01服务器CPU，变革丛生 "2030 年，数据中心服务器半导体价值将达 5000 亿美元。"市场研究机构 Yole 的这一预测，正指向一个快速膨胀的赛道。而 IDC 半导体研究副总裁 Mario Morales 的判断更直接："未来五年，数据中心将成为半导体全行业增长最快的领域。" 数据中心这条赛道，好像没人不看好。 在服务器 CPU 领域，x86、ARM、RISC-V 正在进行一场静默的架构革命。不同架构的市场里，各自酝酿着不寻常的变局。 x86架构，权力正在重构 服务器CPU作为数据中心的核心组件，其重要性和复杂性正日益凸显。 过去十余年里，x86架构在服务器CPU中占据主导地位，其中英特尔凭借深厚的技术积累与完善的生态布局，多年来几乎独霸这片市场，形成难以撼动的 行业格局。 不过，这样的稳固态势正在悄然松动。 服务器CPU市场份额 | 时间 | 英特尔 | AMD | | --- | --- | --- | | 2021年01 | 91.1% | 8.9% | | 2021年02 | 90.5% | 9.5% | | 2021年Q3 | 89.8% | 10.2% | | 2021年Q4 | 89.3 ...

Investment Rating - The report indicates a positive outlook for the RISC-V industry in China, suggesting a strong potential for growth and market share acquisition in the coming years [5][21]. Core Insights - The 2025 RISC-V China Summit highlighted the rapid development and diversification of the RISC-V ecosystem in China, with significant contributions from various sectors including education, wireless applications, general-purpose control, and computing [2][14]. - High-performance CPUs such as Alibaba's Xuantie C930 and the Xiangshan processor are entering practical use, with mass production expected within one to two years, marking a significant advancement in China's chip design capabilities [5][19]. - The report emphasizes the strong competitive advantage of endpoint solutions, particularly in the MCU and embedded systems segments, where companies have established differentiated products validated by market performance [3][20]. Summary by Sections Event Overview - The 5th RISC-V China Summit took place from July 16 to 19, 2025, in Shanghai, featuring over 100 companies and research institutions, with more than 1,000 attendees and over 500,000 online viewers [1][13]. Industry Development - China's RISC-V industry is flourishing across multiple domains, with a comprehensive landscape formed across consumer electronics, IoT, control, and computing fields [2][14]. - The report notes that the RISC-V architecture is being increasingly integrated into various applications, including AI, automotive, and embedded systems, showcasing a diversified approach to ecosystem development [2][18]. High-Performance CPU Advancements - Significant advancements in high-performance CPUs were noted, with the Xuantie C930 achieving 15/GHz on SPECint2006 benchmarks and the Xiangshan processors showing competitive performance against established architectures [3][15]. Endpoint Solutions - Companies like ESWIN and WCH are successfully differentiating their offerings in the MCU and embedded systems markets, with ESWIN's RISAA platform and WCH's QingKe RISC-V MCUs achieving substantial sales [3][16]. IP Core Leadership - China is leading in the IP core segment, with notable achievements such as the NA900 automotive-grade RISC-V CPU IP certified to ISO26262 standards, indicating a strong position in the global IP ecosystem [3][17]. Government Support and International Collaboration - The report highlights strong national support for RISC-V development, with government initiatives facilitating ecosystem integration and international collaboration during the summit [5][18].

