Group 1 - The core viewpoint of the news is that Dongxin Semiconductor Co., Ltd. has seen a significant increase in its stock price, rising 5% on September 12, with a cumulative increase of 14.62% over three days [1] - As of the report, Dongxin's stock price is 104.98 yuan per share, with a trading volume of 4.25 billion yuan and a turnover rate of 0.94%, resulting in a total market capitalization of 46.427 billion yuan [1] - The company focuses on the research, design, and sales of general-purpose storage chips, with its main business revenue composition being NAND (57.08%), MCP (25.88%), DRAM (10.43%), NOR (6.15%), and others (0.25%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Guolian An Fund's ETF has increased its holdings in Dongxin by 29.59 million shares, now holding 3.2768 million shares, which is 0.74% of the circulating shares [2] - The ETF has generated a floating profit of approximately 16.384 million yuan today and 41.7792 million yuan during the three-day increase [2] - The fund manager, Huang Xin, has a tenure of 15 years and 154 days, with a total fund asset scale of 42.052 billion yuan, while the other manager, Zhang Zhenyuan, has a tenure of 11 years and 285 days, with a total fund asset scale of 40.822 billion yuan [2]

Core Viewpoint - The semiconductor sector in China's Sci-Tech Innovation Board is experiencing a strong upward trend, driven by companies like Alibaba and Baidu adopting self-designed chips for AI model training, reducing reliance on Nvidia chips [1] Group 1: Market Performance - As of September 12, 2025, the Sci-Tech Innovation Board Chip Index (000685) rose by 2.88%, with key stocks such as Chip Original Co. (688521) up 18.03%, East China Semiconductor (688110) up 8.22%, and Tianyue Advanced (688234) up 7.57% [1] - The Sci-Tech Chip ETF Index (588920) also increased by 2.91%, marking its third consecutive rise, with the latest price at 1.41 yuan [1] Group 2: Industry Developments - According to The Information, Alibaba and Baidu have begun using internally designed chips for AI model training, indicating a shift away from Nvidia's chips [1] - Dongwu Securities suggests that the recent market surge is not the end of the "domestic computing power" trend, but rather a period of consolidation before a healthier upward movement [1] - Recent positive developments include active capital operations, with Cambrian's private placement approved by the CSRC and Haiguang advancing its acquisition of Shuguang [1] Group 3: Company Initiatives - Alibaba is launching a series of initiatives to strengthen its AI ecosystem, including a strategic partnership with Honor and the release of the "Gaode Street Ranking" [1] - The optimistic outlook for Alibaba's AI prospects in the coming year is supported by the recent launch of the Qwen Max Preview high-parameter model [1] Group 4: Index Composition - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Chip Index (000685) include Cambrian (688256), Haiguang Information (688041), and SMIC (688981), collectively accounting for 62.02% of the index [2]

Group 1 - The storage index rose over 2% during intraday trading, indicating a positive market trend for the sector [1] - Key component stocks experienced significant gains, with Demingli hitting the daily limit, and Xingsen Technology, Jiangbolong, Purang Co., and Dongxin Co. rising by 7.66%, 5.97%, 5.07%, and 5.00% respectively [1]

Group 1 - The core viewpoint is that the 科创100ETF fund has shown significant growth, with a 3.63% increase and a total scale of 57.64 billion, making it the largest in its category [1][2] - Semiconductor stocks are experiencing a strong performance, driven by Oracle's announcement of a 359% year-on-year increase in unmet performance obligations, reaching 455 billion [1] - The ongoing global AI computing power competition is expected to drive demand in the semiconductor and consumer electronics sectors, with a focus on innovation and recovery in demand [1] Group 2 - The 科创100ETF fund closely tracks the 上证科创板100 index, which selects 100 securities from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the 上证科创板100 index account for 23.82% of the index, including companies like 东芯股份 and 华虹公司 [2]

Core Viewpoint - The A-share market shows a strong upward trend, with significant gains in sectors such as computing hardware, semiconductors, and liquid-cooled servers, while sports and precious metals sectors remain sluggish [3][4]. Market Performance - The Shanghai Composite Index rose by 1.12%, the Shenzhen Component Index increased by 2.63%, and the ChiNext Index surged by 4.31% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.48 trillion yuan, an increase of 193.8 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - Notable sectors with significant gains include: - Components: +6.54% - Co-packaged optics (CPO): +6.13% - AI 50 Index: +4.83% - PCB concept: +4.40% - Fiber optic concept: +4.11% [4]. - Semiconductor stocks, particularly computing chips, experienced a notable surge, with companies like Haiguang Information nearing a 20% limit up [6][13]. Individual Stock Movements - Industrial Fulian reached a new historical high, increasing by 8.78% to 58.38 yuan [9]. - In the pork sector, stocks such as Bangji Technology and Lihua Shares saw significant increases, with Bangji Technology hitting the daily limit up [11][12]. International Market Influence - OpenAI reportedly signed a deal to purchase $300 billion worth of computing power from Oracle over five years, leading to a 36% surge in Oracle's stock, which added approximately $250 billion to its market capitalization in a single day [13].

