炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨雷晨 编辑丨朱益民 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，万得算 力主题指数指数（399363.SZ）收盘报7108点，年初以来累计涨幅高达80%。据Wind，年初至今A股算 力板块涌现22只涨幅翻倍大牛股，其中4股涨幅超400%，分别是仕佳光子、新易盛、永鼎股份、中际旭 创。 | < G | 万得算力主题指数[866468] | | | | | --- | --- | --- | --- | --- | | | 7108.26 -37.90 -0.53% | | | | | 福彩 | 成分 | 资讯 | 相关基金 | 月度收益 | | 名称 | | | 年初至今▼ | 股 == | | 仕佳光子 | | | 457.28% | 0.07 | | 688313.SH | | | | | | 新易盛 | | | 441.57% | 0.07 | | 300502.SZ | | | | | | 永鼎股份 | | | 425.89% ...

AI芯片、液冷技术、光模块等领域龙头业绩高增，资本聚焦具备技术壁垒和生态协同的头部企业，产 业迈向高质量发展。 2025年，A股算力板块经历了一场深刻的价值重塑。 从年初的政策预期驱动到年末的业绩兑现验证，相关指数全年表现亮眼。截至2025年12月25日，国证算 力基础设施指数（399363.SZ）收盘报9467.22点，年初以来累计涨幅高达80.74%。 这一年，资本市场对算力产业的认知经历了从"概念炒作"向"价值锚定"的转变，折射出全球算力竞争加 剧与国内产业升级需求叠加下，中国算力产业链的必然进阶。 在中美科技博弈持续深化、全球AI算力需求爆发的双重背景下，2025年的A股算力板块，既展现了国产 替代的强劲动能，也暴露了核心技术的现实短板，即部分高端芯片制程仍有提升空间、部分基础软件生 态适配度待加强。 结构性分化：价值锚点转向业绩兑现 2025年的A股算力板块，最显著的特征便是"冰火两重天"的结构性分化。 这种分化并非简单的板块轮动，而是资本市场对算力产业链各环节价值创造能力的重新评估，其核心逻 辑已从短期政策利好转向长期业绩兑现与技术壁垒。市场热点从"概念"向"业绩"集中，具备明确技术落 地路径和真 ...

华为监事会主席郭平在今年7月的座谈会中扔出了这样一句让人脊背发凉的"大实话"：改革开放40多 年，中国科技企业看似高楼起万丈，实则地基全在别人手里。我们引以为傲的繁荣，本质上是在别人的 系统里做"插件"。 光刻机没做，因为"市场太小"；操作系统没做，因为"可以直接用"。这种"造不如买"的商业精明，最后 酿成了最大的战略短视。人家一断供，所谓的"科技巨头"瞬间变成"无根浮萍"。这不叫全球化分工，这 叫"寄生式繁荣"。 寄生在别人地基上的"虚假繁荣" 这种"给洋人打工"的模式不仅仅是华为一家的痛，更是整个中国IT产业40年的隐形枷锁。 法国一家大企业老总曾对郭平说过一句意味深长的话："能源行业50年不变，只谈效率；信息行业今天 不知道明天卖什么。"这句话听着像是在夸行业日新月异，实则是对"规则制定者"的最高炫耀。 在这个动态变化的行业里，规则是谁定的？是Wintel（微软+英特尔），是AA（安卓+ARM）。 胡伟武把这套体系剥得只剩底裤：应用层我们玩得花，电商、游戏、外卖全球第一；整机层我们造得 猛，联想、小米销量霸榜。但只要往下一挖，到了指令系统、芯片核心IP、生产工艺这三层，全是别人 的。 1993年，华为遇 ...

Core Viewpoint - Huawei emphasizes the importance of open innovation and intellectual property protection to drive technological advancement and societal development, showcasing its significant R&D investments and achievements in the field of patents and technology [1][3][9]. R&D Investment - Huawei has consistently invested over 20% of its annual sales revenue into R&D, with expenditures exceeding RMB 170 billion in 2024, representing 20.8% of total sales [1]. - Over the past decade, Huawei's cumulative R&D investment has surpassed RMB 1.2 trillion, ranking sixth globally in R&D spending according to the 2024 EU Industrial R&D Investment Scoreboard [1]. Intellectual Property Achievements - In 2024, Huawei publicly disclosed a record 37,000 new patents, contributing over 10,000 technical proposals to domestic and international standards organizations, and publishing more than 1,000 academic papers [5]. - As of the end of 2024, Huawei holds over 150,000 valid patents globally, with more than 50,000 in China, approximately 29,000 in the U.S., and around 19,000 in Europe [5]. Patent Licensing Revenue - Huawei's patent licensing revenue reached a historical high of $630 million in 2024, marking an increase from $560 million in 2022 [6]. - Cumulatively, Huawei's patent licensing revenue over the past decade is estimated to exceed $4 billion, despite having paid approximately $12 billion in licensing fees to others [6][7]. Open Source and Collaboration - Huawei promotes open-source initiatives, with over 8,100 contributors in the OpenHarmony community submitting more than 10 million lines of new open-source code in the past year [3]. - The company has launched various open-source and hardware projects, including the CANN computing framework and the Cangjie programming language, aiming to provide developers with comprehensive tools and support [3]. Industry Collaboration - Huawei has signed 233 patent licensing agreements, with 95% achieved through negotiation and mediation, collaborating with major international firms like Nokia, Ericsson, Amazon, and Samsung [9]. - The company advocates for a balanced intellectual property strategy, emphasizing the importance of both incentivizing innovation and facilitating application [7][9]. Public Access to Patents - Over 200,000 Huawei patents have entered the public domain for free use, and the company has launched a patent query tool to assist global researchers [9][10]. - The "Chasi Patent" project has received over 2 million visits since its launch, reflecting its positive reception among the research community [10].

