财经三分钟 . 4 亿中产财经资讯平台，专注深度财经商业报道。由财经媒体人杨瑞团队执笔，出品《广州租售同 权》、《北京学区房多校划片》、《国家抢占人工智能制高点》等多篇千万级刷屏文章。 作者：杨瑞 来源：财经三分钟 以下文章来源于财经三分钟 ，作者杨瑞 当阿里股价单周暴涨3400亿，资本市场的狂欢背后，藏着一个被多数人忽略的真相： 这不是一 次偶然的财报利好，而是一场跨越十年的技术修行终于开花结果。 2025年二季度，阿里净利润同比暴涨76%的亮眼数据里，阿里云26%的增速、AI业务连续八个 季度三位数增长的表现，撕开了互联网行业"流量见顶"的困局：原来真正的增长，从不是在存量 市场里抢蛋糕，而是用技术造出新的蛋糕。 01 阿里股价狂飙 3400 亿！ ---------------------------------- 早有预谋的价值回归 2025年第二季度财报，就像是一把锐利的手术刀，精准地划开了阿里的商业版图，展现出其内部 增长的全新脉络。 营收2476.52亿元，同比微增2%，这个数字乍一看，或许会让人觉得阿里的增长略显温吞，可 当我们把目光聚焦到净利润上，423.82亿元，同比暴涨76%，远超市场预 ...

导语：阿里造芯如果定义为"保障云业务供应链安全"，那么它大概率能够持续；但若定义为"一个独立可大规模盈利的芯片硬件业务"，则前景并不乐 观。 这几年 ， 阿里芯片每一次亮相，都夹杂着质疑与期待。 2026 财年第一季度财报公布前夕，阿里再次释放出 " 自研芯片 " 的信号。 8 月 28 日据 媒体 报道，阿里正在内部测试一款由国内代工的人工智能推理芯片，定位是补齐在大模型推理与云计算供给上的缺口。 根据公开信息，阿里巴巴在芯片研发方面持续加大投入。过去四个季度，阿里在 AI 基础设施及 AI 产品研发上累计投入已超过 1000 亿元，其中 部分资金用于芯片研发。今年 2 月，阿里宣布未来三年将投入超过 3800 亿元，用于建设云和 AI 硬件基础设施，这其中也包括芯片研发的相关投 入。 然而，快七年过去，市场的追问仍然是：阿里究竟能否在这条技术壁垒极高的道路上真正突围？ 阿里的造芯之路，经历了几个阶段。 2018 年收购中天微后，芯片业务被并入阿里达摩院，成立了 " 平头哥 " 半导体，标志着从架构设计到应用落地的完整自研路线就此启动。 2019 年在云栖大会上推出的含光 800 ，是阿里第一次在公开场合高 ...

Core Viewpoint - Jack Ma has re-emerged in the public eye, indicating a recovery from past challenges, and is actively involved in both philanthropy and technology, particularly focusing on AI and cloud infrastructure investments [1][3]. Investment and Technology Development - Alibaba plans to invest over 380 billion yuan (approximately 58 billion USD) in cloud and AI hardware infrastructure over the next three years [3]. - Alibaba has developed a new AI chip that is currently in the testing phase, aimed at a wide range of AI inference tasks, and is produced entirely through domestic supply chains, reducing reliance on international manufacturers like TSMC [6][10]. Market Context and Competitive Landscape - The U.S. has intensified its restrictions on China's high-end chip technology, which has influenced Alibaba's "backup plan" for chip development [6][10]. - The NVIDIA H20 chip, designed for the Chinese market, faces performance limitations due to U.S. export controls and has raised security concerns, leading to recommendations for domestic companies to avoid its use [8][10]. Domestic Chip Innovation - Alibaba's subsidiary, Pingtouge Semiconductor, has already launched several chips, including the Lingang 800 and Yitian 710, and has made significant progress in the RISC-V architecture [8]. - The new AI inference chip from Alibaba shows compatibility with NVIDIA's CUDA ecosystem and achieves a performance of 125 TOPS, which is about 90% of the H20 chip's capabilities [8][10]. Future Outlook - The emergence of Alibaba in the AI chip sector is expected to enhance the competitiveness of domestic AI chips, marking the beginning of a long journey towards chip self-innovation in China [12].

