新华财经南京1月23日电（记者崔璐、杨子华、何丰伦）建成国内首条光子芯片中试线、累计孵化百余 家科技型企业、推出"5万工程"服务中小企业……近年来，江苏省无锡市与清华大学、上海交通大学、 华中科技大学等高校共建一批新型研发机构，它们一头连着实验室，一头连着生产线，推动科技创新与 产业创新深度融合，为发展新质生产力、实现高质量发展注入强劲动能。 一条孕育光子芯片产业的中试线 来到上海交通大学无锡光子芯片研究院，国内首条光子芯片中试线建设在此。2025年6月，首片6寸薄膜 铌酸锂光子芯片晶圆在中试线下线，标志着研究院构建起贯通"技术研发-工艺验证-规模量产"的全链条 能力，更构建起支撑光量子计算产业化落地的核心基础设施。 "光子芯片是解决当前AI时代算力供给不足的重要载体。基于这条中试线，我们已突破光量子计算在芯 片化、集成化的主要瓶颈，并赋能金融科技、生物医药、人工智能等领域产业落地，提供指数级算力。 目前，这条中试线预计年产能达1.2万片晶圆，并入选首批工信部重点培育中试平台。"研究院相关负责 人付攀表示。 这条中试线不只是一条生产线，更是一个光子芯片产业生态的孵化器。 "实验室的成果到实现产业化还有一段距离 ...

Group 1 - The AI hardware sector, including CPO, GPU, and memory components, continues to experience a pullback [1] - The CSI Cloud Computing and Big Data Theme Index increased by 0.8%, while the CSI Chip Industry Index decreased by 1.4%, and the CSI Semiconductor Materials and Equipment Theme Index fell by 1.0% [1] - Despite the overall market trends, there is a significant inflow of funds into the semiconductor equipment ETF, E Fund (159558), with over 30 million units net subscribed in half a day [1] - The E Fund semiconductor equipment ETF has seen net inflows for 18 consecutive trading days, totaling over 2.5 billion yuan [1]

大摩闭门会：DeepSeek新模型解读 260121_导读 2026年01月22日 20:52 关键词 ngram混合架构 HBM 条件内存 DRAM 推理能力 GPU 多模态 开源 硬件限制 效率驱动 追赶美国 战略意义 WACC beta 市场风险溢价 永续增长率 超预期 低于预期 半导体 全文摘要 中国的人工智能公司通过创新的混合架构和模块，如n-gram，实现了大模型推理的高效执行，降低了基础设施成 本，推动了本地AI发展并提升了全球竞争力。n-gram模块的核心创新在于通过存储和计算分离，有效缓解AI计算瓶 颈，减少了对高带宽内存（HBM）的依赖，同时降低了整体基础设施成本，从而在推理能力和成本方面取得显著 提升。下一代模型继续利用n-gram架构，进一步提升了编码及逻辑推理能力。 大摩闭门会：DeepSeek新模型解读 260121_导读 关键词 ngram混合架构 HBM 条件内存 DRAM 推理能力 GPU 多模态 开源 硬件限制 效率驱动 追赶美国 战略意义 WACC beta 市场风险溢价 永续增长率 超预期 低于预期 半导体 全文摘要 中国的人工智能公司通过创新的混合架构和模块，如n-g ...

机构持仓方面，截止2025年9月30日，英集芯十大流通股东中，香港中央结算有限公司位居第七大流通 股东，持股332.07万股，相比上期增加61.41万股。 1月22日，英集芯跌3.98%，成交额5.44亿元。两融数据显示，当日英集芯获融资买入额6502.83万元， 融资偿还4836.32万元，融资净买入1666.52万元。截至1月22日，英集芯融资融券余额合计2.81亿元。 融资方面，英集芯当日融资买入6502.83万元。当前融资余额2.80亿元，占流通市值的2.55%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，英集芯1月22日融券偿还4900.00股，融券卖出2.69万股，按当日收盘价计算，卖出金额68.03 万元；融券余量5.14万股，融券余额130.02万元，超过近一年90%分位水平，处于高位。 资料显示，深圳英集芯科技股份有限公司位于广东省珠海市香洲区唐家湾镇港湾1号港7栋三楼，成立日 期2014年11月20日，上市日期2022年4月19日，公司主营业务涉及电源管理、快充协议芯片的研发和销 售。主营业务收入构成为：电源管理类65.15%，数模混合SoC类22.02%，电池管理类12.3 ...

