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价值投机投资

2021-09-15

Apple yyds

There is no new idea "13 Fragrance" is coming! Understand Apple's new product launch conference in one article

价值投机投资

2021-09-10

?yyds

Sorry, the original content has been removed

价值投机投资

2021-09-09

never

When was "Nvidia" born in China?

价值投机投资

2021-08-23

smart money

Ali is "bullish" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?

价值投机投资

2021-06-13

byd

BYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks

Go to Tiger App to see more news

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yyds","listText":"Apple yyds","text":"Apple yyds","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/882116470","repostId":"1118939975","repostType":4,"repost":{"id":"1118939975","kind":"news","pubTimestamp":1631661433,"share":"https://ttm.financial/m/news/1118939975?lang=en_US&edition=fundamental","pubTime":"2021-09-15 07:17","market":"sh","language":"zh","title":"There is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1118939975","media":"华尔街见闻","summary":"媒体称并无惊艳之处，而且没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜，还有人根据新一代智能手表的发货时间“待定”推测遭遇生产困难。80分钟的发布会结束时，苹果跌","content":"<p>The media said there was nothing amazing about it, and did not mention the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world was expecting. Some people speculated that they encountered production difficulties based on the \"pending\" delivery time of the new generation of smart watches. At the end of the 80-minute press conference, Apple's decline extended to 1.5%, near the lowest in four weeks. At 1 p.m. Eastern Time on Tuesday, September 14 (1 a.m. Beijing time on the 15th), Apple held the 2021 autumn new product launch conference as scheduled.</p><p>This is Apple's seventh consecutive online virtual conference due to COVID-19 pandemic. The media said it was nothing surprising. The company's stock price fell. At the end of the 80-minute conference, the decline expanded to 1.5%, or the lowest since August 19. The lowest in nearly four weeks.</p><p>Apple has newly launched its new flagship smartphone iPhone 13 series, new entry-level iPad and iPad Mini, and a new generation of smart watch Apple Watch.<b>But there was no mention of the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world is expecting.</b></p><p><img src=\"https://static.tigerbbs.com/165d7e060b805f2b0534a472cf4b6e3c\" tg-width=\"640\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>The entire iPhone 13 series has been upgraded with A15 bionic chip and movie shooting mode, smaller bangs, larger battery, and the Pro series has added blue and 1TB memory</b></p><p>Wall Street News once mentioned that,<b>In the past year, Apple's profits have hit record highs, largely thanks to the launch of the iPhone 12 series last fall, which makes the iPhone 13 series the top priority of this conference.</b>However, analysts tracking Apple don't expect the new iPhone series to be much upgraded compared to last year's landmark 5G iPhone 12.</p><p><b>The new iPhone 13 series released today does have basically the same design as last year, but the bangs are smaller and the battery is larger. They all support the 5G wireless standard, and the battery life will increase by 1.5 to 2.5 hours.</b>Pre-orders will open on September 17th, and shipments will start on September 24th.</p><p>The screen sizes of the iPhone 13 Mini and iPhone 13 remain 5.4 inches and 6.1 inches, and come in five colors. The starting prices are $699 and $799 respectively, which are also the same as last year, but the storage space of the basic model is increased to 128GB.</p><p><img src=\"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>The screen sizes of iPhone 13 Pro and Pro Max remain 6.1 inches and 6.7 inches, and the blue model with \"Sierra Blue\" is added. The starting prices are US $999 and US $1,099 respectively, the same price as last year, but both add 1TB of large memory options.</p><p><img src=\"https://static.tigerbbs.com/a94861fc8d5dde5410be155a02ad4f9f\" tg-width=\"546\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p><b>After the Apple press conference, the price of Apple's latest iPhone in China was released:</b></p><p>The starting price of the iPhone 13 mini in China is 5,199 yuan, the starting price of the iPhone 13 is 5,999 yuan, and the top-of-the-line iPhone 13 Pro Max is 12,999 yuan. The entire series will start pre-ordering on September 17 and on September 24 Officially released. The new tablet iPad mini starts at 3,799 yuan.<img src=\"https://static.tigerbbs.com/85f764b13bc5a0291adcb61703201ab3\" tg-width=\"544\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>The biggest difference between the iPhone 13 and its Pro version is still the number of rear cameras. The Pro series has a three-camera design of zoom, wide-angle and ultra-wide-angle lenses, which can focus on objects 2 cm in the front. The basic iPhone 13 model retains the wide-angle and ultra-wide-angle lenses are arranged diagonally, but the 12-megapixel rear wide-angle lens has a larger sensor that can capture 50% more light.</p><p>In addition, the display of the iPhone 13 Pro series is called \"Super Retina XDR with ProMotion,\" and has twice the refresh rate of older Apple phones, which means that the iPhone touchscreen will swipe smoother and with less lag.</p><p><img src=\"https://static.tigerbbs.com/510186d223bc22f07d4ce3bbf074c34b\" tg-width=\"562\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>The entire iPhone 13 and Pro series are powered by Apple's new generation A15 bionic chip. The performance of CPU and GPU has been greatly improved. There is also a part in the chip dedicated to running artificial intelligence algorithms.</p><p><img src=\"https://static.tigerbbs.com/3f7f5150efc903319190c3efb3bdb0de\" tg-width=\"547\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>The whole series of mobile phones have improved camera and photography functions, adding \"Cinematic mode\", which can maintain focus on moving subjects, as well as real-time automatic focus transformation to create rich depth of field. According to Apple, \"movie mode\" is equivalent to being able to make movies with a mobile phone, which is a unique feature of the entire IPhone 13 series.</p><p><img src=\"https://static.tigerbbs.com/c2ed54ea991a50d995e8db81c45f143b\" tg-width=\"611\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><b>New iPad and Mini performance improvements will be shipped next week, analysis questions seventh-generation smartwatch encounters production difficulties, and global expansion of fitness streaming subscriptions weighs on share prices of similar companies</b></p><p>Before the release of the most important hardware product mobile phone, Apple CEO Cook first introduced the new program of Apple TV + streaming video subscription service, and said that billions of dollars were invested to create original content, which charged $4.99 per month or could be bundled with other Apple services, but the company did not disclose the number of subscribers.<img src=\"https://static.tigerbbs.com/2d69edd0fcd0b020405b6fc7b2554e2d\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>Apple subsequently launched a new entry-level tablet iPad, equipped with an upgraded A13 chip, which runs 20% faster than the older version of the A12 chip. The 12-megapixel front-value camera will improve the quality of video calls such as Zoom and FaceTime, and has LTE wireless connection. The starting price of the new iPad will remain unchanged at $329, but the basic memory is larger than 64GB. It can be pre-ordered now and officially released next week.</p><p><img src=\"https://static.tigerbbs.com/ea1f74382c4dabaf50c14f28d15b6875\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>The upgraded iPad Mini has received a new design and performance improvements. It is called the most powerful product of its kind in history and the \"biggest upgrade in history\" by the company. It will support 5G networks and have a smaller 8.3-inch screen. It has a smaller bezel, a fingerprint sensor built into the top button, is configured with a 12-megapixel rear camera and stereo speakers, including a variety of colors like purple, uses a USB-C connector, and supports the second-generation Apple stylus. Starting at $499, it can be pre-ordered now and will be officially released next week.</p><p><img src=\"https://static.tigerbbs.com/c10fbc996b81d2feb2b18d4975963a9b\" tg-width=\"640\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Apple also launched the seventh-generation Apple Watch (Apple Watch Series 7). The appearance and software have been redesigned. The screen area is 20% larger than that of the sixth-generation watch and can display more information. It retains the industrial design with rounded edges, the screen is more resistant to cracks and charges faster. The entry-level model comes in five color options, offers aluminum, steel and titanium cases, and the older strap works with the newer model.</p><p><img src=\"https://static.tigerbbs.com/e8aed0154cb2cdec67681c13a5ce8eb8\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that although Apple claims that the new generation of smart watches will start at $399, it did not disclose the specific release date, only saying that it will be launched \"later this fall\". Some analysts say that Apple Watch may encounter manufacturing challenges, which may lead to production delays.</p><p>Tianfeng International once stated in the latest report that Luxshare Precision, which is responsible for producing Apple Watch 7 series panel modules, is actively copying production lines. It is expected that all production lines will start mass production by the end of September, and the supply of Apple Watch 7 will start from mid-to-late October. There will be significant improvements.</p><p><img src=\"https://static.tigerbbs.com/d60b68d36321e616ad8329b40f710f65\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Apple also introduced the Apple Fitness + fitness streaming subscription service, which will be launched in an additional 15 countries this year and expanded to more than 20 countries around the world. It will add content and multilingual versions such as Pilates, winter fitness and guided meditation, and will also add social The function \"Group Workouts\" (group fitness), which allows you to meet friends for video exercises, will be launched in late September and this fall.</p><p>After the news of the global expansion of Apple Fitness + was released, the interactive fitness platform Peloton Interactive fell more than 2%, falling from a three-week high hit yesterday. WW, formerly known as Weight Watchers, a professional weight loss consultancy, fell nearly 5% to 11 months lowest.</p><p><img src=\"https://static.tigerbbs.com/5174e0d18864d675948eec1105fc9f34\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Earlier on the day of the press conference, Apple had released relevant security fixes to its mobile operating system iOS to fix vulnerabilities related to the iPhone iMessage function. An Israeli company has been exploiting the weakness since February, according to research firm Citizen Lab. The FBI and Israeli officials have been secretly investigating the company.</p><p>Analysts surveyed by FactSet, a financial software data company, predict that Apple will ship 239 million mobile phones this fiscal year, surpassing the record high of 231 million in fiscal 2015, and iPhone sales will increase by 41% this year to a record $194 billion.<b>But Apple is unlikely to maintain that growth next year.</b>In July, Apple expressed concerns about the impact of chip shortages in the mobile phone industry. And, sales usually decline in the 12 months after the launch of major new products such as the iPhone 12.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>There is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThere is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-09-15 07:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The media said there was nothing amazing about it, and did not mention the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world was expecting. Some people speculated that they encountered production difficulties based on the \"pending\" delivery time of the new generation of smart watches. At the end of the 80-minute press conference, Apple's decline extended to 1.5%, near the lowest in four weeks. At 1 p.m. Eastern Time on Tuesday, September 14 (1 a.m. Beijing time on the 15th), Apple held the 2021 autumn new product launch conference as scheduled.</p><p>This is Apple's seventh consecutive online virtual conference due to COVID-19 pandemic. The media said it was nothing surprising. The company's stock price fell. At the end of the 80-minute conference, the decline expanded to 1.5%, or the lowest since August 19. The lowest in nearly four weeks.</p><p>Apple has newly launched its new flagship smartphone iPhone 13 series, new entry-level iPad and iPad Mini, and a new generation of smart watch Apple Watch.<b>But there was no mention of the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world is expecting.</b></p><p><img src=\"https://static.tigerbbs.com/165d7e060b805f2b0534a472cf4b6e3c\" tg-width=\"640\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>The entire iPhone 13 series has been upgraded with A15 bionic chip and movie shooting mode, smaller bangs, larger battery, and the Pro series has added blue and 1TB memory</b></p><p>Wall Street News once mentioned that,<b>In the past year, Apple's profits have hit record highs, largely thanks to the launch of the iPhone 12 series last fall, which makes the iPhone 13 series the top priority of this conference.</b>However, analysts tracking Apple don't expect the new iPhone series to be much upgraded compared to last year's landmark 5G iPhone 12.</p><p><b>The new iPhone 13 series released today does have basically the same design as last year, but the bangs are smaller and the battery is larger. They all support the 5G wireless standard, and the battery life will increase by 1.5 to 2.5 hours.</b>Pre-orders will open on September 17th, and shipments will start on September 24th.</p><p>The screen sizes of the iPhone 13 Mini and iPhone 13 remain 5.4 inches and 6.1 inches, and come in five colors. The starting prices are $699 and $799 respectively, which are also the same as last year, but the storage space of the basic model is increased to 128GB.</p><p><img src=\"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>The screen sizes of iPhone 13 Pro and Pro Max remain 6.1 inches and 6.7 inches, and the blue model with \"Sierra Blue\" is added. The starting prices are US $999 and US $1,099 respectively, the same price as last year, but both add 1TB of large memory options.</p><p><img src=\"https://static.tigerbbs.com/a94861fc8d5dde5410be155a02ad4f9f\" tg-width=\"546\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p><b>After the Apple press conference, the price of Apple's latest iPhone in China was released:</b></p><p>The starting price of the iPhone 13 mini in China is 5,199 yuan, the starting price of the iPhone 13 is 5,999 yuan, and the top-of-the-line iPhone 13 Pro Max is 12,999 yuan. The entire series will start pre-ordering on September 17 and on September 24 Officially released. The new tablet iPad mini starts at 3,799 yuan.<img src=\"https://static.tigerbbs.com/85f764b13bc5a0291adcb61703201ab3\" tg-width=\"544\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>The biggest difference between the iPhone 13 and its Pro version is still the number of rear cameras. The Pro series has a three-camera design of zoom, wide-angle and ultra-wide-angle lenses, which can focus on objects 2 cm in the front. The basic iPhone 13 model retains the wide-angle and ultra-wide-angle lenses are arranged diagonally, but the 12-megapixel rear wide-angle lens has a larger sensor that can capture 50% more light.</p><p>In addition, the display of the iPhone 13 Pro series is called \"Super Retina XDR with ProMotion,\" and has twice the refresh rate of older Apple phones, which means that the iPhone touchscreen will swipe smoother and with less lag.</p><p><img src=\"https://static.tigerbbs.com/510186d223bc22f07d4ce3bbf074c34b\" tg-width=\"562\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>The entire iPhone 13 and Pro series are powered by Apple's new generation A15 bionic chip. The performance of CPU and GPU has been greatly improved. There is also a part in the chip dedicated to running artificial intelligence algorithms.</p><p><img src=\"https://static.tigerbbs.com/3f7f5150efc903319190c3efb3bdb0de\" tg-width=\"547\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>The whole series of mobile phones have improved camera and photography functions, adding \"Cinematic mode\", which can maintain focus on moving subjects, as well as real-time automatic focus transformation to create rich depth of field. According to Apple, \"movie mode\" is equivalent to being able to make movies with a mobile phone, which is a unique feature of the entire IPhone 13 series.</p><p><img src=\"https://static.tigerbbs.com/c2ed54ea991a50d995e8db81c45f143b\" tg-width=\"611\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><b>New iPad and Mini performance improvements will be shipped next week, analysis questions seventh-generation smartwatch encounters production difficulties, and global expansion of fitness streaming subscriptions weighs on share prices of similar companies</b></p><p>Before the release of the most important hardware product mobile phone, Apple CEO Cook first introduced the new program of Apple TV + streaming video subscription service, and said that billions of dollars were invested to create original content, which charged $4.99 per month or could be bundled with other Apple services, but the company did not disclose the number of subscribers.<img src=\"https://static.tigerbbs.com/2d69edd0fcd0b020405b6fc7b2554e2d\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>Apple subsequently launched a new entry-level tablet iPad, equipped with an upgraded A13 chip, which runs 20% faster than the older version of the A12 chip. The 12-megapixel front-value camera will improve the quality of video calls such as Zoom and FaceTime, and has LTE wireless connection. The starting price of the new iPad will remain unchanged at $329, but the basic memory is larger than 64GB. It can be pre-ordered now and officially released next week.</p><p><img src=\"https://static.tigerbbs.com/ea1f74382c4dabaf50c14f28d15b6875\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>The upgraded iPad Mini has received a new design and performance improvements. It is called the most powerful product of its kind in history and the \"biggest upgrade in history\" by the company. It will support 5G networks and have a smaller 8.3-inch screen. It has a smaller bezel, a fingerprint sensor built into the top button, is configured with a 12-megapixel rear camera and stereo speakers, including a variety of colors like purple, uses a USB-C connector, and supports the second-generation Apple stylus. Starting at $499, it can be pre-ordered now and will be officially released next week.</p><p><img src=\"https://static.tigerbbs.com/c10fbc996b81d2feb2b18d4975963a9b\" tg-width=\"640\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Apple also launched the seventh-generation Apple Watch (Apple Watch Series 7). The appearance and software have been redesigned. The screen area is 20% larger than that of the sixth-generation watch and can display more information. It retains the industrial design with rounded edges, the screen is more resistant to cracks and charges faster. The entry-level model comes in five color options, offers aluminum, steel and titanium cases, and the older strap works with the newer model.</p><p><img src=\"https://static.tigerbbs.com/e8aed0154cb2cdec67681c13a5ce8eb8\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that although Apple claims that the new generation of smart watches will start at $399, it did not disclose the specific release date, only saying that it will be launched \"later this fall\". Some analysts say that Apple Watch may encounter manufacturing challenges, which may lead to production delays.</p><p>Tianfeng International once stated in the latest report that Luxshare Precision, which is responsible for producing Apple Watch 7 series panel modules, is actively copying production lines. It is expected that all production lines will start mass production by the end of September, and the supply of Apple Watch 7 will start from mid-to-late October. There will be significant improvements.</p><p><img src=\"https://static.tigerbbs.com/d60b68d36321e616ad8329b40f710f65\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Apple also introduced the Apple Fitness + fitness streaming subscription service, which will be launched in an additional 15 countries this year and expanded to more than 20 countries around the world. It will add content and multilingual versions such as Pilates, winter fitness and guided meditation, and will also add social The function \"Group Workouts\" (group fitness), which allows you to meet friends for video exercises, will be launched in late September and this fall.</p><p>After the news of the global expansion of Apple Fitness + was released, the interactive fitness platform Peloton Interactive fell more than 2%, falling from a three-week high hit yesterday. WW, formerly known as Weight Watchers, a professional weight loss consultancy, fell nearly 5% to 11 months lowest.</p><p><img src=\"https://static.tigerbbs.com/5174e0d18864d675948eec1105fc9f34\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Earlier on the day of the press conference, Apple had released relevant security fixes to its mobile operating system iOS to fix vulnerabilities related to the iPhone iMessage function. An Israeli company has been exploiting the weakness since February, according to research firm Citizen Lab. The FBI and Israeli officials have been secretly investigating the company.</p><p>Analysts surveyed by FactSet, a financial software data company, predict that Apple will ship 239 million mobile phones this fiscal year, surpassing the record high of 231 million in fiscal 2015, and iPhone sales will increase by 41% this year to a record $194 billion.<b>But Apple is unlikely to maintain that growth next year.</b>In July, Apple expressed concerns about the impact of chip shortages in the mobile phone industry. And, sales usually decline in the 12 months after the launch of major new products such as the iPhone 12.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3640421\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3640421","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1118939975","content_text":"媒体称并无惊艳之处，而且没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜，还有人根据新一代智能手表的发货时间“待定”推测遭遇生产困难。80分钟的发布会结束时，苹果跌幅扩大至1.5%，接近四周最低。\n\n美东时间9月14日周二下午1点（北京时间15日凌晨1点），苹果公司如期举行2021年秋季新品发布会。\n这是苹果因新冠疫情连续第七次举办的线上虚拟发布会，媒体称并无惊艳之处，公司股价下跌，80分钟的发布会结束时跌幅扩大至1.5%，或创8月19日以来的近四周最低。\n苹果新晋推出了新款旗舰智能手机iPhone 13系列、新版入门级iPad和iPad Mini、新一代智能手表Apple Watch，但没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜。\n\niPhone 13全系列升级A15仿生芯片和电影拍摄模式、刘海更小、电池更大，Pro系列增设蓝色和1TB内存\n华尔街见闻曾提到，过去一年里，苹果利润创历史新高，在很大程度上归功于去年秋季推出的iPhone 12系列手机，这令iPhone 13系列成为本次发布会的重中之重。不过，跟踪苹果的分析师预计，与去年具有里程碑意义的5G版iPhone 12相比，新iPhone系列的升级幅度不会太大。\n今日发布的新款iPhone 13系列确实设计基本与去年相同，不过刘海更小、电池更大，均支持5G无线标准，电池续航时间将增加1.5至2.5个小时不等，9月17日开启预定，9月24日起发货。\niPhone 13 Mini和iPhone 13的屏幕尺寸仍维持5.4英寸和6.1英寸，并拥有五种颜色，起售价分别为699美元和799美元，也与去年价格相同，但基本款的储存空间提升至128GB。\n\niPhone 13 Pro和Pro Max的屏幕尺寸仍维持6.1英寸和6.7英寸，增设“Sierra Blue”的蓝色款，起售价分别为999美元和1099美元，与去年价格相同，但都增设1TB的超大内存选项。\n\n苹果发布会结束后，苹果最新款iPhone国行价格出炉：\n\n iPhone 13 mini国行起售价为5199元人民币，iPhone 13起售价为5999元，顶配的iPhone 13 Pro Max起售价为12999元，全系列9月17日起开始预购，9月24日正式发售。新款平板电脑iPad mini起售价为3799元。\n\n\niPhone 13及其Pro版本的最大区别仍为后置摄像头的个数，Pro系列有变焦、广角和超广角镜头的三摄设计，可对前处2厘米的物体对焦，iPhone 13基本款保留广角和超广角镜头的对角线排列，但12兆像素的后置广角镜头带有更大的传感器，可以捕捉多出50%的光线。\n此外，iPhone 13 Pro系列的显示屏被称为“Super Retina XDR with ProMotion”，刷新率是旧款苹果手机的两倍，这意味着iPhone触摸屏的滑动会更流畅、延迟更少。\n\niPhone 13及其Pro全系列都由苹果新一代A15仿生芯片驱动，CPU和GPU性能都大为提升，芯片里还有专门用于运行人工智能算法的部分。\n\n全系列手机都改进相机和摄影功能，增设“电影模式”（Cinematic mode），可对移动主体保持对焦，以及实时自动的对焦变换、创造丰富景深。苹果称，“电影模式”等于能用手机拍电影，是IPhone 13全系列独有的功能。\n\n新款iPad及Mini性能提升下周发货，分析质疑第七代智能手表遭遇生产困难，健身流媒体订阅的全球扩张打压同类公司股价\n发布最重磅硬件产品手机之前，苹果CEO库克首先介绍了Apple TV+流媒体视频订阅服务的新节目，并称正在投入数十亿美元制造原创内容，每月收费4.99美元或可与其他苹果服务捆绑付费，但公司并未透露订户数量。\n苹果随后推出了新款入门级平板电脑iPad，搭载升级后的A13芯片，运行速度较老版的A12芯片提升20%，12兆像素前值摄像头将提升Zoom和FaceTime等视频通话画质，并有LTE无线连接。新款iPad起售价不变为329美元，但基本款内存更大为64GB，即日起可预定，下周正式发售。\n\n升级版iPad Mini获得全新设计和性能提升，被公司称为史上最强大的同类产品和“史上最大升级”，将支持5G网络和拥有更小的8.3英寸屏幕。它的边框更小，指纹传感器内置在顶部按钮中，配置有12兆像素的后置摄像头和立体声扬声器，包括紫色等多种颜色，使用USB-C连接器，并支持第二代苹果触控笔。起售价499美元，即日起可预定，下周正式发售。\n\n苹果还推出了第七代苹果手表（Apple Watch Series 7），外观和软件都经过重新设计，屏幕面积较第六代手表增加20%并可显示更多信息，保留了带有圆角边缘的工业设计，屏幕更抗裂，充电速度更快。入门级型号有五种颜色选择，提供铝、钢和钛外壳，旧款表带可与新型号配合使用。\n\n值得注意的是，苹果虽称新一代智能手表起售价399美元，但没有透露具体发售日期，仅称“在今年秋季晚些时候”上市。有分析称，苹果手表可能遭遇制造挑战、进而导致生产延迟。\n天风国际曾在最新报告中称，负责生产Apple Watch 7 系列面板模组的立讯精密正积极复制产线，预计9月底所有产线开始大量生产，Apple Watch 7的供货自10月中下旬后将会有明显改善。\n\n苹果同时推介了Apple Fitness+健身流媒体订阅服务，今年将在额外15个国家推出，拓展到全球20余个国家，增设普拉提、冬季健身和引导冥想等内容和多语种版本，还将添加社交功能“Group Workouts”（团体健身），可与朋友相约视频锻炼，在9月下旬和今年秋季陆续推出。\n在Apple Fitness+全球扩展的消息发布后，互动健身平台Peloton Interactive跌超2%，从昨日所创的三周新高回落，前身为专业减重顾问公司Weight Watchers 的 WW跌近5%，至11个月最低。\n\n发布会当日稍早，苹果已向其移动操作系统iOS发布了相关的安全修复补丁，以修复与iPhone iMessage功能相关的漏洞。研究机构Citizen Lab称，一家以色列公司自2月份以来一直在利用这一弱点。美国联邦调查局和以色列官员一直在暗中调查该公司。\n金融软件数据公司FactSet调查的分析师预测，苹果本财年的手机出货量将为2.39亿部，超越2015财年2.31亿部的纪录最高，iPhone今年的销售额将增长41%，达到创纪录的1940亿美元。但苹果明年不太可能保持这种增长。今年7月，苹果表达了对手机行业芯片短缺影响的担忧。并且，在iPhone 12等重大新产品推出后的12个月，销售通常也会出现下滑。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881034729,"gmtCreate":1631280946261,"gmtModify":1676530517575,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3457141092286042","authorIdStr":"3457141092286042"},"themes":[],"htmlText":"?yyds","listText":"?yyds","text":"?yyds","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/881034729","repostId":"1195688156","repostType":4,"isVote":1,"tweetType":1,"viewCount":2294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883952459,"gmtCreate":1631197933671,"gmtModify":1676530494740,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3457141092286042","authorIdStr":"3457141092286042"},"themes":[],"htmlText":"never","listText":"never","text":"never","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883952459","repostId":"2166195813","repostType":4,"repost":{"id":"2166195813","kind":"highlight","weMediaInfo":{"introduction":"新型财经科技信息服务提供商，专注TMT。技术改变商业，商业改变世界，我们纪录这个过程，并聚集这些改变世界的人。","home_visible":1,"media_name":"TMTPost","id":"1065587721","head_image":"https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c"},"pubTimestamp":1631170956,"share":"https://ttm.financial/m/news/2166195813?lang=en_US&edition=fundamental","pubTime":"2021-09-09 15:02","market":"hk","language":"zh","title":"When was \"Nvidia\" born in China?","url":"https://stock-news.laohu8.com/highlight/detail?id=2166195813","media":"TMTPost","summary":"这一事件引发了人们对虚拟现实、元宇宙、AI换脸等技术和概念的激烈讨论，同时也让“英伟达”这家美国芯片霸主从半导体行业“出圈”，走入了大众视野。另外，作为全球芯片销量大国，中国却没有出现一家“英伟达”这样的芯片巨头，大市场并没有产生与之匹配的大公司。","content":"<p><img src=\"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e\" tg-width=\"1200\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>CEO Huang Renxun (Image source: Nvidia official website)</p><p>\"The product I'm about to show incorporates new GPU-accelerated computing capabilities and has Mellanox high-performance network. The product that complements our last piece of the puzzle is-the world's first CPU processor designed for terabyte-level data center accelerated computing. Its secret code name is Grace.\"</p><p>This is a passage from NVIDIA CEO Jensen Huang's speech at the GTC Summit in April 2021. However, what is unexpected is that it was not until August 12 after Nvidia's self-exposure that people knew that the content of this speech, which was less than 100 words and 14 seconds, was not Huang Renxun himself, but a synthetic \"digital avatar\", that is, the \"virtual Huang Renxun\" image formed by Nvidia GPU processor and Omniverse software platform.</p><p>This incident triggered heated discussions on technologies and concepts such as virtual reality, metaverse, and AI face-changing. At the same time, it also allowed \"Nvidia\", the American chip overlord, to \"get out of the circle\" from the semiconductor industry and enter the public's field of vision.</p><p>Since its establishment in 1993, under the leadership of Huang Renxun, Nvidia has successfully created and led the category of GPU (graphics processor) chips, covering the entire PC device GPU to server GPU market. In the past five years,<b>Nvidia's market value has grown from US $31 billion to US $505 billion, becoming the world's seventh largest semiconductor supplier. It is artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>A hot star company in the field of (AI) chips.</b></p><p>At the same time, Nvidia's market value exceeded<a href=\"https://laohu8.com/S/INTC\">Intel</a>After that, the domestic semiconductor market saw greater market opportunities in the GPU and AI chip tracks.<a href=\"https://laohu8.com/S/300474\">Jing Jiawei</a>, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>, Muxi Integrated Circuit and other companies are all gathering in the general-purpose processor track.</p><p>In the past two years, the domestic semiconductor industry has undergone changes. Due to Huawei HiSilicon,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>The impact of the US \"entity list\" and the chain reaction triggered by the global chip shortage have made it increasingly difficult for Chinese companies to purchase US semiconductor products, and the demand for \"domestic substitution\" has become stronger.</p><p>On June 29, 2020, due to the further upgrade of the US \"Export Administration Regulations\" and the continuous adjustment of the members of the entity list, Intel \"temporarily suspended\" the supply of chips to Inspur Group.</p><p>Although Inspur subsequently announced on July 3 that Intel had resumed supplying it, one is the world's largest supplier of PC and cloud service x86 architecture chips, and the other is China's largest server manufacturer. The temporary supply cut-off crisis between the two companies has reminded the entire China cloud computing and semiconductor industries:<b>As the demand for computing power becomes stronger and stronger, China needs to mass-produce fully independent and controllable domestic GPU and server chip products.</b>This highlights that \"domestic substitution\" is becoming the biggest driving force for the development of China's semiconductor industry.</p><p><b>In addition, as the world's largest chip sales country, China does not have a chip giant like \"Nvidia\", and the big market has not produced a matching large company.</b>According to statistics from IC Insight, the global semiconductor market in 2020 will be US $395.7 billion, of which the mainland China market will be US $43.4 billion, making it the world's largest market, accounting for 36.24% of the global share. However, the total output value of semiconductor companies based in mainland China in 2020 was only US $8.3 billion, accounting for only 5.9% of the market size.</p><p><b>Who can cut off a corner of such a huge cake? When will the semiconductor industry create \"China Nvidia\"?</b></p><p><h2>Missed Golden Age</h2>GPU graphics processor, also known as display chip and vision processor, was originally proposed by Nvidia in 1999. It is a microprocessor dedicated to running graphics operations on personal computers, workstations, game consoles and mobile devices (smartphones, tablets, VR devices).</p><p>As the parallel computing advantages of GPU are gradually tapped, the application fields of GPU have expanded from graphics processing to high-performance computing, and gradually become the most mature and widely used general-purpose chip for Al computing. In June 2020, Nvidia launched the A100 Tensor Core GPU based on the Ampere architecture, becoming the world's most powerful AI chip.</p><p>From the perspective of application terminals, GPUs can be divided into PC-side GPUs, server GPUs and mobile GPUs, corresponding to three architectures, namely, independent graphics cards composed of dedicated circuit boards and components, shared integrated graphics cards, and mobile GPUs and other chips or modules are packaged together into highly integrated SoCs-used in multiple application scenarios including mobile phones, automotive electronics, and AI.</p><p><b>since<a href=\"https://laohu8.com/S/AMD\">AMD</a>After the acquisition of Canadian GPU manufacturer ATI in 2006, in the field of PC and server GPUs, the global GPU market is currently monopolized by the \"American chip giants\"-Intel, AMD and Nvidia. Intel has obvious advantages in the integrated GPU market, while Nvidia and AMD are separated in the independent GPU market.</b></p><p>According to data from research firm Jon Peddie Research, in the first quarter of 2021, in the global PC-side GPU market, Intel (Intel) topped the list with a market share of 68%, AMD and Nvidia with 17% and 14% respectively, and the total share of the three companies is close to 100%; In the global independent GPU field, Nvidia is the leader in the data center GPU market, accounting for 81% of the market share, with a leading edge, while AMD ranks second with a share of 19%.</p><p>In 2019 alone, Nvidia occupied 90% of China's AI training chip market with its V100 series and other products, firmly grasping China's huge AI chip sales market.</p><p>One of the core reasons why Nvidia can continue to be the \"chip overlord\" lies in its \"light design pattern.\" Nvidia does not engage in chip manufacturing and packaging, but is handed over to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>After the OEM is completed, it enjoys the dividends of advanced manufacturing technology such as 7nm. According to the financial report, between 2016 and 2021, Nvidia's revenue increased by 233%, and its operating profit doubled to US $4.5 billion. In the three months to May this year, sales soared 84% year-on-year, and gross profit margin reached 64%.</p><p><b>In fact, China entered the field of GPU chip design very early, but the results were not satisfactory.</b></p><p><b>Since the 1970s, China began to introduce semiconductor and integrated circuit technology and production lines. But the result is that we have fallen into the a vicious circle of \"introducing from generation to generation and falling behind from generation to generation\". Coupled with the adverse impact of the \"Hanxin No. 1\" fake chip incident on society, China's \"independent processor\" has suffered serious setbacks, and China has actively promoted WTO globalization and other factors, thus missing the golden period of the development of the global semiconductor industry. Downstream companies can only \"make it better than buy\".