（原标题：周鸿祎回应"财务造假"；豆包AI手机恢复少量销售丨新鲜早科技） 21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 周鸿祎回应"前高管称帮做假账几十亿" 12月16日，一则"360前高级副总裁、三点钟社群核心发起人玉红炮轰360公司创始人周鸿祎"的消息在社交平台传播。消息称一名ID为"玉红"的人 表示，自己帮助周鸿祎做假账至少几十亿元，并声称拥有相关数据，将会全网公布。有群聊截图显示，玉红还提到周鸿祎的游戏项目全部财务造 假。 12月16日傍晚，360集团创始人、董事长周鸿祎发布360集团《关于玉红恶意诋毁360集团创始人周鸿祎先生的严正声明》称，玉红所称"财务造 假"等言论完全背离事实。360集团始终坚持合规经营，严格遵守国家法律法规及证券市场规则，定期接受权威机构审计，财务公开透明、健康合 规。360集团称，针对玉红对360集团、创始人周鸿祎先生及相关企业家的恶意诽谤，360集团将依法采取法律措施追究其法律责任，坚决维护企业 声誉与合法权益。 豆包AI手机恢复少量销售，无扩大生产计划 ...

2025.12. 09 本文字数：1317，阅读时长大约2分钟 作者 | 第一财经 刘佳 英伟达有望重新进入一度失去的中国市场。12月9日，据《环球时报》援引路透社、彭博社等媒体报 道，美国总统特朗普当地时间8日在社交媒体上发文宣布，美国政府将允许英伟达向中国出售其 H200人工智能芯片，但对每颗芯片收取25%的费用。他还称，美国商务部正在敲定相关安排细节， 同样的安排也将适用于超微半导体公司、英特尔等其他人工智能芯片公司。 今日，第一财经记者就此消息向英伟达方面求证，英伟达回应表示："向商业客户供应H200是一种值 得肯定的举措。" 今年7月时，黄仁勋来华接受第一财经等媒体采访时曾表示，期待未来有更先进的芯片进入中国市 场。现在这一期待有望成为现实，尽管附带了" 收费 "的条件。 接下来，中国市场的客户何时下新订单、需求是否改变以及供应链需要多少时间等因素，将影响英伟 达业绩预测。更重要的是，在英伟达"缺席"的这段时间里，中国市场已经发生了变化——本土AI芯片 厂商加速崛起，客户找到替代方案。在不久前的腾讯财报会议中，腾讯高管表示目前GPU完全够 用，资源并没有非常紧张。百度高管近期表示，目前百度内部绝大多 ...

到今年10月的一场公开活动中，英伟达CEO黄仁勋曾表示，美国的政策导致失去了世界上最大的市场之 一。英伟达在中国的市场份额从95%降到0%，英伟达100%离开了中国市场。黄仁勋称，错失中国人工 智能（AI）市场将是一个"巨大损失"。 黄仁勋还提到中国在AI领域的实力，称中国是一个独一无二的市场。这个市场的活力、创新能力、发 展势头，以及这个产业的发展速度，都是绝无仅有的。如果不参与中国市场的意外后果和长期影响，虽 然难以预测，但结果不会乐观。他预计中国人工智能市场可能在未来两到三年内达到约500亿美元。对 于一家美国公司来说，无法进入这一市场将是巨大的损失，而中国的AI市场无论有没有英伟达都会进 步。 接下来，中国市场的客户何时下新订单、需求是否改变以及供应链需要多少时间等因素，将影响英伟达 业绩预测。更重要的是，在英伟达"缺席"的这段时间里，中国市场已经发生了变化——本土AI芯片厂商 加速崛起，客户找到替代方案。在不久前的腾讯财报会议中，腾讯高管表示目前GPU完全够用，资源并 没有非常紧张。百度高管近期表示，目前百度内部绝大多数的推理任务跑在自家昆仑芯P800上。360集 团创始人周鸿祎也对记者表示目前芯片 ...

12月5日，百度（09888.HK）的股价一度大幅上扬，撬动市场情绪的，不是其搜索广告业务的回暖，亦不是 文心大模型的新突破，更不是萝卜快跑的进一步扩张，而是一则关于旗下AI芯片子公司昆仑芯拟赴港上市 的传闻。 12月7日，百度（BIDU.US）发布了官方公告，证实其正就分拆及上市昆仑芯进行评估，但同时也泼了市场 冷水——须经相关监管审批程序，且其不保证拟议分拆及上市将会进行，即便如此，百度H股股价仍大幅上 扬4%。 昆仑芯的前世今生 时间拉回到2011年，当时的百度还沉浸在搜索业务的增长红利中，但一群技术人员已经悄悄启动了FPGA AI 加速器项目。 没人能预料到，这个最初只为解决百度内部AI计算效率的小项目，会在十几年后成长为估值超200亿元的芯 片独角兽。 用计算推理服务器集采的大额订单，在部分标包中斩获70%-100%的份额，在"类CUDA生态"标段中，基于 昆仑芯的AI服务器产品中标份额排名第一。 在2025年11月13日的百度世界大会上，百度正式发布新一代昆仑芯和超节点产品"天池"，计划未来五年按年 推出新产品，持续打造最硬AI云，助力企业内部开发AI能力。 新一代昆仑芯包含两款产品，其中昆仑芯M ...

拟分拆昆仑芯赴港上市？百度进行了回应。 12月7日晚间，百度集团发布一则"官宣式"公告：公司注意到于2025年12月5日有媒体报道公司拟分拆非全资附属公司昆仑芯（北京）科技有限公司（简 称"昆仑芯"）进行独立上市。公司澄清，目前正就拟议分拆及上市进行评估。若进行分拆及上市，将须经相关监管审批程序，而公司并不保证分拆及上市 将会进行。 百度回应"昆仑芯赴港上市" 而就在两天前，路透社发布消息称，百度拟分拆昆仑芯并筹备上市，计划最早于2026年一季度向港交所递交上市申请，目标是在2027年初完成IPO。此 前，昆仑芯刚刚完成一笔融资，投后估值达210亿元。 受该消息影响，百度港股股价一度大涨超过7%。截至12月5日收盘，百度上涨5.01%，市值达3344.2亿港元。 | 今开 | 115.800 | 最高 | 124.800 | 成交量 | 3062万股 | | --- | --- | --- | --- | --- | --- | | 昨收 | 115.800 | 最低 | 115.100 | 成交额 | 37.16亿 | | 换手率 | 1.11% | 市盈(TTM) | 33.93 | 总市值 | 3344 ...

配合天池256/512超节点方案，单节点可支撑万亿参数模型训练，互联带宽较上一代翻两番，性能提升 50%以上。摩根大通预测，凭借新品放量及GPU替代需求，昆仑芯收入将从2025年的13亿元跃升至2026 年的83亿元，年增6倍，成为百度智能云未来两年最核心的增长引擎。 资本窗口打开，国产芯片排队上市 近期交易所数据印证"AI算力"热度：国产GPU公司摩尔线程登陆上交所首日暴涨500%，沐曦、燧原、壁 仞等亦传出将在未来数周递表。港交所对硬科技敞口提升，加上港股通流动性改善，为昆仑芯提供了难 得的估值溢价窗口。业内人士指出，寒武纪A股市值一度折合800亿港元，参照同赛道估值区间，昆仑芯 若成功IPO，市值有望跻身300亿—1000亿港元头部梯队。 风险提示：产能与生态仍是"卡脖子"环节 从"自用"到"外供"，营收结构迎来拐点 昆仑芯源于2012年百度内部芯片项目，早期专为搜索、自动驾驶、智能云提供算力，累计部署已超10万 片。2021年完成独立融资后，公司刻意降低对母公司依赖，外销比例快速抬升。2024年收入约20亿元， 其中外部客户贡献不足四成；据路演材料，2025年外部订单将首次过半，全年营收有望突破35亿 ...

Core Viewpoint - The media and internet industry, particularly the gaming sector, is expected to continue high growth driven by AI technology innovations [1] Group 1: Industry Growth - The gaming sector's performance is anticipated to maintain high growth, supported by new product launches and international market expansion [1] - New game releases such as "Delta Force" and "Valorant" are contributing to revenue growth [1] Group 2: AI Technology Impact - AI technology is driving innovation in the industry, exemplified by Baidu's intelligent cloud launching a dual-mode computing scheduling solution based on Kunlun chip P800 [1] - This solution provides flexible computing support for AI applications such as intelligent customer service and marketing assistance [1] Group 3: Investment Opportunities - The gaming ETF (516010) tracks the animation and gaming index (930901), which selects listed companies involved in animation production, game development, and derivative sales [1] - The index reflects the overall performance of listed companies in the animation and gaming sector, characterized by high growth potential and volatility [1]

