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]

Core Viewpoint - Cambricon Technologies (688256.SH) announced the results of its private placement, setting the issue price at 1,195.02 CNY per share, with a total subscription amount of approximately 3.99 billion CNY for 3,334,946 shares [1][2]. Group 1: Issuance Details - The total number of shares subscribed in this issuance is 3,334,946 shares [1]. - The total subscription amount reached 3,985,327,168.92 CNY [1]. - The final issuance involved 13 investors [1]. Group 2: Investor Breakdown - The largest allocation was to GF Fund Management Co., Ltd., receiving 1,010,861 shares for a total of 1,207,999,112.22 CNY, with a lock-up period of 6 months [2]. - UBS AG was allocated 364,010 shares, amounting to 434,999,230.20 CNY, also with a 6-month lock-up [2]. - Other notable allocations include Xinhua Asset Management Co., Ltd. with 351,458 shares for 419,999,339.16 CNY, and Huatai-PineBridge Fund Management Co., Ltd. with 296,647 shares for 354,499,097.94 CNY, both with a 6-month lock-up [2].

Core Points - The company announced a private placement of 3.3349 million A-shares at a price of RMB 1195.02 per share, raising a total of RMB 3.985 billion [1] - After deducting issuance costs of RMB 32.1713 million (excluding tax), the net proceeds amount to RMB 3.953 billion [1] - The raised funds will be allocated to projects related to a chip platform for large models, a software platform for large models, and to supplement working capital [1]

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].

Group 1 - The company announced a private placement of 3.3349 million shares at a price of 1195.02 yuan per share [1] - The total amount of funds raised from this issuance is 3.985 billion yuan, with a net amount of 3.953 billion yuan [1] - The issuance involves 13 specific investors, with UBS AG receiving an allocation of 4.35 billion yuan, Guangfa Fund Management Co., Ltd. receiving 1.208 billion yuan, and Nord Fund Management Co., Ltd. receiving 279 million yuan [1]

中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票 全体董事签名： 陈天石 刘新宇 金晓光 发行情况报告书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年九月 发行人全体董事、监事及高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 刘少礼 王 在 叶淏尹 胡燏翀 吕红兵 王秀丽 中科寒武纪科技股份有限公司 年 月 日 1 2 发行人全体董事、监事及高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体监事签名： 王敦纯 李 一 胡 帅 中科寒武纪科技股份有限公司 年 月 日 刘 毅 王 在 叶淏尹 3 发行人全体董事、监事及高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体高级管理人员签名： 陈天石 陈 帅 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-057 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中科寒武纪科技股份有限公司董事会 2025 年 10 月 1 日 关于 2025 年度向特定对象发行股票发行情况的提示性 公告 中科寒武纪科技股份有限公司（以下简称"公司"）2025 年度向特定对象发行 A 股股票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交易所备 案通过，公司将尽快办理本次发行新增股份的登记托管手续。 本次发行的具体情况详见公司同日在上海证券交易所网站(www.sse.com.cn) 披露的《中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票发行情 况报告书》等相关文件。 特此公告。 中科寒武纪科技股份有限公司 ...