Investment Rating - The report maintains an investment rating of "Buy-A" for the computer AI computing industry, indicating a positive outlook for the sector [1][2]. Core Insights - The AI industry continues to experience high prosperity, with a strong trend towards domestic computing power localization. The demand for AI computing power is driven by both the internet sector and intelligent computing centers, with rapid advancements in domestic procurement of AI chips [1][3][20]. Summary by Sections 1. AI Industry Prosperity and Localization - The demand for computing power and localization are the two main factors driving the rapid development of domestic AI computing. The investment in foundational model training is expected to increase significantly, with spending projected to rise from $1 billion in 2023 to $6.5 billion in 2024, a 5.5-fold increase [13][20]. - Internet companies are continuously investing in large model training, with capital expenditures expected to grow by 163% year-on-year in 2024. The demand for inference models is anticipated to become a major driver of AI computing power spending [22][24]. - The construction of intelligent computing centers is accelerating, with a significant increase in project bidding since 2023. The domestic AI chip procurement rate in these centers is expected to rise as government policies support localization [20][34]. 2. AI Chips: Domestic Replacement Opportunities - Nvidia currently dominates the domestic AI chip market, holding an 85% share in 2022, while domestic brands accounted for only 10%. However, by 2024, domestic AI chip shipments are expected to reach 270,000 units, with local brands capturing approximately 30% of the market [36][37]. - The tightening of U.S. export controls on high-performance AI chips is creating opportunities for domestic manufacturers to increase their market share. Major internet companies are beginning to scale up their procurement of domestic AI chips, with ByteDance reportedly ordering over 100,000 units of the domestic Ascend 910B chip [28][39]. 3. AI Servers: Market Dynamics - The AI server market is expected to grow rapidly, with the market size projected to reach $25.3 billion by 2028, reflecting a compound annual growth rate of over 20% from 2024 to 2028. The demand for AI servers is driven by both traditional server manufacturers and domestic ODM companies entering the market [5][6]. - The Ascend series of chips is gaining market share, with significant growth in procurement from internet companies and intelligent computing centers. The report highlights the performance improvements of domestic chips, which are increasingly seen as viable alternatives to Nvidia's offerings [5][6][20].

上周A股市场震荡，上证指数、深证成指、创业板指分别累计下跌0.57%、0.46%、0.88%。 Choice数据显示，截至5月23日，A股市场融资余额报17893.26亿元，一周 减少55.31亿 元；融券余额报120.08亿元。 上周，汽车行业融资余额增加近30亿元，A股市场融资净买入金额最大的股票为比亚迪，净卖 出金额最大的股票为寒武纪-U 。 融资客加仓汽车行业近30亿元 Choice数据显示，截至5月23日，A股两融余额报18013.34亿元，融资余额报17893.26亿 元，一周减少55.31亿元。 具体来看，上周的5个交易日中，5月19日A股融资余额增加35.97亿元，5月20日增加22.89 亿元，5月21日减少17.84亿元，5月22日减少21.05亿元，5月23日减少75.28亿元。 从行业情况来看，上周申万一级31个行业中有13个行业融资余额增加，汽车、有色金属、电 力设备行业融资净买入金额居前，分别为29.56亿元、4.87亿元、4.64亿元。在融资余额减少 的18个行业中，计算机、电子、非银金融行业融资净卖出金额居前，分别为24.28亿元、 12.64亿元、9.81亿元。 上周行业融资 ...

电力行业 互联网服务 长江电力 89 中国核电 1993.04亿市值 东方财富 n in home 7438.34亿市值 3268.27亿市值 10.22亿成交额 6.01亿成交额 14.87亿成交额 30.40 9.69 20.68 +0.06(+0.20%) -0.08(-0.82%) -0.12(-0.58%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3771.83亿市值 3042.89亿市值 2460.01亿市值 1.98亿成交额 3.09亿成交额 6.10亿成交额 25.45 17.26 44.24 -0.17(-0.66%) -0.12(-0.69%) -0.54(-1.21%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3673.89亿市值 2215.55亿市值 3512.41亿市值 17.82亿成交额 11.35亿成交额 3.85亿成交额 18.50 30.57 53.19 -0.26(-1.39%) -0.67(-2.14%) -0.16(-0.30%) 家电行业 农牧饲渔 格力电器 海尔智家 牧原股份 油气与客 2587.29亿市值 2368.25亿市值 2140.31 ...

科创板融资余额较前一交易日增加8081.23万元，融券余额增加160.37万元。313股融资余额环比增加， 146股融券余额环比增加。 证券时报·数据宝统计显示，截至5月26日，科创板两融余额合计1520.94亿元，较上一交易日增加 8241.59万元。其中，融资余额合计1515.50亿元，较上一交易日增加8081.23万元；融券余额合计5.44亿 元，较上一交易日增加160.37万元。 融资余额方面，截至5月26日，融资余额最高的科创板股是中芯国际，最新融资余额73.45亿元，其次是 寒武纪、海光信息，融资余额分别为44.45亿元、32.53亿元。环比变动来看，313只科创板个股融资余额 环比增加，环比下降的有270只。融资余额增幅较大的是科捷智能、昀冢科技、科兴制药，环比上个交 易日增加50.59%、29.34%、15.62%；降幅居前的有春立医疗、盟科药业、广大特材，环比下降 13.91%、10.12%、9.70%。 | 688357 | 建龙 | 8478.69 | 6.11 | 0.00 | | -0.95 | | --- | --- | --- | --- | --- | --- | --- | ...

