（文章来源：证券日报） 证券日报网讯 2月12日，寒武纪在互动平台回答投资者提问时表示，公司严格按照信息披露相关法规要 求，针对可能对上市公司股票交易价格产生较大影响或者对投资决策有较大影响的事项，在上海证券交 易所官网及指定披露媒体通过定期报告和临时公告的形式予以披露。公司将充分利用好上证e互动平 台、业绩说明会、电话、邮件等多种方式或途径，保持与广大投资者的良好互动和交流。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，寒武纪在互动平台回答投资者提问时表示，公司持续推动智能芯片产品、基础 系统软件平台的迭代升级与优化，提升公司芯片产品的市场竞争力，为客户提供优质的芯片产品。公司 产品信息请以公司在指定披露媒体披露的公告或公司官网发布的信息为准。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，寒武纪在互动平台回答投资者提问时表示，公司已于2026年1月31日在上海证 券交易所网站披露《2025年年度业绩预告》，可查阅相关内容。2025年度具体业绩情况请关注公司后续 披露的《2025年年度报告》等相关公告。 ...

（文章来源：证券日报） 证券日报网讯 2月12日，寒武纪在互动平台回答投资者提问时表示，在大模型技术革新的背景下，智能 计算需求继续增长。公司凭借在智能芯片领域里具有竞争力的产品优势及良好的服务，获得了客户的广 泛认可，在市场中赢得了良好的口碑。公司将持续密切关注行业发展和市场需求，把握算力机遇，加深 与客户侧的合作，持续聚焦人工智能芯片设计领域技术创新，提升核心竞争力，积极拓展市场份额，加 速场景落地，推动公司的持续良好发展。 ...

Group 1: Overall Market Performance - Over 270 companies on the Shanghai Stock Exchange have issued positive performance forecasts for 2025, indicating a robust outlook for the market [1] - Nearly 60% of companies on the Sci-Tech Innovation Board have reported year-on-year profit growth, showcasing the dual dimensions of quality and quantity in the economic trajectory of China [1] Group 2: Nonferrous Metals Industry - The nonferrous metals industry is experiencing a boom driven by resource prices and industrial upgrades, with industrial added value growth of 6.9%, surpassing the national average [2] - The total profit for ten major nonferrous metals reached 528.45 billion yuan, a year-on-year increase of 25.6%, marking a historical peak [2] - Leading companies like Zijin Mining are expected to see significant profit increases, with projected net profits of 51 to 52 billion yuan, reflecting a growth of 59% to 62% [2] Group 3: Electronic Industry - The electronic industry is witnessing growth driven by AI demand, with companies like Huaqin Technology expected to achieve revenues of 170 to 171.5 billion yuan, a year-on-year increase of 54.7% to 56.1% [4] - Shengyi Technology anticipates a net profit increase of 87% to 98%, benefiting from rising sales and improved product structure in the copper-clad laminate sector [4] - Companies are leveraging AI advancements to enhance their product offerings, with firms like Rockchip expected to see revenue growth of 71.97% to 85.42% [5] Group 4: Sci-Tech Innovation Board - The Sci-Tech Innovation Board is showing strong innovation momentum, particularly in the integrated circuit and biopharmaceutical sectors, with a projected net profit increase of approximately 99.49 billion yuan across 87 companies [6] - Companies in the AI chip sector are expected to see revenue growth exceeding 100%, with significant improvements in profitability [6] - The biopharmaceutical industry is transitioning towards commercialization, with notable collaborations and product approvals driving growth [6]

春节近在眼前，交投热情依然高涨！今日（2月12日）沪指窄幅震荡，深证成指与创业板指走势较强， 创业板指领涨超1.3%。沪深京三市成交额2.16万亿元，较昨日放量1598亿元。 AI赛道，喜迎迎多重利好催化：①国资委提出，推动中央企业积极扩大算力有效投资，推进"算力+电 力"协同发展；②智谱发布新一代旗舰模型GLM-5并上调AI编程订阅套餐价格，Deepseek、MiniMax、 字节豆包集体宣布上新；③Meta宣布将斥资100亿美元建设数据中心。 盘面上，科技成长方向再度走强！"AI双子星"方面，天孚通信股价刷新历史新高，一键布局"算力+AI 应用"的创业板人工智能ETF华宝（159363）场内价格大涨近4%；豆包大模型2.0初定2月14日发布，字 节跳动产业链权重占比超29%的科创人工智能ETF华宝（589520）场内价格猛拉4.02%。 AI推动云计算市场高增长，智谱AI、优刻得等头部厂商正式上调云服务价格，优刻得20CM涨停，重点 布局国产算力、AI应用领域的大数据ETF华宝（516700）场内价格涨近3%，斩获日线6连阳。中信证券 表示，算力发展具备高确定性，看好国产算力芯片及国产系统级厂商投资机遇* ...

