5月25日，华为半导体业务部总裁何庭波的一次演讲、一篇署名论文，引爆了国内芯片产业。 在这次亮相中，华为过去六年的造芯经历，被何总浓缩到了一篇论文、一个理论中和盘托出。 在这些年先进制程技术封锁中，华为半导体团队共 量产了361款芯片 ，并在这些芯片中证实了一个结论： 一味地通过缩小晶体管尺寸的“几何缩微”来提升晶体管密度和芯片性能，已经逼近物理和成本极限； 通过降低时间常数τ、对芯片进行逻辑折叠的“时间缩微”，正在成为绕开极致制程依赖的一条芯片设计新路径 。 这就是华为提出的“韬定律”，用于取代那个芯片设计领域的摩尔定律。 基于这一定律，何庭波指出， 预计到2031年，基于该路线的高端芯片晶体管密度将达到等同于1.4纳米制程的水平 。 要知道，即便是台积电和英特尔的1.4纳米制程工艺，也要到2029年才能进入量产阶段。 01 摩尔定律的终结 1965年4月19日，美国《电子学》杂志刊登了时任仙童半导体研究开发实验室主任戈登·摩尔（Gordon Moore）的一篇文章《将更多组件塞进集成电路》。 在这篇仅有四页半的短文中，戈登·摩尔提出了自己的观察： 从1959年集成电路问世以来，集成电路上的组件数量大约每一年翻一番 ，与此同时，他还预测，这一趋势至少在未来十年内将继续保持。 这一观察就是后来大名鼎鼎的摩尔定律，并在1975年被摩尔本人修订为“ 每两年翻一番 ”。 摩尔定律在随后很长一段时间里，一直是是全球半导体产业的“行业契约”，并驱动了人类历史上最伟大的技术爆炸： 从个人电脑到智能手机，从互联网到人工智能，算力呈指数级增长，而成本却持续下降。 1974年，IBM科学家罗伯特·丹纳德（Robert Dennard）等人发表论文，提出了 丹纳德尺度理论 （Dennard Scaling）。 该理论指出， 随着晶体管尺寸按比例缩小，电压和电流也在按比例降低，并可维持恒定电场，从而保持功率密度不变 。 这一理论与当时已经大行其道的摩尔定律完美契合：晶体管数量指数增长的同时，性能/功耗比和性能/成本比也同步在提升。 也是在这一理论加持下，FinFET、全环绕栅（GAA）等架构进一步延长了这一黄金时代。 然而，这一“行业契约”在21世纪初开始出现裂痕。 2005年前后，丹纳德尺度首先失效，随着芯片特征尺寸进入90nm以下，传统二氧化硅的栅极绝缘层变薄导致量子隧穿漏电流激增，...

格隆汇5月26日｜日本财务大臣片山皋月表示，将密切关注中东局势对物价和经济的影响，并将及时采取应对措施。

企查查APP显示，近日，河南擎宇未来机器人科技有限公司成立，注册资本5000万元，经营范围包含：人工智能基础软件开发；智能机器人的研发；智能机器人销售；工业机器人销售；人工智能双创服务平台等。企查查股权穿透显示，该公司由深圳众擎机器人科技股份有限公司等共同持股。（人民财讯）

日本可口可樂9月起加價 涉165款飲品 500毫升可樂加至220日圓 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】日本可口可樂公司宣布，因應能源和原料成本上漲，9月起多款產品加價。 可口可樂、爽健美茶、喬亞咖啡等165種瓶裝和罐裝飲品價格，9月起將分別上調約3至19%。其中500毫升裝可口可樂，稅前價格將加至220日圓，每支折合約10.8港元。公司表示由於中東局勢不穩、能源及包裝原材料價格上漲，加上匯率波動等進口成本持續增加，公司內部難以自行消化成本上升的影響，所以要加價。

