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。 ...

Core Viewpoint - The company, Cambricon Technologies (688256.SH), has disclosed its plan for a private placement of A-shares for the year 2025, aiming to raise a total of 3.985 billion yuan through the issuance of shares at a price of 1,195.02 yuan per share [1] Summary by Categories Issuance Details - The company will issue a total of 3.3349 million shares to 13 specific investors [1] - The total amount of funds raised is 3.985 billion yuan, with net proceeds after deducting issuance costs amounting to 3.953 billion yuan [1] - The issuance costs are reported to be 32.1713 million yuan [1]

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 ...

每经AI快讯，寒武纪公告，公司向特定对象发行人民币普通股(A股)股票333.49万股，每股发行价格为 人民币1195.02元，募集资金总额为39.85亿元，扣除各项发行费用人民币3217.13万元(不含税)，公司实 际募集资金净额为人民币39.53亿元。募集资金将用于面向大模型的芯片平台项目、面向大模型的软件 平台项目及补充流动资金。 ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [15]. Core Insights - The release of DeepSeek V3.2-Exp model is expected to drive the development of the domestic AI ecosystem, showcasing the synergy between domestic chips and large models, which leads to significant improvements in computational efficiency and cost reduction [5]. - The introduction of the DeepSeek Sparse Attention mechanism allows for a substantial enhancement in long text processing efficiency, overcoming traditional computational complexity limitations [5]. - The cost of AI applications is anticipated to decrease significantly, with the DeepSeek API prices reduced by over 50%, making advanced AI models more accessible to developers and businesses [5]. - Investment focus is recommended on domestic chip manufacturers like Cambricon and Hygon, as well as companies within the Huawei supply chain and various AI application firms [5]. Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of approximately 61,619.92 billion and a circulating market capitalization of about 55,710.57 billion [2]. Relative Index Performance - The absolute performance of the computer industry over the past 1 month, 6 months, and 12 months is -1.6%, 24.3%, and 72.1% respectively, while the relative performance is -4.3%, 6.3%, and 47.3% [3].

Core Viewpoint - DeepSeek has officially released the V3.2-Exp model, introducing the DeepSeek Sparse Attention (DSA) mechanism, which optimizes training and inference efficiency for long texts, significantly reducing service costs by over 50% for the DeepSeek API [1][5]. Group 1: Model Development - The V3.2-Exp model builds on the V3.1-Terminus version and incorporates the DSA mechanism, which is a sparse attention approach that reduces computational complexity when processing long texts [1][4]. - DSA allows for adaptive selection of key attention heads and local context windows, improving efficiency and lowering costs compared to traditional dense attention mechanisms [3][4]. Group 2: Cost and Accessibility - The introduction of the new model has led to a significant reduction in the cost of accessing the DeepSeek API, with prices dropping by more than 50% [5]. - DeepSeek has temporarily retained additional API access for the previous V3.1-Terminus model until October 15, allowing users to conduct comparative testing [2]. Group 3: Open Source and Community Engagement - DeepSeek has fully open-sourced the V3.2-Exp model on platforms like HuggingFace and ModelScope, along with related research papers [2]. - The company has also open-sourced the TileLang version of the operators, which has garnered significant attention in the industry [1][6]. Group 4: Hardware Compatibility - Following the release of V3.2-Exp, major domestic hardware companies like Huawei, Cambricon, and Haiguang have announced compatibility with the new model, indicating a collaborative development within the domestic AI ecosystem [6][10]. - TileLang, a programming language developed for simplifying GPU operator development, has been recommended for use in research experiments, enhancing the efficiency of AI operator development [7][10].