国产高端算力即将马力全开。近日，海光信息在"2025光合组织领导人大会"上推出新一代C86处理器服 务器及终端产品，再次刷新国产硬件性能上限。与此同时，公司重磅宣布All in国产C86生态，未来将以 更开源开放的发展理念，赋能上下游共同完成高端算力普及落地。 据悉，海光移动工作站及工作站性能大幅提升，可满足设计、渲染、工程计算等专业场景的高性能需 求；海光服务器依托领先的调优技术，面向高并发吞吐量业务提供更强算力支持，推理性能完成指数级 跃迁。叠加DCU加速计算产品赋能，可全面支持300+ AI应用场景。 目前，新华三、联想开天、紫光计算机、软通华方（清华同方）等十余家主流整机厂商，均已推出海光 C86系列整机新品，正式拉开了国产高端算力全场景普及的序幕。 链路共振，开放生态推动软硬协同进阶 单点突破，高端计算迭进切中产业命题 2025年，在全球AI竞赛和本土"新质生产力"发展需求下，国内高端算力缺口日益显著。尤其受关税战影 响，中国芯片供应链加速重构，亟待在关键硬件领域实现新一轮产业进阶。 据工信部统计，截至2024年底，全国算力总规模突破 230EFLOPS，但供需缺口仍达35%。有预测称 "今 年中国 ...

Core Insights - The article highlights the strategic transition of domestic terminals from key industries to full-scene applications, emphasizing the evolution of product safety, performance, and ecosystem [1] - Major manufacturers like Lenovo, Unisoc, and ZTE have launched over ten new Haiguang C86 terminal products, marking a significant step towards comprehensive domestic terminal application [1] Group 1: Security and Dependence - The "security foundation" is identified as a critical necessity, especially following Intel's security vulnerabilities that exposed risks associated with non-domestic chips [2][3] - The reliance on the Wintel architecture poses potential security threats, making information security a top priority in the domestic terminal market [3] Group 2: Application and Performance Challenges - The domestic terminal market faces challenges in applying products across various industries, necessitating a focus on real-world application scenarios [4] - Mobile office environments demand high performance and efficiency, which current domestic chips struggle to meet due to limitations in technology and ecosystem compatibility [5] Group 3: Strategic Development and Collaboration - The consensus in the industry is that the full-scene application capability of domestic terminals must be built on a foundation of core hardware security, performance upgrades, and ecosystem collaboration [6] - Companies are focusing on partnerships to leverage the latest hardware performance while adhering to national cybersecurity requirements [6][7] Group 4: Haiguang C86 Processor Innovations - The new Haiguang C86 processors have shown significant performance improvements, with single-core performance up by 62% and multi-core performance by over 135% compared to previous generations [9] - The C86 processors also integrate advanced security features without compromising performance, addressing the "impossible triangle" of performance, security, and cost [9][10] Group 5: Ecosystem Expansion - The C86 ecosystem is expanding rapidly, with over 5,000 partners collaborating on technology development and market expansion [10] - The "Xinghai Plan" aims to enhance cooperation among ecosystem partners, supporting a comprehensive approach to the full-scene terminal market [10]

Investment Rating - The report suggests a positive outlook for the electronic sector, indicating a gradual recovery in demand and price stabilization, recommending a slow accumulation of positions in the market [5][6]. Core Insights - The electronic sector is experiencing a mild recovery, driven by strong downstream demand from AIOT and accelerated product penetration by companies like Lexin Technology and Rockchip, which are expected to report impressive half-year results [5][6]. - The release of the multi-modal model Grok 4 by xAI has significantly enhanced reasoning capabilities, potentially opening new application scenarios [5][11]. - The report highlights four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Summary by Sections Industry Overview - The report notes that the semiconductor sector is entering a period of intensive earnings forecasts, with companies like Lexin Technology and Rockchip expected to show substantial revenue growth due to ongoing demand in AIOT and other emerging fields [5][6]. Company Performance - Lexin Technology anticipates a revenue of CNY 1.22-1.25 billion for the first half of 2025, a year-on-year increase of 33%-36%, with net profit expected to rise by 65%-78% [5][17]. - Rockchip expects to achieve approximately CNY 2.045 billion in revenue, reflecting a year-on-year growth of about 64%, with net profit projected to increase by 185%-195% [5][17]. Market Trends - The report indicates that the electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 0.82% and the Shenwan Electronics Index increasing by 0.93% [19][21]. - The semiconductor sub-sector showed a positive trend, with a 1.07% increase in semiconductor stocks [21][26]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Rockchip [5][6]. - It also suggests monitoring AI innovation-driven sectors, including computing chips and optical devices, as well as upstream supply chain components [5][6].

