而在外部算力间歇的空窗期，华为昇腾、百度昆仑、寒武纪等国产芯片厂商也没闲着。尽管离世界顶级 水准尚有差距，但星光不负赶路人，中国"芯"也拥有了博弈的筹码。 谈及与华为等国产芯片的竞争关系，黄仁勋笑称："任何房子里总有容纳两个人的空间。"他强调："任 何轻视华为、轻视中国制造能力的人，都极其天真。" 合作与竞争是市场共生的一体两面，在AI产业链供应链的横向和纵向上都是如此。ChatGPT和DeepSeek 是横向上的竞争关系，大模型的你争我夺，算力的需求旺盛，纷至沓来的合作诚意，促成"卖铲人"英伟 达市值飙到4万亿美元；反过来，由于AMD、华为昇腾等全球芯片竞争者的存在，让GPU主导的算力成 本一降再降，既能满足大模型、机器人等创业者的不同需求，又能保障芯片禁令等非市场因素之下的从 业者蓄力创新。 与小米CEO雷军合影，链博会开幕式着唐装秀中文，媒体见面会户外穿皮衣，与阿里云创始人王坚对 话……以第三届链博会为契机，英伟达CEO黄仁勋年内第三次来华，行程异常繁忙。 聚光灯和热搜背后，黄仁勋不仅带来了H20 GPU获准恢复在中国销售的好消息，更是多番重申全球产业 链供应链合作共赢的重要性。"（链博会）参展企业遍布 ...

昨天，英伟达 H20 恢复对华出口，黄仁勋亲临北京宣布即日启动交付，还表示将推出面向工 业数字孪生场景的 RTX Pro GPU 。虽然恒生科技表现强势，但是国证芯片、芯片产业等半 导体指数却全天疲弱。 碰巧有位小伙伴留言：半导体基金还能拿着吗？从他的提问中能看出，担心 H20 恢复供应之 后，是否会令国内半导体产业承压，从而影响芯片板块未来走势。 我们先来简单回顾下，近些年几次"禁令"压迫之下，半导体板块是如何表现的？ 2022 年 10 月， 禁止英伟达出售 A100 、 H100 等旗舰 AI 芯片。为了规避限制，英伟达 开发了特供版 A800 和 H800 ，性能缩水约 30% ，但可满足基础需求。在此消息承压下， 国证芯片、科创芯片指数震荡走高，科创芯片表现尤为靓丽。 以下文章来源于养基司令 ，作者养基司令 养基司令 . 「轻」财经资讯，「重」选基技巧，坚持用数据说话！ 2023 年 10 月， 禁令继续升级，将 A800 、 H800 也纳入了禁售范围。英伟达被迫开发了 H20 、 L20 、 L2 芯片，其中 H20 性能仅为 H100 的 15%-30% ，不过显存增至 96GB ，恰好符合" ...

（图片来源：摄图网） 近日，特斯拉CEO埃隆·马斯克在社交媒体抛出一则震撼性预言：AI智能水平正以指数级速度跃升，预计在 不到两年的时间内，超越人类个体智慧，而在大约五年的时间里，AI的智能将超过全人类智能的总和。他 进一步推算，若AI能力每年提升至之前的十倍，照此速度，四年后其智能或将膨胀至当前的十万倍。 马斯克指出，当前AI虽已超越多数人类，但仍未超越最顶尖的个体或专业化团队协作(如科技公司)。然而， 其发展轨迹呈现典型的"加速回报定律"——算力提升、算法优化与数据爆炸形成正向循环，推动AI从"专用 智能"向"通用智能"跃迁。以GPT系列为例，从GPT-3到GPT-4的参数规模仅增长10倍，但综合性能提升超百 倍;而下一代模型可能通过多模态融合、自主进化机制实现质变。 | 图表2:全球人工智能领先企业布局情况 | | --- | | 企业名称 | 人工智能软件产品 | 人工智能硬件产品 | | --- | --- | --- | | GOOGLE | GOOGLE ASSISTANT 智能助手等 | 开发 TPU 芯片,满足深度学习运算要求。 | | META | 人工智能助理( | 组建芯片团队,减少对 ...

Core Viewpoint - The breakthrough of DeepSeek technology is reshaping the narrative logic of the technology industry, leading to a wave of asset revaluation in the Chinese capital market, particularly in the AI sector, which is accelerating its growth trajectory [1] Group 1: Market Performance - Following the emergence of DeepSeek and Yushu Technology, Chinese tech stocks have entered a significant valuation recovery phase, with the Hang Seng Tech Index rising by 20.74% in Q1 2025, outperforming global markets [2] - In the A-share market, the Sci-Tech Innovation 100 index surged by 10.69% in Q1 2025, while the Sci-Tech Innovation 50 index increased by 3.42%, driven by the "AI+" trend [2] Group 2: Valuation and Pricing - The asset revaluation process is still in its early stages, with A-share valuations considered relatively low; the Shanghai and Shenzhen 300 index has a price-to-earnings ratio of only 12.3 times, significantly lower than major global indices [3] - The risk premium in the A-share market is currently 1.7 standard deviations above the long-term average, nearing historical extremes, indicating potential for valuation recovery [3] - Chinese AI development potential is not fully priced in, with leading tech companies' valuations significantly lower than their U.S. counterparts, particularly in the Hong Kong market where the Hang Seng Tech dynamic P/E ratio remains at historical lows [4] Group 3: AI Development - Domestic large models have narrowed the performance gap with international counterparts, with the release of DeepSeekR1 accelerating the progress of domestic models [5] - The demand for AI computing power is surging, with domestic AI chip shipments exceeding 820,000 units in 2024, capturing a 30% market share [6] - The application of AI is expanding rapidly across various sectors, with significant user engagement in consumer applications and increasing penetration in B2B scenarios [7] Group 4: Policy Support - National policies are driving the development of the AI industry, focusing on strategic planning, technological breakthroughs, and application scenarios, with local governments tailoring policies to enhance competitive advantages [8] - The A-share market's technology narrative is becoming clearer, with significant growth in sectors like biotechnology, renewable energy, and information technology, supported by favorable policies [9][11] Group 5: Future Outlook - The Chinese stock market is at a critical juncture, transitioning from narrative reinforcement to narrative realization, with potential for a growth stock bull market if technological advancements and industry resilience are sustained [1][11] - The A-share market's technology narrative is expected to evolve through three phases: narrative reinforcement, realization, and upgrade, with the current phase characterized by structural recovery and low valuation tech leaders [11]