Group 1 - The semiconductor stocks in the A-share market experienced a collective pullback, with significant declines observed in several companies [1] - Yuanjie Technology saw a drop of over 10%, while Cambricon and Tongfu Microelectronics fell by more than 7% [1] - Other companies such as Liyang Chip and Chengdu Huamei also reported declines exceeding 6% [1] Group 2 - Yuanjie Technology's market capitalization is 30.6 billion, with a year-to-date increase of 165.87% despite the recent decline of 10.42% [2] - Cambricon's market capitalization stands at 546.1 billion, with a year-to-date increase of 98.38%, experiencing a drop of 7.09% [2] - Tongfu Microelectronics has a market capitalization of 49.9 billion and a year-to-date increase of 11.39%, with a recent decline of 7.07% [2]

Core Insights - The total margin balance of the STAR Market on September 3 was 228.939 billion yuan, a decrease of 1.9 billion yuan from the previous trading day [1] - The financing balance was 228.159 billion yuan, down by 1.892 billion yuan, while the securities lending balance was 0.78 billion yuan, a decrease of 0.08 billion yuan [1] Individual Stock Performance - On September 3, 258 stocks in the STAR Market experienced net financing inflows, with 10 stocks having net inflows exceeding 30 million yuan [1] - Dongxin Technology topped the list with a net financing inflow of 263 million yuan, followed by Baiji Shenzhou, Airo Energy, Yuanjie Technology, and Shijia Photon, all with net inflows exceeding 50 million yuan [1]

Group 1 - The financing balance of the Sci-Tech Innovation Board decreased by 1.89 billion yuan compared to the previous day, with a total margin balance of 228.94 billion yuan as of September 3 [1][2] - Among the stocks, 51 had a financing balance increase of over 10 million yuan, with notable net purchases in Dongxin Co., BeiGene, and Airo Energy [1][2] - The stocks with financing balances exceeding 1 billion yuan totaled 473, with 32 stocks having balances over 1 billion yuan [1] Group 2 - Dongxin Co. had the highest net purchase amount, with a financing balance of 2.691 billion yuan, an increase of 263.42 million yuan, and a daily increase of 1.17% [2][3] - The average increase in stocks with net purchases exceeding 10 million yuan was 1.23%, with the highest increases seen in Haibo Sichuang, Airo Energy, and Chengdu Huamei, which rose by 20.00%, 19.15%, and 14.97% respectively [2][3] - The electronic, pharmaceutical, and power equipment sectors were the most favored by investors, with 13, 10, and 10 stocks respectively [2] Group 3 - The average financing balance as a percentage of market capitalization for stocks with significant net purchases was 4.16%, with the highest ratio seen in Zhongyan Co. at 13.44% [2][3] - Other stocks with high financing balance ratios included Yitang Co., Rongbai Technology, and Youfang Technology, with ratios of 10.00%, 8.09%, and 7.97% respectively [2][3] - The stocks with the largest financing balance decreases included SMIC, Cambrian, and Lanke Technology, with decreases of 305 million yuan, 218 million yuan, and 165 million yuan respectively [1][2]

Market Overview - As of September 3, the Shanghai Composite Index fell by 1.15% to close at 3813.56 points, while the Shenzhen Component Index decreased by 0.65% to 12472.00 points. The ChiNext Index, however, rose by 0.95% to 2899.37 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average down by 0.05%, the S&P 500 up by 0.51%, and the Nasdaq Composite up by 1.02%. The Philadelphia Semiconductor Index fell by 0.23% [1] Industry Insights - Dongxin Co., Ltd. has indicated that Lixuan Technology has begun sample deliveries to some clients and is continuously optimizing its products, with plans to advance production and sales [2] - Meixin Sheng is expanding its product offerings in the automotive and robotics sectors, including sensors, automotive lighting, interface chips, and LiDAR, with a notable market share breakthrough in robotics and expected mass production in automotive applications [2] - Shanghai Yezhi Chip Technology Co., Ltd. has undergone a business change, adding new shareholders including Ant Group's Shanghai Yunwei Enterprise Management Consulting Co., Ltd. and increasing its registered capital from 1 million RMB to approximately 1.296 million RMB [2] - Google, as a major buyer of Nvidia's top computing chips, continues to promote its self-developed AI chips despite its cloud services being rented out to clients like OpenAI and Meta [2] Semiconductor Industry Outlook - Huatai Securities believes that advanced process foundries have structural growth potential, supported by sustained demand for AI chips. The ongoing iteration of large pre-trained models by major companies like OpenAI and xAI is expected to drive demand for pre-training computing power and rapidly growing inference semiconductor needs [3] - The semiconductor equipment and materials industry is identified as a crucial area for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic alternatives, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological mergers and acquisitions [3]

