在云端，要对海量的真实与合成数据进行预训练和完成世界模型的构建，可能需要数十万张AI加速卡 和数十个EFLOPS（百亿亿次浮点运算）级别的算力支撑，这构成了极高的资金与技术壁垒。在车端， 为了实现低成本、低延迟与高效能的实时响应，车载智能芯片的算力需求正从目前的最高500-600 TOPS，朝着2500 TOPS以上迈进。这场竞赛不仅考验着企业的资源投入，更考验着其在芯片设计、架 构创新与系统整合上的综合实力。 面对业界最关心的数据挑战，尤其是类似FSD入华可能面临的"水土不服"问题，邓志东表示，一个出租 车司机比新手安全，主要源于他积累了更长的驾驶里程，而非智商更高或书本知识更丰富。要让自动驾 驶的安全性超越人类，若采用世界模型智能体方法，AI所需要的学习里程必须是人类司机的上千倍。 依靠实车路测采集真实数据成本极高、周期漫长，因此利用"数字孪生"技术生成海量的"合成数据"成为 了破局点。这意味着，能提供高质量仿真平台与数据服务的公司，将在未来产业链中更有价值。 邓志东介绍，目前一场激烈的"算力军备竞赛"已经拉开帷幕。这是一场在云端与车端同时进行的双线战 争。 新京报贝壳财经讯（记者林子）"智能驾驶正迎来它 ...

Core Viewpoint - The collaboration between NVIDIA and Intel marks a significant alliance in the semiconductor industry, with NVIDIA investing $5 billion to acquire Intel shares and both companies aiming to develop customized data center and personal computing products to enhance computing capabilities [1][2]. Group 1: Investment and Market Impact - NVIDIA will acquire Intel shares at $23.28 per share, totaling an investment of $5 billion, making NVIDIA the second-largest shareholder of Intel with an expected ownership of over 4% [1]. - Following the announcement, Intel's stock price surged over 30%, increasing its market capitalization by approximately $26.5 billion, indicating positive market sentiment towards the collaboration [1]. - The global data center accelerator card market is projected to grow from $15.2 billion in 2023 to $80 billion by 2030, with a compound annual growth rate of 29.8% [3]. Group 2: Strategic Collaboration - The partnership aims to leverage Intel's CPU capabilities and NVIDIA's GPU strengths, with Intel customizing CPU chips for NVIDIA's AI infrastructure and NVIDIA integrating its GPUs into Intel's personal computing systems [1][5]. - This collaboration is seen as a strategic move to counter the increasing competition from cloud service providers like Amazon, Google, and Microsoft, who are developing their own chips [5][6]. - The integration of CPU and GPU technologies is expected to create a more efficient and powerful computing ecosystem, enhancing performance for cloud service providers [5][6]. Group 3: Industry Trends and Future Outlook - The collaboration is anticipated to reshape the competitive landscape, with a focus on heterogeneous computing becoming mainstream, where CPU and GPU collaboration is crucial [3][4]. - The AI PC market is expected to see significant changes, with predictions indicating that over 70% of PCs will have AI capabilities by 2028, creating substantial market opportunities for both companies [6]. - The partnership may lead to more cross-company collaborations in the semiconductor industry, accelerating innovation and integration of chip design and software ecosystems [7].

Core Viewpoint - The collaboration between NVIDIA and Intel, marked by NVIDIA's $5 billion investment, is set to reshape the semiconductor industry, particularly in the realms of CPU and GPU integration, and could significantly enhance both companies' market positions in AI and data center solutions [4][21]. Group 1: Investment and Market Impact - NVIDIA announced a $5 billion investment in Intel at a share price of $23.28, leading to a 22.77% surge in Intel's stock, marking its largest single-day gain in nearly 40 years [4][5]. - The partnership is expected to revitalize Intel's Data Center Group (DCG) business, which has struggled in the AI server market over the past two years [8]. - The collaboration is seen as a "confidence vote" for Intel, potentially more significant than previous investments from the U.S. government and SoftBank, as it reflects a commercial consideration rather than political motivations [21]. Group 2: Technical Collaboration - The introduction of NVLink will allow for direct connections between CPUs and GPUs, reducing latency and increasing bandwidth, which could enhance performance in AI and accelerated computing [8]. - Intel will customize X86 processors for NVIDIA, which may be integrated into NVIDIA's AI infrastructure, potentially replacing ARM-based solutions in future products [11][14]. - The integration of NVIDIA RTX GPU chiplets into Intel's X86 system-on-chip (SoC) could revolutionize the PC market by addressing efficiency bottlenecks and enabling the development of high-performance lightweight laptops [16][15]. Group 3: Industry Dynamics and Future Prospects - The partnership raises questions about the future of the Chiplet Alliance, which aims to standardize heterogeneous chip interconnects, as Intel's shift to NVLink may disrupt the UCIe standard [18][19]. - Despite Intel's recent struggles in its foundry business, its advanced process technologies are still competitive, and there is potential for NVIDIA to utilize Intel's foundry services to diversify its supply chain [23][25]. - The collaboration could lead to a new "NV-Wintel" alliance, which may redefine the PC industry landscape and challenge other players in the market [28][29].

