● 本报记者 王婧涵 从年初阿里宣布未来三年投入3800亿元建设云和AI硬件基础设施，到百度昆仑芯签下中国移动大额订 单，市场对AI芯片的强劲需求，推动国内芯片厂商和互联网大厂利用英伟达芯片供应不稳定的窗口期 全力抢占市场。 行业人士普遍认为，当前在AI推理芯片上，国内如寒武纪、海光信息、摩尔线程等公司的产品能力已 经不错，未来几年国产芯片的发展前景广阔，但仍需在生态建设上持续发力。 大厂加码AI基础设施 Bernstein7月发布的研报表示，英伟达芯片供应的不确定性为国内AI芯片供应商创造了市场机遇，预计 2025年国内AI芯片需求将达到395亿美元，AI芯片市场的本土化率将从2023年的17%增长至2027年的 55%。 近年来，AI需求的爆发让相关企业成为市场的焦点。事实上，国内大厂对AI芯片等基础设施的布局早 已展开。2018年，阿里成立平头哥，华为发布两款昇腾AI芯片，百度启动昆仑芯研发等众多重要事件 集中爆发，头部企业对AI芯片的产业化布局便已初见雏形。 阿里、百度等企业一方面持续加码AI基础设施投入，保持资本开支高增长；另一方面也开始积极寻求 外部订单，推进自研AI芯片的商业化。 8月底昆仑芯宣 ...

Summary of Haiguang Information Conference Call Company Overview - Haiguang Information is a leading company in China's server CPU sector, holding a market share of 40% to 50% in the domestic information technology market [2][11] - The company has a market space of approximately 100 billion yuan in the domestic server market, which could expand to 200 billion to 300 billion yuan when considering industries like PC and industrial control [2][11] Key Points and Arguments - **HSL Interconnect Protocol**: - Haiguang has introduced the HSL interconnect protocol, which includes protocol layer, transport layer, and compatibility with industry-standard physical layers [2][6] - HSL reduces access latency by about 50% compared to PCIe, supports customizable simplified protocol stacks, and allows for free multi-link expansion and cache coherence [2][7] - The protocol is designed to enhance efficiency and scalability in interconnect systems [4][7] - **Technological Advancements**: - The company is advancing its chip technology, focusing on CPUs and DCOs (full precision acceleration cards) [3][13] - Haiguang is the only domestic provider of DCOs, which have broad development prospects, including large government projects and breakthroughs in the internet sector [2][13] - **Market Potential**: - The heterogeneous technology is expected to significantly enhance the value of Haiguang's CPU business, potentially doubling the number of CPUs in AI servers designed with two AI chips and one CPU [12] - The theoretical market value of Haiguang's CPU business could exceed 250 billion yuan, potentially reaching 300 billion yuan when considering various sectors [11][12] - **Supply Chain and Operational Strength**: - Haiguang demonstrates strong supply chain capabilities, with inventory and prepayments leading among A-share semiconductor companies, reflecting robust operational capacity and market competitiveness [5][13] Risks and Challenges - Key risk factors affecting Haiguang's development include macroeconomic impacts, fluctuations in downstream demand, slower-than-expected AI development, intensified Sino-U.S. tensions, and challenges in new product development [5][14][15] Future Directions - The company aims to continue increasing bandwidth and expanding its capabilities, reflecting its technological maturity and commitment to national strategic goals [9][10] Additional Insights - The development of a domestic computing ecosystem is crucial for building a self-controlled computing foundation, enhancing domestic technological levels and industry competitiveness [10] - HSL empowers ecosystem partners, enabling tighter integration of AI chips with Haiguang CPUs, accelerating platform development, and supporting a unified memory programming model [8]

