本版文章由中经记者吴清采写 一个曾经连续亏损7年、累计亏损近50亿元的AI芯片企业，凭什么在短短两年半时间里股价暴涨近30 倍，市值超过茅台？这场资本盛宴是价值发现还是非理性泡沫？背后支撑的究竟是什么？这场资本狂欢 能否持久？寒武纪的狂飙成为中国资本市场最具观察性的现象之一。 业内人士认为，排除资本热潮和一些非理性的因素，寒武纪冲击A股第一高价股被认为是一个标志性的 事件，意味着A股从传统消费类的投资权重标的，迈向了以科技为核心主导的成长性赛道。这背后反映 了资本市场对中国科技产业的高度期待和对传统行业估值逻辑的深层转变。本期商业案例，《中国经营 报》记者和你一起探寻寒武纪股价爆发背后的逻辑和密码。 1.核心催化剂 AI算力需求爆发与"科技自主"逻辑强化 寒武纪此轮市值飙涨和2022年年底ChatGPT横空出世引爆的全球AI热潮时间线高度一致，以ChatGPT、 DeepSeek为代表的AI技术革命，引发了全球对AI算力的疯狂需求。作为AI算力的核心，高端AI芯片成 为万众追捧的稀缺资源。 根据IDC（国际数据公司）预测，全球人工智能市场规模从2020年的1565亿美元增长到2025年的3000亿 美元以上， ...

以最新收盘价计算，A股平均股价为13.95元，其中股价超过100元的有152只，相比上一个交易日减少3 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至11月7日 收盘，沪指报收3997.56点，下跌0.25%，A股平均股价为13.95元，个股股价分布看，股价超过100元的 有152只，股价在50元至100元的有454只，股价在30元至50元的有779只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1433.33元，下跌0.13%，其次是寒武纪、源杰 科技等，最新收盘价分别为1432.50元、590.13元。 市场表现方面，收盘股价超百元股中，今日平均下跌1.30%，跑输沪指1.04个百分点。今日上涨的有36 只，涨幅居前的有天孚通信、中科飞测等，下跌的有116只，跌幅居前的有恒帅股份、中熔电气等。 追溯发现，最新百元股近一个月平均下跌0.73%，其间沪指上涨2.96%，涨幅居前的有香农芯创、云汉 芯城、鼎泰高科等，涨幅分别为86.32%、74.32%、59.85%，今年以来平均涨幅为108.17%，强于沪指 88.90%，累计涨幅居前的有上纬新材、胜宏科技、 ...

证券时报·数据宝统计，截至11月7日收盘，深沪北共85只个股连续5日或5日以上主力资金净流入。寒武 纪-U连续52日主力资金净流入，排名第一；九鼎投资连续16日主力资金净流入，位列第二。从主力资 金净流入总规模来看，寒武纪-U主力资金净流入金额最大，连续52天累计净流入65.75亿元，工商银行 紧随其后，5天累计净流入9.67亿元。从主力资金净流入占成交额的比例来看，潞化科技占比排名居 首，该股近6日上涨15.38%。（数据宝） | 证券代 | 证券简 | 主力资金净流入 | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 688256 | 寒武 纪-U | 52 | 65.75 | 0.74 | 53.38 | | | 工商银 | | | | | | 601398 | 行 | 5 | 9.67 | 6.82 | 3.47 | | 002436 | 兴森科 技 | 5 | 8.51 | 8.20 | 5.66 | | 603301 | 振德医 疗 ...

Market Overview - The semiconductor sector experienced a decline of 1.13% on November 7, with Daway Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in Semiconductor Sector - Kangqiang Electronics (002119) saw a significant increase of 10.02%, closing at 21.08 with a trading volume of 745,900 shares [1] - Wentai Technology (600745) rose by 9.70%, closing at 45.00 with a trading volume of 902,200 shares [1] - Changguang Huaxin (688048) increased by 9.01%, closing at 87.50 with a trading volume of 268,200 shares [1] Top Losers in Semiconductor Sector - Daway Technology (002213) fell by 5.66%, closing at 26.48 with a trading volume of 604,100 shares [2] - Canxin Technology (688691) decreased by 5.28%, closing at 115.73 with a trading volume of 67,900 shares [2] - Fudan Microelectronics (688385) dropped by 4.85%, closing at 57.90 with a trading volume of 136,600 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 4.338 billion yuan from institutional investors, while retail investors saw a net inflow of 2.454 billion yuan [2][3] - Notable net inflows from retail investors were observed in Kangqiang Electronics and New Clean Energy, with net inflows of 1.41 billion yuan and 1.15 billion yuan respectively [3] Summary of Trading Data - The trading data indicates a mixed performance among semiconductor stocks, with significant volatility in both gains and losses across various companies [1][2][3]

