（文/方周 编辑/吕栋） 7G100系列芯片 砺算科技官网 8月31日晚，东芯半导体股份有限公司（以下简称"东芯股份"）公告，公司拟与亨通集团有限公司、上海道禾长期投资管理有限公司管理的基金、其他投 资主体、上海砺算（上海）有限公司之员工持股平台共同对外投资上海砺算（上海）有限公司（下称：上海砺算），投资人合计投资金额约为5亿元。 其中，东芯股份拟通过自有资金人民币约2.1亿元向上海砺算增资，认购其新增注册资本约80.99万元。 此次增资上海砺算以投前估值35亿元为依据，投资完成之后，上海砺算的注册资本从1346.4万元增加到1619.73万元。若依此计算，本轮增资完成之后，上 海砺算估值增加7.1亿元，达到42.1亿元。 此前，东芯股份在2024年8月份宣布以自有资金2亿元向上海砺算进行了增资，投资后持有上海砺算37.88%的股权。根据相关协定，该公司已向上海砺算 委派2名董事，并向上海砺算委派财务总监。因此本次对外投资构成关联交易。 在斥资2.1亿元又一次押注后，东芯股份持有上海砺算约35.87%的股权，虽然相比之前的37.88%略有下降，但仍与南京砺算并列上海砺算第一大股东。 上海砺算创立于2022年4 ...

8月28日，近期热门股、GPU概念龙头——东芯股份披露了最新的调研纪要。8月22日，该公司接受了中国电科、Point 72、申万宏源、国泰海通、中信证券 等162家机构的线上电话调研，由董秘、副总经理和财务总监共同接待。 资料显示，中国电科（即中国电子科技集团有限公司）组建于2002年3月，是经国务院批准，在原电子工业部直属电子研究院所和高科技企业基础上组建而 成的国有重要骨干企业，也是中央直接管理的唯一一个电子军工企业。 Point 72是知名对冲基金，管理资产规模超过160亿美元，此次调研东芯股份的是其香港分公司（Point72 Hong Kong Ltd.）。该公司的最新13F报告显示， 2025年第二季度对英伟达进行了大规模建仓。 从以上纸面数据来看，砺算7G100系列GPU的多重性能达到国际主流水平。东芯股份8月22日、20日在互动平台回应投资者，确认上海砺算自8月开始持续进 行客户送样及量产准备工作，目前进展顺利。 发布会举办后，7月29日，东芯股份20CM涨停。东芯股份7月29日至今涨超两倍，市值突破500亿元。 8月28日晚，东芯股份公告称，公司股票自2025年7月29日以来多次触及股票交易异 ...

Core Viewpoint - The article discusses the current state and future potential of the domestic graphics GPU market in China, highlighting the recent success of Lisan Technology's 7G100 series GPU and the challenges faced by domestic manufacturers in competing with established players like NVIDIA and AMD [2][28]. Market Size and Growth - The global graphics GPU market is projected to reach approximately USD 80 billion by 2025, with a significant growth rate of 33.65% CAGR expected from 2025 to 2030, leading to a market size of USD 352.55 billion by 2030 [4][6]. - The Chinese graphics GPU market is estimated to be USD 13.18 billion in 2025, up from USD 10.08 billion in 2024 [8]. Market Composition - In 2024, integrated GPUs will dominate the GPU market with a share of approximately 69.7%, while discrete GPUs will account for 30.3% [11]. - For the Chinese discrete GPU market, the estimated size in 2024 is around USD 30.54 million [11]. Competitive Landscape - NVIDIA and AMD hold a combined market share of about 98% in the discrete GPU market, leaving only a small portion for other manufacturers [12][16]. - The remaining market for other GPU manufacturers in China is estimated to be less than USD 500 million [16]. Challenges for Domestic Manufacturers - Domestic GPU manufacturers face several challenges, including: 1. **Technical Gap**: Domestic GPUs typically achieve only 60%-70% of the performance of comparable NVIDIA products due to insufficient technological accumulation and R&D capabilities [20]. 2. **Production Capacity**: Many domestic GPUs rely on TSMC for manufacturing, leading to issues with scheduling and cost control [20]. 3. **Software Support**: Most models and algorithms are optimized for NVIDIA chips, creating a significant hurdle for domestic GPUs [20]. Comparison with Other Domestic Players - The article compares Lisan Technology with other domestic companies like Moore Threads and Jingjia Micro, noting that Moore Threads has shifted focus away from gaming GPUs due to performance issues and is now concentrating on AI computing [22][25]. - Jingjia Micro's products target the mid-to-low-end market, with performance metrics significantly lower than NVIDIA's offerings [25][26]. Conclusion - The discrete GPU market presents opportunities, but for Lisan Technology to gain traction against NVIDIA and AMD, it will face significant challenges in the short term [28].