Core Insights - FlashAttention-4 was announced by Tri Dao, the Chief Scientist of TogetherAI, at the Hot Chips 2025 semiconductor conference, showcasing significant advancements in attention mechanisms for AI models [1][2]. Performance Improvements - FlashAttention-4 achieves up to 22% faster performance on Blackwell compared to NVIDIA's cuDNN library [2]. - The new version incorporates two key algorithmic improvements, including a novel online softmax algorithm that skips 90% of output rescaling and uses software simulation for exponential calculations to enhance throughput [6][9]. Technical Enhancements - The implementation of CUTLASS CuTe-DSL allows for better performance, with Tri Dao's kernel outperforming NVIDIA's latest cuBLAS 13.0 library in specific computation scenarios [5][9]. - FlashAttention-4 supports native execution on Blackwell GPUs, addressing previous compilation and performance issues [19]. Historical Context - FlashAttention was first introduced in 2022, focusing on reducing memory complexity from O(N²) to O(N) by utilizing a tiling and softmax rescaling strategy [11]. - Subsequent versions, including FlashAttention-2 and FlashAttention-3, have progressively improved speed and efficiency, with FlashAttention-3 achieving up to 740 TFLOPS on H100 GPUs [18][19]. Market Implications - The advancements in FlashAttention technology may pose challenges for competitors like AMD, as Tri Dao's team primarily utilizes NVIDIA GPUs and has not engaged with AMD's ROCm ecosystem [9]. - There is speculation that AMD could invest significantly to enhance its GPU ecosystem, potentially offering financial incentives to attract developers like Tri Dao [9]. Community Engagement - The FlashAttention GitHub repository has garnered over 19,100 stars, indicating strong community interest and engagement [23].

Investment Rating - The report maintains a "Buy" rating for Shenghong Technology (300476.SZ) with projected EPS of 1.34 in 2024 and 12.30 in 2027, indicating a significant growth potential with a PE ratio decreasing from 61.60 in 2024 to 6.26 in 2027 [5]. Core Insights - The U.S. BIS has revoked the AI chip diffusion rules, leading to a substantial increase in chip demand, particularly benefiting companies in Nvidia's core supply chain [10][12]. - Nvidia is set to supply over 18,000 GB300 Blackwell chips to Saudi AI company Humain for a 500 MW AI infrastructure project, marking a significant order that represents 12% of its global shipments in Q1 2025 [21]. - The capital expenditure of major overseas CSPs (Cloud Service Providers) is projected to remain high, with a total of $71.1 billion in Q1 2025, reflecting a 64% year-on-year increase [13][20]. Summary by Sections Section 1: AI Chip Demand and Regulations - The U.S. BIS announced the cancellation of the AI diffusion rules, which previously restricted AI chip exports, thus increasing global demand for AI chips [10][12]. - Nvidia and AMD are actively engaging in projects in Saudi Arabia, with AMD providing $10 billion in chip and software support for the "Transatlantic AI Corridor" project [26][27]. Section 2: CSP Capital Expenditure - The report highlights that the combined capital expenditure of the four major overseas CSPs reached $71.1 billion in Q1 2025, maintaining a high growth trajectory [13][20]. - Meta has raised its capital expenditure guidance for 2025 to between $64 billion and $72 billion, reflecting increased investments in AI infrastructure [20]. Section 3: Market Performance - The electronic sector experienced a slight decline of 0.75% in the recent week, with notable performances from semiconductor and consumer electronics stocks [28][31]. - The report indicates that the overall valuation of the electronic industry is at a relatively high level, suggesting potential for upward adjustment driven by AI advancements [34]. Section 4: Related Companies - Key companies in Nvidia's supply chain include Shenghong Technology, Industrial Fulian, and Huadian [36]. - Domestic computing power leaders mentioned include SMIC, Cambrian, and Haiguang Information [36].

电子行业年报及一季报总结 20250505 摘要 • 电子板块受益于 AI 技术发展、国际关系变化、产品迭代升级等因素，预计 2025 年二季度业绩持续强劲，本轮景气周期或持续至 2026 年中期，但 需关注关税影响，特别是中美框架性协定达成后的评估。 • 北美四大 CSP（谷歌、亚马逊、微软、Meta）2025 年一季度业绩稳健， 全年资本开支指引积极，总额达 3,280 亿美元，主要驱动力为 AI 云业务 增长和非 AI 业务超预期表现，但宏观经济和地缘政治风险仍带来不确定性。 • ASIC 产业链景气度高，Credo 和 a lab 连续多季度增长，但芯片换代存在 季节性扰动。长期来看，CSP 的表态及 ASIC 本身竞争力预示着较好的增 长潜力，ASIC 设计、服务器组装及 AEC 环节有望显著受益。 • 半导体制造板块 2025 年一季度淡季不淡，中芯国际预计全年销售收入增 幅高于同业平均值，汽车及其他产业国产链转移加速，消费电子、互联及 手机补单较多，产能利用率良好，但需观察下半年消费刺激政策及客户拉 货持续性。 • 存储模组厂商 2025 年一季度仍亏损，但预计二季度市场供需结构显著改 善，原厂 ...

行 业 研 究 传媒 2025 年 04 月 30 日 海外 AI 巨头一季度跟踪 投资要点： AI 应用：训练推理需求推动云业务高增，自研开源模型&AI 芯片 行 业 动 态 跟 踪 1. Alphabet：（1）谷歌云：得益于 AI 带来的训练推理需求增长， FY25Q1 收入同比+28%。（2）广告业务：广告下搜索业务保持强劲，FY25Q1 收入同比+9.8%，谷歌积极采用 AI 改造传统搜索引擎，AI 概览目前 MAU 已经达到新高 15 亿+，且货币化率保持稳定。AI 概览中的商业查询检索量 增加。（3）AI 大模型：2 月 Gemini 2.5 Pro 推出。Gemini 模型已集成至 15 个产品，覆盖 5 亿用户，自今年年初以来，AI Studio 和 Gemini API 的 活跃用户增长了 200% 以上。（4）资本开支：一季度资本开支 172 亿美 元，同比+43.2%，预计全年 750 亿美元。 2. Microsoft：（1）Copilot：近期推出 Copilot 春季版更新，引入可 以充当数字同事的 AI Agent。（2）AI 开源模型：发布首个开源模型 BitNet b1.5 ...