</b></p><p>It was not until 2000, marked by the promulgation of the national \"Document No. 18\", that China's semiconductors gradually formed an industrial organization form of \"separation of the three industries\" of design, manufacturing, packaging and testing, and introduced \"<a href=\"https://laohu8.com/S/688981\">SMIC</a>A number of chip manufacturing (Foundry) companies represented by \"have been built and put into production in China, and their technical level has been rapidly improved.</p><p>At present, companies such as Jingjiawei, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology, Cambrian, and Muxi Integrated Circuit are all gathering in the general processor track.</p><p>In 2014, \"Jingjiawei\" (300474. SH), which started as a military aircraft graphics display control module, successfully developed the military GPU chip JM5400, and then successfully developed the second-generation GPU chip JM7200 with a 28nm process technology in 2018. Jingjiawei has moved from military customization to general-purpose GPUs, becoming the only company in the world and the only company in China to achieve commercial mass production of independent GPUs.</p><p>In addition to Jingjiawei, in March 2021, Tianshu Zhixin released the first GPGPU (General Purpose Graphics Processor) manufactured by a 7-nanometer process in China, which removes 30% of the graphics rendering part of the traditional GPU and is only used to deal with artificial intelligence (AI)) Born of application; In June this year, Suiyuan Technology released China's largest AI computing chip \"Suisi 2.0\" AI chip, the \"Yunsui T20\" training accelerator card based on Suisi 2.0 and the \"Yunsui T21\" training OAM module.</p><p>However, it is worth noting that the performance of the JM7200 chip developed by Jingjiawei is only equivalent to the level of Nvidia GTX 640 in 2012, which is difficult to meet the application needs of enterprise customers. Even Suiyuan Technology's \"Suisi 2.0\" AI chip is only tied with Nvidia's A100. Two of the six items tested by Benchmark significantly surpassed the performance of Nvidia's A100. (For details, see the previous article of Titanium Media App: \"Suiyuan Technology releases China's largest AI computing chip to accelerate the implementation of three major business directions\")</p><p><img src=\"https://static.tigerbbs.com/15cb73d2787595547a9ed01926f4dfbe\" tg-width=\"570\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The reason behind this is mainly due to the late start of China's semiconductor industry, the high technical threshold of chips, high cost elasticity, and high concentration of industries, which makes the overall R&D investment, technology, and talents of Chinese GPU chip companies lag behind foreign countries, thus improving product performance and technology There is still a gap with chip giants, and it is still difficult for downstream companies to escape from the situation of the \"American Chip Big Three\".</b></p><p>Taking R&D investment as an example, in the ten years from 2011 to 2020, Jingjiawei's total R&D investment expenses were RMB 627 million, while Nvidia's R&D investment in 2020 reached US $3.924 billion, or approximately RMB 25.323 billion. In the past ten years, Nvidia has invested more than 120 billion yuan, a difference of more than 190 times.</p><p>In terms of talents, as of the first half of 2021, the number of Nvidia employees is as high as 18,975, and the total number of Jingjiawei employees is 1,174, far lower than the 2,000 employees of AMD's Shanghai R&D center.</p><p>\"The AI chip and GPU chip market is quite special. Unlike traditional dedicated processors, the technology is very complex. It requires a large amount of data and needs to be combined with specific algorithms before it can be put into market use.\"<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>Xie Zhonghui, deputy general manager of China, said in an exclusive interview with Titanium Media App in April this year that if a company wants to make its first AI chip solid, it usually takes more than two or three years.</p><p>In his view, chip semiconductor itself is an industry with large investment, long cycle, and slow results. Complete localization of technology requires long-term and sustained accumulation of capital, talent, and technology. It is difficult to use the Internet thinking of \"spending money and seeing returns\" to deal with.</p><p><b>In addition, the software and hardware ecosystem combined with CUDA technology is another important reason for the large gap between domestic chip companies and Nvidia.</b></p><p>In 2006, Nvidia released the parallel computing platform CUDA, which contains a series of development tools. Only by installing and using this platform can complex parallel computing be performed. Anyone who owns a laptop equipped with Nvidia GPU can use CUDA to perform scientific and convenient programming calculations, such as deep learning, AI algorithms, etc., and develop related software. Over the past ten years or so, NVIDIA has persistently promoted CUDA, making more government-level and enterprise-level software developed based on this platform, combining NVIDIA's self-developed GPU hardware with CUDA software to efficiently implement applications.</p><p>In contrast, there is currently no series of platforms in China that are deeply bound to CUDA and Nvidia's hardware, and the gap in technical barriers is very obvious. Most domestic GPU manufacturers adopt strategies that are compatible with the CUDA open source framework, such as Tianshu Zhixin, Denglin, etc., and are preparing to cultivate their own software ecosystem on this basis.</p><p>\"In the short term, it is easier to develop domestic GPUs compatible with CUDA. After all, writing operators is a labor-intensive industry. If users migrate, they need to migrate 100%, and the entire set of code must run on your chip. If the amount of code is small, there are not so many operators needed, and the difficulty is relatively low. But in the long run, it is still necessary to get rid of the compatibility idea and develop its own core technology.\"</p><p>However, there are also companies that choose not to be compatible with the CUDA ecosystem. For example, Suiyuan Technology, which makes both AI training and inference chips, has comprehensively upgraded its \"Yusuan TopsRider\" software platform and the new \"Yunsui Cluster\" this year, hoping to have ecological dominance.</p><p><b>To sum up, these domestic chip companies that benchmark Nvidia are still in the initial stage of development. The industrialization and marketization capabilities of AI chip technology are weak, and there is no actual large-scale use. There is still a long way to go to surpass or replace \"China Nvidia\".</b></p><p>Yan Guihai, CEO of Zhongke Yushu, said in an interview with Titanium Media App that although China's demand side is still the largest single market in the world and its growth rate is among the best, the \"demand side\" is still very strong, but in terms of high-end chips, whether it is design or There is still a big gap in manufacturing, and the \"supply side\" is not strong enough. He pointed out that the quality of the supply side depends not only on one enterprise, but on the capabilities of the entire industry chain. It is still unrealistic to build such a large-scale and comprehensive leading enterprise in the short term.</p><p>Founded in 2018, Zhongke Yushu is a developer of dedicated computing architecture. It was incubated from the State Key Laboratory of Computer Architecture, Institute of Computing Technology, Chinese Academy of Sciences. Today, the company's valuation has exceeded 1 billion yuan. On July 27 this year, Zhongke Yushu completed hundreds of millions of yuan in Series A financing, led by Huatai Innovation, followed by Lingjun Investment and old shareholder Guoxin Xichuang.</p><p>Huang Liming, partner of Hillhouse and head of software and hard technology at Hillhouse Venture Capital, said in an exclusive interview with Titanium Media App that although the GPU market has broad prospects, China<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>It is difficult to make it directly into \"Nvidia\". In addition to the technical difficulty, it must be done in combination with strong applications-involving software system and software ecology, which is extremely demanding for startups.</p><p>Hillhouse launched the independent VC brand Hillhouse Ventures in February 2020. Since then, it has invested in the field of chip semiconductors, including semiconductor IP company Xinyaohui, EDA manufacturer Xinhuazhang, GPU platform Biren Technology, DPU company Nebula Zhilian, plus Tianke Heda in silicon carbide, Minxin Semiconductor in optical chip field, and mobile phone baseband Xingsi Semiconductor, etc.</p><p>Huang Liming emphasized that Hillhouse judges that there will not be many companies that can run out in this direction, whether overseas or domestic.</p><p><h2>The tuyere has arrived</h2>\"Let's not worry about how to replace Nvidia now. The road is step by step. I think first of all, China must have domestic AI chips, general-purpose GPUs, FPGAs and other underlying computing power. As long as there is domestic market demand, we must have many opportunities.\" Zhang Gaonan, managing partner of Huaying Capital, told Titanium Media App that the domestic semiconductor industry has arrived, and China is now equipped with \"the right time, the right location, and the right people\" to enter the GPU market.</p><p>Zhang Gaonan gave an example,<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>Although products are inferior to<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>office suite, but the market has given a market value of more than 110 billion yuan. One of the important reasons behind it is that China must have a domestic office, and the same principle applies to the domestic GPU market.</p><p>Huaying Capital is one of the earliest private equity funds in China to deploy mobile Internet and cultural industries. In recent years, the To B field has also become the key investment field of Huaying Capital. At present, Huaying Capital has invested in more than 30 projects in the To B field, with a total investment of over 700 million yuan, which is built by Zhang Gaonan, a technical investor. In the fields related to data middle platform and underlying computing power, Huaying Capital has invested in projects such as Biren Technology, Tianyun Big Data, and Zhongke Haiwei.</p><p>In fact, as a general platform spanning visual computing and AI computing, GPU has a huge market space.<b>According to<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is estimated that by 2027, the market space for domestic substitution in the GPU field will exceed US $34.1 billion. In addition to the existing game market, there is room for further development in industrial, medical, military aerospace and other directions.</b></p><p>In March of this year, \"Biren Technology\", a general-purpose smart chip designer co-founded by Zhang Wen, the former president of SenseTime, completed the B round of financing. Since its establishment in September 2019, the company's total financing amount has exceeded 4.7 billion yuan. Investors include Hillhouse Venture Capital, Huaying Capital,<a href=\"https://laohu8.com/S/601318\">China Ping An</a>, China Merchants Capital, BAI Capital, Guosheng Group National Reform Fund, etc., with a valuation of more than 10 billion yuan, one of the \"unicorn\" companies with the fastest growth momentum in the semiconductor industry.</p><p><b>In addition to Biren, companies that have entered the GPU field such as Muxi Integrated Circuit and Moore Thread have also completed financing.</b></p><p>On August 25, GPU manufacturer Muxi Integrated Circuit announced the completion of a RMB 1 billion Series A financing. The founders Chen Weiliang and Yang Jian are all from the American chip giant AMD. Investors include China State-owned Enterprise Structural Adjustment Fund Co., Ltd.,<a href=\"https://laohu8.com/S/00810\">China Internet Investment</a>Fund, Jingwei China, Holly Capital, Sequoia China, Lightspeed China, Guochuang Zhongding, Smart Internet Industry Fund, Shanghai Science and Technology Innovation Fund, Lenovo Venture Capital, etc.; The Moore Thread, established in 2020, claims to have completed two rounds of multi-billion-yuan financing within 100 days. The team members are mainly from Nvidia, and the investors include Shenzhen Venture Capital and Sequoia Capital<a href=\"https://laohu8.com/S/CHN\">China Fund</a>, China Merchants Venture Capital, ByteDance, Pony.ai, Wuyuan Capital, etc.</p><p><b>However, an interesting phenomenon is that the above three start-ups, Biren, Muxi, and Moore Thread, are veritable \"PPT financing core manufacturing\", and none of them completed the tape-out (assembly line trial production) of the first chip at the time of financing.</b></p><p>Why are market investors willing to open their wallets to this? Several investors said in an interview with Titanium Media App that these projects can receive a large amount of capital support because of the early stage of investment. The main focus is on the team and the track: the AI chip track has arrived, and the senior management team is also From the \"American Chip Big Three\".</p><p>\"I think these companies need to be given opportunities and patience. It is impossible for 500 people to write PPT. Manufacturing chips is a matter of 5 to 10 years. The reason why we are willing to invest is not speculation or deception. I think, investing in The semiconductor track itself is risky, and it requires long-term plans and strong enough risk-taking ability, which is completely different from investing in Internet model innovation.\" The above-mentioned investor told Titanium Media App.</p><p>However, some investors in the semiconductor industry pointed out that the above-mentioned investment projects essentially hope that the market value will be high and the rate of return will be higher. Especially in the \"chip fever\" environment, venture capital institutions need to constantly look for these GPU and AI chip companies in the middle and early stages. Targets, hoping to get a higher return from it.</p><p>In addition, in this wave of GPU entrepreneurship, the founding team developed the \"American Chip Big Three\". For example, Zheng Jinshan, chief scientist of Tianshu Zhixin, was the chief technical expert of AMD; Mu Xi's founding team is mainly from AMD. CEO Chen Weiliang once served as senior director of graphics research and development at AMD, and CTO Yang Jian once served as AMD Fellow (academician); Li Xinrong, the newly appointed co-CEO of Biren Technology, once served as the global vice president of AMD, and Chen Wenzhong, senior vice president of Biren Technology, also served in AMD.</p><p>In this regard, Zhang Gaonan said that AMD is the top two chip giants in the GPU field. The core research and development of GPUs is in Shanghai, while the research and development of graphics rendering is in the United States. Companies can go to the executives of AMD and Nvidia to communicate. The final choice must be the leader in the semiconductor industry.</p><p>Yan Guihai believes that in subdividing emerging tracks, relying on the \"potential energy\" of demand-side applications, Chinese chip companies concentrate their superior forces, base themselves on serving local companies, and highlight the agility of development. They have the opportunity to surpass \"Nvidia\" in terms of product definition and solution iteration cycle. These chip giants.<b>He predicts that a number of domestic GPU and DPU companies with leading technologies will emerge within 10 years.</b></p><p>\"Among the five links of the chip industry: design, manufacturing, packaging and testing, materials, and EDA, the most relevant to application is design, and our biggest advantage lies in application, so we have a great opportunity to make a breakthrough in the\" design \"link, and then gradually expand the victory territory from point to area. The so-called \"overtaking in corners\" is still a catch-up strategy. It is more likely to occupy new strategic commanding heights by cutting into a new track facing the future and accelerating with all your might. It is hoped that within 10 years, a group of enterprises with leading technology, solid products and strategic awareness will emerge. \" Yan Guihai told Titanium Media App.</p><p>Zhang Wen, founder of Biren Technology, said that the capability requirements for chip companies have been upgraded from product level to system level and ecological level. In no more than 5 years, China has caught up with or even led the international level in the field of AI chip design. He emphasized that surpassing Nvidia requires redefining a product and a market.</p><p><h2>The tens of billions of DPU chip market is \"exploding\"</h2>In Huang Renxun's view, the data processing unit (DPU) responsible for transmitting and processing data in the data center is forming the \"three pillars of future computing\" together with CPU and GPU. When Chinese chip companies focus on GPUs, Nvidia has set its sights on the two new markets of CPU and DPU.</p><p>In September 2020, Nvidia announced that it planned to acquire British chip designer Arm from a Japanese software group for US $40 billion, which is expected to write the largest merger and acquisition in the semiconductor industry. However, this deal is controversial and is still awaiting approval from governments such as the European Union, Britain, the United States and China. But in April 2021, Nvidia announced its entry into the data center CPU market and released the Grace CPU processor, which is what Huang Renxun said at the beginning of this article. (For details, see the previous article of Titanium Media App: \"The British government intervenes, Nvidia's US $40 billion acquisition of Arm transaction changes\")</p><p>In addition to CPU and GPU, Nvidia is also deploying DPU. In 2019, Nvidia announced that it would acquire Israeli network chip manufacturer Mellanox for US $6.9 billion in all-cash, and eventually won it. As for this largest acquisition in Nvidia's history, what Huang Renxun values most is Milosi's unique ability in data center technology and other aspects.<b>In October 2020, NVIDIA launched the DPU for the first time-NVIDIA BlueField series data processors.</b></p><p>Fundamentally, on the one hand, DPU is more flexible and secure, and more importantly, DPU can liberate the computing power of CPU, release the load of server, significantly reduce the overall cost with low power consumption, and even improve the performance of AI and machine learning applications.</p><p>According to IDC statistics, the global demand for computing power will double every 3.5 months, far exceeding the current growth rate of computing power. Driven by this, global computing, storage and network infrastructure are also undergoing fundamental changes: some workloads with excessive data volume occupy too much CPU resources, and various \"X\" PU chips that cooperate with them have emerged as the times require. In addition to chips such as GPU and FPGA, DPU is the next \"X\" PU.</p><p>People in the industry have made an image metaphor about this. The network is like building a road. In the past 1G and 10G era, the road was not wide enough, and there were more and more cars. In order to balance the pressure, we have increased traffic lights and invested more traffic police to coordinate resources higher. This has improved the original efficiency a lot, but it is still not enough. We must expand the road first, which means the bandwidth is increased, but the road has changed from 2 to 4. It will still be blocked only by traffic lights and limited traffic police, but we can't increase the traffic police indefinitely, which requires the road to be smarter and help solve the congestion.</p><p>Zhang Gaonan pointed out that a large amount of network management is in the CPU, occupying container capabilities, while DPU provides space capabilities for server intelligence. A large amount of virtualization space can increase computing power requirements.</p><p><b>With 2020, the reputation of DPUs surpasses the launch of infrastructure processors (IPUs) and SmartNICs launched by rival Intel, and every company eyeing the data center business needs a piece of this field. DPU has become a new track for major chip giants and start-up companies to compete for research and development. Domestic DPUs are now almost in a state of blooming. Sequoia, Hillhouse Ventures, CDH, and SoftBank China have all begun to enter the market.</b></p><p>In April this year, Tianyancha data showed that domestic DPU chip supplier \"Yunbao Intelligent\" completed<a href=\"https://laohu8.com/S/00700\">Tencent</a>Investment, Sequoia Capital, Yaotu Capital and other joint angel round financing; At the end of May, Xinqiyuan completed hundreds of millions of yuan in Pre-A round financing, with investors including SoftBank China, Pudong Science and Technology Group, etc.; On July 27, DPU chip developer \"Zhongke Yushu\" completed hundreds of millions of yuan in Series A financing led by Huatai Innovation; On August 30, DPU chip developer Nebula Zhilian announced the completion of hundreds of millions of yuan in angel round financing, led by Hillhouse Venture Capital, with CDH VGC and Walden International China Fund participating in the investment; At the beginning of September, IDG Capital launched the \"Yunmai Xinlian\" angel round financing project.</p><p>\"DPU may become the third computing power chip after CPU and GPU, but from a structural point of view, DPU will be more heterogeneous and more dedicated.\" Yan Guihai said in an interview with Titanium Media App and others that DPU The background is the demand for computing delay, data security, and resource virtualization brought about by the end-edge-cloud integration trend caused by the data explosion in the intelligent era. The CPU is overwhelmed by these non-business loads, and an ideal object is urgently needed to share these computational loads.</p><p><b>Toubao Research Institute predicts that China's DPU market size is expected to reach US $3.74 billion in 2025. The global DPU market size is expected to reach US $13.57 billion in 2025.</b>At the same time, the report also pointed out that data circulation is the largest application market of DPU, among which bare metal services have a rigid demand for DPU. The application of DPU in the telecom market is mainly in edge computing scenarios, with a penetration rate of less than 5%. DPUs for the field of intelligent driving are still in the exploratory stage, and it is expected that DPUs will be deployed in the field of intelligent driving in 2023.<img src=\"https://static.tigerbbs.com/7170c585dab44018726df81a32c63d62\" tg-width=\"808\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>China's DPU market size, forecast from 2020 to 2025, source: Toubao Research Institute</p><p>Yan Guihai pointed out that the performance of CPU increased from 30% per year 5-10 years ago to less than 3% per year three years ago. The network bandwidth still increases by about 35% every year.</p><p>With<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>For example, the challenge encountered by the company at that time was that the compliance inspection of transaction orders was too slow and the transaction efficiency needed to be improved. Therefore, Zhongke Yushu, Zhongtai Securities and Shanghai Stock Exchange Technology Co., Ltd. jointly developed a set of extremely fast risk control system solutions to speed up this process. Zhongke Yushu has successively developed multiple sets of products and solutions such as ultra-low latency smart network cards and data computing accelerator cards, mainly for high bandwidth, low latency, data-intensive and other scenarios. The company has achieved quarterly revenue of tens of millions this year. Zhongke Yushu's next-generation DPU chip is expected to be designed by the end of 2021 and is expected to process up to 200G network bandwidth data.</p><p><b>However, although the DPU market is hot, the concept is newer, there are more unknowns, and the investment risk will be greater.</b></p><p>Lu Sheng, CEO of Xinqiyuan, pointed out that the current barriers to the DPU segmentation track are still relatively high. In addition to technical barriers, there are also market barriers, which require customers to continuously iterate, especially in conjunction with the continuous upgrade of open source software to adapt to customers. Rapidly changing software and hardware environment. Therefore, before investing, VC (venture capital) must recognize the track and have enough patience. He emphasized that investors need to constantly observe the market and adjust their judgments, and no one can predict the future development prospects of DPU now.</p><p>Some media also believe that when Nvidia enters the newly opened CPU and DPU battlefield, it may be good for Chinese GPU manufacturers, especially when Nvidia still spends a lot of energy on the US $40 billion acquisition of British chip designer Arm. For GPU companies, it may be an opportunity to catch up.</p><p>As Zhang Gaonan told Titanium Media App, \"Logically speaking, things with low thresholds are usually not scarce. (Chip semiconductor track) Some things are difficult and require long-term investment. Although they are high-risk, but someone has to do it. This is a long-term investment that is really beneficial to the country. In fact, investment should be encouraged. Otherwise, if no one does these difficult things that require long-term investment, you will never get up to the next level.\"</p><p>Zhang Gaonan emphasized that although venture capital must pursue returns, he believes that when the entire capital allocation is reasonable, taking part of the start-ups that invest in the semiconductor track not only has strong social significance, but also some kind of long-term value investment. important manifestation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When was \"Nvidia\" born in China?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen was \"Nvidia\" born in China?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1065587721\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TMTPost </p>\n<p class=\"h-time smaller\">2021-09-09 15:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e\" tg-width=\"1200\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>CEO Huang Renxun (Image source: Nvidia official website)</p><p>\"The product I'm about to show incorporates new GPU-accelerated computing capabilities and has Mellanox high-performance network. The product that complements our last piece of the puzzle is-the world's first CPU processor designed for terabyte-level data center accelerated computing. Its secret code name is Grace.\"</p><p>This is a passage from NVIDIA CEO Jensen Huang's speech at the GTC Summit in April 2021. However, what is unexpected is that it was not until August 12 after Nvidia's self-exposure that people knew that the content of this speech, which was less than 100 words and 14 seconds, was not Huang Renxun himself, but a synthetic \"digital avatar\", that is, the \"virtual Huang Renxun\" image formed by Nvidia GPU processor and Omniverse software platform.</p><p>This incident triggered heated discussions on technologies and concepts such as virtual reality, metaverse, and AI face-changing. At the same time, it also allowed \"Nvidia\", the American chip overlord, to \"get out of the circle\" from the semiconductor industry and enter the public's field of vision.</p><p>Since its establishment in 1993, under the leadership of Huang Renxun, Nvidia has successfully created and led the category of GPU (graphics processor) chips, covering the entire PC device GPU to server GPU market. In the past five years,<b>Nvidia's market value has grown from US $31 billion to US $505 billion, becoming the world's seventh largest semiconductor supplier. It is artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>A hot star company in the field of (AI) chips.</b></p><p>At the same time, Nvidia's market value exceeded<a href=\"https://laohu8.com/S/INTC\">Intel</a>After that, the domestic semiconductor market saw greater market opportunities in the GPU and AI chip tracks.<a href=\"https://laohu8.com/S/300474\">Jing Jiawei</a>, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>, Muxi Integrated Circuit and other companies are all gathering in the general-purpose processor track.</p><p>In the past two years, the domestic semiconductor industry has undergone changes. Due to Huawei HiSilicon,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>The impact of the US \"entity list\" and the chain reaction triggered by the global chip shortage have made it increasingly difficult for Chinese companies to purchase US semiconductor products, and the demand for \"domestic substitution\" has become stronger.</p><p>On June 29, 2020, due to the further upgrade of the US \"Export Administration Regulations\" and the continuous adjustment of the members of the entity list, Intel \"temporarily suspended\" the supply of chips to Inspur Group.</p><p>Although Inspur subsequently announced on July 3 that Intel had resumed supplying it, one is the world's largest supplier of PC and cloud service x86 architecture chips, and the other is China's largest server manufacturer. The temporary supply cut-off crisis between the two companies has reminded the entire China cloud computing and semiconductor industries:<b>As the demand for computing power becomes stronger and stronger, China needs to mass-produce fully independent and controllable domestic GPU and server chip products.</b>This highlights that \"domestic substitution\" is becoming the biggest driving force for the development of China's semiconductor industry.</p><p><b>In addition, as the world's largest chip sales country, China does not have a chip giant like \"Nvidia\", and the big market has not produced a matching large company.</b>According to statistics from IC Insight, the global semiconductor market in 2020 will be US $395.7 billion, of which the mainland China market will be US $43.4 billion, making it the world's largest market, accounting for 36.24% of the global share. However, the total output value of semiconductor companies based in mainland China in 2020 was only US $8.3 billion, accounting for only 5.9% of the market size.</p><p><b>Who can cut off a corner of such a huge cake? When will the semiconductor industry create \"China Nvidia\"?</b></p><p><h2>Missed Golden Age</h2>GPU graphics processor, also known as display chip and vision processor, was originally proposed by Nvidia in 1999. It is a microprocessor dedicated to running graphics operations on personal computers, workstations, game consoles and mobile devices (smartphones, tablets, VR devices).</p><p>As the parallel computing advantages of GPU are gradually tapped, the application fields of GPU have expanded from graphics processing to high-performance computing, and gradually become the most mature and widely used general-purpose chip for Al computing. In June 2020, Nvidia launched the A100 Tensor Core GPU based on the Ampere architecture, becoming the world's most powerful AI chip.</p><p>From the perspective of application terminals, GPUs can be divided into PC-side GPUs, server GPUs and mobile GPUs, corresponding to three architectures, namely, independent graphics cards composed of dedicated circuit boards and components, shared integrated graphics cards, and mobile GPUs and other chips or modules are packaged together into highly integrated SoCs-used in multiple application scenarios including mobile phones, automotive electronics, and AI.</p><p><b>since<a href=\"https://laohu8.com/S/AMD\">AMD</a>After the acquisition of Canadian GPU manufacturer ATI in 2006, in the field of PC and server GPUs, the global GPU market is currently monopolized by the \"American chip giants\"-Intel, AMD and Nvidia. Intel has obvious advantages in the integrated GPU market, while Nvidia and AMD are separated in the independent GPU market.</b></p><p>According to data from research firm Jon Peddie Research, in the first quarter of 2021, in the global PC-side GPU market, Intel (Intel) topped the list with a market share of 68%, AMD and Nvidia with 17% and 14% respectively, and the total share of the three companies is close to 100%; In the global independent GPU field, Nvidia is the leader in the data center GPU market, accounting for 81% of the market share, with a leading edge, while AMD ranks second with a share of 19%.</p><p>In 2019 alone, Nvidia occupied 90% of China's AI training chip market with its V100 series and other products, firmly grasping China's huge AI chip sales market.</p><p>One of the core reasons why Nvidia can continue to be the \"chip overlord\" lies in its \"light design pattern.\" Nvidia does not engage in chip manufacturing and packaging, but is handed over to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>After the OEM is completed, it enjoys the dividends of advanced manufacturing technology such as 7nm. According to the financial report, between 2016 and 2021, Nvidia's revenue increased by 233%, and its operating profit doubled to US $4.5 billion. In the three months to May this year, sales soared 84% year-on-year, and gross profit margin reached 64%.</p><p><b>In fact, China entered the field of GPU chip design very early, but the results were not satisfactory.</b></p><p><b>Since the 1970s, China began to introduce semiconductor and integrated circuit technology and production lines. But the result is that we have fallen into the a vicious circle of \"introducing from generation to generation and falling behind from generation to generation\". Coupled with the adverse impact of the \"Hanxin No. 1\" fake chip incident on society, China's \"independent processor\" has suffered serious setbacks, and China has actively promoted WTO globalization and other factors, thus missing the golden period of the development of the global semiconductor industry. Downstream companies can only \"make it better than buy\".</b></p><p>It was not until 2000, marked by the promulgation of the national \"Document No. 18\", that China's semiconductors gradually formed an industrial organization form of \"separation of the three industries\" of design, manufacturing, packaging and testing, and introduced \"<a href=\"https://laohu8.com/S/688981\">SMIC</a>A number of chip manufacturing (Foundry) companies represented by \"have been built and put into production in China, and their technical level has been rapidly improved.</p><p>At present, companies such as Jingjiawei, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology, Cambrian, and Muxi Integrated Circuit are all gathering in the general processor track.</p><p>In 2014, \"Jingjiawei\" (300474. SH), which started as a military aircraft graphics display control module, successfully developed the military GPU chip JM5400, and then successfully developed the second-generation GPU chip JM7200 with a 28nm process technology in 2018. Jingjiawei has moved from military customization to general-purpose GPUs, becoming the only company in the world and the only company in China to achieve commercial mass production of independent GPUs.