Group 1 - The market experienced a rebound on January 22, with all three major indices turning positive, and the ChiNext index showing strong performance [1] - The Chip ETF Tianhong (159310) recorded a trading volume exceeding 27 million yuan, with a net subscription of 2 million shares, driven by leading stocks such as Longxin Technology and Chipone Technology [1] - The Electronic ETF (159997) had a trading volume over 40 million yuan, with stocks like Pengding Holdings and China Great Wall leading the gains [1] Group 2 - The Tianhong Chip ETF tracks the CSI Chip Industry Index, which is expected to see a 37.62% year-on-year growth in net profit attributable to shareholders in the first half of 2025, supported by policy and demand [1] - The Electronic ETF focuses on the semiconductor, consumer electronics, and AI chip sectors, providing exposure to leading companies in the digital economy's "hard technology" investment opportunities [1] - The Ministry of Industry and Information Technology announced plans to accelerate the high-quality development of the AI industry, emphasizing technological innovation and breakthroughs in key technologies such as training chips and heterogeneous computing power [1] Group 3 - A research team from Fudan University has developed "fiber chips," which are expected to provide critical support for future industries like brain-machine interfaces [2] - The global AI industry is shifting from model training to inference, with domestic cloud vendors' AI computing power center construction plans expected to drive demand for high-performance chips [2] - AI is increasingly penetrating traditional consumer electronics such as smartphones, PCs, and wearable devices, along with innovative AI hardware like AI glasses and toys, which will boost both volume and price of core components like SOC chips [2]

阿里巴巴-W(09988)高开近4%，截至发稿，涨3.88%，报171.2港元，成交额8.11亿港元。 消息面上，据媒体援引知情人士报道，阿里巴巴正准备推进旗下AI芯片制造企业"平头哥"(T-Head)独立 上市。阿里计划将其重组为一个部分由员工持股的业务实体，随后再寻求进行首次公开募股(IPO)，但 具体上市时间尚未确定，该行动仍处于准备阶段。据悉，平头哥是阿里巴巴于2018年成立的半导体芯片 公司，由阿里集团从收购的中天微系统及阿里达摩院内部芯片团队整合而来，重点聚焦AI芯片与RISC- V生态技术。 截至目前，平头哥在算力芯片领域推出AI推理芯片含光800、CPU倚天710以及AI芯片PPU，在存储芯片 领域推出SSD主控芯片镇岳510，在网络芯片领域据称也将推出相关芯片，已布局数据中心全栈芯片。 平头哥还在端侧芯片推出羽阵IoT芯片，已实现数亿出货，布局覆盖云端和终端。 ...

Core Viewpoint - ChipLink Integration (688469.SH) is expected to improve its profitability, with projected revenue of approximately 8.19 billion yuan in 2025, representing a year-on-year growth of 25.83%, while reducing net losses significantly [2][5]. Financial Performance - The company anticipates a net loss of about 577 million yuan in 2025, a reduction of 40.02% compared to the previous year [5]. - The expected net loss excluding non-recurring items is approximately 1.094 billion yuan, reflecting a year-on-year decrease of 22.41% [5]. - The gross margin is projected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year [2][8]. Operational Efficiency - ChipLink Integration has achieved operational improvements through mergers and acquisitions, enhancing management efficiency and reducing period expense ratios [5][6]. - The company has focused on optimizing management in areas such as decision-making, internal management, and sales management [5][6]. Market Position and Demand - The company maintains a high capacity utilization rate driven by market demand, domestic substitution, and policy support [2][7]. - ChipLink Integration has made significant strides in four key application areas: automotive, industrial control, consumer electronics, and AI, with notable market share in MEMS sensors and laser radar [7][8]. Strategic Development - In 2025, ChipLink Integration completed an asset restructuring worth 5.897 billion yuan, acquiring 72.33% of ChipLink Yuezhou, which has enhanced its management and operational capabilities [3][6]. - The company is transitioning from a focus on scale expansion to deepening technology, aiming to improve profitability through efficiency gains and higher-value product offerings [9].

