几天前，Google 发布了 Pixel 10 系列产品，最引人关注的自然是由台积电代工的「纯血」Tensor G5 芯片。 2016 年，Google 推出了第一代 Pixel 手机，给用户带来最纯正的 Android 体验；2021 年，Google 和三星合作推出了 Tensor 芯片，虽有 Exynos 换皮之嫌 疑，但总归算是将 Pixel 的「自研」程度再提高了一个层次；2025 年，Tensor G5 芯片告别了 Exynos 换皮，也终于摆脱了害人不浅的三星工艺。 值得关注的是，Tensor G5 的 GPU 部分采用了来自 Imagination 的 PowerVR 架构——你可能对这个名字有些眼熟——它曾和 Apple 一道走过 A 系列芯片的 起步阶段，为 A4 到 A10X 等芯片提供了 GPU 解决方案，然后又突然被 Apple 抛弃，在多年艰难求生后熬到今天，再次登上了智能手机。 在科技发展的历程中，这样的故事其实已经足够精彩，但 Imagination PowerVR 的故事还远不止于此。 从 VideoLogic 到 Imagination 1985 年，Tony Maclar ...

Market Overview - The A-share market experienced significant volatility, with the Shanghai Composite Index reaching a high of 3887.20 points before a sharp decline, closing down 1.76% at just above 3800 points. The Shenzhen Component Index fell 1.43%, and the ChiNext Index decreased by 0.69%. Over 4700 stocks declined overall [1][7]. AI Sector Performance - Despite the overall market downturn, the AI sector saw substantial gains, with stocks like Changxin Bochuang and Cambridge Technology rising over 10%. Leading AI stock Cambricon Technologies reached a peak price of 1438 yuan, closing at 1372.1 yuan, marking a 3.24% increase [2][3]. Policy Support for AI - The Chinese government issued a policy document aiming for deep integration of AI across six key sectors by 2027, with a target of over 70% application penetration of new intelligent terminals and systems. By 2030, AI is expected to significantly contribute to high-quality economic development [3][4]. Investment Sentiment in AI - Investment banks like Goldman Sachs have raised target prices for leading AI stocks, which has generated positive market sentiment. Major tech companies are also making significant advancements in AI technology, further fueling investor interest [4]. Rare Earth Industry Growth - The rare earth sector experienced a surge, with companies like Northern Rare Earth reporting a net profit increase of over 1951% year-on-year. The average price of rare earth products has risen by over 100,000 yuan per ton since August, indicating a strong recovery in the industry [5][6]. Market Dynamics and Future Outlook - The overall market saw a significant trading volume, exceeding 3 trillion yuan, despite a majority of stocks declining. The market's future direction may depend on fundamental improvements and demand highlights, as historical trends suggest that bull markets are supported by solid fundamentals [7].

今日，A股市场行情主打一个惊心动魄。 开盘在AI板块的带领下，硬件行情走势渐强，服务器电源、光模块、液冷服务器等板块涨幅居前。上午盘中，新易盛（300502）、中际旭创 （300308）、寒武纪、麦格米特（002851）、英维克（002837）、天孚通信（300394）、生益电子、仕佳光子等股价均创历史新高。 上证指数盘中一度冲高至3887.20点，但午后突发跳水，持续下跌，尾盘甚至出现急跌情形，从最高点下来跌超80点，跌幅超1.5%；深证成指、创业板指 盘中均刷新阶段新高，但随着大盘跳水，指数也快速回落。 截至收盘，上证指数跌1.76%，堪堪守住3800点线口，深证成指跌1.43%，创业板指跌0.69%。总体来看，个股跌多涨少，全市场超4700只个股下跌。 值得一提的是，在午后市场急跌的过程中，市场成交量也急剧增加，部分资金对当前市场产生分歧。市场成交额超3.19万亿元，较昨日增加4880亿元，为 A股史上第三次突破3万亿元。 $$\boxed{0}\boxed{\mathbb{E}}\mathbb{I}\mathbb{K}_{\mathrm{m}}^{\oplus}$$ AI赛道整体暴涨 寒武纪盘中股价超 ...

