Core Viewpoint - The company, Longxin Zhongke, has completed the tape-out of its GPGPU product 9A1000 by the end of September 2025 and plans to publicly showcase its specific parameters and performance after further testing and productization [1] Group 1 - Longxin Zhongke's GPGPU product 9A1000 was delivered for tape-out in September this year [1] - The company expects to receive the chips back for testing in the following year [1] - Specific performance parameters will be disclosed upon the product's market launch after a series of testing and productization processes [1]

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Core Viewpoint - Russia is developing a new processor named "Irtysh" based on China's LoongArch architecture, aiming for self-sufficiency and independence in technology amidst geopolitical pressures [1][4][22]. Group 1: Processor Development and Market Focus - The Irtysh processor is initially targeted at the server market, with plans to expand into the PC sector and potentially beyond Russia [2]. - The development of Irtysh involves significant investment, although specific amounts have not been disclosed [4]. Group 2: Geopolitical Context and Technology Independence - The need for self-sufficient computing capabilities has become an urgent reality for both China and Russia due to escalating sanctions from the U.S. on high-end chips and related technologies [5][6]. - The reliance on foreign technology has led to challenges for Russia, as seen with the Baikal processor's failure due to dependency on ARM licensing [9]. Group 3: Technical Features and Ecosystem - The Irtysh C616 processor utilizes the LoongArch LA664 core, providing a viable and sustainable technology path for Russia, free from U.S. regulatory constraints [12][13]. - The software ecosystem supporting LoongArch has matured, with various tools and operating systems already in place, enhancing its viability [12]. Group 4: Global Computing Landscape Shift - The emergence of LoongArch signifies a shift towards a multi-polar global computing architecture, moving away from the dominance of x86 and ARM [16]. - The collaboration between China and Russia in adopting LoongArch indicates the formation of a large-scale independent instruction set architecture, challenging Western technological hegemony [16][22]. Group 5: Economic Implications and Strategic Partnerships - The partnership with Tramplin Electronics for the Irtysh processor represents a strategic move for Russia to rebuild its technological framework and for China to expand its instruction set globally [21][22]. - The potential for ongoing revenue through IP licensing and technology services from the Irtysh processor could provide a stable cash flow for Chinese companies involved [21].

Group 1 - Longxin Zhongke conducted two block trades on December 12, with a total transaction volume of 102,800 shares and a transaction amount of 14.9471 million yuan, at a price of 145.40 yuan per share [1] - In the last three months, the stock has seen a total of four block trades, amounting to 39.9718 million yuan [2] - The closing price of Longxin Zhongke on the same day was 145.40 yuan, reflecting a 6.91% increase, with a daily turnover rate of 3.07% and a total transaction value of 1.748 billion yuan [2] Group 2 - The stock experienced a net inflow of 59.6996 million yuan in main funds throughout the day, with a cumulative increase of 10.28% over the past five days and a total net inflow of 12.014 million yuan [2] - The latest margin financing balance for the stock is 949.7 million yuan, showing a decrease of 10.5793 million yuan over the past five days, representing a decline of 1.10% [3] - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, with a registered capital of 401 million yuan [3]

证券日报网讯12月12日，龙芯中科在互动平台回答投资者提问时表示，IP核研发计划与芯片需求挂钩， 已关注实时CPU核研发。 ...

Core Viewpoint - Longxin Zhongke has successfully delivered the 9A1000 chip for tape-out by the end of September, and the development of the 3B6600 chip is progressing normally [2] Group 1 - Longxin Zhongke confirmed the delivery of the 9A1000 chip on September 30 [2] - The research and development of the 3B6600 chip is ongoing and proceeding as planned [2]

Group 1 - The company has confirmed that the new GPU 9A1000 has been delivered for tape-out at the end of September [1] - The development of the 3B6600 is proceeding normally according to the company's response [1]

12月12日，龙芯中科大宗交易成交10.28万股，成交额1494.71万元，占当日总成交额的0.85%，成交价 145.4元，较市场收盘价145.4元持平。 | 交易日期 | 证券調移 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 龙芯中科 | 688047 | 145.4 | 1139.19 | 7.83 | 机构专用 | និង និងប្រទេស | 图 | | 2025-12-12 | 龙芯中科 | 688047 | 145.4 | 355.52 | 2.45 | 机构专用 | ី​​ | Ka | ...

Group 1 - The World Bank has raised its economic growth forecast for China in 2025, attributing this to more proactive fiscal policies and moderately loose monetary policies that support domestic consumption and investment [1] - The diversification of China's export markets is expected to enhance export resilience, with future economic growth increasingly relying on domestic demand [1] - The head of the World Bank's China office emphasized that structural reforms and a more predictable business environment will boost confidence and lay the foundation for resilient and sustainable growth [1] Group 2 - The Shanghai 180 Index (000010) includes 180 large-cap, liquid securities from the Shanghai stock market, reflecting the overall performance of core listed companies [2] - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 26.13% of the index, with notable companies including Kweichow Moutai (600519) and Zijin Mining (601899) [2] - The Shanghai 180 ETF (530280) closely tracks the Shanghai 180 Index, with various connection funds available for investors [2]

Group 1 - The GPU index experienced a decline of 2% during intraday trading on December 5 [1] - Among the constituent stocks, Jingjia Micro fell by 3.48%, Chipone decreased by 2.95%, Haiguang Information dropped by 2.78%, Loongson Technology declined by 2.18%, and Cambricon Technologies fell by 2.12% [1]