Core Insights - Huawei emphasizes the importance of open innovation and knowledge protection in driving technological advancement and societal development [1][3][10] R&D Investment - Huawei has invested over 20% of its annual sales revenue in R&D for the past five years, with R&D expenses exceeding RMB 170 billion in 2024, accounting for 20.8% of total sales [1][4] - Cumulatively, Huawei has invested over RMB 1.2 trillion in R&D over the past decade, ranking 6th globally in R&D spending according to the 2024 EU Industry R&D Scoreboard [1][4] Open Source and Collaboration - Huawei's open-source initiatives include the HarmonyOS and Euler operating systems, aimed at enhancing technology efficiency and reducing costs for developers and partners [3][4] - The OpenHarmony community has seen over 8,100 contributors and more than 10 million lines of new open-source code submitted in the past year [4] Patent and Licensing Strategy - In 2024, Huawei publicly disclosed a record 37,000 new patents, with over 150,000 valid patents globally, making it the largest patent holder in China [6][10] - Huawei's patent licensing revenue reached a historical high of $630 million in 2024, with cumulative licensing revenue over the past decade potentially exceeding $4 billion [6][7] Industry Contributions - Huawei has signed 233 patent licensing agreements, with 95% achieved through negotiation, and has contributed significantly to standards in cellular communication and multimedia technologies [10] - The company has paid significantly more in licensing fees than it has received, with cumulative payments exceeding $12 billion [8] Public Engagement and Tools - Huawei launched the "Chasi Patent" tool to provide free access to patent data for researchers, which has received over 2 million visits since its launch [11] - The tool has been upgraded to include features like semantic search and AI summaries, enhancing its utility for the research community [11] Future Outlook - Huawei aims to foster an environment of open collaboration and innovation, emphasizing the importance of protecting intellectual property while driving industry growth [11]

Group 1: Core Insights - The software industry in China is identified as a significant shortcoming, necessitating urgent development and investment to enhance its capabilities [1][6][18] - The U.S. dominates the system software industry, holding 96% of the global market capitalization and 99% of profits, while China's presence is minimal with only 1.4% of the global strength coefficient [2][3][4] - In the application software sector, the U.S. also leads with a 67% market share, while China's strength coefficient is only 2.5%, indicating a substantial gap in competitiveness [8][9][10] Group 2: Financial Metrics - The global system software industry comprises 288 listed companies with a total market capitalization of $4,242.5 billion and total profits of $109.9 billion, while China's system software companies have a market cap of $68.3 billion and a loss of $0.42 billion [2][4] - The application software industry has 1,172 listed companies globally, with a total market cap of $2,634.8 billion and profits of $21.8 billion, whereas China's application software sector is in a loss position of $4.17 billion [8][9][10] - Overall, the combined software industry has 1,460 listed companies with a total market cap of $68,774 billion, but China's software industry is significantly underperforming with a total loss of $4.6 billion [11][12] Group 3: R&D Investment - Global R&D investment in system software is $56.3 billion, with the U.S. contributing $51.9 billion, while China's investment is only $2.4 billion, highlighting a 21.6 times disparity [3][10] - In the application software sector, the U.S. invests $41.2 billion in R&D, compared to China's $7 billion, indicating a 5.9 times difference [10][11] - The R&D intensity in China for system software is 24%, while for application software it is 14%, but both are significantly lower than the U.S. levels [3][10] Group 4: Market Position and Competitiveness - The leading company in China's system software is Kingsoft, ranked 17th globally, while the top application software company is Baosight Software, ranked 29th, indicating a lack of world-class companies in China [4][9] - The disparity in market capitalization is stark, with Microsoft's market cap being 192 times that of Kingsoft, and its revenue 381 times greater [15][18] - The need for mergers and acquisitions is emphasized as a strategy for Chinese software companies to accelerate growth and competitiveness, similar to the practices of leading U.S. firms [15][16]

