公众号记得加星标⭐️，第一时间看推送不会错过。 12纳米，一个早在十年前就已经量产的工艺节点，为何成为当下芯片产业的焦点。近半年里，从紫光展锐、龙芯、翱捷、 富瀚微、江原科技、创见、国芯科技、耀宇视芯等不少国内芯片厂商，到索尼、英特尔、联电等国际巨头，都不约而同地 盯上了12nm制程节点。 图源：台积电 这是一场由算力边缘化、成本敏感化、产业地缘化、封装系统化共同驱动的系统级重估。在高成本、低产能的先进制程面 前，12nm正在被重新定义为"黄金中节点"，其商业价值和战略意义，正迅速上升。 1 2 n m应用谱系迅速扩展 让我们首先来看一些近期国内的一些典型的采用12nm制程技术的产品： | 公司 | 应用场景 | 产品 | 是否AI/智能化 | 说明 | | --- | --- | --- | --- | --- | | 紫光展锐 | 穿戴终端 | W527平台 | V | 主打4G旗舰智能穿戴 | | 龙芯 | 服务器 | 3C6000 | > | 国产自主服务器CPU | | REDMI | 手机独显 | 独显芯片D2 | V | 游戏画面增强 | | 富瀚微 | 智能眼镜 | MC6350 | V | ...

如果把电脑比作人体，CPU就是指挥全身的"大脑"。此次发布的龙芯3C6000，采用我国完全自主设计的 指令系统龙架构，无需任何国外技术授权，从底层设计到最终制造全部掌握在自己手中。 龙芯总设计师胡伟武自豪地介绍："3C6000的性能已经达到2023-2024年国际主流产品的水平，是真正 的'土生土长'的中国芯。它不依赖任何境外技术授权或供应链，从指令系统到各种IP核（知识产权核） 都是我们自主研发的。" 目前，3C6000系列已获得国家《安全可靠测评公告》最高等级——二级认证，在安全性上拿到了国家 级"毕业证"，完全能满足通信计算、人工智能计算（智算）、存储、工业控制及工作站等多场景需求。 一颗真正属于咱们中国人自己的"大脑"——龙芯3C6000正式亮相北京。这颗国产通用处理器（CPU）从 指令系统到所有核心部件，完全不依赖任何国外授权技术，真正实现了自主可控，标志着中国芯站上了 新高度。 本源悟空的背后，是量子芯片设计工业软件、测控系统、极低温环境支撑系统等全栈核心技术的自主突 破。完成超50万个全球任务，标志着中国自主量子算力已从可用真正迈向规模化应用阶段，成为全球量 子计算领域的重要一极。 更令人振奋的 ...

龙芯中科发布新一代CPU及GPGPU。龙芯中科一直致力于研究除ARM架构和X86架构 之后的第三套自研信息技术体系及产业生态。2025年龙芯产品发布会上，龙芯中科发布最新 一代3C6000系列处理器。本次产品主要打造了5种服务器主板方案（3C6000/S单路、双 路;3C6000/D双路;3C6000/Q双路;3C6000/D四路）主要针对不同应用群体，服务器性能全面 对标Intel第三代至强服务器系列，基本达到2023年市场主流产品水平，实测中64核心双路和 32核心四路产品整机性能比较Intel的8380有小幅优势。GPU9A1000定位入门级的显卡，支 持AI加速，AI算力预计在40TOPS，相较于公司上一代2K3000性能提升5倍以上，产品目前 已经在研发尾声，即将进入流片。 国内多家GPU企业发布招股说明，国内GPU算力发展脚步加快。摩尔线程，沐曦集成电 路（上海）股份有限公两家公司于2025年6月30日发布招股说明书。摩尔线程自主研发的全 功能GPU，沐曦股份是国内高性能通用GPU产品的主要领军企业之一。 国内政策利好算力市场发展。根据2023年10月工业和信息化部等六部门关于印发《算力 基础设施 ...

