Market Overview - The A-share market continued its upward trend, with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index increasing by 0.35% as of the market close on September 30 [1] - All three major indices have recorded five consecutive months of gains, with the ChiNext Index achieving a quarterly increase of over 50%, marking its second-best performance in history [1] Sector Performance - The non-ferrous metals sector saw significant gains, with the Non-Ferrous Metal Leaders ETF (159876) rising by 3.52% [2] - The AI sector also performed well, particularly the Sci-Tech Innovation AI ETF (589520), which surged by 3.28% following positive developments from DeepSeek and Cambrian [2][3] - The defense and real estate sectors showed strong performance, with the Defense Industry ETF (512810) and Real Estate ETF (159707) both increasing by over 2% [1] - The chemical sector, particularly lithium and fluorine chemicals, continued to rise, with the Chemical ETF (516020) reaching a daily increase of 2.12% [1] Investment Trends - Global fund managers are returning to the Chinese market, with reports indicating that hedge funds have shown the highest activity in China's stock market in recent years [2] - The current market sentiment is positive, with increased trading activity and a rise in the number of participating investors, suggesting that the upward trend in A-shares may continue [2] AI Sector Developments - The release of the DeepSeek-V3.2-Exp model and its adaptation by Cambrian has positively impacted the AI sector, leading to a significant increase in the Sci-Tech Innovation AI ETF [5] - The domestic AI industry is expected to accelerate, driven by advancements in both AI models and domestic chip technology [5][6] - The AI sector is viewed as a key driver of the new technological revolution and industrial transformation [5] Chemical Sector Insights - The Chemical ETF (516020) has shown a strong performance, with a quarterly increase of over 26%, significantly outperforming major indices like the Shanghai Composite Index [11] - The chemical industry is expected to undergo a profitability recovery due to improved supply-demand dynamics and regulatory measures to eliminate inefficient production capacity [14] - Investment opportunities in the chemical sector are highlighted, particularly in areas benefiting from policy support and industry self-discipline [13][14]

Core Insights - The launch of the DeepSeek-V3.2-Exp model and the release of the GLM-4.6 model by Zhiyu are significant developments in the domestic AI industry, indicating a strong push towards advanced AI capabilities and integration with domestic chips [3][4] - The performance of the Sci-Tech Innovation Artificial Intelligence ETF (589520) has been robust, with a 3.28% increase on September 30, reaching a new high since its launch, suggesting strong market interest and potential investment opportunities in the domestic AI sector [1][2] Group 1: ETF Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) saw a price increase of 3.28% and a trading volume of 76.26 million yuan, indicating a doubling in trading activity compared to previous sessions [1] - The ETF closed with a premium rate of 0.21%, reflecting strong buying interest and potential for further investment [1] - Key constituent stocks such as Aisino and Lexin Technology experienced significant gains, with Aisino leading with over 10% increase [1] Group 2: Industry Developments - The DeepSeek-V3.2-Exp model, utilizing Sparse Attention mechanisms, aims to reduce training and inference costs significantly, showcasing advancements in AI model efficiency [3] - The GLM-4.6 model, claimed to be the strongest coding model in China, has been successfully deployed on domestic AI chips, marking a milestone in the integration of AI software and hardware [3] - Analysts from Guotai Junan Securities and Huaxin Securities express optimism about the acceleration of the domestic AI industry, driven by the synergy between domestic AI models and chips [3][4] Group 3: Market Trends - The rapid development of China's chip manufacturing capabilities is highlighted, with Nvidia's founder noting that China is only "a few nanoseconds" behind the US in this field [4] - The urgency for domestic alternatives in computing power is increasing due to US restrictions on advanced chip exports to China, suggesting a favorable environment for domestic AI and chip companies [4] - The ETF's focus on the domestic AI industry chain is seen as a strategic move to capitalize on the growing importance of information and industrial security in the context of technological friction [5]