</p><p>In addition to Jingjiawei, in March 2021, Tianshu Zhixin released the first GPGPU (General Purpose Graphics Processor) manufactured by a 7-nanometer process in China, which removes 30% of the graphics rendering part of the traditional GPU and is only used to deal with artificial intelligence (AI)) Born of application; In June this year, Suiyuan Technology released China's largest AI computing chip \"Suisi 2.0\" AI chip, the \"Yunsui T20\" training accelerator card based on Suisi 2.0 and the \"Yunsui T21\" training OAM module.</p><p>However, it is worth noting that the performance of the JM7200 chip developed by Jingjiawei is only equivalent to the level of Nvidia GTX 640 in 2012, which is difficult to meet the application needs of enterprise customers. Even Suiyuan Technology's \"Suisi 2.0\" AI chip is only tied with Nvidia's A100. Two of the six items tested by Benchmark significantly surpassed the performance of Nvidia's A100. (For details, see the previous article of Titanium Media App: \"Suiyuan Technology releases China's largest AI computing chip to accelerate the implementation of three major business directions\")</p><p><img src=\"https://static.tigerbbs.com/15cb73d2787595547a9ed01926f4dfbe\" tg-width=\"570\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The reason behind this is mainly due to the late start of China's semiconductor industry, the high technical threshold of chips, high cost elasticity, and high concentration of industries, which makes the overall R&D investment, technology, and talents of Chinese GPU chip companies lag behind foreign countries, thus improving product performance and technology There is still a gap with chip giants, and it is still difficult for downstream companies to escape from the situation of the \"American Chip Big Three\".</b></p><p>Taking R&D investment as an example, in the ten years from 2011 to 2020, Jingjiawei's total R&D investment expenses were RMB 627 million, while Nvidia's R&D investment in 2020 reached US $3.924 billion, or approximately RMB 25.323 billion. In the past ten years, Nvidia has invested more than 120 billion yuan, a difference of more than 190 times.</p><p>In terms of talents, as of the first half of 2021, the number of Nvidia employees is as high as 18,975, and the total number of Jingjiawei employees is 1,174, far lower than the 2,000 employees of AMD's Shanghai R&D center.</p><p>\"The AI chip and GPU chip market is quite special. Unlike traditional dedicated processors, the technology is very complex. It requires a large amount of data and needs to be combined with specific algorithms before it can be put into market use.\"<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>Xie Zhonghui, deputy general manager of China, said in an exclusive interview with Titanium Media App in April this year that if a company wants to make its first AI chip solid, it usually takes more than two or three years.</p><p>In his view, chip semiconductor itself is an industry with large investment, long cycle, and slow results. Complete localization of technology requires long-term and sustained accumulation of capital, talent, and technology. It is difficult to use the Internet thinking of \"spending money and seeing returns\" to deal with.</p><p><b>In addition, the software and hardware ecosystem combined with CUDA technology is another important reason for the large gap between domestic chip companies and Nvidia.</b></p><p>In 2006, Nvidia released the parallel computing platform CUDA, which contains a series of development tools. Only by installing and using this platform can complex parallel computing be performed. Anyone who owns a laptop equipped with Nvidia GPU can use CUDA to perform scientific and convenient programming calculations, such as deep learning, AI algorithms, etc., and develop related software. Over the past ten years or so, NVIDIA has persistently promoted CUDA, making more government-level and enterprise-level software developed based on this platform, combining NVIDIA's self-developed GPU hardware with CUDA software to efficiently implement applications.</p><p>In contrast, there is currently no series of platforms in China that are deeply bound to CUDA and Nvidia's hardware, and the gap in technical barriers is very obvious. Most domestic GPU manufacturers adopt strategies that are compatible with the CUDA open source framework, such as Tianshu Zhixin, Denglin, etc., and are preparing to cultivate their own software ecosystem on this basis.</p><p>\"In the short term, it is easier to develop domestic GPUs compatible with CUDA. After all, writing operators is a labor-intensive industry. If users migrate, they need to migrate 100%, and the entire set of code must run on your chip. If the amount of code is small, there are not so many operators needed, and the difficulty is relatively low. But in the long run, it is still necessary to get rid of the compatibility idea and develop its own core technology.\"</p><p>However, there are also companies that choose not to be compatible with the CUDA ecosystem. For example, Suiyuan Technology, which makes both AI training and inference chips, has comprehensively upgraded its \"Yusuan TopsRider\" software platform and the new \"Yunsui Cluster\" this year, hoping to have ecological dominance.</p><p><b>To sum up, these domestic chip companies that benchmark Nvidia are still in the initial stage of development. The industrialization and marketization capabilities of AI chip technology are weak, and there is no actual large-scale use. There is still a long way to go to surpass or replace \"China Nvidia\".</b></p><p>Yan Guihai, CEO of Zhongke Yushu, said in an interview with Titanium Media App that although China's demand side is still the largest single market in the world and its growth rate is among the best, the \"demand side\" is still very strong, but in terms of high-end chips, whether it is design or There is still a big gap in manufacturing, and the \"supply side\" is not strong enough. He pointed out that the quality of the supply side depends not only on one enterprise, but on the capabilities of the entire industry chain. It is still unrealistic to build such a large-scale and comprehensive leading enterprise in the short term.</p><p>Founded in 2018, Zhongke Yushu is a developer of dedicated computing architecture. It was incubated from the State Key Laboratory of Computer Architecture, Institute of Computing Technology, Chinese Academy of Sciences. Today, the company's valuation has exceeded 1 billion yuan. On July 27 this year, Zhongke Yushu completed hundreds of millions of yuan in Series A financing, led by Huatai Innovation, followed by Lingjun Investment and old shareholder Guoxin Xichuang.</p><p>Huang Liming, partner of Hillhouse and head of software and hard technology at Hillhouse Venture Capital, said in an exclusive interview with Titanium Media App that although the GPU market has broad prospects, China<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>It is difficult to make it directly into \"Nvidia\". In addition to the technical difficulty, it must be done in combination with strong applications-involving software system and software ecology, which is extremely demanding for startups.</p><p>Hillhouse launched the independent VC brand Hillhouse Ventures in February 2020. Since then, it has invested in the field of chip semiconductors, including semiconductor IP company Xinyaohui, EDA manufacturer Xinhuazhang, GPU platform Biren Technology, DPU company Nebula Zhilian, plus Tianke Heda in silicon carbide, Minxin Semiconductor in optical chip field, and mobile phone baseband Xingsi Semiconductor, etc.</p><p>Huang Liming emphasized that Hillhouse judges that there will not be many companies that can run out in this direction, whether overseas or domestic.</p><p><h2>The tuyere has arrived</h2>\"Let's not worry about how to replace Nvidia now. The road is step by step. I think first of all, China must have domestic AI chips, general-purpose GPUs, FPGAs and other underlying computing power. As long as there is domestic market demand, we must have many opportunities.\" Zhang Gaonan, managing partner of Huaying Capital, told Titanium Media App that the domestic semiconductor industry has arrived, and China is now equipped with \"the right time, the right location, and the right people\" to enter the GPU market.</p><p>Zhang Gaonan gave an example,<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>Although products are inferior to<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>office suite, but the market has given a market value of more than 110 billion yuan. One of the important reasons behind it is that China must have a domestic office, and the same principle applies to the domestic GPU market.</p><p>Huaying Capital is one of the earliest private equity funds in China to deploy mobile Internet and cultural industries. In recent years, the To B field has also become the key investment field of Huaying Capital. At present, Huaying Capital has invested in more than 30 projects in the To B field, with a total investment of over 700 million yuan, which is built by Zhang Gaonan, a technical investor. In the fields related to data middle platform and underlying computing power, Huaying Capital has invested in projects such as Biren Technology, Tianyun Big Data, and Zhongke Haiwei.</p><p>In fact, as a general platform spanning visual computing and AI computing, GPU has a huge market space.<b>According to<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is estimated that by 2027, the market space for domestic substitution in the GPU field will exceed US $34.1 billion. In addition to the existing game market, there is room for further development in industrial, medical, military aerospace and other directions.</b></p><p>In March of this year, \"Biren Technology\", a general-purpose smart chip designer co-founded by Zhang Wen, the former president of SenseTime, completed the B round of financing. Since its establishment in September 2019, the company's total financing amount has exceeded 4.7 billion yuan. Investors include Hillhouse Venture Capital, Huaying Capital,<a href=\"https://laohu8.com/S/601318\">China Ping An</a>, China Merchants Capital, BAI Capital, Guosheng Group National Reform Fund, etc., with a valuation of more than 10 billion yuan, one of the \"unicorn\" companies with the fastest growth momentum in the semiconductor industry.</p><p><b>In addition to Biren, companies that have entered the GPU field such as Muxi Integrated Circuit and Moore Thread have also completed financing.</b></p><p>On August 25, GPU manufacturer Muxi Integrated Circuit announced the completion of a RMB 1 billion Series A financing. The founders Chen Weiliang and Yang Jian are all from the American chip giant AMD. Investors include China State-owned Enterprise Structural Adjustment Fund Co., Ltd.,<a href=\"https://laohu8.com/S/00810\">China Internet Investment</a>Fund, Jingwei China, Holly Capital, Sequoia China, Lightspeed China, Guochuang Zhongding, Smart Internet Industry Fund, Shanghai Science and Technology Innovation Fund, Lenovo Venture Capital, etc.; The Moore Thread, established in 2020, claims to have completed two rounds of multi-billion-yuan financing within 100 days. The team members are mainly from Nvidia, and the investors include Shenzhen Venture Capital and Sequoia Capital<a href=\"https://laohu8.com/S/CHN\">China Fund</a>, China Merchants Venture Capital, ByteDance, Pony.ai, Wuyuan Capital, etc.</p><p><b>However, an interesting phenomenon is that the above three start-ups, Biren, Muxi, and Moore Thread, are veritable \"PPT financing core manufacturing\", and none of them completed the tape-out (assembly line trial production) of the first chip at the time of financing.</b></p><p>Why are market investors willing to open their wallets to this? Several investors said in an interview with Titanium Media App that these projects can receive a large amount of capital support because of the early stage of investment. The main focus is on the team and the track: the AI chip track has arrived, and the senior management team is also From the \"American Chip Big Three\".</p><p>\"I think these companies need to be given opportunities and patience. It is impossible for 500 people to write PPT. Manufacturing chips is a matter of 5 to 10 years. The reason why we are willing to invest is not speculation or deception. I think, investing in The semiconductor track itself is risky, and it requires long-term plans and strong enough risk-taking ability, which is completely different from investing in Internet model innovation.\" The above-mentioned investor told Titanium Media App.</p><p>However, some investors in the semiconductor industry pointed out that the above-mentioned investment projects essentially hope that the market value will be high and the rate of return will be higher. Especially in the \"chip fever\" environment, venture capital institutions need to constantly look for these GPU and AI chip companies in the middle and early stages. Targets, hoping to get a higher return from it.</p><p>In addition, in this wave of GPU entrepreneurship, the founding team developed the \"American Chip Big Three\". For example, Zheng Jinshan, chief scientist of Tianshu Zhixin, was the chief technical expert of AMD; Mu Xi's founding team is mainly from AMD. CEO Chen Weiliang once served as senior director of graphics research and development at AMD, and CTO Yang Jian once served as AMD Fellow (academician); Li Xinrong, the newly appointed co-CEO of Biren Technology, once served as the global vice president of AMD, and Chen Wenzhong, senior vice president of Biren Technology, also served in AMD.</p><p>In this regard, Zhang Gaonan said that AMD is the top two chip giants in the GPU field. The core research and development of GPUs is in Shanghai, while the research and development of graphics rendering is in the United States. Companies can go to the executives of AMD and Nvidia to communicate. The final choice must be the leader in the semiconductor industry.</p><p>Yan Guihai believes that in subdividing emerging tracks, relying on the \"potential energy\" of demand-side applications, Chinese chip companies concentrate their superior forces, base themselves on serving local companies, and highlight the agility of development. They have the opportunity to surpass \"Nvidia\" in terms of product definition and solution iteration cycle. These chip giants.<b>He predicts that a number of domestic GPU and DPU companies with leading technologies will emerge within 10 years.</b></p><p>\"Among the five links of the chip industry: design, manufacturing, packaging and testing, materials, and EDA, the most relevant to application is design, and our biggest advantage lies in application, so we have a great opportunity to make a breakthrough in the\" design \"link, and then gradually expand the victory territory from point to area. The so-called \"overtaking in corners\" is still a catch-up strategy. It is more likely to occupy new strategic commanding heights by cutting into a new track facing the future and accelerating with all your might. It is hoped that within 10 years, a group of enterprises with leading technology, solid products and strategic awareness will emerge. \" Yan Guihai told Titanium Media App.</p><p>Zhang Wen, founder of Biren Technology, said that the capability requirements for chip companies have been upgraded from product level to system level and ecological level. In no more than 5 years, China has caught up with or even led the international level in the field of AI chip design. He emphasized that surpassing Nvidia requires redefining a product and a market.</p><p><h2>The tens of billions of DPU chip market is \"exploding\"</h2>In Huang Renxun's view, the data processing unit (DPU) responsible for transmitting and processing data in the data center is forming the \"three pillars of future computing\" together with CPU and GPU. When Chinese chip companies focus on GPUs, Nvidia has set its sights on the two new markets of CPU and DPU.</p><p>In September 2020, Nvidia announced that it planned to acquire British chip designer Arm from a Japanese software group for US $40 billion, which is expected to write the largest merger and acquisition in the semiconductor industry. However, this deal is controversial and is still awaiting approval from governments such as the European Union, Britain, the United States and China. But in April 2021, Nvidia announced its entry into the data center CPU market and released the Grace CPU processor, which is what Huang Renxun said at the beginning of this article. (For details, see the previous article of Titanium Media App: \"The British government intervenes, Nvidia's US $40 billion acquisition of Arm transaction changes\")</p><p>In addition to CPU and GPU, Nvidia is also deploying DPU. In 2019, Nvidia announced that it would acquire Israeli network chip manufacturer Mellanox for US $6.9 billion in all-cash, and eventually won it. As for this largest acquisition in Nvidia's history, what Huang Renxun values most is Milosi's unique ability in data center technology and other aspects.<b>In October 2020, NVIDIA launched the DPU for the first time-NVIDIA BlueField series data processors.</b></p><p>Fundamentally, on the one hand, DPU is more flexible and secure, and more importantly, DPU can liberate the computing power of CPU, release the load of server, significantly reduce the overall cost with low power consumption, and even improve the performance of AI and machine learning applications.</p><p>According to IDC statistics, the global demand for computing power will double every 3.5 months, far exceeding the current growth rate of computing power. Driven by this, global computing, storage and network infrastructure are also undergoing fundamental changes: some workloads with excessive data volume occupy too much CPU resources, and various \"X\" PU chips that cooperate with them have emerged as the times require. In addition to chips such as GPU and FPGA, DPU is the next \"X\" PU.</p><p>People in the industry have made an image metaphor about this. The network is like building a road. In the past 1G and 10G era, the road was not wide enough, and there were more and more cars. In order to balance the pressure, we have increased traffic lights and invested more traffic police to coordinate resources higher. This has improved the original efficiency a lot, but it is still not enough. We must expand the road first, which means the bandwidth is increased, but the road has changed from 2 to 4. It will still be blocked only by traffic lights and limited traffic police, but we can't increase the traffic police indefinitely, which requires the road to be smarter and help solve the congestion.</p><p>Zhang Gaonan pointed out that a large amount of network management is in the CPU, occupying container capabilities, while DPU provides space capabilities for server intelligence. A large amount of virtualization space can increase computing power requirements.</p><p><b>With 2020, the reputation of DPUs surpasses the launch of infrastructure processors (IPUs) and SmartNICs launched by rival Intel, and every company eyeing the data center business needs a piece of this field. DPU has become a new track for major chip giants and start-up companies to compete for research and development. Domestic DPUs are now almost in a state of blooming. Sequoia, Hillhouse Ventures, CDH, and SoftBank China have all begun to enter the market.</b></p><p>In April this year, Tianyancha data showed that domestic DPU chip supplier \"Yunbao Intelligent\" completed<a href=\"https://laohu8.com/S/00700\">Tencent</a>Investment, Sequoia Capital, Yaotu Capital and other joint angel round financing; At the end of May, Xinqiyuan completed hundreds of millions of yuan in Pre-A round financing, with investors including SoftBank China, Pudong Science and Technology Group, etc.; On July 27, DPU chip developer \"Zhongke Yushu\" completed hundreds of millions of yuan in Series A financing led by Huatai Innovation; On August 30, DPU chip developer Nebula Zhilian announced the completion of hundreds of millions of yuan in angel round financing, led by Hillhouse Venture Capital, with CDH VGC and Walden International China Fund participating in the investment; At the beginning of September, IDG Capital launched the \"Yunmai Xinlian\" angel round financing project.</p><p>\"DPU may become the third computing power chip after CPU and GPU, but from a structural point of view, DPU will be more heterogeneous and more dedicated.\" Yan Guihai said in an interview with Titanium Media App and others that DPU The background is the demand for computing delay, data security, and resource virtualization brought about by the end-edge-cloud integration trend caused by the data explosion in the intelligent era. The CPU is overwhelmed by these non-business loads, and an ideal object is urgently needed to share these computational loads.</p><p><b>Toubao Research Institute predicts that China's DPU market size is expected to reach US $3.74 billion in 2025. The global DPU market size is expected to reach US $13.57 billion in 2025.</b>At the same time, the report also pointed out that data circulation is the largest application market of DPU, among which bare metal services have a rigid demand for DPU. The application of DPU in the telecom market is mainly in edge computing scenarios, with a penetration rate of less than 5%. DPUs for the field of intelligent driving are still in the exploratory stage, and it is expected that DPUs will be deployed in the field of intelligent driving in 2023.<img src=\"https://static.tigerbbs.com/7170c585dab44018726df81a32c63d62\" tg-width=\"808\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>China's DPU market size, forecast from 2020 to 2025, source: Toubao Research Institute</p><p>Yan Guihai pointed out that the performance of CPU increased from 30% per year 5-10 years ago to less than 3% per year three years ago. The network bandwidth still increases by about 35% every year.</p><p>With<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>For example, the challenge encountered by the company at that time was that the compliance inspection of transaction orders was too slow and the transaction efficiency needed to be improved. Therefore, Zhongke Yushu, Zhongtai Securities and Shanghai Stock Exchange Technology Co., Ltd. jointly developed a set of extremely fast risk control system solutions to speed up this process. Zhongke Yushu has successively developed multiple sets of products and solutions such as ultra-low latency smart network cards and data computing accelerator cards, mainly for high bandwidth, low latency, data-intensive and other scenarios. The company has achieved quarterly revenue of tens of millions this year. Zhongke Yushu's next-generation DPU chip is expected to be designed by the end of 2021 and is expected to process up to 200G network bandwidth data.</p><p><b>However, although the DPU market is hot, the concept is newer, there are more unknowns, and the investment risk will be greater.</b></p><p>Lu Sheng, CEO of Xinqiyuan, pointed out that the current barriers to the DPU segmentation track are still relatively high. In addition to technical barriers, there are also market barriers, which require customers to continuously iterate, especially in conjunction with the continuous upgrade of open source software to adapt to customers. Rapidly changing software and hardware environment. Therefore, before investing, VC (venture capital) must recognize the track and have enough patience. He emphasized that investors need to constantly observe the market and adjust their judgments, and no one can predict the future development prospects of DPU now.</p><p>Some media also believe that when Nvidia enters the newly opened CPU and DPU battlefield, it may be good for Chinese GPU manufacturers, especially when Nvidia still spends a lot of energy on the US $40 billion acquisition of British chip designer Arm. For GPU companies, it may be an opportunity to catch up.</p><p>As Zhang Gaonan told Titanium Media App, \"Logically speaking, things with low thresholds are usually not scarce. (Chip semiconductor track) Some things are difficult and require long-term investment. Although they are high-risk, but someone has to do it. This is a long-term investment that is really beneficial to the country. In fact, investment should be encouraged. Otherwise, if no one does these difficult things that require long-term investment, you will never get up to the next level.\"</p><p>Zhang Gaonan emphasized that although venture capital must pursue returns, he believes that when the entire capital allocation is reasonable, taking part of the start-ups that invest in the semiconductor track not only has strong social significance, but also some kind of long-term value investment. important manifestation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e","relate_stocks":{"NVDA":"英伟达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166195813","content_text":"英伟达CEO黄仁勋（图片来源：Nvidia官网）\n“我即将展示的产品，融合了新的GPU加速计算能力，拥有Mellanox高性能网络，补足我们最后一块拼图的产品是——全球首款专为TB级数据中心加速计算而设计的CPU处理器，它的秘密代号是Grace。”\n这是2021年4月英伟达（NVIDIA）CEO黄仁勋在GTC峰会演讲中的一段话。然而，让人意想不到的是，直到8月12日英伟达自曝后人们才知道，这段不足100字、14秒的演讲内容竟然不是黄仁勋本人出镜，而是使用了合成的“数字替身”，即利用英伟达GPU处理器与Omniverse软件平台共同形成的“虚拟黄仁勋”形象。\n这一事件引发了人们对虚拟现实、元宇宙、AI换脸等技术和概念的激烈讨论，同时也让“英伟达”这家美国芯片霸主从半导体行业“出圈”，走入了大众视野。\n自1993年成立至今，在黄仁勋的带领下，英伟达成功创造且引领了GPU（图形处理器）芯片这一类别，产品覆盖整个PC设备GPU至服务器GPU市场。过去五年内，英伟达市值从310亿美元增长到5050亿美元，跻身成为全球第七大半导体供应商，是人工智能（AI）芯片领域炙手可热的明星企业。\n与此同时，在英伟达市值超过英特尔之后，国内半导体市场看到了GPU、AI芯片赛道更大的市场机会，景嘉微、天数智芯、登临科技、壁仞科技、燧原科技、寒武纪、沐曦集成电路等企业均在通用处理器这一赛道中集聚。\n近两年，国内半导体产业发生着转变。由于华为海思、中芯国际等企业受美方“实体清单”影响，以及全球芯片短缺引发的连锁反应，使得中国企业愈加难采购到美国半导体产品，对于“国产替代”需求愈加强烈。\n2020年6月29日，由于美国《出口管理条例》再升级，实体清单企业成员在不断调整，英特尔“临时性暂停”对浪潮集团的芯片供货。\n尽管随后在7月3日，浪潮方面宣布英特尔已恢复对其供货，但一家是全球最大的PC、云服务x86架构芯片供应商，另一方是中国最大的服务器厂商，两家公司之间的临时断供危机，为整个中国云计算、半导体行业提了一个醒：随着算力需求越来越强烈，中国需要大规模生产全面自主可控的国产GPU、服务器芯片产品。从而凸显了“国产替代”正成为中国半导体行业发展的最大驱动力。\n另外，作为全球芯片销量大国，中国却没有出现一家“英伟达”这样的芯片巨头，大市场并没有产生与之匹配的大公司。根据IC Insight的统计显示，2020年全球半导体市场规模为3957亿美元，其中，中国大陆市场规模是434亿美元，为全球最大市场，占全球比例达到36.24%。然而，总部位于中国大陆的半导体公司2020年总产值仅为83亿美元，仅占市场规模的5.9%。\n偌大的蛋糕，究竟谁能切下一角？半导体产业何时才能造出“中国英伟达”？\n错失黄金时代\nGPU图形处理器又被称为显示芯片、视觉处理器，最初于1999年由英伟达提出，是个人电脑、工作站、游戏主机以及移动设备（智能手机、平板电脑、VR设备）上专门运行绘图运算的微处理器。\n随着GPU的并行计算优势被逐步挖掘，GPU的应用领域从图形处理扩展到高性能计算，逐步成为Al计算最成熟、应用最广泛的通用型芯片。2020年6月，英伟达推出基于安培（Ampere）架构的A100 Tensor Core GPU，成为全球性能最强的AI芯片。\n以应用终端角度分类，GPU可分为PC端GPU、服务器GPU和移动端GPU，对应三种架构，即与专用电路板及组件组成的独立显卡，共享集成显卡，以及移动端GPU与其他芯片或模块一起封装成高集成度的SoC——应用于手机、汽车电子、AI在内的多个应用场景。\n自从AMD在2006年收购加拿大GPU厂商ATI之后，目前，在PC及服务器GPU领域，全球GPU市场呈现“美国芯片三巨头”——英特尔、AMD和英伟达垄断的局面。集成GPU市场英特尔优势明显，独立GPU市场英伟达和AMD两强割据。\n根据研究机构Jon Peddie Research的数据显示，2021年第一季度，全球PC端GPU市场中，英特尔（Intel）以68%市场份额位居榜首，AMD和英伟达分别为17%和14%，三家共计份额接近100%；全球独立GPU领域中，英伟达是数据中心GPU市场领导者，占据81%的市场份额，拥有领先优势，AMD则以占比19%位居第二。\n仅2019年，英伟达凭借V100系列等产品，占据了中国AI训练芯片市场90%份额，牢牢掌握着中国这一庞大的AI芯片销售市场。\n英伟达能持续作为“芯片霸主”地位的核心原因之一在于其“轻设计模式”。英伟达不做芯片制造和封装，交由台积电代工完成，自身享受7nm等先进制程工艺技术红利。根据财报显示，2016年至2021年期间，英伟达收入增长了233%，营业利润翻了一番，达到45亿美元。在截至今年5月的三个月内，销售额同比猛增84%，毛利率则达到了64%。\n事实上，中国很早就进入了GPU芯片设计领域，但结果并不如意。\n从20世纪70年代开始，中国开始引进半导体与集成电路技术和生产线。但结果却是陷入了“代代引进、代代落后”的恶性循环，加上“汉芯一号”假芯片事件给社会带来的不良影响，让中国的“自主处理器”遭受严重挫败，以及中国积极推动WTO全球化等因素，从而错失了全球半导体产业发展的黄金时期，下游企业只能“造不如买”。\n到2000年，以国家“18号文件”出台为标志，中国半导体才逐渐形成设计、制造、封装测试“三业分离”的产业组织形态，引进以“中芯国际”为代表的一批芯片制造（Foundry）企业在华建设、投产，技术水平也因此得到快速提升。\n目前，景嘉微、天数智芯、登临科技、壁仞科技、燧原科技、寒武纪、沐曦集成电路等企业均在通用处理器这一赛道中集聚。\n2014年，以军机图形显示控制模块起家的“景嘉微”（300474.SH）成功研制出军用GPU芯片JM5400，随后在2018年成功研发出28nm制程工艺的第二代GPU芯片JM7200。景嘉微从军用定制走向通用GPU，成为全球少数、国内唯一实现独立GPU商用量产的公司。\n除景嘉微外，2021年3月天数智芯发布了国内首颗7纳米工艺制造的GPGPU（通用图形处理器），即去掉了传统GPU 30%的图形渲染部分，只为处理人工智能（AI）应用而生；燧原科技则在今年6月发布了迄今中国最大的AI计算芯片“邃思2.0”AI芯片、基于邃思2.0的“云燧T20”训练加速卡和“云燧T21”训练OAM模组。\n但值得注意的是，景嘉微研发的JM7200芯片，性能只相当于2012年英伟达GTX 640水平，难以满足企业客户的应用需求。即便燧原科技的“邃思2.0”AI芯片，也仅和英伟达的A100达成平手，Benchmark测试的6个项目中有2项大幅超越了英伟达A100的性能表现。（详见钛媒体App前文：《燧原科技发布中国最大的AI计算芯片，加速推进三大业务方向落地》）\n\n背后的原因，主要由于中国半导体产业起步晚，芯片的技术门槛高、成本弹性大、产业高度集中，使得中国GPU芯片企业的整体研发投入、技术、人才都滞后于国外，从而在产品性能和技术上依然和芯片巨头有差距，下游企业依然难以脱离“美国芯片三巨头”的境地。\n以研发投入为例，2011年至2020年的十年间，景嘉微的研发投入费用总额为人民币6.27亿元，而英伟达2020年这一年的研发投入就达到39.24亿美元，约合人民币253.23亿元，十年间英伟达总计投入超过1200亿元人民币，两者相差超190倍。\n在人才方面，截至2021年上半年，英伟达员工人数高达18975人，景嘉微总员工人数为1174人，远低于AMD在上海研发中心的2000名员工。\n“AI芯片、GPU芯片市场比较特殊，跟传统的专用处理器不一样，技术十分复杂。它需要大量的数据，需要和特定的算法结合，才能够付诸市场运用。”新思科技中国副总经理谢仲辉在今年4月接受钛媒体App独家专访时表示，如果企业想把首颗AI芯片做扎实，通常需要两三年以上。\n在他看来，芯片半导体本身是一个投入大、周期长、见效慢的行业，技术完全国产化需要长期持续的资金、人才和技术积累，很难用“砸金钱见回报”这种互联网思维来处理。\n此外，结合CUDA技术的软硬件生态，也是国内芯片企业与英伟达形成较大差距的另一重要原因。\n2006年，英伟达就发布了并行计算平台CUDA，其中包含一系列开发工具，只有安装使用这个平台才能够进行复杂的并行计算，任何人只要拥有一台配有英伟达GPU的笔记本电脑，就可以利用CUDA可以进行科学、便捷编程计算，比如深度学习、AI算法等，开发相关软件。过去十多年，英伟达坚持不懈地推广CUDA，使更多政企级类型软件都基于该平台开发，将英伟达自研GPU硬件与CUDA软件相结合，高效实现应用落地。\n相比之下，目前国内却没有一个类似CUDA和英伟达硬件深度绑定的系列平台，技术壁垒差距十分明显。大部分国产GPU厂商均采取兼容CUDA开源框架的策略，如天数智芯、登临等，准备在此基础上培育自己的软件生态。\n“短期来看，国产GPU兼容CUDA更容易发展，毕竟写算子是人力密集型行业，用户迁移的话是需要100%迁移、整套代码都要在你的片上跑，如果代码量很小，需要的算子不那么多，难度就比较低。但是长期来看，还是要摆脱兼容思路，发展自有的核心技术。”芯片行业内人士表示，选择兼容主要是确保已有软件依然可用，未来会不断改进自家平台，使其更加匹配自己的芯片，从而吸引开发者迁移。\n但也有企业选择不兼容CUDA生态，比如同时做AI训练和推理芯片的燧原科技，今年全面升级了其“驭算TopsRider”软件平台以及全新的“云燧集群”，希望能拥有生态主导权。\n总结来看，对标英伟达的这些国内芯片企业依然处在发展的初级阶段，AI芯片技术的产业化、市场化能力较弱，没有产生实际的大规模使用，距离超越或取代“中国英伟达”仍然有很长的路要走。\n中科驭数CEO鄢贵海在接受钛媒体App采访时表示，虽然目前中国需求侧虽然还是全球最大的单一市场，增速也名列前茅，“需求侧”还是很强劲的，但在高端芯片方面无论是设计还是制造还有不小差距，“供给侧”不够强大。他指出，供给侧的优劣不仅取决于一家企业，而是全产业链能力。短期内要想打造出这样大体量和全面引领性的企业还是不太现实的。\n中科驭数成立于2018年，是一家专用计算架构研发商，孵化自中科院计算所的计算机体系结构国家重点实验室，如今公司估值已超10亿元。今年7月27日，中科驭数完成数亿元A轮融资，由华泰创新领投，灵均投资以及老股东国新思创跟投。\n高瓴合伙人、高瓴创投软件与硬科技负责人黄立明在接受钛媒体App的独家专访时表示，虽然GPU市场前景广阔，但中国创业公司很难直接做成“英伟达”。除了技术难度外，还要结合很强的应用来做——涉及到软件系统软件生态，这对创业公司来说要求是极高的。\n高瓴于2020年2月推出独立VC品牌高瓴创投，此后其对芯片半导体领域进行投资入局，其中包括半导体IP企业芯耀辉、EDA厂商芯华章，GPU平台壁仞科技、DPU公司星云智联，加上碳化硅方面的天科合达、光芯片领域的敏芯半导体、以及手机基带星思半导体等。\n黄立明强调，能在这个方向跑出来的公司，无论海外还是国内，高瓴判断最终都不会有很多。\n风口已至\n“我们现在先不纠结于怎么去取代英伟达，路都是一步一步走的。我觉得首先中国得有国产AI芯片、通用GPU、FPGA等底层算力。只要国内有市场需求，我们一定有很多机会。”华映资本主管合伙人章高男对钛媒体App表示，国内半导体产业风口已至，中国现在切入GPU市场是“天时、地利、人和”皆备，尤其半导体和下一代AI技术都是中国必须突围的领域。\n章高男举了一个例子，金山办公产品虽然逊于微软Office套件，但市场给出1100多亿元市值，背后重要原因之一是，中国必须得有国产office，同样道理也适用于国产的GPU市场。\n华映资本是国内最早布局移动互联网和文化产业的私募股权基金之一，近几年To B领域也成为华映资本重点关注的投资领域。目前华映资本在To B领域投资的30余个项目，投资总额超7亿元生态，由技术型投资人章高男负责搭建。在数据中台及底层算力相关领域，华映资本投资布局了壁仞科技、天云大数据，中科海微等项目。\n实际上，作为横跨视觉计算和AI计算的通用平台，GPU拥有巨大的市场空间。据东吴证券测算，预计到2027年，GPU领域国产替代的市场空间规模超过341亿美元。除了既有的游戏市场，在工业、医疗、军事航天等方向都有进一步的发挥空间。\n今年3月，原商汤科技总裁张文联合创立的通用智能芯片设计商“壁仞科技”完成了B轮融资。2019年9月成立以来，公司总融资额超47亿元人民币，投资方包括高瓴创投、华映资本、中国平安、招商局资本、BAI资本、国盛集团国改基金等，估值已超过100亿元，成长半导体行业势头最为迅猛的“独角兽”企业之一。\n除壁仞外，沐曦集成电路、摩尔线程等入局GPU领域的企业也都完成了融资。\n8月25日，GPU厂商沐曦集成电路宣布完成10亿元人民币的A轮融资，创始人陈维良、杨建等均来自美国芯片巨头AMD，投资方包括中国国有企业结构调整基金股份有限公司、中国互联网投资基金、经纬中国、和利资本、红杉中国、光速中国、国创中鼎、智慧互联产业基金、上海科创基金、联想创投等；而2020年成立的摩尔线程，宣称100天内就完成了两轮数十亿元融资，团队成员主要来自英伟达，投资方包括深创投、红杉资本中国基金、招商局创投、字节跳动、小马智行、五源资本等。\n不过，一个有趣的现象是，壁仞、沐曦、摩尔线程上述三家初创企业是名副其实的“PPT融资造芯”，融资时无一家完成首颗芯片的流片（流水线试生产）。\n为何市场投资人愿意对此敞开钱包？数位投资人在接受钛媒体App采访时表示，这些项目能够获得大量资本支持，原因都为投资早期，主要看的还是团队、赛道两部分：AI芯片赛道风口已至，高管团队也均出自“美国芯片三巨头”。\n“我觉得需要给这些企业机会和耐心，不可能500个人都在写PPT。制造芯片是一个5年到10年的事情，我们愿意去投的原因，并非是投机或者是忽悠。我认为，投半导体赛道本身风险就高，需要做好长周期的打算，需要有足够强的风险承担能力，这和投资互联网的模式创新完全不一样。”上述投资人对钛媒体App表示。\n但也有半导体行业投资人指出，上述投资项目本质上还是希望市值撑高，有更高的回报率，尤其“芯片热”环境下，风投机构需要不断在中早期寻找这些GPU、AI芯片企业标的，希望从中赌得一份更高的回报。\n此外，在这一波GPU创业浪潮中，创始团队师出“美国芯片三巨头”。例如，天数智芯首席科学家郑金山曾任AMD首席技术专家；沐曦的创始团队主要来自AMD，CEO陈维良曾在AMD担任图形研发高级总监，CTO杨建曾任AMD Fellow（院士）；壁仞科技最新上任的联席CEO李新荣，曾任AMD全球副总裁，壁仞科技高级副总裁陈文中也曾在AMD任职。\n对此，章高男表示，AMD是GPU领域排名前二的芯片巨头，关于GPU核心研发都在上海，而图形渲染的研发是在美国，企业可以去找AMD和英伟达两家公司高管去沟通，而最终选择的人肯定是半导体行业内的佼佼者。\n鄢贵海认为，在细分新兴赛道，凭借需求侧的应用“势能”，中国芯片企业集中优势兵力，立足服务本土企业，突出开发的敏捷性，是有机会在产品定义、方案迭代周期上超越“英伟达”这些芯片巨头。他预计，10年内会出现一批技术领先的国产GPU、DPU企业。\n“芯片产业五个环节：设计、制造、封测、材料、EDA五个环节中，与应用最相关的是设计，我们最大的优势又在于应用，所以非常有机会在“设计”这一环节取得突破，然后以点带面，逐步扩大胜利版图。所谓“弯道超车”还是追赶策略，切入面向未来的新赛道并且全力加速才更有可能占据新的战略制高点。希望能在10年内能出现一批技术领先、产品扎实而且富有战略意识的企业。”鄢贵海对钛媒体App表示。\n壁仞科技创始人张文表示，对芯片公司的能力要求从产品级提升到系统级和生态级。时间上不超过5年，中国在AI芯片设计领域赶上甚至领先国际水准。他强调，超越英伟达，需要重新定义一个产品，以及重新定义一个市场。\n百亿DPU芯片市场“爆火”\n在黄仁勋看来，负责在数据中心传输和处理数据的数据处理单元（DPU），正与CPU、GPU共同组成“未来计算的三大支柱”。当中国芯片企业发力GPU时，英伟达则把目光放在了CPU、DPU这两个新市场中。\n2020年9月，英伟达宣布拟以400亿美元，从日本软件集团处收购英国芯片设计商Arm，预计写下半导体行业最大的并购案。但这笔交易存有争议，目前还等待欧盟、英国、美国和中国等政府的批准。但2021年4月，英伟达则宣布进军数据中心CPU市场，发布Grace CPU处理器，也就是本文开头黄仁勋所讲的那一段话。（详见钛媒体App前文：《英国政府出手干预，英伟达400亿美元并购Arm交易生变》）\nCPU和GPU之外，英伟达还在布局DPU。2019年，英伟达宣布以69亿美元全现金的形式收购以色列网络芯片商迈络思（Mellanox），并最终将其拿下。而这笔英伟达有史以来规模最大的收购，黄仁勋最看重的就是迈络思在数据中心技术等方面独步天下的能力。2020年10月，英伟达首次推出了DPU — NVIDIA BlueField系列数据处理器。\n究其根本，一方面DPU更灵活安全，更重要的是，DPU可以解放CPU的算力，释放服务器的负载，并凭借低功耗显著降低综合成本，甚至还可以改善AI和机器学习应用的性能。\n据IDC统计，全球算力的需求每3.5个月就会翻一倍，远远超过了当前算力的增长速度。在此驱动下，全球计算、存储和网络基础设施也在发生根本转变：一些数据量过大的工作负载，过多占用CPU资源，与之协同作战的各种“X”PU芯片便应运而生，GPU、FPGA等芯片之外，DPU就是下一个“X”PU。\n业内人士就此做了一个形象的比喻，网络就像造马路，以前1G 10G时代马路已经不够宽了，车子越来越多，为了平衡压力，通过增加红绿灯和投入更多的交警来更高的协调资源，这样已经让原来的效率提高很多，但是仍然不够。必须第一扩大马路，这就是带宽增加，但是马路从2道变为4道，仅仅依靠红绿灯和有限的交警还是会堵塞，但是我们不能无限增加交警，这就需要马路能更加智能，帮助解决拥堵。\n章高男指出，大量的网络管理在CPU里面，占据了容器能力，而DPU则是将服务器智能提供空间能力，大量虚拟化空间可以提高算力需求。\n随着2020年，DPU的名声超出了竞争对手英特尔所推出的基础设施处理器(IPU)和SmartNIC，也让每个对数据中心业务虎视眈眈的企业都要在这个领域分一杯羹。DPU成为了各大芯片巨头、初创公司争相研发的新赛道，国产DPU现在几乎处在百花齐放的状态，红杉、高瓴创投、鼎晖、软银中国都开始入场。\n今年4月，天眼查数据显示，国产DPU芯片供应商“云豹智能”完成腾讯投资、红杉资本、耀途资本等联合的天使轮融资；5月末，芯启源完成数亿元Pre-A轮融资，投资方包括软银中国、浦东科创集团等；7月27日，DPU芯片研发商“中科驭数”完成华泰创新领投的数亿元A轮融资；8月30日，DPU芯片研发商星云智联宣布完成了数亿元天使轮融资，由高瓴创投领投，鼎晖VGC、华登国际中国基金参与跟投；9月初，IDG资本豪掷“云脉芯联”天使轮融资项目。\n“DPU有可能成为继CPU和GPU之后的第三颗算力芯片，但从结构上来看，DPU会更异构、也更专用。”鄢贵海在接受钛媒体App等采访时表示，DPU产生的背景是智能时代数据爆发导致的端-边-云一体化趋势带来的对计算延迟、数据安全、资源虚拟化需求。CPU对这些非业务性负载已不堪重负，迫切需要一个理想的对象来分担这些计算负载。\n头豹研究院则预测，中国DPU市场规模预计将在2025年达到37.4亿美元。全球DPU市场规模2025年预计将达到135.7亿美元。同时报告也指出，数据流通是DPU最大的应用市场，其中裸金属服务其对DPU存在刚需。DPU在电信市场的应用主要为边缘计算场景，渗透率不足5%。针对智能驾驶领域的DPU仍在探索阶段，预计在2023年DPU才有望布局在智能驾驶领域。\n中国DPU市场规模，2020-2025年预测，来源：头豹研究院\n鄢贵海指出，CPU的性能从5-10年前每年30%的增幅，到三年前大概只有每年不到3%的性能增幅。而网络带宽每年依旧还有35%左右的增长。\n以中泰证券为例，当时该公司遇到的挑战是，交易报单合规检查太慢，需要提高交易效率。于是，中科驭数与中泰证券、上交所技术有限责任公司联合研发了一套极速风控系统解决方案，来加速这一流程。中科驭数相继研发了超低时延智能网卡、数据计算加速卡等多套产品和解决方案，主要面向高带宽、低时延、数据密集型等场景。该公司今年已经实现千万级别的季度营收。中科驭数的下一代DPU芯片预计将于2021年底完成设计，预计可处理高达200G网络带宽数据。\n不过，DPU市场虽然火爆，但概念较新，未知更多，投资风险也会更大。\n芯启源CEO卢笙指出，目前DPU细分赛道的壁垒还是相对较高的，除了技术壁垒之外，还有市场的壁垒，需要客户不断迭代，尤其是配合开源软件不断升级去适配客户快速变化的软硬件环境。因此VC（风险投资）在投资之前，一定要先认可赛道，且有足够的耐心。他强调，投资人需要对市场进行不断地观察并调整判断，现在谁也无法预料未来DPU发展前景。\n也有媒体认为，当英伟达进入新开辟的CPU和DPU战场，对中国的GPU厂商或许是个利好，尤其英伟达依然花大量精力放在400亿美元收购英国芯片设计商Arm公司的并购交易上，这对新创GPU企业而言，可能是个追赶的时机。\n正如章高男对钛媒体App所说，“从逻辑上讲，门槛不高的事情通常稀缺性都不高。（芯片半导体赛道）有些事情是很难的，需要长时间投入，虽然是高风险，但总归得有人去做。这是真正对国家有利的长远投入，其实应该鼓励投资。否则的话，这些需要长时间投入的难事，谁都不去做，你永远上不了台阶。”\n章高男强调，虽然风险投资肯定要追求回报，但他认为，在整个资金分配合理情况下，拿出一部分投资半导体赛道的初创企业，不仅有极强的社会意义，更是某种长期价值投资的重要体现。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835181518,"gmtCreate":1629693720734,"gmtModify":1676530102079,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3457141092286042","authorIdStr":"3457141092286042"},"themes":[],"htmlText":"smart&nbsp;money","listText":"smart&nbsp;money","text":"smart money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/835181518","repostId":"2161474406","repostType":4,"repost":{"id":"2161474406","kind":"news","pubTimestamp":1629684482,"share":"https://ttm.financial/m/news/2161474406?lang=en_US&edition=fundamental","pubTime":"2021-08-23 10:08","market":"sh","language":"zh","title":"Ali is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2161474406","media":"证券市场红周刊","summary":"受监管阴影等因素影响的互联网电商巨头——阿里巴巴，股价不断创下年内新低，市值大幅缩水。