资金面上看，两市主力资金全天净流出123.06亿元，今日有8个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.59%，全天净流入资金25.01亿元，其次是房地产行业，日涨幅为 1.53%，净流入资金为10.15亿元。 沪指4月18日下跌0.11%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、房地产，涨 幅分别为1.59%、1.53%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.46%、2.45%。电子行 业今日下跌0.15%。 主力资金净流出的行业有23个，食品饮料行业主力资金净流出规模居首，全天净流出资金17.91亿元， 其次是电子行业，净流出资金为15.68亿元，净流出资金较多的还有计算机、农林牧渔、机械设备等行 业。 电子行业今日下跌0.15%，全天主力资金净流出15.68亿元，该行业所属的个股共461只，今日上涨的有 212只，涨停的有6只；下跌的有237只。以资金流向数据进行统计，该行业资金净流入的个股有178只， 其中，净流入资金超亿元的有8只，净流入资金居首的是硕贝德，今日净流入资金3.09亿元，紧随其后 的是蓝思科技、胜宏科技，净流入资金分别为2.4 ...

寒武纪和海光信息的更新 20250116 摘要 • 英伟达因政策不确定性计提 55 亿美元费用，涉及约 55 万张 H20 芯片卡， 预计 2025 年上半年向中国交付 80 多万张，全年预计 120 万张。这或将 促使客户转向国产 AI 芯片，推动其量价齐升。 • 寒武纪和海光信息等国产 AI 芯片厂商在 2025 年初表现出增长确定性，寒 武纪计划在第三季度小批量供货公共安全领域专用推理芯片，海光信息也 有望推出新款高算力推理产品。 • 国内算力市场分层明显，国产卡种类日益丰富，能更精准匹配客户需求。 国产卡海外及国内供给能力超预期，寒武纪二季度预计出货量环比大幅提 升，既受益于需求，也得益于供给。 • 国产厂商目前主要绑定单一大客户，对需求端不利。寒武纪需拓展新客户， 预计 2025 年在运营商等新客户中实现增量，外部租赁 S 业务采购量下半 年或进一步提升。 • 大客户优先选择文字类模型，因早期推理卡显存带宽较低，更适合文字模 型推理。随着多模态模型发展，对图片和视频理解推理需求上升，国产卡 优势将更明显。 Q&A 英伟达最新的 H20 芯片许可政策对市场有何影响？ 英伟达在提交给公开文件中提到，美国 ...

Q&A 在当前中美贸易摩擦背景下，中国自主可控趋势如何影响国产算力产业链的发 展？ 中美贸易摩擦加剧使得中国自主可控的趋势愈发明显，特别是在高端处理器领 域。美国对中国加征关税，中国也采取了相应的反制措施，这种情况下，国产 算力产业链的重要性显著提升。以海光信息为例，其在 AI 算力和 CPU 领域都 有显著进展。海光信息的深算三号 GPU 系列等 AI 芯片产品需求增长明显，同 时其 CPU 产品凭借 x86 架构的兼容性，在市场份额和短期 EPS 方面表现出色。 在进口英特尔和 AMD CPU 受限后，国内市场空缺将由海光等国产 CPU 填补。 • 中美贸易摩擦加剧，国内自主可控成为趋势。相关政策推动产业向自主可 控领域发力，从信息安全扩展到高精尖技术和供应链安全，海光信息作为 国产高端处理器企业将受益。 • 海光信息 CPU 采用 x86 指令集架构，在国产生态适配 AMD 和英特尔 CPU 方面具备明显优势。截至 2024 年，公司拥有超过 5,000 家合作伙伴， 实现 8,000 多个软硬件优化协同技术发展，有望受益于云端或公有云调用 扩容期。 • DEXCO 公司的 AI 芯片化为了海光 8,0 ...

海光信息 20250414 摘要 Q&A 在中美贸易摩擦加剧的背景下，中国自主可控趋势对国产算力产业链有哪些影 响？ 中美贸易摩擦加剧使得中国自主可控趋势更加明确，尤其在高端处理器领域。 美国对中国进口产品加征关税，中国也采取了相应的反制措施，这些都推动了 国产替代的需求增长。例如，美国对进口英特尔和 AMD 系列 CPU 产品加征关税 已达到 125%以上，这将影响这些产品在中国市场的需求，为国产 CPU 如海光和 华为提供了市场空间。海光信息凭借其 x86 架构的良好兼容性，有望在市场份 • 中美贸易摩擦加剧，美国对进口 CPU 加征高额关税，推动国产替代需求增 长，为海光信息等国产 CPU 厂商提供市场机遇，尤其是在 x86 架构兼容性 方面。 • 海光信息在 AI 芯片领域发展迅速，深算三号 GPU 系列需求显著增长，提升 长期市场空间和短期 EPS。其 DCU 架构与英伟达 CUDA 生态兼容，最新一代 AI 芯片性能实现翻倍增长，预计快速实现大规模应用。 • 海光信息作为中科系国资背景的高端处理器龙头，提供 CPU 及芯片产品， 兼具 AMD 技术背景。2024 年营收 91.62 亿元，同比增长 ...

