ChatGPT 引领人工智能进入以 AGI 为代表的新里程碑阶段，拉动算力需求，引领基础设施新周期。人工智能应用场景逐渐增多，模型参数规模和数据量也实现 了大幅度增长，为 NLP、CV 等领域带来更强大的表达能力和性能。大模型是目前通往 AGI 的最佳实现方式。算力需求激增，推动算力基础设施迎增长新周期。 据 IDC，AI 的应用与普及促使 2022 年我国智能算力规模近乎翻倍，达到 268EFLOPS，超过通用算力规模，2026 年我国智能算力规模将达 1271.4 EFLOPS，22-26 年复合增长率预计达 47.58%；硬件占 AI 支出比重 49.8%，其中最大投资是服务器，占 AI 硬件支出比重 84%以上，AI 将成为未来服务器市场 新一轮快速增长的主要推动力。

比特币创历史新高，关注发行量减半，实物 ETF 和交易所影响我们在 2024 年年度策略报告《2024 年的三大主线和 8 个预测》中，预测 比特币价格有望在年内创历史新高。3/11，比特币超 7.2 万美元，突破上一 轮高点 6.9 万美元。我们认为，这轮比特币价格上涨的原因主要包括，1） 1/10，SEC 正式批准比特币现货 ETF 的发行，过去两个月吸引累计超千亿美金资金流入，2）4 月底比特币发行量将要再次迎来减半，部分市场资金 提前布局。展望未来，建议关注 1）以太坊 ETF 获批可能性；2）香港等地区虚拟资产现货 ETF 进展；3）币价上涨、市场格局变化对交易所龙头公司的影响；4）减半后矿机产业市场格局变化。

谷歌大模型持续迭代，亟需算力支撑：2023年12月，谷歌推出自身首个多模态大模型Gemini 1.0，其中高性能版本Gemini Ultra可对标 GPT-4，2024年2月16日，谷歌Gemini模型Pro版迭代出1.5版本，该模型在长语境理解方面取得突破，显著增加可处理信息量；2024年2月22日，谷歌推出新型开源模型系列“Gemma”。谷歌不断加速迭代大模型，大模型性能提升除了软件层面优化，更需强大算力支撑。

A RF signal generator is an electronic device used to generate waveforms and electronic signals. RF signal generators produce continuous wave tones, which are used for designing, testing, troubleshooting, and repairing electronic devices and components. The capacity of RF signal generators ranges from a few kHz to 40 GHz.

High-Speed Internet: The demand for high-speed internet services is constantly rising. Fiber optic cables offer significantly higher bandwidth compared to traditional copper cables, enabling faster data transmission speeds. As consumers and businesses require faster internet connections for activities such as video streaming, online gaming, cloud computing, and large-scale data transfers, the demand for fiber optics is surging.

Cobots, often referred to as collaborative robots, are robots created to collaborate with people in a shared workspace or environment. Cobots are intended to be safe, adaptable, and simple to programme, in contrast to conventional industrial robots, which are frequently big and dangerous. A wide number of industries, including manufacturing, healthcare, logistics, and more, can use cobots. They are capable of carrying out a wide range of jobs, including assembly, packaging, inspection, and material handling.

A K-12 makerspace is a place in K-12 schools that allow students to create, tinker, invent, discover, and explore new ideas using a varied range of materials. These materials are referred to as K-12 makerspace materials. Some of these materials are 3D printers, computers, cameras, electronic tools, building materials, and art and craft supplies.

Surface-mount technology (SMT) is a method where the electrical components are fitted directly onto the surface of a printed circuit board (PCB). An electrical component mounted in such a manner is known as a surface-mount device (SMD).

A projector is an optical device that projects an image or a series of moving images onto a surface, typically a projection screen. Lasers are used in some modern types of projectors to project the image directly. Instead of using an external projection screen, a virtual retinal display or retinal projector projects an image directly onto the retina. Video projectors are the most common type of projector used at present.

指数方面：据闪存市场数据，2024 年第 11 周存储市场有所分化，NAND 指数单周提升 0.63%，DRAM 指数单周下降 0.02%，基本持平。价格方面：NAND Flash Wafer 价格持平不变， DDR4 eTT 资源跟随实际成交价小幅调涨；渠道市场方面，一季度淡季渠道需求平淡，渠道出现少量抛货现象，而成本端并未下降，因此行情整体变动不大，价格持平不变；行业市场方面，近期行业市场以少量备货需求为主，整体需求较淡，还有延迟提货的迹象，本周行业价格持平不变；嵌入式 Flash 方面，由于嵌入式资源供应依然有限，伴随现货市场嵌入式产品需求稳固，本周部分嵌入式价格上调：eMCP 和 uMCP 价格全面上涨（ 周环比+2.8%/+5.5%），部分eMMC 和 UFS 价格上调 （ 周环比 +1.5%/+1.4%），嵌入式 LPDDR 价格持平不变。