Core Viewpoint - The DDR4 memory prices have surged dramatically since early May, with a notable increase of over 160% for popular models, leading to a rare price inversion where DDR4 is more expensive than DDR5 [1][11]. Group 1: Market Dynamics - The price of DDR4 16Gb 3200MHz rose from $2.4 to $6.4 between May 6 and the current week [1]. - Major manufacturers like Micron, Samsung, and SK Hynix have announced plans to phase out DDR4 production, causing market turbulence [4]. - The supply-demand mismatch has driven DDR4 prices to unprecedented levels, with expectations of continued high prices in the short term [11][17]. Group 2: Technological Transition - DDR4, which began its lifecycle in 2014, is now entering a phase of gradual discontinuation, with a production cycle of approximately 11 years [7]. - DDR5 offers significant improvements over DDR4, including higher frequencies starting from 4800MHz and greater bandwidth, making it more suitable for high-performance applications [8]. - The transition from DDR4 to DDR5 is being accelerated by the increasing adoption of DDR5-compatible CPUs from major companies like Intel and AMD [13]. Group 3: Domestic CPU Challenges - Many domestic CPUs still support only DDR4, which may lead to challenges as DDR4 prices rise and availability decreases [10][15]. - The limited number of domestic CPUs that support DDR5 could hinder the transition to newer memory technologies, posing risks for domestic manufacturers [12][15]. - Companies are urged to expedite the development and production of DDR5-compatible products to remain competitive in the market [15][17]. Group 4: Future Outlook - The DDR4 price surge is expected to last for several months, driven by strong demand and limited supply, with some manufacturers reporting order increases of 1.5 to 2 times [16]. - As DDR5 production ramps up and prices stabilize, DDR4 prices are anticipated to return to more rational levels in the long term [17]. - The ongoing price fluctuations in both DDR4 and DDR5 highlight the need for domestic CPU manufacturers to enhance their supply chain management and technological capabilities [21].

Core Viewpoint - The RMB exchange rate is expected to fluctuate and appreciate in July 2025, projected to be in the range of 7.10 to 7.25 against the USD, influenced by various domestic and international economic factors [1][6]. Group 1: Exchange Rate Trends - In June 2025, the RMB exchange rate fluctuated within the range of 7.1575 to 7.1986, with the onshore rate between 7.1656 and 7.1895, and the offshore rate between 7.1575 and 7.1986 [2][3]. - The overall trend of the RMB is supported by the continued interest rate cuts by major global economies, which have positively impacted the RMB [2][3]. Group 2: Domestic Economic Factors - In May 2025, China's retail sales increased by 6.4% year-on-year, indicating a steady growth in consumer demand and ongoing economic recovery [3]. - The launch of the domestically developed general-purpose processor, Longxin 3C6000, marks a significant technological breakthrough for China, enhancing its economic stability [3]. Group 3: International Economic Factors - Major economies, including the European Central Bank and the Swiss National Bank, have continued to lower interest rates, which has created a favorable environment for the RMB [2][5]. - Despite the stability in interest rates from the US Federal Reserve, market expectations for future rate cuts have increased due to ongoing global monetary easing [5][6]. Group 4: Future Outlook - The combination of China's economic growth, military advancements, and technological breakthroughs is expected to enhance the attractiveness of Chinese assets, supporting the RMB's stability [5]. - The anticipated passage of the "Big and Beautiful" bill in the US Congress, which could lead to significant fiscal pressure, may further influence market expectations for a potential rate cut by the Federal Reserve [5].

Group 1 - The report indicates that the external uncertainty from tariffs is expected to gradually spread, with the U.S. "reciprocal tariffs" 90-day deadline approaching, suggesting that most economies may struggle to resolve tariff issues within this timeframe [4][13][15] - The domestic policy is anticipated to remain proactive yet restrained, with the need to maintain sufficient policy space to address potential extreme risk scenarios while avoiding excessive short-term stimulus that could disrupt long-term goals [30][32][38] Group 2 - The report highlights that the improvement in domestic demand is a key driver for economic and corporate profit recovery, with expectations that consumer confidence will continue to rise due to the rebound in residents' income and wealth effects [77][78][83] - The real estate sector is showing signs of gradual recovery, with new home sales and land transaction data improving, indicating a potential positive impact on the overall economy [83][88][91] Group 3 - The report emphasizes that the capital market's liquidity remains high, with a significant number of stocks experiencing substantial gains, which has fostered a strong investment sentiment among individual investors [116][122][134] - The importance of the equity market is underscored by ongoing policy support aimed at enhancing residents' property income and maintaining market stability [136]