但据阿里的美股二季度机构持仓来看，在1757家持仓机构中，约7成机构给予了阿里“赞成票”，对于阿里的未来预期，机构","content":"<p>Internet e-commerce giants affected by regulatory shadows and other factors-<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the stock price continued to hit new lows during the year, and the market value shrank sharply. However, according to Ali's institutional holdings of U.S. stocks in the second quarter, about 70% of the 1,757 holding institutions gave Ali a \"yes vote\". Regarding Ali's future expectations, the attitude of institutions is far from \"so pessimistic.\" From the perspective of institutions, the \"decline in preference caused by supervision\" has been fully reflected. Others believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy bargains\".</p><p><b>Nearly 70% of foreign-funded institutions were \"bullish\" on Ali in the second quarter</b></p><p><b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>, Schroders, Morgan and other institutions increased their holdings</b></p><p>As of the close on August 19, Eastern Time (the same below), the position data disclosed by U.S. stock institutions showed that in the second quarter, institutions were generally \"optimistic\" about Ali's position adjustment.</p><p>For example, the latest data disclosed by 13F shows that as of the end of the second quarter, a total of 1,757 institutions held positions in Ali, which was basically the same as the 1,749 positions held in the first quarter. Looking further, among the 1,757 Ali institutions with positions in the second quarter, the number of institutions with increased holdings, unchanged positions, and new entry was 703, 245, and 248 respectively, totaling 1,196, accounting for 68% of the proportion of Ali institutions with positions in the second quarter.. In contrast, there were 561 and 240 institutions that reduced their holdings and cleared their positions respectively.</p><p>Affected by the sharp drop in stock prices, at the end of the second quarter, the total market value of institutional holdings in Ali was US $149.5 billion, and the market value of this position has dropped to the lowest level in nearly five quarters. In addition, the proportion of institutional holdings is also declining, with the latest shareholding ratio being 24.34%.</p><p>From a vertical comparison, as of 2020-6-30, institutional holdings in Ali accounted for 44.11%, and the market value of the holdings was US $255.2 billion; As of 2020-09-30, the proportion and market value of institutional holdings in Ali were 40.73% and US $321.2 billion respectively; As of 2020-12-31, the shareholding ratio and market value were 36.19% and US $228.3 billion respectively; As of 2021-3-30, they were 32.55% and US $200 billion respectively.</p><p>Figure 1 Institutional positions in Ali in the past five quarters</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164254152v1546m6vw5iwjn6\" tg-width=\"960\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Judging from the overweight list, Goldman Sachs (GOLDMAN SACHS GROUP INC) currently holds the highest market value in Ali, reaching US $6.9 billion. In the second quarter, Goldman Sachs increased its position in Ali by 23.86%. Currently, it is Goldman Sachs' fifth largest holding in the second quarter. (Note: Goldman Sachs' total market value in the second quarter was US $446.3 billion)</p><p>It is worth mentioning that Goldman Sachs' increase in Ali's holdings is not a short-term action, but a \"long-term behavior.\" According to Wind data, in the third quarter of 2014, Goldman Sachs opened a position in Ali. At that time, the position was only US $230.322 million. As of the end of the second quarter of this year, it had held positions for 25 consecutive quarters, and continued to increase its positions during this period.</p><p>Figure 2 Goldman Sachs holds Alibaba</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164304962v1549gnmmmnlcik\" tg-width=\"794\" tg-height=\"230\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In addition, the companies that increased their holdings in Ali in the second quarter and had the largest market value include SCHRODER INVESTMENT MANAGEMENT GROUP (SCHRODER INVESTMENT MANAGEMENT GROUP), MORGAN STANLEY (<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>), PRIMECAP Management Company, etc.</p><p>Table 1 Major Masukura Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164305849v154jrxrz96v7ym\" tg-width=\"588\" tg-height=\"884\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In contrast, in the second quarter, a total of 561 institutions lightened their positions in Ali. Statistics show that 332 companies have reduced their positions by less than 20%, and 136 companies have reduced their positions by 20% to 50%. There are 93 institutions that have reduced their positions by > 50%, of which 39 institutions have reduced their positions by more than 80%, such as BLACKROCK INC. (<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>) lightened positions by 88.28%, and the market value of positions dropped from US $19.01 billion at the end of the first quarter of this year to US $2.23 billion. In addition, STATE STREET CORP (USA<a href=\"https://laohu8.com/S/STT\">State Street Corp</a>) The lightening range is also as high as 86.23%;</p><p>Table 2 Major lightening positions in Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164312662v154fvtq2a3wmt8\" tg-width=\"633\" tg-height=\"835\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>The stock price \"cut in half\" and the market value shrank by more than 400 billion US dollars</b></p><p>\"Regulation\" fully reflects that the valuation has become \"attractive\"</p><p>As of the close of trading on August 19, Eastern Time, Alibaba (BABA.US) fell 6.85% that day, setting a new low for the year. Since the beginning of this year, Alibaba's cumulative decline has reached 31%. Since the high point on October 27 last year, the cumulative decline has been nearly 50%, which is almost \"halved\".</p><p>Figure 3 Ali's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164323739v154cu4vh1o2d6g\" tg-width=\"1080\" tg-height=\"471\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>With the stock price falling, Ali's market value shrank sharply. At present, Ali's latest market value is approximately US $436.4 billion, a decrease of US $187.9 billion from US $624.3 billion at the beginning of the year, and a decrease of US $414.3 billion from the high of US $850.7 billion on October 27 last year.</p><p>Figure 4 Changes in Ali's market value (USD 100 million)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164325203v154avjz8v2h2jh\" tg-width=\"803\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Looking further, Ali's valuation level has also declined further. Since the beginning of this year, Ali's valuation has mostly remained between 20 times and 30 times, and the latest valuation is only about 20 times.</p><p>Figure 5 Changes in Ali's valuation level</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164331028v15445zmhdffl5o\" tg-width=\"814\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>Ali's long-term investment value gradually becomes prominent</b></p><p><b>But it is not recommended to rashly \"buy the bottom\"</b></p><p>Similar to the fact that most investment institutions held a \"positive attitude\" towards Ali in the second quarter, brokers also gave Ali an \"optimistic prediction\".</p><p>Such as<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>According to its research report released in early August, Alibaba released its FY2022Q1 results, and its core business grew steadily. It believes that the continuous adjustment of the stock price has reflected the pessimistic expectations of the impact of the company's new business investment on performance growth, and the impact of regulatory risks. Valuation preference declines. With the continuous advancement of Alibaba's new business, the company's technology and service capabilities have shown a significant improvement trend. The company still has a good relative competitive advantage, and maintains an optimistic judgment on the company's medium and long-term development.</p><p><a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) believes that the playing field has become more level as regulators ban price dumping to promote sales, and Ali's advantages such as sufficient cash reserves and strong supply chain capabilities (such as<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>The supply of fresh food and fast-moving consumer goods) can be more highlighted. In addition, Ali promised to focus on long-term value and will increase investment in supply chain, fulfillment capabilities and infrastructure.</p><p>Some people believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy the bottom\". For example, Xueqiu Big V @ Chen Da US Stock Investment said that Ali's valuation hit a new low, \"but it will not rush to buy the bottom...\".</p><p>Judging from the feedback from many investors interviewed by \"Red Weekly\", for Ali's long-term investment value, the vast majority are \"bullish\", but in the short term, the fluctuations caused by reduced risk appetite may continue.</p><p>This may also lead to the fact that although investment requires \"being a friend of time\", which is a well-known good saying for individuals, there may still be a few who can really do it in practice.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ali is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAli is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-23 10:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Internet e-commerce giants affected by regulatory shadows and other factors-<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the stock price continued to hit new lows during the year, and the market value shrank sharply. However, according to Ali's institutional holdings of U.S. stocks in the second quarter, about 70% of the 1,757 holding institutions gave Ali a \"yes vote\". Regarding Ali's future expectations, the attitude of institutions is far from \"so pessimistic.\" From the perspective of institutions, the \"decline in preference caused by supervision\" has been fully reflected. Others believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy bargains\".</p><p><b>Nearly 70% of foreign-funded institutions were \"bullish\" on Ali in the second quarter</b></p><p><b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>, Schroders, Morgan and other institutions increased their holdings</b></p><p>As of the close on August 19, Eastern Time (the same below), the position data disclosed by U.S. stock institutions showed that in the second quarter, institutions were generally \"optimistic\" about Ali's position adjustment.</p><p>For example, the latest data disclosed by 13F shows that as of the end of the second quarter, a total of 1,757 institutions held positions in Ali, which was basically the same as the 1,749 positions held in the first quarter. Looking further, among the 1,757 Ali institutions with positions in the second quarter, the number of institutions with increased holdings, unchanged positions, and new entry was 703, 245, and 248 respectively, totaling 1,196, accounting for 68% of the proportion of Ali institutions with positions in the second quarter.. In contrast, there were 561 and 240 institutions that reduced their holdings and cleared their positions respectively.</p><p>Affected by the sharp drop in stock prices, at the end of the second quarter, the total market value of institutional holdings in Ali was US $149.5 billion, and the market value of this position has dropped to the lowest level in nearly five quarters. In addition, the proportion of institutional holdings is also declining, with the latest shareholding ratio being 24.34%.</p><p>From a vertical comparison, as of 2020-6-30, institutional holdings in Ali accounted for 44.11%, and the market value of the holdings was US $255.2 billion; As of 2020-09-30, the proportion and market value of institutional holdings in Ali were 40.73% and US $321.2 billion respectively; As of 2020-12-31, the shareholding ratio and market value were 36.19% and US $228.3 billion respectively; As of 2021-3-30, they were 32.55% and US $200 billion respectively.</p><p>Figure 1 Institutional positions in Ali in the past five quarters</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164254152v1546m6vw5iwjn6\" tg-width=\"960\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Judging from the overweight list, Goldman Sachs (GOLDMAN SACHS GROUP INC) currently holds the highest market value in Ali, reaching US $6.9 billion. In the second quarter, Goldman Sachs increased its position in Ali by 23.86%. Currently, it is Goldman Sachs' fifth largest holding in the second quarter. (Note: Goldman Sachs' total market value in the second quarter was US $446.3 billion)</p><p>It is worth mentioning that Goldman Sachs' increase in Ali's holdings is not a short-term action, but a \"long-term behavior.\" According to Wind data, in the third quarter of 2014, Goldman Sachs opened a position in Ali. At that time, the position was only US $230.322 million. As of the end of the second quarter of this year, it had held positions for 25 consecutive quarters, and continued to increase its positions during this period.</p><p>Figure 2 Goldman Sachs holds Alibaba</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164304962v1549gnmmmnlcik\" tg-width=\"794\" tg-height=\"230\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In addition, the companies that increased their holdings in Ali in the second quarter and had the largest market value include SCHRODER INVESTMENT MANAGEMENT GROUP (SCHRODER INVESTMENT MANAGEMENT GROUP), MORGAN STANLEY (<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>), PRIMECAP Management Company, etc.</p><p>Table 1 Major Masukura Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164305849v154jrxrz96v7ym\" tg-width=\"588\" tg-height=\"884\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In contrast, in the second quarter, a total of 561 institutions lightened their positions in Ali. Statistics show that 332 companies have reduced their positions by less than 20%, and 136 companies have reduced their positions by 20% to 50%. There are 93 institutions that have reduced their positions by > 50%, of which 39 institutions have reduced their positions by more than 80%, such as BLACKROCK INC. (<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>) lightened positions by 88.28%, and the market value of positions dropped from US $19.01 billion at the end of the first quarter of this year to US $2.23 billion. In addition, STATE STREET CORP (USA<a href=\"https://laohu8.com/S/STT\">State Street Corp</a>) The lightening range is also as high as 86.23%;</p><p>Table 2 Major lightening positions in Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164312662v154fvtq2a3wmt8\" tg-width=\"633\" tg-height=\"835\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>The stock price \"cut in half\" and the market value shrank by more than 400 billion US dollars</b></p><p>\"Regulation\" fully reflects that the valuation has become \"attractive\"</p><p>As of the close of trading on August 19, Eastern Time, Alibaba (BABA.US) fell 6.85% that day, setting a new low for the year. Since the beginning of this year, Alibaba's cumulative decline has reached 31%. Since the high point on October 27 last year, the cumulative decline has been nearly 50%, which is almost \"halved\".</p><p>Figure 3 Ali's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164323739v154cu4vh1o2d6g\" tg-width=\"1080\" tg-height=\"471\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>With the stock price falling, Ali's market value shrank sharply. At present, Ali's latest market value is approximately US $436.4 billion, a decrease of US $187.9 billion from US $624.3 billion at the beginning of the year, and a decrease of US $414.3 billion from the high of US $850.7 billion on October 27 last year.</p><p>Figure 4 Changes in Ali's market value (USD 100 million)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164325203v154avjz8v2h2jh\" tg-width=\"803\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Looking further, Ali's valuation level has also declined further. Since the beginning of this year, Ali's valuation has mostly remained between 20 times and 30 times, and the latest valuation is only about 20 times.</p><p>Figure 5 Changes in Ali's valuation level</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164331028v15445zmhdffl5o\" tg-width=\"814\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>Ali's long-term investment value gradually becomes prominent</b></p><p><b>But it is not recommended to rashly \"buy the bottom\"</b></p><p>Similar to the fact that most investment institutions held a \"positive attitude\" towards Ali in the second quarter, brokers also gave Ali an \"optimistic prediction\".</p><p>Such as<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>According to its research report released in early August, Alibaba released its FY2022Q1 results, and its core business grew steadily. It believes that the continuous adjustment of the stock price has reflected the pessimistic expectations of the impact of the company's new business investment on performance growth, and the impact of regulatory risks. Valuation preference declines. With the continuous advancement of Alibaba's new business, the company's technology and service capabilities have shown a significant improvement trend. The company still has a good relative competitive advantage, and maintains an optimistic judgment on the company's medium and long-term development.</p><p><a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) believes that the playing field has become more level as regulators ban price dumping to promote sales, and Ali's advantages such as sufficient cash reserves and strong supply chain capabilities (such as<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>The supply of fresh food and fast-moving consumer goods) can be more highlighted. In addition, Ali promised to focus on long-term value and will increase investment in supply chain, fulfillment capabilities and infrastructure.</p><p>Some people believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy the bottom\". For example, Xueqiu Big V @ Chen Da US Stock Investment said that Ali's valuation hit a new low, \"but it will not rush to buy the bottom...\".</p><p>Judging from the feedback from many investors interviewed by \"Red Weekly\", for Ali's long-term investment value, the vast majority are \"bullish\", but in the short term, the fluctuations caused by reduced risk appetite may continue.</p><p>This may also lead to the fact that although investment requires \"being a friend of time\", which is a well-known good saying for individuals, there may still be a few who can really do it in practice.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108221643477c31a0c8&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"GS":"高盛","BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108221643477c31a0c8&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2161474406","content_text":"受监管阴影等因素影响的互联网电商巨头——阿里巴巴，股价不断创下年内新低，市值大幅缩水。但据阿里的美股二季度机构持仓来看，在1757家持仓机构中，约7成机构给予了阿里“赞成票”，对于阿里的未来预期，机构的态度远未“如此悲观。” 在机构来看，受“监管导致的偏好下降”已获充分反映，另有观点认为，阿里“目前估值已经颇具吸引力”，但“抄底时机”还为时尚早。\n二季度外资机构近7成“看多”阿里\n高盛、施罗德、摩根等机构增持\n截至美东时间8月19日收盘（下同），美股机构披露的持仓数据显示，二季度，机构对阿里的调仓整体偏“乐观”。\n如13F最新披露数据显示，截至二季度末，共有1757家机构持仓阿里，与第一季度1749家的持仓数量基本持平。进一步来看，在二季度1757家持仓阿里机构中，给予增持、持仓未变、新进的机构家数分别为703、245、248，合计为1196家，占二季度持仓阿里机构比例为68%。与之相对，减持、清仓的机构分别为561、240家。\n受股价重挫影响，二季度末，机构持仓阿里的总市值为1495亿美元，该持仓市值水平已经降至近五个季度最低水平。此外，机构的持仓占比也在不断下降，最新的持股比例为24.34%。\n纵向对比来看，截至2020-6-30，机构持仓阿里占比为44.11%，持仓市值为2552亿美元；截至2020-09-30，机构持仓阿里占比和市值分别为40.73%与3212亿美元；截至2020-12-31，持股占比和市值分别为36.19%与2283亿美元；截至2021-3-30则分别为32.55%与2000亿美元。\n图1 机构近五个季度持仓阿里\n\n数据来源：Wind\n从增持名单来看，高盛（GOLDMAN SACHS GROUP INC）目前持仓阿里市值最高，达69亿美元，二季度，高盛增仓阿里23.86%，目前，为高盛二季度第五大重仓股。（注：高盛二季度总持仓市值为4463亿美元）\n值得一提的是，高盛对阿里的增持并非短期动作，而是“长情行为”。据Wind数据显示，曾在2014年3季度，高盛即建仓阿里，当时持仓仅23,032.2万美元，截至今年2季度末，已连续持仓达25个季度，且在其间不断增仓。\n图2 高盛持仓阿里巴巴\n\n数据来源：Wind\n另外，二季度对阿里进行增持且持仓市值居前的公司还包括SCHRODER INVESTMENT MANAGEMENT GROUP（施罗德投资管理集团）、MORGAN STANLEY（摩根士丹利）、PRIMECAP管理公司等。\n表1 二季度主要增仓阿里机构（部分）\n\n数据来源：Wind\n与之相对，二季度，共有561家机构对阿里进行了减仓。统计显示，减仓幅度＜20%的公司332家，减仓幅度在20%~50%的公司有136家。减仓幅度＞50%的机构有93家，其中有39家机构减仓超过80%，如BLACKROCK INC.（贝莱德）减仓达88.28 %，持仓市值由今年一季度末的190.1亿美元降至22.3亿美元。此外，STATE STREET CORP（美国道富银行）减仓幅度同样高达86.23 %；\n表2 二季度主要减仓阿里机构（部分）\n\n数据来源：Wind\n股价“腰斩”市值缩水超4000亿美元\n“监管”充分反映估值已具“吸引力\n截至美东时间8月19日收盘，阿里巴巴(BABA.US)当日重挫6.85%，刷新年内新低，今年以来，阿里累计跌幅已经达到了31%。而自去年10月27日高点至今，累计跌幅已近50%，几近“腰斩”。\n图3 阿里股价表现\n\n数据来源：Wind\n伴随股价下跌，阿里市值大幅缩水。目前来看，阿里最新市值为约4364亿美元，相较于年初6243亿美元缩水1879亿美元，相较于去年10月27日高点8507亿美元市值缩水4143亿美元。\n图4 阿里市值变化（亿美元）\n\n数据来源：Wind\n进一步来看，阿里估值水平也出现进一步下降。今年以来，阿里估值多保持在20倍~30倍之间，最新估值仅在20倍左右。\n图5 阿里估值水平变化\n\n数据来源：Wind\n阿里长线投资价值逐步凸显\n但不建议贸然“抄底”\n与二季度多数投资机构对阿里持有“积极态度”相通，券商也同样给予阿里“乐观预判”。\n如中信证券，据其8月上旬发布的研究报告指出，阿里巴巴发布FY2022Q1业绩，核心商业稳健增长，其认为，股价经过持续调整，已反映公司新业务投入对业绩增长影响的悲观预期，及监管风险带来的估值偏好下降。而伴随着阿里巴巴新业务的不断推进，公司的技术和服务能力呈现明显提升态势，公司依然具有较好的相对竞争优势，维持对公司中长期发展的乐观判断。\n招商证券(香港) 认为，由于监管机构禁止通过价格倾销来促销，竞争环境变得更加公平，而阿里的优势如充足的现金储备，以及强大的供应链能力（如高鑫零售在生鲜、快消品类的供给）则更能被凸显。此外，阿里承诺将着眼于长期价值，并将加大在供应链、履约能力和基础设施上的投入。\n有观点认为，阿里“目前估值已经颇具吸引力”，但“抄底时机”还为时尚早。如雪球大V@陈达美股投资表示，阿里的估值创新低，“但不会贸然抄底...”。\n而从《红周刊》采访的多位投资人反馈来看，对于阿里的长期投资价值 ，“看多”的占绝大多数，但短期而言，风险偏好降低带来的波动或仍将持续。\n这也可能就会导致，虽然投资需要“做时间的朋友”是个人尽皆知的良言，但实操中真正能做到的可能仍是少数。","news_type":1,"symbols_score_info":{"48391":0.6,"48454":0.6,"48469":0.6,"48473":0.6,"48477":0.6,"48522":0.6,"48566":0.6,"48568":0.6,"48622":0.6,"48711":0.6,"GS":0.9,"09988":0.6,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182256042,"gmtCreate":1623581157186,"gmtModify":1704206577588,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3457141092286042","authorIdStr":"3457141092286042"},"themes":[],"htmlText":"byd","listText":"byd","text":"byd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182256042","repostId":"2142057207","repostType":2,"repost":{"id":"2142057207","kind":"news","pubTimestamp":1623469143,"share":"https://ttm.financial/m/news/2142057207?lang=en_US&edition=fundamental","pubTime":"2021-06-12 11:39","market":"hk","language":"zh","title":"BYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks","url":"https://stock-news.laohu8.com/highlight/detail?id=2142057207","media":"腾讯新闻","summary":"王传福表示，比亚迪从2008年就决定坚持使用磷酸铁锂电池，这背后的主要原因是，三元电池用了很多钴、镍，中国没有钴、镍也很少，中国不能从石油的卡脖子转成钴、镍的卡脖子，真正大规模使用的电池不能依赖稀有金属。比亚迪在去年3月推出了首创的刀片电池，让电池的发展走上更健康、可持续的道路。中国电动车装载磷酸铁锂电池的比例已上升至50%，还在继续上升。磷酸铁锂电池更安全，不被稀有金属卡脖子，成本也更有竞争力。","content":"<p><html><body><article>On the evening of June 9th, the 2021 Yabuli Chinese Entrepreneur Forum \"China Business Mind\" was held.<a href=\"https://laohu8.com/S/01211\">BYD shares</a>Wang Chuanfu, chairman and president of the company, also issued a comment on<a href=\"https://laohu8.com/S/002594\">BYD</a>Strategy and New Energy Vehicle Industry Views.</p><p>Wang Chuanfu said that BYD has decided to insist on using lithium iron phosphate batteries since 2008. The main reason behind this is,<strong>Ternary batteries use a lot of cobalt and nickel. China has no cobalt and very little nickel. China cannot change from the stuck neck of oil to the stuck neck of cobalt and nickel. Truly large-scale batteries cannot rely on rare metals.</strong></p><p>The development of electric vehicles has brought many safety problems: spontaneous combustion, explosion, and combustion. BYD launched its first blade battery in March last year, putting battery development on a healthier and more sustainable path.</p><p>Today's blade batteries solve the problem of energy density and safety, deleting \"spontaneous combustion\" from the dictionary of new energy vehicles.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114324403d17321fmbv59acs\"/>In 2008, everyone was most concerned about the cruising range of new energy vehicles, but now everyone is most concerned about safety.<strong>Only by solving the pain points of the market can the blade battery truly seize the market.</strong></p><p>The proportion of electric vehicles equipped with lithium iron phosphate batteries in China has risen to 50% and continues to rise.<strong>Lithium iron phosphate batteries are safer, not stuck by rare metals, and the cost is more competitive.</strong></p><p>In addition, Wang Chuanfu also said that the development momentum of new energy vehicles this year is very good. BYD has ushered in an unprecedented period of development and growth. BYD's achievements today depend on persistence.</p><p>BYD released a promotional video in 2008. At that time, many people couldn't understand it. Is battery energy storage possible? Are electric vehicles possible?</p><p>An entrepreneur should have a good strategic vision, but more importantly, persistence.<strong>BYD announced that it would make electric vehicles, and its stock price fell by 40%.<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Lost a lot of money, but BYD always persisted.</strong>In 2008, electric vehicles could only achieve a mileage of 300 kilometers, but now they can reach 600 kilometers.</p><p>BYD, build your dream, this dream is a \"green\" dream. It has been 260 years since the first industrial revolution of mankind. In 260 years, we have used up half of the fossil energy. What will mankind do in another 250 years?</p><p>How to solve the energy problem? How to solve the problem of sustainability? This is the responsibility of entrepreneurs.</p><p>In 2008, BYD proposed to use inexhaustible energy-solar energy, and battery energy storage-iron batteries to develop electric vehicles. 72% of China's oil is imported, and 70% of the imported oil is shipped to shore by southern sea. Of all oil, 70 is used in automobiles. From these data, it can be seen that the urgency of developing electric vehicles in China far exceeds that of other countries.</p><p>As an entrepreneur, you have little power and can only solve problems from a technical point of view.<strong>At that time, solar energy was 1.6 euros/watt, which was equivalent to 15 yuan. At that time, from a technical perspective, BYD believed that it would achieve 1.3 yuan/watt in ten years, and now it has done it.</strong></p><p>At that time, the cycle life of the battery was only 3,000 times, but now iron batteries can do 16,000 times. Electric vehicles at that time<span>Market share</span>From approximately equal to 0, the penetration rate is now as high as 11.3%. In September last year, the country proposed to peak carbon emissions in 2030 and become carbon neutral in 2060, and new energy will usher in development opportunities.</p><p>BYD discovered three future trends in 2008:<strong>Solar energy and energy storage power stations, electric vehicles, and semiconductors based on electric vehicles have ushered in unprecedented opportunities.</strong></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114329910d173aee0i7s0tp5\"/></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-06-12 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On the evening of June 9th, the 2021 Yabuli Chinese Entrepreneur Forum \"China Business Mind\" was held.<a href=\"https://laohu8.com/S/01211\">BYD shares</a>Wang Chuanfu, chairman and president of the company, also issued a comment on<a href=\"https://laohu8.com/S/002594\">BYD</a>Strategy and New Energy Vehicle Industry Views.</p><p>Wang Chuanfu said that BYD has decided to insist on using lithium iron phosphate batteries since 2008. The main reason behind this is,<strong>Ternary batteries use a lot of cobalt and nickel. China has no cobalt and very little nickel. China cannot change from the stuck neck of oil to the stuck neck of cobalt and nickel. Truly large-scale batteries cannot rely on rare metals.</strong></p><p>The development of electric vehicles has brought many safety problems: spontaneous combustion, explosion, and combustion. BYD launched its first blade battery in March last year, putting battery development on a healthier and more sustainable path.</p><p>Today's blade batteries solve the problem of energy density and safety, deleting \"spontaneous combustion\" from the dictionary of new energy vehicles.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114324403d17321fmbv59acs\"/>In 2008, everyone was most concerned about the cruising range of new energy vehicles, but now everyone is most concerned about safety.<strong>Only by solving the pain points of the market can the blade battery truly seize the market.</strong></p><p>The proportion of electric vehicles equipped with lithium iron phosphate batteries in China has risen to 50% and continues to rise.<strong>Lithium iron phosphate batteries are safer, not stuck by rare metals, and the cost is more competitive.</strong></p><p>In addition, Wang Chuanfu also said that the development momentum of new energy vehicles this year is very good. BYD has ushered in an unprecedented period of development and growth. BYD's achievements today depend on persistence.</p><p>BYD released a promotional video in 2008. At that time, many people couldn't understand it. Is battery energy storage possible? Are electric vehicles possible?</p><p>An entrepreneur should have a good strategic vision, but more importantly, persistence.<strong>BYD announced that it would make electric vehicles, and its stock price fell by 40%.<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Lost a lot of money, but BYD always persisted.</strong>In 2008, electric vehicles could only achieve a mileage of 300 kilometers, but now they can reach 600 kilometers.</p><p>BYD, build your dream, this dream is a \"green\" dream. It has been 260 years since the first industrial revolution of mankind. In 260 years, we have used up half of the fossil energy. What will mankind do in another 250 years?</p><p>How to solve the energy problem? How to solve the problem of sustainability? This is the responsibility of entrepreneurs.</p><p>In 2008, BYD proposed to use inexhaustible energy-solar energy, and battery energy storage-iron batteries to develop electric vehicles. 72% of China's oil is imported, and 70% of the imported oil is shipped to shore by southern sea. Of all oil, 70 is used in automobiles. From these data, it can be seen that the urgency of developing electric vehicles in China far exceeds that of other countries.</p><p>As an entrepreneur, you have little power and can only solve problems from a technical point of view.<strong>At that time, solar energy was 1.6 euros/watt, which was equivalent to 15 yuan. At that time, from a technical perspective, BYD believed that it would achieve 1.3 yuan/watt in ten years, and now it has done it.</strong></p><p>At that time, the cycle life of the battery was only 3,000 times, but now iron batteries can do 16,000 times. Electric vehicles at that time<span>Market share</span>From approximately equal to 0, the penetration rate is now as high as 11.3%. In September last year, the country proposed to peak carbon emissions in 2030 and become carbon neutral in 2060, and new energy will usher in development opportunities.</p><p>BYD discovered three future trends in 2008:<strong>Solar energy and energy storage power stations, electric vehicles, and semiconductors based on electric vehicles have ushered in unprecedented opportunities.</strong></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114329910d173aee0i7s0tp5\"/></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202106121143317c13add3&s=b\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c98d33d3369990730a901b19fedfe1d4","relate_stocks":{"01211":"比亚迪股份","002594":"比亚迪","00285":"比亚迪电子"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202106121143317c13add3&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2142057207","content_text":"6月9日晚上，2021年亚布力中国企业家论坛“中国商业心灵”举行，比亚迪股份有限公司董事长兼总裁王传福，也发表了对比亚迪战略和新能源汽车行业的看法。王传福表示，比亚迪从2008年就决定坚持使用磷酸铁锂电池，这背后的主要原因是，三元电池用了很多钴、镍，中国没有钴、镍也很少，中国不能从石油的卡脖子转成钴、镍的卡脖子，真正大规模使用的电池不能依赖稀有金属。电动车发展带来了很多安全问题：自燃、爆炸、燃烧。比亚迪在去年3月推出了首创的刀片电池，让电池的发展走上更健康、可持续的道路。如今的刀片电池解决了能量密度问题，更解决了安全问题，将“自燃”从新能源车的字典中删除。2008年关于新能源车大家最关心续航里程，如今大家最关心的是安全问题。刀片电池解决了市场痛点，才能真正抓住市场。中国电动车装载磷酸铁锂电池的比例已上升至50%，还在继续上升。磷酸铁锂电池更安全，不被稀有金属卡脖子，成本也更有竞争力。此外，王传福还表示，今年新能源车发展势头都很好，比亚迪迎来从未有过的发展期和成长期，比亚迪今天的成绩靠的是坚持。2008年比亚迪发布宣传片，当时很多人都看不懂，电池储能可能吗？电动车可能实现吗？一个企业家要有很好的战略眼光，但是更重要的是坚持。比亚迪宣布做电动车，股价跌了40%，太阳能亏了很多钱，但比亚迪始终在坚持。2008年电动车只能做到300公里里程，现在可以达到600公里。BYD，build your dream，这个梦想是“绿色”的梦想。人类从第一次工业革命到现在260年，260年，我们已经用掉了一半的化石能源，再过250年人类怎么办？如何解决能源问题？如何解决可持续发展问题？这就是企业家的责任。比亚迪在2008年提出，要利用用之不竭的能源——太阳能，利用电池储能——铁电池，发展电动车。中国72%的石油依靠进口，进口石油中70%通过南海运到岸上。在所有石油中，70用于汽车。从这些数据看出，中国发展电动车的紧迫性远超其他国家。作为企业家没有什么权力，只能从技术角度解决问题。当时的太阳能1.6欧元/瓦，相当于15元人民币，当时比亚迪从技术的眼光，相信十年后会做到1.3元/瓦，现在做到了。电池当时的循环寿命只有3000次，现在铁电池可以做的16000次。电动车当时的市场占有率从约等于0，现在的渗透率已经高达11.3%。去年九月国家提出2030年碳达峰，2060年碳中和，新能源迎来发展的机遇。比亚迪在2008年就发现了未来的三个风口：太阳能和储能电站、电动车、基于电动车的半导体，这三个风口迎来了前所未有的机遇。","news_type":1,"symbols_score_info":{"002594":1,"00285":1,"01211":1}},"isVote":1,"tweetType":1,"viewCount":2463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":883952459,"gmtCreate":1631197933671,"gmtModify":1676530494740,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457141092286042","idStr":"3457141092286042"},"themes":[],"htmlText":"never","listText":"never","text":"never","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883952459","repostId":"2166195813","repostType":4,"repost":{"id":"2166195813","kind":"highlight","weMediaInfo":{"introduction":"新型财经科技信息服务提供商，专注TMT。技术改变商业，商业改变世界，我们纪录这个过程，并聚集这些改变世界的人。","home_visible":1,"media_name":"TMTPost","id":"1065587721","head_image":"https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c"},"pubTimestamp":1631170956,"share":"https://ttm.financial/m/news/2166195813?lang=en_US&edition=fundamental","pubTime":"2021-09-09 15:02","market":"hk","language":"zh","title":"When was \"Nvidia\" born in China?","url":"https://stock-news.laohu8.com/highlight/detail?id=2166195813","media":"TMTPost","summary":"这一事件引发了人们对虚拟现实、元宇宙、AI换脸等技术和概念的激烈讨论，同时也让“英伟达”这家美国芯片霸主从半导体行业“出圈”，走入了大众视野。另外，作为全球芯片销量大国，中国却没有出现一家“英伟达”这样的芯片巨头，大市场并没有产生与之匹配的大公司。","content":"<p><img src=\"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e\" tg-width=\"1200\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>CEO Huang Renxun (Image source: Nvidia official website)</p><p>\"The product I'm about to show incorporates new GPU-accelerated computing capabilities and has Mellanox high-performance network. The product that complements our last piece of the puzzle is-the world's first CPU processor designed for terabyte-level data center accelerated computing. Its secret code name is Grace.\"</p><p>This is a passage from NVIDIA CEO Jensen Huang's speech at the GTC Summit in April 2021. However, what is unexpected is that it was not until August 12 after Nvidia's self-exposure that people knew that the content of this speech, which was less than 100 words and 14 seconds, was not Huang Renxun himself, but a synthetic \"digital avatar\", that is, the \"virtual Huang Renxun\" image formed by Nvidia GPU processor and Omniverse software platform.</p><p>This incident triggered heated discussions on technologies and concepts such as virtual reality, metaverse, and AI face-changing. At the same time, it also allowed \"Nvidia\", the American chip overlord, to \"get out of the circle\" from the semiconductor industry and enter the public's field of vision.