本文来自微信公众号：凤凰网科技 （ID：ifeng_tech），作者：姜凡，编辑：董雨晴，原文标题：《寒武纪捅破了天？半年报炸裂、净利润超10亿》，题 图来自：AI生成 8月26日，寒武纪（688256.SH）发布的半年报，直接在资本市场投下了一枚重磅炸弹。2025年上半年，公司实现营业收入28.81亿元，同比增长 4347.82%；归属于母公司股东的净利润10.38亿元，而去年同期还是亏损5.3亿元，如今一举扭亏为盈，基本每股收益也从-1.27元翻红至2.5元。 | | | | 单位: 元 中神:人民币 | | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | | | | | 增减(%) | | | 总资产 | 8, 420, 117, 458. 26 | 6, 717, 812, 509. 70 | | 25. 34 | | 归属于上市公司股 | 6,755, 397, 722. 83 | 5, 422, 658, 659. 68 | | 24. 58 | | 东的净资产 | | | | | | | 本报告期 | 上年同期 ...

克雷西 一水 发自 凹非寺 量子位 | 公众号 QbitAI DeepSeek V3.1发布后，一则官方留言让整个AI圈都轰动了： 新的架构、下一代国产芯片，总共短短不到20个字，却蕴含了巨大信息量。 国产芯片企业股价也跟风上涨，比如寒武纪今日早盘盘中大涨近14%，总市值跃居科创板头名。 半导体ETF，同样也是在半天的时间里大涨5.89%。 （不知道作为放出消息的DeepSeek背后公司幻方量化，有没有趁机炒一波【手动狗 头】） | Cambricon | 其武红 | + | | | | | | | | | | | 每日Ali "股票i | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SH 688256 ■ Level1基础行情 ■ 上海交易所 ■ 沪港通标的股票 ■ 科创板 ■ 融资融券标的 | | | | | | | | | | 所属行业 × 半导体 +2.68% > | | | | | | | | | | | | | | | 1164.45元 +128. ...

Core Insights - The third China International Supply Chain Promotion Expo was held in Beijing, emphasizing innovation as a key theme, showcasing new products and technologies in the supply chain sector [2] Group 1: H20 Chip Export Resumption - Nvidia's CEO announced that the U.S. government has approved the resumption of H20 chip exports to China, which was previously banned due to national security concerns [4][6] - The H20 chip is designed specifically for the Chinese market and has significantly lower performance compared to Nvidia's mainstream GPU, the H100 [4][6] - The ban on H20 led to Nvidia facing a $4.5 billion inventory loss and a $5.5 billion impairment charge, with its market value dropping by $160 billion [4][6] Group 2: Strategic Considerations - The U.S. policy adjustment regarding H20 exports reflects a tactical shift rather than a change in strategic goals, aiming to maintain U.S. dominance in key technology sectors [6][8] - The decision to lift the ban is driven by a cost-benefit analysis, where the costs of maintaining the ban outweigh the strategic benefits [6][8] - The military use assumption of H20 lacks empirical support, and China's domestic chip capabilities are growing, reducing reliance on U.S. technology [7][8] Group 3: Market Dynamics - The resumption of H20 sales is expected to provide a short-term boost to China's AI industry, allowing projects that were delayed during the ban to proceed [10][12] - However, the long-term impact on China's domestic chip industry remains uncertain, as the H20 chip's performance is inferior, and the risk of future U.S. export restrictions persists [10][12] - The "white list" system for H20 procurement may create a tiered market, potentially disadvantaging smaller Chinese tech firms [11][12] Group 4: Future Strategies - Domestic companies are encouraged to enhance supply chain resilience and explore technology partnerships to mitigate procurement uncertainties [14][15] - A dual approach of securing high-end chip imports while developing local alternatives is recommended to reduce dependency on foreign suppliers [14][15] - The establishment of a standardized domestic chip ecosystem is crucial for long-term competitiveness in the global market [16][17]