份额方面，信创50ETF近1周份额增长700.00万份，实现显著增长，新增份额位居可比基金1/3。 截至2025年4月9日14:05，中证信息技术应用创新产业指数(931247)强势上涨3.75%，成分股麒麟信安(688152)上涨10.65%，华大九天(301269)上涨9.48%，东 方通(300379)上涨8.06%，赢时胜(300377)，金山办公(688111)等个股跟涨。信创50ETF(560850)盘中涨超4%，现涨3.94%，最新价报1.24元。拉长时间看，截 至2025年4月8日，信创50ETF近3月累计上涨5.96%。 流动性方面，信创50ETF盘中换手7.4%，成交1856.02万元。拉长时间看，截至4月8日，信创50ETF近1年日均成交1572.89万元，排名可比基金第一。 该机构指出，当前信创逻辑逐步扩散，板块涉及标的众多，我们认为应重点把握以下三条推荐主线：一是主流信创生态下的各细分领域龙头标的，因信创产 业为逐级推进，前期党政信创与央国企信创中积累的行业经验与产品迭代有望帮助公司积累护城河；二是自主可控需求紧迫、国内竞争格局相对较优的板 块；三是信创逻辑扩散下华为产业链中重要参与 ...

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

Group 1 - The Shanghai Super Large Cap Index (000043) opened low and rose, increasing by 0.77% to 2139.89 points, with a trading volume of 39.529 billion [1] - Over the past month, the index has risen by 1.32%, but it has decreased by 1.46% over the past three months and is down 0.55% year-to-date [1] - The index consists of the top 20 listed companies ranked by average total market capitalization and average trading volume over the past year, reflecting the overall performance of these large-cap stocks [1] Group 2 - The index's top ten weightings include: Industrial Bank (5.8%), Zijin Mining (5.73%), China Merchants Bank (5.66%), WuXi AppTec (5.58%), Haiguang Information (5.47%), Industrial and Commercial Bank of China (5.41%), Shanxi Fenjiu (5.31%), Kweichow Moutai (5.19%), Agricultural Bank of China (5.14%), and Yili Group (4.91%) [1] - The Shanghai Stock Exchange accounts for 100% of the index's holdings, with the financial sector making up 31.07%, consumer staples at 15.41%, materials at 10.39%, healthcare at 10.26%, energy at 9.29%, industrials at 8.92%, information technology at 5.47%, utilities at 4.90%, and consumer discretionary at 4.29% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]

Investment Rating - The report maintains a "Buy-A" rating for the company [3][6]. Core Insights - The company is a leader in domestic CPU and DCU markets, benefiting from the rapid growth driven by domestic CPU and AI computing demand [3][5]. - The company has established significant technological and ecological advantages through its partnership with AMD, allowing it to produce competitive CPU and DCU products [3][4]. - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement [4][31]. Summary by Sections Company Overview - Founded in 2014, the company gained AMD technology authorization in 2016 to initiate CPU product development, evolving into a leader in the CPU and DCU sectors [15][19]. - The management team has a strong background in major chip manufacturers, enhancing the company's technological capabilities [19][21]. CPU Market Analysis - The domestic CPU market is estimated to be worth over 100 billion, with significant potential for domestic alternatives [4][31]. - The company's CPU products, based on the x86 architecture, have shown superior performance compared to competitors, maintaining a leading position in the domestic market [4][43]. DCU Market Analysis - The company's DCU products are positioned to benefit from the growing demand for AI computing, with expectations of significant performance improvements in upcoming product iterations [5][6]. - The DCU architecture is highly compatible with international AI frameworks, facilitating seamless integration into existing systems [5][6]. Financial Projections - The company is expected to achieve net profits of 2.945 billion, 4.228 billion, and 5.647 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8]. - The revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, reflecting a compound annual growth rate of 89.1% over the past six years [8][22]. Valuation Analysis - The report provides a detailed valuation analysis, indicating a price-to-earnings ratio (P/E) of 111.31 for 2025, decreasing to 58.06 by 2027, suggesting a favorable long-term investment outlook [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance for 2024 aligns with market expectations, achieving a revenue of 9.162 billion yuan, a year-on-year increase of 52.4%, and a net profit of 1.931 billion yuan, also up by 52.87% [6][7] - The demand for the company's CPU products in sectors such as telecommunications and finance is robust, with a broad applicability in the domestic processor market [6] - The company's DCU is well-suited for the AI ecosystem, featuring a comprehensive software stack and compatibility with major domestic internet firms [6] - The gross margin has significantly improved, attributed to strong product competitiveness and pricing advantages, with a gross margin of 63.7% for 2024, up by 4.1 percentage points year-on-year [6] - Inventory levels have increased significantly, reaching 5.425 billion yuan, reflecting confidence in market demand and supply chain stability [6] - The revenue and profit forecasts for 2025 and 2026 have been raised due to accelerated shipments in the financial sector and increased demand for DCUs, with projected revenues of 13.582 billion yuan and 17.530 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 6.012 billion yuan - 2024: 9.162 billion yuan - 2025E: 13.582 billion yuan - 2026E: 17.530 billion yuan - 2027E: 21.403 billion yuan - Net profit projections are: - 2023: 1.263 billion yuan - 2024: 1.931 billion yuan - 2025E: 2.942 billion yuan - 2026E: 3.948 billion yuan - 2027E: 4.654 billion yuan - The company's gross margin is expected to stabilize around 60% from 2025 onwards, with a projected PE ratio of 121 for 2025 [4][6][7]