经济观察报记者 郑晨烨 9月18日，"小登"投资者们青睐的寒武纪（688256.SH）盘中股价再度超越"老登"投资者们热爱的贵州茅台（600519.SH），登顶A股"股王"。但这只是片刻荣 耀，截至当日收盘，"寒王"股价依然处于"茅帝"之下——前者股价为1420.99元/每股，后者股价为1467.96元/每股。 当天收盘后，寒武纪召开了2025年上半年业绩说明会。顺理成章地，这场会议也成了投资者审视其基本面的窗口。 经济观察报记者也参与了该次会议。记者注意到，投资者在线上累计提出了超过80个问题，但截至会议结束，公司管理层仅对其中约20个问题进行了回应， 这些被回应的问题中，有6个来自经济观察报记者。 比如，市场最关心的问题之一是，寒武纪已近四年未发布迭代性的新一代云端训练芯片，下一代产品究竟何时推出？对此，经济观察报记者在会上向寒武纪 董事长陈天石提出直接问询，但陈天石并未给出正面、具体的时间表。 陈天石的回复内容基本重复了一遍该公司在半年报中关于"新一代智能处理器微架构及指令集正在研发中"的表述，并最终以"公司产品信息与研发进展相关 情况请以公司在法定披露媒体披露的信息为准"收尾。 一边是二级市场用资金投 ...

Core Insights - Yuntian Lifei plans to fully focus on AI chips by 2025, leveraging its expertise in neural network processor architecture and commercial chips [1] - The company aims to develop a domestic AI inference chip system characterized by high performance, low cost, and strong adaptability, targeting the AI inference market [1] Company Strategy - Yuntian Lifei will concentrate on three core areas: edge computing, cloud-based large model inference, and embodied intelligence [1] - The company is positioning itself as a leader in China's AI inference chip market, aiming to accelerate the deployment and rapid development of AI across various scenarios [1] Market Outlook - According to MarketsandMarkets, the global AI inference market is projected to reach approximately $106.15 billion (about 737 billion RMB) by 2025, with a compound annual growth rate (CAGR) of 19.2% from 2025 to 2030, potentially reaching around $254.98 billion by 2030 [6]