以下文章来源于More Than Semi ，作者猫叔 More Than Semi . 我们之前写过一篇IDC出的国内AI芯片出货量的文章，当时有些读者反馈说那个数据可能有些问 题，最近Bernstein也出了一份国内AI芯片出货量的数据，但跟IDC的那个数据有些出入，当然这个 报告的内容非常全，不只包含出货量，还有供需关系，各国产GPU的情况等。 基于这个报告整理的数据已经放到星球，有兴趣的读者可以到星球查看我们整理出来的数据。还是 提醒一下，由于各GPU厂官方并未公布出货量，因此第三方给的数据仅供参考。 H20 & B30 在H20禁令前，Bernstein预计2025年中国AI加速器市场将达到395亿美元，其中主要由Nvidia H20 （229亿美元）、AMD MI308（20亿美元）和本土厂商（如华为Ascend、寒武纪、海光，总计146亿 美元）构成。禁令后，Nvidia H20损失16.8亿美元，AMD MI308损失1.5亿美元，部分订单预计将转 移至本土厂商，导致2025年本土厂商收入增加约10%。然而，由于7nm晶圆和CoWoS技术的生产瓶 颈，Bernstein认为本土厂商无法完全填补 ...

17 July 2025 China Semiconductors China AI: Sizing the AI chip supply and demand in China Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Robin Zhu +852 2123 2659 robin.zhu@bernsteinsg.com Boris Van +852 2123 2617 boris.van@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com 17 July 2025 Alrick ...

Group 1 - Zeekr denies selling "0 km used cars" to inflate sales, stating that the vehicles are display cars and part of normal business practices [4] - Faraday Future's first MPV, Super One, faces accusations of design plagiarism from Great Wall Motors, leading to the removal of promotional language from its website [6] - The food delivery market is experiencing a shift as platforms continue to offer high-value coupons despite regulatory scrutiny [9][10] Group 2 - ByteDance's data science head, Qin Lu, leaves the company to start a venture in the AIGC field, seeking talent for algorithm and development roles [11] - Manus, after facing operational challenges, has shifted focus to international markets and shared lessons learned from its experiences [12] - NVIDIA's H20 AI chip supply is limited, with no plans to restart production due to U.S. sales bans, impacting its revenue significantly [13] Group 3 - Japan's semiconductor industry announces successful trial production of 2nm wafers, marking a significant technological advancement [31][32] - Meta continues to attract talent from Apple, hiring two AI researchers with substantial compensation packages, indicating a competitive landscape in AI development [30][31] - NIO's legal department responds to malicious rumors, emphasizing the company's commitment to legal action against false information [24]

华创证券研究所 证 券 研 究 报 告 通信行业周报（20250714-20250720） 光模块行业半年报超预期增长，H20 芯片"解禁" 推荐（维持） 重返中国市场，建议关注光模块、IDC 等方向 ❑ 通信行业持续跟踪公司： 行业研究 通信 2025 年 07 月 20 日 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 123 | 0.02 | | 总市值(亿元) | 49,248.97 | 4.66 | | 流通市值(亿元) | 23,006.93 | 2.77 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.7% | 18.6% | 30.5% | | 相对表现 | 4.9% | 11.2% | 13.5% | -13% 3% 18% 33% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-12~2025-07-10 通信 沪深30 ...

北交所策略专题报告 2025 年 07 月 20 日 英伟达等对华 AI 芯片销售重启，关注北证半导体、AI 行业稀缺标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北证行业：本周信息技术和消费服务、化工新材行业平均涨跌幅收涨 本周高端装备、信息技术、化工新材、消费服务、医药生物五大行业平均涨跌幅 分别为-0.35%、+0.70%、+0.10%、+0.15%、-1.02%。高端装备行业本周市盈率 中值 44.0X，信息技术行业本周市盈率中值 91.3X，化工新材行业本周市盈率中 值 44.3X，消费服务行业本周市盈率中值 63.4X，医药生物行业本周市盈率中值 46.2X。 科技新产业：本周智能制造、信息技术 PE TTM 中值上升 北交所科技新产业 150 家企业中 58 家上涨，区间涨跌幅中值为-0.67%,万源通 +16.09%,五新隧装+15.49%,春光药装+12.20%。150 家企业的市盈率中值由 53.3X 升至 53.4X，总市值由 4697.29 下降至 4686.17 亿元，市值中值由 23.4 ...

值得注意的是，高盛表示，HBM 价格到 2026 年可能会出现两位数的下降。高盛警告称，加剧的 压力、竞争加剧以及定价权向主要客户转移（SK 海力士在这些客户中风险敞口很大）可能会挤压 公司的利润率。 高盛认为，HBM 价格下跌的趋势可能归因于主要厂商的 HBM 芯片供应量大幅增加，预计供应量 将超过需求量，从而可能推低全年平均销售价格 (ASP)。高盛表示，经过多年的供应紧张，HBM 市场预计将在 2026 年出现疲软，这可能导致整个行业的定价压力加剧。 与此同时，高盛也预测 HBM 的增长将大幅放缓——目前预计同比增长 25%，而此前为 45%。高 盛已修订其 HBM 总目标市场 (TAM) 预测，将 2025 年的预测小幅上调 1% 至 360 亿美元，但将 2026 年的预测下调 13% 至 450 亿美元（此前为 510 亿美元）。 TrendForce 观察到，随着当前 HBM 产能不断提升，各供应商的良率稳步提升，成熟产品的价格 下调的可能性不大。然而，明年的焦点将集中在仍在进行认证的 HBM4 上，因此现在判断竞争优 胜者还为时过早。考虑到下一代 HBM 的发布，TrendForce 预计 H ...

ab 15 July 2025 Powered by YES UBS Evidence Lab Global Research APAC Technology UBS Tech Views: H20 & MI308X export relief to China; positive to the APAC supply chain NVIDIA likely to resume H20 GPU sales to China, and introduces a fully compliant RTX PRO GPU We previewed our Fast Take (link) on this headline today with initial takeaways. News: According to an announcement made today, NVIDIA is filing applications to resume sales of the NVIDIA H20 GPU, with US government assurance of license approval. NVIDI ...

Navigating China Internet: Top AI/apps tracker: Focus around chip supply and AI application adoption; solid June app engagement China's top AI applications maintained healthy user engagement trends in June with key investor focuses around 1) a potential resumption of Nvidia H20 chip supply: where the company announced on July 15 that it expects the US regulator to grant licenses to restart shipments, alongside a new & fully compliant NVIDIA RTX PRO GPU. We believe resumption of foreign chip supply could bod ...

Nvidia CEO Jensen Huang speaks to journalists as he arrives for a press conference at a hotel in Beijing on July 16, 2025. Adek Berry | Afp | Getty Images BEIJING — Nvidia CEO Jensen Huang was all smiles and compliments as he made his third trip to China in just about half a year. As the leader and co-founder of the world's first, newly-minted $4 trillion market cap company, Huang had particular reasons to be happy when he met the press on Wednesday: Nvidia expected it would be able to resume sales of its l ...

The Significance of Nvidia H20 Chips Nvidia's H20 chips are well-known for their prowess in AI inference tasks. With a computing performance of 148 TFLOPS@FP16 and 900 gb/s of interconnect bandwidth, these chips offer a competitive edge in the software ecosystem and interconnect capabilities. The H20 chip is currently the most powerful inference accelerator that can be legally exported to China under the existing US regulations. It is optimized for running existing AI models, which is of great relevance to ...