ÌØÀÊÆÕ¼á³Ö¡°Ò»¶ÔÒ»¡± ÓëÆÕ¾©»áÎîËùÔÚ»òÔÚ°¢À­Ë¹¼Ó¾üÊ»ùµØ ´÷¶û¿Æ¼¼Îⶬ÷£ºµ±½ñÆóÒµÃæÁٵIJ»ÊÇÉúÑÄÎÊÌ⣬¶øÊÇȫеġ°½ø»¯¡± ÉϰëÄêÒµ¼¨ÎªºÎϽµ£¿ÕãÉÌÒøÐÐÐг¤ÖúÀíºî²¨£ºÖ÷ÒªÓÐÈý¸ö·½ÃæµÄÒòËØ ¶àµãÊýÖǹºÖñÈÌØ±Ò¼°×¼±¸ÉêÇëÎȹ̱ÒÅÆÕÕ ÎÖ¶ûÎÖÒ²Âô²»¶¯ÁË£ºÏúÁ¿Ò»Á¬5¸öÔÂÏ»¬ È«Çò²ÃÈË7%ûֹס¿÷Ëð ¡°Ö£ÒøËÙÂÊ¡±ÔÙÏÖ£ºÁ½Äê¿çԽǧÒŲ́½× СÎÒ˽¼Ò´æ¿îÔöËÙÁìÅܳÇÉÌÐÐ ¼ÓÄôó¿óÆó¹Ú¾üÌú¿óCFO¼´½«È¥Ö° 8Ô¹ú²¹»Ö¸´¼ÌÐøÁìÈ ¡£¡¹ú²¹Õþ²ß×îÐÂÐÂÎÅ£ºµÚÈýÅú¹ú²¹×ʽð960ÒÚϴ¹Ù·½»ØÓ¦Í³Ò»×èֹʱ¼ä2025ÄêÄêµ×¿¢Ê ӦÓÃÖÊÁÏÐû²¼Q4Òµ¼¨Ô¤¾¯ ÅÌǰµø½ü14% ̨»ýµçÁ½ÄêÄÚ½«Öð²½ïÔÌ­6Ó¢´ç¾§Ô²Éú²ú Ì«ÁúÒ©Òµ£ºÑ¡¾Ù³Â·çÔÆÅ®Ê¿ÎªµÚÊ®½ì¶­Ê»áÖ°¹¤´ú±í¶­Ê Áù´óÐÐÔ±¹¤²½¶Ó£¬ÓÐÐÂת±ä£¡ ÓÐÊý²¡µÚÒ»¹É£¬´¥µ×·´µ¯ A¹É»úеÈË¿´·¨¹É½ñÈÕÕûÌåÉÏÕÇ1.96%£¬°å¿éÄÚ¶àÖ»¸ö¹ÉÕÇÍ£ °©Ö¢Ôçɸ¹«Ë¾Grail¸üÐÂ2025ÄêÏÖ½ðÏûºÄÖ¸Òý 2025Äê¸Û¹ÉÔö·¢³ÐÏúÅÅÃû£º¸ßʢͷ²¿ÏîĿȫÁýÕÖ ÉÙ¶ø¾«Õ½ÂÔÎÈ×ø³ÐÏúÅÅÃû°ñÊ× Í¼½â½­ËÕÓÐÏßÖб¨£ºµÚ¶þ¼¾¶Èµ¥¼¾¾»ÀûÈóͬ±ÈÔöÌí22.91% ´ÓÇþµÀÇý¶¯×ªÏòÆ·ÅÆÇý¶¯ ÉϺ£¼Ò»¯¶­Ê³¤ÁÖСº£Ïê½â°ÙÄêÆ·ÅÆÆÆÁ¢Ö®µÀ Éî½»Ëùµ÷½â¸Û¹Éͨ±êµÄ֤ȯÃûµ¥£¬±Ì¹ðÔ°¡¢ÖÜÁù¸£µÈ»ñµ÷Èë Õã½­Ê¡ÒøÐÐҵЭ»áÐû²¼×ÔÂÉÌõÔ¼£ºµÖÖÆÐÐÒµ¡°ÄÚ¾í¡± ά»¤×¡·¿´û¿îÊг¡ÖÈÐò ÀʿƿƼ¼£ºÆð¾¢Ïò´æ´¢¼°ËãÁ¦¹¤ÒµÁ´ÉÏÏÂÓÎÁìÓò¾ÙÐÐÍØÕ¹½á¹¹ ¹¤ÉÌÒøÐУºÉϰëÄê¹éÊôÓÚĸ¹«Ë¾¹É¶«¾»ÀûÈó1681.03ÒÚÔª Ã÷΢µç×Ó£¨688699£©2025ÄêÖб¨¼òÎö£º¾»ÀûÈóͬ±ÈϽµ616.66%£¬¹«Ë¾Ó¦ÊÕÕË¿îÌåÁ¿½Ï´ó ¡¾Õ½ÂÔ¡¿¡°È˹¤ÖÇÄÜ+¡±Ðж¯ÕýʽÂ䵨£¬Á÷¶¯ÐÔÔöÁ¿ÐÐÇéÓÐÍûÑÓÐø¡ª¡ªA¹ÉÊг¡Í¶×ÊÕ½ÂÔÖܱ¨ ÖÐÌìÆÚ»õ:»¨Éú¼õ²Ö·´µ¯ ÃÞ»¨¼ÌÐøÉÏÐÐ ³£ÊìÒøÐУºÉϰëÄê¹éĸ¾»ÀûÈó19.69ÒÚÔª£¬Í¬±ÈÔöÌí13.51% Ô¼Ç뺯حÉî¶ÈÆÊÎöÕÛ¼Û×ʲúÕ½ÂÔ£ºÒÔ¶¨ÔöΪÀý¡ª¡ªÐÅÑпÎÌᤶԻ°ÖÎÀíÈË£¨µÚËÄʮһÆÚ£© 8ÔÂÒÔÀ´½ü20¼ÒA¹É¹«Ë¾ÍýÏ븰¸ÛÉÏÊÐ µç×ÓÐÐÒµ¹«Ë¾³ÉÖ÷Á¦¾ü ¸ñÁÖÃÀ¡¢»ªÇÚÊÖÒÕ¡¢¿ÆÐËÖÆÒ©¡¢ÖÐ¼á¿Æ¼¼Ä⸰¸ÛÉÏÊÐ »ú¹¹£ºÏµ÷Ӣΰ´ïÆÀ¼¶Ì¬¶È ºã¾ÃΣº¦ÒÑÁè¼ÝÉÏÐÐ¿Õ¼ä »Æºé£º½¨Ò龡¿ì½¨ÉèÔÁ¸Û°Ä´óÍåÇøÍ³Ò»½ðÈÚ´óÊг¡ 285Ö»¹ÉƱÈëΧ9ÔÂȯÉ̽ð¹É£¬ÖÐÐËͨѶ×îÊܳ裡4Ö»½ð¹Éµø³¬10%£¬Äܳ­µ×Âð Êý¾ÝÒªËØÕý¼ÓËÙÈÚÈë½ðÈÚЧÀÍ È·È¨¡¢ºÏ¹æ¡¢Çå¾²µÈÎÊÌâÈÔÃæÁÙÌôÕ½ ÌØÀÊÆÕÕþ¸®ÔÙ´Ó¼ÓÖݸßÌúÏîÄ¿Öг·»Ø1.75ÒÚÃÀÔª×ʽð ÉÏÆû¹«¹²ÏúÁ¿Æ£Èíδ¸Ä£º7ÔÂÏúÁ¿Í¬±ÈÔÙ½µ1.75%£¬ÅÜÊ伯ÍÅ34%ÔöËÙ Å©ÒµÒøÐÐÐû²¼Ð¡ÎÒ˽¼ÒÏûºÄ´û¿î²ÆÎñÌùÏ¢Õþ²ß¿Í»§¹Ø×¢ÎÊÌâ½â´ð Ãâ·Ñѧǰ½ÌÓýºó ¸ß¼ÛÓ×¶ù԰Ѱ³ö· ΪʲôҪÂíÉÏ׽סAIËÑË÷µÄÓ¯Àû? ¡¾¹ú½ðµç×Ó¡¿²©Í¨¹«Ë¾Éî¶È£ºASIC+scale up+scale outÈ«½á¹¹£¬AI½¹µãÊÜÒæ±êµÄ Ë®ÄàÒµCFOȺÌåÊӲ죺50ËêÒÔÉÏȺÌåÕ¼¡°°ë±ÚɽºÓ¡± ÁúȪ¹É·ÝÁÖÇæ×îÄêÇá½ö38Ëê ÕÕÃ÷ÐÐҵ˫Öб꣡Ñô¹âÕÕÃ÷¡¢º£ÑóÍõ·Ö»ñÖØ´óÏîÄ¿ RivianÐû²¼²ÃÈË1.5%ÒÔÌá¸ßÔËӪЧÂÊ ÐËÉ­¿Æ¼¼£º×Ó¹«Ë¾ÒËÐ˹è¹ÈרעÓÚº£ÄÚͨѶºÍЧÀÍÆ÷ÁìÓò ÈʶÈÉúÎï2025Äê°ëÄ걨£º¹éĸ¾»ÀûÈó½µ52.9%£¬¿Û·Ç¿÷ËðÀ©´óÖÁ428ÍòÔª 91̨£¡ Ó¯·åÇéÐζÔÃɹŹú×î´ó¶©µ¥Õýʽ·¢³µ£¡ ±¾ÖÜ37ֻлù½ðÀ´Ï®£ºÃª¶¨¿Æ´´°å+Ò½Ò©µÈÈÈÃÅÁìÓò ÁøÊÀÇì¡¢Ìï¹âÔ¶¡¢µËĬ¡¢¶÷ѧº£µĘ̀ͬ¾º¼¼ ¹úͳ¹É·Ý£º9ÔÂ9ÈÕ½«ÕÙ¿ª2025Äê°ëÄê¶ÈÍøÉÏÒµ¼¨ËµÃ÷»á ÍÚºÃÒ½±£Êý¾Ý¡°¸»¿ó¡± Òý·¢Ò½Ò©¹¤Òµ»îÁ¦ ÌÚÑ¶ÔÆÓë Gartner ÁªºÏÐû²¼¡°Data+AI¡±°×ƤÊ飬¸÷ÐÐÒµÁì¾üÆóÒµ·ÖÏí×î¼Ñʵ¼ù оµ¼¿Æ¼¼ÍÆÖØ×éÔ¤°¸ ÄâÊÕ¹ºË²À׿Ƽ¼ ÄÏÎÀ¹É·ÝÄÚÄ»ÉúÒⰸϸ½Ú½ÒÃØ£ºÊµ¿ØÈËÔÚÖªÏþÄÚÄ»ÐÅÏ¢ËĸöÔÂǰͨ¸æ¼õ³ÖÍýÏ룬ÈÔδÌÓ×ß´¦·Ö