Industry Overview - The esports industry in China has matured, with significant breakthroughs in technologies such as 5G and AIGC. The domestic game market achieved a sales revenue of 302.96 billion yuan in 2023, marking a year-on-year growth of 13.95% and surpassing the 300 billion yuan mark for the first time. The market is projected to reach 324.64 billion yuan in 2024, indicating steady growth potential [1][20][25]. Industry Chain - The esports industry chain has formed a complete ecosystem covering hardware, content, events, and commercialization. The demand for GPUs is driven by the increasing use of high-end computing systems for graphics-intensive gaming applications. The GPU market in China reached 80.7 billion yuan in 2023, growing by 32.78% from 2022, and is expected to reach 107.3 billion yuan in 2024 and 120 billion yuan in 2025 [2][34][39]. Company Focus - Thunderobot Technology, the first esports equipment company listed on the Beijing Stock Exchange, focuses on integrating AI technology. The company has launched the flagship AI gaming laptop ZERO 18 Pro, equipped with high-performance hardware. In 2024, Thunderobot is expected to achieve a revenue of 2.955 billion yuan, reflecting a year-on-year growth of 15.65% [3][23][59]. Market Dynamics - The esports market is benefiting from the robust growth of esports games, the development of professional and amateur esports events, and the flourishing esports ecosystem. The number of registered esports-related companies in China exceeded 120,000 by the end of 2023, indicating intense competition within the industry [25][56].

② 财经网，从多个独立信源处获悉/今年一季度/腾讯向字节跳动购买了价值 约20亿元的GPU算力资源/这批资源以英伟达H20卡和服务器为主/腾讯元宝 目前的更新主要使用来自字节的卡/ ① 主板领涨， 天娱数科（+10.07%）/大位科技（+10.06%）/德生科技（+10.02%）/中电鑫龙 （+10.00%）/瀛通通讯（+10.00%）/ ②创业板领涨， 盛天网络（+9.47%）/先进数通（+9.14%）/优博讯（+8.40%）/赛意信息 （+5.83%）/硕贝德（+5.81%）/ ③科创板领涨， 迅捷兴（+11.18%）/神工股份（+6.37%）/中望软件（+6.32%）/杰华特 （+5.18%）/伟测科技（+5.02%）/ ④活跃子行业， SW 教育出版（+1.58%）/ SW 游戏（+1.30%）/ SW 数字芯片设计 （+0.57%）/ 国内新闻 ① 新浪财经，触觉感知与人形机器人企业帕西尼感知科技(PaXini Tech)拿 下中国新能源汽车龙头比亚迪超亿元战略投资/其6D霍尔阵列式触觉传感技 术被重点看好/在推动具身智能快速落地与多场景智能应用有无限潜力/这是 比亚迪本年度抛出的首笔重磅股权投资/ ...

Core Insights - Intel has made significant progress in the high-performance graphics sector, with the Xe3 hardware design completed and software development ongoing, indicating a strong commitment to future advancements [1][21]. GPU Organization - Modern GPUs are built on a hierarchical structure that allows for scalability in performance, power consumption, and pricing [3]. - The Xe3 architecture features a new topology that can support up to 16 Xe cores per render slice, compared to only 4 in previous generations [4][7]. Performance Metrics - Xe3 can theoretically support a configuration of 256 Xe cores with 32,768 FP32 channels, surpassing Nvidia's RTX 5090, which has 21,760 FP32 channels [7]. - The Xe3 architecture aims to enhance flexibility in scaling computational power without being constrained by fixed-function hardware [8]. XVE Changes - The Xe Vector Engine (XVE) in Xe3 can run up to 10 threads simultaneously, improving thread-level parallelism and latency hiding compared to previous generations [10]. - Xe3 introduces a more flexible register allocation system, allowing for better utilization of resources and higher occupancy rates [11]. Instruction Modifications - Xe3 supports new instructions for floating-point conversions and sparse matrix operations, indicating a focus on optimizing performance for specific workloads [14]. - The architecture includes enhancements for ray tracing, such as Sub-Triangle Opacity Culling (STOC), which aims to reduce unnecessary shader work during rendering [15][17]. Future Outlook - The Xe3 architecture represents a significant step forward for Intel's graphics capabilities, with improvements in latency tolerance and dynamic register allocation [21]. - Intel's ongoing research and development efforts suggest a commitment to advancing its GPU architecture, potentially positioning it more competitively against Nvidia and AMD [22].