Core Viewpoint - The A-share market is experiencing a strong performance, particularly in the technology sector, with significant trading volume and a notable rise in the Sci-Tech Innovation Board [1][2] Market Performance - The A-share market indices collectively strengthened, with a trading volume reaching 29,708 billion yuan [1] - The Sci-Tech Innovation Board has shown robust performance, with the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index achieving a one-year increase of 129.41%, outperforming the Sci-Tech 50 Index and Sci-Tech 100 Index, which recorded increases of 103.30% and 100.41% respectively [2] Index Performance - Historical performance data indicates that over the past three years, the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index has increased by 94.64%, while the Sci-Tech 50 Index and Sci-Tech 100 Index have increased by 30.46% and 3.77% respectively [2] - The index's performance over the past five years shows an increase of 26.98%, contrasting with declines in the Sci-Tech 50 Index and Sci-Tech 100 Index, which decreased by 3.47% and 13.08% respectively [2] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index include SMIC (10.1%), Cambricon (10%), and Haiguang Information (8.8%) [2] Future Outlook - The Sci-Tech Innovation Board is viewed as a "testing ground" for capital market reforms, with long-term investment value supported by the ongoing push for technology-driven high-quality growth in China [1] - The index is expected to provide an efficient way for investors to share in China's technological dividends, particularly in key areas such as semiconductors, software, and AI [1]

8月28日，海光信息涨6.80%，成交额137.75亿元。两融数据显示，当日海光信息获融资买入额20.12亿 元，融资偿还16.17亿元，融资净买入3.95亿元。截至8月28日，海光信息融资融券余额合计76.58亿元。 责任编辑：小浪快报 融资方面，海光信息当日融资买入20.12亿元。当前融资余额76.18亿元，占流通市值的1.60%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，海光信息8月28日融券偿还9081.00股，融券卖出2068.00股，按当日收盘价计算，卖出金额 42.39万元；融券余量19.54万股，融券余额4005.04万元，超过近一年90%分位水平，处于高位。 截至6月30日，海光信息股东户数8.00万，较上期增加10.93%；人均流通股11079股，较上期减少 9.85%。2025年1月-6月，海光信息实现营业收入54.64亿元，同比增长45.21%；归母净利润12.01亿元， 同比增长40.78%。 分红方面，海光信息A股上市后累计派现7.43亿元。 机构持仓方面，截止2025年6月30日，海光信息十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股7312.67 ...

Group 1 - The total margin balance of the Sci-Tech Innovation Board reached 224.638 billion yuan on August 28, an increase of 6.631 billion yuan compared to the previous trading day [1] - The financing balance amounted to 223.868 billion yuan, increasing by 6.616 billion yuan, while the margin short balance was 0.77 billion yuan, up by 0.015 billion yuan [1] - On August 28, 321 stocks on the Sci-Tech Innovation Board experienced net financing inflows, with 30 stocks having net inflows exceeding 50 million yuan [1] Group 2 - Cambricon Technologies led the net financing inflow with an amount of 1.565 billion yuan, followed by SMIC, Lattice Semiconductor, Haiguang Information, and Shijia Photon, each with net inflows exceeding 200 million yuan [1]

Core Viewpoint - The leading chip ETF (159801) experienced a decline of 2.35% at the opening, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The leading chip ETF (159801) opened at 0.830 yuan, reflecting a decrease of 2.35% [1] - Since its establishment on January 20, 2020, the ETF has achieved a return of 68.86% [1] - The ETF's return over the past month stands at 32.77% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 4.38% [1] - Haiguang Information (海光信息) down 2.58% [1] - Cambricon (寒武纪) down 6.80% [1] - Northern Huachuang (北方华创) down 4.27% [1] - OmniVision (豪威集团) unchanged at 0.00% [1] - Lattice Semiconductor (澜起科技) down 2.00% [1] - Zhongwei Company (中微公司) down 2.44% [1] - Zhaoyi Innovation (兆易创新) down 1.61% [1] - Changdian Technology (长电科技) up 0.12% [1] - Unisoc (紫光国微) down 0.62% [1] Group 3: Management and Benchmark - The ETF is managed by GF Fund Management Co., Ltd. [1] - The performance benchmark for the ETF is the National Securities Semiconductor Chip Index return [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月29日，科创芯片ETF（588200）开盘跌2.48%，报2.200元。科创芯片ETF（588200）重仓股方面，中 芯国际开盘跌4.38%，海光信息跌2.58%，寒武纪跌6.80%，澜起科技跌2.00%，中微公司跌2.44%，沪硅 产业跌0.09%，恒玄科技跌1.58%，思特威跌0.59%，华海清科涨0.70%。 科创芯片ETF（588200）业绩比较基准为上证科创板芯片指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2022-09-30）以来回报为126.13%，近一个月回报为39.90%。 来源：新浪基金∞工作室 ...