2025.09. 01 二季度财报显示，阿里云收入增长26%，创三年新高，AI相关收入连续8个季度三位数增长，AI收入 占外部商业化收入的比例超过20%。中信证券认为，目前阿里已实现AI投入增加带来AI收入增加的 正循环，建议关注阿里产业链，包括GPU、IDC、光模块、交换机等。 目前，阿里巴巴公开的芯片相关布局包括平头哥和达摩院旗下 XuanTie 玄铁等业务。平头哥此前推 出了含光800，倚天710、镇岳510等芯片，玄铁则押注于RISC-V架构，通过自研芯片与生态共建推 动AI算力市场的国产化进程也在过往被阿里多次提到。 9 月 1 日 ， A 股 市 场 阿 里 概 念 股 集 体 走 强 ， 旋 极 信 息 （ 300324.SZ ） 涨 超 20% ， 利 扬 芯 片 （ 688135.SH ） 上 涨 20% ， 锐 捷 网 络 （ 301165.SZ ） 、 有 方 科 技 （ 688159.SH ） 、 全 志 科 技 （300458.SZ）、香农芯创（300475.SZ）、新华都（002264.SZ）、山子高科（000981.SZ）等 涨超10%。 微信编辑 | 夏木 本文字数：945，阅 ...

今年 2 月，阿里巴巴便掷出重磅计划，宣布未来三年将投入超 3800 亿元用于建设云和 AI 硬件基础设 施。在 8 月 29 日的财报电话会上，阿里巴巴 CEO 吴泳铭进一步表示，尽管每个季度的 AI 开发支出会 因供应链波动，但依据全球 AI 芯片供应及政策变化，阿里已有 "后备方案"。通过与不同合作伙伴携 手，阿里正构建多元化供应链储备，确保 3800 亿的资本开支按预期推进。这一坚定投入，无疑是对其 AI 战略的有力背书。 9 月 1 日，港股市场上阿里巴巴（09988.HK）的股价走势成为焦点，盘中一度强势上涨超 19%，达 138 港元/股，阿里概念板块也随之攀升，涨幅一度超 2%。这一股价的大幅上扬，背后折射出市场对阿里巴 巴在 AI 领域布局的高度关注与积极预期。 从硬件供应来看，联想能够为阿里巴巴提供定制化、高性能的服务器产品，满足阿里在云计算、大数据 处理、AI 模型训练等复杂业务场景下的多样化需求。此外，在AI PC和面向行业和企业的智能体解决方 案方面，联想与阿里巴巴有着广泛和广阔的合作。 在联想集团 2026 财年第一季度财报中，其营业收入达到 1362亿元人民币，非香港财务报告准则 ...

根据IDC 2025年第一季度x86服务器市场数据显示，联想服务器全球排名进入前三甲，收入飙升 74.8%，高达 41.2 亿美元，在全球前五的厂商中增速独占鳌头，实现了市场份额与收入的双丰收。 9 月 1 日，港股市场上阿里巴巴(09988.HK)的股价走势成为焦点，盘中一度强势上涨超 19%，达 138 港 元/股，阿里概念板块也随之攀升，涨幅一度超 2%。这一股价的大幅上扬，背后折射出市场对阿里巴巴 在 AI 领域布局的高度关注与积极预期。 今年 2 月，阿里巴巴便掷出重磅计划，宣布未来三年将投入超 3800 亿元用于建设云和 AI 硬件基础设 施。在 8 月 29 日的财报电话会上，阿里巴巴 CEO 吴泳铭进一步表示，尽管每个季度的 AI 开发支出会 因供应链波动，但依据全球 AI 芯片供应及政策变化，阿里已有 "后备方案"。通过与不同合作伙伴携 手，阿里正构建多元化供应链储备，确保 3800 亿的资本开支按预期推进。这一坚定投入，无疑是对其 AI 战略的有力背书。 从阿里巴巴最新的二季度财报来看，其在 AI 领域的投入成效显著。阿里云收入增长 26%，创下三年来 的新高，AI 相关收入更是连续 8 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

