部分GPU因存储速度不足导致实际应用效果未达预期，制约了整体效率的提升。 没有"存"，用什么"算"？ 部分GPU虽理论性能强劲，但实际应用效果却未达预期，主要症结在于存储速度不足——GPU因等待存 储数据而陷入闲置，不仅造成资源浪费，更制约了整体效率的提升。随着算力领域的发展节奏不断加 快，市场对存力，也就是存储的需求也日益严苛。 近日，英韧科技创始人、董事长吴子宁表示，在新一代AI场景下，SSD将采用GPU直接调度方式，以超 高吞吐量的极致性能构建新型存算架构，这为SSD应用带来更高的产品要求和趋势，通过GPU Direct等 技术直接与显存通信，在数据中心内扩展HBM，在边缘侧提供确定性响应。存储介质细化为高速缓存 层与大容量存储层，以分层化、高性能的新一代存储架构为算力突破提供坚实支撑。 英韧科技在企业级存储市场持续发力，提供面向AI应用的存储解决方案，这与海外公司的发展步调一 致。今年6月，铠侠在投资人大会上推出"AI SDD"产品，基于国际头部GPU厂商英伟达需求打造；8 月，三星、海力士相继推出超高速颗粒产品，匹配超高性能SSD，极高IOPS，应对人工智能GPU直接 调度数据的技术趋势。 在数据中 ...

摘要 风险提示 芯片制程发展与良率不及预期 中美科技领域政策恶化 智能手机销量不及预期 敬请参阅最后一页特别声明 1 - 本周 AI 应用活跃度中，海外 Gemini 活跃度大幅提升，国内豆包持续上升。模型层面，阿里巴巴发布全模态模型 Qwen3-Omni 及万亿参数的 Qwen3-Max，后者在代码与智能体等能力上表现突出，并在 LMArena 排行榜上超越 GPT- 5-Chat。DeepSeek 发布并开源了升级版的 V3.1-Terminus，优化了编程与推理性能。视频生成赛道，可灵 AI 推出 可灵 2.5Turbo 效果提升的同时大幅降价。 - 美光在 FY25Q4 展现强劲表现，受益于 AI 驱动的数据中心需求和高价值产品组合。HBM 成为核心引擎，份额已与 整体 DRAM 持平，并锁定 2026 年供给；HBM4 性能领先，预计 2026 年量产。公司在 AI SSD 和 LPDRAM 领域加速突 破，强化数据中心布局。资本开支将进一步聚焦先进 DRAM 与 HBM 产能，政府激励对冲部分投入。整体来看，美光 已形成以 HBM 和 AI 存储为核心的竞争优势，未来盈利动能可持续。 - 根据路透 ...

Core Viewpoint - Kioxia plans to commercialize AI SSDs by 2027, with data reading speeds nearly 100 times faster than traditional products [1] Group 1: Product Development - Kioxia is collaborating with NVIDIA to develop SSDs for generative AI computing servers, aiming to partially replace HBM as GPU memory expanders [1] - The first samples of the new SSDs are expected to be released in the second half of 2026, based on NVIDIA's proposals and requirements [1] Group 2: Market Forecast - Kioxia predicts that by 2029, half of the NAND chips will be purchased by AI-related industries [1] Group 3: Performance Specifications - NVIDIA has set a target reading performance of 200 million IOPS, which Kioxia plans to achieve through the collaboration of two SSDs [1] - The SSDs will support the PCIe 7.0 standard, representing a next-generation standard [1]

Market Overview - US stock indices experienced slight gains, with the Dow Jones up 0.32%, S&P 500 up 0.24%, and Nasdaq up 0.21% [5] - Major tech stocks mostly rose, with Intel increasing over 2%, while Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 2.58% [5] - International oil prices saw minor increases, with WTI crude oil rising 0.96% to $63.86 per barrel and Brent crude oil up 0.76% to $67.21 per barrel [7] Company Developments - Huawei launched three new AI SSD products, achieving the industry's largest single-disk capacity of up to 245 TB, aimed at enhancing AI business experiences [20] - Meituan reported Q2 revenue of 918 billion yuan, a year-on-year increase of 11.7%, but anticipates significant losses in its "core local business" for Q3 due to high competition [24] - Chipmaker Cambrian Technology's stock price surged, reaching a peak of 1464.98 yuan, surpassing Kweichow Moutai to become the new "stock king," with a staggering revenue increase of 4347.82% year-on-year [23] - Chery Automobile received approval for its IPO and the full circulation of its unlisted shares, aiming to raise funds and enhance market liquidity [25] Industry Insights - The Chinese government is promoting the development of the satellite communication industry, with plans to improve management systems and expand market applications by 2030 [11][12] - The Jiangsu Free Trade Zone's biopharmaceutical innovation plan aims for rapid growth and modernization of the industry by 2030, focusing on key areas like large molecule drugs and gene therapy [9] - The market for digital imaging services in Guizhou Province is seeing a shift towards bundled procurement, with a focus on service-oriented contracts [16] Financial Performance - Wuliangye reported a slight increase in revenue and net profit for the first half of 2025, with revenue at 527.71 billion yuan, up 4.19% year-on-year, marking the first single-digit growth in a decade [33]