消息面上，又一国产大模型上新！2月12日凌晨，智谱发布新一代旗舰模型GLM-5，此前以匿名代 号"PonyAlpha"在海外平台引爆技术圈，海外热议"最强开源代码模型"、"推理深度与工程化能力逼近闭 源顶级水准"，或标志着中国在稀疏架构、代码能力与智能体领域正式跻身全球第一梯队。 临近春节AI红包大战，国产大模型密集上新，字节视频模型Seedance 2.0火到海外，马斯克评论 Seedance 2.0表示，模型发展速度太快。今日（2月12日），重点布局国产AI产业链的科创人工智能ETF 华宝（589520）延续亮眼表现，场内价格猛拉4.02%，一举收复20日均线。 成份股方面，优刻得20CM涨停，晶晨股份涨逾15%，芯原股份涨超12%，威胜信息、星环科技、凌云 光等个股跟涨。权重股寒武纪涨超3%。 目前，GLM-5已完成与华为昇腾、摩尔线程、寒武纪、昆仑芯、沐曦、燧原、海光等主流国产芯片平 台的深度推理适配与算子级优化，能够在国产算力集群上稳定运行，跑出最强中国方案。此举不仅彰显 了智谱AI在国产化适配上的广度与深度，也进一步验证了国产芯片集群对大规模生成式模型的承载能 力，成为生态成熟的前夜。 展望后市， ...

格隆汇2月12日丨寒武纪(688256.SH)在投资者互动平台表示，原力聚合与公司及行歌科技没有关联关 系。 ...

格隆汇2月12日丨寒武纪(688256.SH)在投资者互动平台表示，原力聚合与公司及行歌科技没有关联关 系。 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [41]. Core Insights - The SW Electronics sector's fund heavy positions and overweight ratios have increased year-on-year but decreased quarter-on-quarter, indicating a high level of interest despite recent declines [1][11]. - The focus for Q4 2025 is on AI computing power and semiconductor self-sufficiency, with key stocks including Cambricon, Haiguang Information, and SMIC leading the way [2][22]. - The semiconductor and components sectors are currently overweight, while consumer electronics have shifted to an underweight position [3][31]. Summary by Sections Fund Heavy Positions and Overweight Ratios - In Q4 2025, the SW Electronics sector's allocation ratio is 11.90%, with a quarter-on-quarter decrease of 0.52 percentage points but a year-on-year increase of 3.05 percentage points. The fund heavy position ratio is 20.22%, down 1.92 percentage points quarter-on-quarter but up 3.28 percentage points year-on-year. The overweight ratio stands at 8.32%, reflecting a quarter-on-quarter decline of 1.39 percentage points but a year-on-year increase of 0.23 percentage points [1][11][13]. Top Heavy Positions - The top ten stocks in the SW Electronics sector for Q4 2025 include Cambricon, Haiguang Information, SMIC, Luxshare Precision, and others, with semiconductor stocks making up 70% of the list. The performance of these stocks has varied, with only 40% showing gains in the quarter [2][16][22]. Focus Areas - The investment focus remains on AI computing and storage, with significant interest in companies like Cambricon and Dongshan Precision, which are leaders in their respective fields. The semiconductor self-sufficiency trend is also highlighted, with companies like Tuojing Technology and Hu Silicon Industry benefiting from domestic equipment adoption [2][22]. Subsector Allocation - The semiconductor sector is still a key focus for institutional investors, with an overweight ratio of 7.74%, despite a quarter-on-quarter decline of 0.76 percentage points. The components sector has seen a slight increase in its overweight ratio to 1.75%. In contrast, consumer electronics have shifted from overweight to underweight, now at 0.45% [3][31]. Concentration of Fund Heavy Positions - The concentration of the top five fund heavy positions in the SW Electronics sector has decreased, with their market value accounting for 35.52% of the total fund heavy positions, down 0.84 percentage points quarter-on-quarter. This trend indicates a diversification in fund allocations [3][36]. Investment Recommendations - The report suggests focusing on AI computing and semiconductor self-sufficiency as key investment opportunities. It recommends monitoring the performance of PCB and storage sectors, which are expected to benefit from the growth in AI computing [4][37].