Core Insights - Huang Renxun's visit to Beijing highlights that Nvidia's influence in the Chinese market has diminished significantly, as China no longer relies on Nvidia for AI chip technology [1][14] - The Chinese AI chip industry has rapidly developed, with companies like Huawei, Cambricon, and Alibaba producing competitive chips that can rival Nvidia's offerings [3][9] Industry Developments - The Chinese AI chip market has seen the emergence of strong domestic players, with Huawei's Ascend 910, Cambricon's Shiyuan 290, and Alibaba's Hanguang 800 leading the charge [3][5] - Major Chinese tech firms such as Baidu, Alibaba, and Tencent have shifted to using domestic chips for training AI models, previously reliant on Nvidia [7][9] Market Dynamics - Nvidia's attempts to continue selling in China with modified versions of their chips (A800 and H800) have not been well received, leading to a loss of trust among Chinese consumers [5][10] - The demand for Huawei's Ascend chips has surged, with orders reportedly extending into the second half of next year, indicating a supply shortage and competitive pricing compared to Nvidia [7][9] Strategic Implications - Huang Renxun's visit was intended to explore opportunities for collaboration, but the Chinese market has made it clear that it no longer needs Nvidia's products [9][14] - The development of a complete AI industry chain in China, from chip design to application, poses significant challenges for Nvidia to re-enter the market [9][10]

Group 1 - The H20 chip, previously banned by the US government, is crucial for AI model training in China and is now set to return to the market, indicating a shift in US-China tech relations [3][5][14] - Nvidia's revenue from the H20 chip in 2024 is projected to be between $12 billion and $15 billion, accounting for approximately 85% of its revenue from China [7] - After the ban, Nvidia suffered a loss of about $2.5 billion in sales in the first quarter, with an estimated total loss of $13.5 billion over two quarters [9][10] Group 2 - The return of the H20 chip signifies a tactical compromise in US-China relations, with both sides adjusting their strategies rather than fully decoupling [16][17][25] - Chinese companies have accelerated their development of domestic chips, with firms like Huawei and Alibaba investing in their own technologies to reduce reliance on foreign products [11][22][34] - The Chinese AI market has not stalled due to the H20 ban; instead, it has prompted faster domestic alternatives, potentially threatening Nvidia's market dominance in the future [14][19][51] Group 3 - The H20 chip's return is expected to restore supply chains and reduce costs for companies reliant on Nvidia, allowing AI projects to progress more rapidly [29][30] - The Chinese government is encouraging the use of domestic chips in new data centers, further supporting local technology development [34] - Despite the H20's return, some companies may still prefer Nvidia products due to their established reputation and compatibility, indicating a potential divide in corporate strategies [36][37] Group 4 - Nvidia is likely to focus on enhancing partnerships with leading Chinese AI companies and adapting its offerings to meet local regulatory requirements [43][46] - The competition between US and Chinese tech ecosystems is evolving, with both sides potentially developing parallel AI worlds [52][55] - The establishment of a self-sufficient Chinese AI ecosystem could lead to a significant shift in global tech dynamics, reducing dependence on Western technologies [60][61]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [4][5]. Core Views - The company is positioned as a leading provider of one-stop customized chip design and semiconductor IP licensing services, focusing on R&D to drive future growth [14][17]. - The demand for self-developed ASICs from cloud vendors is surging, presenting historical opportunities for the chip design service industry [2][38]. - There is a pressing need for domestic semiconductor IP, with the company ranked first in China and eighth globally in terms of sales revenue [3][4]. Summary by Sections One-Stop Customized Chip Design & IP - The company offers comprehensive chip customization services and semiconductor IP licensing, with a strong emphasis on R&D and talent development [14][17]. - As of Q1 2025, the company has a record high order backlog of 24.56 billion yuan, indicating robust future revenue potential [1][11]. ASIC Demand Surge - The chip design service industry is experiencing a significant demand increase for self-developed ASICs, particularly from major cloud service providers [2][38]. - The company has strong supply chain capabilities, enabling it to meet the self-development needs of large enterprises [2][38]. Semiconductor IP Localization - The company is the leading provider of semiconductor IP in China, with a wide range of applications for its NPU and GPU IP products [3][4]. - The localization of semiconductor IP is critical, and the company is well-positioned to benefit from the trend towards domestic alternatives [3][4]. Profit Forecast and Investment Recommendations - Revenue projections for the company are 31.8 billion yuan in 2025, 40.6 billion yuan in 2026, and 58.8 billion yuan in 2027, with expected growth rates of 36.9%, 27.6%, and 45.0% respectively [4][9]. - The company is expected to turn profitable by 2025, with a projected net profit of 0.1 billion yuan, growing significantly in subsequent years [4][9].