Core Insights - RISC-V architecture is gaining attention in the server CPU market, breaking into mainstream awareness alongside established architectures like x86 and ARM [1][2] - The advantages of RISC-V include open-source nature, instruction set simplicity, and scalability, making it suitable for high-performance computing and AI applications [2][8] RISC-V CPU Developments - Alibaba's Tsinghua University has been a pioneer in RISC-V with its Xuantie series, launching the Xuantie C930 server CPU with a performance benchmark of 15 SPECint2006/GHz [3][4] - Shenzhen-based Ruisi Chip has introduced the Lingyu processor, a high-performance RISC-V server chip featuring a 32-core CPU and 8-core LPU design, achieving performance comparable to Intel and AMD [5][9] Market Potential and Growth - The global RISC-V chip market is projected to reach $92.7 billion by 2030, with a compound annual growth rate (CAGR) of 47.4% [8] - The number of SoCs using RISC-V architecture is expected to increase from over 2 billion to 20 billion by 2031, indicating significant market adoption [8] Competitive Landscape - RISC-V is positioned as a challenger to ARM architecture, which has a licensing model that may lead to higher costs in a competitive market [15] - RISC-V's customizable and cost-effective nature could provide advantages in specialized server applications, particularly in AI and high-performance computing [8][15] Future Outlook - Industry experts predict that RISC-V could see large-scale adoption in server applications within 5-8 years, driven by its performance in high-performance computing scenarios [14] - The delivery of the Xuantie C930 is viewed as a starting point for RISC-V's entry into high-performance computing markets [14]

Core Viewpoint - RISC-V architecture is gaining significant attention due to its open-source nature, flexibility, and scalability, positioning it as a key player in the semiconductor industry, particularly in high-performance computing and AI applications [1][2][3]. Group 1: RISC-V Overview - RISC-V is an open-source instruction set architecture established in 2010, breaking the high licensing fees and customization difficulties associated with x86 and ARM architectures [2]. - Over 4,000 companies, including major players like Google, Huawei, and NVIDIA, have joined the RISC-V International Foundation by the end of 2024, indicating strong industry support [2]. Group 2: Market Drivers - The demand for RISC-V is driven by the need for self-sufficiency in semiconductor supply chains amid international trade tensions, allowing companies to design their own processor cores [3]. - The rise of AI and IoT devices has created a need for low-power, high-performance solutions, making RISC-V an ideal choice due to its modular design and efficiency improvements of over 300% in specific applications [3]. Group 3: Policy Support - Since 2018, Chinese policies have increasingly focused on RISC-V, with significant investments from the National Integrated Circuit Industry Investment Fund and initiatives to promote RISC-V in various sectors [4][5]. - The Ministry of Industry and Information Technology plans to release national guidelines for RISC-V development, emphasizing its strategic importance and supporting the entire industry chain [5]. Group 4: EDA Tools and IP Core - EDA tools and IP cores are critical to the RISC-V ecosystem, with EDA software playing a vital role in the design process of integrated circuits [9][10]. - The RISC-V ecosystem is expected to see significant growth, with the IP market projected to reach $12 billion by 2025, driven by a compound annual growth rate of 58% [13]. Group 5: Investment Dynamics - Since 2018, the domestic semiconductor industry has made substantial progress, particularly in "hard core" segments, while EDA and IP sectors still require increased domestic replacement rates [17]. - The EDA and IP markets are becoming investment hotspots, with significant capital inflow expected to support technological breakthroughs and market demand [17][18].

1 、 《 RISC-V芯片投资价值全景梳理 》摘要 ■ RISC-V芯片最大特点是 开源 ，即不属于任何国家或公司，任何企业和机构都可以自由使用和开发 基于RISC-V的芯片，而无需支付授权费用。 ■ 目前 Windows、Android 对RISC-V的支持仍不完善，但华为 HarmonyOS、统信UOS 等国产操作 系统已适配RISC-V，有望加速普及。 ■ 玄铁C930 的发布代表着中国在 服务器级RISC-V芯片 领域迈出重要一步，但仍与 英伟达、英特尔 存在一定差距。 ■ RISC-V概念股因政策利好短期迎来炒作， 关注涨停潮中的核心标的 （芯原股份、全志科技、兆易 创新等）。 2、 《 医药行业业绩预告总结》摘要 ■ 2024年医药板块整体面临多重不利因素影响，业绩普遍承压。主要原因包括生物医药投融资环境低 迷、高毛利大订单执行周期结束、以及政策环境的变化等。 ■ 然而，行业内已经充分体现了外部环境的挑战和调整，预计在低基数的基础上，2025年整体业绩将 探底回升。 3、 《 企业级存储需求顺势而上》摘 要 ■ 受短期内行业供需错配影响，业绩仍有压力，尤其是在产品价格和市场份额争夺上，面临一定挑 ...