Core Viewpoint - Deep South Circuit achieved a net profit attributable to shareholders of 1.36 billion yuan in the first half of 2025, representing a year-on-year increase of 37.75% [1] - The company has established itself as a leading player in the PCB industry in China and a pioneer in the packaging substrate sector [1] Financial Performance - In Q2, the net profit attributable to shareholders reached 869 million yuan, showing a year-on-year growth of 42.92% and a quarter-on-quarter increase of 76.74% [1] Industry Outlook - The company benefits from increased demand in the communication sector due to the growth of high-speed switches and optical module products, with a rising proportion of wired communication products [1] - There is a significant year-on-year increase in orders in the data center sector, driven by the demand for AI accelerator cards and the Eagle Stream platform products [1] Product Development - In the packaging substrate sector, the company is steadily advancing the development of storage-related products, with ongoing projects for FC-BGA substrate capacity building, FC-CSP fine line substrates, and RF radio frequency substrate technology improvements [1]

Core Viewpoint - The company has experienced a decline in operating performance since 2022, influenced by supply chain destocking and short-term investment effects from global expansion [2] Group 1: Financial Performance - As of September 12, 2025, the company's stock price increased to 18.59 CNY, up 0.92% from the previous week, with a total market capitalization of 41.204 billion CNY [1] - The company's net profit for the first half of 2025 decreased by 18% year-on-year, impacted by one-time costs related to European capacity integration and credit impairment [2] - The company expects its profit margin in the third quarter to remain stable year-on-year [2][6] Group 2: Revenue Segments - Revenue from consumer electronics grew by 8.6% in the first half of the year, driven by sales growth from major customer promotions [2] - Revenue from communication products declined due to major clients using self-developed chips, delaying new product mass production [2] Group 3: Product Development and Innovation - The company is actively developing its optical communication business, having launched a new generation of 1.6T optical modules and established a testing laboratory [2] - AI accelerator card production capacity is expected to reach 60K/month in Q3 2025 and increase to 90K/month in Q4, with plans to invest to achieve a target of 135K/month [3][6] - The company has received orders for high-integration N-in-one modules for North American AI glasses clients, with mass shipments expected in the first half of next year [3][6] Group 4: Corporate Governance - The company held its first extraordinary general meeting of shareholders on September 12, 2025, where several resolutions were passed, including the cancellation of the supervisory board [5][6]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the demand for AI acceleration cards and growth in various sectors including data centers and automotive intelligence [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 10.453 billion yuan, a year-on-year increase of 25.63% [1] - The net profit attributable to shareholders reached 1.360 billion yuan, up 37.75% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.265 billion yuan, reflecting a growth of 39.98% year-on-year [1] Group 2: Business Segments - The printed circuit board (PCB) business generated revenue of 6.274 billion yuan, a 29.21% increase year-on-year, accounting for 60.02% of total revenue [1] - The gross margin for the PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [1] - The packaging substrate business reported revenue of 1.740 billion yuan, a 9.03% increase year-on-year, representing 16.64% of total revenue [2] - The gross margin for the packaging substrate business decreased to 15.15%, down 10.31 percentage points year-on-year due to rising costs and ongoing capacity ramp-up [2] Group 3: Market Opportunities - The company capitalized on three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles [1] - The demand for AI acceleration cards significantly boosted orders, becoming a core driver of growth in the PCB business [1] - The company is actively advancing the construction of new projects, including a factory in Thailand and the fourth phase project in Nantong, to support future business expansion [1] Group 4: Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.540 billion yuan, 3.100 billion yuan, and 3.691 billion yuan for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to price-to-earnings ratios of 49, 40, and 34 times for the respective years [3] - The company maintains a positive outlook on future performance due to gradual capacity release and ongoing client project advancements [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Viewpoints - The company achieved double growth in revenue and net profit in the first half of 2025, driven by the demand for AI acceleration cards and the recovery of the storage market [2][3]. - The printed circuit board (PCB) business generated revenue of 62.74 billion yuan, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue, with a gross margin of 34.42% [2]. - The packaging substrate business also showed steady growth, with revenue of 17.40 billion yuan, up 9.03% year-on-year, although the gross margin decreased due to rising costs during the capacity ramp-up phase [3]. Financial Summary - The company reported a revenue of 13,526 million yuan for 2023, with projections of 17,907 million yuan for 2024, and expected growth rates of 32.4% and 20.6% for the following years [1]. - The net profit attributable to the parent company is projected to grow from 1,398 million yuan in 2023 to 1,878 million yuan in 2024, with a year-on-year growth rate of 34.3% [1]. - The company's return on equity (ROE) is expected to increase from 10.6% in 2023 to 12.8% in 2024, reaching 17.0% by 2027 [1]. Revenue and Profit Growth - In the first half of 2025, the company achieved a revenue of 104.53 billion yuan, a year-on-year increase of 25.63%, and a net profit of 13.60 billion yuan, up 37.75% [2]. - The company is actively expanding its production capacity with ongoing projects in Thailand and Nantong, which are expected to support future business growth [2][3].