Group 1 - The semiconductor ETF Southern (159325) opened down 1.23% at 1.450 yuan [1] - Major holdings in the ETF include: SMIC down 4.38%, Northern Huachuang down 4.27%, Haiguang Information down 2.58%, Cambrian down 6.80%, and others showing mixed performance [1] - The ETF's performance benchmark is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its establishment on October 31, 2024, the ETF has returned 46.37%, with a one-month return of 32.29% [1]

Core Viewpoint - The ChiNext 50 Index ETF (588870) opened with a decline of 2.97%, indicating a bearish trend in the market for technology stocks [1] Group 1: ETF Performance - The ChiNext 50 Index ETF (588870) opened at 1.373 yuan, reflecting a significant drop [1] - The ETF's performance benchmark is the Shanghai Stock Exchange ChiNext 50 Index return rate [1] - Since its establishment on January 20, 2025, the ETF has achieved a return of 39.76%, with a one-month return of 29.12% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 4.38% - Haiguang Information (海光信息) down 2.58% - Cambricon (寒武纪) down 6.80% - Lattice Semiconductor (澜起科技) down 2.00% - Zhongwei Company (中微公司) down 2.44% - Kingsoft Office (金山办公) up 0.30% - United Imaging (联影医疗) unchanged - Transsion Holdings (传音控股) down 0.08% - Ninebot (九号公司) down 0.31% [1]

Core Viewpoint - The company Muxi is responding to the first round of inquiries regarding its IPO on the Sci-Tech Innovation Board, highlighting its position in the AI chip and GPU market, competitive landscape, and challenges in commercialization. Group 1: Company Overview - Muxi Integrated Circuit Co., Ltd. is based in Shanghai and operates in the computer and other electronic equipment manufacturing sector [2] - The company was established in September 2020 and has a post-investment valuation of 21.071 billion yuan from its latest external equity financing [3] - Muxi has three main product lines: the Xiyun C series for AI training and general computing, the Xisi N series for AI inference, and the Xicai G series for graphics rendering, which is still under development [4] Group 2: Market Position and Competitors - Muxi's main competitors in the domestic AI computing market include international giants like NVIDIA and AMD, as well as domestic companies such as Cambricon, Haiguang Information, and several others [3][8] - According to Frost & Sullivan, the Chinese AI computing accelerator chip market is projected to reach 239.8 billion yuan in 2023 and 1.34 trillion yuan by 2029 [3] - In 2024, NVIDIA is expected to hold a market share of approximately 66% in China's AI accelerator market, while Huawei's HiSilicon is projected to have a 23% share [6] Group 3: Financial Performance and Projections - Muxi is currently in a state of continuous losses, with a projected net loss of over 1.4 billion yuan in 2024, and it is expected to break even by 2026 [4][29] - The company aims to raise 3.9 billion yuan through its IPO, with internal rates of return for various projects estimated at 20.65% to 24.16% [5] - Muxi's revenue from its main product, the Xiyun C series, has shown significant growth, with revenues of 0.15 billion yuan in 2023 and 7.22 billion yuan in 2024 [34] Group 4: Challenges in Commercialization - Muxi faces four main challenges in the commercialization of its GPUs: product performance and cost-effectiveness compared to international giants, stringent service level requirements from commercial clients, a relatively weak software ecosystem, and concerns over supply chain stability [22][23] - The company acknowledges that it is lagging behind domestic competitors in terms of customer acquisition in the internet sector [27][28] Group 5: Future Developments - Muxi is developing its next-generation chips, with the Xiyun C500 series aimed at competing with NVIDIA's A100, and future models like the C600 and C700 series expected to adopt advanced domestic manufacturing processes [5] - The company is also focusing on enhancing its software ecosystem to better compete with established players like NVIDIA, which has a large developer community [27]