整个科技圈和资本圈都在热议一件事：黄仁勋亲口确认，为中国市场"特供"的H20芯片，在被禁三个月后，恢复销售了！ A股AI概念闻声起舞，英伟达股价应声上涨。一片"利好"声中，硅兔君拨通了自己硅谷专家网络中的专家A（代号无任何意义）的视频电话。A是NVIDIA 前资深系统软件工程师，深度参与过Hopper架构的性能优化项目。 视频那头，A正在硅谷的家中，他呷了一口咖啡，开门见山："Jenson（黄仁勋）的这步棋，走得极其精妙，也极其'毒辣'。它不是一次破冰，而是一场'手 术刀'式的再平衡。 理解了这把刀的落点，你才能看清未来几年中国AI的真实棋局。" 这篇长文，将为您完整转述并解读硅兔君与A长达两小时的深度对话。准备好了吗？让我们一起，拨开迷雾。 H20究竟是"何方神圣"？ A解释说："大模型训练就像成千上万个大脑协同思考一个极其复杂的问题，它们之间需要不断高速交流信息。带宽就是这些大脑之间的'沟通语速'。语速 慢了，整个思考过程就会被拖慢，即便每个大脑本身再聪明，整体效率也上不去。" 这直接决定了H20无法高效地进行万亿参数级别的超大规模集群训 练。 内存带宽（Memory Bandwidth） ：H20配备了 ...

Core Viewpoint - The Chinese government has strategically placed lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) production technologies under export control, signaling a significant shift in the global battery supply chain dynamics [1][2]. Group 1: Impact on Technology and Supply Chain - The U.S. release of the H20 chip is seen as a miscalculation, as its performance is only 15% of the H100, while Huawei's Ascend 910B outperforms it significantly [2]. - China produces 80% of the world's LFP batteries, with companies like CATL and BYD having established strong patent protections [2][4]. - The export control also includes lithium extraction technologies, affecting overseas companies' ability to produce batteries without relying on Chinese resources [4]. Group 2: Strategic Implications - The Chinese government's actions are viewed as a decisive move in the ongoing technological and economic competition with the U.S., emphasizing the importance of technological sovereignty [2][5]. - The U.S. attempts to leverage the CUDA ecosystem to bind Chinese developers may face challenges as China fortifies its position in battery materials [5]. - The anticipated increase in battery costs by 30% for European and American automakers highlights the critical role of battery technology in the broader energy revolution [5].

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]

Core Viewpoint - The article discusses the growing interest and procurement plans for domestic GPUs, particularly Huawei's Ascend series, in light of increasing restrictions on GPU imports from the U.S. [1] Domestic GPU Procurement Situation - ByteDance is the most proactive in adopting domestic GPUs, primarily using Cambrian and Ascend, with plans to increase procurement in 2025 [2] - Alibaba is more cautious, planning to purchase Haiguang and Cambrian cards in 2025 while continuing to stockpile NVIDIA products [3] - Tencent is the most conservative, preferring NVIDIA products, followed by H company's offerings, and only considering Cambrian and Haiguang as alternatives [3][4] Ascend 910 Series Latest Situation - As of early June, the Ascend 910B has shipped approximately 160,000 units, while the 910C has only shipped about 27,000 units due to production delays [5] - The 910C has received positive feedback for its cluster capabilities but still lags behind NVIDIA in performance [5][6] - The annual shipment target for the Ascend series has been adjusted from 850,000 to around 700,000 units due to demand fluctuations and market conditions [6] Application Scenarios and Challenges - Approximately 15% to 20% of Ascend cards are used for model training, with the majority for inference tasks [6] - High costs and technical challenges limit the widespread use of Ascend cards in high-end training applications [6][8] - The development of multi-modal models is driving higher hardware standards, with domestic manufacturers striving to catch up with international brands [7] Custom Development and Market Outlook - Collaborating with Ascend for customized development offers cost advantages but requires significant human resources for adaptation [8] - The domestic chip industry is expected to expand its market share as technology advances and market demands evolve [8]

