北京时间1月7日，特斯拉CEO马斯克旗下的大模型独角兽xAI宣布完成E轮融资，融资额超过了此前 设定的150亿美元目标，最终达到200亿美元（约合人民币1400亿元）。马斯克随后转发了融资公 告并对投资者的信任表示了感谢。 本文字数：1310，阅读时长大约3分钟 作者 | 第一财经 刘晓洁 2026.01. 07 根据官方博客，本轮融资吸引了包括 Valor股权投资公司、富达基金、卡塔尔投资局以及阿布扎比基 金MGX在内的全球顶级资本参与。此外，英伟达和思科作为战略投资者也参与了本轮融资。据报 道，这两家科技巨头将支持xAI扩展计算基础设施，并构建全球最大的GPU集群。 公告中并未提及估值，但有消息称，这一轮融资将使xAI的估值达到2300亿美元，较2025年3月时 披露的1130亿美元估值翻了一番，彼时马斯克宣布xAI收购X平台（原推特），对xAI的估值为800 亿美元，对X平台的估值为330亿美元。 2025年，大模型初创公司继续大额筹资，估值更是飙升至天文数字，目前xAI的估值排在前三。当 下估值最高的是OpenAI，在10月完成了66亿美元的股份出售后，估值达到5000亿美元；而 Anthropic在 ...

前言 近年来，AI与高性能计算的爆发式增长，正推动计算需求呈指数级攀升。从ChatGPT的横空出世到Sora带来的视觉震撼，大规模AI模型不仅在参数规模上 指数级膨胀，其对计算能力的需求更是呈现出令人惊叹的增长曲线。 然而，在这片繁荣的背后，一个日益严峻的挑战正浮出水面——"存储墙"。 从千亿参数的大语言模型到边缘端的智能终端，各类应用对存储器的性能、功耗、面积（PPA）提出了前所未有的严苛要求。存储"带宽墙"成为制约AI计 算吞吐量与延迟的核心瓶颈，传统存储器技术已难以满足系统能效优化需求，巨大的性能缺口正制约着AI芯片发挥其全部潜力。 作为全球半导体制造的领导者，台积电深刻洞察到这一根本性矛盾。在2025年的IEDM（国际电子器件会议）教程中，台积电清晰指出：未来AI与高性能 计算芯片的竞争，将不仅仅是晶体管密度与频率的竞赛，更是内存子系统性能、能效与集成创新的综合较量。 AI算力狂奔下，存储"带宽墙"成核心痛点 AI模型的进化史，堪称一场对算力与存储的极限压榨。 从早期的AlexNet到如今的GPT-4、Llama2、PaLM，模型参数从百万级跃升至万亿级，模型规模的扩张直接带动训练与推理阶段的计算量（ ...

Core Viewpoint - The article discusses the exponential growth of AI and high-performance computing, highlighting the emerging challenge of the "storage wall" that limits the performance of AI chips due to inadequate memory bandwidth and efficiency [1][2]. Group 1: AI and Storage Demand - The evolution of AI models has led to a dramatic increase in computational demands, with model parameters rising from millions to trillions, resulting in a training computation increase of over 10^18 times in the past 70 years [2]. - The performance of any computing system is determined by its peak computing power and memory bandwidth, leading to a significant imbalance where hardware peak floating-point performance has increased 60,000 times over the past 20 years, while DRAM bandwidth has only increased 100 times [5][8]. Group 2: Memory Technology Challenges - The rapid growth in computational performance has not been matched by memory bandwidth improvements, creating a "bandwidth wall" that restricts overall system performance [5][8]. - AI inference scenarios are particularly affected, with memory bandwidth becoming a major bottleneck, leading to idle computational resources as they wait for data [8]. Group 3: Future Directions in Memory Technology - TSMC emphasizes that the evolution of memory technology in the AI and HPC era requires a comprehensive optimization across materials, processes, architectures, and packaging [12]. - The future of memory architecture will focus on "storage-compute synergy," transitioning from traditional on-chip caches to integrated memory solutions that enhance performance and efficiency [12][10]. Group 4: SRAM as a Key Technology - SRAM is identified as a critical technology for high-performance embedded memory due to its low latency, high bandwidth, and energy efficiency, widely used in various high-performance chips [13][20]. - TSMC's SRAM technology has evolved through various process nodes, with ongoing innovations aimed at improving density and efficiency [14][22]. Group 5: Computing-in-Memory (CIM) Innovations - CIM architecture represents a revolutionary approach that integrates computing capabilities directly within memory arrays, significantly reducing data movement and energy consumption [23][26]. - TSMC believes that Digital Computing-in-Memory (DCiM) has greater potential than Analog Computing-in-Memory (ACiM) due to its compatibility with advanced processes and flexibility in precision control [28][30]. Group 6: MRAM Developments - MRAM is emerging as a viable alternative to traditional embedded flash memory, offering non-volatility, high reliability, and durability, making it suitable for applications in automotive electronics and edge AI [35][38]. - TSMC's MRAM technology meets stringent automotive requirements, providing robust performance and longevity [41][43]. Group 7: System-Level Integration - TSMC advocates for a system-level approach to memory and compute integration, utilizing advanced packaging technologies like 2.5D/3D integration to enhance bandwidth and reduce latency [50][52]. - The future of AI chips may see a blurring of the lines between memory and compute, with tightly integrated architectures that optimize energy efficiency and performance [58][60].