Group 1 - The U.S. stock market saw slight gains with the Dow Jones up 0.32%, S&P 500 up 0.24%, and Nasdaq up 0.21% [4] - Major tech stocks mostly rose, with Intel increasing over 2%, while Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 2.58% [4] - International precious metal futures generally rose, with COMEX gold futures up 0.55% at $3451.80 per ounce and silver futures up 0.22% at $38.69 per ounce [5] Group 2 - The U.S. government is considering acquiring a stake in TSMC, raising concerns in Taiwan's industry about potential impacts on its industrial foundation [9] - The Chinese government approved a plan for the Jiangsu Free Trade Zone to enhance the biopharmaceutical industry's innovation and development, aiming for significant growth by 2030 [8] Group 3 - Huawei launched three new AI SSD products, achieving the industry's largest single-disk capacity of up to 245 TB, enhancing its competitive edge in the AI sector [19] - Meituan reported a revenue of 918 billion yuan for Q2 2025, a year-on-year increase of 11.7%, but anticipates significant losses in its core local business in Q3 due to high competition [23] - Chipmaker Cambrian Technology's stock price surged, briefly surpassing Kweichow Moutai to become the new "stock king," with a remarkable revenue increase of 4347.82% year-on-year [22] Group 4 - Chery Automobile received approval for its IPO and the full circulation of its unlisted shares, indicating potential for increased funding and market recognition [24] - Xpeng Motors launched its new P7 model with prices starting at 219,800 yuan, achieving over 10,000 pre-orders within 7 minutes, indicating strong market interest [26] - Wuliangye reported a slight increase in revenue and net profit for the first half of 2025, with revenue at 52.77 billion yuan, a 4.19% increase year-on-year [30]

Group 1: Satellite Communication Industry - The Ministry of Industry and Information Technology issued guidelines to promote the high-quality development of the satellite communication industry, focusing on six areas including market expansion and application scenarios [1] Group 2: Urban Village Renovation - The Shanghai Municipal Government released implementation opinions to accelerate the renovation of urban villages through various methods such as overall project renovation and planning [2] Group 3: Biopharmaceutical Innovation - The Ministry of Commerce and Jiangsu Provincial Government launched a plan to support biopharmaceutical and medical device technology innovation, aiming to break through key core technologies [3] Group 4: Individual Business Support - The State Administration for Market Regulation held a meeting to discuss support measures for individual businesses, emphasizing the role of platform companies and financial institutions in enhancing operational capabilities [4] Group 5: Huawei AI SSD Products - Huawei launched three new AI SSD products, achieving the industry's largest single-disk capacity of up to 245 TB [5] Group 6: QFII Holdings in A-shares - As of August 26, QFII held significant positions in several A-share companies, with the largest holding in Shengyi Technology at 9.55 billion yuan [9][10] Group 7: U.S.-India Tariff Impact - The U.S. imposed a 50% tariff on Indian imports, which may reduce India's annual economic growth rate by 0.6 to 0.8 percentage points [12] Group 8: OpenAI Restructuring Delays - OpenAI's restructuring plan is facing delays due to unresolved disputes with major shareholder Microsoft [13] Group 9: Real Estate Market Recovery - Recent policy relaxations in cities like Suzhou are expected to accelerate the recovery of the real estate market, with a focus on core cities and reputable developers [14]

Core Viewpoint - Huawei has launched a new high-end SSD series optimized for AI workloads, addressing the increasing data demands and performance limitations of traditional SSDs in AI applications [1][2]. Group 1: Product Launch and Features - The new SSD series includes three types: OceanDisk EX (extreme performance), SP (high performance), and LC (large capacity), catering to different AI application scenarios [2]. - Huawei aims to break the performance and capacity bottlenecks of existing SSDs, emphasizing high performance and large capacity as key differentiators [2]. Group 2: Market Context and Competition - The global SSD market is currently dominated by overseas manufacturers, with the top five brands being Samsung, SK Hynix, Micron, Kioxia, and SanDisk as of Q1 2025 [2]. - Domestic manufacturers like Huawei are increasing their SSD investments to capitalize on new AI opportunities, as the performance bottleneck in systems is shifting from CPU to SSD [2]. Group 3: Technological Innovations - Huawei has developed a 32Die high-density stacking technology, enabling SSDs with capacities of 128TB and 245TB [3]. - The SpeedFlex technology allows for increased density and improved heat dissipation in SSDs, addressing challenges in compact environments [3]. - Future R&D directions include increasing single-drive capacity to 512TB and 1PB, enhancing performance, and offloading AI computing tasks to SSDs to improve data processing efficiency [3].