9月30日，寒武纪披露2025年度向特定对象发行A股股票发行情况报告书，确定本次定增发行价格为 1195.02元/股，发行股数333.49万股，募集资金总额39.85亿元。 寒武纪表示，通过本次发行募集资金投资项目的实施，公司在大模型领域的芯片和软件技术综合竞争实 力将得到显著提升，并形成面向大模型规模应用领域的算力软硬件技术能力矩阵，有利于根据不同客户 的需求快速构建不同芯片和软件组合的最佳解决方案。本次募投项目的实施将强化面向大模型市场的技 术竞争力，有利于进一步提升公司核心竞争力，巩固和提升市场地位。 本次发行完成后，公司的主营业务和总体业务结构不会发生重大变化。 | 居 | 发行对象名称 | 获配股数 | 我都令 80 | 迴傳期 | | --- | --- | --- | --- | --- | | 름 | | (股) | (元) | (月) | | 1 | 厂发基金管理有限公司 | 1.010.861 | 1,207,999,112.22 | 6 | | 2 | UBS AG | 364,010 | 434,999,230.20 | દ | | 3 | 新华资产管理股份有限公司 | 351.458 ...

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [2] - Bee Assistant plans to raise up to 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [3] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [4] Group 2 - Three squirrels received approval from the China Securities Regulatory Commission for H-share issuance, planning to issue up to 81.5483 million shares [5] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [6] - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind and solar energy [7] Group 3 - Sainz's subsidiary plans to invest up to 300 million yuan in the expansion of selection and extraction agents [8] - Hunan YN reported no significant changes in its internal and external operating environment [9] - Electric Power Investment plans to restructure assets and has received a notice from the Shenzhen Stock Exchange to suspend review [10] Group 4 - Guanzhong Ecology is in the planning stage to acquire 51% of Hangzhou Actuary [11] - Aima Technology announced the transfer and suspension of production capacity at its subsidiary in Guangdong [12] - Fosun Pharma's subsidiary received approval for clinical trials of a new drug [13] Group 5 - EVE Battery Investment received a cash dividend of 375 million HKD from its indirect associate, Simoer International [14] - Shanmei International announced a change in its board leadership due to personnel changes [15] - Weiye Co. announced the resignation of its chairman for personal reasons [16] Group 6 - Jiaoda Sinuo's chairman is under detention, and the company has appointed a new acting chairman [17] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [18] - ST Zhengping's stock price has seen an abnormal increase, leading to a suspension for investigation [19] Group 7 - Daqian Ecology's shareholder plans to reduce its stake by up to 3% [20] - Rundat Medical's shareholders plan to collectively reduce their stake by up to 2.99% [21] - Seli Medical's shareholder plans to reduce its stake by up to 2% [22] Group 8 - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [23] - Zhongwu Drone signed a significant contract worth 615 million yuan for drone systems [24]

寒武纪(688256.SH)披露2025年度向特定对象发行A股股票发行情况报告书，本次定增发行价格为 1195.02元/股，发行对象确定为13家，发行股数333.49万股，募集资金总额39.85亿元。扣除各项发行费 用3217.13万元，公司实际募集资金净额为39.53亿元。 ...

智通财经APP讯，寒武纪(688256.SH)披露2025年度向特定对象发行A股股票发行情况报告书，本次定增 发行价格为1195.02元/股，发行对象确定为13家，发行股数333.49万股，募集资金总额39.85亿元。扣除 各项发行费用3217.13万元，公司实际募集资金净额为39.53亿元。 ...

