岁末年初，中国算力产业在资本领域的运作骤然提速。 1月8日，上海天数智芯半导体股份有限公司（下称"天数智芯"，09903.HK）在港股挂牌上市，其此次 公开发售获超400倍认购，充分显示了资本市场的热情。 与GPU厂商的二级市场热潮相呼应，国产存储芯片厂商也在2025年末完成了关键一跃。2025年12月30 日，长鑫科技集团股份有限公司（以下简称"长鑫科技"）正式向上交所递交科创板招股书，并披露了其 2025年前三季度320.84亿元的营收数据，这一数字直观展示了国产DRAM（动态随机存取存储器）产能 释放的规模。 更早之前的2025年9月25日，长江存储科技控股有限责任公司（以下简称"长存集团"）完成了股份制改 革，其1600亿元的估值一度刷新了半导体独角兽的纪录，也标志着这家NAND Flash（闪存）龙头进入 了发展新阶段。 从芯片设计到存储颗粒，从科创板到港交所，一浪接一浪的资本热潮间接宣告了国产算力产业的快速进 步。当然，在资本市场的热度之外，国产芯片在实际的智算中心建设与应用适配中，仍面临着复杂考 验。 各司其职 此前不久，另外两家国产GPU头部企业也已接连登陆科创板：2025年12月5日，摩尔线 ...

第47期 2025年12月20日 总第3049期 WEEKLY ON STOCKS ना 之 投 E 资 A 选 政策定调 "人工智能+"大时代到来 pos 2025年中央经济工作会议明确,2026年将深化拓展"人工智能+",完善人工智能治理。 同时,从中长期角度而言,"十五五"规划建议也将"人工智能+"作为战略发展的重点内容。 《建议》提出,未来五年全面实施"人工智能+"行动。 ISSN 1004-6291 品价: 20150元 P22. 券商股有补涨需求 但主线仍在Al P27. 黄金闪耀2025年 2026年继埃冲击5000美元? P30. 贵州茅台、五粮波率先中期分红 白酒行业最好婚利和会就在当下 苏 r and 聚焦"慢牛波段交易" 破解慢牛密码 洞察投资主线 | 踏准波段节奏 追求复利攀升 咨询电话:010-61139588 =2 扫码订购 广告 and the states 和歌手出版 2026年牛市底色不变 谢长艳 | 2025年A股结构性牛市画卷已近收官。站在跨年节 | 从结构性牛市转向更全面的牛市;对于A股的盈利预期， | | --- | --- | | 点回望过去展望未来,2026年的资 ...

[Table_Reportdate] 2025年12月25日 [table_summary] ➢ 1.美国经济展现超预期韧性——海外观察：美国2025年三季度GDP数据点评 ➢ 2.海光信息（688041）：国产CPU领军企业，DCU卡位算力芯片千亿蓝海——公司深度报 告 [证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251225 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 ➢ 1.北京调整住房限购政策：放宽非京籍家庭购房条件 支持多子女家庭住房需求 ➢ 2.人民银行：将开展4000亿元MLF操作 ➢ 3.央行重要会议发声：维护资本市场稳定 ➢ 4.央行等多部门联合发布《关于金融支持加快西部陆海新通道建设的意见》 ➢ 5.《鼓励外商投资产业目录(2025年版)》发布 | 1. 重点推荐 | ...

Core Viewpoint - The Chinese computing power industry is at a strategic crossroads, deciding between continuing a closed technology stack approach or pioneering a new competitive model based on open collaboration [1][3]. Industry Challenges - The current domestic AI computing power industry faces a dilemma of "full-chain internal competition" and "dual barriers," leading to significant industry anxiety. Companies have invested heavily in creating isolated "technology islands," resulting in fragmentation and high adaptation costs for users [4][5]. - The performance gap and ecological barriers present deeper challenges, with domestic chips lagging behind international standards and NVIDIA's CUDA ecosystem creating a strong lock-in effect [4]. Strategic Shift - The solution lies in transitioning from a "closed full-stack" to an "open layered" competitive logic, emphasizing collaboration among various manufacturers to create an industry platform that can systematically challenge dominant players [6][8]. - The establishment of the Photonic Organization serves as a platform to balance competition and cooperation, allowing companies to focus on their strengths while sharing results for mutual benefit [6][8]. Implementation of Open Architecture - Leading IT companies in China are moving away from a "large and comprehensive" model to a "focused and strong + ecological empowerment" approach, concentrating resources on their core competencies while opening other areas to ecosystem partners [8]. - The scaleX super cluster exemplifies this open architecture, achieving significant breakthroughs in system architecture and energy efficiency, with a 20-fold increase in computing density and a PUE of 1.04 [9]. Market Engagement - The open architecture aims to lower the barriers for users transitioning from closed ecosystems, enhancing cost efficiency and optimization for clients, particularly benefiting small AI chip design and software companies [9][10]. - The shift from standardized supply to joint customization is crucial for domestic computing power systems to penetrate mainstream commercial markets [10]. Future Outlook - The competition in the AI computing power industry is evolving into a battle between centralized control models and distributed innovation models based on open standards [14]. - The open path chosen by the Chinese industry reflects a deep understanding of its structural and innovative characteristics, aiming to harness the full potential of its comprehensive electronic information manufacturing chain and vibrant small to medium enterprises [14].

