自2023年ChatGPT引爆生成式AI革命以来，智算需求呈爆炸式增长。进入2025年，随着大量AI应用上 线，高端GPU"一卡难求"，算力愈发成为核心生产资料。 "除非量子计算、光子计算能够大规模替代硅基计算，否则后摩尔时代一定是体系结构的天下。"11月14 日，容芯致远联合创始人、CTO石旭在21世纪卓越董事会（苏州站）活动上表示。 但当前，多卡协同工作依然存在不少通信瓶颈。 石旭告诉21世纪经济报道记者，传统铜互连的高速互联方式，只能提供几十厘米级的低延迟互联能力。 这不仅使得在设备内部构建8卡甚至更多GPU设备变得愈发困难，而且也对高功耗的散热设计提出了挑 战。 在石旭看来，单纯依靠提升芯片制程来提高芯片性能、进而优化计算机系统性能的路径已走到尽头，只 有算力芯片、交换芯片、软件生态协同更新，才能实现计算机系统的性能迭代。"因此英伟达不仅做算 力芯片（GPU），还做网络芯片（收购Mellanox）、交换芯片（NVSwitch）以及软件生态 （CUDA）。" 从通算到智算 据统计，2023年中国通算服务器销量为470万台，智算服务器销量为15万台。而到了2025年上半年，通 算服务器销量萎缩到100多万 ...

Group 1 - Multiple high-performing North Exchange theme funds have implemented purchase limits to maintain strategy effectiveness and protect investor interests [1] - Nearly 80% of North Exchange theme funds have seen net value growth exceeding 30% year-to-date, with many products ranking high in their categories [1] - Public quantitative index-enhanced funds have capitalized on market volatility, with nearly 80% outperforming their benchmarks [1][2] Group 2 - In the low interest rate environment, many macro-strategy private equity firms are favoring equity assets over bonds, particularly in Hong Kong's internet and dividend stocks [2] - The first quarter of 2025 saw significant differentiation in the Chinese electric vehicle sector, with XPeng leading in deliveries and revenue growth, while Li Auto and NIO faced challenges [2] - XPeng delivered 94,000 vehicles, projecting revenue between 15.19 billion to 15.7 billion yuan, a year-on-year increase of 132% to 139.8% [2] Group 3 - The successful completion of China's first closed-loop spinal cord nerve interface implantation surgery marks a significant breakthrough in the field, potentially benefiting 3.7 million spinal injury patients [3] - Several AI applications have been reported for illegally collecting and using personal information, highlighting regulatory concerns in the tech industry [3] Group 4 - The development of the AI Pro chip by the Technical University of Munich features a brain-like architecture for local computation, enhancing network security and energy efficiency [5] - Rongxin Zhiyuan has completed seed round financing to accelerate the integration of AI computing architecture with domestic chip technology [5] - Weiqi Intelligent has secured a new round of financing to advance large model technology and its application across various industries [5] Group 5 - Dingdong Maicai's supply chain planning director was sentenced to 18 months in prison for accepting bribes totaling 950,000 yuan, facilitating warehouse leasing contracts worth over 300 million yuan [6] - Country Garden received disciplinary action from the Shanghai Stock Exchange for failing to timely disclose its mid-year report for 2024, leading to public reprimands for its executives [7] Group 6 - Shenzhen Morning Light Dairy faced consumer backlash over its "供港壹号牛奶" branding, with claims that the product is not actually sold in Hong Kong [8][9] - Former Midea Group vice president Yin Bitong has joined Hisense Group as the president of the air conditioning division [9] - Demais has announced a suspension of trading as its controlling shareholder plans to change the company's control [9] Group 7 - U.S. stock indices closed lower, with the S&P 500 ending a six-day winning streak, influenced by declines in major tech stocks following Google's developer conference [10] - The Japanese bond market is underperforming, contributing to increased sensitivity to interest rate fluctuations [11] - The U.S. dollar weakened while Bitcoin surged past $3000, reaching a four-month high, driven by risk-averse sentiment [12]

Group 1 - Beijing Rongxin Zhiyuan Technology Co., Ltd. recently completed a seed round financing of several tens of millions, led by Yunxi Capital [1] - The funds from this financing will primarily be used for the research and development of Rongxin Zhiyuan's new intelligent computing products and for mass production delivery [1] - The company has achieved three major technological breakthroughs with its globally pioneering AGC intelligent computing architecture, including GPU hot-swapping, GPU-RAID high availability, and GPU energy-saving longevity [1]