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7][18]. Core Insights - The demand for overseas computing power has exceeded expectations, leading to a significant acceleration in the domestic ecosystem [5][6]. - The AI computing infrastructure is experiencing a dual resonance of supply and demand, with the liquid cooling server industry poised for a clear breakout point [15][16]. - Major cloud service providers are expected to invest heavily in liquid cooling technology due to the advanced process of the new generation of chips [5][15]. - The domestic AI industry chain is becoming increasingly competitive, with significant fundraising efforts by leading companies to enhance their capabilities [6][16]. Summary by Sections Investment Viewpoints - The report highlights strong AI beta resonance across various companies, from established overseas firms to domestic players [17]. - The power generation sector is identified as a logical area for growth, with specific recommendations for companies such as KOTAI Power and AIDC leasing firm Hongjing Technology [7][17]. Industry Dynamics - The report notes that the global capital expenditure for data center infrastructure is projected to reach $3-4 trillion over the next five years [15]. - Oracle's latest financial report anticipates a 77% surge in cloud infrastructure revenue, indicating robust market demand [5][15]. - The report also discusses the recent approval of large-scale fundraising by domestic AI companies, which is expected to enhance their competitive edge [6][16]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several companies in the power equipment sector, including: - KOTAI Power (Buy) - Yingweike (Buy) - Macromit (Buy) - Shunling Environment (Buy) - Hewei Electric (Buy) [10][20][19].

Investment Rating - The report maintains a "Recommended" rating for several companies in the domestic computing power industry, including Cambrian, Haiguang Information, Xinyuan, SMIC, and others [9]. Core Insights - The domestic computing power industry is poised for growth, driven by significant investments from major players like Alibaba, which plans to invest 380 billion yuan in cloud and AI infrastructure over the next three years [3]. - The report highlights the increasing competitiveness of domestic AI models, with notable advancements in self-developed chips by companies like Alibaba and the influx of top AI talent returning to China [4]. - Xinyuan's order backlog reached a record high of 3.025 billion yuan, with new orders in Q3 2025 showing an 85.88% year-on-year increase, indicating strong demand for AI computing power [5]. Summary by Sections Industry Developments - Haiguang Information announced the opening of its CPU interconnect bus to industry partners, signaling a collaborative approach to enhance computing capabilities [2]. - Alibaba's capital expenditure in Q2 2025 was 38.6 billion yuan, a 57.1% increase from Q1 2025, reflecting its commitment to expanding cloud services and AI infrastructure [3]. Company-Specific Updates - Xinyuan's new orders for Q3 2025 reached 1.205 billion yuan, with AI-related orders accounting for approximately 64% of the total, showcasing the company's strong position in the AI ASIC market [5][7]. - The acquisition of Chipcome Technology by Xinyuan is expected to enhance its RISC-V capabilities and strengthen its competitive edge in the AI ASIC sector [7]. Investment Recommendations - The report suggests focusing on key players in the semiconductor and computing power sectors, including Cambrian, Haiguang Information, Xinyuan, SMIC, and others, as they are well-positioned to benefit from the growing demand for AI and cloud computing solutions [8].

据天眼查APP显示，海光信息技术股份有限公司成立于2014年10月24日。注册资本232433.8091万人民 币。（数据宝） 海光信息9月15日大宗交易平台出现一笔成交，成交量50.00万股，成交金额1.06亿元，大宗交易成交价 为211.22元，相对今日收盘价折价8.76%。该笔交易的买方营业部为机构专用，卖方营业部为华泰证券 股份有限公司上海武定路证券营业部。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为6.88亿元。 证券时报·数据宝统计显示，海光信息今日收盘价为231.50元，上涨5.22%，日换手率为2.85%，成交额 为154.22亿元，全天主力资金净流入1.46亿元，近5日该股累计上涨29.08%，近5日资金合计净流入19.11 亿元。 两融数据显示，该股最新融资余额为81.74亿元，近5日增加5.18亿元，增幅为6.76%。 机构评级来看，近5日共有3家机构给予该股评级，预计目标价最高的是国泰海通证券，9月10日国泰海 通证券发布的研报预计公司目标价为216.10元。 9月15日海光信息大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The report highlights the opening of the HSL (High-Speed Link) protocol by the company, aiming to create a core foundation for domestic AI computing capabilities. This initiative is expected to enhance system connectivity and efficiency across the industry [6][11] - The company is positioned to benefit from the increasing demand for domestic high-end chips, with significant revenue growth projected for the coming years [11] Recent Performance - Over the past year, the company's stock has outperformed the CSI 300 index, with a 12-month increase of 189.5% compared to the index's 42.5% [4] - The current stock price is 220.02 yuan, with a market capitalization of approximately 511.4 billion yuan [4] Key Events - On September 13, 2025, the company held a seminar announcing the opening of the HSL protocol, which aims to foster collaboration within the industry and enhance the efficiency of computing ecosystems [5][6] Investment Highlights - The HSL protocol is designed to facilitate better system connections, reduce access latency, and support multi-link expansion, which will significantly aid manufacturers in designing and launching GPU products [6] - The company has introduced a stock incentive plan aimed at boosting employee motivation and confidence in future business growth, with ambitious revenue growth targets set for the next three years [7][11] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 168.39 billion yuan, 265.62 billion yuan, and 385.22 billion yuan, respectively, with corresponding net profits of 38.20 billion yuan, 61.48 billion yuan, and 96.92 billion yuan [11][12] - The expected earnings per share (EPS) for the same years are 1.64 yuan, 2.64 yuan, and 4.17 yuan [11][12]