格隆汇5月26日｜综合法新社、加拿大广播公司（CBC）等外媒，加拿大总理卡尼当地时间25日与以色列总统赫尔佐格通话时重申，加沙援助船队人员遭受的“恶劣对待”不可接受。此前，以色列国家安全部部长本-格维尔20日发布一段视频，嘲笑试图突破以色列对加沙封锁的一支国际船队上的活动人士，此举引发国际社会强烈谴责。视频中，这些被扣押的活动人士还遭到粗暴对待：大批被扣押人员双手反绑跪在地上，头贴着地面。加方声明称，卡尼在通话中呼吁对此事进行独立调查，并“强烈谴责”本-格维尔的言论。

债市要闻 【3570亿！央行月末“补水”力度创阶段新高，资金面稳了？】 5月25日，中国人民银行再度加码逆回购投放，延续了近期流动性支持力度持续加大的节奏。 根据相关公告，央行于25日以固定利率、数量招标方式开展了2580亿元7天期逆回购操作，操作利率为1.40%，与此前持平。此次操作全额满足了市场一级交易商的申报需求。 由于25日公开市场仅有10亿元7天期逆回购到期，单就逆回购操作而言，单日实现净投放2570亿元。此外，25日还有5000亿元的中期借贷便利（MLF）到期，但在上周五（5月22日）央行已发布公告，预告将于25日开展6000亿元1年期MLF操作。综合日内MLF的到期与投放，以及短端资金情况，25日整体实现净投放3570亿元。 分析人士认为，央行25日加码短期投放并配套加量续作MLF的操作，一方面是对冲集中到期和月末效应，维持资金面平稳跨月；另一方面，体现了货币、财政政策的协同，为政府债券发行及后续信贷投放营造良好环境，再次彰显了央行在当前阶段适度宽松的货币政策定力。 【货基收益率跌破1% “躺赚”式理财观需重构】 据证券时报，目前，全市场已有约三成货币基金的7日年化收益率滑落至1%以下，而且这个势头还在延续。在资产端收益全面收窄，而资金涌入规模创新高（一季度末货基总规模突破15.58万亿元）的双重挤压下，货币基金迈入“微利生存”新阶段，便是逻辑上的必然。货币基金收益率跌破1%，也在倒逼投资者走出“躺赚”的舒适区，追求理财观念的提升。曾经“躺赚”的货币基金收益率跌破1%，不是现金理财的终点，而是理性配置的起点。 【8000亿债券ETF市场迎利好，参与质押回购范围扩大，优质担保品地位明确】 今年以来，债券ETF市场逐渐平稳，整体规模目前维持在8000亿元上方。近日，沪深交易所发布协议回购业务规则及配套指南修订通知，深交所将债券ETF纳入协议回购质押券范围，上交所则明确其作为优质担保品的地位。业内认为，这将有助于增强债券ETF的交易活跃度和市场流动性，提升债券ETF的配置吸引力。 财联社据Wind数据统计，目前全市场共53只债券ETF，规模合计8067亿元。其中，共有33只ETF规模在百亿元以上，短融ETF海富通的规模超过900亿元。 【险企补血节奏提速：2026年内8家发债超180亿元 5月已有3家获批】 5月26日，泰康养老将发行无固定期限资本债券，规模...

【有線新聞】南韓首爾一座高架橋在拆卸期間發生倒塌事故，造成至少2死，6人受傷。 網上流傳閉路電視片段，事發一刻部分橋面突然斷裂和塌陷，瞬間揚起大量沙塵。現場位於首爾西大門區的西小門高架道路，據悉有一輛施工車輛未能及時駛離被瓦礫掩埋，當局估計仍有工人受困。消防已發布應急響應，調配人手全力展開搜救。 拆除工程原定下月初完工，總統李在明指示調查事故。鑑於意外影響，相關路段已封鎖，來往首爾站至新村站的鐵路服務中斷。

首爾高架橋拆卸期間坍塌至少3死 仍有工人受困 李在明指示調查 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】南韓首爾一座高架橋拆卸期間倒塌，至少3死，多人受傷。 網上流傳閉路電視片段，事發一刻部分橋面突然斷裂和塌陷，揚起大量沙塵。現場位於首爾西大門區的西小門高架道路。據悉，有一輛施工車輛未能及時駛離被瓦礫掩埋。當局估計仍有工人受困，消防發布應急響應，調配人手全力展開搜救。 拆除工程原定下月初完工，總統李在明指示調查事故。受意外影響，相關路段已封鎖，來往首爾站至新村站的鐵路服務中斷。