Group 1 - Major chip design software companies, including Synopsys, Cadence, and Siemens, have announced that the U.S. Department of Commerce has lifted the ban on chip design software exports to China, allowing them to resume supply [1] - Siemens was the quickest to respond, restoring access to its software and technology for Chinese customers within two hours of receiving the notification [1] - The lifting of the ban is believed to be influenced by recent breakthroughs in China's chip architecture, specifically the launch of the domestically developed Loongson 3C6000 processor [1][2] Group 2 - The Loongson 3C6000 processor is based on a self-designed instruction set architecture (ISA), which does not rely on any foreign technology, marking a significant step in China's efforts for technological independence [2] - The ISA serves as the foundational language for processors, determining how software communicates with hardware, and is crucial for the development of chip design software [3][4] - The development of a unified ISA allows software developers to write programs without needing to understand the internal workings of different CPUs, facilitating compatibility across various hardware [3][4] Group 3 - The relationship between ISA and chip design software is critical, as the latter relies on the former to generate circuit designs that meet specific functional requirements [4][6] - Different ISAs influence the optimization strategies of chip design software, with high-performance architectures focusing on parallel computing and low-power architectures emphasizing energy efficiency [6][7] - Historical advancements in ISAs have driven breakthroughs in Electronic Design Automation (EDA) tools, necessitating upgrades to accommodate new architectures like RISC-V [7][9] Group 4 - The emergence of the Loongson architecture signifies a pivotal moment for China's EDA capabilities, suggesting that the country can now independently develop world-class chip design software without external constraints [9] - The U.S. lifting the ban on EDA tools is interpreted as a response to China's advancements in chip technology, indicating that previous restrictions have become counterproductive for U.S. companies [9]

Group 1 - The core viewpoint of the news is that Longxin Zhongke has successfully developed and launched new products, including the Longxin 3C6000 server series and the 2K3000 industrial control/terminal chip, showcasing significant advancements in performance and technology [1][2] - Longxin Zhongke's new products are positioned to compete with mainstream market offerings, with the 3C6000 series achieving performance levels comparable to Intel's third-generation Xeon scalable architecture server chips [1] - The company emphasizes its commitment to building an independent ecosystem outside of the X86 and ARM architectures, focusing on self-reliance in chip development, production, and software ecosystem [2] Group 2 - The "Three Swordsmen" of Longxin's R&D transformation have been fully commercialized, indicating a successful transition from development to market readiness [1] - Longxin's GPGPU technology aims to integrate graphics and AI processing into a single core, targeting inference applications and emphasizing continuous performance improvement and software ecosystem enhancement [2] - The cost-performance ratio of Longxin's new products is reported to be over three times that of the previous generation, enhancing its competitiveness in the open market [2]

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The integrated circuit manufacturing sector continues to be strong, leading the electronic industry with a weekly increase of 4.61%, outperforming the CSI 300 index which increased by 1.95% [2] - The AI Glasses market is experiencing explosive growth, with global sales expected to reach 2.34 million units in 2024, a year-on-year increase of 588.2%, and projected to reach 90 million units by 2030, with a CAGR of 83.7% [6][13] - Xiaomi's AI Glasses, launched on June 26, 2025, are positioned as a new entry point in the smart wearable market, featuring advanced AI capabilities and lightweight design [5][20] Summary by Sections 1. AI Glasses Overview - AI Glasses are smart wearable devices that integrate AI technology for enhanced reality experiences and personalized services [8] - The market is characterized by a focus on lightweight design and scenario-based functionality, differentiating from AR, VR, and XR devices [11] 2. Global AI Glasses Market Growth - The global AI Glasses market is projected to grow significantly, with Ray Ban Meta expected to capture over 90% of the market share by Q4 2024 [6][13] - Competition is intensifying between international brands like Meta and domestic manufacturers focusing on localized scenarios [16] 3. Performance Comparison of Xiaomi AI Glasses - Xiaomi's AI Glasses feature a Qualcomm Snapdragon AR1 dual-core architecture, weighing 40g, and a battery capacity of 263mAh, outperforming competitors in several key specifications [20][21] - The AI functionality of Xiaomi's product is enhanced through localized semantic understanding, differentiating it from Ray Ban's offerings [20] 4. Investment Recommendations - The report suggests investors focus on upstream suppliers related to AI Glasses, specifically Tianyue Advanced and Kangnate Optical, which are key players in the supply chain [22][23]

Group 1 - The semiconductor industry chain is experiencing a strong performance, with the lithography machine sector leading the gains, and stocks like Blue Ying Equipment and Kemet Gas seeing significant increases [1] - Various sectors within the semiconductor industry, including advanced packaging, electronic chemicals, and third-generation semiconductors, are also witnessing upward trends [1] Group 2 - Recent catalysts for the semiconductor sector include an acceleration in mergers and acquisitions, with notable transactions such as Huada Jiutian's acquisition of Chip and Semiconductor equity and Haiguang Information's merger with Zhongke Shuguang [2] - The IPO progress of "unicorn" chip companies is gaining attention, with companies like Unisoc and Moer Thread having their applications accepted for listing on the Sci-Tech Innovation Board [3] - Longxin Zhongke recently launched new chip products, including the Longxin 3C6000 series server processor and Longxin 2K3000/3B6000M chips for industrial control and mobile terminals, leading to a stock price increase of 7.82% [3] - The semiconductor industry is entering a recovery cycle driven by AI demand, with expectations of continued recovery into the first quarter of 2024 and 2025 [3]