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英伟达投资OPEN AI 1000亿美元,背后的逻辑是什么?
Sou Hu Cai Jing· 2025-10-07 09:16
当然如果你这么想,也没有错,但是这仅仅只是从业绩层面。对于英伟达、OPEN AI这样的公司来说, 他们的发展不仅影响创始人团队的财富,更影响华尔街大佬的财富,甚至会影响美国的国运。 往大了说,未来中美的竞争,其实就是英伟达、OPEN AI等美国企业跟中国的华为、DPC等公司的竞争 而已。所以说这么大的一笔交易,如果没有站在更高层面考虑,那是不可能的。最近还有一个事情,那 就是甲骨文的老板埃里森成为了世界首富。这个事情跟OPEN AI也有关系,那就是OPEN AI给甲骨文一 张历史级的超级大订单,他们将在未来5年内向甲骨文采购3000亿美元的云计算服务。 在特朗普刚刚上台的时候,他就推出了一个5000亿美元的AI计划,还取了一个星际之门的名字。OPEN AI给甲骨文3000亿美元的订单,就是属于星际之门中的一部分。 消息出来的那一天,甲骨文的市值直接涨了40%。今年以来,美股为何一直涨,核心原因就是AI股的强 势。 人类历史上最大的单体投资来了,英伟达宣布给OPEN AI投资1000亿美元。那黄仁勋到底在想什么呢? 到底只是因为钱太多,没地方花,还是有其他不为人知的考虑呢? OPEN AI是美国目前最领袖的AI ...
A股盘前播报 | 八部门部署!有色金属行业迎重磅利好
智通财经网· 2025-09-29 00:31
类型:行业 盘前要闻 1、八部门联合部署有色金属稳增长工作 工信部等八部门印发《有色金属行业稳增长工作方案(2025—2026年)》,其中提到,2025—2026年,有 色金属行业增加值年均增长5%左右,十种有色金属产量年均增长1.5%左右,铜、铝、锂等国内资源开 发取得积极进展,再生金属产量突破2000万吨。 2、国产"英伟达"88天极速过会 AI芯片加持摩尔线程IPO在即 类型:公司 情绪影响:正面 上交所官网显示,摩尔线程首发申请成功过会。据披露,摩尔线程IPO募资80亿元,如果年内顺利上 市,将成为科创板今年挂牌的最大IPO。中信建投证券认为,摩尔线程获得科创板IPO受理,标志着中 国高性能GPU与AI算力芯片企业加速迈入资本市场,政策与市场层面对关键芯片自主化的支持正在强 化。 3、央行重磅部署!事关货币政策、资本市场稳定 类型:宏观 情绪影响:正面 中国人民银行货币政策委员会召开2025年第三季度例会。会议研究了下阶段货币政策主要思路,建议加 强货币政策调控,提高前瞻性、针对性、有效性。会议指出,用好证券、基金、保险公司互换便利和股 票回购增持再贷款,探索常态化的制度安排,维护资本市场稳定。 4、 ...
新“新三样”来了!为什么是它们?
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-25 03:12
你还在谈论出口"新三样"吗?中国经济的新"新三样"已经来了!最近大家有没有注意到,A股流传起 了"纪联海""易中天"这样的代码暗语,北交所机器人概念股年内翻倍,恒瑞医药市值逼近5000亿……这 些看似分散的市场热点,背后其实串联着一条清晰的主线。 在近期的一次重要发布会上,证监会主席吴清透露了一个关键信号:A股科技板块市值占比已经突破 1/4,超越了金融和地产的总和! 但热潮之下,中国的新"新三样"到底处于什么位置?答案是:整体正从"并跑"向"领跑"迈进。 机器人进展最快,已进入全球第一梯队。产业链完整,市场全球最大,零部件国产化不断突破,但高端 伺服电机等核心零部件仍然需要进口。 这信号再明显不过了:机器人、人工智能和创新药正接过经济增长的接力棒,成为中国经济高质量发展 的新"新三样"!今天,我们就来聊聊,这场关乎国运的产业跃迁背后,究竟藏着怎样的逻辑与机遇。 我们先回答一个核心问题:新"新三样"为什么是它们?为什么是现在? 这得从国内国际两个大局来看。国际上,现在科技就是最硬的拳头。机器人是智能制造的根基,AI是 千行百业的"智慧大脑",创新药则是生命科学的价值高地——这三者,是任何强国都要争的战略要地。 ...
