证券代码：688256 证券简称：寒武纪 公告编号：2025-074 中科寒武纪科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,103 | | --- | --- | | 普通股股东人数 | 1,103 | | 2、出席会议的股东所持有的表决权数量 | 272,076,900 | | 普通股股东所持有表决权数量 | 272,076,900 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 64.5269 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 64.5269 | 注：截至本次股东大会股权登记日，公司回购专用账户中股份数为 36,600 股，不享有股东 大会表决权。 （四） 表决方式是否符合《公 ...

北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • Lon ...

格隆汇11月27日｜寒武纪公告称，公司2025年第一次临时股东大会于11月27日召开，由董事长陈天石主 持。本次会议由董事会召集，11月10日董事会会议表决通过召集议案，11日公告会议通知。出席会议股 东或其委托代理人共1103名，代表股份272,076,900股，占比64.5269%。会议无临时提案，审议通过取 消监事会、修订制度、董事会换届等议案，表决程序和结果合法有效。 ...

Core Insights - The electronic sector has seen a significant inflow of over 10.7 billion in capital, driven by a new consumption promotion plan issued by six government departments [1][4] - The electronic ETF (515260) experienced a peak increase of 3.53% in early trading, ultimately closing with a slight gain of 0.16%, marking a three-day consecutive rise [1][4] Sector Performance - Leading companies in the consumer electronics segment, such as Anker Innovations, surged over 4%, while semiconductor leaders like Wentai Technology and Zhaoyi Innovation also saw gains exceeding 2% [3][4] - Notable stocks included Cambrian, which rose by 5%, and Industrial Fulian, which peaked at over 7% during trading [3][4] Policy Impact - The Ministry of Industry and Information Technology and other departments released a plan to enhance the adaptability of consumer goods supply and demand, encouraging the development of smart appliances and AI products [4][5] - This policy is expected to benefit the consumer electronics sector significantly [4] Industry Outlook - Global tech giant Google has garnered attention due to technological breakthroughs and performance growth, with its supply chain accounting for 21.91% of the electronic ETF's index as of the end of October [5] - The electronic industry is currently in an innovation phase, with expectations for rapid growth driven by breakthroughs in terminal innovation and performance release [5] Investment Tools - The electronic ETF (515260) and its linked funds are designed to passively track the electronic 50 index, focusing on sectors like semiconductors and consumer electronics [5]

以最新收盘价计算，A股平均股价为13.50元，其中股价超过100元的有149只，相比上一个交易日增加3 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至11月27 日收盘，沪指报收3875.26点，上涨0.29%，A股平均股价为13.50元，个股股价分布看，股价超过100元 的有149只，股价在50元至100元的有418只，股价在30元至50元的有749只。 所属板块来看，百元股中，主板有29只、创业板有52只、北交所有3只，另有65只来自科创板，占百元 股的比例为43.62%。（数据宝） 高价股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1447.30 | -0.13 | 0.18 | 食品饮料 | | 688256 | 寒武纪 | 1317.36 | 0.21 | 0.02 | 电子 | | 688498 | 源杰科技 | 553.00 | -5.81 | 0.09 | 电子 | | 300308 ...