[Table_Reportdate] 2025年12月24日 [证券分析师： Table_Authors] 商俭 S0630525060002 shangjian@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251224 重点推荐 财经要闻 晨 会 纪 要 [table_summary] ➢ 1.海光信息（688041）：国产CPU领军企业，DCU卡位算力芯片千亿蓝海——公司深度报 告 ➢ 2.美光业绩指引超预期，小米大模型展现推理性价比——电子行业周报2025/12/15- 2025/12/21 ➢ 1.特朗普采取行动 美国禁止进口和销售新外国无人机 ➢ 2.李强：中央企业要适度超前开展新型基础设施建设 要在实现产业链供应链自主可控中 当好担纲主力 ➢ 3.全国住房城乡建设工作会议在京召开 ➢ 4.发改委：到2030年光热发电总装机规模力争达到1500万千瓦左右 | 1.1. 海光信息（688041）：国产 CPU 领军企业，DCU 卡位算力芯片千亿蓝海—— | | | --- ...

[Table_Reportdate] 2025年12月23日 [Table_invest] 买入（首次覆盖） [海光信息（ Table_NewTitle] 688041）：国产CPU领军企 业，DCU卡位算力芯片千亿蓝海 ➢ 投资建议：首次覆盖，给予"买入"评级。公司CPU与DCU产品性能和生态国内领先，有 望受益于当前信创在党政和行业加速落地、算力需求暴增、国产替代不断推进的市场背景， 叠加下一代高性能海光五号、深算四号的发布，营收有望维持高速增长。我们预计公司 2025-2027年营业收入分别为143.05、207.76和287.59亿元，同比增速分别为56.13%、 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn | [数据日期 Table_cominfo] | 2025/12/22 | | --- | --- | | 收盘价 | 215.18 | | 总股本(万股) | 232,434 | | 流通A股/B股 ...

" CUDA之后，算力生态有没有反超机会？ " 作者丨 赵之齐 编辑丨包永刚 在国产算力赛道里，硬件强、软件弱，已是集体性的难题。 作为龙芯、海光CPU的创始人，唐志敏深耕国产芯片领域二十年，当下，他把目光更坚定地投向"软件"一 侧。他直言： 芯片问题的根本，不在硬件，而在软件。 在与雷峰网的对谈中，他把国产芯片难以起势的矛头直接指向行业里敏感的一环—— 底层软件接口与指令 系统的混乱 。他认为，国内芯片表面上"百花齐放"，背后却是整个 社会为兼容性付出高昂的隐性成本 ； 真正决定未来算力格局的，并不只是哪家硬件的性能领先，而是 谁能够让其上的软件真正复用、真正跑起 来 。 他举了几个如今行业里颇具荒诞感的案例：在国内创业公司还在"是否要兼容CUDA"的十字路口徘徊时， 有人试图在国内做"CUDA兼容性测试标准"；还有人把"模拟电路"视为数字芯片发展的瓶颈，却忘了数字 与模拟本就是实现电路的两种基本路径。 这些荒诞，也有一部分源于国内产业人才缺乏软件思维、"高不成低不就"。在这次对谈中，唐志敏围绕指 令系统、底层软件接口、人才培养等关键议题展开剖析，试图为国产算力指出更深层的"底座问题"。 从 牵头研制国内首 ...