5月25日705股获融资买入超亿元 中芯国际获买入63.33亿元居首 2026-05-26 08:57:15 来源： 同花顺7x24快讯 分享 文章提及标的 胜宏科技 -- 中芯国际 -- 兆易创新 --

智利当局表示，周一下午重要矿区安托法加斯塔（Antofagasta）发生6.9级强烈地震，导致部分矿场作业受影响，但所幸无人员伤亡，关键基础设施也未受损。这次强震发生在全球最大产铜国智利的核心地带，不过主要矿业公司报告称损害有限。美国地质调查局记录的震源深度为109公里。智利国营铜业公司（Codelco）一位发言人表示，由于矿坑能见度不足或特定区域电力供应中断，公司已暂停部分作业。必和必拓（BHP） 与安托法加斯塔矿业（Antofagasta Minerals） ANTO.L 两家矿业公司均表示运营未受地震影响。 责任编辑：王永生

Key Points CRISPR Therapeutics has an approved product and several gene editing medicines in development. Beam Therapeutics is exploring ways to develop safer gene-editing therapies. One of these stocks is a lot less risky than the other. 10 stocks we like better than CRISPR Therapeutics › The gene-editing niche of the biotech industry is gaining momentum, as various companies focused on these techniques -- which allow scientists to alter patients' DNA to treat some diseases -- have made significant clinical progress over the past decade or so. Two notable gene-editing drugmakers are CRISPR Therapeutics (NASDAQ: CRSP) and Beam Therapeutics (NASDAQ: BEAM). Both have performed well over the past year and could see further gains ahead, given the important catalysts on the horizon. But which one is the better gene editing stock? Let's find out. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The case for CRISPR Therapeutics CRISPR Therapeutics focuses on CRISPR-based gene editing, a technique that earned its creators a Nobel Prize in Chemistry. The biotech made a significant breakthrough in 2023 when it landed approval for Casgevy, a medicine for two rare blood-related disorders, sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). CRISPR Therapeutics developed this therapy with Vertex Pharmaceuticals. Casgevy has not generated much revenue yet. Gene editing medicines are expensive and complex to administer. However, CRISPR Therapeutics and Vertex have made progress getting third-party payers on board. The medicine should see significant commercial momentum in the next few years. Meanwhile, CRISPR Therapeutics has important pipeline candidates. To name just one: The company's CTX310 is being developed to help lower LDL cholesterol, which, in high levels, can cause various cardio...

面对高校校园开放的争议，要认真倾听和对待各种声音，但也不能在分歧面前失了主心骨。胆子大一点，步子迈出去，或许也就有了答案 2026年5月16日，武汉，校园开放后的首个周末，游客在武汉大学校园内参观游览。图：视觉中国 【财新网】/火线评论 继武汉大学校门开放引发热议之后，近日，澎湃新闻报道某省教育厅在回复网友提问时表示，“若对校外人员无差别开放，极易引发治安隐患、交通拥堵、消防安全管理难度加大等问题，尤其是针对青年学生群体的安全防护，需要构建更为严谨的管理体系。因此，结合当前校园安全管理的实际需要，各高校暂实行校园相对封闭管理，不对校外人员随意开放。” 由此看来，虽然公众的开放呼声高涨，相对封闭或许才是该省主管部门更“理性”的选择。