Core Insights - The rise of domestic AI chips is highlighted, particularly with Baidu's self-developed P800 chip, which has been validated internally and is primarily used for inference tasks [1] - Baidu plans to release new Kunlun chips annually for the next five years, indicating a strong commitment to advancing its AI chip technology [1] - The P800 chip has significantly impacted Baidu's stock price, which surged over 10% following news of its use in training the new Ernie AI model [1] Group 1: Baidu's AI Chip Development - The P800 is the third generation of Baidu's Kunlun chip, with a single cluster of 5000 cards being used to train a multimodal model efficiently [1] - The training cluster has expanded to over 10,000 cards, showcasing Baidu's capability to handle larger models [1] - Baidu's Kunlun chips have been adopted by over a hundred clients across various industries, including finance, energy, and education, with delivery scales ranging from tens to thousands of cards [1][2] Group 2: Historical Context and Future Plans - Baidu's self-developed chips date back to 2011, with the Kunlun chip business becoming independent in 2021 [2] - The latest funding round for Kunlun Technology was completed in July, with Baidu holding a 59.45% stake [2] - Future chip releases include the Kunlun M100 for large-scale inference in 2026 and the M300 for ultra-large multimodal model training and inference in 2027 [2] Group 3: Technical Advancements - The training and inference of large models require multiple chips to work together, necessitating high communication efficiency between them [3] - Baidu announced the launch of the Tianchi 256 and Tianchi 512 supernodes, which will significantly enhance throughput for mainstream large model inference tasks [3] - Starting in 2027, Baidu plans to introduce additional supernodes with varying capacities, further expanding its AI infrastructure capabilities [3]

Core Insights - The financial industry is experiencing a surge in the application of large models, with a significant increase in project numbers and funding [1][2][3] Industry Overview - In the first three quarters of 2025, the number of large model projects in the financial sector reached 358, a 170% increase compared to the entire year of 2024, with disclosed funding amounting to 955 million yuan, nearly tripling year-on-year [1][2] - The trend indicates a shift from pilot exploration to large-scale deployment of large model technologies within financial institutions [2][3] Company Performance - Baidu Intelligent Cloud leads the industry in the number of projects won, covering various financial institutions including banks, insurance companies, and securities firms [1][3] - The company has established partnerships with major banks, such as a collaboration with China Merchants Bank to support large model applications using Kunlun Chip P800, which requires only 32 servers for training a model with one trillion parameters [3][4] Technological Advancements - Baidu Intelligent Cloud has developed a comprehensive AI technology stack, which includes a four-layer architecture from chips to applications, crucial for the highly regulated financial sector [4][5] - The company achieved a significant breakthrough in domestic AI chips, launching the first fully self-developed Kunlun chip cluster, marking a new performance-leading phase for AI infrastructure [4][5] Market Position - Baidu Intelligent Cloud serves over 800 financial institutions, covering 100% of systemically important banks, and has maintained a leading position in the AI public cloud market with a 24.6% market share [5] - The company has been recognized as the top player in the Chinese AI public cloud market for six consecutive years, indicating strong competitive advantages [5] Future Outlook - As financial institutions continue to increase their AI budgets in the fourth quarter, the large model market is expected to see further growth, with Baidu Intelligent Cloud focusing on solidifying its technological advantages and expanding ecosystem collaborations [5]

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by domestic production acceleration, surging AI computing power demand, and expansion in storage chip capacity [4][7]. Market Dynamics - The semiconductor equipment sector has shown strong performance, with notable stock price increases and a significant rise in the China Securities Semiconductor Materials and Equipment Theme Index, reflecting high market interest [3][4]. - The index focuses on the upstream and midstream segments of the semiconductor industry, with semiconductor materials and equipment accounting for 97% of its weight, indicating a strong emphasis on these areas [5]. - As of September 26, the semiconductor materials and equipment index has risen over 22% in the month, outperforming other semiconductor indices, showcasing its relative strength [5][6]. Industry Drivers - The robust performance of the semiconductor equipment sector is closely linked to positive signals from the industry, including advancements in domestic computing infrastructure and significant expansion plans in the storage chip sector [8]. - The China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project has gained attention, collaborating with seven domestic AI chip companies and achieving a total computing power scale of nearly 3500P, which enhances domestic computing capabilities and creates new market opportunities for semiconductor equipment manufacturers [8]. - Major companies like Huawei and Baidu are actively advancing their AI chip strategies, further driving demand for chips and semiconductor equipment [9]. Investment Outlook - The global monetary policy environment is becoming more favorable, with the Federal Reserve's interest rate cuts injecting liquidity into the market, benefiting the semiconductor equipment sector [10]. - Compared to the already fully valued AI application layer, semiconductor equipment, as an upstream infrastructure segment, benefits from both the direct boost of AI computing demand and market share gains from deepening domestic production [10]. - The semiconductor equipment ETF has seen continuous net inflows, indicating market optimism about the sector's future performance [10][11]. - The ETF has achieved a cumulative return rate of 77.92% since its inception, highlighting the strong performance of underlying assets and the strategic value of semiconductor equipment in the AI industry [11].