胡润集团董事长兼首席调研官胡润表示，今年有近40位个人财富50亿元及以上的U40企业家进入《2025 胡润中国U40企业家榜》。这些85后企业家的所属领域，可以让我们了解目前这一代人最挣钱的行业， 以娱乐和新消费为主，特别是在线游戏、新茶饮和消费品。游戏娱乐领域有米哈游的蔡浩宇等三人、莉 莉丝的王信文、小红书的毛文超与瞿芳、快手的程一笑与银鑫；新茶饮领域有古茗的王云安、霸王茶姬 的张俊杰、喜茶的聂云宸、Manner咖啡的韩玉龙与陆剑霞夫妇、书亦烧仙草的王斌；消费品和零售领 域有泡泡玛特的王宁、影石的刘靖康、追觅科技的俞浩、迪阿的张国涛与卢依雯夫妇、得物的杨冰、若 羽臣的王玉。此外，AI领域有寒武纪的陈天石、Kimi月之暗面的杨植麟两人；虚拟货币领域有比特小 鹿的吴忌寒、波场的孙宇晨两人，两位都在新加坡。 此外，当下大城市吸引力凸显，这些个人财富50亿元及以上的U40企业家几乎都是跨地域定居，纷纷向 大城市集聚。其中以上海和北京为核心聚集地，分别有11位和9位，其次是深圳7位，广州和成都各有3 位。 | | | | | | 《2025胡润中国U40企业家榜》 | | | | | --- | --- | --- ...

Investment Rating - The report assigns an "Increase" rating for the stocks mentioned, indicating a potential rise of over 15% relative to the CSI 300 index within the next 12 months [5][13]. Core Insights - The launch of the Shuguang scaleX640 marks a significant advancement in domestic computing power, achieving a 30-40% performance improvement in trillion-parameter model training and inference compared to traditional solutions [2][5]. - The scaleX640 enhances the cost-effectiveness of inference scenarios and is expected to accelerate the breakthrough of domestic computing chips in training applications [5]. - The report highlights the long-term stability of the scaleX640, which has undergone over 30 days of reliability testing, ensuring support for large-scale cluster deployments [5]. - The open architecture of the scaleX640 is anticipated to facilitate the integration of domestic computing software ecosystems and unify supernode structures, potentially leading to rapid iterations in domestic supernodes [5]. Summary by Sections Performance and Features - The scaleX640 boasts a 20-fold increase in computing density per cabinet and supports trillion-parameter model training, with a performance boost of 30-40% in inference scenarios compared to traditional methods [5]. - Innovative technologies such as ultra-high-speed orthogonal architecture, high-density blades, immersion phase change cooling, and high-voltage direct current power supply are employed in the scaleX640 [5]. Recommended Stocks - The report recommends the following stocks: - Cambrian-U (688256.SH) with a closing price of 1480.00 and an EPS forecast of 5.04 for 2025 [7]. - Haiguang Information (688041.SH) with a closing price of 239.68 and an EPS forecast of 1.34 for 2025 [7]. - SMIC (688981.SH) with a closing price of 124.85 and an EPS forecast of 0.46 for 2025 [7]. - Zhaoyi Innovation (603986.SH) with a closing price of 227.20 and an EPS forecast of 2.35 for 2025 [7]. - Shengke Communication-U (688702.SH) with a closing price of 119.31 and an EPS forecast of 0.04 for 2025 [7]. - The report also mentions Chipone Technology (688521) as a related stock [5].