Sergei Lavrov tells Marco Rubio that Washington should evacuate its embassy because Moscow is planning ‘systematic strikes’. What we know on day 1,553 Sergei Lavrov pressured the US to evacuate staff from its embassy in Kyiv during a phone call with the US secretary of state, Marco Rubio, on Monday. Russia has threatened “systematic strikes” on the capital and demanded that foreigners leave. The Ukrainian foreign minister, Andrii Sybiha, urged Kyiv’s allies not to give in to “Russian blackmail” . Katarina Mathernova, the head of the EU mission in Kyiv, said the 27-nation bloc was “not going anywhere”. Mathernova said: “Russia wants fear, panic, isolation of Ukraine. It will not work. The EU is not going anywhere. We are staying in Kyiv. We are staying with Ukraine.” In Kyiv, rescuers tackled the aftermath of Sunday’s strikes , which authorities said killed at least four people and injured 91 . More than 70 foreign diplomats paid their respects to the victims of the strikes, visiting the heavily damaged neighbourhood of Lukyanivka. Agence France-Presse reported that Kyiv residents returned to their normal routines on Monday – sunbathing on terraces, playing in the streets, sitting at cafes – with some saying they had become desensitised after more than four years of war. “We’re used to it,” said Roman, a 36-year-old firefighter who helped clear the ruins from one of many destroyed buildings. “Emotions take a back seat,” he said as behind him a young man stepped over a heap of charred debris, taking care not to spill his latte macchiato. On one street, children played metres from the site of a Russian strike. “Watch out for glass!” one woman shouted at them. After one coffee shop was damage by a strike , dozens of Kyiv residents flocked to support the business, queueing up to make orders despite the damage. The owner, Yevgen Prusak, became a minor social media celebrity after serving hot drinks to rescuers through the blown-out windows of his shop. “Yesterday I though...

文章提及标的 伦敦金 -- 现货黄金失守4540美元/盎司，日内跌0.63%。

企查查APP显示，近日，华神新材料（河南）有限公司成立，注册资本3.6亿元，经营范围包含：第一类非药品类易制毒化学品经营；第二类监控化学品经营等。企查查股权穿透显示，该公司由万华化学等共同持股。（人民财讯）

油价回落，黄金反弹。美伊冲突虽然尚未签署正式协议，伊朗将在停火协议达成后的30天内清除海峡中的水雷且不会收取通行费，但是市场对川普最终仍将妥协的定价充分price-in盘面中，昨日油价大幅回落。黄金市场无明显趋势，我们认为其面临的流动性压力仍需要等待美伊冲突最终解决才能消失，短期内黄金参与价值有限。（中金财富期货）

Here's why I'd sell Nebius stock and buy Astera Labs instead MSN

格隆汇5月26日｜瑞穗证券资深市场经济学家 Yusuke Matsuo在报告中表示，受中东局势影响，日本利率大概率将持续上行，尽管高市早苗首相试图遏制这一走势。市场担忧全球通胀进一步升温，而只要伊朗冲突这一根本问题未能解决，利率上行趋势就难以放缓。日元利率走高，还源于市场两方面担忧：一是能源补贴或将导致日本国内财政状况中期恶化；二是认为日本央行上调基准利率的动作滞后于市场节奏。报道称，高市早苗最初考虑推出约3.5万亿日元的补充预算，但最终决定在上一财年赤字国债缩减规模（约3万亿日元）范围内增加储备资金，此举反映出她对长期利率大幅攀升的顾虑。由于日本暂无额外的常态化国债发行计划，短期内国债供需受到的影响预计较为有限。

格隆汇5月26日｜美国中央司令部称，美国和以色列战机袭击了霍尔木兹海峡中的多艘伊朗船只，此前数小时，特朗普曾表示，与德黑兰就一项临时协议进行的谈判正在取得进展。重新爆发的战斗凸显了美国与伊朗停火协议的脆弱性。周二亚洲早盘交易中，标普500指数期货在最新事态发展后下跌，西得克萨斯中质原油价格小幅上涨，黄金小幅走低后横盘震荡。特朗普目前正面临美国国内对伊强硬派的压力，例如共和党参议员格雷厄姆，他们认为正在形成的协议对德黑兰让步过多。

