Industry Overview - As of June 2025, China's operational computing center standard racks reached 10.85 million, with intelligent computing power scaling up to 788 EFLOPS, and the number of 400G trunk ports significantly increased to 14,060, indicating a robust growth in the computing power infrastructure [1] - The average Power Usage Effectiveness (PUE) of national computing centers has decreased to 1.42, reflecting improvements in energy efficiency [1] - The intelligent chip sector is gaining attention as it is designed specifically for artificial intelligence applications, providing essential computing power and supporting various intelligent processing tasks [1] Company Spotlight: Cambrian - Cambrian, a globally recognized emerging company in the intelligent chip field, has achieved profitability for three consecutive quarters as of June 2025, driven by market expansion and support for AI application implementation [2] - Since its establishment in March 2016, Cambrian has rapidly industrialized its technology, launching a series of intelligent processors and cloud-edge integrated products, forming an initial product matrix [2] - The company has accumulated significant technological expertise through long-term R&D investments, enabling it to offer a series of intelligent chip products and platform-based foundational software [2] Future Developments - The ongoing evolution of large model technology and the increasing intelligence of algorithm models are driving new demands for upgrades in intelligent computing hardware [3] - The company plans to accelerate the development of a series of chips tailored to diverse large model task scenarios, including chips for large model training, large language model inference, multimodal inference, and exchange chips [3] - A software platform will be established to support large model needs, featuring a flexible compilation system, training platform, and inference platform to enhance the usability and adaptability of intelligent chips [3]

寒武纪-U成交额达100亿元，现跌2.75%。 ...

一、证券市场回顾 南财金融终端数据显示，昨日（9月18日，下同）上证综指日内下跌1.15%，收于3831.66点，最高3899.96点；深证成指日内下跌1.06%，收于13075.66点，最 高13328.1点；创业板指日内下跌1.64%，收于3095.85点，最高3168.68点。 三、基金发行情况 昨日有5只新基金发行，分别为：博道惠泓价值成长混合、创金合信中证A500指数增强C、创金合信中证A500指数增强A、华安国证港股通消费主题ETF、 景顺长城恒生港股通50ETF，详情见下表： | 代码 | 基金名称 | | --- | --- | | 025103.OF | 博道惠泓价值成长混 | | 023843.OF | 创金合信中证A500指数 | | 023842.OF | 创金合信中证A500指数 | | 159285.SZ | 华安国证港股通消费主: | | 159109.SZ | 景顺长城恒生港股通5( | 四、龙虎榜情况 昨日龙虎榜营业部净买入额前10详情见下表： | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 002402.SZ | 和而 ...

Group 1 - The integrated circuit ETF (562820) opened down 1.51% at 2.289 yuan [1] - Major holdings in the ETF include companies like SMIC, which rose 0.70%, and Cambrian, which fell 2.04% [1] - The ETF's performance benchmark is the CSI All Share Integrated Circuit Index return, managed by Harvest Fund Management [1] Group 2 - Since its inception on April 12, 2024, the ETF has achieved a return of 128.02%, with a monthly return of 21.95% [1]

Market Overview - The Shanghai Composite Index fell by 1.15% to close at 3831.66 points, with a daily high of 3899.96 points [1] - The Shenzhen Component Index decreased by 1.06% to 13075.66 points, reaching a maximum of 13328.1 points [1] - The ChiNext Index dropped by 1.64% to 3095.85 points, with a peak of 3168.68 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 23946.91 billion yuan, with a financing balance of 23779.86 billion yuan and a securities lending balance of 167.05 billion yuan, reflecting a decrease of 28.44 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 12206.78 billion yuan, down by 7.21 billion yuan, while the Shenzhen market's balance was 11740.13 billion yuan, decreasing by 21.22 billion yuan [2] - The top three stocks by financing buy-in were SMIC (45.33 billion yuan), Dongfang Wealth (45.27 billion yuan), and Cambrian (43.33 billion yuan) [2] Fund Issuance - Five new funds were launched, including: - Baodao Huihong Value Growth Mixed Fund - Chuangjin Hexin CSI A500 Index Enhanced C - Chuangjin Hexin CSI A500 Index Enhanced A - Huaan National Index Hong Kong Stock Connect Consumer Theme ETF - Invesco Great Wall Hang Seng Hong Kong Stock Connect 50 ETF [3][4] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included: - Heertai (63021.21 million yuan) with a closing price of 43.95 and a rise of 10.01% [5] - Julun Intelligent (28641.91 million yuan) with a closing price of 9.51 and an increase of 5.08% [5] - Yongtai Energy (28604.76 million yuan) with a closing price of 1.71 and a rise of 10.32% [5] - Wanxiang Qianhu (27791.34 million yuan) with a closing price of 11.52 and an increase of 10.03% [5] - Suao Sensor (27780.03 million yuan) with a closing price of 10.44 and a rise of 20.0% [5]