值得一提的是，在午后市场急跌的过程中，市场成交量也急剧增加，部分资金对当前市场产生分歧。市 场成交额达3.2万亿元，较昨日增加4880亿元。 截至收盘，上证指数跌1.76%，险守3800点，深证成指跌1.43%，创业板指跌0.69%。 港股市场在午后也出现明显下跌，截至发稿，恒生指数跌超1.5%，恒生科技指数跌近2%，国企指数跌 超1.5%。 AI题材大涨 尽管今日大盘出现急剧下跌情形，但AI相关板块仍实现大涨。光模块中的长芯博创上涨超10%，剑桥科 技涨停，新易盛、源杰科技、太辰光等表现同样比较强势。 半导体板块中的乐鑫科技盘中实现20%涨停，收盘仍上涨超17%，瑞芯微涨停，扬杰科技、晶晨股份、 澜起科技等跟涨。值得一提的是，寒武纪盘中股价一度拉升超过贵州茅台的股价，成为A股市场新的 「股王」。 AI相关题材板块走高，综合市场各方观点，主要有以下几方面催化因素： 上证指数盘中一度冲高至3887.20点，但午后持续下跌，尾盘甚至出现急跌情形，从最高点下来跌超80 点，跌幅超1.5%;深证成指、创业板指盘中均刷新阶段新高，但随着大盘跳水，指数也快速回落。 8月27日，A股市场在连续多日强势攀升后，午后突发跳水行 ...

截至收盘，上证指数跌1.76%，险守3800点，深证成指跌1.43%，创业板指跌0.69%。 港股市场在午后也出现明显下跌，截至发稿，恒生指数跌超1.5%，恒生科技指数跌近2%，国企指数跌 超1.5%。 AI题材大涨 8月27日，A股市场在连续多日强势攀升后，午后突发跳水行情引发市场高度关注。 尽管今日大盘出现急剧下跌情形，但AI相关板块仍实现大涨。光模块中的长芯博创上涨超10%，剑桥科 技涨停，新易盛、源杰科技、太辰光等表现同样比较强势。 上证指数盘中一度冲高至3887.20点，但午后持续下跌，尾盘甚至出现急跌情形，从最高点下来跌超80 点，跌幅超1.5%；深证成指、创业板指盘中均刷新阶段新高，但随着大盘跳水，指数也快速回落。 值得一提的是，在午后市场急跌的过程中，市场成交量也急剧增加，部分资金对当前市场产生分歧。市 场成交额达3.2万亿元，较昨日增加4880亿元。 | A股市场 | 上交所重点指数 | 深交所重点指数 北交所重点指数 | | --- | --- | --- | | | 序号 代码 名称 | 现价 涨跌 涨跌幅 ▼ | | ਜ | 30054 长芯博创 | 134.67c 14.95 12. ...

上证指数盘中一度冲高至3887.20点，但午后持续下跌，尾盘甚至出现急跌情形，从最高点下来跌超80 点，跌幅超1.5%；深证成指、创业板指盘中均刷新阶段新高，但随着大盘跳水，指数也快速回落。 8月27日，A股市场在连续多日强势攀升后，午后突发跳水行情引发市场高度关注。 港股市场在午后也出现明显下跌，截至发稿，恒生指数跌超1.5%，恒生科技指数跌近2%，国企指数跌 超1.5%。 AI题材大涨 值得一提的是，在午后市场急跌的过程中，市场成交量也急剧增加，部分资金对当前市场产生分歧。市 场成交额达3.2万亿元，较昨日增加4880亿元。 截至收盘，上证指数跌1.76%，险守3800点，深证成指跌1.43%，创业板指跌0.69%。 首先，在政策层面，国务院日前印发《关于深入实施"人工智能+"行动的意见》（以下简称《意 见》）。《意见》提出，到2027年，率先实现人工智能与6大重点领域广泛深度融合，新一代智能终 端、智能体等应用普及率超70%，智能经济核心产业规模快速增长，人工智能在公共治理中的作用明显 增强，人工智能开放合作体系不断完善。到2030年，我国人工智能全面赋能高质量发展，新一代智能终 端、智能体等应用普及率 ...