Core Viewpoint - The support for hard technology companies to go public is not only a reform of the financial market but also a core measure for the country to promote the transformation of development models and compete for future strategic high ground [2][7]. Group 1: Market Trends - In 2025, China's capital market is entering a technology-driven bull market, with a significant increase in the number of hard technology IPOs, accounting for nearly 60% of total IPOs [3][9]. - As of September 18, 2025, A-share IPOs have raised a total of 67.21 billion yuan, a year-on-year increase of 50.2%, with 70 companies going public, marking a recovery from the previous two years of decline [8][9]. - The Hong Kong market has also seen a surge in IPOs, with a total of 145.98 billion HKD raised, a year-on-year increase of 161.83% [8][10]. Group 2: Policy Support - The implementation of the "1+6" new policy for the Sci-Tech Innovation Board and the introduction of a third set of listing standards for the Growth Enterprise Market have broadened the listing pathways for unprofitable technology companies [4][19]. - The government has introduced a series of policies to promote the deep integration of technology and capital, creating a more favorable growth environment for hard technology companies [4][19]. Group 3: Institutional Involvement - Since the establishment of the Sci-Tech Innovation Board in 2019, more private equity institutions have chosen to invest in companies at the early stages of industrialization, facilitating rapid capital turnover [5][27]. - Securities firms are increasing their project reserves for hard technology IPOs, leveraging a comprehensive service network to promote resource integration and technology transformation [5][28]. Group 4: Future Outlook - The upcoming "15th Five-Year Plan" is expected to focus heavily on technology, with many institutions believing that technology will be a key theme in the plan [40][41]. - The capital market's support for hard technology companies is anticipated to accelerate core technology research and development, enhance industry chain integration, and improve China's position in global technology competition [34][35].

#寒武纪向特定对象发股票募资39.85亿元#【寒武纪：定增发行价格为每股1195.02元】寒武纪披露2025 年度向特定对象发行A股股票发行情况报告书，本次定增发行价格为1195.02元/股，发行股数333.49万 股，募集资金总额39.85亿元。(智通财经） ...

Core Insights - DeepSeek officially launched the DeepSeek-V3.2-Exp model on September 29, introducing the self-developed DeepSeek Sparse Attention (DSA) mechanism, which optimizes training and inference efficiency for long texts [1][7] - The release of the new model has led to a significant reduction in service costs, with DeepSeek API prices dropping by over 50% [2][10] - The open-sourcing of the TileLang version operator has garnered considerable attention within the industry [3] Technical Innovations - The DSA mechanism is an optimization technique for the Transformer architecture, addressing the computational complexity associated with traditional dense attention mechanisms, which grow exponentially with text length [6][7] - The V3.2-Exp model has achieved substantial improvements in training and inference efficiency for long texts while maintaining performance levels comparable to the previous V3.1-Terminus model [7] Market Impact - DeepSeek has made the V3.2-Exp model fully open-source on platforms like HuggingFace and ModelScope, with related research papers also published [5] - The collaboration with domestic hardware providers such as Huawei, Cambricon, and Haiguang demonstrates the synergy between AI software and hardware ecosystems in China [11][12] - The adoption of TileLang, a programming language designed to simplify GPU operator development, is expected to enhance the efficiency of AI operator development significantly [12]

格隆汇9月30日丨寒武纪(688256.SH)公布定增发行情况报告书，根据投资者申购报价情况，并严格按照认购邀请书中确定 的发行价格、发行对象及获配股份数量的程序和规则，确定本次发行价格为1,195.02元/股。本次发行对应的认购总股数为 3,334,946股，认购总金额为3,985,327,168.92元。本次发行对象最终确定为13家。 | 序 | 发行对象名称 | 获配股数 | 获配金额 | 限售期 | | --- | --- | --- | --- | --- | | 름 | | (股) | (元) | (月) | | 1 | 广发基金管理有限公司 | 1.010.861 | 1,207.999.112.22 | 6 | | 2 | UBS AG | 364,010 | 434,999,230.20 | 6 | | 3 | 新华资产管理股份有限公司 | 351,458 | 419,999,339.16 | 6 | | 4 | 汇添富基金管理股份有限公司 | 296,647 | 354,499,097.94 | 6 | | 5 | 诺德基金管理有限公司 | 233,217 | 278,698,979.34 ...