Group 1 - Elon Musk believes in the possibility of human immortality through technology, specifically by downloading unique traits and memories into robots, exemplified by Tesla's humanoid robot, Optimus [1] - The prototype of Optimus is expected to be completed by the end of this year, with plans for medium-scale production by the end of next year [1] - Musk expresses disinterest in physical longevity, suggesting that prolonged human life could lead to societal stagnation [1] Group 2 - Huawei's CFO Meng Wanzhou stated that the company has maintained vitality despite U.S. sanctions, contrasting with other companies like Toshiba and Alstom that have struggled under similar pressures [3] - Huawei is focusing on digitalization, intelligence, and low-carbon development, with significant investments in R&D to adapt to chip and material restrictions [3] - The company is leveraging ICT technology to transform the coal mining industry, indicating a shift towards a "soft and hard integrated" technology enterprise [3] Group 3 - Meituan's CEO Wang Xing emphasizes the importance of technology in connecting the physical and digital worlds, aiming to enhance efficiency and user experience for merchants [4] - Meituan has been actively investing in robotics and has made significant advancements in autonomous delivery vehicles, with over 150,000 orders delivered in a specific area [6] - The company has also made breakthroughs in various robotic applications, including smart customer service and cooking robots, showcasing a practical approach to technology deployment [6]

Core Insights - Huawei's founder Ren Zhengfei emphasizes the company's innovative research and development system, likening it to a "Rafale nozzle" that efficiently channels energy into product development, ensuring that only advanced products are brought to market [2][5][10] - The company is focusing on building its own standard systems that could surpass those established by the United States over the past 50 years, indicating a strategic shift towards self-reliance and innovation [3][13] - Huawei's AI capabilities are highlighted, with the current AI cluster supporting 16,000 boards and future plans to manage hundreds of thousands, showcasing the company's technological advancements [9][12] Research and Development - Huawei's R&D is driven by both interest and necessity, with a structured approach that allows employees to explore within defined boundaries, leading to innovative outcomes [5][8] - The company has invested over 23 billion RMB in foundational research and collaborations with universities, focusing on long-term advancements rather than immediate returns [9][10] - The development of the Harmony OS ecosystem is progressing, with over 30 operating systems based on Harmony, reaching approximately 600 million users globally, ranking third in the world [12][13] Strategic Direction - Ren Zhengfei acknowledges the increasing challenges faced by Huawei but expresses confidence in the company's future growth, particularly in establishing superior standards that could be adopted globally [3][13] - The company is enhancing collaborations with domestic universities to strengthen its research capabilities, moving away from reliance on Western institutions [8][9] - Huawei's software development is positioned as a collaborative effort with various domestic companies, aiming to create a robust ecosystem that supports independent design and innovation [11][12] Education and Talent Development - Ren emphasizes the critical role of education in national development, advocating for improved educational resources and access, particularly in underdeveloped regions [14][15] - The company recognizes the importance of nurturing talent through innovative educational methods and partnerships, aiming to cultivate a new generation of skilled professionals [16][18] - There is a call for a dual-track education system that combines self-learning with formal education to better prepare students for future challenges [20][21]

Core Viewpoint - Huawei announced that its self-developed Cangjie programming language will be open-sourced on July 30, 2025, during the Huawei Developer Conference HDC 2025 [1] Group 1 - Cangjie programming language is designed for all-scenario application development [1] - The language supports operating systems such as Euler and Harmony [1] - Cangjie was first publicly released in late June 2024 [1]

Core Viewpoint - Ren Zhengfei, the founder of Huawei, recently gave an interview to People's Daily, marking his return to the public eye amid significant geopolitical tensions, particularly the ongoing US-China trade negotiations and the impact on China's chip industry [4][5]. Group 1: Huawei's Response to External Pressures - Huawei is facing a full-chain blockade from the US on its chip industry, which has forced China to rebuild an independent chip supply chain [4]. - In the interview, Ren emphasized a proactive approach to external pressures, stating, "Just do it, step by step" [4]. - Ren acknowledged the exaggeration of Huawei's achievements by the US and expressed that external criticism helps Huawei remain vigilant [4]. Group 2: Research and Development Focus - Huawei's R&D expenditure for 2024 is projected to be 179.7 billion yuan, accounting for approximately 20.8% of its total revenue, with cumulative R&D investment exceeding 1.249 trillion yuan over the past decade [5][6]. - Ren highlighted that around 60 billion yuan of the R&D budget is allocated to fundamental theoretical research, which is not subject to performance evaluation, while about 120 billion yuan is focused on product development [6]. - The company employs a significant number of R&D personnel, with approximately 54.1% of its total workforce dedicated to research and innovation [10]. Group 3: Intellectual Property and Innovation - Huawei leads in global patent applications, with 6,600 applications in 2024, significantly outpacing competitors like Samsung and Qualcomm [10]. - The company has transformed its patent portfolio into a revenue-generating asset, earning 560 million USD from intellectual property in 2023 [10]. - Ren's commitment to innovation is rooted in Huawei's history, where he emphasized the importance of having proprietary technology over merely acting as a reseller [8]. Group 4: Broader Implications for Chinese Technology - The interview reflects a broader trend among Chinese companies prioritizing independent R&D and innovation, which is reshaping global industry dynamics [11][12]. - China's stance in international negotiations, particularly regarding technology and resources, indicates a firm commitment to maintaining its position without concessions [12]. - Ren's assertion that "the era of begging for survival is over" signifies a shift in mindset towards self-reliance and resilience in the face of external challenges [10][12].