点；标普500指数攀升0.48%，报6631.96点；纳斯达克 综合指数表现最为亮眼，涨幅达0.94%，收于22470.73点。 芯片板块成为市场最大亮点。英特尔股价暴涨超过22%，创下近年来的最大单日涨幅。这一惊人表现源于英伟达公司宣布对英特尔进行50亿美元的战略投 资及技术合作。英伟达首席执行官黄仁勋透露，这一合作是两家公司近一年来持续沟通的成果。受此消息影响，英伟达股价同步上涨超过3%，应用材料 公司也录得逾6%的涨幅。 华盛顿特区联邦地区法院已于9月9日裁定暂停解雇决定，而联邦上诉法院则在15日裁定，阻止特朗普在美联储议息会议召开前撤换库克理事的职务。 此外，美国最高法院已确定将于11月5日听取有关特朗普政府关税合法性的辩论。此前，美国联邦巡回上诉法院于8月29日裁定，美国政府大部分全球关税 政策非法，认为特朗普总统批准对多国征收关税时援引的法律并未赋予其相应的征税权力。 市场分析师表示，这些政治和法律事件可能对未来市场走势产生重要影响，投资者需密切关注事态发展。 | < W | 英特尔(INTEL) ...

英伟达与英特尔达成合作 韩国芯片检测设备制造商Intekplus的股价一度大涨18%，创下一个月来的最大涨幅。韩国半导体设备制 造商PSK、周星工程(Jusung Engineering)和Komico均上涨超过5%。 在中国内地和香港地区上市的英特尔供应商的股价同样走高，其中澜起科技最高上涨11%。 "英特尔将为英伟达供应处理器的消息对整个芯片行业的市场情绪来说是一个重大利好。"日本券商 Asymmetric Advisors策略师阿米尔·安瓦扎德(Amir Anvarzadeh)表示。他指出，"英特尔现在肯定不会削 减资本支出"，这对它的供应商来说是一个利好。 不过，台积电是个例外。该公司股价周五最多下跌1.2%。三星证券高级分析师 Moon Joonho表示，台积 电约有3%的营收来自英特尔，"这条消息对台积电的估值不利，因为我们不能完全排除英特尔未来接手 英伟达芯片生产的可能性"。(作者/箫雨) 凤凰网科技讯 北京时间9月19日，据彭博社报道，在英伟达宣布对英特尔投资50亿美元后，英特尔股价 周四收盘暴涨23%，其亚洲供应商的股价也在周五集体上涨。 根据彭博社汇编的数据，日本芯片设备制造商Lasert ...