Core Viewpoint - The recent surge in A-shares has led to significant unrealized gains for several prominent investors, referred to as "bulls" or "牛散" in the market, marking a fruitful season for them [1] Group 1: Key Investors and Their Gains - Investor Zhao Jianping has seen an unrealized gain of at least 420 million yuan from his investment in Dongxin Co., Ltd. (688110.SH), which has surged by 289.37% since July [2][7] - Investor Zhang Jianping has a substantial holding in Cambricon Technologies (寒武纪), with a current unrealized gain of at least 4.2 billion yuan, as the stock price has increased by 385.89% since last October [2][4] - Zhang Jianping has also entered the top ten shareholders of eight other stocks, with seven new positions taken in the second quarter, all of which have shown significant price increases [4][5] Group 2: Performance of Specific Stocks - Cambricon Technologies' stock price has fluctuated significantly, with a peak of 1,595.88 yuan on August 28, after a 133.58% increase from July 1 to September 3 [3][4] - Other stocks that Zhang Jianping invested in during the second quarter, such as Zhejiang Rongtai (603119.SH) and Huilong Technology (300007.SZ), have also experienced notable gains, with Zhejiang Rongtai rising by 129.62% [5][6] - The stock of Dongxin Co., Ltd. reached a historical high of 136 yuan per share on September 3, reflecting a substantial increase from its lower trading range earlier in the year [7] Group 3: Other Notable Investors - Another investor, He Mingkun, has been invested in Weixin Materials (688585.SH) for over two years, with the stock price increasing by 1,141.14% this year, resulting in an unrealized gain of approximately 160 million yuan [8]

来源：@华夏时报微博 根据公告，东芯股份拟与亨通集团有限公司、上海道禾长期投资管理有限公司管理的基金、其他投资主体、上海砺算员工持股平台共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中 公开信息显示，上海砺算成立于2022年4月，主要从事多层次（可扩展）图形渲染GPU芯片的研发设计，产品可实现端、云、边的主流图形渲染和AI加速，对标主流GPU架构。东芯股份认为，本 值得注意的是，财务数据显示，2024年及2025年1月至7月，上海砺算尚未产生营收，净利润持续亏损，亏损额分别为2.1亿元和1.55亿元。截至今年7月，上海砺算资产总额为3434.28万元 针对公司本次增资及公司发展规划等相关问题，《华夏时报》记者致函东芯股份，但截至发稿，并未收到回复。 "半导体企业对处于亏损阶段的新兴技术公司的'输血式'投资，在资本市场的估值逻辑中，往往呈现出复杂的双面性。"卢克林表示，一方面，这种投资体现了企业对未来技术趋势的前瞻性布局 "尽管标的公司在进行新产品的规划及研发设计，但标的公司目前的核心业务高度集中于其自主研发的7G100图形渲染GPU产品。标的公司未来一段时间的营收、利润，很大程度上依赖于7G100 此 ...

停牌前的7月29日至8月28日，公司股价累计涨幅为207.85%，市值达到了521.9亿元。8月份，公司股价 累计涨幅超过82%。 科创板大牛股东芯股份（SH688110，股价119.38元，市值528亿元）复牌了！ 9月2日晚间，披露停牌核查结果公告的东芯股份热度上升，更有投资者激动地称其为"东伟达"。投资者 为何如此激动？原来，上市公司在披露复牌公告时，还披露了投资者关系活动记录表——和一般机构调 研不同，这次是上市公司主动邀请投资者的反路演。投资者关系活动记录表和复牌公告，均提到了国产 GPU（图形处理器）芯片。 《每日经济新闻》记者还注意到，公司之前披露的2025年半年报显示，赵建平、赵吉两大"牛散"进入了 公司前十大流通股东之列，而赵建平和近期热度很高的章建平几乎是同一时代的知名人物。 相关产品尚未产生收入 9月2日晚间，科创板大牛股东芯股份披露停牌核查结果暨复牌公告。 这期间，公司两次触及股票交易异常波动情形，两次触及股票交易严重异常波动情形，公司多次发布异 常波动、严重异常波动、交易风险提示公告，提示股票交易风险。8月22日、8月29日，上交所公告称， 已对公司股票进行重点监控。 《每日经济新闻 ...