今日，中科曙光公告称，公司于2025年12月9日召开董事会，审议通过终止海光信息吸收合并中科曙光并募集配套资金的重大资产重组事项。 主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市场环境较筹划之初发生较大变化，实施条件尚不成熟。 公司与交易各相关方协商后决定终止该事项。此次交易终止不会对公司生产经营和财务状况造成重大不利影响。 近年来，国产CPU取得了令人瞩目的进展。龙芯、飞腾、兆芯、海光等企业不断发力，推出了一系列性能优异的产品。龙芯走自主指令集路线，摆脱了对 国外技术的依赖，在政务、教育等领域广泛应用；飞腾CPU凭借出色的性能和低功耗，在国产服务器市场占据一席之地；海光通过与AMD合作吸收先进 技术，在兼容性和性能上表现突出，能满足金融、电信等行业对高算力的需求。 然而，国产CPU发展并非一帆风顺，面临诸多挑战。生态建设不完善，软件适配性不足，影响了用户体验和市场推广；与国际顶尖水平相比，在制程工 艺、性能等方面仍存在差距。 但挑战与机遇并存。国家政策大力扶持，为国产CPU发展营造了良好环境；国内庞大的市场需求，提供了广阔的发展空间。未来，国产CPU需持续加大研 发投入，突破技术瓶颈，完 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang has been terminated due to changes in market conditions and the complexity of the transaction, which has led to concerns among shareholders of both companies [1][3][7]. Group 1: Merger Details - The merger was initiated in May and announced in June, with Haiguang Information planning to absorb Zhongke Shuguang through a share exchange ratio of 0.5525:1 [3][10]. - Haiguang Information specializes in high-end processor design, focusing on general computing and AI computing markets, with products including CPUs and DCUs [3][10]. - Zhongke Shuguang is involved in high-end computer, storage, and data center product development, and has been expanding its digital infrastructure and intelligent computing businesses [3][10]. Group 2: Market Reactions - Prior to the merger announcement, Haiguang Information had a market capitalization of 315.8 billion, while Zhongke Shuguang was approximately 90.3 billion; post-announcement, their market caps rose to 509.7 billion and 146.5 billion respectively, with both stocks increasing over 60% [4][11]. - Following the merger announcement, Zhongke Shuguang's stock hit the daily limit up, while Haiguang Information rose by 4.3%, but Haiguang's stock later fell by 4.5%, returning to pre-announcement levels [4][11]. - Shareholders expressed mixed feelings, with some viewing the termination as a relief for Zhongke Shuguang, allowing it to focus on its strengths in liquid cooling technology and server market share [5][11]. Group 3: Investor Sentiment - There are concerns among shareholders, particularly for Zhongke Shuguang, with some fearing significant losses and calling for rights protection [5][12]. - Despite fears of a potential drop, many investors remain calm, believing that the stock will not experience drastic declines [6][13]. - Analysts suggest that the termination aligns with market expectations, as there were doubts about the feasibility of the merger due to a historical discount in the theoretical prices of both companies [6][14].

Core Viewpoint - The article discusses the evolution of artificial intelligence (AI) from its early days to the present, highlighting the upcoming GAIR 2025 conference as a pivotal event for the future of AI and robotics, focusing on the integration of large models and multi-modal fusion [2][4]. Group 1: Historical Context - The first GAIR conference was held in 2016, initiated by prominent figures in the AI field, marking a significant moment in AI history [2]. - Over the past nine years, GAIR has documented the high points of the global AI industry, transitioning into a new era characterized by large, complex models [3]. Group 2: Future Directions - By 2025, AI is expected to transition from "technological breakthroughs" to "value cultivation," with a focus on multi-modal integration and the restructuring of computational power industry rules [4]. - The upcoming GAIR 2025 conference will feature discussions on cutting-edge topics such as large models, embodied intelligence, AI computing power, world models, and AI hardware, reflecting the collaborative future of academia and industry [4]. Group 3: Conference Details - The GAIR 2025 conference will take place on December 12-13 at the Sheraton Hotel in Shenzhen, featuring three thematic forums and two closed-door meetings [4]. - The event is co-hosted by GAIR Research Institute and Lei Feng Network, with notable figures such as Academician Gao Wen and Professor Zhu Xiaorui leading the conference [4]. Group 4: Notable Participants - The first batch of prominent speakers includes leaders from various institutions, such as Tang Zhimin, Yang Qiang, and Guo Yike, who will contribute to discussions on the future of AI [5][8][10].