从中证智能消费主题指数持仓样本的行业来看，信息技术占比63.01%、可选消费占比24.48%、医药卫 生占比5.68%、通信服务占比4.83%、工业占比2.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证智能消费主题指数近一个月上涨0.54%，近三个月下跌13.18%，年至今下跌 3.52%。 据了解，中证智能消费主题指数选取电信业务、可选消费、信息技术、医药卫生、主要消费等行业内与 智能消费相关的公司，包括但不限于智能穿戴、智能家居、互联网医疗、智能汽车，以及其他受益于智 能消费发展的代表性证券作为样本，以反映智能消费公司的整体表现。该指数以2012年06月29日为基 日，以1000.0点为基点。 从指数持仓来看，中证智能消费主题指数十大权重分别为：格力电器（5.54%）、美的 ...

从指数持仓来看，沪深300高贝塔指数十大权重分别为：国泰海通（25.38%）、科伦药业（1.55%）、 亿纬锂能（1.33%）、恒瑞医药（1.26%）、寒武纪（1.25%）、新易盛（1.24%）、百利天恒 （1.23%）、先导智能（1.22%）、润泽科技（1.17%）、隆基绿能（1.13%）。 从沪深300高贝塔指数持仓的市场板块来看，上海证券交易所占比62.61%、深圳证券交易所占比 37.39%。 从沪深300高贝塔指数持仓样本的行业来看，金融占比36.28%、工业占比22.48%、信息技术占比 11.41%、医药卫生占比9.45%、通信服务占比6.70%、原材料占比5.13%、主要消费占比4.37%、可选消 费占比3.77%、房地产占比0.40%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 ...

以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有16只、7 只、6只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流出2.41亿元，净流入资金居前的有百济神州、乐鑫 科技、海天瑞声等，净流入资金分别为4931.10万元、3787.87万元、3715.24万元；净流出资金居前的有 寒武纪、石头科技、绿的谐波等，净流出资金分别为21140.30万元、11021.88万元、4536.51万元。 以最新收盘价计算，科创板平均股价为29.46元，其中股价超100元的有36只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有388只，下跌的有189只，以收盘价为基准测算，科 创板平均股价为29.46元，其中，收盘价超过100元的有36只，股价在50元至100元之间的有104只，股价 在30元至50元的有146只。 科创板股中，收盘价最高的是寒武纪，今日报收651.00元，下跌1.15%，其次是惠泰医疗、恒玄科技 等，最新收盘价分别为402.05元、383.20元。 科创板百元股中，今日平均上涨0.90%，具体来看，今日上涨的有22只，涨幅居前的有国光电气、奕瑞 ...

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic computing power alternatives [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, with a price range of $6,500 to $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power replacement continues to rise due to geopolitical tensions and restrictions on advanced technology [3]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," marking it as the fourth company globally to release a 3nm mobile processor, with significant R&D investment exceeding 13.5 billion yuan [5]. Summary by Sections NVIDIA Custom Chip Launch - NVIDIA's new custom chip B40 is expected to be released by the end of June, with a projected shipment of 1 million units in 2025. The chip will utilize GDDR7 memory instead of HBM, resulting in a bandwidth reduction from 4TB/s to 1.7TB/s [2][5]. Domestic Computing Power - The report emphasizes the growing importance of domestic computing power solutions in light of U.S. export restrictions and the competitive landscape [3]. Industry Developments - AMD plans to sell its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support [7]. - TSMC has rejected offers to build factories in India, opting instead to collaborate with local firms [7]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by investments in AI-related technologies [7]. - GlobalWafers America has officially opened a new advanced semiconductor wafer manufacturing facility in Texas, with plans for further investment [11].

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].

-0.04(-1.00%) -0.02(-0.37%) -0.13(-1.6/%) 保险 中国太保 中国平安 中国人保 01 3652.90亿市值 3257.45亿市值 9758.86亿市值 5.33亿成交额 13.34亿成交额 5.52亿成交额 53.59 33.86 8.26 +0.35(+1.04%) +0.36(+0.68%) +0.02(+0.24%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19465.92亿市值 2306.22亿市值 4898.98亿市值 25.10亿成交额 20.64亿成交额 4.92亿成交额 1549.59 126.21 189.04 -23.01(-1.46%) -2.96(-1.54%) -1.94(-1.51%) 半导体 北方华创 寒武纪-U 2322.49亿市值 2706.71亿市值 17.90亿成交额 13.44亿成交额 434.78 648.38 +9.92(+2.33%) -10.22(-1.55%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11675.79亿市值 1953.29亿市值 2872.73亿市值 81.34亿成交额 3.36亿成交额 1.84亿 ...