新“新三样”来了!为什么是它们?
21世纪经济报道· 2025-09-25 03:04
你还在谈论出口"新三样"吗?中国经济的新"新三样"已经来了!最近大家有没有注意到,A股 流传起了"纪联海""易中天"这样的代码暗语,北交所机器人概念股年内翻倍,恒瑞医药市值逼 近5000亿……这些看似分散的市场热点,背后其实串联着一条清晰的主线。 在近期的一次重要发布会上,证监会主席吴清透露了一个关键信号:A股科技板块市值占比已 经突破1/4,超越了金融和地产的总和! 这信号再明显不过了: 机器人、人工智能和创新药正接过经济增长的接力棒,成为中国经济 高质量发展的新"新三样" !今天,我们就来聊聊,这场关乎国运的产业跃迁背后,究竟藏着 怎样的逻辑与机遇。 我们先回答一个核心问题:新"新三样"为什么是它们?为什么是现在? 机器人领域,特别是人形机器人,被很多人看作是继电脑、手机、新能源车之后,下一个可能 改变世界的智能终端。A股龙头汇川技术市值超2000亿,三协电机首日涨幅惊人地超过 785%,宇树科技、智元机器人这些还没上市的"潜力股"也成为了资本追逐的"香饽饽"。 AI更不用说了,市值千亿以上的公司已有好几家,"纪联海",寒武纪、工业富联、海光信息, 搞的是AI算力芯片和基础设施这块的硬骨头,今年上半年订单 ...
港股异动 | 芯片股表现活跃 中芯国际(00981)涨超3%再创新高 宏光半导体(06908)涨近2%
Zhi Tong Cai Jing· 2025-09-24 02:35
消息面上,半导体硅片涨价预期愈演愈烈,海外环球晶圆、胜高、合晶、世创等公司股价近期大幅上涨。东莞证券近期研报指出,一方面,政策 强力向算力芯片国产化方向倾斜,另一方面,字节、阿里、腾讯等云厂商陆续上修资本开支,且积极适配主流国产芯片。据报道,阿里巴巴、百 度已开始采用内部自主设计的芯片训练AI大模型,以取代英伟达的部分芯片,国产算力生态有望加速构建。除AI算力芯片外,先进制程晶圆代 工、存储、先进封装等环节也有望受益。 (原标题:港股异动 | 芯片股表现活跃 中芯国际(00981)涨超3%再创新高 宏光半导体(06908)涨近2%) 智通财经APP获悉,芯片股表现活跃,截至发稿,ASMPT(00522)涨6.33%,报84港元;中芯国际(00981)涨3.37%,报75.05港元;宏光半导体 (06908)涨1.72%,报0.59港元;华虹半导体(01347)涨0.82%,报61.4港元。 ...
主流国产AI算力芯片全景图
是说芯语· 2025-09-23 07:42
Core Viewpoint - The article discusses the rapid development of the domestic AI chip industry in China, driven by policies promoting localization and self-control, and categorizes companies into three types based on their technology focus: ASIC manufacturers, CPU-focused companies, and those offering full-stack solutions [1][34]. Group 1: AI Chip Classification - AI chips can be categorized into cloud AI chips, edge AI chips, and terminal AI chips, with training and inference chips being the main types [3]. - The main types of AI chips include GPU, FPGA, and ASIC, with GPUs expected to hold 80% of the market share by 2025 according to IDC data [1][2]. Group 2: Performance Metrics - Key performance indicators for AI chips include computing power, power consumption, area, precision, and scalability, with computing power and power efficiency being critical metrics [4][5]. - The common units for measuring computing power are TOPS and TFLOPS, indicating the number of operations per second [4]. Group 3: Domestic AI Chip Landscape - The global AI chip market is dominated by NVIDIA, while domestic companies like Cambricon and Haiguang Information are emerging as significant players [7]. - A comparison of domestic AI chip companies reveals a variety of backgrounds, capitalizations, and funding rounds, indicating a diverse and competitive landscape [8]. Group 4: Company Profiles - Cambricon focuses on a complete product matrix for cloud and edge applications, utilizing a proprietary instruction set architecture optimized for deep learning tasks [10][11]. - Haiguang Information specializes in high-end processors, with its DCU series designed for AI acceleration, emphasizing compatibility with mainstream software [14][15]. - Other notable companies include Muxi Integrated Circuit, which targets high-performance GPGPU markets, and Tensu Intelligent Chip, which offers a self-developed general-purpose GPU [18][21]. Group 5: Technology and Innovation - Companies are adopting advanced manufacturing processes, with many using 7nm technology and some developing 5nm products [34]. - The article highlights the importance of software ecosystems and compatibility with mainstream AI frameworks to lower developer migration costs [37]. Group 6: Market Trends and Strategies - The domestic AI chip industry is focusing on performance improvement through multi-precision support and high-bandwidth memory optimization [37]. - Companies are increasingly collaborating with major AI models to enhance their chip offerings and ensure compatibility with existing software ecosystems [37].