Summary of Conference Call Records Company and Industry Overview - **Company**: Haiguang Information - **Industry**: AI Chip Market and Cloud Service Providers (CSP) Key Points and Arguments Capital Expenditure and Market Trends - Alibaba expects its capital expenditure for Q2 to remain flat compared to Q1, with an annual CSP capital expenditure projected to maintain around 100 billion, reflecting ongoing investment in computing infrastructure [2][3] - Major domestic CSPs are accelerating capital expenditures in the second half of the year, with Tencent's Q1 expenditure at 27.5 billion and Q2 at 19.1 billion, slightly below expectations [3] AI Chip Market Development - The domestic AI chip market is transitioning from bidding to domestic substitution, with companies like Cambricon increasing chip orders, while Nvidia faces delays in chip deliveries due to foreign trade issues [2][4] - Haiguang Information reported a revenue of 5.464 billion in H1 2025, a 45.21% year-on-year increase, with a net profit of approximately 1.2 billion, up 41% [4][16] Future Demand for AI Computing Power - Future AI computing demand is expected to arise from three main areas: AI transformation in traditional industries, large model applications in internet companies, and B-end projects from state-owned enterprises [6] - Traditional industry chip demand is projected to grow 2-3 times, while internet companies like ByteDance expect a tenfold increase in TOKEN sales [6] Performance and Capacity of AI Chip Manufacturers - There is a significant performance and capacity gap between domestic and international AI chip manufacturers, with Nvidia's GPU200 outperforming domestic chips like A100/A7,100 by several times [7] - Domestic chips are competitively priced but lag in performance, with major domestic players like Huawei and Cambricon making strides in the market [7][13] Industry Trends and Future Outlook - The AI computing industry is expected to accelerate domestic chip substitution, expand application scenarios, and enhance overall performance [8] - High-performance cards like Huawei's Ascend 384 cluster may face supply shortages, while independent high-performance cards from Cambricon are set to secure production capacity in H1 2025 [8] Financial Performance and Projections for Haiguang Information - Haiguang Information's H1 2025 revenue is projected at 9 billion, with GPU revenue contributing 2 billion, and a net profit forecast of 4 billion, corresponding to a market value of over 400 billion [19] - The company’s costs increased by 58% year-on-year, primarily due to a higher proportion of new products and increased material costs [17] - Inventory levels reached 6 billion, with contract liabilities at 3.091 billion, indicating strong market demand [18] Competitor Performance - Other companies like Inspur and Dawning also reported significant revenue growth, with Inspur achieving approximately 80 billion in H1 2025, a 90% increase year-on-year [21] - Dawning's performance remained stable, with a slight increase in revenue and net profit [22][23] Additional Important Insights - The AI server market is experiencing stable and rapid growth, with companies like Inspur and Dawning being noteworthy players [15] - The overall market sentiment indicates a high level of optimism regarding the future of AI chips and computing power, driven by increasing demand across various sectors [8][19]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index (000685) experienced a strong increase of 6.76% as of August 28, 2025, with notable gains from stocks such as SMIC (688981) up 16.22%, East China Semiconductor (688110) up 14.43%, and Cambricon (688256) up 12.37% [1] - The Sci-Tech Chip ETF Index (588920) rose by 6.27%, with the latest price reported at 1.42 yuan, closely tracking the performance of the Sci-Tech Innovation Board Chip Index [1] - Recent positive developments for chip stocks include the launch of a new AI model by DeepSeek optimized for domestic chips at a lower price than OpenAI, and Cambricon's mid-year report showing a revenue increase of over 43 times, marking its first half-year profit since its listing in 2020 [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index include Cambricon (688256), SMIC (688981), Haiguang Information (688041), and others, with these stocks collectively accounting for 57.59% of the index [2]