Core Viewpoint - The A-share market in 2025 experienced a significant upward trend after a rapid decline in early April, culminating in a clear focus on "new productive forces" driven by policy, events, and industry developments, leading to a fast-paced and concentrated trading environment [1][23]. AI Hardware and Chip Sector - The launch of the DeepSeek-R1 model in January 2025, with a training cost of approximately $294,000, disrupted the belief that top models required tens of millions of dollars, leading to a surge in domestic AI hardware stocks [3][25]. - The performance of computing chip stocks was notable, with Tianpu Co. achieving a maximum annual increase of over 1300%, while Dongxin Co. and Xinyuan Co. both exceeded 300% [3][27]. Storage Chip Sector - The demand for storage chips surged, with prices for DRAM and NAND Flash increasing by over 300% since September 2025, driven by major companies focusing on HBM and DDR5 [8][29]. - The top performers in the storage chip sector included Xiangnan Chip, which saw an annual increase of over 600%, and several others exceeding 200% [8][31]. Precious Metals and Commodities - The precious metals market experienced a historic bull run, with gold prices rising over 70% and silver over 170% due to global liquidity and demand from emerging industries [10][31]. - The industrial metal sector also thrived, with copper prices increasing over 40%, and several companies in the sector achieving annual increases exceeding 200% [10][31]. Commercial Aerospace Sector - The commercial aerospace sector saw significant growth in Q4 2025, with multiple successful rocket launches and a notable IPO plan from SpaceX, valued at approximately $1.5 trillion [12][34]. - Key stocks in this sector, such as Shunhao Co. and Feiwo Technology, recorded annual increases exceeding 450% [12][34]. Energy Storage and Lithium Battery Sector - The global energy storage demand is projected to grow significantly, with a target of 180 million kilowatts of new storage capacity by the end of 2027, leading to a resurgence in the lithium battery industry [15][36]. - Major players in the lithium battery sector, such as Ningde Times, saw their market value exceed 1.8 trillion yuan, with several companies achieving annual increases over 560% [15][36]. Regional Policy Impact - The Fujian and Hainan regions experienced significant market activity due to new policies, with Fujian's stock performance showing increases over 500% for some companies [19][40]. - Hainan's free trade port officially launched, leading to strong growth in related stocks, with some companies achieving annual increases over 180% [19][42].