半导体基石:本土AI生态发展带动先进制程建设需求提升
2025-09-22 01:00
Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor industry is experiencing rapid growth driven by AI computing power and advanced process demand, which is expected to alleviate valuation pressures, especially after Q3 [1][5][8] - The global semiconductor equipment sales forecast has been raised, with significant sales growth in the Chinese mainland market in Q2 [1][10] Key Insights - **AI and Advanced Process Demand**: The demand for advanced processes, particularly 7nm and below, is growing rapidly, with a projected global compound annual growth rate (CAGR) of 14% from 2024 to 2028 [1][13] - **Investment in AI Computing Chips**: Major internet companies in China increased capital expenditures by 131% year-on-year in H1, with expectations that the procurement scale will reach 600 billion RMB by 2027, with domestic chip demand accounting for about 60% [1][14] - **Foreign Investment**: There has been a notable increase in foreign investment in domestic semiconductor equipment assets since Q4 of last year, indicating a high sensitivity to market changes [1][7] Market Dynamics - **Sales Performance**: The semiconductor sector has shown strong performance, particularly in segments closely related to computing power, such as computing chips and related overseas assets [2][3] - **Valuation Trends**: Current semiconductor industry valuations are considered high, but the rapid performance realization expected in the coming quarters may help digest these valuations [5][8] - **Domestic Equipment Sales**: Despite the large potential for domestic substitution in the chip sector, the sales proportion of domestic equipment has declined this year, highlighting a contradiction between demand and supply [1][13] Future Trends - **Growth in Advanced Process Supply**: The supply of advanced processes is expected to double in the coming years, driven by ecological development and increased investment density in advanced process construction [15][18] - **Storage Market Changes**: The storage market is shifting towards AI-driven demand, with HBM's market share in DRAM expected to rise significantly by 2026 [19][21] - **Domestic Manufacturers' Expansion**: Domestic manufacturers are in a prime position for expansion, particularly in the AI chip sector, with increasing demand for domestic storage solutions [20][21] Investment Opportunities - **Stock Selection**: Investors are advised to focus on high-quality stocks with significant growth potential, particularly those with lower institutional ownership [6][25] - **Key Companies to Watch**: Companies like Northern Huachuang and Zhongwei are highlighted for their strong performance in advanced processes and AI demand [25][26] - **Materials Sector**: Attention should be given to leading companies in the materials sector, such as Anji Technology and Dinglong Co., which are benefiting from the expansion of advanced processes [26] Additional Considerations - **Regional Demand**: Guangdong has emerged as the largest region for imported semiconductor equipment, indicating strong demand across various provinces [12] - **Challenges in Domestic Substitution**: The domestic substitution process may face delays due to varying procurement priorities and the current low domestic production rates in certain segments [22][23] This summary encapsulates the key points discussed in the conference call regarding the semiconductor industry, highlighting growth opportunities, market dynamics, and investment strategies.