Group 1 - Huawei launched AI SSD products, including the Huawei OceanDisk EX/SP/LC series, with capacities reaching up to 122/245 TB, marking the largest single-disk capacity in the industry [1] - The AI SSD is optimized for AI workloads, combining multiple core technologies developed by Huawei, and is expected to be a key breakthrough for domestic SSDs [1] - The rapid proliferation of AI applications has led to exponential data growth, with the total global internet corpus increasing from 350 PB (text) to 154 ZB (multi-modal), highlighting the limitations of traditional storage media [1] Group 2 - The model training phase faces significant challenges, requiring 13.4 TB of memory and 168 cards for training a 671B model, which severely limits training efficiency and flexibility [1] - The model inference phase also struggles with slow performance, with an average time to first token (TTFT) of 1000 ms, which is twice that of American models, and a token per second (TPS) rate of only 25, significantly impacting user experience [2] - High-performance AI SSDs are becoming the industry choice, but overseas manufacturers dominate the SSD market, with Samsung, SK Hynix, Micron, Kioxia, and SanDisk leading the market share [2] Group 3 - Despite the current dominance of HDDs in server storage, the advantages of SSDs in AI scenarios, such as energy efficiency and low operating costs, are driving rapid penetration, with SSDs expected to account for 9%-10% of server storage solutions by 2024 [2] - The domestic market is predicted to gradually replace HDDs with large-capacity QLC SSDs, facilitating a transition from a "capacity-oriented" to a "performance and capacity dual-optimization" model [3] - As of June 2023, China's storage capacity reached 1680 EB, showing significant growth and advancements in external flash memory applications, particularly in finance, manufacturing, and internet sectors [3]

Core Viewpoint - Huawei's release of AI SSD aims to address the challenges in AI data storage, specifically targeting the "memory wall" and "capacity wall" to enhance AI business efficiency and reduce costs [2][4][6]. Group 1: AI SSD Features and Innovations - AI SSD is designed specifically for AI workloads, offering high performance and large capacity, and is expected to be a significant breakthrough for domestic SSD technology [5]. - The AI SSD can provide a maximum single disk capacity of 245TB, which is 13 times the capacity density of traditional mechanical hard drives, while consuming only 0.1W per TB [8]. Group 2: Challenges in AI Data Storage - The current AI computing power cards struggle with memory capacity, unable to handle the explosive growth of data generated by large AI models, which require significant storage for parameters and historical data [4][6]. - For instance, training a model with 67.1 billion parameters necessitates 3.5PB of data storage, and the parameters of AI models are expected to grow 750 times every two years, posing a substantial challenge to SSD capacity [6]. Group 3: Market Impact and Future Outlook - Huawei aims to establish a new benchmark in the AI storage market with AI SSD, potentially altering the current dominance of HBM in AI storage solutions [9]. - The future AI storage architecture is expected to integrate HBM and AI SSD in a three-tier cache structure (HBM-DRAM-AI SSD), optimizing performance and cost [9][11].

Market Overview - A-shares experienced a volatile trading day following a significant increase on August 25, with the Shanghai Composite Index closing down 0.39% at 3868.38 points, while the Shenzhen Component Index rose 0.26% [1] - The market saw strong performance in sectors such as poultry, pork, gaming, chemicals, and consumer electronics, while sectors like medical services and rare earth permanent magnets faced declines [1] Sector Performance - The pork concept stocks remained strong, with Aonong Bio (603363) hitting the daily limit [1] - The gaming sector was active, with 37 Interactive Entertainment (002555) also reaching the daily limit [1] - The chemical sector showed continued activity, with Baiao Chemical (603360), Yuntu Holdings (002539), and Haiyang Technology (603382) all hitting the daily limit [1] - Consumer electronics stocks were lively, with companies like GoerTek (002241) reaching the daily limit [1] - In contrast, the medical services sector led the declines, with Sunlight Nuohuo and Hite Bio (300683) among the biggest losers [1] - The rare earth permanent magnet sector also faced downward pressure, with AVIC TianDa and Baosteel (600010) leading the declines [1] Huawei Concept Stocks - Huawei concept stocks collectively rose, with the Huawei Kunpeng Index and Huawei Harmony Index both increasing over 2% [2] - Notable performers included Junyi Digital (301172) which achieved a 20% limit up, and Aerospace Hongtu which surged over 10% [2] - The Harmony Index saw stocks like Tuwei Information (002261) hitting the daily limit, along with other companies such as Runhe Software (300339) and Changshan Beiming (000158) following suit [2] Upcoming Developments - On August 25, during the Harmony Intelligent Travel autumn product launch, SAIC and Huawei announced the pre-sale of their first model under the "Shangjie" brand, the H5 [2] - Huawei is set to release a new AI SSD product on August 27, which may significantly impact the existing landscape of China's AI storage market [2]