非负矩阵分解是挖掘高维数据潜在结构的核心技术，广泛应用于推荐系统、生物信息学、图像处理等多 个领域。北京大学人工智能学院孙仲研究员团队瞄准这一技术，设计了一种模拟计算芯片，为大规模数 据处理提供了全新高效方案。和当前先进数字芯片相比，计算速度可提升约12倍，能效比提升超过228 倍，相关成果已于近日发表于《自然·通讯》。 孙仲1月22日告诉科技日报记者，非负矩阵分解是一种强大的"数据降维"技术。它能从巨量且庞杂的用 户行为、图像像素等信息中，提炼出潜在的模式与特征，在图像分析、信息聚类、个性化推荐等领域具 有广泛应用。但面对如今动辄百万级规模的数据集，传统数字硬件受计算复杂度和内存瓶颈限制，难以 满足实时处理需求。 孙仲团队一直研究模拟计算。模拟计算直接利用物理定律实现并行运算，延时低、功耗低，在算力瓶颈 背景下，具有先天优势。团队此次研制出了基于阻变存储器（RRAM）的非负矩阵分解模拟计算求解 器，并创新性设计了一种可重构紧凑型广义逆电路，通过电导补偿原理，用最少的计算单元实现相同运 算功能，对非负矩阵分解过程中最核心的计算步骤进行了优化，实现一步求解，极大优化了芯片的面积 与能耗表现。 为验证芯片性能，研 ...

数量大，今明两年国内一半需求用自研的芯片，目测大几十万颗，和no1 hw那家比肩了。 互通做得好。磐久，64卡，进发128卡，超结点用UAlink。 用量得以保证，阿里去年10年单日tokens调用超过60万亿！同年11月，字节单日40万亿。昨天发言预计 全球tokens调用还要涨100倍。阿里推理自研用的多。 总结：去年google tpu 外售，阿里就看的眼红，一直紧密跟踪。以为它要外售芯片，结果它直接ipo。 阿里云没有像大家期待的分拆。阿里芯片准备单独分拆ipo。 外号"平头哥"，实际ppu，目前到1.7代，对标h100。 特点： ...

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, with a recent financing valuation of nearly 20 billion yuan, and plans to raise 6 billion yuan for AI chip development and innovation projects [1] Group 1: Company Overview - Founded in March 2018, Suyuan Technology has developed four generations of cloud AI chips, establishing a comprehensive product system including AI chips, AI acceleration cards, intelligent computing systems, and software platforms [2] - The company has obtained 262 domestic invention patents and has participated in over 10 national and local technology projects, contributing to 41 national and industry standards for AI chips and intelligent computing systems [2] - As of September 2025, the company reported total assets of approximately 489 million yuan and a significant increase in revenue from 90.1 million yuan in 2022 to 722 million yuan in 2024, reflecting a compound annual growth rate of 183.15% [3] Group 2: Financial Performance - The company reported a net loss of approximately 1.175 billion yuan in 2022, 1.516 billion yuan in 2023, and 1.503 billion yuan in 2024, with a projected loss of 912 million yuan for the first nine months of 2025 [4] - The revenue from AI acceleration cards and modules exceeded the total for 2024 in the first nine months of 2025, indicating strong commercial viability [3] Group 3: Strategic Partnerships - Tencent is the largest shareholder and customer of Suyuan Technology, with sales to Tencent accounting for 71.84% of total sales in the first nine months of 2025 [5][6] - The partnership with Tencent has evolved from small-scale validations to deep strategic cooperation, indicating a stable relationship that is expected to continue [6] Group 4: Management and Ownership - The actual controllers of the company, Zhao Lidong and Zhang Yalin, have extensive experience in the chip industry, having worked at AMD for many years [7] - The company has a diverse shareholder structure with 102 shareholders, including 98 institutional investors, and the actual controllers hold a combined 28.14% of the company's shares [6]