</p><p>Since its establishment in 1993, under the leadership of Huang Renxun, Nvidia has successfully created and led the category of GPU (graphics processor) chips, covering the entire PC device GPU to server GPU market. In the past five years,<b>Nvidia's market value has grown from US $31 billion to US $505 billion, becoming the world's seventh largest semiconductor supplier. It is artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>A hot star company in the field of (AI) chips.</b></p><p>At the same time, Nvidia's market value exceeded<a href=\"https://laohu8.com/S/INTC\">Intel</a>After that, the domestic semiconductor market saw greater market opportunities in the GPU and AI chip tracks.<a href=\"https://laohu8.com/S/300474\">Jing Jiawei</a>, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>, Muxi Integrated Circuit and other companies are all gathering in the general-purpose processor track.</p><p>In the past two years, the domestic semiconductor industry has undergone changes. Due to Huawei HiSilicon,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>The impact of the US \"entity list\" and the chain reaction triggered by the global chip shortage have made it increasingly difficult for Chinese companies to purchase US semiconductor products, and the demand for \"domestic substitution\" has become stronger.</p><p>On June 29, 2020, due to the further upgrade of the US \"Export Administration Regulations\" and the continuous adjustment of the members of the entity list, Intel \"temporarily suspended\" the supply of chips to Inspur Group.</p><p>Although Inspur subsequently announced on July 3 that Intel had resumed supplying it, one is the world's largest supplier of PC and cloud service x86 architecture chips, and the other is China's largest server manufacturer. The temporary supply cut-off crisis between the two companies has reminded the entire China cloud computing and semiconductor industries:<b>As the demand for computing power becomes stronger and stronger, China needs to mass-produce fully independent and controllable domestic GPU and server chip products.</b>This highlights that \"domestic substitution\" is becoming the biggest driving force for the development of China's semiconductor industry.</p><p><b>In addition, as the world's largest chip sales country, China does not have a chip giant like \"Nvidia\", and the big market has not produced a matching large company.</b>According to statistics from IC Insight, the global semiconductor market in 2020 will be US $395.7 billion, of which the mainland China market will be US $43.4 billion, making it the world's largest market, accounting for 36.24% of the global share. However, the total output value of semiconductor companies based in mainland China in 2020 was only US $8.3 billion, accounting for only 5.9% of the market size.</p><p><b>Who can cut off a corner of such a huge cake? When will the semiconductor industry create \"China Nvidia\"?</b></p><p><h2>Missed Golden Age</h2>GPU graphics processor, also known as display chip and vision processor, was originally proposed by Nvidia in 1999. It is a microprocessor dedicated to running graphics operations on personal computers, workstations, game consoles and mobile devices (smartphones, tablets, VR devices).</p><p>As the parallel computing advantages of GPU are gradually tapped, the application fields of GPU have expanded from graphics processing to high-performance computing, and gradually become the most mature and widely used general-purpose chip for Al computing. In June 2020, Nvidia launched the A100 Tensor Core GPU based on the Ampere architecture, becoming the world's most powerful AI chip.</p><p>From the perspective of application terminals, GPUs can be divided into PC-side GPUs, server GPUs and mobile GPUs, corresponding to three architectures, namely, independent graphics cards composed of dedicated circuit boards and components, shared integrated graphics cards, and mobile GPUs and other chips or modules are packaged together into highly integrated SoCs-used in multiple application scenarios including mobile phones, automotive electronics, and AI.</p><p><b>since<a href=\"https://laohu8.com/S/AMD\">AMD</a>After the acquisition of Canadian GPU manufacturer ATI in 2006, in the field of PC and server GPUs, the global GPU market is currently monopolized by the \"American chip giants\"-Intel, AMD and Nvidia. Intel has obvious advantages in the integrated GPU market, while Nvidia and AMD are separated in the independent GPU market.</b></p><p>According to data from research firm Jon Peddie Research, in the first quarter of 2021, in the global PC-side GPU market, Intel (Intel) topped the list with a market share of 68%, AMD and Nvidia with 17% and 14% respectively, and the total share of the three companies is close to 100%; In the global independent GPU field, Nvidia is the leader in the data center GPU market, accounting for 81% of the market share, with a leading edge, while AMD ranks second with a share of 19%.</p><p>In 2019 alone, Nvidia occupied 90% of China's AI training chip market with its V100 series and other products, firmly grasping China's huge AI chip sales market.</p><p>One of the core reasons why Nvidia can continue to be the \"chip overlord\" lies in its \"light design pattern.\" Nvidia does not engage in chip manufacturing and packaging, but is handed over to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>After the OEM is completed, it enjoys the dividends of advanced manufacturing technology such as 7nm. According to the financial report, between 2016 and 2021, Nvidia's revenue increased by 233%, and its operating profit doubled to US $4.5 billion. In the three months to May this year, sales soared 84% year-on-year, and gross profit margin reached 64%.</p><p><b>In fact, China entered the field of GPU chip design very early, but the results were not satisfactory.</b></p><p><b>Since the 1970s, China began to introduce semiconductor and integrated circuit technology and production lines. But the result is that we have fallen into the a vicious circle of \"introducing from generation to generation and falling behind from generation to generation\". Coupled with the adverse impact of the \"Hanxin No. 1\" fake chip incident on society, China's \"independent processor\" has suffered serious setbacks, and China has actively promoted WTO globalization and other factors, thus missing the golden period of the development of the global semiconductor industry. Downstream companies can only \"make it better than buy\".</b></p><p>It was not until 2000, marked by the promulgation of the national \"Document No. 18\", that China's semiconductors gradually formed an industrial organization form of \"separation of the three industries\" of design, manufacturing, packaging and testing, and introduced \"<a href=\"https://laohu8.com/S/688981\">SMIC</a>A number of chip manufacturing (Foundry) companies represented by \"have been built and put into production in China, and their technical level has been rapidly improved.</p><p>At present, companies such as Jingjiawei, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology, Cambrian, and Muxi Integrated Circuit are all gathering in the general processor track.</p><p>In 2014, \"Jingjiawei\" (300474. SH), which started as a military aircraft graphics display control module, successfully developed the military GPU chip JM5400, and then successfully developed the second-generation GPU chip JM7200 with a 28nm process technology in 2018. Jingjiawei has moved from military customization to general-purpose GPUs, becoming the only company in the world and the only company in China to achieve commercial mass production of independent GPUs.</p><p>In addition to Jingjiawei, in March 2021, Tianshu Zhixin released the first GPGPU (General Purpose Graphics Processor) manufactured by a 7-nanometer process in China, which removes 30% of the graphics rendering part of the traditional GPU and is only used to deal with artificial intelligence (AI)) Born of application; In June this year, Suiyuan Technology released China's largest AI computing chip \"Suisi 2.0\" AI chip, the \"Yunsui T20\" training accelerator card based on Suisi 2.0 and the \"Yunsui T21\" training OAM module.</p><p>However, it is worth noting that the performance of the JM7200 chip developed by Jingjiawei is only equivalent to the level of Nvidia GTX 640 in 2012, which is difficult to meet the application needs of enterprise customers. Even Suiyuan Technology's \"Suisi 2.0\" AI chip is only tied with Nvidia's A100. Two of the six items tested by Benchmark significantly surpassed the performance of Nvidia's A100. (For details, see the previous article of Titanium Media App: \"Suiyuan Technology releases China's largest AI computing chip to accelerate the implementation of three major business directions\")</p><p><img src=\"https://static.tigerbbs.com/15cb73d2787595547a9ed01926f4dfbe\" tg-width=\"570\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The reason behind this is mainly due to the late start of China's semiconductor industry, the high technical threshold of chips, high cost elasticity, and high concentration of industries, which makes the overall R&D investment, technology, and talents of Chinese GPU chip companies lag behind foreign countries, thus improving product performance and technology There is still a gap with chip giants, and it is still difficult for downstream companies to escape from the situation of the \"American Chip Big Three\".</b></p><p>Taking R&D investment as an example, in the ten years from 2011 to 2020, Jingjiawei's total R&D investment expenses were RMB 627 million, while Nvidia's R&D investment in 2020 reached US $3.924 billion, or approximately RMB 25.323 billion. In the past ten years, Nvidia has invested more than 120 billion yuan, a difference of more than 190 times.</p><p>In terms of talents, as of the first half of 2021, the number of Nvidia employees is as high as 18,975, and the total number of Jingjiawei employees is 1,174, far lower than the 2,000 employees of AMD's Shanghai R&D center.</p><p>\"The AI chip and GPU chip market is quite special. Unlike traditional dedicated processors, the technology is very complex. It requires a large amount of data and needs to be combined with specific algorithms before it can be put into market use.\"<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>Xie Zhonghui, deputy general manager of China, said in an exclusive interview with Titanium Media App in April this year that if a company wants to make its first AI chip solid, it usually takes more than two or three years.</p><p>In his view, chip semiconductor itself is an industry with large investment, long cycle, and slow results. Complete localization of technology requires long-term and sustained accumulation of capital, talent, and technology. It is difficult to use the Internet thinking of \"spending money and seeing returns\" to deal with.</p><p><b>In addition, the software and hardware ecosystem combined with CUDA technology is another important reason for the large gap between domestic chip companies and Nvidia.</b></p><p>In 2006, Nvidia released the parallel computing platform CUDA, which contains a series of development tools. Only by installing and using this platform can complex parallel computing be performed. Anyone who owns a laptop equipped with Nvidia GPU can use CUDA to perform scientific and convenient programming calculations, such as deep learning, AI algorithms, etc., and develop related software. Over the past ten years or so, NVIDIA has persistently promoted CUDA, making more government-level and enterprise-level software developed based on this platform, combining NVIDIA's self-developed GPU hardware with CUDA software to efficiently implement applications.</p><p>In contrast, there is currently no series of platforms in China that are deeply bound to CUDA and Nvidia's hardware, and the gap in technical barriers is very obvious. Most domestic GPU manufacturers adopt strategies that are compatible with the CUDA open source framework, such as Tianshu Zhixin, Denglin, etc., and are preparing to cultivate their own software ecosystem on this basis.</p><p>\"In the short term, it is easier to develop domestic GPUs compatible with CUDA. After all, writing operators is a labor-intensive industry. If users migrate, they need to migrate 100%, and the entire set of code must run on your chip. If the amount of code is small, there are not so many operators needed, and the difficulty is relatively low. But in the long run, it is still necessary to get rid of the compatibility idea and develop its own core technology.\"</p><p>However, there are also companies that choose not to be compatible with the CUDA ecosystem. For example, Suiyuan Technology, which makes both AI training and inference chips, has comprehensively upgraded its \"Yusuan TopsRider\" software platform and the new \"Yunsui Cluster\" this year, hoping to have ecological dominance.</p><p><b>To sum up, these domestic chip companies that benchmark Nvidia are still in the initial stage of development. The industrialization and marketization capabilities of AI chip technology are weak, and there is no actual large-scale use. There is still a long way to go to surpass or replace \"China Nvidia\".</b></p><p>Yan Guihai, CEO of Zhongke Yushu, said in an interview with Titanium Media App that although China's demand side is still the largest single market in the world and its growth rate is among the best, the \"demand side\" is still very strong, but in terms of high-end chips, whether it is design or There is still a big gap in manufacturing, and the \"supply side\" is not strong enough. He pointed out that the quality of the supply side depends not only on one enterprise, but on the capabilities of the entire industry chain. It is still unrealistic to build such a large-scale and comprehensive leading enterprise in the short term.</p><p>Founded in 2018, Zhongke Yushu is a developer of dedicated computing architecture. It was incubated from the State Key Laboratory of Computer Architecture, Institute of Computing Technology, Chinese Academy of Sciences. Today, the company's valuation has exceeded 1 billion yuan. On July 27 this year, Zhongke Yushu completed hundreds of millions of yuan in Series A financing, led by Huatai Innovation, followed by Lingjun Investment and old shareholder Guoxin Xichuang.</p><p>Huang Liming, partner of Hillhouse and head of software and hard technology at Hillhouse Venture Capital, said in an exclusive interview with Titanium Media App that although the GPU market has broad prospects, China<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>It is difficult to make it directly into \"Nvidia\". In addition to the technical difficulty, it must be done in combination with strong applications-involving software system and software ecology, which is extremely demanding for startups.</p><p>Hillhouse launched the independent VC brand Hillhouse Ventures in February 2020. Since then, it has invested in the field of chip semiconductors, including semiconductor IP company Xinyaohui, EDA manufacturer Xinhuazhang, GPU platform Biren Technology, DPU company Nebula Zhilian, plus Tianke Heda in silicon carbide, Minxin Semiconductor in optical chip field, and mobile phone baseband Xingsi Semiconductor, etc.</p><p>Huang Liming emphasized that Hillhouse judges that there will not be many companies that can run out in this direction, whether overseas or domestic.</p><p><h2>The tuyere has arrived</h2>\"Let's not worry about how to replace Nvidia now. The road is step by step. I think first of all, China must have domestic AI chips, general-purpose GPUs, FPGAs and other underlying computing power. As long as there is domestic market demand, we must have many opportunities.\" Zhang Gaonan, managing partner of Huaying Capital, told Titanium Media App that the domestic semiconductor industry has arrived, and China is now equipped with \"the right time, the right location, and the right people\" to enter the GPU market.</p><p>Zhang Gaonan gave an example,<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>Although products are inferior to<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>office suite, but the market has given a market value of more than 110 billion yuan. One of the important reasons behind it is that China must have a domestic office, and the same principle applies to the domestic GPU market.</p><p>Huaying Capital is one of the earliest private equity funds in China to deploy mobile Internet and cultural industries. In recent years, the To B field has also become the key investment field of Huaying Capital. At present, Huaying Capital has invested in more than 30 projects in the To B field, with a total investment of over 700 million yuan, which is built by Zhang Gaonan, a technical investor. In the fields related to data middle platform and underlying computing power, Huaying Capital has invested in projects such as Biren Technology, Tianyun Big Data, and Zhongke Haiwei.</p><p>In fact, as a general platform spanning visual computing and AI computing, GPU has a huge market space.<b>According to<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is estimated that by 2027, the market space for domestic substitution in the GPU field will exceed US $34.1 billion. In addition to the existing game market, there is room for further development in industrial, medical, military aerospace and other directions.</b></p><p>In March of this year, \"Biren Technology\", a general-purpose smart chip designer co-founded by Zhang Wen, the former president of SenseTime, completed the B round of financing. Since its establishment in September 2019, the company's total financing amount has exceeded 4.7 billion yuan. Investors include Hillhouse Venture Capital, Huaying Capital,<a href=\"https://laohu8.com/S/601318\">China Ping An</a>, China Merchants Capital, BAI Capital, Guosheng Group National Reform Fund, etc., with a valuation of more than 10 billion yuan, one of the \"unicorn\" companies with the fastest growth momentum in the semiconductor industry.</p><p><b>In addition to Biren, companies that have entered the GPU field such as Muxi Integrated Circuit and Moore Thread have also completed financing.</b></p><p>On August 25, GPU manufacturer Muxi Integrated Circuit announced the completion of a RMB 1 billion Series A financing. The founders Chen Weiliang and Yang Jian are all from the American chip giant AMD. Investors include China State-owned Enterprise Structural Adjustment Fund Co., Ltd.,<a href=\"https://laohu8.com/S/00810\">China Internet Investment</a>Fund, Jingwei China, Holly Capital, Sequoia China, Lightspeed China, Guochuang Zhongding, Smart Internet Industry Fund, Shanghai Science and Technology Innovation Fund, Lenovo Venture Capital, etc.; The Moore Thread, established in 2020, claims to have completed two rounds of multi-billion-yuan financing within 100 days. The team members are mainly from Nvidia, and the investors include Shenzhen Venture Capital and Sequoia Capital<a href=\"https://laohu8.com/S/CHN\">China Fund</a>, China Merchants Venture Capital, ByteDance, Pony.ai, Wuyuan Capital, etc.</p><p><b>However, an interesting phenomenon is that the above three start-ups, Biren, Muxi, and Moore Thread, are veritable \"PPT financing core manufacturing\", and none of them completed the tape-out (assembly line trial production) of the first chip at the time of financing.</b></p><p>Why are market investors willing to open their wallets to this? Several investors said in an interview with Titanium Media App that these projects can receive a large amount of capital support because of the early stage of investment. The main focus is on the team and the track: the AI chip track has arrived, and the senior management team is also From the \"American Chip Big Three\".</p><p>\"I think these companies need to be given opportunities and patience. It is impossible for 500 people to write PPT. Manufacturing chips is a matter of 5 to 10 years. The reason why we are willing to invest is not speculation or deception. I think, investing in The semiconductor track itself is risky, and it requires long-term plans and strong enough risk-taking ability, which is completely different from investing in Internet model innovation.\" The above-mentioned investor told Titanium Media App.</p><p>However, some investors in the semiconductor industry pointed out that the above-mentioned investment projects essentially hope that the market value will be high and the rate of return will be higher. Especially in the \"chip fever\" environment, venture capital institutions need to constantly look for these GPU and AI chip companies in the middle and early stages. Targets, hoping to get a higher return from it.</p><p>In addition, in this wave of GPU entrepreneurship, the founding team developed the \"American Chip Big Three\". For example, Zheng Jinshan, chief scientist of Tianshu Zhixin, was the chief technical expert of AMD; Mu Xi's founding team is mainly from AMD. CEO Chen Weiliang once served as senior director of graphics research and development at AMD, and CTO Yang Jian once served as AMD Fellow (academician); Li Xinrong, the newly appointed co-CEO of Biren Technology, once served as the global vice president of AMD, and Chen Wenzhong, senior vice president of Biren Technology, also served in AMD.</p><p>In this regard, Zhang Gaonan said that AMD is the top two chip giants in the GPU field. The core research and development of GPUs is in Shanghai, while the research and development of graphics rendering is in the United States. Companies can go to the executives of AMD and Nvidia to communicate. The final choice must be the leader in the semiconductor industry.</p><p>Yan Guihai believes that in subdividing emerging tracks, relying on the \"potential energy\" of demand-side applications, Chinese chip companies concentrate their superior forces, base themselves on serving local companies, and highlight the agility of development. They have the opportunity to surpass \"Nvidia\" in terms of product definition and solution iteration cycle. These chip giants.<b>He predicts that a number of domestic GPU and DPU companies with leading technologies will emerge within 10 years.</b></p><p>\"Among the five links of the chip industry: design, manufacturing, packaging and testing, materials, and EDA, the most relevant to application is design, and our biggest advantage lies in application, so we have a great opportunity to make a breakthrough in the\" design \"link, and then gradually expand the victory territory from point to area. The so-called \"overtaking in corners\" is still a catch-up strategy. It is more likely to occupy new strategic commanding heights by cutting into a new track facing the future and accelerating with all your might. It is hoped that within 10 years, a group of enterprises with leading technology, solid products and strategic awareness will emerge. \" Yan Guihai told Titanium Media App.</p><p>Zhang Wen, founder of Biren Technology, said that the capability requirements for chip companies have been upgraded from product level to system level and ecological level. In no more than 5 years, China has caught up with or even led the international level in the field of AI chip design. He emphasized that surpassing Nvidia requires redefining a product and a market.</p><p><h2>The tens of billions of DPU chip market is \"exploding\"</h2>In Huang Renxun's view, the data processing unit (DPU) responsible for transmitting and processing data in the data center is forming the \"three pillars of future computing\" together with CPU and GPU. When Chinese chip companies focus on GPUs, Nvidia has set its sights on the two new markets of CPU and DPU.</p><p>In September 2020, Nvidia announced that it planned to acquire British chip designer Arm from a Japanese software group for US $40 billion, which is expected to write the largest merger and acquisition in the semiconductor industry. However, this deal is controversial and is still awaiting approval from governments such as the European Union, Britain, the United States and China. But in April 2021, Nvidia announced its entry into the data center CPU market and released the Grace CPU processor, which is what Huang Renxun said at the beginning of this article. (For details, see the previous article of Titanium Media App: \"The British government intervenes, Nvidia's US $40 billion acquisition of Arm transaction changes\")</p><p>In addition to CPU and GPU, Nvidia is also deploying DPU. In 2019, Nvidia announced that it would acquire Israeli network chip manufacturer Mellanox for US $6.9 billion in all-cash, and eventually won it. As for this largest acquisition in Nvidia's history, what Huang Renxun values most is Milosi's unique ability in data center technology and other aspects.<b>In October 2020, NVIDIA launched the DPU for the first time-NVIDIA BlueField series data processors.</b></p><p>Fundamentally, on the one hand, DPU is more flexible and secure, and more importantly, DPU can liberate the computing power of CPU, release the load of server, significantly reduce the overall cost with low power consumption, and even improve the performance of AI and machine learning applications.</p><p>According to IDC statistics, the global demand for computing power will double every 3.5 months, far exceeding the current growth rate of computing power. Driven by this, global computing, storage and network infrastructure are also undergoing fundamental changes: some workloads with excessive data volume occupy too much CPU resources, and various \"X\" PU chips that cooperate with them have emerged as the times require. In addition to chips such as GPU and FPGA, DPU is the next \"X\" PU.</p><p>People in the industry have made an image metaphor about this. The network is like building a road. In the past 1G and 10G era, the road was not wide enough, and there were more and more cars. In order to balance the pressure, we have increased traffic lights and invested more traffic police to coordinate resources higher. This has improved the original efficiency a lot, but it is still not enough. We must expand the road first, which means the bandwidth is increased, but the road has changed from 2 to 4. It will still be blocked only by traffic lights and limited traffic police, but we can't increase the traffic police indefinitely, which requires the road to be smarter and help solve the congestion.</p><p>Zhang Gaonan pointed out that a large amount of network management is in the CPU, occupying container capabilities, while DPU provides space capabilities for server intelligence. A large amount of virtualization space can increase computing power requirements.</p><p><b>With 2020, the reputation of DPUs surpasses the launch of infrastructure processors (IPUs) and SmartNICs launched by rival Intel, and every company eyeing the data center business needs a piece of this field. DPU has become a new track for major chip giants and start-up companies to compete for research and development. Domestic DPUs are now almost in a state of blooming. Sequoia, Hillhouse Ventures, CDH, and SoftBank China have all begun to enter the market.</b></p><p>In April this year, Tianyancha data showed that domestic DPU chip supplier \"Yunbao Intelligent\" completed<a href=\"https://laohu8.com/S/00700\">Tencent</a>Investment, Sequoia Capital, Yaotu Capital and other joint angel round financing; At the end of May, Xinqiyuan completed hundreds of millions of yuan in Pre-A round financing, with investors including SoftBank China, Pudong Science and Technology Group, etc.; On July 27, DPU chip developer \"Zhongke Yushu\" completed hundreds of millions of yuan in Series A financing led by Huatai Innovation; On August 30, DPU chip developer Nebula Zhilian announced the completion of hundreds of millions of yuan in angel round financing, led by Hillhouse Venture Capital, with CDH VGC and Walden International China Fund participating in the investment; At the beginning of September, IDG Capital launched the \"Yunmai Xinlian\" angel round financing project.</p><p>\"DPU may become the third computing power chip after CPU and GPU, but from a structural point of view, DPU will be more heterogeneous and more dedicated.\" Yan Guihai said in an interview with Titanium Media App and others that DPU The background is the demand for computing delay, data security, and resource virtualization brought about by the end-edge-cloud integration trend caused by the data explosion in the intelligent era. The CPU is overwhelmed by these non-business loads, and an ideal object is urgently needed to share these computational loads.</p><p><b>Toubao Research Institute predicts that China's DPU market size is expected to reach US $3.74 billion in 2025. The global DPU market size is expected to reach US $13.57 billion in 2025.</b>At the same time, the report also pointed out that data circulation is the largest application market of DPU, among which bare metal services have a rigid demand for DPU. The application of DPU in the telecom market is mainly in edge computing scenarios, with a penetration rate of less than 5%. DPUs for the field of intelligent driving are still in the exploratory stage, and it is expected that DPUs will be deployed in the field of intelligent driving in 2023.<img src=\"https://static.tigerbbs.com/7170c585dab44018726df81a32c63d62\" tg-width=\"808\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>China's DPU market size, forecast from 2020 to 2025, source: Toubao Research Institute</p><p>Yan Guihai pointed out that the performance of CPU increased from 30% per year 5-10 years ago to less than 3% per year three years ago. The network bandwidth still increases by about 35% every year.</p><p>With<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>For example, the challenge encountered by the company at that time was that the compliance inspection of transaction orders was too slow and the transaction efficiency needed to be improved. Therefore, Zhongke Yushu, Zhongtai Securities and Shanghai Stock Exchange Technology Co., Ltd. jointly developed a set of extremely fast risk control system solutions to speed up this process. Zhongke Yushu has successively developed multiple sets of products and solutions such as ultra-low latency smart network cards and data computing accelerator cards, mainly for high bandwidth, low latency, data-intensive and other scenarios. The company has achieved quarterly revenue of tens of millions this year. Zhongke Yushu's next-generation DPU chip is expected to be designed by the end of 2021 and is expected to process up to 200G network bandwidth data.</p><p><b>However, although the DPU market is hot, the concept is newer, there are more unknowns, and the investment risk will be greater.</b></p><p>Lu Sheng, CEO of Xinqiyuan, pointed out that the current barriers to the DPU segmentation track are still relatively high. In addition to technical barriers, there are also market barriers, which require customers to continuously iterate, especially in conjunction with the continuous upgrade of open source software to adapt to customers. Rapidly changing software and hardware environment. Therefore, before investing, VC (venture capital) must recognize the track and have enough patience. He emphasized that investors need to constantly observe the market and adjust their judgments, and no one can predict the future development prospects of DPU now.</p><p>Some media also believe that when Nvidia enters the newly opened CPU and DPU battlefield, it may be good for Chinese GPU manufacturers, especially when Nvidia still spends a lot of energy on the US $40 billion acquisition of British chip designer Arm. For GPU companies, it may be an opportunity to catch up.</p><p>As Zhang Gaonan told Titanium Media App, \"Logically speaking, things with low thresholds are usually not scarce. (Chip semiconductor track) Some things are difficult and require long-term investment. Although they are high-risk, but someone has to do it. This is a long-term investment that is really beneficial to the country. In fact, investment should be encouraged. Otherwise, if no one does these difficult things that require long-term investment, you will never get up to the next level.\"</p><p>Zhang Gaonan emphasized that although venture capital must pursue returns, he believes that when the entire capital allocation is reasonable, taking part of the start-ups that invest in the semiconductor track not only has strong social significance, but also some kind of long-term value investment. important manifestation.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When was \"Nvidia\" born in China?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen was \"Nvidia\" born in China?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1065587721\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/72948639b39fd795a430fcaa2772851c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">TMTPost </p>\n<p class=\"h-time smaller\">2021-09-09 15:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e\" tg-width=\"1200\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>CEO Huang Renxun (Image source: Nvidia official website)</p><p>\"The product I'm about to show incorporates new GPU-accelerated computing capabilities and has Mellanox high-performance network. The product that complements our last piece of the puzzle is-the world's first CPU processor designed for terabyte-level data center accelerated computing. Its secret code name is Grace.\"</p><p>This is a passage from NVIDIA CEO Jensen Huang's speech at the GTC Summit in April 2021. However, what is unexpected is that it was not until August 12 after Nvidia's self-exposure that people knew that the content of this speech, which was less than 100 words and 14 seconds, was not Huang Renxun himself, but a synthetic \"digital avatar\", that is, the \"virtual Huang Renxun\" image formed by Nvidia GPU processor and Omniverse software platform.</p><p>This incident triggered heated discussions on technologies and concepts such as virtual reality, metaverse, and AI face-changing. At the same time, it also allowed \"Nvidia\", the American chip overlord, to \"get out of the circle\" from the semiconductor industry and enter the public's field of vision.</p><p>Since its establishment in 1993, under the leadership of Huang Renxun, Nvidia has successfully created and led the category of GPU (graphics processor) chips, covering the entire PC device GPU to server GPU market. In the past five years,<b>Nvidia's market value has grown from US $31 billion to US $505 billion, becoming the world's seventh largest semiconductor supplier. It is artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>A hot star company in the field of (AI) chips.</b></p><p>At the same time, Nvidia's market value exceeded<a href=\"https://laohu8.com/S/INTC\">Intel</a>After that, the domestic semiconductor market saw greater market opportunities in the GPU and AI chip tracks.