（文/罗叶馨梅）11月25日，有投资者在互动平台上就泰凌微（688591.SH）港股上市进展及端侧芯片是否能够部署大模型或智能体等问题进行 提问。公司回应称，在香港联交所上市的事项仍在筹措过程中，相关进展将按监管要求通过公告方式披露。同时，公司详细介绍了端侧芯片在 人工智能与大模型时代的技术布局。 泰凌微表示，公司端侧芯片及其搭载的机器学习与人工智能发展平台，使低功耗无线物联网芯片脱离了传统无线芯片"只负责传输"的单一功 能，具备了一定的本地计算与自学习能力。这些芯片不仅可以参与、对接云端大模型和应用小模型，还支持在终端侧执行部分推理任务，实现 从"管道"型通信芯片向"可思考"智能节点的升级。 公司进一步介绍，泰凌微已与多家国际、国内一线客户达成合作，并与业界领先的大模型平台建立对接机制，推动多款芯片和开发套件适配相 关大模型平台，方便下游客户在熟悉的生态中快速完成接入与开发。通过这一路径，开发者可在智能家居、可穿戴设备、工业物联网等场景 中，更便捷地部署具备感知、学习和决策能力的终端设备。 在公司的整体AI战略中，"让人工智能从云端下沉到终端设备"是核心方向之一。泰凌微认为，端侧智能可以在降低时延、增强隐私 ...

Core Insights - The article discusses the evolution of algorithms in the chip design industry, particularly focusing on the advancements in attention mechanisms and their implications for future chip designs [2][4]. Group 1: Attention Mechanism Evolution - The Transformer architecture has dominated the large model field, but its self-attention mechanism poses significant computational challenges, especially in terms of power requirements during the prefill and decode phases [4]. - Various improvements to the Transformer structure have been proposed, such as Performer, Reformer, and lnformer, but none have achieved widespread application due to a lack of strong demand [4]. - The emergence of linear attention mechanisms aims to reduce computational complexity to linear levels, with models like RWKV and Mamba following this approach [5]. Group 2: Dynamic Sparsity and MoE Technology - Dynamic sparsity, particularly through Mixture of Experts (MoE) technology, has gained traction, allowing only a subset of experts to be activated during inference, which can lead to better performance and reduced computational costs [8]. - The trend towards increased sparsity in MoE models, such as Ant Group's recent models, indicates a significant shift in the industry, necessitating larger memory and bandwidth requirements [9]. Group 3: Low-Bit Quantization - The introduction of low-bit quantization techniques, such as FP8 training, has opened new avenues for model efficiency, with a focus on weight-only quantization to alleviate bandwidth bottlenecks [11]. - The article highlights the importance of fine-grained quantization and the potential for mixed quantization strategies to optimize model performance, especially in MoE models [12]. Group 4: Token Compression - Token compression has emerged as a critical area for reducing the computational burden of large models, particularly in visual token processing, which has shown high redundancy [14]. - The article notes a surge in research focused on token compression techniques, which could significantly impact chip design by lowering application barriers for large models [14]. Group 5: Future Implications for Chip Design - The advancements in attention mechanisms, dynamic sparsity, low-bit quantization, and token compression are expected to have substantial implications for the design of future edge chips, which have lagged behind the development of large models [14].

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for High-Quality Development of the Intelligent Terminal Industry in Shanghai (2026-2027)", emphasizing the enhancement of robotic terminal capabilities [1] Group 1: Robotics Development - The plan aims to develop humanoid robots that possess listening, emotional intelligence, cognitive skills, and technical abilities [1] - Support will be provided for the research and mass production of humanoid robot products [1] - The initiative includes accelerating the industrialization of core components such as edge-side chips, dexterous hands, and batteries [1] Group 2: Industrial Collaboration - The plan promotes the collaboration between industrial robots and their components, focusing on key components and high-end complete machines to address weaknesses in the supply chain [1] - There is an emphasis on completing the industrial chain by addressing gaps in critical areas [1] Group 3: Market Penetration - The strategy aims to accelerate the penetration of robotic terminal products into the consumer market [1] - Development of consumer-grade robots such as companion robots and household robots is a key focus [1]

Core Viewpoint - The company has made significant progress in the AI industry chain, particularly in the GPU sector, and is actively collaborating with domestic manufacturers to explore the potential of the AI market [2] Group 1: AI Industry Developments - The company began its layout in the AI industry chain last year and has made advancements in the GPU field through collaboration with domestic manufacturer Moore Threads [2] - The company has assisted original manufacturers, such as Starshine Technology, in integrating low-power AI functions into their edge chips and has achieved initial success in client-side promotion [2] - The company plans to leverage its technical team's experience in application solution design and market understanding to foster ecological collaboration and tap into the vast potential of the AI market [2] Group 2: Collaborations and Product Applications - The company has established partnerships with several domestic manufacturers, particularly in the industrial automotive sector, with notable performance from companies like ChuanTu Microelectronics in isolation products [2] - Products such as DSP from Gejian have distinctive features in the domestic market, while interface products from Jishi Innovation have been successfully introduced into multiple application scenarios and have entered mass production [2] - Relevant products have achieved large-scale application in the industrial automotive sector [2] Group 3: Financial Performance - In the first half of the year, the company achieved operating revenue of 3.884 billion yuan, representing a year-on-year increase of 16.13% [2] - The net profit attributable to shareholders of the listed company was 33.6114 million yuan, reflecting a year-on-year increase of 71.05% [2]