Group 1 - The core viewpoint of the article emphasizes that the A-share market continues to show a trend of oscillation and upward movement, supported by the influx of incremental funds [1] - The Ministry of Commerce expresses hope that the EU will not weaponize tariffs and will eliminate market barriers, promoting fair competition and cooperation in industrial development [3] - The Ministry of Commerce responds to the TikTok issue, stating that China will not sacrifice principles and corporate interests for any agreement, emphasizing the importance of fair negotiations [4] Group 2 - Huawei's Vice Chairman Xu Zhijun publicly reveals the company's AI computing roadmap, indicating that the Ascend chip series will see significant advancements over the next three years [8] - NVIDIA announces a $5 billion investment in Intel, marking a significant shift in their relationship as they plan to collaborate on AI infrastructure and personal computing products [9] - A significant reduction in deposits by A-share listed companies is noted, with a decrease of over 100 billion yuan, while wealth management products are on the rise due to lower deposit rates and a recovering equity market [10][11] Group 3 - The Hong Kong police recover 65 kilograms of stolen gold worth approximately 50 million HKD, with 11 arrests made in connection to the theft [12] - The Chinese government responds to pollution claims in Zambia, stating that involved companies are cooperating with local authorities and compensating affected residents [6] - The National Health Commission and the Ministry of Finance release new guidelines for childcare subsidies, emphasizing efficiency and accountability in the application process [7] Group 4 - The stock market sees fluctuations, with the A-share market closing lower on September 18, while the Hong Kong market experiences a significant drop after reaching recent highs [20][21] - European stocks rise following a rate cut by the Federal Reserve, with the technology sector leading the gains [22] - Analysts suggest a dynamic allocation strategy for investors, focusing on emerging markets like A-shares and Hong Kong stocks, which are expected to perform well due to improving fundamentals and policy support [24]

9月18日盘后，寒武纪（688256.SH，股价1420.99元，市值5944.71亿元）召开2025年半年度业绩线上说 明会。 在此之前，公司股价刚刚经历一番"跌宕起伏"，登顶"股王"后又迎来下跌。9月18日上午，同样发力AI （人工智能）算力的华为发布了"全球最强算力超节点和集群"，并公布了未来三年昇腾芯片的演进和目 标。 《每日经济新闻》记者注意到，在寒武纪的业绩说明会上，投资者提出的问题涵盖行业趋势、定增计 划、研发进展、市场拓展等多方面内容。 期间，有投资者提到前述华为发布会，询问寒武纪产品路线及时间节点的先进性。 寒武纪董事长、总经理陈天石表示，今年上半年，公司持续推动智能处理器微架构及指令集的迭代优化 工作，新一代智能处理器微架构及指令集将在编程灵活性、易用性、性能、功耗、面积等方面提升产品 竞争力。 云端产品线预计将带来持续性收入 在人工智能算力需求持续扩张的背景下，寒武纪在2025年上半年迎来业绩拐点，公司实现营业收入 28.81亿元，同比增长超43倍；归母净利润10.38亿元，而上年同期亏损5.3亿元。截至6月末，公司已经 连续三个季度实现盈利。 相关预期已体现在行动上。截至今年上半年末， ...

Group 1 - Xiaomi has officially open-sourced its first native end-to-end voice model, Xiaomi-MiMo-Audio, which is based on an innovative pre-training architecture and over one billion hours of training data, achieving few-shot generalization based on ICL in the voice domain for the first time [1] - The improvement in Xiaomi's AI capabilities is expected to enhance the user experience of related consumer electronics products [1] - As of September 19, 2025, the CSI Consumer Electronics Theme Index (931494) surged by 1.53%, with notable increases in component stocks such as Lixun Precision (002475) up by 4.97% and Industrial Fulian (601138) up by 5.95% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include Cambricon (688256), Lixun Precision (002475), and SMIC (688981), collectively accounting for 54.8% of the index [2] - The CSI Consumer Electronics Theme Index consists of 50 listed companies involved in component production and complete brand design and manufacturing, reflecting the overall performance of consumer electronics-related securities [1][2] - The performance of the Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, which has recently seen an eight-day consecutive rise [1]

在最新的业绩会说明会上，针对客户情况以及供应情况，寒武纪表示，公司产品持续在运营商、金融、 互联网等多个重点行业规模化部署并通过了客户严苛环境的验证，并再次强调，网上传播的关于公司在 某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜在客户、供应链等相关信息，均为误导 市场的不实信息。 对于上半年存货大幅增长，寒武纪董事会秘书叶淏尹称主要系本期产成品增加所致。公司已依据存货跌 价计提政策充分计提了相应的跌价准备。考虑大模型等人工智能市场对人工智能算力旺盛需求，该商业 化场景预计将为公司带来持续性收入，因此公司针对云端产品线进行了备货。 在产品研发进展方面，据介绍，公司新一代智能处理器微架构及指令集将对自然语言处理大模型、视频 图像生成大模型以及垂直类大模型的训练推理等场景进行重点优化，将在编程灵活性、易用性、性能、 功耗、面积等方面提升产品竞争力。同时，公司对基础系统软件平台也进行了优化和迭代。 ...

Core Viewpoint - The Sci-Tech Chip ETF Fund (588290) opened at a decline of 0.88%, priced at 2.263 yuan, reflecting the current market performance of the semiconductor sector [1] Group 1: Fund Performance - The fund's benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 123.78% [1] - The fund's return over the past month is reported at 27.55% [1] Group 2: Major Holdings - Key stocks in the fund include: - SMIC (Semiconductor Manufacturing International Corporation) opened with a gain of 0.70% [1] - Haiguang Information increased by 1.71% [1] - Cambrian (寒武纪) decreased by 2.04% [1] - Lattice Technology (澜起科技) rose by 2.66% [1] - Zhongwei Company (中微公司) saw an increase of 4.94% [1] - Chipone Technology (芯原股份) gained 0.57% [1] - Hu Silicon Industry (沪硅产业) increased by 0.28% [1] - Hengxuan Technology (恒玄科技) fell by 0.34% [1] - Sitaiwei (思特威) remained unchanged [1] - Huahai Qingke (华海清科) rose by 0.14% [1]