<a href=\"https://laohu8.com/S/300474\">Jing Jiawei</a>, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology,<a href=\"https://laohu8.com/S/688256\">Cambrian</a>, Muxi Integrated Circuit and other companies are all gathering in the general-purpose processor track.</p><p>In the past two years, the domestic semiconductor industry has undergone changes. Due to Huawei HiSilicon,<a href=\"https://laohu8.com/S/SMI\">SMIC</a>The impact of the US \"entity list\" and the chain reaction triggered by the global chip shortage have made it increasingly difficult for Chinese companies to purchase US semiconductor products, and the demand for \"domestic substitution\" has become stronger.</p><p>On June 29, 2020, due to the further upgrade of the US \"Export Administration Regulations\" and the continuous adjustment of the members of the entity list, Intel \"temporarily suspended\" the supply of chips to Inspur Group.</p><p>Although Inspur subsequently announced on July 3 that Intel had resumed supplying it, one is the world's largest supplier of PC and cloud service x86 architecture chips, and the other is China's largest server manufacturer. The temporary supply cut-off crisis between the two companies has reminded the entire China cloud computing and semiconductor industries:<b>As the demand for computing power becomes stronger and stronger, China needs to mass-produce fully independent and controllable domestic GPU and server chip products.</b>This highlights that \"domestic substitution\" is becoming the biggest driving force for the development of China's semiconductor industry.</p><p><b>In addition, as the world's largest chip sales country, China does not have a chip giant like \"Nvidia\", and the big market has not produced a matching large company.</b>According to statistics from IC Insight, the global semiconductor market in 2020 will be US $395.7 billion, of which the mainland China market will be US $43.4 billion, making it the world's largest market, accounting for 36.24% of the global share. However, the total output value of semiconductor companies based in mainland China in 2020 was only US $8.3 billion, accounting for only 5.9% of the market size.</p><p><b>Who can cut off a corner of such a huge cake? When will the semiconductor industry create \"China Nvidia\"?</b></p><p><h2>Missed Golden Age</h2>GPU graphics processor, also known as display chip and vision processor, was originally proposed by Nvidia in 1999. It is a microprocessor dedicated to running graphics operations on personal computers, workstations, game consoles and mobile devices (smartphones, tablets, VR devices).</p><p>As the parallel computing advantages of GPU are gradually tapped, the application fields of GPU have expanded from graphics processing to high-performance computing, and gradually become the most mature and widely used general-purpose chip for Al computing. In June 2020, Nvidia launched the A100 Tensor Core GPU based on the Ampere architecture, becoming the world's most powerful AI chip.</p><p>From the perspective of application terminals, GPUs can be divided into PC-side GPUs, server GPUs and mobile GPUs, corresponding to three architectures, namely, independent graphics cards composed of dedicated circuit boards and components, shared integrated graphics cards, and mobile GPUs and other chips or modules are packaged together into highly integrated SoCs-used in multiple application scenarios including mobile phones, automotive electronics, and AI.</p><p><b>since<a href=\"https://laohu8.com/S/AMD\">AMD</a>After the acquisition of Canadian GPU manufacturer ATI in 2006, in the field of PC and server GPUs, the global GPU market is currently monopolized by the \"American chip giants\"-Intel, AMD and Nvidia. Intel has obvious advantages in the integrated GPU market, while Nvidia and AMD are separated in the independent GPU market.</b></p><p>According to data from research firm Jon Peddie Research, in the first quarter of 2021, in the global PC-side GPU market, Intel (Intel) topped the list with a market share of 68%, AMD and Nvidia with 17% and 14% respectively, and the total share of the three companies is close to 100%; In the global independent GPU field, Nvidia is the leader in the data center GPU market, accounting for 81% of the market share, with a leading edge, while AMD ranks second with a share of 19%.</p><p>In 2019 alone, Nvidia occupied 90% of China's AI training chip market with its V100 series and other products, firmly grasping China's huge AI chip sales market.</p><p>One of the core reasons why Nvidia can continue to be the \"chip overlord\" lies in its \"light design pattern.\" Nvidia does not engage in chip manufacturing and packaging, but is handed over to<a href=\"https://laohu8.com/S/TSM\">TSMC</a>After the OEM is completed, it enjoys the dividends of advanced manufacturing technology such as 7nm. According to the financial report, between 2016 and 2021, Nvidia's revenue increased by 233%, and its operating profit doubled to US $4.5 billion. In the three months to May this year, sales soared 84% year-on-year, and gross profit margin reached 64%.</p><p><b>In fact, China entered the field of GPU chip design very early, but the results were not satisfactory.</b></p><p><b>Since the 1970s, China began to introduce semiconductor and integrated circuit technology and production lines. But the result is that we have fallen into the a vicious circle of \"introducing from generation to generation and falling behind from generation to generation\". Coupled with the adverse impact of the \"Hanxin No. 1\" fake chip incident on society, China's \"independent processor\" has suffered serious setbacks, and China has actively promoted WTO globalization and other factors, thus missing the golden period of the development of the global semiconductor industry. Downstream companies can only \"make it better than buy\".</b></p><p>It was not until 2000, marked by the promulgation of the national \"Document No. 18\", that China's semiconductors gradually formed an industrial organization form of \"separation of the three industries\" of design, manufacturing, packaging and testing, and introduced \"<a href=\"https://laohu8.com/S/688981\">SMIC</a>A number of chip manufacturing (Foundry) companies represented by \"have been built and put into production in China, and their technical level has been rapidly improved.</p><p>At present, companies such as Jingjiawei, Tianshu Zhixin, Denglin Technology, Biren Technology, Suiyuan Technology, Cambrian, and Muxi Integrated Circuit are all gathering in the general processor track.</p><p>In 2014, \"Jingjiawei\" (300474. SH), which started as a military aircraft graphics display control module, successfully developed the military GPU chip JM5400, and then successfully developed the second-generation GPU chip JM7200 with a 28nm process technology in 2018. Jingjiawei has moved from military customization to general-purpose GPUs, becoming the only company in the world and the only company in China to achieve commercial mass production of independent GPUs.</p><p>In addition to Jingjiawei, in March 2021, Tianshu Zhixin released the first GPGPU (General Purpose Graphics Processor) manufactured by a 7-nanometer process in China, which removes 30% of the graphics rendering part of the traditional GPU and is only used to deal with artificial intelligence (AI)) Born of application; In June this year, Suiyuan Technology released China's largest AI computing chip \"Suisi 2.0\" AI chip, the \"Yunsui T20\" training accelerator card based on Suisi 2.0 and the \"Yunsui T21\" training OAM module.</p><p>However, it is worth noting that the performance of the JM7200 chip developed by Jingjiawei is only equivalent to the level of Nvidia GTX 640 in 2012, which is difficult to meet the application needs of enterprise customers. Even Suiyuan Technology's \"Suisi 2.0\" AI chip is only tied with Nvidia's A100. Two of the six items tested by Benchmark significantly surpassed the performance of Nvidia's A100. (For details, see the previous article of Titanium Media App: \"Suiyuan Technology releases China's largest AI computing chip to accelerate the implementation of three major business directions\")</p><p><img src=\"https://static.tigerbbs.com/15cb73d2787595547a9ed01926f4dfbe\" tg-width=\"570\" tg-height=\"1926\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>The reason behind this is mainly due to the late start of China's semiconductor industry, the high technical threshold of chips, high cost elasticity, and high concentration of industries, which makes the overall R&D investment, technology, and talents of Chinese GPU chip companies lag behind foreign countries, thus improving product performance and technology There is still a gap with chip giants, and it is still difficult for downstream companies to escape from the situation of the \"American Chip Big Three\".</b></p><p>Taking R&D investment as an example, in the ten years from 2011 to 2020, Jingjiawei's total R&D investment expenses were RMB 627 million, while Nvidia's R&D investment in 2020 reached US $3.924 billion, or approximately RMB 25.323 billion. In the past ten years, Nvidia has invested more than 120 billion yuan, a difference of more than 190 times.</p><p>In terms of talents, as of the first half of 2021, the number of Nvidia employees is as high as 18,975, and the total number of Jingjiawei employees is 1,174, far lower than the 2,000 employees of AMD's Shanghai R&D center.</p><p>\"The AI chip and GPU chip market is quite special. Unlike traditional dedicated processors, the technology is very complex. It requires a large amount of data and needs to be combined with specific algorithms before it can be put into market use.\"<a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>Xie Zhonghui, deputy general manager of China, said in an exclusive interview with Titanium Media App in April this year that if a company wants to make its first AI chip solid, it usually takes more than two or three years.</p><p>In his view, chip semiconductor itself is an industry with large investment, long cycle, and slow results. Complete localization of technology requires long-term and sustained accumulation of capital, talent, and technology. It is difficult to use the Internet thinking of \"spending money and seeing returns\" to deal with.</p><p><b>In addition, the software and hardware ecosystem combined with CUDA technology is another important reason for the large gap between domestic chip companies and Nvidia.</b></p><p>In 2006, Nvidia released the parallel computing platform CUDA, which contains a series of development tools. Only by installing and using this platform can complex parallel computing be performed. Anyone who owns a laptop equipped with Nvidia GPU can use CUDA to perform scientific and convenient programming calculations, such as deep learning, AI algorithms, etc., and develop related software. Over the past ten years or so, NVIDIA has persistently promoted CUDA, making more government-level and enterprise-level software developed based on this platform, combining NVIDIA's self-developed GPU hardware with CUDA software to efficiently implement applications.</p><p>In contrast, there is currently no series of platforms in China that are deeply bound to CUDA and Nvidia's hardware, and the gap in technical barriers is very obvious. Most domestic GPU manufacturers adopt strategies that are compatible with the CUDA open source framework, such as Tianshu Zhixin, Denglin, etc., and are preparing to cultivate their own software ecosystem on this basis.</p><p>\"In the short term, it is easier to develop domestic GPUs compatible with CUDA. After all, writing operators is a labor-intensive industry. If users migrate, they need to migrate 100%, and the entire set of code must run on your chip. If the amount of code is small, there are not so many operators needed, and the difficulty is relatively low. But in the long run, it is still necessary to get rid of the compatibility idea and develop its own core technology.\"</p><p>However, there are also companies that choose not to be compatible with the CUDA ecosystem. For example, Suiyuan Technology, which makes both AI training and inference chips, has comprehensively upgraded its \"Yusuan TopsRider\" software platform and the new \"Yunsui Cluster\" this year, hoping to have ecological dominance.</p><p><b>To sum up, these domestic chip companies that benchmark Nvidia are still in the initial stage of development. The industrialization and marketization capabilities of AI chip technology are weak, and there is no actual large-scale use. There is still a long way to go to surpass or replace \"China Nvidia\".</b></p><p>Yan Guihai, CEO of Zhongke Yushu, said in an interview with Titanium Media App that although China's demand side is still the largest single market in the world and its growth rate is among the best, the \"demand side\" is still very strong, but in terms of high-end chips, whether it is design or There is still a big gap in manufacturing, and the \"supply side\" is not strong enough. He pointed out that the quality of the supply side depends not only on one enterprise, but on the capabilities of the entire industry chain. It is still unrealistic to build such a large-scale and comprehensive leading enterprise in the short term.</p><p>Founded in 2018, Zhongke Yushu is a developer of dedicated computing architecture. It was incubated from the State Key Laboratory of Computer Architecture, Institute of Computing Technology, Chinese Academy of Sciences. Today, the company's valuation has exceeded 1 billion yuan. On July 27 this year, Zhongke Yushu completed hundreds of millions of yuan in Series A financing, led by Huatai Innovation, followed by Lingjun Investment and old shareholder Guoxin Xichuang.</p><p>Huang Liming, partner of Hillhouse and head of software and hard technology at Hillhouse Venture Capital, said in an exclusive interview with Titanium Media App that although the GPU market has broad prospects, China<a href=\"https://laohu8.com/S/V03.SI\">Startups</a>It is difficult to make it directly into \"Nvidia\". In addition to the technical difficulty, it must be done in combination with strong applications-involving software system and software ecology, which is extremely demanding for startups.</p><p>Hillhouse launched the independent VC brand Hillhouse Ventures in February 2020. Since then, it has invested in the field of chip semiconductors, including semiconductor IP company Xinyaohui, EDA manufacturer Xinhuazhang, GPU platform Biren Technology, DPU company Nebula Zhilian, plus Tianke Heda in silicon carbide, Minxin Semiconductor in optical chip field, and mobile phone baseband Xingsi Semiconductor, etc.</p><p>Huang Liming emphasized that Hillhouse judges that there will not be many companies that can run out in this direction, whether overseas or domestic.</p><p><h2>The tuyere has arrived</h2>\"Let's not worry about how to replace Nvidia now. The road is step by step. I think first of all, China must have domestic AI chips, general-purpose GPUs, FPGAs and other underlying computing power. As long as there is domestic market demand, we must have many opportunities.\" Zhang Gaonan, managing partner of Huaying Capital, told Titanium Media App that the domestic semiconductor industry has arrived, and China is now equipped with \"the right time, the right location, and the right people\" to enter the GPU market.</p><p>Zhang Gaonan gave an example,<a href=\"https://laohu8.com/S/688111\">Kingsoft Office</a>Although products are inferior to<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>office suite, but the market has given a market value of more than 110 billion yuan. One of the important reasons behind it is that China must have a domestic office, and the same principle applies to the domestic GPU market.</p><p>Huaying Capital is one of the earliest private equity funds in China to deploy mobile Internet and cultural industries. In recent years, the To B field has also become the key investment field of Huaying Capital. At present, Huaying Capital has invested in more than 30 projects in the To B field, with a total investment of over 700 million yuan, which is built by Zhang Gaonan, a technical investor. In the fields related to data middle platform and underlying computing power, Huaying Capital has invested in projects such as Biren Technology, Tianyun Big Data, and Zhongke Haiwei.</p><p>In fact, as a general platform spanning visual computing and AI computing, GPU has a huge market space.<b>According to<a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is estimated that by 2027, the market space for domestic substitution in the GPU field will exceed US $34.1 billion. In addition to the existing game market, there is room for further development in industrial, medical, military aerospace and other directions.</b></p><p>In March of this year, \"Biren Technology\", a general-purpose smart chip designer co-founded by Zhang Wen, the former president of SenseTime, completed the B round of financing. Since its establishment in September 2019, the company's total financing amount has exceeded 4.7 billion yuan. Investors include Hillhouse Venture Capital, Huaying Capital,<a href=\"https://laohu8.com/S/601318\">China Ping An</a>, China Merchants Capital, BAI Capital, Guosheng Group National Reform Fund, etc., with a valuation of more than 10 billion yuan, one of the \"unicorn\" companies with the fastest growth momentum in the semiconductor industry.</p><p><b>In addition to Biren, companies that have entered the GPU field such as Muxi Integrated Circuit and Moore Thread have also completed financing.</b></p><p>On August 25, GPU manufacturer Muxi Integrated Circuit announced the completion of a RMB 1 billion Series A financing. The founders Chen Weiliang and Yang Jian are all from the American chip giant AMD. Investors include China State-owned Enterprise Structural Adjustment Fund Co., Ltd.,<a href=\"https://laohu8.com/S/00810\">China Internet Investment</a>Fund, Jingwei China, Holly Capital, Sequoia China, Lightspeed China, Guochuang Zhongding, Smart Internet Industry Fund, Shanghai Science and Technology Innovation Fund, Lenovo Venture Capital, etc.; The Moore Thread, established in 2020, claims to have completed two rounds of multi-billion-yuan financing within 100 days. The team members are mainly from Nvidia, and the investors include Shenzhen Venture Capital and Sequoia Capital<a href=\"https://laohu8.com/S/CHN\">China Fund</a>, China Merchants Venture Capital, ByteDance, Pony.ai, Wuyuan Capital, etc.</p><p><b>However, an interesting phenomenon is that the above three start-ups, Biren, Muxi, and Moore Thread, are veritable \"PPT financing core manufacturing\", and none of them completed the tape-out (assembly line trial production) of the first chip at the time of financing.</b></p><p>Why are market investors willing to open their wallets to this? Several investors said in an interview with Titanium Media App that these projects can receive a large amount of capital support because of the early stage of investment. The main focus is on the team and the track: the AI chip track has arrived, and the senior management team is also From the \"American Chip Big Three\".</p><p>\"I think these companies need to be given opportunities and patience. It is impossible for 500 people to write PPT. Manufacturing chips is a matter of 5 to 10 years. The reason why we are willing to invest is not speculation or deception. I think, investing in The semiconductor track itself is risky, and it requires long-term plans and strong enough risk-taking ability, which is completely different from investing in Internet model innovation.\" The above-mentioned investor told Titanium Media App.</p><p>However, some investors in the semiconductor industry pointed out that the above-mentioned investment projects essentially hope that the market value will be high and the rate of return will be higher. Especially in the \"chip fever\" environment, venture capital institutions need to constantly look for these GPU and AI chip companies in the middle and early stages. Targets, hoping to get a higher return from it.</p><p>In addition, in this wave of GPU entrepreneurship, the founding team developed the \"American Chip Big Three\". For example, Zheng Jinshan, chief scientist of Tianshu Zhixin, was the chief technical expert of AMD; Mu Xi's founding team is mainly from AMD. CEO Chen Weiliang once served as senior director of graphics research and development at AMD, and CTO Yang Jian once served as AMD Fellow (academician); Li Xinrong, the newly appointed co-CEO of Biren Technology, once served as the global vice president of AMD, and Chen Wenzhong, senior vice president of Biren Technology, also served in AMD.</p><p>In this regard, Zhang Gaonan said that AMD is the top two chip giants in the GPU field. The core research and development of GPUs is in Shanghai, while the research and development of graphics rendering is in the United States. Companies can go to the executives of AMD and Nvidia to communicate. The final choice must be the leader in the semiconductor industry.</p><p>Yan Guihai believes that in subdividing emerging tracks, relying on the \"potential energy\" of demand-side applications, Chinese chip companies concentrate their superior forces, base themselves on serving local companies, and highlight the agility of development. They have the opportunity to surpass \"Nvidia\" in terms of product definition and solution iteration cycle. These chip giants.<b>He predicts that a number of domestic GPU and DPU companies with leading technologies will emerge within 10 years.</b></p><p>\"Among the five links of the chip industry: design, manufacturing, packaging and testing, materials, and EDA, the most relevant to application is design, and our biggest advantage lies in application, so we have a great opportunity to make a breakthrough in the\" design \"link, and then gradually expand the victory territory from point to area. The so-called \"overtaking in corners\" is still a catch-up strategy. It is more likely to occupy new strategic commanding heights by cutting into a new track facing the future and accelerating with all your might. It is hoped that within 10 years, a group of enterprises with leading technology, solid products and strategic awareness will emerge. \" Yan Guihai told Titanium Media App.</p><p>Zhang Wen, founder of Biren Technology, said that the capability requirements for chip companies have been upgraded from product level to system level and ecological level. In no more than 5 years, China has caught up with or even led the international level in the field of AI chip design. He emphasized that surpassing Nvidia requires redefining a product and a market.</p><p><h2>The tens of billions of DPU chip market is \"exploding\"</h2>In Huang Renxun's view, the data processing unit (DPU) responsible for transmitting and processing data in the data center is forming the \"three pillars of future computing\" together with CPU and GPU. When Chinese chip companies focus on GPUs, Nvidia has set its sights on the two new markets of CPU and DPU.</p><p>In September 2020, Nvidia announced that it planned to acquire British chip designer Arm from a Japanese software group for US $40 billion, which is expected to write the largest merger and acquisition in the semiconductor industry. However, this deal is controversial and is still awaiting approval from governments such as the European Union, Britain, the United States and China. But in April 2021, Nvidia announced its entry into the data center CPU market and released the Grace CPU processor, which is what Huang Renxun said at the beginning of this article. (For details, see the previous article of Titanium Media App: \"The British government intervenes, Nvidia's US $40 billion acquisition of Arm transaction changes\")</p><p>In addition to CPU and GPU, Nvidia is also deploying DPU. In 2019, Nvidia announced that it would acquire Israeli network chip manufacturer Mellanox for US $6.9 billion in all-cash, and eventually won it. As for this largest acquisition in Nvidia's history, what Huang Renxun values most is Milosi's unique ability in data center technology and other aspects.<b>In October 2020, NVIDIA launched the DPU for the first time-NVIDIA BlueField series data processors.</b></p><p>Fundamentally, on the one hand, DPU is more flexible and secure, and more importantly, DPU can liberate the computing power of CPU, release the load of server, significantly reduce the overall cost with low power consumption, and even improve the performance of AI and machine learning applications.</p><p>According to IDC statistics, the global demand for computing power will double every 3.5 months, far exceeding the current growth rate of computing power. Driven by this, global computing, storage and network infrastructure are also undergoing fundamental changes: some workloads with excessive data volume occupy too much CPU resources, and various \"X\" PU chips that cooperate with them have emerged as the times require. In addition to chips such as GPU and FPGA, DPU is the next \"X\" PU.</p><p>People in the industry have made an image metaphor about this. The network is like building a road. In the past 1G and 10G era, the road was not wide enough, and there were more and more cars. In order to balance the pressure, we have increased traffic lights and invested more traffic police to coordinate resources higher. This has improved the original efficiency a lot, but it is still not enough. We must expand the road first, which means the bandwidth is increased, but the road has changed from 2 to 4. It will still be blocked only by traffic lights and limited traffic police, but we can't increase the traffic police indefinitely, which requires the road to be smarter and help solve the congestion.</p><p>Zhang Gaonan pointed out that a large amount of network management is in the CPU, occupying container capabilities, while DPU provides space capabilities for server intelligence. A large amount of virtualization space can increase computing power requirements.</p><p><b>With 2020, the reputation of DPUs surpasses the launch of infrastructure processors (IPUs) and SmartNICs launched by rival Intel, and every company eyeing the data center business needs a piece of this field. DPU has become a new track for major chip giants and start-up companies to compete for research and development. Domestic DPUs are now almost in a state of blooming. Sequoia, Hillhouse Ventures, CDH, and SoftBank China have all begun to enter the market.</b></p><p>In April this year, Tianyancha data showed that domestic DPU chip supplier \"Yunbao Intelligent\" completed<a href=\"https://laohu8.com/S/00700\">Tencent</a>Investment, Sequoia Capital, Yaotu Capital and other joint angel round financing; At the end of May, Xinqiyuan completed hundreds of millions of yuan in Pre-A round financing, with investors including SoftBank China, Pudong Science and Technology Group, etc.; On July 27, DPU chip developer \"Zhongke Yushu\" completed hundreds of millions of yuan in Series A financing led by Huatai Innovation; On August 30, DPU chip developer Nebula Zhilian announced the completion of hundreds of millions of yuan in angel round financing, led by Hillhouse Venture Capital, with CDH VGC and Walden International China Fund participating in the investment; At the beginning of September, IDG Capital launched the \"Yunmai Xinlian\" angel round financing project.</p><p>\"DPU may become the third computing power chip after CPU and GPU, but from a structural point of view, DPU will be more heterogeneous and more dedicated.\" Yan Guihai said in an interview with Titanium Media App and others that DPU The background is the demand for computing delay, data security, and resource virtualization brought about by the end-edge-cloud integration trend caused by the data explosion in the intelligent era. The CPU is overwhelmed by these non-business loads, and an ideal object is urgently needed to share these computational loads.</p><p><b>Toubao Research Institute predicts that China's DPU market size is expected to reach US $3.74 billion in 2025. The global DPU market size is expected to reach US $13.57 billion in 2025.</b>At the same time, the report also pointed out that data circulation is the largest application market of DPU, among which bare metal services have a rigid demand for DPU. The application of DPU in the telecom market is mainly in edge computing scenarios, with a penetration rate of less than 5%. DPUs for the field of intelligent driving are still in the exploratory stage, and it is expected that DPUs will be deployed in the field of intelligent driving in 2023.<img src=\"https://static.tigerbbs.com/7170c585dab44018726df81a32c63d62\" tg-width=\"808\" tg-height=\"500\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>China's DPU market size, forecast from 2020 to 2025, source: Toubao Research Institute</p><p>Yan Guihai pointed out that the performance of CPU increased from 30% per year 5-10 years ago to less than 3% per year three years ago. The network bandwidth still increases by about 35% every year.</p><p>With<a href=\"https://laohu8.com/S/600918\">Zhongtai Securities</a>For example, the challenge encountered by the company at that time was that the compliance inspection of transaction orders was too slow and the transaction efficiency needed to be improved. Therefore, Zhongke Yushu, Zhongtai Securities and Shanghai Stock Exchange Technology Co., Ltd. jointly developed a set of extremely fast risk control system solutions to speed up this process. Zhongke Yushu has successively developed multiple sets of products and solutions such as ultra-low latency smart network cards and data computing accelerator cards, mainly for high bandwidth, low latency, data-intensive and other scenarios. The company has achieved quarterly revenue of tens of millions this year. Zhongke Yushu's next-generation DPU chip is expected to be designed by the end of 2021 and is expected to process up to 200G network bandwidth data.</p><p><b>However, although the DPU market is hot, the concept is newer, there are more unknowns, and the investment risk will be greater.</b></p><p>Lu Sheng, CEO of Xinqiyuan, pointed out that the current barriers to the DPU segmentation track are still relatively high. In addition to technical barriers, there are also market barriers, which require customers to continuously iterate, especially in conjunction with the continuous upgrade of open source software to adapt to customers. Rapidly changing software and hardware environment. Therefore, before investing, VC (venture capital) must recognize the track and have enough patience. He emphasized that investors need to constantly observe the market and adjust their judgments, and no one can predict the future development prospects of DPU now.</p><p>Some media also believe that when Nvidia enters the newly opened CPU and DPU battlefield, it may be good for Chinese GPU manufacturers, especially when Nvidia still spends a lot of energy on the US $40 billion acquisition of British chip designer Arm. For GPU companies, it may be an opportunity to catch up.</p><p>As Zhang Gaonan told Titanium Media App, \"Logically speaking, things with low thresholds are usually not scarce. (Chip semiconductor track) Some things are difficult and require long-term investment. Although they are high-risk, but someone has to do it. This is a long-term investment that is really beneficial to the country. In fact, investment should be encouraged. Otherwise, if no one does these difficult things that require long-term investment, you will never get up to the next level.\"</p><p>Zhang Gaonan emphasized that although venture capital must pursue returns, he believes that when the entire capital allocation is reasonable, taking part of the start-ups that invest in the semiconductor track not only has strong social significance, but also some kind of long-term value investment. important manifestation.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/01e0bbbfdbdc6f8f2f7ce512582f7c3e","relate_stocks":{"NVDA":"英伟达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166195813","content_text":"英伟达CEO黄仁勋（图片来源：Nvidia官网）\n“我即将展示的产品，融合了新的GPU加速计算能力，拥有Mellanox高性能网络，补足我们最后一块拼图的产品是——全球首款专为TB级数据中心加速计算而设计的CPU处理器，它的秘密代号是Grace。”\n这是2021年4月英伟达（NVIDIA）CEO黄仁勋在GTC峰会演讲中的一段话。然而，让人意想不到的是，直到8月12日英伟达自曝后人们才知道，这段不足100字、14秒的演讲内容竟然不是黄仁勋本人出镜，而是使用了合成的“数字替身”，即利用英伟达GPU处理器与Omniverse软件平台共同形成的“虚拟黄仁勋”形象。\n这一事件引发了人们对虚拟现实、元宇宙、AI换脸等技术和概念的激烈讨论，同时也让“英伟达”这家美国芯片霸主从半导体行业“出圈”，走入了大众视野。\n自1993年成立至今，在黄仁勋的带领下，英伟达成功创造且引领了GPU（图形处理器）芯片这一类别，产品覆盖整个PC设备GPU至服务器GPU市场。过去五年内，英伟达市值从310亿美元增长到5050亿美元，跻身成为全球第七大半导体供应商，是人工智能（AI）芯片领域炙手可热的明星企业。\n与此同时，在英伟达市值超过英特尔之后，国内半导体市场看到了GPU、AI芯片赛道更大的市场机会，景嘉微、天数智芯、登临科技、壁仞科技、燧原科技、寒武纪、沐曦集成电路等企业均在通用处理器这一赛道中集聚。\n近两年，国内半导体产业发生着转变。由于华为海思、中芯国际等企业受美方“实体清单”影响，以及全球芯片短缺引发的连锁反应，使得中国企业愈加难采购到美国半导体产品，对于“国产替代”需求愈加强烈。\n2020年6月29日，由于美国《出口管理条例》再升级，实体清单企业成员在不断调整，英特尔“临时性暂停”对浪潮集团的芯片供货。\n尽管随后在7月3日，浪潮方面宣布英特尔已恢复对其供货，但一家是全球最大的PC、云服务x86架构芯片供应商，另一方是中国最大的服务器厂商，两家公司之间的临时断供危机，为整个中国云计算、半导体行业提了一个醒：随着算力需求越来越强烈，中国需要大规模生产全面自主可控的国产GPU、服务器芯片产品。从而凸显了“国产替代”正成为中国半导体行业发展的最大驱动力。\n另外，作为全球芯片销量大国，中国却没有出现一家“英伟达”这样的芯片巨头，大市场并没有产生与之匹配的大公司。根据IC Insight的统计显示，2020年全球半导体市场规模为3957亿美元，其中，中国大陆市场规模是434亿美元，为全球最大市场，占全球比例达到36.24%。然而，总部位于中国大陆的半导体公司2020年总产值仅为83亿美元，仅占市场规模的5.9%。\n偌大的蛋糕，究竟谁能切下一角？半导体产业何时才能造出“中国英伟达”？\n错失黄金时代\nGPU图形处理器又被称为显示芯片、视觉处理器，最初于1999年由英伟达提出，是个人电脑、工作站、游戏主机以及移动设备（智能手机、平板电脑、VR设备）上专门运行绘图运算的微处理器。\n随着GPU的并行计算优势被逐步挖掘，GPU的应用领域从图形处理扩展到高性能计算，逐步成为Al计算最成熟、应用最广泛的通用型芯片。2020年6月，英伟达推出基于安培（Ampere）架构的A100 Tensor Core GPU，成为全球性能最强的AI芯片。\n以应用终端角度分类，GPU可分为PC端GPU、服务器GPU和移动端GPU，对应三种架构，即与专用电路板及组件组成的独立显卡，共享集成显卡，以及移动端GPU与其他芯片或模块一起封装成高集成度的SoC——应用于手机、汽车电子、AI在内的多个应用场景。\n自从AMD在2006年收购加拿大GPU厂商ATI之后，目前，在PC及服务器GPU领域，全球GPU市场呈现“美国芯片三巨头”——英特尔、AMD和英伟达垄断的局面。集成GPU市场英特尔优势明显，独立GPU市场英伟达和AMD两强割据。\n根据研究机构Jon Peddie Research的数据显示，2021年第一季度，全球PC端GPU市场中，英特尔（Intel）以68%市场份额位居榜首，AMD和英伟达分别为17%和14%，三家共计份额接近100%；全球独立GPU领域中，英伟达是数据中心GPU市场领导者，占据81%的市场份额，拥有领先优势，AMD则以占比19%位居第二。\n仅2019年，英伟达凭借V100系列等产品，占据了中国AI训练芯片市场90%份额，牢牢掌握着中国这一庞大的AI芯片销售市场。\n英伟达能持续作为“芯片霸主”地位的核心原因之一在于其“轻设计模式”。英伟达不做芯片制造和封装，交由台积电代工完成，自身享受7nm等先进制程工艺技术红利。根据财报显示，2016年至2021年期间，英伟达收入增长了233%，营业利润翻了一番，达到45亿美元。在截至今年5月的三个月内，销售额同比猛增84%，毛利率则达到了64%。\n事实上，中国很早就进入了GPU芯片设计领域，但结果并不如意。\n从20世纪70年代开始，中国开始引进半导体与集成电路技术和生产线。但结果却是陷入了“代代引进、代代落后”的恶性循环，加上“汉芯一号”假芯片事件给社会带来的不良影响，让中国的“自主处理器”遭受严重挫败，以及中国积极推动WTO全球化等因素，从而错失了全球半导体产业发展的黄金时期，下游企业只能“造不如买”。\n到2000年，以国家“18号文件”出台为标志，中国半导体才逐渐形成设计、制造、封装测试“三业分离”的产业组织形态，引进以“中芯国际”为代表的一批芯片制造（Foundry）企业在华建设、投产，技术水平也因此得到快速提升。\n目前，景嘉微、天数智芯、登临科技、壁仞科技、燧原科技、寒武纪、沐曦集成电路等企业均在通用处理器这一赛道中集聚。\n2014年，以军机图形显示控制模块起家的“景嘉微”（300474.SH）成功研制出军用GPU芯片JM5400，随后在2018年成功研发出28nm制程工艺的第二代GPU芯片JM7200。景嘉微从军用定制走向通用GPU，成为全球少数、国内唯一实现独立GPU商用量产的公司。\n除景嘉微外，2021年3月天数智芯发布了国内首颗7纳米工艺制造的GPGPU（通用图形处理器），即去掉了传统GPU 30%的图形渲染部分，只为处理人工智能（AI）应用而生；燧原科技则在今年6月发布了迄今中国最大的AI计算芯片“邃思2.0”AI芯片、基于邃思2.0的“云燧T20”训练加速卡和“云燧T21”训练OAM模组。\n但值得注意的是，景嘉微研发的JM7200芯片，性能只相当于2012年英伟达GTX 640水平，难以满足企业客户的应用需求。即便燧原科技的“邃思2.0”AI芯片，也仅和英伟达的A100达成平手，Benchmark测试的6个项目中有2项大幅超越了英伟达A100的性能表现。（详见钛媒体App前文：《燧原科技发布中国最大的AI计算芯片，加速推进三大业务方向落地》）\n\n背后的原因，主要由于中国半导体产业起步晚，芯片的技术门槛高、成本弹性大、产业高度集中，使得中国GPU芯片企业的整体研发投入、技术、人才都滞后于国外，从而在产品性能和技术上依然和芯片巨头有差距，下游企业依然难以脱离“美国芯片三巨头”的境地。