报告行业投资评级 未提及 报告的核心观点 - 2025年6月26日北京举办的“2025中国AI算力大会”是国产AI基础设施转型升级重要节点，AI算力迈入“系统级融合”新时代，万卡集群部署与软硬一体化架构成主流技术演进方向 [1][15] - 国产AI集群时代全面开启，AI系统从卡级优化升级为集群级调度，传统单卡性能优化方式让位于对万卡级训练集群等全面要求 [2][16] - 新时代AI基础设施注重系统效率重构，TPU国产替代加速落地，中昊芯英自主设计量产国产TPU芯片，实测性能接近国际主流水平，支持千卡级集群训练，掌握全流程能力 [2][17] - 大会反映技术变革，AI产业链重构核心逻辑从模型跃迁走向基础设施跃迁，系统级能力决定未来竞争格局，国产+系统是双重机会窗口，AI基础设施成为To B创新催化器 [3][18] 根据相关目录分别进行总结 技术发展趋势 - 低精度浮点计算标准化，摩尔线程实现FP8精度支持，提升训练效率、降低功耗，成万卡集群落地标配能力 [5][19] - 从HPC到AI Cloud Infra，AI训练向混合异构系统发展，推动传统HPC架构全面云化，强化调度系统与任务稳定性设计，形成AI智能云雏形 [5][19] - 散热能力进化关键，液冷突破物理瓶颈，传统风冷热流密度极限约<90W/cm²，单相液冷可提升至~200W/cm²，相变液冷热流密度上限>500W/cm²，是支撑千卡级/万卡级AI集群系统关键技术突破口 [5][19] - AI Agent为代表的AI原生业务登场，Agent将成企业服务等场景新中枢，倒逼算力平台支持更强多模型并行、多租户任务调度能力 [5][19] 大模型训练时间对比 | 模型 | 计算量 (FLOPs) | 千卡集群MFU: 40% / 60% | 五千卡集群MFU: 35% / 55% | 万卡集群MFU: 30% / 50% | | --- | --- | --- | --- | --- | | DeepSeek - V3 | 3.4 E+24 | 97天 | 22天 | 13天 | | Qwen3 - 235B - A22B | 4.75 E+24 | 136天 | 31天 | 18天 | | Llama 3.3 70B | 6.9 E+24 | 132天 | 29天 | 16天 | | Llama 2 708 | 8.1 E+23 | 15.5天 | 3.4天 | 1.9天 | | GPT - 4 | 2.1 E+25 | 602天 | 137天 | 80天 | | GPT - 3 | 3.14 E+23 | 6天 | 1.3天 | 0.7天 | [13]

CANADA - 2025/05/07: In this photo illustration, the Seagate Technology logo is seen displayed on a ... More smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty Images Question: How would you respond if you owned Seagate (NASDAQ: STX) and its value plummeted by 60% or more in the upcoming months?While this may seem extreme, it is not without precedent. Seagate's stock has experienced such severe declines previously, and based on ...

Moretus Research delivers state-of-the-art, buy-side quality equity research for serious investors seeking clarity, conviction, and alpha. Focused on U.S. public markets, Moretus applies a structured, repeatable framework to identify companies with durable business models, mispriced cash flow potential, and intelligent capital allocation. Built on institutional standards, Moretus Research combines rigorous fundamental analysis with a high-signal, judgment-driven process—eschewing noise, narrative, and overl ...

本文来自微信公众号：旧闻评论，作者：照相的宋师傅，题图来自：AI生成 三级片制作人、美食达人及文旅作家蔡澜6月25日去世，27日火化，享寿83。近亲属在其社交媒体公布了简短讣闻，并遵遗嘱丧事从简。至此，香江四大 才子（黄霑2004、金庸2018、倪匡2022）全部驾鹤西去，伴随他们凋敝的还有萎缩至极的港文化。 蔡澜辞世在陆港台三地都引发了不小的关注，不过两岸三地在其身后的表达并不一致。港台的纪念大同小异，突出蔡澜的文化名人身份，紧扣其四大才子 的文化贡献，两地苟延残喘的报界均出版大篇幅纪念专题，追忆、怀念，挥手作别。 机构媒体心灰意懒，因为早就不做名人逝世的纪念社论，所以将蔡澜的解释权交了出去。短时间内，流媒体空间中解读模式轮替，迅速完成对蔡澜其人其 事的纪念与解构：一个有魏晋风范、不怕死的豁达文人，一个逼良为娼的老逼登。 对蔡澜的积极评价（不等于正确评价），主要是说他这个人酒气财色样样精通，其"洒脱活过"的享乐主义人生观也大受称赞。他那些看起来肆意的纵乐， 比如有过几十个女友、一年交一个女友等行径，也因为被艳羡而一并被谅解了。 前三个同辈中人死后享有荣光，黄霑坐稳了词人重镇的地位，金大侠自不必说，倪匡身后无 ...

INVESTOR UPDATE December 2020 Disclosure Forward-looking statements / non-GAAP financial measures / industry and market data General – The information contained in this presentation does not purport to be all‐inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the Securities and Exchange Commission's ("SEC" ...

Strategic Acquisition Expands AZZ's Metal Coatings Capabilities in the Midwest FORT WORTH, Texas, July 1, 2025 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions in North America, today announced that it has entered into an agreement to acquire all the assets of Canton Galvanizing, LLC ("Canton"), a privately held hot-dip galvanizing company based in Canton, Ohio. Terms of the transaction were not disclosed. AZZ expects the acquisition wi ...

WAYNE, Pa., July 01, 2025 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE:TFX), a leading global provider of medical technologies, today announced that it has completed the previously announced acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG. The acquisition adds a broad portfolio of therapeutic products to Teleflex’s portfolio of interventional access products, driving an enhanced global presence in the cath lab. The Vascular Intervention business will also e ...

DULUTH, Ga., July 1, 2025 /PRNewswire/ -- AGCO Corporation (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, today announced it has entered into a set of agreements with Tractors and Farm Equipment Limited ("TAFE"). The agreements resolve all outstanding disputes and other matters related to the commercial relationship between AGCO and TAFE as well as TAFE's shareholding in AGCO, ownership and use of the Massey Ferguson brand in ...

Exchange to Be Headquartered in Nevada, Embracing Current Administration’s Vision for U.S. Cryptocurrency LeadershipLAS VEGAS, July 01, 2025 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its indirect wholly owned subsidiary Ault Markets, Inc. (“Ault Markets”), plans to launch a Decentralized Cryptocurrency Exchange (“DEX”) to be based in the United States, with its headquarters in Las Vegas, Nevada. F ...

Acquisition bolsters Parsons’ electromagnetic warfare and all-domain solutions for the U.S. defense marketCHANTILLY, Va., July 01, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE:PSN) announced today that it has acquired Maryland-based Chesapeake Technologies International, Corp (CTI), a portfolio company of Bluestone Investment Partners, in a transaction valued at $89 million. Founded in 2000, CTI strengthens Parsons’ defense customer posture with the Special Operations forces and enhances Parsons’ posi ...