Group 1 - The core viewpoint indicates that the recent rebound in domestic computing power is not the end of the "domestic computing power" market, but rather a period of capital adjustment to prepare for a healthier next round of growth [1] - The next phase of the "domestic computing power" market is expected to be a large-scale market that can be fully participated in, with recent signs of "activation" emerging [1] - Active news and industry developments are noted, including expectations for GPU orders from major internet companies, which are fostering positive sentiment [1] Group 2 - Companies are actively advancing capital operations, with Cambrian receiving approval for a private placement from the CSRC, and Haiguang pushing forward with the acquisition of Shuguang while launching a broad equity incentive plan [1] - Significant actions from downstream internet companies are highlighted, such as Alibaba's launch of a comprehensive strategy, including the release of the high-parameter model QwenMaxPreview and ongoing efforts in the AI ecosystem [1] - The optimistic outlook for Alibaba's AI initiatives in the coming year is emphasized [1] Group 3 - As of September 11, 2025, the STAR Market Chip Index (000685) surged by 5.59%, with notable increases in component stocks such as Haiguang Information (688041) up 16.80% and Yuanjie Technology (688498) up 15.68% [2] - The STAR Market Chip ETF Index (588920) rose by 5.46%, reflecting the overall performance of representative semiconductor industry listed companies on the STAR Market [2] - The top ten weighted stocks in the STAR Market Chip Index account for 62.02% of the index, including companies like Cambrian (688256) and Haiguang Information (688041) [2]

Group 1 - The semiconductor stocks in the A-share market have shown strong performance, with notable gains in several companies [1] - Saiwei Microelectronics (688325) reached a 20% limit up, with a total market value of 5.795 billion and a year-to-date increase of 38.47% [2] - New Xiangwei (688593) rose over 17%, with a market capitalization of 9.011 billion and a year-to-date increase of 7.16% [2] - Yuanjie Technology (688498) increased by 16%, boasting a market value of 33.4 billion and a remarkable year-to-date increase of 189.68% [2] - Jietek (688141) saw a gain of over 13%, with a market capitalization of 23.4 billion and a year-to-date increase of 71.28% [2] - Gai Lun Electronics (688206) rose by over 8%, with a market value of 16.7 billion and a year-to-date increase of 102.65% [2] - Haiguang Information (688041), Changguang Huaxin (688048), and Dongxin Co. (688110) also experienced gains exceeding 7% [1][2]

Market Overview - On September 11, A-shares opened mixed with the Shanghai Composite Index up by 0.2%, Shenzhen Component Index up by 0.93%, and ChiNext Index up by 1.57% [2] - Sectors such as CPO, PCB, and pork showed significant gains [2] Liquid Cooling Server Sector - The liquid cooling server concept saw a continuous rise, with stocks like Yidong Electronics, Fangsheng Co., and Jiechuan Intelligent rising over 10% [3] - Notable performers included: - Fangsheng Co. at 39.76, up 15.25% - Jiechuan Intelligent at 30.84, up 15.16% - Yidong Electronics at 45.55, up 11.18% [4] Semiconductor Sector - The semiconductor sector experienced a rebound, with stocks like Saiwei Microelectronics hitting the daily limit and Haiguang Information rising over 10% [7] - Key stocks included: - Saiwei Microelectronics at 67.28, up 19.99% - Yuanjie Technology at 390.92, up 16.82% [8] - Other notable stocks included: - Haiguang Information at 205.22, up 11.51% - Dongxin Co. at 97.33, up 8.83% [9]

Group 1 - The semiconductor sector in the A-share market has shown strong performance, with several stocks experiencing significant gains [1] - Saiwei Microelectronics reached a 20% limit up, indicating strong investor interest and confidence [1] - Other notable performers include New Xiang Micro, which rose over 17%, Yuanjie Technology with a 16% increase, and Jiehuate with more than a 13% gain [1] Group 2 - Additional stocks that performed well include Galun Electronics with an increase of over 8%, and Haiguang Information, Changguang Huaxin, and Dongxin Co., which all rose by more than 7% [1]

本报告依据中国资产评估准则编制 东芯半导体股份有限公司 拟进行增资所涉及的砺算科技(上海)有限公司 股东全部权益价值 北京中ラ 假责任公司 资产评估报告 中天华资评报字(2025) 第11319号 (共1册,第1册) the state with the world of the "ha the production of the first of ！石 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020122202501151 | | | --- | --- | --- | | 合同编号: | 中天华合同字[2025]第P1235号 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中天华资评报字[2025]第11319号 | | | 报告名称: | 东芯半导体股份有限公司拟进行增资所涉及的砺算科技(上海 有限公司股东全部权益价值 | | | 评估结论: | 3,550,000,000.00元 | | | 评估报告日: | 2025年08月29日 | | | 评估机构名称: | 北京中天华资产评估有限责任公司 | | | 签名人员: | 赵俊斌 ( ...