\n以研发投入为例，2011年至2020年的十年间，景嘉微的研发投入费用总额为人民币6.27亿元，而英伟达2020年这一年的研发投入就达到39.24亿美元，约合人民币253.23亿元，十年间英伟达总计投入超过1200亿元人民币，两者相差超190倍。\n在人才方面，截至2021年上半年，英伟达员工人数高达18975人，景嘉微总员工人数为1174人，远低于AMD在上海研发中心的2000名员工。\n“AI芯片、GPU芯片市场比较特殊，跟传统的专用处理器不一样，技术十分复杂。它需要大量的数据，需要和特定的算法结合，才能够付诸市场运用。”新思科技中国副总经理谢仲辉在今年4月接受钛媒体App独家专访时表示，如果企业想把首颗AI芯片做扎实，通常需要两三年以上。\n在他看来，芯片半导体本身是一个投入大、周期长、见效慢的行业，技术完全国产化需要长期持续的资金、人才和技术积累，很难用“砸金钱见回报”这种互联网思维来处理。\n此外，结合CUDA技术的软硬件生态，也是国内芯片企业与英伟达形成较大差距的另一重要原因。\n2006年，英伟达就发布了并行计算平台CUDA，其中包含一系列开发工具，只有安装使用这个平台才能够进行复杂的并行计算，任何人只要拥有一台配有英伟达GPU的笔记本电脑，就可以利用CUDA可以进行科学、便捷编程计算，比如深度学习、AI算法等，开发相关软件。过去十多年，英伟达坚持不懈地推广CUDA，使更多政企级类型软件都基于该平台开发，将英伟达自研GPU硬件与CUDA软件相结合，高效实现应用落地。\n相比之下，目前国内却没有一个类似CUDA和英伟达硬件深度绑定的系列平台，技术壁垒差距十分明显。大部分国产GPU厂商均采取兼容CUDA开源框架的策略，如天数智芯、登临等，准备在此基础上培育自己的软件生态。\n“短期来看，国产GPU兼容CUDA更容易发展，毕竟写算子是人力密集型行业，用户迁移的话是需要100%迁移、整套代码都要在你的片上跑，如果代码量很小，需要的算子不那么多，难度就比较低。但是长期来看，还是要摆脱兼容思路，发展自有的核心技术。”芯片行业内人士表示，选择兼容主要是确保已有软件依然可用，未来会不断改进自家平台，使其更加匹配自己的芯片，从而吸引开发者迁移。\n但也有企业选择不兼容CUDA生态，比如同时做AI训练和推理芯片的燧原科技，今年全面升级了其“驭算TopsRider”软件平台以及全新的“云燧集群”，希望能拥有生态主导权。\n总结来看，对标英伟达的这些国内芯片企业依然处在发展的初级阶段，AI芯片技术的产业化、市场化能力较弱，没有产生实际的大规模使用，距离超越或取代“中国英伟达”仍然有很长的路要走。\n中科驭数CEO鄢贵海在接受钛媒体App采访时表示，虽然目前中国需求侧虽然还是全球最大的单一市场，增速也名列前茅，“需求侧”还是很强劲的，但在高端芯片方面无论是设计还是制造还有不小差距，“供给侧”不够强大。他指出，供给侧的优劣不仅取决于一家企业，而是全产业链能力。短期内要想打造出这样大体量和全面引领性的企业还是不太现实的。\n中科驭数成立于2018年，是一家专用计算架构研发商，孵化自中科院计算所的计算机体系结构国家重点实验室，如今公司估值已超10亿元。今年7月27日，中科驭数完成数亿元A轮融资，由华泰创新领投，灵均投资以及老股东国新思创跟投。\n高瓴合伙人、高瓴创投软件与硬科技负责人黄立明在接受钛媒体App的独家专访时表示，虽然GPU市场前景广阔，但中国创业公司很难直接做成“英伟达”。除了技术难度外，还要结合很强的应用来做——涉及到软件系统软件生态，这对创业公司来说要求是极高的。\n高瓴于2020年2月推出独立VC品牌高瓴创投，此后其对芯片半导体领域进行投资入局，其中包括半导体IP企业芯耀辉、EDA厂商芯华章，GPU平台壁仞科技、DPU公司星云智联，加上碳化硅方面的天科合达、光芯片领域的敏芯半导体、以及手机基带星思半导体等。\n黄立明强调，能在这个方向跑出来的公司，无论海外还是国内，高瓴判断最终都不会有很多。\n风口已至\n“我们现在先不纠结于怎么去取代英伟达，路都是一步一步走的。我觉得首先中国得有国产AI芯片、通用GPU、FPGA等底层算力。只要国内有市场需求，我们一定有很多机会。”华映资本主管合伙人章高男对钛媒体App表示，国内半导体产业风口已至，中国现在切入GPU市场是“天时、地利、人和”皆备，尤其半导体和下一代AI技术都是中国必须突围的领域。\n章高男举了一个例子，金山办公产品虽然逊于微软Office套件，但市场给出1100多亿元市值，背后重要原因之一是，中国必须得有国产office，同样道理也适用于国产的GPU市场。\n华映资本是国内最早布局移动互联网和文化产业的私募股权基金之一，近几年To B领域也成为华映资本重点关注的投资领域。目前华映资本在To B领域投资的30余个项目，投资总额超7亿元生态，由技术型投资人章高男负责搭建。在数据中台及底层算力相关领域，华映资本投资布局了壁仞科技、天云大数据，中科海微等项目。\n实际上，作为横跨视觉计算和AI计算的通用平台，GPU拥有巨大的市场空间。据东吴证券测算，预计到2027年，GPU领域国产替代的市场空间规模超过341亿美元。除了既有的游戏市场，在工业、医疗、军事航天等方向都有进一步的发挥空间。\n今年3月，原商汤科技总裁张文联合创立的通用智能芯片设计商“壁仞科技”完成了B轮融资。2019年9月成立以来，公司总融资额超47亿元人民币，投资方包括高瓴创投、华映资本、中国平安、招商局资本、BAI资本、国盛集团国改基金等，估值已超过100亿元，成长半导体行业势头最为迅猛的“独角兽”企业之一。\n除壁仞外，沐曦集成电路、摩尔线程等入局GPU领域的企业也都完成了融资。\n8月25日，GPU厂商沐曦集成电路宣布完成10亿元人民币的A轮融资，创始人陈维良、杨建等均来自美国芯片巨头AMD，投资方包括中国国有企业结构调整基金股份有限公司、中国互联网投资基金、经纬中国、和利资本、红杉中国、光速中国、国创中鼎、智慧互联产业基金、上海科创基金、联想创投等；而2020年成立的摩尔线程，宣称100天内就完成了两轮数十亿元融资，团队成员主要来自英伟达，投资方包括深创投、红杉资本中国基金、招商局创投、字节跳动、小马智行、五源资本等。\n不过，一个有趣的现象是，壁仞、沐曦、摩尔线程上述三家初创企业是名副其实的“PPT融资造芯”，融资时无一家完成首颗芯片的流片（流水线试生产）。\n为何市场投资人愿意对此敞开钱包？数位投资人在接受钛媒体App采访时表示，这些项目能够获得大量资本支持，原因都为投资早期，主要看的还是团队、赛道两部分：AI芯片赛道风口已至，高管团队也均出自“美国芯片三巨头”。\n“我觉得需要给这些企业机会和耐心，不可能500个人都在写PPT。制造芯片是一个5年到10年的事情，我们愿意去投的原因，并非是投机或者是忽悠。我认为，投半导体赛道本身风险就高，需要做好长周期的打算，需要有足够强的风险承担能力，这和投资互联网的模式创新完全不一样。”上述投资人对钛媒体App表示。\n但也有半导体行业投资人指出，上述投资项目本质上还是希望市值撑高，有更高的回报率，尤其“芯片热”环境下，风投机构需要不断在中早期寻找这些GPU、AI芯片企业标的，希望从中赌得一份更高的回报。\n此外，在这一波GPU创业浪潮中，创始团队师出“美国芯片三巨头”。例如，天数智芯首席科学家郑金山曾任AMD首席技术专家；沐曦的创始团队主要来自AMD，CEO陈维良曾在AMD担任图形研发高级总监，CTO杨建曾任AMD Fellow（院士）；壁仞科技最新上任的联席CEO李新荣，曾任AMD全球副总裁，壁仞科技高级副总裁陈文中也曾在AMD任职。\n对此，章高男表示，AMD是GPU领域排名前二的芯片巨头，关于GPU核心研发都在上海，而图形渲染的研发是在美国，企业可以去找AMD和英伟达两家公司高管去沟通，而最终选择的人肯定是半导体行业内的佼佼者。\n鄢贵海认为，在细分新兴赛道，凭借需求侧的应用“势能”，中国芯片企业集中优势兵力，立足服务本土企业，突出开发的敏捷性，是有机会在产品定义、方案迭代周期上超越“英伟达”这些芯片巨头。他预计，10年内会出现一批技术领先的国产GPU、DPU企业。\n“芯片产业五个环节：设计、制造、封测、材料、EDA五个环节中，与应用最相关的是设计，我们最大的优势又在于应用，所以非常有机会在“设计”这一环节取得突破，然后以点带面，逐步扩大胜利版图。所谓“弯道超车”还是追赶策略，切入面向未来的新赛道并且全力加速才更有可能占据新的战略制高点。希望能在10年内能出现一批技术领先、产品扎实而且富有战略意识的企业。”鄢贵海对钛媒体App表示。\n壁仞科技创始人张文表示，对芯片公司的能力要求从产品级提升到系统级和生态级。时间上不超过5年，中国在AI芯片设计领域赶上甚至领先国际水准。他强调，超越英伟达，需要重新定义一个产品，以及重新定义一个市场。\n百亿DPU芯片市场“爆火”\n在黄仁勋看来，负责在数据中心传输和处理数据的数据处理单元（DPU），正与CPU、GPU共同组成“未来计算的三大支柱”。当中国芯片企业发力GPU时，英伟达则把目光放在了CPU、DPU这两个新市场中。\n2020年9月，英伟达宣布拟以400亿美元，从日本软件集团处收购英国芯片设计商Arm，预计写下半导体行业最大的并购案。但这笔交易存有争议，目前还等待欧盟、英国、美国和中国等政府的批准。但2021年4月，英伟达则宣布进军数据中心CPU市场，发布Grace CPU处理器，也就是本文开头黄仁勋所讲的那一段话。（详见钛媒体App前文：《英国政府出手干预，英伟达400亿美元并购Arm交易生变》）\nCPU和GPU之外，英伟达还在布局DPU。2019年，英伟达宣布以69亿美元全现金的形式收购以色列网络芯片商迈络思（Mellanox），并最终将其拿下。而这笔英伟达有史以来规模最大的收购，黄仁勋最看重的就是迈络思在数据中心技术等方面独步天下的能力。2020年10月，英伟达首次推出了DPU — NVIDIA BlueField系列数据处理器。\n究其根本，一方面DPU更灵活安全，更重要的是，DPU可以解放CPU的算力，释放服务器的负载，并凭借低功耗显著降低综合成本，甚至还可以改善AI和机器学习应用的性能。\n据IDC统计，全球算力的需求每3.5个月就会翻一倍，远远超过了当前算力的增长速度。在此驱动下，全球计算、存储和网络基础设施也在发生根本转变：一些数据量过大的工作负载，过多占用CPU资源，与之协同作战的各种“X”PU芯片便应运而生，GPU、FPGA等芯片之外，DPU就是下一个“X”PU。\n业内人士就此做了一个形象的比喻，网络就像造马路，以前1G 10G时代马路已经不够宽了，车子越来越多，为了平衡压力，通过增加红绿灯和投入更多的交警来更高的协调资源，这样已经让原来的效率提高很多，但是仍然不够。必须第一扩大马路，这就是带宽增加，但是马路从2道变为4道，仅仅依靠红绿灯和有限的交警还是会堵塞，但是我们不能无限增加交警，这就需要马路能更加智能，帮助解决拥堵。\n章高男指出，大量的网络管理在CPU里面，占据了容器能力，而DPU则是将服务器智能提供空间能力，大量虚拟化空间可以提高算力需求。\n随着2020年，DPU的名声超出了竞争对手英特尔所推出的基础设施处理器(IPU)和SmartNIC，也让每个对数据中心业务虎视眈眈的企业都要在这个领域分一杯羹。DPU成为了各大芯片巨头、初创公司争相研发的新赛道，国产DPU现在几乎处在百花齐放的状态，红杉、高瓴创投、鼎晖、软银中国都开始入场。\n今年4月，天眼查数据显示，国产DPU芯片供应商“云豹智能”完成腾讯投资、红杉资本、耀途资本等联合的天使轮融资；5月末，芯启源完成数亿元Pre-A轮融资，投资方包括软银中国、浦东科创集团等；7月27日，DPU芯片研发商“中科驭数”完成华泰创新领投的数亿元A轮融资；8月30日，DPU芯片研发商星云智联宣布完成了数亿元天使轮融资，由高瓴创投领投，鼎晖VGC、华登国际中国基金参与跟投；9月初，IDG资本豪掷“云脉芯联”天使轮融资项目。\n“DPU有可能成为继CPU和GPU之后的第三颗算力芯片，但从结构上来看，DPU会更异构、也更专用。”鄢贵海在接受钛媒体App等采访时表示，DPU产生的背景是智能时代数据爆发导致的端-边-云一体化趋势带来的对计算延迟、数据安全、资源虚拟化需求。CPU对这些非业务性负载已不堪重负，迫切需要一个理想的对象来分担这些计算负载。\n头豹研究院则预测，中国DPU市场规模预计将在2025年达到37.4亿美元。全球DPU市场规模2025年预计将达到135.7亿美元。同时报告也指出，数据流通是DPU最大的应用市场，其中裸金属服务其对DPU存在刚需。DPU在电信市场的应用主要为边缘计算场景，渗透率不足5%。针对智能驾驶领域的DPU仍在探索阶段，预计在2023年DPU才有望布局在智能驾驶领域。\n中国DPU市场规模，2020-2025年预测，来源：头豹研究院\n鄢贵海指出，CPU的性能从5-10年前每年30%的增幅，到三年前大概只有每年不到3%的性能增幅。而网络带宽每年依旧还有35%左右的增长。\n以中泰证券为例，当时该公司遇到的挑战是，交易报单合规检查太慢，需要提高交易效率。于是，中科驭数与中泰证券、上交所技术有限责任公司联合研发了一套极速风控系统解决方案，来加速这一流程。中科驭数相继研发了超低时延智能网卡、数据计算加速卡等多套产品和解决方案，主要面向高带宽、低时延、数据密集型等场景。该公司今年已经实现千万级别的季度营收。中科驭数的下一代DPU芯片预计将于2021年底完成设计，预计可处理高达200G网络带宽数据。\n不过，DPU市场虽然火爆，但概念较新，未知更多，投资风险也会更大。\n芯启源CEO卢笙指出，目前DPU细分赛道的壁垒还是相对较高的，除了技术壁垒之外，还有市场的壁垒，需要客户不断迭代，尤其是配合开源软件不断升级去适配客户快速变化的软硬件环境。因此VC（风险投资）在投资之前，一定要先认可赛道，且有足够的耐心。他强调，投资人需要对市场进行不断地观察并调整判断，现在谁也无法预料未来DPU发展前景。\n也有媒体认为，当英伟达进入新开辟的CPU和DPU战场，对中国的GPU厂商或许是个利好，尤其英伟达依然花大量精力放在400亿美元收购英国芯片设计商Arm公司的并购交易上，这对新创GPU企业而言，可能是个追赶的时机。\n正如章高男对钛媒体App所说，“从逻辑上讲，门槛不高的事情通常稀缺性都不高。（芯片半导体赛道）有些事情是很难的，需要长时间投入，虽然是高风险，但总归得有人去做。这是真正对国家有利的长远投入，其实应该鼓励投资。否则的话，这些需要长时间投入的难事，谁都不去做，你永远上不了台阶。”\n章高男强调，虽然风险投资肯定要追求回报，但他认为，在整个资金分配合理情况下，拿出一部分投资半导体赛道的初创企业，不仅有极强的社会意义，更是某种长期价值投资的重要体现。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882116470,"gmtCreate":1631666707990,"gmtModify":1676530603339,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457141092286042","idStr":"3457141092286042"},"themes":[],"htmlText":"Apple yyds","listText":"Apple yyds","text":"Apple yyds","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/882116470","repostId":"1118939975","repostType":4,"repost":{"id":"1118939975","kind":"news","pubTimestamp":1631661433,"share":"https://ttm.financial/m/news/1118939975?lang=en_US&edition=fundamental","pubTime":"2021-09-15 07:17","market":"sh","language":"zh","title":"There is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1118939975","media":"华尔街见闻","summary":"媒体称并无惊艳之处，而且没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜，还有人根据新一代智能手表的发货时间“待定”推测遭遇生产困难。80分钟的发布会结束时，苹果跌","content":"<p>The media said there was nothing amazing about it, and did not mention the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world was expecting. Some people speculated that they encountered production difficulties based on the \"pending\" delivery time of the new generation of smart watches. At the end of the 80-minute press conference, Apple's decline extended to 1.5%, near the lowest in four weeks. At 1 p.m. Eastern Time on Tuesday, September 14 (1 a.m. Beijing time on the 15th), Apple held the 2021 autumn new product launch conference as scheduled.</p><p>This is Apple's seventh consecutive online virtual conference due to COVID-19 pandemic. The media said it was nothing surprising. The company's stock price fell. At the end of the 80-minute conference, the decline expanded to 1.5%, or the lowest since August 19. The lowest in nearly four weeks.</p><p>Apple has newly launched its new flagship smartphone iPhone 13 series, new entry-level iPad and iPad Mini, and a new generation of smart watch Apple Watch.<b>But there was no mention of the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world is expecting.</b></p><p><img src=\"https://static.tigerbbs.com/165d7e060b805f2b0534a472cf4b6e3c\" tg-width=\"640\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>The entire iPhone 13 series has been upgraded with A15 bionic chip and movie shooting mode, smaller bangs, larger battery, and the Pro series has added blue and 1TB memory</b></p><p>Wall Street News once mentioned that,<b>In the past year, Apple's profits have hit record highs, largely thanks to the launch of the iPhone 12 series last fall, which makes the iPhone 13 series the top priority of this conference.</b>However, analysts tracking Apple don't expect the new iPhone series to be much upgraded compared to last year's landmark 5G iPhone 12.</p><p><b>The new iPhone 13 series released today does have basically the same design as last year, but the bangs are smaller and the battery is larger. They all support the 5G wireless standard, and the battery life will increase by 1.5 to 2.5 hours.</b>Pre-orders will open on September 17th, and shipments will start on September 24th.</p><p>The screen sizes of the iPhone 13 Mini and iPhone 13 remain 5.4 inches and 6.1 inches, and come in five colors. The starting prices are $699 and $799 respectively, which are also the same as last year, but the storage space of the basic model is increased to 128GB.</p><p><img src=\"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>The screen sizes of iPhone 13 Pro and Pro Max remain 6.1 inches and 6.7 inches, and the blue model with \"Sierra Blue\" is added. The starting prices are US $999 and US $1,099 respectively, the same price as last year, but both add 1TB of large memory options.</p><p><img src=\"https://static.tigerbbs.com/a94861fc8d5dde5410be155a02ad4f9f\" tg-width=\"546\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p><b>After the Apple press conference, the price of Apple's latest iPhone in China was released:</b></p><p>The starting price of the iPhone 13 mini in China is 5,199 yuan, the starting price of the iPhone 13 is 5,999 yuan, and the top-of-the-line iPhone 13 Pro Max is 12,999 yuan. The entire series will start pre-ordering on September 17 and on September 24 Officially released. The new tablet iPad mini starts at 3,799 yuan.<img src=\"https://static.tigerbbs.com/85f764b13bc5a0291adcb61703201ab3\" tg-width=\"544\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>The biggest difference between the iPhone 13 and its Pro version is still the number of rear cameras. The Pro series has a three-camera design of zoom, wide-angle and ultra-wide-angle lenses, which can focus on objects 2 cm in the front. The basic iPhone 13 model retains the wide-angle and ultra-wide-angle lenses are arranged diagonally, but the 12-megapixel rear wide-angle lens has a larger sensor that can capture 50% more light.</p><p>In addition, the display of the iPhone 13 Pro series is called \"Super Retina XDR with ProMotion,\" and has twice the refresh rate of older Apple phones, which means that the iPhone touchscreen will swipe smoother and with less lag.</p><p><img src=\"https://static.tigerbbs.com/510186d223bc22f07d4ce3bbf074c34b\" tg-width=\"562\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>The entire iPhone 13 and Pro series are powered by Apple's new generation A15 bionic chip. The performance of CPU and GPU has been greatly improved. There is also a part in the chip dedicated to running artificial intelligence algorithms.</p><p><img src=\"https://static.tigerbbs.com/3f7f5150efc903319190c3efb3bdb0de\" tg-width=\"547\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>The whole series of mobile phones have improved camera and photography functions, adding \"Cinematic mode\", which can maintain focus on moving subjects, as well as real-time automatic focus transformation to create rich depth of field. According to Apple, \"movie mode\" is equivalent to being able to make movies with a mobile phone, which is a unique feature of the entire IPhone 13 series.</p><p><img src=\"https://static.tigerbbs.com/c2ed54ea991a50d995e8db81c45f143b\" tg-width=\"611\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><b>New iPad and Mini performance improvements will be shipped next week, analysis questions seventh-generation smartwatch encounters production difficulties, and global expansion of fitness streaming subscriptions weighs on share prices of similar companies</b></p><p>Before the release of the most important hardware product mobile phone, Apple CEO Cook first introduced the new program of Apple TV + streaming video subscription service, and said that billions of dollars were invested to create original content, which charged $4.99 per month or could be bundled with other Apple services, but the company did not disclose the number of subscribers.<img src=\"https://static.tigerbbs.com/2d69edd0fcd0b020405b6fc7b2554e2d\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>Apple subsequently launched a new entry-level tablet iPad, equipped with an upgraded A13 chip, which runs 20% faster than the older version of the A12 chip. The 12-megapixel front-value camera will improve the quality of video calls such as Zoom and FaceTime, and has LTE wireless connection. The starting price of the new iPad will remain unchanged at $329, but the basic memory is larger than 64GB. It can be pre-ordered now and officially released next week.</p><p><img src=\"https://static.tigerbbs.com/ea1f74382c4dabaf50c14f28d15b6875\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>The upgraded iPad Mini has received a new design and performance improvements. It is called the most powerful product of its kind in history and the \"biggest upgrade in history\" by the company. It will support 5G networks and have a smaller 8.3-inch screen. It has a smaller bezel, a fingerprint sensor built into the top button, is configured with a 12-megapixel rear camera and stereo speakers, including a variety of colors like purple, uses a USB-C connector, and supports the second-generation Apple stylus. Starting at $499, it can be pre-ordered now and will be officially released next week.</p><p><img src=\"https://static.tigerbbs.com/c10fbc996b81d2feb2b18d4975963a9b\" tg-width=\"640\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Apple also launched the seventh-generation Apple Watch (Apple Watch Series 7). The appearance and software have been redesigned. The screen area is 20% larger than that of the sixth-generation watch and can display more information. It retains the industrial design with rounded edges, the screen is more resistant to cracks and charges faster. The entry-level model comes in five color options, offers aluminum, steel and titanium cases, and the older strap works with the newer model.</p><p><img src=\"https://static.tigerbbs.com/e8aed0154cb2cdec67681c13a5ce8eb8\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that although Apple claims that the new generation of smart watches will start at $399, it did not disclose the specific release date, only saying that it will be launched \"later this fall\". Some analysts say that Apple Watch may encounter manufacturing challenges, which may lead to production delays.</p><p>Tianfeng International once stated in the latest report that Luxshare Precision, which is responsible for producing Apple Watch 7 series panel modules, is actively copying production lines. It is expected that all production lines will start mass production by the end of September, and the supply of Apple Watch 7 will start from mid-to-late October. There will be significant improvements.</p><p><img src=\"https://static.tigerbbs.com/d60b68d36321e616ad8329b40f710f65\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Apple also introduced the Apple Fitness + fitness streaming subscription service, which will be launched in an additional 15 countries this year and expanded to more than 20 countries around the world. It will add content and multilingual versions such as Pilates, winter fitness and guided meditation, and will also add social The function \"Group Workouts\" (group fitness), which allows you to meet friends for video exercises, will be launched in late September and this fall.</p><p>After the news of the global expansion of Apple Fitness + was released, the interactive fitness platform Peloton Interactive fell more than 2%, falling from a three-week high hit yesterday. WW, formerly known as Weight Watchers, a professional weight loss consultancy, fell nearly 5% to 11 months lowest.</p><p><img src=\"https://static.tigerbbs.com/5174e0d18864d675948eec1105fc9f34\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Earlier on the day of the press conference, Apple had released relevant security fixes to its mobile operating system iOS to fix vulnerabilities related to the iPhone iMessage function. An Israeli company has been exploiting the weakness since February, according to research firm Citizen Lab. The FBI and Israeli officials have been secretly investigating the company.</p><p>Analysts surveyed by FactSet, a financial software data company, predict that Apple will ship 239 million mobile phones this fiscal year, surpassing the record high of 231 million in fiscal 2015, and iPhone sales will increase by 41% this year to a record $194 billion.<b>But Apple is unlikely to maintain that growth next year.</b>In July, Apple expressed concerns about the impact of chip shortages in the mobile phone industry. And, sales usually decline in the 12 months after the launch of major new products such as the iPhone 12.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>There is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThere is no new idea \"13 Fragrance\" is coming! Understand Apple's new product launch conference in one article\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-09-15 07:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The media said there was nothing amazing about it, and did not mention the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world was expecting. Some people speculated that they encountered production difficulties based on the \"pending\" delivery time of the new generation of smart watches. At the end of the 80-minute press conference, Apple's decline extended to 1.5%, near the lowest in four weeks. At 1 p.m. Eastern Time on Tuesday, September 14 (1 a.m. Beijing time on the 15th), Apple held the 2021 autumn new product launch conference as scheduled.</p><p>This is Apple's seventh consecutive online virtual conference due to COVID-19 pandemic. The media said it was nothing surprising. The company's stock price fell. At the end of the 80-minute conference, the decline expanded to 1.5%, or the lowest since August 19. The lowest in nearly four weeks.</p><p>Apple has newly launched its new flagship smartphone iPhone 13 series, new entry-level iPad and iPad Mini, and a new generation of smart watch Apple Watch.<b>But there was no mention of the wireless Bluetooth headset AirPods, laptop MacBook Pro, etc. that the outside world is expecting.</b></p><p><img src=\"https://static.tigerbbs.com/165d7e060b805f2b0534a472cf4b6e3c\" tg-width=\"640\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p><b>The entire iPhone 13 series has been upgraded with A15 bionic chip and movie shooting mode, smaller bangs, larger battery, and the Pro series has added blue and 1TB memory</b></p><p>Wall Street News once mentioned that,<b>In the past year, Apple's profits have hit record highs, largely thanks to the launch of the iPhone 12 series last fall, which makes the iPhone 13 series the top priority of this conference.</b>However, analysts tracking Apple don't expect the new iPhone series to be much upgraded compared to last year's landmark 5G iPhone 12.</p><p><b>The new iPhone 13 series released today does have basically the same design as last year, but the bangs are smaller and the battery is larger. They all support the 5G wireless standard, and the battery life will increase by 1.5 to 2.5 hours.</b>Pre-orders will open on September 17th, and shipments will start on September 24th.</p><p>The screen sizes of the iPhone 13 Mini and iPhone 13 remain 5.4 inches and 6.1 inches, and come in five colors. The starting prices are $699 and $799 respectively, which are also the same as last year, but the storage space of the basic model is increased to 128GB.</p><p><img src=\"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>The screen sizes of iPhone 13 Pro and Pro Max remain 6.1 inches and 6.7 inches, and the blue model with \"Sierra Blue\" is added. The starting prices are US $999 and US $1,099 respectively, the same price as last year, but both add 1TB of large memory options.</p><p><img src=\"https://static.tigerbbs.com/a94861fc8d5dde5410be155a02ad4f9f\" tg-width=\"546\" tg-height=\"307\" referrerpolicy=\"no-referrer\"></p><p><b>After the Apple press conference, the price of Apple's latest iPhone in China was released:</b></p><p>The starting price of the iPhone 13 mini in China is 5,199 yuan, the starting price of the iPhone 13 is 5,999 yuan, and the top-of-the-line iPhone 13 Pro Max is 12,999 yuan. The entire series will start pre-ordering on September 17 and on September 24 Officially released. The new tablet iPad mini starts at 3,799 yuan.<img src=\"https://static.tigerbbs.com/85f764b13bc5a0291adcb61703201ab3\" tg-width=\"544\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>The biggest difference between the iPhone 13 and its Pro version is still the number of rear cameras. The Pro series has a three-camera design of zoom, wide-angle and ultra-wide-angle lenses, which can focus on objects 2 cm in the front. The basic iPhone 13 model retains the wide-angle and ultra-wide-angle lenses are arranged diagonally, but the 12-megapixel rear wide-angle lens has a larger sensor that can capture 50% more light.</p><p>In addition, the display of the iPhone 13 Pro series is called \"Super Retina XDR with ProMotion,\" and has twice the refresh rate of older Apple phones, which means that the iPhone touchscreen will swipe smoother and with less lag.</p><p><img src=\"https://static.tigerbbs.com/510186d223bc22f07d4ce3bbf074c34b\" tg-width=\"562\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>The entire iPhone 13 and Pro series are powered by Apple's new generation A15 bionic chip. The performance of CPU and GPU has been greatly improved. There is also a part in the chip dedicated to running artificial intelligence algorithms.</p><p><img src=\"https://static.tigerbbs.com/3f7f5150efc903319190c3efb3bdb0de\" tg-width=\"547\" tg-height=\"308\" referrerpolicy=\"no-referrer\"></p><p>The whole series of mobile phones have improved camera and photography functions, adding \"Cinematic mode\", which can maintain focus on moving subjects, as well as real-time automatic focus transformation to create rich depth of field. According to Apple, \"movie mode\" is equivalent to being able to make movies with a mobile phone, which is a unique feature of the entire IPhone 13 series.</p><p><img src=\"https://static.tigerbbs.com/c2ed54ea991a50d995e8db81c45f143b\" tg-width=\"611\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><b>New iPad and Mini performance improvements will be shipped next week, analysis questions seventh-generation smartwatch encounters production difficulties, and global expansion of fitness streaming subscriptions weighs on share prices of similar companies</b></p><p>Before the release of the most important hardware product mobile phone, Apple CEO Cook first introduced the new program of Apple TV + streaming video subscription service, and said that billions of dollars were invested to create original content, which charged $4.99 per month or could be bundled with other Apple services, but the company did not disclose the number of subscribers.<img src=\"https://static.tigerbbs.com/2d69edd0fcd0b020405b6fc7b2554e2d\" tg-width=\"640\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p>Apple subsequently launched a new entry-level tablet iPad, equipped with an upgraded A13 chip, which runs 20% faster than the older version of the A12 chip. The 12-megapixel front-value camera will improve the quality of video calls such as Zoom and FaceTime, and has LTE wireless connection. The starting price of the new iPad will remain unchanged at $329, but the basic memory is larger than 64GB. It can be pre-ordered now and officially released next week.</p><p><img src=\"https://static.tigerbbs.com/ea1f74382c4dabaf50c14f28d15b6875\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p>The upgraded iPad Mini has received a new design and performance improvements. It is called the most powerful product of its kind in history and the \"biggest upgrade in history\" by the company. It will support 5G networks and have a smaller 8.3-inch screen. It has a smaller bezel, a fingerprint sensor built into the top button, is configured with a 12-megapixel rear camera and stereo speakers, including a variety of colors like purple, uses a USB-C connector, and supports the second-generation Apple stylus. Starting at $499, it can be pre-ordered now and will be officially released next week.</p><p><img src=\"https://static.tigerbbs.com/c10fbc996b81d2feb2b18d4975963a9b\" tg-width=\"640\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p>Apple also launched the seventh-generation Apple Watch (Apple Watch Series 7). The appearance and software have been redesigned. The screen area is 20% larger than that of the sixth-generation watch and can display more information. It retains the industrial design with rounded edges, the screen is more resistant to cracks and charges faster. The entry-level model comes in five color options, offers aluminum, steel and titanium cases, and the older strap works with the newer model.</p><p><img src=\"https://static.tigerbbs.com/e8aed0154cb2cdec67681c13a5ce8eb8\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that although Apple claims that the new generation of smart watches will start at $399, it did not disclose the specific release date, only saying that it will be launched \"later this fall\". Some analysts say that Apple Watch may encounter manufacturing challenges, which may lead to production delays.</p><p>Tianfeng International once stated in the latest report that Luxshare Precision, which is responsible for producing Apple Watch 7 series panel modules, is actively copying production lines. It is expected that all production lines will start mass production by the end of September, and the supply of Apple Watch 7 will start from mid-to-late October. There will be significant improvements.</p><p><img src=\"https://static.tigerbbs.com/d60b68d36321e616ad8329b40f710f65\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p>Apple also introduced the Apple Fitness + fitness streaming subscription service, which will be launched in an additional 15 countries this year and expanded to more than 20 countries around the world. It will add content and multilingual versions such as Pilates, winter fitness and guided meditation, and will also add social The function \"Group Workouts\" (group fitness), which allows you to meet friends for video exercises, will be launched in late September and this fall.</p><p>After the news of the global expansion of Apple Fitness + was released, the interactive fitness platform Peloton Interactive fell more than 2%, falling from a three-week high hit yesterday. WW, formerly known as Weight Watchers, a professional weight loss consultancy, fell nearly 5% to 11 months lowest.</p><p><img src=\"https://static.tigerbbs.com/5174e0d18864d675948eec1105fc9f34\" tg-width=\"640\" tg-height=\"317\" referrerpolicy=\"no-referrer\"></p><p>Earlier on the day of the press conference, Apple had released relevant security fixes to its mobile operating system iOS to fix vulnerabilities related to the iPhone iMessage function. An Israeli company has been exploiting the weakness since February, according to research firm Citizen Lab. The FBI and Israeli officials have been secretly investigating the company.</p><p>Analysts surveyed by FactSet, a financial software data company, predict that Apple will ship 239 million mobile phones this fiscal year, surpassing the record high of 231 million in fiscal 2015, and iPhone sales will increase by 41% this year to a record $194 billion.<b>But Apple is unlikely to maintain that growth next year.</b>In July, Apple expressed concerns about the impact of chip shortages in the mobile phone industry. And, sales usually decline in the 12 months after the launch of major new products such as the iPhone 12.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3640421\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9abfc8953a46feaa99d66373a47b80d7","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3640421","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1118939975","content_text":"媒体称并无惊艳之处，而且没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜，还有人根据新一代智能手表的发货时间“待定”推测遭遇生产困难。80分钟的发布会结束时，苹果跌幅扩大至1.5%，接近四周最低。\n\n美东时间9月14日周二下午1点（北京时间15日凌晨1点），苹果公司如期举行2021年秋季新品发布会。\n这是苹果因新冠疫情连续第七次举办的线上虚拟发布会，媒体称并无惊艳之处，公司股价下跌，80分钟的发布会结束时跌幅扩大至1.5%，或创8月19日以来的近四周最低。\n苹果新晋推出了新款旗舰智能手机iPhone 13系列、新版入门级iPad和iPad Mini、新一代智能手表Apple Watch，但没有提到外界期待的无线蓝牙耳机AirPods、笔记本电脑MacBook Pro等事宜。\n\niPhone 13全系列升级A15仿生芯片和电影拍摄模式、刘海更小、电池更大，Pro系列增设蓝色和1TB内存\n华尔街见闻曾提到，过去一年里，苹果利润创历史新高，在很大程度上归功于去年秋季推出的iPhone 12系列手机，这令iPhone 13系列成为本次发布会的重中之重。不过，跟踪苹果的分析师预计，与去年具有里程碑意义的5G版iPhone 12相比，新iPhone系列的升级幅度不会太大。\n今日发布的新款iPhone 13系列确实设计基本与去年相同，不过刘海更小、电池更大，均支持5G无线标准，电池续航时间将增加1.5至2.5个小时不等，9月17日开启预定，9月24日起发货。\niPhone 13 Mini和iPhone 13的屏幕尺寸仍维持5.4英寸和6.1英寸，并拥有五种颜色，起售价分别为699美元和799美元，也与去年价格相同，但基本款的储存空间提升至128GB。\n\niPhone 13 Pro和Pro Max的屏幕尺寸仍维持6.1英寸和6.7英寸，增设“Sierra Blue”的蓝色款，起售价分别为999美元和1099美元，与去年价格相同，但都增设1TB的超大内存选项。\n\n苹果发布会结束后，苹果最新款iPhone国行价格出炉：\n\n iPhone 13 mini国行起售价为5199元人民币，iPhone 13起售价为5999元，顶配的iPhone 13 Pro Max起售价为12999元，全系列9月17日起开始预购，9月24日正式发售。新款平板电脑iPad mini起售价为3799元。\n\n\niPhone 13及其Pro版本的最大区别仍为后置摄像头的个数，Pro系列有变焦、广角和超广角镜头的三摄设计，可对前处2厘米的物体对焦，iPhone 13基本款保留广角和超广角镜头的对角线排列，但12兆像素的后置广角镜头带有更大的传感器，可以捕捉多出50%的光线。\n此外，iPhone 13 Pro系列的显示屏被称为“Super Retina XDR with ProMotion”，刷新率是旧款苹果手机的两倍，这意味着iPhone触摸屏的滑动会更流畅、延迟更少。\n\niPhone 13及其Pro全系列都由苹果新一代A15仿生芯片驱动，CPU和GPU性能都大为提升，芯片里还有专门用于运行人工智能算法的部分。\n\n全系列手机都改进相机和摄影功能，增设“电影模式”（Cinematic mode），可对移动主体保持对焦，以及实时自动的对焦变换、创造丰富景深。苹果称，“电影模式”等于能用手机拍电影，是IPhone 13全系列独有的功能。\n\n新款iPad及Mini性能提升下周发货，分析质疑第七代智能手表遭遇生产困难，健身流媒体订阅的全球扩张打压同类公司股价\n发布最重磅硬件产品手机之前，苹果CEO库克首先介绍了Apple TV+流媒体视频订阅服务的新节目，并称正在投入数十亿美元制造原创内容，每月收费4.99美元或可与其他苹果服务捆绑付费，但公司并未透露订户数量。\n苹果随后推出了新款入门级平板电脑iPad，搭载升级后的A13芯片，运行速度较老版的A12芯片提升20%，12兆像素前值摄像头将提升Zoom和FaceTime等视频通话画质，并有LTE无线连接。新款iPad起售价不变为329美元，但基本款内存更大为64GB，即日起可预定，下周正式发售。\n\n升级版iPad Mini获得全新设计和性能提升，被公司称为史上最强大的同类产品和“史上最大升级”，将支持5G网络和拥有更小的8.3英寸屏幕。它的边框更小，指纹传感器内置在顶部按钮中，配置有12兆像素的后置摄像头和立体声扬声器，包括紫色等多种颜色，使用USB-C连接器，并支持第二代苹果触控笔。起售价499美元，即日起可预定，下周正式发售。\n\n苹果还推出了第七代苹果手表（Apple Watch Series 7），外观和软件都经过重新设计，屏幕面积较第六代手表增加20%并可显示更多信息，保留了带有圆角边缘的工业设计，屏幕更抗裂，充电速度更快。入门级型号有五种颜色选择，提供铝、钢和钛外壳，旧款表带可与新型号配合使用。\n\n值得注意的是，苹果虽称新一代智能手表起售价399美元，但没有透露具体发售日期，仅称“在今年秋季晚些时候”上市。有分析称，苹果手表可能遭遇制造挑战、进而导致生产延迟。\n天风国际曾在最新报告中称，负责生产Apple Watch 7 系列面板模组的立讯精密正积极复制产线，预计9月底所有产线开始大量生产，Apple Watch 7的供货自10月中下旬后将会有明显改善。\n\n苹果同时推介了Apple Fitness+健身流媒体订阅服务，今年将在额外15个国家推出，拓展到全球20余个国家，增设普拉提、冬季健身和引导冥想等内容和多语种版本，还将添加社交功能“Group Workouts”（团体健身），可与朋友相约视频锻炼，在9月下旬和今年秋季陆续推出。\n在Apple Fitness+全球扩展的消息发布后，互动健身平台Peloton Interactive跌超2%，从昨日所创的三周新高回落，前身为专业减重顾问公司Weight Watchers 的 WW跌近5%，至11个月最低。\n\n发布会当日稍早，苹果已向其移动操作系统iOS发布了相关的安全修复补丁，以修复与iPhone iMessage功能相关的漏洞。研究机构Citizen Lab称，一家以色列公司自2月份以来一直在利用这一弱点。美国联邦调查局和以色列官员一直在暗中调查该公司。\n金融软件数据公司FactSet调查的分析师预测，苹果本财年的手机出货量将为2.39亿部，超越2015财年2.31亿部的纪录最高，iPhone今年的销售额将增长41%，达到创纪录的1940亿美元。但苹果明年不太可能保持这种增长。今年7月，苹果表达了对手机行业芯片短缺影响的担忧。并且，在iPhone 12等重大新产品推出后的12个月，销售通常也会出现下滑。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881034729,"gmtCreate":1631280946261,"gmtModify":1676530517575,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457141092286042","idStr":"3457141092286042"},"themes":[],"htmlText":"?yyds","listText":"?yyds","text":"?yyds","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/881034729","repostId":"1195688156","repostType":4,"repost":{"id":"1195688156","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631280716,"share":"https://ttm.financial/m/news/1195688156?lang=en_US&edition=fundamental","pubTime":"2021-09-10 21:31","market":"us","language":"zh","title":"Opening: The three major stock indexes opened higher, and popular Chinese concept stocks rose","url":"https://stock-news.laohu8.com/highlight/detail?id=1195688156","media":"老虎资讯综合","summary":"9月10日，美股三大股指高开，道指开盘涨0.5%，标普500涨0.5%，纳指涨0.6%。\nAffirm Holdings涨超20%，2021财年第四季度营收同比增71%，月活用户同比增长97%。\n热门","content":"<p>On September 10, the three major U.S. stock indexes opened higher. The Dow opened up 0.5%, the S&P 500 rose 0.5%, and the Nasdaq rose 0.6%.</p><p><img src=\"https://static.tigerbbs.com/ef2b48c219153031350c7f927f5504b2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Affirm Holdings rose more than 20%. In the fourth quarter of fiscal year 2021, revenue increased by 71% year-on-year, and monthly active users increased by 97% year-on-year.</p><p>Most popular Chinese concept stocks rose,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose more than 2%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Rose more than 1%.</p><p>SOS rose 13.18%. It is reported that SOS has mined more than 130 Bitcoin and more than 1,800 Ethereum so far.</p><p>Energy stocks performed strongly,<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>Up nearly 2%.</p><p>Arburtus Biopharma rose 13.96%, and the market expects it to win the patent battle with Moderna.</p><p>SoYoung rose 8.65%, Q2 total revenue reached a new high of 450 million yuan, and net profit increased by 145.2% year-on-year.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opening: The three major stock indexes opened higher, and popular Chinese concept stocks rose</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpening: The three major stock indexes opened higher, and popular Chinese concept stocks rose\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-10 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On September 10, the three major U.S. stock indexes opened higher. The Dow opened up 0.5%, the S&P 500 rose 0.5%, and the Nasdaq rose 0.6%.</p><p><img src=\"https://static.tigerbbs.com/ef2b48c219153031350c7f927f5504b2\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Affirm Holdings rose more than 20%. In the fourth quarter of fiscal year 2021, revenue increased by 71% year-on-year, and monthly active users increased by 97% year-on-year.</p><p>Most popular Chinese concept stocks rose,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>Rose more than 2%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Rose more than 1%.</p><p>SOS rose 13.18%. It is reported that SOS has mined more than 130 Bitcoin and more than 1,800 Ethereum so far.</p><p>Energy stocks performed strongly,<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>Up nearly 2%.