随着美国针对GPU的限制越来越多，大家对国产GPU尤其是华为昇腾系列GPU的表现和出货量都非 常关心，前段时间老黄还说华为芯片性能已超H200，华为的CloudMatrix云架构也已经超英伟达。当 然老黄这么说肯定是有夸张的成分，他一直对美国政府出台的这些限制政策很不爽，既让英伟达损 失了很多中国的大客户，又让国产GPU在这段时间取得了突飞猛进的发展。 由于华为从未对外公布过昇腾系列的出货量，因此我们只能参考第三方的调研，本文中关于昇腾910 系列出货量的数据，是参考自本营最近的一份调研纪要。 国产GPU采购情况 相信本文的读者们应该都看到过关于CSP大厂的资本开支，字节预计2025年投入1600亿，阿里宣布 未来3年投入3800亿建设云和AI硬件基础设施，腾讯预计2025投入900亿。根据公众号"AI半导体专 研"的一个调研，在H20被禁后，国内大厂对于国产GPU卡的态度和采购计划如下： 字节最为积极，主要采用寒武纪和昇腾，并广泛测试国内其他品牌，2025年计划增加采购这些品牌 的卡。 阿里则较为谨慎，除了自研的平头哥外，还上线了部分昇腾卡，但性能表现不佳；2025年预计首次 采购海光和寒武纪的卡，同时继续 ...

Core Viewpoint - The article discusses the recent U.S. export restrictions on semiconductor technology to China, particularly focusing on the impact on the electronic design automation (EDA) market and the competitive landscape in the computing power sector between the U.S. and China [2][8]. Group 1: U.S. Export Restrictions - The U.S. government has cut off certain semiconductor design software exports to China, affecting major EDA companies like Cadence, Synopsys, and Siemens, which hold over 80% of the Chinese EDA market [2]. - The U.S. has implemented stricter AI chip export controls, categorizing China under a comprehensive ban on GPU chips [8]. Group 2: Domestic Developments in China - Domestic companies are actively competing in the computing power ecosystem, with significant developments such as the merger between Haiguang Information and Zhongke Shuguang, both of which are industry leaders [5][21]. - The merger aims to integrate chip design and server manufacturing, enhancing the domestic computing power ecosystem and addressing supply chain security concerns [24][25]. Group 3: Market Dynamics and Competition - NVIDIA's market share in China has dropped from 95% to 50% due to U.S. export controls, allowing local companies like Huawei and Cambricon to gain ground [10][13]. - Despite the loss in market share, there remains a significant dependency on NVIDIA's software ecosystem, particularly the CUDA platform, which is widely used in AI model development [15][18]. Group 4: Strategic Implications - The merger of Haiguang and Shuguang represents a strategic move to create a comprehensive solution that combines chip design, server manufacturing, and cloud services, similar to Huawei's approach with its Ascend chips and cloud services [26][28]. - China's strategy contrasts with the U.S. approach, focusing on building a self-sufficient computing power ecosystem while ensuring that domestic industries utilize local products [31][32]. Group 5: Future Outlook - The article suggests that while China is currently in a defensive position in the computing power competition, the integration of companies like Haiguang and Shuguang is a step towards strengthening its industrial capabilities [34][35]. - The focus will need to shift towards developing a robust software ecosystem to complement the hardware advancements, as the U.S. still holds a significant advantage in this area [36][38].

截至2025年5月29日 13:51，上证科创板100指数(000698)强势上涨2.66%，成分股经纬恒润(688326)上涨9.84%，三生国健(688336)上涨9.31%，博瑞医药（维 权）(688166)上涨8.71%，智翔金泰(688443)，泽璟制药(688266)等个股跟涨。科创100ETF汇添富(589980)上涨2.39%，最新价报0.99元。 流动性方面，科创100ETF汇添富盘中换手2.61%，成交2001.76万元。拉长时间看，截至5月28日，科创100ETF汇添富近1月日均成交1861.93万元。 规模方面，科创100ETF汇添富近2周规模增长2.34亿元，实现显著增长，新增规模位居可比基金1/11。 份额方面，科创100ETF汇添富近2周份额增长2.52亿份，实现显著增长，新增份额位居可比基金1/11。 资金流入方面，科创100ETF汇添富近10个交易日内，合计"吸金"2.48亿元。 截至2025年5月29日 13:55，上证科创板综合指数(000680)强势上涨2.14%，成分股概伦电子(688206)上涨20.01%，益方生物(688382)上涨20.00%，中邮科技 (68 ...