要问当下A股最火的国产AI芯片公司是谁？ 答案毫无疑问是 寒武纪！ 这家被投资者称为"万亿寒王"的科技巨头，从早期低调深耕芯片研发，到如今凭借690芯片技 术突破、互联网大厂订单爆发，正迎来从"国产替代者"向"行业主导者"跃迁的关键节点。 格隆汇研究院作为国产科技赛道的精准预判者，早在寒武纪2024年营收仅10亿元时就锁定其 潜力——当时我们通过技术壁垒拆解、国产替代趋势推演，在给会员做专属直播讲解中明确指 出"寒武纪690芯片将成下一代国产AI芯片核心标的"。 如今，公司25年Q2合同负债飙至5.43亿元（同比+5.4亿元、环比+5.42亿元），创历史新 高，2025年营收有望冲刺100亿元，2026年剑指300~500亿元。 去年夏天那个时候股价才200元，现在回看已经突破1400，剑指1500元了，1年多的时间就 涨了7倍，真是可喜可贺！ 这波跨越长周期的布局，再次印证了我们"前瞻性挖掘国产科技牛股"的硬核研究实力！ 01 AI芯片的需求逻辑，从来由大模型技术路径决定。而DeepSeekV3.1的发布，不仅是模型层面 的突破，更让寒武纪690芯片直接锁定"下一代国产芯片第一梯队"席位——这绝非偶然，而是 ...

要问当下A股最火的国产AI芯片公司是谁？ 答案毫无疑问是寒武纪！ 这家被投资者称为"万亿寒王"的科技巨头，从早期低调深耕芯片研发，到如今凭借690芯片技术突破、互联网大厂订单爆发，正迎来从"国产替代者"向"行 业主导者"跃迁的关键节点。 格隆汇研究院作为国产科技赛道的精准预判者，早在寒武纪2024年营收仅10亿元时就锁定其潜力——当时我们通过技术壁垒拆解、国产替代趋势推演，在 给会员做专属直播讲解中明确指出"寒武纪690芯片将成下一代国产AI芯片核心标的"。 如今，公司25年Q2合同负债飙至5.43亿元（同比+5.4亿元、环比+5.42亿元），创历史新高，2025年营收有望冲刺100亿元，2026年剑指300~500亿元。 去年夏天那个时候股价才200元，现在回看已经突破1400，剑指1500元了，1年多的时间就涨了7倍，真是可喜可贺！ 这波跨越长周期的布局，再次印证了我们"前瞻性挖掘国产科技牛股"的硬核研究实力！ 01 扒透寒武纪： 从"替代者"到"主导者"的蜕变 很多人对寒武纪的认知还停留在"靠政策红利的国产芯片厂商"，但实际上它早已凭借技术突破和订单落地，成为改写AI芯片市场格局的关键力量。 格隆汇研究 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the AI chip market in China, focusing on companies like ByteDance and Cambricon (寒武纪) [2][8][12]. Core Insights and Arguments - **Deepseek V3.1 Release**: The new version integrates large language models and deep reasoning models, improving training efficiency and reducing computational power consumption, surpassing GPT-5 in certain aspects [2][3]. - **ByteDance's Investment**: ByteDance, as the largest AI chip purchaser in China, is expected to invest 60 billion RMB in 2025 and potentially 80 billion RMB in 2026, significantly impacting the domestic AI chip market, especially with Nvidia's products facing limitations [2][8][10]. - **Nvidia's Market Position**: Nvidia will mainly provide B30 and B40 chips in 2026, but issues with interconnectivity and HBM may lead to a decline in market share, creating opportunities for domestic AI chips [2][9][10]. - **Cambricon's Positioning**: Cambricon has completed large-scale adaptations with ByteDance, positioning itself favorably for future procurement, which could significantly increase its revenue from hundreds of millions to potentially billions [2][12][17]. - **FP8 and UE8M0 FP8 Formats**: The introduction of FP8 and UE8M0 FP8 formats reduces computational power consumption while maintaining training effectiveness, giving Cambricon a competitive edge in the AI chip market [4][6][16]. Additional Important Insights - **Market Demand**: The demand for AI chips in China is expected to remain strong, with ByteDance's procurement plans indicating a robust growth trajectory [8][10]. - **Profitability Potential**: Cambricon's revenue is projected to grow from over 20 billion RMB to between 30 billion and 50 billion RMB if it captures a portion of ByteDance's procurement [12][14]. - **Competitive Landscape**: The domestic AI chip market is fragmented, with major players like Alibaba, Baidu, and Tencent using various suppliers, but Cambricon's established relationship with ByteDance gives it a significant advantage [13][17]. - **Future Prospects**: Cambricon's future looks promising, with expectations of substantial revenue growth and high profit elasticity due to fixed costs and successful product testing [14][18]. Conclusion - The conference call highlights the evolving landscape of the AI chip market in China, emphasizing the strategic positioning of Cambricon and ByteDance's significant role in shaping market dynamics. The anticipated growth in demand and technological advancements present substantial investment opportunities in this sector.