</p><p>Arburtus Biopharma rose 13.96%, and the market expects it to win the patent battle with Moderna.</p><p>SoYoung rose 8.65%, Q2 total revenue reached a new high of 450 million yuan, and net profit increased by 145.2% year-on-year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","QNETCN":"纳斯达克中美互联网老虎指数",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195688156","content_text":"9月10日，美股三大股指高开，道指开盘涨0.5%，标普500涨0.5%，纳指涨0.6%。\nAffirm Holdings涨超20%，2021财年第四季度营收同比增71%，月活用户同比增长97%。\n热门中概股多数上涨，阿里巴巴、京东涨逾2%，拼多多、百度涨逾1%。\nSOS涨13.18%，据悉SOS至今共开采了超130枚比特币与超1800枚以太坊。\n能源股表现强劲，埃克森美孚涨近2%。\nArburtus Biopharma涨13.96%，市场预计其赢得与Moderna专利争夺战。\n新氧涨8.65%，Q2总收入4.5亿元创新高，净利润同比增145.2%。","news_type":1,"symbols_score_info":{"QNETCN":0.9,".SPX":0.9,"TTTN":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835181518,"gmtCreate":1629693720734,"gmtModify":1676530102079,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457141092286042","idStr":"3457141092286042"},"themes":[],"htmlText":"smart&nbsp;money","listText":"smart&nbsp;money","text":"smart money","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/835181518","repostId":"2161474406","repostType":4,"repost":{"id":"2161474406","kind":"news","pubTimestamp":1629684482,"share":"https://ttm.financial/m/news/2161474406?lang=en_US&edition=fundamental","pubTime":"2021-08-23 10:08","market":"sh","language":"zh","title":"Ali is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=2161474406","media":"证券市场红周刊","summary":"受监管阴影等因素影响的互联网电商巨头——阿里巴巴，股价不断创下年内新低，市值大幅缩水。但据阿里的美股二季度机构持仓来看，在1757家持仓机构中，约7成机构给予了阿里“赞成票”，对于阿里的未来预期，机构","content":"<p>Internet e-commerce giants affected by regulatory shadows and other factors-<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the stock price continued to hit new lows during the year, and the market value shrank sharply. However, according to Ali's institutional holdings of U.S. stocks in the second quarter, about 70% of the 1,757 holding institutions gave Ali a \"yes vote\". Regarding Ali's future expectations, the attitude of institutions is far from \"so pessimistic.\" From the perspective of institutions, the \"decline in preference caused by supervision\" has been fully reflected. Others believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy bargains\".</p><p><b>Nearly 70% of foreign-funded institutions were \"bullish\" on Ali in the second quarter</b></p><p><b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>, Schroders, Morgan and other institutions increased their holdings</b></p><p>As of the close on August 19, Eastern Time (the same below), the position data disclosed by U.S. stock institutions showed that in the second quarter, institutions were generally \"optimistic\" about Ali's position adjustment.</p><p>For example, the latest data disclosed by 13F shows that as of the end of the second quarter, a total of 1,757 institutions held positions in Ali, which was basically the same as the 1,749 positions held in the first quarter. Looking further, among the 1,757 Ali institutions with positions in the second quarter, the number of institutions with increased holdings, unchanged positions, and new entry was 703, 245, and 248 respectively, totaling 1,196, accounting for 68% of the proportion of Ali institutions with positions in the second quarter.. In contrast, there were 561 and 240 institutions that reduced their holdings and cleared their positions respectively.</p><p>Affected by the sharp drop in stock prices, at the end of the second quarter, the total market value of institutional holdings in Ali was US $149.5 billion, and the market value of this position has dropped to the lowest level in nearly five quarters. In addition, the proportion of institutional holdings is also declining, with the latest shareholding ratio being 24.34%.</p><p>From a vertical comparison, as of 2020-6-30, institutional holdings in Ali accounted for 44.11%, and the market value of the holdings was US $255.2 billion; As of 2020-09-30, the proportion and market value of institutional holdings in Ali were 40.73% and US $321.2 billion respectively; As of 2020-12-31, the shareholding ratio and market value were 36.19% and US $228.3 billion respectively; As of 2021-3-30, they were 32.55% and US $200 billion respectively.</p><p>Figure 1 Institutional positions in Ali in the past five quarters</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164254152v1546m6vw5iwjn6\" tg-width=\"960\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Judging from the overweight list, Goldman Sachs (GOLDMAN SACHS GROUP INC) currently holds the highest market value in Ali, reaching US $6.9 billion. In the second quarter, Goldman Sachs increased its position in Ali by 23.86%. Currently, it is Goldman Sachs' fifth largest holding in the second quarter. (Note: Goldman Sachs' total market value in the second quarter was US $446.3 billion)</p><p>It is worth mentioning that Goldman Sachs' increase in Ali's holdings is not a short-term action, but a \"long-term behavior.\" According to Wind data, in the third quarter of 2014, Goldman Sachs opened a position in Ali. At that time, the position was only US $230.322 million. As of the end of the second quarter of this year, it had held positions for 25 consecutive quarters, and continued to increase its positions during this period.</p><p>Figure 2 Goldman Sachs holds Alibaba</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164304962v1549gnmmmnlcik\" tg-width=\"794\" tg-height=\"230\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In addition, the companies that increased their holdings in Ali in the second quarter and had the largest market value include SCHRODER INVESTMENT MANAGEMENT GROUP (SCHRODER INVESTMENT MANAGEMENT GROUP), MORGAN STANLEY (<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>), PRIMECAP Management Company, etc.</p><p>Table 1 Major Masukura Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164305849v154jrxrz96v7ym\" tg-width=\"588\" tg-height=\"884\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In contrast, in the second quarter, a total of 561 institutions lightened their positions in Ali. Statistics show that 332 companies have reduced their positions by less than 20%, and 136 companies have reduced their positions by 20% to 50%. There are 93 institutions that have reduced their positions by > 50%, of which 39 institutions have reduced their positions by more than 80%, such as BLACKROCK INC. (<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>) lightened positions by 88.28%, and the market value of positions dropped from US $19.01 billion at the end of the first quarter of this year to US $2.23 billion. In addition, STATE STREET CORP (USA<a href=\"https://laohu8.com/S/STT\">State Street Corp</a>) The lightening range is also as high as 86.23%;</p><p>Table 2 Major lightening positions in Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164312662v154fvtq2a3wmt8\" tg-width=\"633\" tg-height=\"835\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>The stock price \"cut in half\" and the market value shrank by more than 400 billion US dollars</b></p><p>\"Regulation\" fully reflects that the valuation has become \"attractive\"</p><p>As of the close of trading on August 19, Eastern Time, Alibaba (BABA.US) fell 6.85% that day, setting a new low for the year. Since the beginning of this year, Alibaba's cumulative decline has reached 31%. Since the high point on October 27 last year, the cumulative decline has been nearly 50%, which is almost \"halved\".</p><p>Figure 3 Ali's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164323739v154cu4vh1o2d6g\" tg-width=\"1080\" tg-height=\"471\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>With the stock price falling, Ali's market value shrank sharply. At present, Ali's latest market value is approximately US $436.4 billion, a decrease of US $187.9 billion from US $624.3 billion at the beginning of the year, and a decrease of US $414.3 billion from the high of US $850.7 billion on October 27 last year.</p><p>Figure 4 Changes in Ali's market value (USD 100 million)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164325203v154avjz8v2h2jh\" tg-width=\"803\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Looking further, Ali's valuation level has also declined further. Since the beginning of this year, Ali's valuation has mostly remained between 20 times and 30 times, and the latest valuation is only about 20 times.</p><p>Figure 5 Changes in Ali's valuation level</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164331028v15445zmhdffl5o\" tg-width=\"814\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>Ali's long-term investment value gradually becomes prominent</b></p><p><b>But it is not recommended to rashly \"buy the bottom\"</b></p><p>Similar to the fact that most investment institutions held a \"positive attitude\" towards Ali in the second quarter, brokers also gave Ali an \"optimistic prediction\".</p><p>Such as<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>According to its research report released in early August, Alibaba released its FY2022Q1 results, and its core business grew steadily. It believes that the continuous adjustment of the stock price has reflected the pessimistic expectations of the impact of the company's new business investment on performance growth, and the impact of regulatory risks. Valuation preference declines. With the continuous advancement of Alibaba's new business, the company's technology and service capabilities have shown a significant improvement trend. The company still has a good relative competitive advantage, and maintains an optimistic judgment on the company's medium and long-term development.</p><p><a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) believes that the playing field has become more level as regulators ban price dumping to promote sales, and Ali's advantages such as sufficient cash reserves and strong supply chain capabilities (such as<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>The supply of fresh food and fast-moving consumer goods) can be more highlighted. In addition, Ali promised to focus on long-term value and will increase investment in supply chain, fulfillment capabilities and infrastructure.</p><p>Some people believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy the bottom\". For example, Xueqiu Big V @ Chen Da US Stock Investment said that Ali's valuation hit a new low, \"but it will not rush to buy the bottom...\".</p><p>Judging from the feedback from many investors interviewed by \"Red Weekly\", for Ali's long-term investment value, the vast majority are \"bullish\", but in the short term, the fluctuations caused by reduced risk appetite may continue.</p><p>This may also lead to the fact that although investment requires \"being a friend of time\", which is a well-known good saying for individuals, there may still be a few who can really do it in practice.</p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ali is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAli is \"bullish\" by nearly 70% of foreign-funded institutions. Is the opportunity to bargain hunting coming?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">证券市场红周刊</strong><span class=\"h-time small\">2021-08-23 10:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Internet e-commerce giants affected by regulatory shadows and other factors-<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>, the stock price continued to hit new lows during the year, and the market value shrank sharply. However, according to Ali's institutional holdings of U.S. stocks in the second quarter, about 70% of the 1,757 holding institutions gave Ali a \"yes vote\". Regarding Ali's future expectations, the attitude of institutions is far from \"so pessimistic.\" From the perspective of institutions, the \"decline in preference caused by supervision\" has been fully reflected. Others believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy bargains\".</p><p><b>Nearly 70% of foreign-funded institutions were \"bullish\" on Ali in the second quarter</b></p><p><b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>, Schroders, Morgan and other institutions increased their holdings</b></p><p>As of the close on August 19, Eastern Time (the same below), the position data disclosed by U.S. stock institutions showed that in the second quarter, institutions were generally \"optimistic\" about Ali's position adjustment.</p><p>For example, the latest data disclosed by 13F shows that as of the end of the second quarter, a total of 1,757 institutions held positions in Ali, which was basically the same as the 1,749 positions held in the first quarter. Looking further, among the 1,757 Ali institutions with positions in the second quarter, the number of institutions with increased holdings, unchanged positions, and new entry was 703, 245, and 248 respectively, totaling 1,196, accounting for 68% of the proportion of Ali institutions with positions in the second quarter.. In contrast, there were 561 and 240 institutions that reduced their holdings and cleared their positions respectively.</p><p>Affected by the sharp drop in stock prices, at the end of the second quarter, the total market value of institutional holdings in Ali was US $149.5 billion, and the market value of this position has dropped to the lowest level in nearly five quarters. In addition, the proportion of institutional holdings is also declining, with the latest shareholding ratio being 24.34%.</p><p>From a vertical comparison, as of 2020-6-30, institutional holdings in Ali accounted for 44.11%, and the market value of the holdings was US $255.2 billion; As of 2020-09-30, the proportion and market value of institutional holdings in Ali were 40.73% and US $321.2 billion respectively; As of 2020-12-31, the shareholding ratio and market value were 36.19% and US $228.3 billion respectively; As of 2021-3-30, they were 32.55% and US $200 billion respectively.</p><p>Figure 1 Institutional positions in Ali in the past five quarters</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164254152v1546m6vw5iwjn6\" tg-width=\"960\" tg-height=\"565\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Judging from the overweight list, Goldman Sachs (GOLDMAN SACHS GROUP INC) currently holds the highest market value in Ali, reaching US $6.9 billion. In the second quarter, Goldman Sachs increased its position in Ali by 23.86%. Currently, it is Goldman Sachs' fifth largest holding in the second quarter. (Note: Goldman Sachs' total market value in the second quarter was US $446.3 billion)</p><p>It is worth mentioning that Goldman Sachs' increase in Ali's holdings is not a short-term action, but a \"long-term behavior.\" According to Wind data, in the third quarter of 2014, Goldman Sachs opened a position in Ali. At that time, the position was only US $230.322 million. As of the end of the second quarter of this year, it had held positions for 25 consecutive quarters, and continued to increase its positions during this period.</p><p>Figure 2 Goldman Sachs holds Alibaba</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164304962v1549gnmmmnlcik\" tg-width=\"794\" tg-height=\"230\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In addition, the companies that increased their holdings in Ali in the second quarter and had the largest market value include SCHRODER INVESTMENT MANAGEMENT GROUP (SCHRODER INVESTMENT MANAGEMENT GROUP), MORGAN STANLEY (<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>), PRIMECAP Management Company, etc.</p><p>Table 1 Major Masukura Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164305849v154jrxrz96v7ym\" tg-width=\"588\" tg-height=\"884\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>In contrast, in the second quarter, a total of 561 institutions lightened their positions in Ali. Statistics show that 332 companies have reduced their positions by less than 20%, and 136 companies have reduced their positions by 20% to 50%. There are 93 institutions that have reduced their positions by > 50%, of which 39 institutions have reduced their positions by more than 80%, such as BLACKROCK INC. (<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>) lightened positions by 88.28%, and the market value of positions dropped from US $19.01 billion at the end of the first quarter of this year to US $2.23 billion. In addition, STATE STREET CORP (USA<a href=\"https://laohu8.com/S/STT\">State Street Corp</a>) The lightening range is also as high as 86.23%;</p><p>Table 2 Major lightening positions in Ali institutions in the second quarter (part)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164312662v154fvtq2a3wmt8\" tg-width=\"633\" tg-height=\"835\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>The stock price \"cut in half\" and the market value shrank by more than 400 billion US dollars</b></p><p>\"Regulation\" fully reflects that the valuation has become \"attractive\"</p><p>As of the close of trading on August 19, Eastern Time, Alibaba (BABA.US) fell 6.85% that day, setting a new low for the year. Since the beginning of this year, Alibaba's cumulative decline has reached 31%. Since the high point on October 27 last year, the cumulative decline has been nearly 50%, which is almost \"halved\".</p><p>Figure 3 Ali's stock price performance</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164323739v154cu4vh1o2d6g\" tg-width=\"1080\" tg-height=\"471\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>With the stock price falling, Ali's market value shrank sharply. At present, Ali's latest market value is approximately US $436.4 billion, a decrease of US $187.9 billion from US $624.3 billion at the beginning of the year, and a decrease of US $414.3 billion from the high of US $850.7 billion on October 27 last year.</p><p>Figure 4 Changes in Ali's market value (USD 100 million)</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164325203v154avjz8v2h2jh\" tg-width=\"803\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p>Looking further, Ali's valuation level has also declined further. Since the beginning of this year, Ali's valuation has mostly remained between 20 times and 30 times, and the latest valuation is only about 20 times.</p><p>Figure 5 Changes in Ali's valuation level</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210822164331028v15445zmhdffl5o\" tg-width=\"814\" tg-height=\"301\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Data source: Wind</p><p><b>Ali's long-term investment value gradually becomes prominent</b></p><p><b>But it is not recommended to rashly \"buy the bottom\"</b></p><p>Similar to the fact that most investment institutions held a \"positive attitude\" towards Ali in the second quarter, brokers also gave Ali an \"optimistic prediction\".</p><p>Such as<a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>According to its research report released in early August, Alibaba released its FY2022Q1 results, and its core business grew steadily. It believes that the continuous adjustment of the stock price has reflected the pessimistic expectations of the impact of the company's new business investment on performance growth, and the impact of regulatory risks. Valuation preference declines. With the continuous advancement of Alibaba's new business, the company's technology and service capabilities have shown a significant improvement trend. The company still has a good relative competitive advantage, and maintains an optimistic judgment on the company's medium and long-term development.</p><p><a href=\"https://laohu8.com/S/600999\">China Merchants Securities</a>(Hong Kong) believes that the playing field has become more level as regulators ban price dumping to promote sales, and Ali's advantages such as sufficient cash reserves and strong supply chain capabilities (such as<a href=\"https://laohu8.com/S/06808\">Sun Art Retail</a>The supply of fresh food and fast-moving consumer goods) can be more highlighted. In addition, Ali promised to focus on long-term value and will increase investment in supply chain, fulfillment capabilities and infrastructure.</p><p>Some people believe that Ali's \"current valuation is quite attractive\", but it is still too early to \"buy the bottom\". For example, Xueqiu Big V @ Chen Da US Stock Investment said that Ali's valuation hit a new low, \"but it will not rush to buy the bottom...\".</p><p>Judging from the feedback from many investors interviewed by \"Red Weekly\", for Ali's long-term investment value, the vast majority are \"bullish\", but in the short term, the fluctuations caused by reduced risk appetite may continue.</p><p>This may also lead to the fact that although investment requires \"being a friend of time\", which is a well-known good saying for individuals, there may still be a few who can really do it in practice.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108221643477c31a0c8&s=b\">证券市场红周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"GS":"高盛","BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108221643477c31a0c8&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2161474406","content_text":"受监管阴影等因素影响的互联网电商巨头——阿里巴巴，股价不断创下年内新低，市值大幅缩水。但据阿里的美股二季度机构持仓来看，在1757家持仓机构中，约7成机构给予了阿里“赞成票”，对于阿里的未来预期，机构的态度远未“如此悲观。” 在机构来看，受“监管导致的偏好下降”已获充分反映，另有观点认为，阿里“目前估值已经颇具吸引力”，但“抄底时机”还为时尚早。\n二季度外资机构近7成“看多”阿里\n高盛、施罗德、摩根等机构增持\n截至美东时间8月19日收盘（下同），美股机构披露的持仓数据显示，二季度，机构对阿里的调仓整体偏“乐观”。\n如13F最新披露数据显示，截至二季度末，共有1757家机构持仓阿里，与第一季度1749家的持仓数量基本持平。进一步来看，在二季度1757家持仓阿里机构中，给予增持、持仓未变、新进的机构家数分别为703、245、248，合计为1196家，占二季度持仓阿里机构比例为68%。与之相对，减持、清仓的机构分别为561、240家。\n受股价重挫影响，二季度末，机构持仓阿里的总市值为1495亿美元，该持仓市值水平已经降至近五个季度最低水平。此外，机构的持仓占比也在不断下降，最新的持股比例为24.34%。\n纵向对比来看，截至2020-6-30，机构持仓阿里占比为44.11%，持仓市值为2552亿美元；截至2020-09-30，机构持仓阿里占比和市值分别为40.73%与3212亿美元；截至2020-12-31，持股占比和市值分别为36.19%与2283亿美元；截至2021-3-30则分别为32.55%与2000亿美元。\n图1 机构近五个季度持仓阿里\n\n数据来源：Wind\n从增持名单来看，高盛（GOLDMAN SACHS GROUP INC）目前持仓阿里市值最高，达69亿美元，二季度，高盛增仓阿里23.86%，目前，为高盛二季度第五大重仓股。（注：高盛二季度总持仓市值为4463亿美元）\n值得一提的是，高盛对阿里的增持并非短期动作，而是“长情行为”。据Wind数据显示，曾在2014年3季度，高盛即建仓阿里，当时持仓仅23,032.2万美元，截至今年2季度末，已连续持仓达25个季度，且在其间不断增仓。\n图2 高盛持仓阿里巴巴\n\n数据来源：Wind\n另外，二季度对阿里进行增持且持仓市值居前的公司还包括SCHRODER INVESTMENT MANAGEMENT GROUP（施罗德投资管理集团）、MORGAN STANLEY（摩根士丹利）、PRIMECAP管理公司等。\n表1 二季度主要增仓阿里机构（部分）\n\n数据来源：Wind\n与之相对，二季度，共有561家机构对阿里进行了减仓。统计显示，减仓幅度＜20%的公司332家，减仓幅度在20%~50%的公司有136家。减仓幅度＞50%的机构有93家，其中有39家机构减仓超过80%，如BLACKROCK INC.（贝莱德）减仓达88.28 %，持仓市值由今年一季度末的190.1亿美元降至22.3亿美元。此外，STATE STREET CORP（美国道富银行）减仓幅度同样高达86.23 %；\n表2 二季度主要减仓阿里机构（部分）\n\n数据来源：Wind\n股价“腰斩”市值缩水超4000亿美元\n“监管”充分反映估值已具“吸引力\n截至美东时间8月19日收盘，阿里巴巴(BABA.US)当日重挫6.85%，刷新年内新低，今年以来，阿里累计跌幅已经达到了31%。而自去年10月27日高点至今，累计跌幅已近50%，几近“腰斩”。\n图3 阿里股价表现\n\n数据来源：Wind\n伴随股价下跌，阿里市值大幅缩水。目前来看，阿里最新市值为约4364亿美元，相较于年初6243亿美元缩水1879亿美元，相较于去年10月27日高点8507亿美元市值缩水4143亿美元。\n图4 阿里市值变化（亿美元）\n\n数据来源：Wind\n进一步来看，阿里估值水平也出现进一步下降。今年以来，阿里估值多保持在20倍~30倍之间，最新估值仅在20倍左右。\n图5 阿里估值水平变化\n\n数据来源：Wind\n阿里长线投资价值逐步凸显\n但不建议贸然“抄底”\n与二季度多数投资机构对阿里持有“积极态度”相通，券商也同样给予阿里“乐观预判”。\n如中信证券，据其8月上旬发布的研究报告指出，阿里巴巴发布FY2022Q1业绩，核心商业稳健增长，其认为，股价经过持续调整，已反映公司新业务投入对业绩增长影响的悲观预期，及监管风险带来的估值偏好下降。而伴随着阿里巴巴新业务的不断推进，公司的技术和服务能力呈现明显提升态势，公司依然具有较好的相对竞争优势，维持对公司中长期发展的乐观判断。\n招商证券(香港) 认为，由于监管机构禁止通过价格倾销来促销，竞争环境变得更加公平，而阿里的优势如充足的现金储备，以及强大的供应链能力（如高鑫零售在生鲜、快消品类的供给）则更能被凸显。此外，阿里承诺将着眼于长期价值，并将加大在供应链、履约能力和基础设施上的投入。\n有观点认为，阿里“目前估值已经颇具吸引力”，但“抄底时机”还为时尚早。如雪球大V@陈达美股投资表示，阿里的估值创新低，“但不会贸然抄底...”。\n而从《红周刊》采访的多位投资人反馈来看，对于阿里的长期投资价值 ，“看多”的占绝大多数，但短期而言，风险偏好降低带来的波动或仍将持续。\n这也可能就会导致，虽然投资需要“做时间的朋友”是个人尽皆知的良言，但实操中真正能做到的可能仍是少数。","news_type":1,"symbols_score_info":{"48391":0.6,"48454":0.6,"48469":0.6,"48473":0.6,"48477":0.6,"48522":0.6,"48566":0.6,"48568":0.6,"48622":0.6,"48711":0.6,"GS":0.9,"09988":0.6,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182256042,"gmtCreate":1623581157186,"gmtModify":1704206577588,"author":{"id":"3457141092286042","authorId":"3457141092286042","name":"价值投机投资","avatar":"https://static.tigerbbs.com/be23b46444ac2a96142fb1b29256fc15","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457141092286042","idStr":"3457141092286042"},"themes":[],"htmlText":"byd","listText":"byd","text":"byd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/182256042","repostId":"2142057207","repostType":2,"repost":{"id":"2142057207","kind":"news","pubTimestamp":1623469143,"share":"https://ttm.financial/m/news/2142057207?lang=en_US&edition=fundamental","pubTime":"2021-06-12 11:39","market":"hk","language":"zh","title":"BYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks","url":"https://stock-news.laohu8.com/highlight/detail?id=2142057207","media":"腾讯新闻","summary":"王传福表示，比亚迪从2008年就决定坚持使用磷酸铁锂电池，这背后的主要原因是，三元电池用了很多钴、镍，中国没有钴、镍也很少，中国不能从石油的卡脖子转成钴、镍的卡脖子，真正大规模使用的电池不能依赖稀有金属。比亚迪在去年3月推出了首创的刀片电池，让电池的发展走上更健康、可持续的道路。中国电动车装载磷酸铁锂电池的比例已上升至50%，还在继续上升。磷酸铁锂电池更安全，不被稀有金属卡脖子，成本也更有竞争力。","content":"<p><html><body><article>On the evening of June 9th, the 2021 Yabuli Chinese Entrepreneur Forum \"China Business Mind\" was held.<a href=\"https://laohu8.com/S/01211\">BYD shares</a>Wang Chuanfu, chairman and president of the company, also issued a comment on<a href=\"https://laohu8.com/S/002594\">BYD</a>Strategy and New Energy Vehicle Industry Views.</p><p>Wang Chuanfu said that BYD has decided to insist on using lithium iron phosphate batteries since 2008. The main reason behind this is,<strong>Ternary batteries use a lot of cobalt and nickel. China has no cobalt and very little nickel. China cannot change from the stuck neck of oil to the stuck neck of cobalt and nickel. Truly large-scale batteries cannot rely on rare metals.</strong></p><p>The development of electric vehicles has brought many safety problems: spontaneous combustion, explosion, and combustion. BYD launched its first blade battery in March last year, putting battery development on a healthier and more sustainable path.</p><p>Today's blade batteries solve the problem of energy density and safety, deleting \"spontaneous combustion\" from the dictionary of new energy vehicles.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114324403d17321fmbv59acs\"/>In 2008, everyone was most concerned about the cruising range of new energy vehicles, but now everyone is most concerned about safety.<strong>Only by solving the pain points of the market can the blade battery truly seize the market.</strong></p><p>The proportion of electric vehicles equipped with lithium iron phosphate batteries in China has risen to 50% and continues to rise.<strong>Lithium iron phosphate batteries are safer, not stuck by rare metals, and the cost is more competitive.</strong></p><p>In addition, Wang Chuanfu also said that the development momentum of new energy vehicles this year is very good. BYD has ushered in an unprecedented period of development and growth. BYD's achievements today depend on persistence.</p><p>BYD released a promotional video in 2008. At that time, many people couldn't understand it. Is battery energy storage possible? Are electric vehicles possible?</p><p>An entrepreneur should have a good strategic vision, but more importantly, persistence.<strong>BYD announced that it would make electric vehicles, and its stock price fell by 40%.<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Lost a lot of money, but BYD always persisted.</strong>In 2008, electric vehicles could only achieve a mileage of 300 kilometers, but now they can reach 600 kilometers.</p><p>BYD, build your dream, this dream is a \"green\" dream. It has been 260 years since the first industrial revolution of mankind. In 260 years, we have used up half of the fossil energy. What will mankind do in another 250 years?</p><p>How to solve the energy problem? How to solve the problem of sustainability? This is the responsibility of entrepreneurs.</p><p>In 2008, BYD proposed to use inexhaustible energy-solar energy, and battery energy storage-iron batteries to develop electric vehicles. 72% of China's oil is imported, and 70% of the imported oil is shipped to shore by southern sea. Of all oil, 70 is used in automobiles. From these data, it can be seen that the urgency of developing electric vehicles in China far exceeds that of other countries.</p><p>As an entrepreneur, you have little power and can only solve problems from a technical point of view.<strong>At that time, solar energy was 1.6 euros/watt, which was equivalent to 15 yuan. At that time, from a technical perspective, BYD believed that it would achieve 1.3 yuan/watt in ten years, and now it has done it.</strong></p><p>At that time, the cycle life of the battery was only 3,000 times, but now iron batteries can do 16,000 times. Electric vehicles at that time<span>Market share</span>From approximately equal to 0, the penetration rate is now as high as 11.3%. In September last year, the country proposed to peak carbon emissions in 2030 and become carbon neutral in 2060, and new energy will usher in development opportunities.</p><p>BYD discovered three future trends in 2008:<strong>Solar energy and energy storage power stations, electric vehicles, and semiconductors based on electric vehicles have ushered in unprecedented opportunities.</strong></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114329910d173aee0i7s0tp5\"/></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBYD insists on using lithium iron phosphate batteries! Wang Chuanfu: China cannot be stuck in cobalt and nickel necks\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-06-12 11:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>On the evening of June 9th, the 2021 Yabuli Chinese Entrepreneur Forum \"China Business Mind\" was held.<a href=\"https://laohu8.com/S/01211\">BYD shares</a>Wang Chuanfu, chairman and president of the company, also issued a comment on<a href=\"https://laohu8.com/S/002594\">BYD</a>Strategy and New Energy Vehicle Industry Views.</p><p>Wang Chuanfu said that BYD has decided to insist on using lithium iron phosphate batteries since 2008. The main reason behind this is,<strong>Ternary batteries use a lot of cobalt and nickel. China has no cobalt and very little nickel. China cannot change from the stuck neck of oil to the stuck neck of cobalt and nickel. Truly large-scale batteries cannot rely on rare metals.</strong></p><p>The development of electric vehicles has brought many safety problems: spontaneous combustion, explosion, and combustion. BYD launched its first blade battery in March last year, putting battery development on a healthier and more sustainable path.</p><p>Today's blade batteries solve the problem of energy density and safety, deleting \"spontaneous combustion\" from the dictionary of new energy vehicles.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114324403d17321fmbv59acs\"/>In 2008, everyone was most concerned about the cruising range of new energy vehicles, but now everyone is most concerned about safety.<strong>Only by solving the pain points of the market can the blade battery truly seize the market.</strong></p><p>The proportion of electric vehicles equipped with lithium iron phosphate batteries in China has risen to 50% and continues to rise.<strong>Lithium iron phosphate batteries are safer, not stuck by rare metals, and the cost is more competitive.</strong></p><p>In addition, Wang Chuanfu also said that the development momentum of new energy vehicles this year is very good. BYD has ushered in an unprecedented period of development and growth. BYD's achievements today depend on persistence.</p><p>BYD released a promotional video in 2008. At that time, many people couldn't understand it. Is battery energy storage possible? Are electric vehicles possible?</p><p>An entrepreneur should have a good strategic vision, but more importantly, persistence.<strong>BYD announced that it would make electric vehicles, and its stock price fell by 40%.<a href=\"https://laohu8.com/S/000591\">Solar energy</a>Lost a lot of money, but BYD always persisted.</strong>In 2008, electric vehicles could only achieve a mileage of 300 kilometers, but now they can reach 600 kilometers.</p><p>BYD, build your dream, this dream is a \"green\" dream. It has been 260 years since the first industrial revolution of mankind. In 260 years, we have used up half of the fossil energy. What will mankind do in another 250 years?</p><p>How to solve the energy problem? How to solve the problem of sustainability? This is the responsibility of entrepreneurs.</p><p>In 2008, BYD proposed to use inexhaustible energy-solar energy, and battery energy storage-iron batteries to develop electric vehicles. 72% of China's oil is imported, and 70% of the imported oil is shipped to shore by southern sea. Of all oil, 70 is used in automobiles. From these data, it can be seen that the urgency of developing electric vehicles in China far exceeds that of other countries.</p><p>As an entrepreneur, you have little power and can only solve problems from a technical point of view.<strong>At that time, solar energy was 1.6 euros/watt, which was equivalent to 15 yuan. At that time, from a technical perspective, BYD believed that it would achieve 1.3 yuan/watt in ten years, and now it has done it.</strong></p><p>At that time, the cycle life of the battery was only 3,000 times, but now iron batteries can do 16,000 times. Electric vehicles at that time<span>Market share</span>From approximately equal to 0, the penetration rate is now as high as 11.3%. In September last year, the country proposed to peak carbon emissions in 2030 and become carbon neutral in 2060, and new energy will usher in development opportunities.</p><p>BYD discovered three future trends in 2008:<strong>Solar energy and energy storage power stations, electric vehicles, and semiconductors based on electric vehicles have ushered in unprecedented opportunities.</strong></p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210612114329910d173aee0i7s0tp5\"/></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202106121143317c13add3&s=b\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c98d33d3369990730a901b19fedfe1d4","relate_stocks":{"01211":"比亚迪股份","002594":"比亚迪","00285":"比亚迪电子"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202106121143317c13add3&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2142057207","content_text":"6月9日晚上，2021年亚布力中国企业家论坛“中国商业心灵”举行，比亚迪股份有限公司董事长兼总裁王传福，也发表了对比亚迪战略和新能源汽车行业的看法。王传福表示，比亚迪从2008年就决定坚持使用磷酸铁锂电池，这背后的主要原因是，三元电池用了很多钴、镍，中国没有钴、镍也很少，中国不能从石油的卡脖子转成钴、镍的卡脖子，真正大规模使用的电池不能依赖稀有金属。电动车发展带来了很多安全问题：自燃、爆炸、燃烧。比亚迪在去年3月推出了首创的刀片电池，让电池的发展走上更健康、可持续的道路。如今的刀片电池解决了能量密度问题，更解决了安全问题，将“自燃”从新能源车的字典中删除。2008年关于新能源车大家最关心续航里程，如今大家最关心的是安全问题。刀片电池解决了市场痛点，才能真正抓住市场。中国电动车装载磷酸铁锂电池的比例已上升至50%，还在继续上升。磷酸铁锂电池更安全，不被稀有金属卡脖子，成本也更有竞争力。此外，王传福还表示，今年新能源车发展势头都很好，比亚迪迎来从未有过的发展期和成长期，比亚迪今天的成绩靠的是坚持。2008年比亚迪发布宣传片，当时很多人都看不懂，电池储能可能吗？电动车可能实现吗？一个企业家要有很好的战略眼光，但是更重要的是坚持。比亚迪宣布做电动车，股价跌了40%，太阳能亏了很多钱，但比亚迪始终在坚持。2008年电动车只能做到300公里里程，现在可以达到600公里。BYD，build your dream，这个梦想是“绿色”的梦想。人类从第一次工业革命到现在260年，260年，我们已经用掉了一半的化石能源，再过250年人类怎么办？如何解决能源问题？如何解决可持续发展问题？这就是企业家的责任。比亚迪在2008年提出，要利用用之不竭的能源——太阳能，利用电池储能——铁电池，发展电动车。中国72%的石油依靠进口，进口石油中70%通过南海运到岸上。在所有石油中，70用于汽车。从这些数据看出，中国发展电动车的紧迫性远超其他国家。作为企业家没有什么权力，只能从技术角度解决问题。当时的太阳能1.6欧元/瓦，相当于15元人民币，当时比亚迪从技术的眼光，相信十年后会做到1.3元/瓦，现在做到了。电池当时的循环寿命只有3000次，现在铁电池可以做的16000次。电动车当时的市场占有率从约等于0，现在的渗透率已经高达11.3%。去年九月国家提出2030年碳达峰，2060年碳中和，新能源迎来发展的机遇。比亚迪在2008年就发现了未来的三个风口：太阳能和储能电站、电动车、基于电动车的半导体，这三个风口迎来了前所未有的机遇。","news_type":1,"symbols_score_info":{"002594":1,"00285":1,"01211":1}},"isVote":1,"tweetType":1,"viewCount":2463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}