Group 1 - Nvidia's CEO Jensen Huang will hold a media briefing in Beijing on July 16, 2023, as part of the company's participation in the third China International Supply Chain Promotion Expo [1][2] - Two U.S. senators have urged Huang not to meet with companies that allegedly violate U.S. chip export controls during his visit to China [2] - Nvidia is expected to launch a new version of its AI chip tailored for the Chinese market as early as September 2023 [3] Group 2 - The launch of the new generation Haiguang C86 processor marks a significant step in the domestic terminal's full-scene replacement strategy, with over ten mainstream manufacturers introducing dozens of C86 terminal products [4] - The year 2025 is pivotal for the domestic terminal market, transitioning from policy-driven to market-driven, with a focus on comprehensive promotion across various industries [5] - The core demand from domestic terminal users has evolved from "usable" to "truly replaceable and user-friendly," necessitating improvements in key product areas to enhance terminal deployment capabilities [6] Group 3 - The C86 processor has shown significant performance improvements, with mobile workstation products achieving a 62% increase in single-core performance and a 135% increase in multi-core performance compared to the previous generation [8] - The C86 processor includes advanced security features, such as an embedded cryptographic co-processor, ensuring high performance and security without compromising core computing resources [8] - Major manufacturers like Lenovo, Unisoc, and ZTE have launched numerous C86-based products, addressing diverse market needs from daily office tasks to professional creative work [8] Group 4 - The success of domestic terminals in various industry applications relies on collaboration among software and hardware ecosystem participants [9] - Haiguang has initiated the "Xinghai Plan" to enhance collaboration with ecosystem partners, aiming to integrate resources across business, technology, and market domains [10] - The domestic C86 ecosystem has entered a phase of scale development, with over 5,000 partners working together on technology innovation and market expansion [10] Group 5 - The new generation C86 terminal aims to meet the "truly replaceable and user-friendly" demand, providing a reliable domestic office foundation for various industries [11]

Core Viewpoint - The article emphasizes the advancement of domestic terminal products from key industry replacement to full industry scenario replacement, driven by the launch of the new generation Haiguang C86 processor and its widespread adoption by major manufacturers [1][4]. Group 1: Domestic Terminal Development - The year 2025 is highlighted as a critical year for the comprehensive promotion of domestic terminals, transitioning from policy-driven to market-driven processes, with a focus on full-scenario applications [2]. - There are challenges faced by traditional domestic terminal products in diverse application scenarios, particularly in mobile office settings, where performance limitations hinder widespread adoption [2][3]. - The core demand of domestic terminal users has evolved from "usable" to "truly effective and user-friendly," necessitating improvements in product capabilities [3]. Group 2: C86 Processor Performance - The new C86 processor shows significant performance improvements, with mobile workstations achieving a 62% increase in single-core performance and a 135%+ increase in multi-core performance compared to the previous generation [4]. - Workstation products also demonstrate a 43% increase in single-core performance and a 68% increase in multi-core performance, positioning them competitively against both domestic and international flagship chips [4]. Group 3: Security and Compatibility - The C86 processor incorporates a self-developed security system, including a password co-processor, ensuring high performance and security without compromising core computing resources [5]. - It offers excellent application compatibility, supporting various professional software tools, which enhances its deployment efficiency and performance [5]. Group 4: Ecosystem Collaboration - The success of domestic terminals in various industry scenarios relies on the collaboration of software and hardware ecosystem participants [6]. - Haiguang has launched the "Xinghai Plan" to foster deep cooperation among ecosystem partners, integrating resources across the industry chain to support comprehensive collaboration [7]. - The domestic C86 ecosystem has entered a phase of scale development, with over 5,000 partners working together on technology, solutions, and market expansion, creating a complete closed loop from chips to application services [7]. Group 5: Future Outlook - The new generation C86 terminal aims to meet the "truly effective and user-friendly" demand, providing a reliable domestic office foundation across various industries [8].