Group 1 - The company announced that its stock price has deviated by more than 20% over three consecutive trading days, indicating abnormal trading fluctuations [1] - The company conducted a self-examination and confirmed that its production and operational activities are normal, with no significant changes in daily operations [1] - The company is planning a merger with Haiguang Information through a share swap and is actively working on raising supporting funds for this merger [1]

以最新收盘价计算，科创板平均股价为40.13元，其中股价超100元的有64只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有195只，下跌的有390只，以收盘价为基准测算，科 创板平均股价为40.13元，其中，收盘价超过100元的有64只，股价在50元至100元之间的有143只，股价 在30元至50元的有153只。 资金流向方面，科创板百元股今日主力资金合计净流出22.51亿元，净流入资金居前的有海光信息、腾 景科技、恒玄科技等，净流入资金分别为14622.04万元、10796.37万元、10409.93万元；净流出资金居 前的有芯原股份、澜起科技、中芯国际等，净流出资金分别为89701.41万元、43556.30万元、38381.01 万元。 科创板股中，收盘价最高的是寒武纪-U，今日报收1440.00元，下跌3.23%，其次是茂莱光学、源杰科技 等，最新收盘价分别为422.58元、365.10元。 科创板百元股中，今日平均上涨0.73%，具体来看，今日上涨的有29只，涨幅居前的有开普云、纳芯 微、国盾量子等。下跌的有35只，跌幅居前的有浙海德曼、精智达、鼎通科技等。 向前追溯发现 ...

9月15日，海光信息收涨5.22%，收盘价为231.50元，发生1笔大宗交易，合计成交量50万股，成交金额 1.06亿元。 第1笔成交价格为211.22元，成交50.00万股，成交金额10,561.00万元，溢价率为-8.76%，买方营业部为 机构专用，卖方营业部为华泰证券股份有限公司上海武定路证券营业部。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为6.88亿元。该股近5个交易日累计 上涨29.08%，主力资金合计净流入19.67亿元。 责任编辑：小浪快报 ...

Group 1 - A total of 67 stocks experienced block trading on September 15, with a total transaction value of 2.22 billion yuan [1] - The top three stocks by transaction value were Hangzhou Steel (2.5 billion yuan), Guangqi Technology (2.23 billion yuan), and Demingli (2.04 billion yuan) [1] - Among the stocks, 10 were traded at par, 4 at a premium, and 53 at a discount; Zhejiang Meida, SF Holding, and HNA Technology had the highest premium rates of 9.04%, 7.06%, and 1.35% respectively [1] Group 2 - The top stocks by institutional buying were Hangzhou Steel (250 million yuan), Jiangsu Leili (198 million yuan), and Haiguang Information (106 million yuan) [2] - Other notable institutional purchases included Caida Securities (63.6 million yuan), BGI (25 million yuan), and Ningde Times (20.9 million yuan) [2] Group 3 - The top stocks by institutional selling included Xinyi Technology (21 million yuan), Ningde Times (20.9 million yuan), and BYD (20.8 million yuan) [3]