Core Viewpoint - The article discusses the progress and challenges of domestic AI GPU production in China, highlighting both advancements and speculative elements in the market [1][5][6]. Group 1: Key Factors Influencing AI GPU Shipment - The shipment of AI GPUs in China depends on four key factors: the production capacity and yield of SMIC's 7nm process, the procurement strategies of Chinese cloud service providers, the performance and pricing of NVIDIA's B40 chip, and the expansion of AI capital expenditure in China [3]. - Recent developments include the support of DeepSeek's V3.1 model for new domestic AI chips, indicating progress in the software ecosystem for domestic chips [3]. Group 2: Domestic AI Chip Performance - A list of domestic AI chips that passed testing includes products from companies like Huawei, Cambricon, and Kunlun, showcasing the growing capabilities of local manufacturers [4]. - Alibaba has developed a new AI chip using local foundries, with a goal for 70% of data center chips to be locally designed or produced by 2027, indicating a push for self-sufficiency in AI technology [4]. Group 3: Market Sentiment and Performance - Despite the optimistic outlook for domestic AI GPUs, there are concerns about actual demand and market sentiment, as evidenced by the stock performance of companies like Cambrian and Dongxin [8]. - Developers still prefer NVIDIA's H20 over domestic GPUs due to better software support and cluster performance, highlighting the competitive challenges faced by local manufacturers [8]. Group 4: Semiconductor Equipment and Import Trends - The import value of semiconductor equipment is projected to increase, with a forecast adjustment for China's wafer fab equipment (WFE) spending from -12% to -3% for 2025, totaling $109 billion [10]. - The trend shows a shift in import sources, with declines from major suppliers like the US and Japan, while Singapore's imports have increased [10]. Group 5: Localization Progress - China's semiconductor self-sufficiency rate is expected to rise from 20% in 2023 to 24% in 2024, driven by expansions in memory manufacturing and advancements in technology [11]. Group 6: Performance Metrics of Domestic GPUs - A comparison of domestic GPU specifications shows Huawei's Ascend series leading in performance, particularly the Ascend 910C with 1,600 TFLOPS in FP8 performance [9]. - The report emphasizes the importance of monitoring chip production and actual performance alongside increasing certification for local GPUs [9].

2025.09. 03 本文字数：2642，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 封图 | AI生成 最少浮盈过亿，最多更是浮盈数十亿，A股最近一段时间的大涨，着实让一众"牛散们，走进了丰收季节。 到了今年上半年，寒武纪股价呈现震荡态势。在一季度该公司股价整体下跌5.32%的情况下，章建平加仓了74.75万股，这期间该股处于551元～819元 之间。二季度，寒武纪继续震荡下行，累计下跌3.45%，但章建平持股未动。 赵建平押宝东芯股份（688110.SH）至少浮盈4.2亿元。 随着上市公司中报披露收官，牛散们的"押宝"路线图也进一步清晰。如广为人知的章建平，去年四季度便已进入寒武纪前十大股东之列，今年一季度加仓 后，截至6月底的持股数量，达到608.63万股，而寒武纪自去年10月以来股价大涨385.89%。即便在最高点建仓，若持股至今，章建平至少浮盈42亿元 左右。 除了寒武纪，章建平还出现在其他8只个股的十大流通股东之列，其中在二季度新进7只个股，自4月1日以来均涨势不俗，多只股票涨幅超过100%。 与章建平一样，还有多位"牛散"也押中了热门股。其中，赵建平二季度大举买入东芯股份之后，7月以来该股 ...

9月3日，东芯股份在互动平台表示，截至目前，砺算科技已经向部分客户进行送样，并在持续优化中， 后续将继续按计划推进产品生产、销售等相关工作。 资料显示，砺算科技成立于2021年，是一家研发高性能GPU的公司，专注自研架构、全自有知识产权， 深度掌握GPU大芯片的架构、设计、软件研发和know-how，对处理器生态状况和生态建设具有深厚经 验。 不久前，东芯股份还发布对外投资暨关联交易公告，宣布拟联合亨通集团、上海道禾旗下基金等投资 方，合计向砺算科技增资5亿元。其中，东芯股份将以自有资金约2.11亿元认购新增注册资本，交易完 成后持股比例将从37.14%微调至35.87%，仍为上海砺算重要股东，此举标志着东芯股份在"存、算、 联"一体化战略布局中，进一步深化对GPU领域的投入。 砺算科技7G100芯片经历近四年研发周期，于2025年5月25日该芯片成功点亮，主要功能测试结果符合 预期要求，产品可覆盖端、云、边场景的主流图形渲染与AI加速需求，且对标主流GPU架构实现外部 生态无缝兼容，核心目标是突破国产主流完整GPU架构自主可控难题。 ...