Core Insights - The global AI server shipments are expected to grow by over 20% year-on-year in 2026, driven by increased capital expenditure from North American CSPs and the rise of sovereign cloud initiatives [1][2] - The competition in the AI chip market is intensifying, with companies like AMD and various Chinese firms enhancing their self-developed ASIC capabilities, challenging NVIDIA's dominance [1][2] Group 1: AI Chip and Cooling Technologies - The thermal design power (TDP) of AI chips is projected to rise from 700W for NVIDIA's H100 and H200 to over 1,000W for upcoming models, necessitating liquid cooling systems in server cabinets, with a forecasted penetration rate of 47% for liquid cooling in AI chips by 2026 [2] - Microsoft is introducing new microfluidic cooling technologies for next-generation chip packaging, while the market is expected to transition from liquid-to-air (L2A) to liquid-to-liquid (L2L) cooling designs [2] Group 2: Memory and Data Transfer Innovations - HBM and optical communication technologies are becoming critical for overcoming bandwidth limitations in AI computing, with HBM4 expected to enhance I/O bandwidth and local bandwidth for AI chips [3][4] - The introduction of 800G/1.6T pluggable optical modules is underway, with expectations for higher bandwidth SiPh/CPO platforms to be integrated into AI switches starting in 2026 [4] Group 3: NAND Flash and Storage Solutions - NAND Flash suppliers are accelerating the development of specialized solutions to address the performance gap in AI training and inference workloads, including storage-class memory (SCM) SSDs and Nearline QLC SSDs [5][6] - QLC technology is anticipated to achieve a 30% market penetration in enterprise SSDs by 2026, significantly reducing the cost of storing large AI datasets [6] Group 4: Energy Storage Systems - AI data centers are evolving towards large-scale clusters, with energy storage systems transitioning from emergency backup to core energy solutions, expected to grow from 15.7 GWh in 2024 to 216.8 GWh by 2030, reflecting a CAGR of 46.1% [7] - North America is projected to become the largest market for AI data center energy storage, driven by major cloud providers [7] Group 5: Power Infrastructure and Semiconductor Demand - Data centers are shifting to 800V HVDC architectures to enhance efficiency and reliability, with third-generation semiconductors (SiC/GaN) expected to penetrate 17% of data center power supply by 2026 [8] Group 6: Advanced Semiconductor Technologies - The transition to 2nm GAAFET technology is underway, emphasizing higher transistor density and heterogeneous integration to meet the demands of AI applications [9] Group 7: Humanoid Robots and Market Growth - The global shipment of humanoid robots is projected to increase by over 700% in 2026, focusing on AI adaptability and application-specific designs [10][11] Group 8: Display Technology Advancements - OLED technology is set to accelerate in laptops, with Apple expected to introduce OLED panels in MacBook Pro by 2026, leading to a significant increase in OLED penetration in the laptop market [12][13] Group 9: Autonomous Driving and Robotaxi Expansion - The penetration rate of L2 and above advanced driver-assistance systems is expected to exceed 40% by 2026, with Robotaxi services expanding globally beyond just China and the US [15]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-shares market**, specifically the **CSI300 index** and its outlook for 2026. Core Insights and Arguments 1. **CSI300 Target Projections**: - The base-case target for the CSI300 by the end of 2026 is set at **5,200**, based on a **15.9x** P/E ratio and an estimated EPS of **Rmb328**, reflecting a **15% year-on-year growth** [1][4][5]. - Bear-case and bull-case targets are **4,000** and **6,000**, respectively [1][5]. 2. **Investment Themes for 2026**: - **Pro-equity "anti-involution" policies** are expected to enhance structural upside in net profit margin (NPM) and return on equity (ROE) for the CSI300, with consensus estimates of **12% NPM** and **11% ROE** [4]. - **AI Infrastructure Growth**: Anticipated capital expenditure growth in AI infrastructure globally will benefit Chinese suppliers, particularly those focused on localization and AI monetization [4]. - **Global Macro Support**: Easing fiscal and monetary policies globally will support offshore sales for listed companies [4]. - **K-shaped Recovery in Consumption**: This recovery is expected to benefit both low-end and luxury consumption sectors [4]. 3. **Downside Risks**: - Potential cuts to consensus EPS estimates for Q4 2025, especially in the **IT** and **Healthcare** sectors [4]. - The continuation of a "high-quality development" approach may dampen mid-range aspirational consumption [4]. - Geopolitical tensions, particularly between the US and China, could pose risks, especially with upcoming elections [4]. 4. **Potential Policy Changes**: - The onset of a non-performing loan (NPL) cycle may lead to new policies aimed at supporting physical properties [4]. - Increased efficiency from AI and digitalization may necessitate enhanced social security coverage due to job dislocations [4]. 5. **Thematic Stock Screens**: - Focus on **IT and Healthcare A-shares** that demonstrate innovation potential, with metrics such as market capitalization and overseas revenue [4]. - Screening for top A-share listings across various sectors including **autos, battery materials, lithium, solar, cement, chemicals, coal, steel, dairy, hogs, liquor, and logistics** [4][10]. Additional Important Insights - The **CSI300 index** is projected to have an implied upside of **17%** from the current level to the base-case target, while the bear-case scenario indicates a **10% downside** [5]. - The report highlights a shift from value to growth stocks expected by early 2026, particularly in the context of the **IT** and **Healthcare** sectors [4]. - The **A-share market** has shown robust margin financing, indicating strong investor confidence [14]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the outlook for the China A-shares market and the CSI300 index for 2026.

寒武纪-U成交额达100亿元，现涨2.16%。 ...

Core Viewpoint - The leading chip ETF (159801) opened with a gain of 0.74%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The chip ETF (159801) opened at 0.818 yuan, reflecting a 0.74% increase [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 62.42% [1] - The fund has experienced a decline of 11.45% over the past month [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - Cambrian (寒武纪) up 3.45% - SMIC (中芯国际) up 0.97% - Haiguang Information (海光信息) up 1.57% - Northern Huachuang (北方华创) up 0.28% - Lattice Semiconductor (澜起科技) up 0.93% - Zhaoyi Innovation (兆易创新) up 1.21% - Zhongwei Company (中微公司) up 0.53% - OmniVision (豪威集团) up 0.30% - Changdian Technology (长电科技) up 0.14% - Unisoc (紫光国微) down 0.26% [1]

Core Viewpoint - The AI concept stocks continue to be active, with a focus on the domestic AI industry chain, as evidenced by the performance of the Science and Technology Innovation Artificial Intelligence ETF (589520), which has shown a significant increase in its market value [1][3]. Group 1: Market Performance - The Science and Technology Innovation Artificial Intelligence ETF (589520) saw an intraday increase of 1.75% and is currently up 0.52%, marking a four-day consecutive rise [1]. - Semiconductor stocks are leading the gains, with Chipone Technology rising over 4%, and other companies like Lanqi Technology, Cambricon, and Anlu Technology increasing by more than 2% [3]. Group 2: AI Chip Market Insights - According to Zhongyuan Securities, the Chinese AI chip market is projected to grow from $21 billion to $38 billion by 2025, with Nvidia's market share expected to decrease from 66% to 54% [4]. - Domestic chip manufacturers' sales are anticipated to rise from $6 billion to $16 billion, indicating a diversification in the supply of domestic AI chips [4]. - The trend of orders shifting towards domestic chips is seen as inevitable, with the maturation of domestic advanced processes making low-end Nvidia chips less cost-effective in China [4]. Group 3: AI Applications and Industry Trends - Bank of China Securities notes that since 2025, the AI industry chain has experienced a rotation from overseas computing power to domestic computing power, with AI applications still having significant potential for growth [4]. - As of the end of October, AI application concepts accounted for 32.07% of the index weight in the Science and Technology Innovation Artificial Intelligence ETF (589520), with key stocks including Kingsoft Office and Stone Technology [4]. Group 4: Focus on Domestic Innovation - The Science and Technology Innovation Artificial Intelligence ETF emphasizes the importance of self-reliance in technology, particularly in the context of information and industrial security [5]. - The ETF and its associated funds focus on the domestic AI industry chain, with a strong emphasis on semiconductor stocks, which account for over half of the top ten holdings [6].