Group 1 - Shanghai Municipal Economic and Information Commission has announced the implementation of the national "Artificial Intelligence +" initiative, focusing on enhancing intelligent computing power supply services [1] - The initiative supports the research and application of high-performance training, inference chips, and edge chips for artificial intelligence, as well as the construction of foundational AI hardware and software systems [1] - The demand for edge AI computing power is expected to rise due to the increasing market share of AI smart glasses and AI smartphones, with the edge AI industry market size in China projected to exceed 1.9 trillion yuan by 2028 [1][1] Group 2 - Xincheng Technology plans to acquire a 53.31% stake in Bluetooth chip design company Furui Kun to create a leading self-developed SoC IP platform in the industry [2] - Hengxuan Technology's BES2700 and BES2800 chips have been mass-produced in projects involving customer smart glasses, wireless microphones, and recording pens [2]

Core Viewpoint - The company achieved a revenue growth of 9.94% year-on-year in Q2, with a net profit attributable to shareholders increasing by 31.46% [3] Financial Performance - In the 2025 mid-year report, the company reported a revenue of 3.33 billion yuan (YoY +10.42%) and a net profit of 497 million yuan (+37.12%). In Q2 alone, revenue reached 1.80 billion yuan (YoY +9.94%, QoQ +17.72%) and net profit was 308 million yuan (YoY +31.46%, QoQ +63.90%) [4] - The company recognized share-based payment expenses of 17 million yuan in 1H25, with a net profit impact of 23 million yuan after considering related taxes. Excluding these expenses, the net profit for 1H25 would be 520 million yuan [4] Orders and Inventory Management - The company is actively increasing inventory in response to abundant orders, expecting further growth in Q3 year-on-year. The gross margin in Q2 reached 37.29%, up 1.06 percentage points from the previous quarter, indicating improved profitability [5] - Inventory increased by 466 million yuan to 1.85 billion yuan, and prepaid expenses rose by 602 million yuan to 621 million yuan, primarily due to increased inventory levels in anticipation of current and expected orders. The company expects continued growth in operating performance for Q3 and the entire year of 2025 [5] Product Performance - The company achieved a record high shipment of nearly 50 million units in Q2, driven by the launch of strategic new products. Specifically, sales of smart home products grew over 50% year-on-year in both 1H25 and Q2 [6] - The shipment of 19 types of edge chips exceeded 9 million units in 1H25, surpassing the total sales for the entire year of 2024. Wi-Fi chip sales in 1H25 exceeded 8 million units, with Q2 alone surpassing 5 million units, and Wi-Fi6 sales in Q2 grew over 120% compared to Q1 [6] - The sales of 6nm chips in Q2 exceeded 2.5 million units, with a cumulative shipment of over 4 million units in 1H25, maintaining an annual shipment expectation of over 10 million units [6] - New product developments include successful tape-out of Wi-Fi AP chips and ongoing development of high-precision electronic image correction and stabilization products [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext 50 Index ETF (588870), which saw a more than 2% increase during the trading session, with a current increase of over 1% and a trading volume exceeding 51 million CNY, leading in turnover rate among similar products [1] - The ChiNext 50 Index ETF has experienced a year-to-date share growth rate of over 18%, continuing to outperform its peers [1] - The underlying index components of the ChiNext 50 Index ETF showed mixed performance, with major stocks like Cambricon Technologies rising over 11%, surpassing a market capitalization of 400 billion CNY [2][3] Group 2 - The semiconductor industry is experiencing a positive trend, with companies like SMIC and Huahong Semiconductor highlighting the high demand for analog ICs and the acceleration of domestic replacements during their Q2 earnings calls [4] - The semiconductor sector is expected to maintain optimistic growth in 2025, driven by AI and supported by policies addressing supply chain risks and promoting domestic alternatives [5] - Domestic AI chip companies are focusing on innovations in interconnect technology and large-scale system solutions, aiming to enhance their market share through improved product capabilities [6] Group 3 - The ChiNext 50 Index ETF (588870) tracks the top 50 stocks on the ChiNext board, covering key sectors such as chips, pharmaceuticals, power equipment, and computers, representing leading companies in these fields [7] - The management fee for the ChiNext 50 Index ETF is as low as 0.15%, and the custody fee is as low as 0.05%, making it one of the lowest in the market [8]

远川投资评论 . 看更好的资管内容 以下文章来源于远川投资评论 ，作者沈晖 来源|远川投资评论 作者|沈晖 编辑|张婕妤 2024年12月13日，中欧基金科技研究小组做了一个少有人注意到的预判： 「当前国产大模型能力逐步追赶到GPT-4的水平，明年达到GPT-o1水平。 」 一个月后预言成真，DeepSeek骤然问世，一场暴烈的AI变革席卷而来，中欧科技战队的基金经理们原本清闲的春节假期也忙碌了起来。 刘伟伟闲暇时一边跟踪着国内外关于AI的最新信息，一边跟公司的研究员深入探讨，冯炉丹思考AI能够提效的场景，赶忙写下数个Prompt。中欧科技战队 自发进入「加班」状态，从美股算力暴跌聊到Scaling Law是否失效，从DeepSeek的意义探讨聊到节后对下游硬件与应用的配置策略。 「AI行业变化太快了，变化太多了。」刘伟伟感叹，「我做投资那么多年，第一次遇到变化那么快，需要每天学习巨量新知识的行业。」与此同时，AI产 业的许多变化源头在北美，供应链又分布在整个亚太，这就对投研的全球性、时效性提出了更加前所未有的挑战。 宇树机器人回旋踢，Figure AI机器人干家务，Manus引爆智能体新纪元。智能涌现的速度 ...