智通财经12月29日讯（编辑 金皓明），2025年A股行情迎来年终"收官"，在4月上旬经历快速向下"挖坑"行 情后，市场迎来一波长达半年多的单边震荡向上主升行情，沪指于10月28日一度站上4000点整数关。除去 国内外AI大模型百花齐放引爆AI硬件再度掀起热潮，到年末商业航天概念横空出世迎来井喷行情外，从有 色到锂电产业链掀起的大宗商品涨价热潮，2025年A股市场的题材炒作呈现出"政策驱动+事件催化+产业落 地"三重逻辑交织、轮动加速、主线清晰但持续性缩短的特点。全年炒作节奏快、热点密集，且高度集中 于"新质生产力"相关方向，成为今年A股题材轮动的主基调。在此，让大家重温下2025年全年我们所经历 的A股市场的各种热炒新题材。 注：2025年A股热炒题材一览图 从DeepSeek到Gemini 3，国内外多重催化引爆AI硬件热潮 2025年1月DeepSeek-R1模型横空出世，其训练核心成本仅约29.4万美元完全颠覆了业界普遍认为顶级模型 需要"数千万美元"的逻辑。推动了国产算力大厂第一时间宣布完成适配，凸显国产AI软硬件生态协同加速 趋势。DeepSeek火爆全网，拉开国内"百模大战序幕，而下半年Deep ...

2025年，中国商业航天产业正站在一个关键的发展路口，与过去依靠国家重大工程牵引的模式不同，这一轮增长由企业主动推进、市场竞争驱动，并获得了 国家层面持续且有力的政策支持。近两年，"商业航天"连续被写入政府工作报告，"航天强国"更是首次成为官方文件的核心词汇，标志着该行业已上升到国 家战略的高度。去年11月，国家航天局专门成立了"商业航天司"，对发射许可、频率轨道、经营资质等关键环节实施统一管理，为企业大规模、规范化参与 产业链建设奠定了制度基础。 如今的商业航天是一条覆盖火箭卫星研发制造、发射服务、星座组网，以及下游各类应用场景的完整产业链。过去十年间，中国航天在基础设施、技术路线 和市场准入等方面发生了根本性变化，涌现出一大批专注于卫星制造、测控运营与数据服务的新兴企业。 一、频率与轨位 随着全球卫星互联网建设进入白热化阶段，有限的轨道位置和通信频率已成为各国争相抢占的战略资源。国际通行的规则是"先到先得"，谁先发射卫星并实 际使用，谁就拥有优先权。美国太空探索技术公司（SpaceX）主导的"星链"计划，三期总共规划了4.2万颗卫星，到2025年已成功发射超过1万颗，可谓是遥 遥领先。 相比之下，中国正在 ...

来源：竞合人工智能 摒弃"泡沫焦虑"与"规模崇拜"，以长期主义视角布局核心技术，以务实态度推进商业化落地，才是AI产 业健康发展的必由之路。 出品 | 竞合人工智能 作者 | 竞合 排版 | 洋洋 当博通单日暴跌12%、甲骨文回吐全年涨幅，英伟达遭大基金集体抛售，华尔街对AI泡沫的质疑从"是 否存在"转向"何时破裂"。这场始于ChatGPT的技术狂欢，在经历三年资本狂飙后，正迎来全球市场的 价值重估。美国AI投资究竟是理性布局还是非理性繁荣？中国AI产业又面临着投资不足与局部泡沫的 双重拷问？从软硬件到应用场景的全链条剖析，或许能揭示这场全球科技竞赛的真实图景。 01 结构性泡沫 美国AI的泡沫争议，本质是高投入与低回报的失衡困境，这种失衡在硬件、软件、应用三个维度呈现 出不同表征。硬件层面，"算力军备竞赛"导致资本支出失控，而作为算力核心的英伟达，既是这场竞赛 的最大受益者，也逐渐显露泡沫承压的迹象。一方面，英伟达凭借A100、H100等高端GPU构建了近乎 垄断的技术壁垒，2025年Q3 AI芯片业务营收同比激增210%，毛利率维持在78%的超高水平，全球超 90%的AI训练算力依赖其产品，订单排期已排至 ...