Key Points Over the past five years, Solana is up 144%, while Ethereum is down 5%. Solana is a faster, cheaper blockchain to use than Ethereum, giving it an edge in areas such as decentralized finance. Solana can be extremely volatile, making it a risky high-upside play. 10 stocks we like better than Solana › There's no denying that Ethereum (CRYPTO: ETH) has been one of the top-performing cryptocurrencies of the past decade. Since its launch in July 2015, it's up a staggering 68,700%. But here's the thing: After more than a decade as the market leader, Ethereum has plenty of upstart rivals, including some that are now growing much faster. The one on my radar right now is Solana (CRYPTO: SOL). Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Solana vs. Ethereum price performance The chart below might be the best guide to understanding why Solana is likely a better buy than Ethereum right now. It compares the performance of Solana and Ethereum over the past five years. During that time period, Solana is up 144%. In comparison, Ethereum is down 5%. If you buy into the argument that Ethereum achieved many of its record-setting gains in its early years, when it had little or no competition, this makes sense. As soon as new Layer 1 blockchain networks like Solana emerged, Ethereum began to lose some of its upward momentum. Admittedly, the performance gap between Solana and Ethereum has been narrowing over the past 12 months. But for long stretches of time over the past five years, Solana was clearly outpacing Ethereum by a wide margin. Solana's advantages Solana is faster and cheaper to use than Ethereum, and that has been a big factor in its success. In November 2023, Cathie Wood of Ark Invest highlighted the disruptive potential of Solana. If the Solana blockchain can do everything that the Ethereum b...

格隆汇5月26日｜截至5月25日，上交所融资余额报14808.57亿元，较前一交易日增加120.56亿元；深交所融资余额报14136.83亿元，较前一交易日增加132.12亿元；两市合计28945.40亿元，较前一交易日增加252.68亿元。

The Daily Express writes of "damning figures" that show migrants' demand for housing has "cancelled out almost half the new homes built since Labour came to power." Now, the paper claims, "migrants will get half of all new homes" as Conservatives criticise the figures. A Labour spokesperson said: "With Labour, net migration has fallen by 82% and we've removed 67,000 people with no right to be here."

炒股就看 金麒麟分析师研报 ，权威，专业，及时，全面，助您挖掘潜力主题机会！ 尽管财报业绩超预期，人工智能（AI）算力总龙头英伟达自身股价仍连续两个交易日下跌，而核心供应链环节企业股价再度上攻，A股小伙伴也密集上涨。根据投资机构最新报告预测，在供应链成本持续攀升背景下，英伟达即将推出的新一代产品价格将几乎翻倍。对此英伟达方面暂无回应。 业内分析师对证券时报记者表示，AI硬件行业来到价值重构的关键节点。其中，内存与互联环节已经成为关键的物理瓶颈，产业链上下游博弈进入新阶段。 GPU成本占比下降 受益于人工智能需求的持续爆发，英伟达2027财年第一财季（2026年2月至2026年4月）交出了一份超预期的“成绩单”，核心业务数据中心营收750亿美元，同比增长92%。作为核心驱动，Blackwell架构产品持续强劲，GB300与VL72机架需求尤为旺盛，头部模型厂商与超大规模云厂商已累计部署数十万片Blackwell GPU，创下公司史上最快产品上量速度。 而备受关注的下一代产品Vera Rubin计划今年第三季度开始量产发货。 据摩根士丹利最新报告，英伟达即将推出的Vera Rubin（VR200）机架，从ODM（原始设计制造商）处采购的价格约为780万美元，比英伟达当前GB300 Blackwell机架价格几乎翻倍。 其中，内存被视为英伟达产品涨价的核心推手，加上多个供应链环节也在翻倍上涨，导致英伟达“看家本领”GPU的成本占比反而下降。 分析报告显示，以当前GB200 NVL72机架为例，内存在物料成本中的占比为5%—10%，但是到下一代产品VR200，内存占比已飙升至25%—30%，成本涨幅高达435%。另外，PCB（印刷电路板）成本增加233%、MLCC（多层陶瓷电容）成本增加182%等。在此背景下，GPU在整个机架成本中的份额占比从65%下降至约51%。 “英伟达下一代Rubin机架价格暴涨，核心原因不是GPU变贵，是AI硬件的物理瓶颈从算力转向内存和互联。”CIC灼识咨询董事总经理柴代旋向记者表示。 报告分析，英伟达VR200机架中，负责数据通信与网络互联的核心芯片数量大幅增加，导致MLCC基板用量等随之增加。 财报也印证了这一趋势。英伟达2026财年网络业务收入突破310亿美元；2027财年一季度公司数据中心网络收入达到了创纪录的148亿美元，同比暴增近2倍...