Market Overview - On August 27, the A-share market experienced a significant drop after several days of strong gains, with the Shanghai Composite Index falling 1.76% to narrowly hold above 3800 points [4] - The market saw a sharp increase in trading volume during the afternoon sell-off, reaching 3.2 trillion yuan, an increase of 488 billion yuan compared to the previous day [3] Sector Performance - Despite the overall market decline, AI-related sectors saw substantial gains, with stocks like Changxin Bochuang rising over 10% and Jianqiao Technology hitting the daily limit [7] - The semiconductor sector also performed well, with companies like Lexin Technology achieving a 20% limit-up during the day and closing up over 17% [9] AI Sector Catalysts - The recent policy document from the State Council emphasizes the integration of AI across six key areas by 2027, aiming for a significant increase in the adoption of new AI technologies [11] - Major tech companies are making strides in AI, with Google releasing its Tensor G5 chip and Apple planning a three-year initiative to enhance its AI capabilities [12] Rare Earth Permanent Magnet Sector - The rare earth permanent magnet sector saw a resurgence, with stocks like Dadi Xiong rising over 10% and Beikong Technology hitting the daily limit [15] - The strong performance in this sector is attributed to significant revenue growth reported by leading companies, such as Northern Rare Earth, which saw a 45.24% increase in revenue year-on-year [17]

关于报告的所有内容，请于公众『市场分析报告』阅读原文 《消费电子深度报告：附产业链龙头名单》 2025年三季度，全球消费电子行业迎来新一轮创新周期。端侧AI应用持续渗透，谷歌、Meta和苹果三大科技巨头 加速推进自研芯片、AI操作系统和智能终端落地，产业链核心公司受到主流资金持续关注。谷歌在新品发布会上 推出全新Pixel 10系列，首次全线搭载自研Tensor G5芯片和Gemini Nano模型，实现在地AI语音、影像、健康等多 场景即时响应。Tensor G5芯片以台积电3nm工艺制造，TPU算力提升60%，CPU平均运行速度提高34%，为用户 带来全新Gemini Live视觉叠加、实时语音翻译、AI Pro Res Zoom等智能体验。配套硬件Pixel Watch 4实现AI健康 教练、脉搏消失检测，Pixel Buds 2a首搭主动降噪，Tensor A1音频芯片驱动，进一步拓宽端侧AI场景。 Meta方面，公司宣布重组AI部门，成立"超级智能实验室"拆分为四大组，聚焦大模型研发、AI产品应用、基础设 施与长期前沿技术。Meta即将发布千元级带屏AI眼镜Celeste，采用Lcos+全彩阵列光波 ...

Core Viewpoint - Google has launched the Pixel 10 series, which includes four smartphones and new wearable devices, integrating advanced AI features and new hardware technologies to compete in the market against Apple and other Android brands [1][5]. Product Launch Details - The Pixel 10 series consists of four smartphones priced from $799 to $1799, including the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and the foldable Pixel 10 Pro Fold. Additionally, the Pixel Watch 4 and Pixel Buds 2a are also part of the new lineup [1][4]. - The standard Pixel 10 features a new long-focus lens for 5x optical zoom and an improved OLED screen with a brightness of 3000 nits. The Pro models have enhanced RAM and camera capabilities [7]. AI Integration - All Pixel 10 models are equipped with the Tensor G5 processor and integrate the Gemini AI assistant, featuring new functionalities like Magic Cue and Camera Coach, which enhance user experience through contextual suggestions and photography advice [2][6]. Competitive Landscape - The launch occurs amid intensified competition with Apple in the AI space, with Google promoting its AI capabilities while highlighting the delays in Apple's Siri upgrades. However, Google faces challenges in increasing its smartphone market share, lagging behind brands like Samsung and Motorola [5]. Hardware Enhancements - The Tensor G5 chip, manufactured by TSMC, offers a 34% performance improvement and a 60% enhancement in AI capabilities compared to previous models. The introduction of Qi2 wireless charging technology across all models is also a significant upgrade [11]. - The Pixel 10 Pro Fold features improved durability and a unique split-screen function, allowing users to run different applications simultaneously [9]. Wearable Devices - The Pixel Watch 4 introduces a new charging method that enhances convenience and speed, with a peak brightness of 3000 nits and a battery life of up to 40 hours for the 45mm version [13]. - The Pixel Buds 2a now include active noise cancellation and are priced at approximately $130, reflecting an increase from the previous generation [15].