多重利好催化下，卫星产业逆势走强。12月12日，卫星产业ETF（159218）涨2.02%，盘中突破震荡箱体，成份股四川九洲涨停，天银机电、派克新材、航 天电子涨幅领先。 近日，随着我国商业航天政策持续加码、可回收火箭技术取得关键进展，卫星产业链迎来历史性发展契机。国盛证券最新研报指出："商业航天产业闭环临 界点将至，产业有望进入高速成长期。" 【政策红利释放，低轨卫星发射迫在眉睫】 轨道与频率资源的"先占先得"规则正倒逼我国加速低轨卫星部署。 根据国际电信联盟规定，运营商须在申报频率后7年内发射首颗卫星，14年内完成全部星座部署。目前，我国已规划"千帆星座""国网星座"等大规模低轨星 座计划，但发射进度仍面临占频保轨压力。 政策层面，商业航天连续两年被写入政府工作报告，明确提出支持星箭制造与应用服务，新成立的商业航天司更将为行业注入持续动能。 对此，机构认为，我国低轨卫星发射加速是大势所趋。 卫星产业ETF（159218）作为聚焦卫星全产业链的指数投资工具，其配置价值正随商业航天产业化加速而凸显，覆盖卫星制造、发射服务、应用运营等环 节龙头公司，成份股覆盖中国卫通、芯原股份、中航光电、紫光国微、中国卫星等产 ...

Core Insights - The concept of "orbital data centers" is driving a significant increase in SpaceX's valuation, which is reported to be $800 billion, doubling its previous valuation of $400 billion [1][3] - Analysts highlight that SpaceX's valuation growth is attributed to the expansion of its business boundaries and the potential of orbital data centers to address physical limitations on Earth [8][9] - Despite SpaceX's leading position, major tech companies like Google are also actively entering the orbital data center space [10] Group 1: SpaceX Valuation and Market Position - SpaceX is initiating a secondary stock sale with a valuation of $800 billion, which would make it the highest-valued private unicorn, surpassing OpenAI [3] - If included in the S&P 500, SpaceX's $800 billion valuation would rank it 13th, between JPMorgan and Oracle [3] - SpaceX's valuation is projected to exceed the combined market value of the top six U.S. defense contractors [5] Group 2: Orbital Data Center Concept - The orbital data center concept aims to solve physical bottlenecks on Earth, such as power shortages and operational costs [8] - Musk envisions launching 1 million tons of payload annually to deploy satellites capable of providing 100 GW of AI computing power [8] - The facilities are expected to have zero operational costs and will connect to the Starlink constellation via high-bandwidth laser links [8] Group 3: Advantages of Space-Based Data Centers - Space-based data centers benefit from extreme cooling capabilities, as space temperatures are around 2.7 Kelvin, significantly reducing energy costs associated with cooling on Earth [9] - They can harness nearly complete solar energy, providing reliable power 24/7 without atmospheric interference [9] - SpaceX currently holds 90% of the global launch capacity, which will facilitate large-scale modular deployment of these data centers [9] Group 4: Competitive Landscape - The orbital data center market is not exclusive to SpaceX; several companies are also making strides in this area [10] - Starcloud, a startup, has raised over $20 million to develop orbital data centers utilizing solar energy and passive cooling [10] - Axiom Space plans to launch two free-flying orbital data center nodes by the end of 2025, targeting commercial and national security clients [10] - Google is advancing its Project Suncatcher to build solar-powered satellites for space-based AI and computing [10][11] - NVIDIA is also involved, providing high-performance GPUs for space data centers and testing their feasibility in orbit [11]

Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report highlights the emergence of space computing as a critical solution to the computational bottlenecks faced in the AI era, with significant advancements in technology and infrastructure [4][5] - Major global tech giants are actively competing in the space computing arena, with initiatives such as NVIDIA's H100 GPU deployment in space and SpaceX's plans for a space data center [5] - Domestic advancements in space computing are progressing well, with companies like ADASpace launching satellites equipped with AI chips, marking the practical application of space computing [6] Summary by Sections Industry Overview - The closing index is at 5224.25, with a 52-week high of 5841.52 and a low of 3963.29 [1] Relative Index Performance - The report includes a performance chart showing a range of percentage changes in the industry relative to the CSI 300 index over time, indicating fluctuations from -17% to +19% [3] Investment Recommendations - The report suggests focusing on companies such as Xingtum Control, Zhongke Xingtum, Aerospace Hongtu, and others as potential investment opportunities in the space computing sector [7]