日前在英特尔的2025年第一季度财报电话会上，当被投资者问及"为什么老一代产品（如Raptor Lake） 的需求比新一代产品（Meteor Lake）更多，是为了更高的利润率主推老产品"时，英特尔产品部门负责 人米歇尔・约翰斯顿・霍尔索斯的回答，是"客户对N-1和N-2产品有更大需求，这样他们可以继续提供 消费者真正需要的价格。" 这里投资者提出的需求转向老产品现象，来源于英特尔方面对于"Intel 7"工艺节点产能出现短缺的解 释，其表示这一工艺产能短缺的原因是"N-1和N-2"产品需求的意外激增。N-1和N-2代表前一代或前两 代处理器，比如英特尔目前最新的处理器是Meteor Lake架构的酷睿Ultra系列，所以N-1和N-2就分别是 指14代和13代酷睿。 简而言之，英特尔方面在财报电话会议上的说法，其实从侧面证实了市场对于13代、14代酷睿的需求， 远胜过最新的附带NPU单元的酷睿Ultra系列，也印证此前分析机构Canalys对于AI PC出货量的追踪数 据。 Canalys公布的相关数据中显示，在整个2024年全球PC市场出货的产品中，带有专门处理AI工作负载 （如NPU）芯片或模块的AI ...

Investment Rating - The report maintains a positive investment rating for the computer industry [4] Core Insights - The successful development of the "Zuchongzhi No. 3" quantum computing prototype by a Chinese research team has set a new world record in superconducting quantum computing, demonstrating significant performance improvements and establishing China's leading position in this field [2][33] - The launch of the AI agent Manus by a Chinese team marks a significant breakthrough in AI applications, with expected compound annual growth of 72.7% over the next five years [2][34] - Alibaba's introduction of the QwQ-32B model, with 320 billion parameters, showcases China's growing innovation and technological strength in the global AI industry [3][35] Summary by Sections Global Market Performance - U.S. tech stocks continued to decline, while Chinese and Hong Kong tech stocks, as well as A-share computer stocks, saw increases [11] - The Nasdaq China Golden Dragon Index rose by 4.93%, and the Hang Seng Tech Index increased by 8.43% [12] Industry News - The "Zuchongzhi No. 3" quantum computer features 105 readable qubits and 182 coupled qubits, achieving performance that is a trillion times faster than the fastest supercomputer [2][33] - The AI agent Manus can perform various tasks such as travel planning and stock analysis, indicating a major advancement in AI capabilities [2][34] - Alibaba's QwQ-32B model is designed for local deployment on consumer-grade graphics cards, reducing costs for enterprises [3][35] Key Technology Developments - Apple released the M3 Ultra chip, enhancing performance for Mac products with significant improvements in CPU and GPU capabilities [20] - Qualcomm introduced the X85 5G modem, which supports 5G Advanced and offers peak download speeds of up to 10 Gbps [22] - Intel expanded its Core Ultra series, significantly improving multi-core performance and productivity for business applications [25][26]