Group 1 - A-shares opened lower but turned positive, with sectors like power grid equipment, photovoltaic equipment, and batteries leading the gains [1] - The AI ETF (515070) saw its intraday decline narrow to 0.89%, with holdings such as Amlogic, Xichuang Data, and others rebounding [1] - Coherent, a leader in optical modules, reported Q1 revenue of $1.58 billion, a 17% year-over-year increase, exceeding market expectations [1] - Coherent's non-GAAP EPS was $1.16, surpassing the expected $1.05, marking four consecutive quarters of better-than-expected earnings [1] - The growth in Coherent's performance is driven by strong demand in AI data centers and communications, with CPO and LPO technologies becoming key for next-gen data center architectures [1] Group 2 - Galaxy Securities noted that the evolution of AI data center architecture is driving demand for high-end optical modules, indicating strong long-term growth potential in the industry [1] - The shift towards high-speed, low-power AI data center architectures is pushing the optical module industry to upgrade from 800G to 1.6T and above [1] - The maturity of new technology paths like CPO and LPO is expected to enhance industry barriers, allowing leading companies to capture larger market shares [1] Group 3 - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting stocks that provide technology, basic resources, and applications for AI [2] - The top ten weighted stocks in the ETF include leading domestic tech companies such as Zhongji Xuchuang, New Yisheng, and others [2] - Related products include the AI ETF (515070), the ChiNext AI ETF (159381), and the Sci-Tech AI ETF (589010) [2]

一、证券市场回顾 南财金融终端数据显示，昨日（11月06日，下同）上证综指日内上涨0.97%，收于4007.76点，最高4008.8点；深证成指日内上涨1.73%，收于13452.42点，最 高13468.4点；创业板指日内上涨1.84%，收于3224.62点，最高3236.68点。 三、基金发行情况 昨日有5只新基金发行，分别为：恒生前海成长先锋混合A、恒生前海成长先锋混合C、天弘匠心回报债券A、易方达中证A500红利低波动ETF、天弘匠心回 报债券C，详情见下表： | 代码 | 基金名称 | | --- | --- | | 025928.OF | 恒生前海成长先锋混 | | 025929.OF | 恒生前海成长先锋混 | | 025092.OF | 天弘匠心回报债券 | | 563510.SH | 易方达中证A500红利低波 | | 025093.OF | 天弘匠心回报债券1 | 四、龙虎榜情况 昨日龙虎榜营业部净买入额前10详情见下表： | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 001309.SZ | 德明利 | 56844.39 | | 0 ...

Core Points - Two new stocks, N Zhongcheng and N Delijia, were listed today, with significant price increases of 194.32% and 107.67% respectively [1][2] - N Zhongcheng specializes in engineering consulting services, while N Delijia focuses on high-precision gear transmission products [1][2] - Two additional stocks, Nannetwork Digital and Hengkun New Materials, are available for subscription, with respective issuance prices of 5.69 yuan and 14.99 yuan [3][4] Group 1: New Stock Listings - N Zhongcheng (920003) opened at 42.00 yuan, rising by 194.32% [1] - N Delijia (603092) opened at 96.94 yuan, increasing by 107.67% [2] - Nannetwork Digital (301638) issued 477 million shares at a price of 5.69 yuan, with a P/E ratio of 32.22 [3] - Hengkun New Materials (787727) issued 67.4 million shares at a price of 14.99 yuan, with a P/E ratio of 71.42 [4] Group 2: Market Activity - As of November 6, the total market financing balance reached 2.48 trillion yuan, with an increase of 70.06 billion yuan [6] - The top net purchases included Cambrian-U with 1.64 billion yuan, followed by TBEA, Haiguang Information, and China West Electric with 829 million, 686 million, and 680 million yuan respectively [6][7] - The electronic, power equipment, and automotive sectors saw the highest concentration of net purchases, with 13, 7, and 4 stocks respectively [6] Group 3: Institutional Research - In the past two trading days, 90 companies announced institutional research records, with 7 companies receiving attention from over 30 institutions [8][9] - Anji Technology was the most researched, with 174 institutions focusing on the impact of the storage industry and emerging storage material demands [8]

芯片50ETF（516920）业绩比较基准为中证芯片产业指数收益率，管理人为汇添富基金管理股份有限公 司，基金经理为何丽竹，成立（2021-07-27）以来回报为5.88%，近一个月回报为-5.62%。 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。 来源：新浪基金∞工作室 11月7日，芯片50ETF（516920）开盘跌1.42%，报1.043元。芯片50ETF（516920）重仓股方面，中芯国 际开盘跌1.54%，寒武纪跌1.65%，海光信息跌2.38%，北方华创跌0.83%，澜起科技跌1.75%，兆易创新 跌1.99%，中微公司跌1.11%，豪威集团跌0.53%，芯原股份跌2.23%，长电科技跌1.13%。 ...