Core Viewpoint - Nvidia's CEO Jensen Huang indicated that future forecasts will exclude the Chinese market, yet the significance of China to Nvidia remains critical, as evidenced by the emphasis on Huawei as a competitive threat [3] Group 1: Nvidia's Strategy in China - Nvidia is developing a new generation of chips for the Chinese market, based on the GB202 GPU architecture, with plans to launch these new processors as early as July 2024 [3] - The new chips will include two models, referred to as B20 and B40/B30, which may be marketed as variants of the RTX 6000 series to obscure their Blackwell lineage [4] - Recent U.S. export controls have imposed restrictions on memory bandwidth and interconnect speed, leading to the use of GDDR memory in the new chips instead of HBM memory [4] Group 2: Chip Specifications - The B20 chip will utilize Nvidia's ConnectX-8 for interconnect functionality, optimized for small-scale clusters with 8 to 16 cards, primarily for inference tasks [6] - The B30/B40 models will support NVLink interconnect but at reduced speeds compared to standard specifications, with expected bandwidth similar to the H20's 900Gbps [7] - Memory configurations for the new chips are anticipated to include 24GB, 36GB, and 48GB, with the 48GB option being the most likely [8] Group 3: Market Demand and Pricing - The new chips are expected to be priced between $6,500 and $8,000, significantly lower than the H20's price range of $10,000 to $12,000, which may drive sustained customer demand [9] - Full server configurations with these new chips are estimated to cost between $80,000 and $100,000, depending on the connectivity options [9] Group 4: Customer Interest and Market Dynamics - Major Chinese tech companies have shown varying interest in the new chip models, with Tencent favoring the B20 for its cost-effectiveness in inference tasks, while ByteDance is more interested in the B30 and B40 to meet market demand left by the H20's discontinuation [10][11] - Alibaba has not specified a preference for particular models but indicates a strong overall demand for the chips [11] Group 5: Current Situation and Challenges - The true test for Nvidia will come once major Chinese customers receive testing cards, as the evaluation process typically takes about a month before large orders can be placed [12] - Despite Huang's comments, the Chinese market remains a vital revenue source for Nvidia, and competitors like Huawei continue to advance their own R&D efforts [12]

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic computing power alternatives [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, with a price range of $6,500 to $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power replacement continues to rise due to geopolitical tensions and restrictions on advanced technology [3]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," marking it as the fourth company globally to release a 3nm mobile processor, with significant R&D investment exceeding 13.5 billion yuan [5]. Summary by Sections NVIDIA Custom Chip Launch - NVIDIA's new custom chip B40 is expected to be released by the end of June, with a projected shipment of 1 million units in 2025. The chip will utilize GDDR7 memory instead of HBM, resulting in a bandwidth reduction from 4TB/s to 1.7TB/s [2][5]. Domestic Computing Power - The report emphasizes the growing importance of domestic computing power solutions in light of U.S. export restrictions and the competitive landscape [3]. Industry Developments - AMD plans to sell its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support [7]. - TSMC has rejected offers to build factories in India, opting instead to collaborate with local firms [7]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by investments in AI-related technologies [7]. - GlobalWafers America has officially opened a new advanced semiconductor wafer manufacturing facility in Texas, with plans for further investment [11].