截至5月25日，上交所融资余额报14808.57亿元，较前一交易日增加120.56亿元；深交所融资余额报14136.83亿元，较前一交易日增加132.12亿元；两市合计28945.40亿元，较前一交易日增加252.68亿元。 据iFinD数据显示，5月25日，两融（融资+融券）余额报29252.09亿元。 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

理想汽車(02015.HK)上周五回購130萬股涉資逾1,026萬美元美股US Stocks Quote - 外圍新聞內容Golbal News Content AASTOCKS.com

理想汽車(02015.HK)上周五回購130萬股 涉資逾1,026萬美元 AASTOCKS.com

A drone view shows the Valero Houston Refinery in Pasadena outside of Houston, Texas, U.S., May 12, 2026. REUTERS/Shahrzad Rasekh Shahrzad Rasekh | Reuters Oil prices were mixed Tuesday as U.S. military operations in southern Iran on Monday and President Donald Trump's mixed messaging on the negotiations between Tehran and Washington kept traders on edge. July futures for international benchmark Brent crude gained 1.6% to $97.72 a barrel in Asia trading, while U.S. West Texas Intermediate futures for June was trading 5.4% lower at $91.38 per barrel. The U.S. military said it conducted operations in southern Iran, targeting vessels allegedly trying to deploy mines, as well as missile launch locations. The U.S. Central Command said the actions were intended "to protect our troops from threats posed by Iranian forces." Complicating peace talks, Trump said in a social media post Monday that he had encouraged Saudi Arabia, Qatar, Pakistan, Turkey, Egypt and Jordan to join the Abraham Accords aimed at normalizing Arab nations' ties with Israel. Trump also said negotiations with Iran were "proceeding nicely," but cautioned that the U.S. could resume military action if discussions were to collapse. "It will only be a Great Deal for all or, no Deal at all," Trump wrote. Swiss multinational investment bank UBS said Friday the global oil market was showing mounting signs of strain as inventories continue to fall amid ongoing disruptions to shipments via the Strait of Hormuz. Observed global oil inventories dropped by a combined 246 million barrels in March and April, while cumulative production losses could exceed 1 billion barrels by the end of May, the bank said. The sharp inventory drawdowns suggest the market remains "strongly undersupplied," UBS said, pointing to falling on-land crude and refined product inventories even as oil stored on tankers rose due to rerouted U.S. exports to Asia. Choose CNBC as your preferred source on Google and never miss a moment from the most ...

Roger E. Susi, Founder, CEO, President, and Chairman of Iradimed Corporation (IRMD 1.15%), reported the indirect sale of 7,500 shares of common stock over multiple transactions on May 18 and May 19, 2026, for a total value of approximately $657,000 according to the SEC Form 4 filing. Transaction summary Metric Value Shares sold (indirect) 7,500 Transaction value ~$657,000 Post-transaction shares (indirect) 4,397,950 Transaction value based on SEC Form 4 weighted average purchase price ($87.64). Key questions How does the size of this sale compare to Roger E. Susi's historical transaction cadence? With an average of 21.6 trades per year and typical sell tranches ranging from 5,000–10,000 shares, this 7,500-share block is consistent with the pattern established since May 2023, reflecting both historical cadence and the declining available capacity. With an average of 21.6 trades per year and typical sell tranches ranging from 5,000–10,000 shares, this 7,500-share block is consistent with the pattern established since May 2023, reflecting both historical cadence and the declining available capacity. What portion of Susi's ownership was affected by this transaction? The sale of 7,500 shares represented 0.17% of Susi's indirect holdings at the time, leaving him with 4,397,950 shares held via trust entities. The sale of 7,500 shares represented 0.17% of Susi's indirect holdings at the time, leaving him with 4,397,950 shares held via trust entities. What is the current context for Iradimed shares following this transaction? As of May 22, 2026, shares closed at $92.10, representing a one-year total return of 82.77% as of May 23, 2026, with the insider's sales occurring amid robust share price appreciation and ongoing programmatic disposition of holdings. Company overview Metric Value Revenue (TTM) $86.28 million Net income (TTM) $23.61 million Dividend yield 0.87% 1-year price change 82.77% * 1-year performance calculated using May 19th, 2026 as the reference date. Company ...