机构研究周报:恒生科技利率敏感性高,美联储年内或再降息两次
Wind万得· 2025-09-21 22:36
【 摘要 】华泰柏瑞基金指出,利率敏感性较高的港股科技板块更受到资金青睐,尤其恒生科技 指数。摩根资产管理认为,美联储年内再降息2次的概率提升,美元可能继续走弱。 一、焦点锐评 1.美联储如期降息25个基点至4.00%-4.25% 当地时间9月17日,美联储如期降息25个基点,将联邦基金利率下调至4.00%-4.25%,为年内首次 降息,也是时隔9个月后重启降息。同时,美联储下调超额准备金利率25个基点至4.15%,下调储 备金利率25个基点至4%。美联储点阵图显示,2025、2026、2027年底和长期联邦基金利率预期中 值分别为3.6%、3.4%、3.1%、3.0%(6月预期为3.9%、3.6%、3.4%、3.0%),2028年底联邦基金 利率预期中值为3.1%。 【解读】中金公司李求索等指出,美联储降息可能缓解我国货币政策外部掣肘,同时带来弱势美 元并伴随全球资金再配置。人民币资产或受益于全球货币体系碎片化和多元化的双重红利,尤其 是海外资金回流及全球再平衡资金导入。此外,全球资金流动性释放对美元汇率产生下拉效果, 进一步促进资金配置转向中国资本市场。 二、权益市场 1.国信证券:风格或阶段性向价值平衡 ...
机构研究周报:恒生科技利率敏感性高,美联储年内或再降息两次
Xin Lang Cai Jing· 2025-09-20 10:37
Focus Review - The Federal Reserve lowered the federal funds rate by 25 basis points to 4.00%-4.25%, marking the first rate cut of the year and the first in nine months [2] - The Fed's dot plot indicates a downward revision of long-term rate expectations for 2025-2028, suggesting a more accommodative monetary policy outlook [2] Equity Market - Recent market performance shows a divergence between stock market strength and weak economic data, with a few tech stocks driving index gains [3] - The market is expected to transition from extreme differentiation to a more balanced approach, focusing on strong industry trends and economic conditions [4] - The Hong Kong stock market has seen significant gains due to interest rate cut expectations and AI industry benefits, with the Hang Seng Index reaching its highest level since 2021 [5] Industry Research - The AI sector is accelerating, with domestic capabilities closing the gap with international standards, creating investment opportunities in emerging industries like solid-state batteries and embodied intelligence [6] - The Chinese AI chip market is projected to reach nearly $50 billion, with increasing domestic demand for local chips as international supply diminishes [8] - The Hong Kong tech sector, particularly the Hang Seng Tech Index, is favored by investors due to its high sensitivity to interest rates and attractive valuation [8] Macro and Fixed Income - Morgan Asset Management suggests a higher probability of two additional rate cuts by the Federal Reserve this year, which may lead to a weaker dollar and increased interest in non-US markets [9] - Future fiscal and monetary policies are expected to remain accommodative, focusing on sectors like digital economy and green transition [10][11] Asset Allocation - Historical trends indicate that the onset of a Fed rate cut cycle is generally favorable for equity assets, particularly in the Hong Kong market, with growth styles expected to lead [12]
中原证券晨会聚焦-20250918
Zhongyuan Securities· 2025-09-18 00:32
Core Insights - The report highlights a positive trend in the A-share market, with various sectors showing resilience and potential for growth, particularly in new energy, automotive, and technology industries [6][10][12] - The semiconductor industry is experiencing robust growth, with significant revenue increases reported for domestic AI computing chip manufacturers, indicating a strong market demand [17][19] - The media sector shows a notable recovery in profitability, with substantial growth in net profits, particularly in the gaming segment, while other sub-sectors exhibit mixed performance [23][24] Domestic Market Performance - The Shanghai Composite Index closed at 3,876.34, with a slight increase of 0.37%, while the Shenzhen Component Index rose by 1.16% to 13,215.46 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.73 and 49.46, respectively, indicating a favorable long-term investment environment [10][12] Industry Analysis - The semiconductor sector reported a 23.84% increase in August, outperforming the broader market, with integrated circuits and semiconductor materials showing particularly strong growth [17][18] - The lithium battery sector saw a 13.23% increase in its index, driven by a 26.82% year-on-year increase in electric vehicle sales, highlighting the sector's growth potential [15][31] - The media sector's overall revenue reached 2,728.86 billion yuan in H1 2025, marking a 2.91% increase, with gaming and film segments showing significant growth [23][24] Investment Recommendations - The report suggests focusing on sectors such as new energy, automotive, and technology for short-term investment opportunities, particularly in multi-financial services, optical electronics, and battery industries [10][12][19] - In the semiconductor industry, attention is drawn to domestic AI computing chip manufacturers, which are expected to capture a larger market share due to increasing demand [19][20] - The media sector, especially gaming, is recommended for investment due to its strong fundamentals and market demand, while caution is advised for the advertising segment due to potential economic fluctuations [24][25]