Core Viewpoint - The report from Ping An Securities indicates that Shenzhen South Circuit's net profit attributable to shareholders for the first half of 2025 is expected to reach 1.36 billion yuan, representing a year-on-year increase of 37.75% driven by increased downstream demand from AI [1] Group 1: Financial Performance - The net profit for the first half of 2025 is projected at 1.36 billion yuan, showing a significant year-on-year growth of 37.75% [1] - The growth in performance is primarily attributed to the surge in demand for AI-related products, particularly in the PCB business [1] Group 2: Operational Efficiency - The overall capacity utilization rate of the PCB business is at a relatively high level, with the company implementing various operational management enhancements [1] - Strategies include improving raw material utilization, guiding customer design in advance, optimizing energy management, and enhancing efficiency in bottleneck processes [1] Group 3: Project Development - The company is actively advancing the construction of its factory in Thailand and the fourth phase project in Nantong, which will support future business expansion [1] - The acceleration of infrastructure construction for computing power has led to a significant increase in orders, which is a core driver of growth in the PCB business [1] Group 4: Long-term Outlook - The company is expected to benefit from the localization of semiconductor substrates in the long term [1] - Given the current valuation of the company, Ping An Securities maintains a "recommended" rating for the stock [1]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by increased demand in the AI sector and effective operational management strategies [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 10.453 billion yuan, representing a year-on-year growth of 25.63% [2][3] - The net profit attributable to shareholders was 1.360 billion yuan, reflecting a year-on-year increase of 37.75% [2][3] - Overall gross margin and net margin for the first half of 2025 were 26.28% (up 0.08 percentage points YoY) and 13.02% (up 1.16 percentage points YoY) respectively [2] Business Segments - **PCB Business**: Generated revenue of 6.274 billion yuan, a year-on-year increase of 29.21%, accounting for 60.02% of total revenue; gross margin was 34.42%, up 3.05 percentage points YoY [2] - **IC Substrate Business**: Revenue reached 1.740 billion yuan, a growth of 9.03%, making up 16.64% of total revenue; gross margin was 15.15%, down 10.31 percentage points YoY [2] - **Electronic Assembly Business**: Achieved revenue of 1.478 billion yuan, a year-on-year increase of 22.06%, representing 14.14% of total revenue; gross margin was 14.98%, up 0.34 percentage points YoY [2] Cost Management - The company maintained effective cost control with sales expense ratio at 1.64% (YoY stable), management expense ratio at 4.27% (up 0.53 percentage points YoY), R&D expense ratio at 6.43% (down 1.25 percentage points YoY), and financial expense ratio at 0.2% (up 0.3 percentage points YoY) [2] Market Trends - The company benefited from the accelerated construction of computing power infrastructure and the release of demand for AI acceleration cards, which significantly boosted orders in the PCB business [2] - The domestic and international major cloud service providers continued to increase capital expenditures, particularly in AI computing power investments, driving demand for AI servers and related products [2] Investment Outlook - The company is expected to see a slight upward adjustment in profit forecasts, with projected net profits for 2025-2027 at 2.856 billion yuan, 3.815 billion yuan, and 4.762 billion yuan respectively, corresponding to P/E ratios of 40, 30, and 24 times [3] - The company is positioned to benefit from the domestic substitution in the semiconductor substrate market, maintaining a "recommended" rating based on current valuations [3]

Group 1 - The A-share market is currently experiencing a bull market, with continuous daily increases and widespread discussions about stock profits [1] - Historical patterns indicate that past bull markets in A-shares have often ended in significant downturns, suggesting caution despite current optimism [2][3] - The market's tendency towards short-lived bull markets and prolonged bear markets is attributed to its inherent mechanisms, which have reverted to speculative behaviors reminiscent of past trends [4][5] Group 2 - Investors are often lured into a false sense of security during bull markets, leading to a loss of self-awareness and rational decision-making [7] - Three major illusions can mislead investors: attributing short-term gains to personal skill, ignoring fundamental valuation principles, and succumbing to herd mentality [8] Group 3 - Historical examples of major bull markets, such as Japan's in the 1980s and the U.S. during the internet bubble, illustrate the potential for severe market corrections following periods of rapid growth [10][12][15] - The A-share market has seen significant volatility, with past bull markets leading to dramatic declines, highlighting the risks associated with high valuations [16][18] Group 4 - Current market trends show a significant overvaluation in sectors like AI and technology, with companies like Cambricon facing scrutiny over their financial health and competitive positioning compared to global leaders like NVIDIA [20][25] - Cambricon's reliance on future expectations and government support raises concerns about its sustainability and ability to compete effectively in the market [26][28] Group 5 - The investment landscape is characterized by a "barbell" structure, with low-valuation, high-dividend stocks on one end and high-valuation, story-driven stocks on the other, suggesting a need for careful asset allocation [30]