Group 1 - The storage industry is experiencing a cyclical reversal, with improved supply-demand dynamics driven by AI and data demand, leading to significant stock price increases for US storage companies and heightened interest in related A-share stocks [1] - Demingli has secured large storage orders from Alibaba and ByteDance, with an increasing revenue share from enterprise SSDs and a clear capacity expansion plan, accelerating domestic substitution and automotive storage layout [1] - The release of the DeepSeek V3.2 model is driving cost reduction and efficiency in AI, with domestic chip manufacturers like Cambrian completing adaptations, highlighting the synergy between software and hardware [1] Group 2 - Dongwu Securities notes that AI is driving a comprehensive upgrade in PCB technology, with packaging substrates evolving towards high line density and large sizes, essential for advanced packaging technologies [2] - China Merchants Securities emphasizes the storage chip sector, highlighting Micron's optimization of HBM product performance through self-developed logic chips and DRAM architecture, with data center demand and price increases serving as growth drivers [2] Group 3 - Related products include the Sci-Tech Chip ETF Index (588920), Semiconductor ETF (159813), Big Data ETF (159739) [3] - Related stocks include Haiguang Information (688041), SMIC (688981), Lanke Technology (688008), Cambrian (688256), Zhongwei Company (688012), Chip Original Co. (688521), Shanghai Silicon Industry (688126), Huahai Qingke (688120), Huahong Company (688347), and Tuojing Technology (688072) [3]

Core Insights - DeepSeek released the experimental version DeepSeek-V3.2-Exp on September 29, building on the previous version V3.1-Terminus with the introduction of DeepSeek Sparse Attention [1] - Cambrian announced on the same day that it has adapted to DeepSeek-V3.2-Exp and open-sourced the vLLM-MLU inference engine source code, emphasizing its commitment to the development of the large model software ecosystem [1] - Huawei Ascend quickly adapted and deployed DeepSeek-V3.2-Exp using the vLLM/SGLang inference frameworks, also open-sourcing all inference code and operator implementations for developers [1] Company Developments - Cambrian has been actively supporting mainstream open-source large models, including DeepSeek, as part of its long-term ecosystem development and technical accumulation [1] - Huawei's Ascend has achieved 0-day support for DeepSeek-V3.2-Exp, showcasing its rapid adaptation capabilities in the AI model landscape [1] Model Iteration - DeepSeek has been consistently advancing its model iterations, with the announcement of DeepSeek-V3.1 on August 21, followed by an update to DeepSeek-V3.1-Terminus on September 22 [1]

Core Points - The Kexin 50 Enhanced ETF (588460) opened at a price of 1.741 yuan, with an increase of 0.87% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index [1] - Since its establishment on December 1, 2022, the fund has achieved a return of 73.26%, with a monthly return of 9.70% [1] Stock Performance - Haiguang Information opened with a rise of 1.82% [1] - SMIC (Semiconductor Manufacturing International Corporation) also increased by 1.82% [1] - Cambrian (寒武纪) saw a significant rise of 4.87% [1] - Lanke Technology (澜起科技) increased by 1.50% [1] - Kingsoft Office (金山办公) rose by 1.95% [1] - Sitwei (思特威) had a modest increase of 0.63% [1] - Zhongwei Company (中微公司) experienced a decline of 0.98% [1] - Hengxuan Technology (恒玄科技) decreased by 0.50% [1] - Huahai Qingke (华海清科) fell by 1.11% [1] - Ninebot (九号公司) had a slight increase of 0.06% [1]

Group 1 - DeepSeek officially released the DeepSeek-V3.2-Exp model, which incorporates a sparse Attention architecture to reduce computational resource consumption and enhance inference efficiency [1] - The new pricing policy allows developers to access the DeepSeek API at a cost reduction of over 50% [1] - Cambricon announced it has adapted to DeepSeek-V3.2-Exp and open-sourced the vLLM-MLU inference engine, indicating deep collaboration among leading companies in China's AI industry [1] Group 2 - Analysts believe that with continuous investment in computing infrastructure, domestic computing power is expected to maintain good growth momentum, potentially surpassing overseas computing power in the medium term [2] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) focuses on the domestic AI industry chain, with Cambricon accounting for 16.62% of its weight as of September 29 [2] Group 3 - The top ten holdings of the Sci-Tech Innovation Artificial Intelligence ETF include Cambricon, Lattice Semiconductor, Chipone Technology, Kingsoft Office, Stone Technology, Amlogic, Hengxuan Technology, Yuntian Lifei, Fudan Microelectronics, and Espressif Systems [3] Group 4 - The Sci-Tech Innovation Artificial Intelligence ETF highlights three key points: 1. Policy support is igniting AI growth, with AI expected to lead the current market trend [4] 2. Domestic substitution and self-control are crucial in the context of technological friction, emphasizing the importance of AI as a core technology [4] 3. The ETF offers high elasticity and strong offensive potential, with over 70% of its top ten holdings concentrated in the semiconductor sector [4]

Core Insights - DeepSeek and Cambricon have simultaneously released significant updates regarding their AI models, indicating a strong collaboration within the Chinese AI industry [1][2][7] Group 1: DeepSeek's Model Release - DeepSeek officially launched the DeepSeek-V3.2-Exp model on September 29, 2025, which introduces a new sparse attention mechanism aimed at improving training and inference efficiency for long texts [1] - The new model version is available across DeepSeek's app, web, and mini-program platforms, with a significant reduction in API costs by over 50% for developers [2][6] Group 2: Cambricon's Adaptation and Support - Cambricon announced the adaptation of DeepSeek-V3.2-Exp on the same day, providing an open-source inference engine, vLLM-MLU, for developers to experience the new model's features [3][5] - The company emphasizes its commitment to building a robust software ecosystem for large models, supporting mainstream open-source models like DeepSeek [6] - Cambricon has achieved industry-leading computational efficiency levels through extensive hardware-software optimization for the DeepSeek series, enhancing deployment performance and reducing costs [6]

Group 1 - The ETF CNQQ, focused on Chinese technology, was listed on NASDAQ on September 26, 2023, and aims to provide global investors with exposure to China's technology and innovation sectors [1][2] - The underlying index, Solactive ChinaAMC Transformative China Tech Index, was developed in collaboration between Solactive AG and Huaxia Fund, emphasizing companies with strong R&D capabilities [2][3] - The index employs a non-traditional market capitalization weighting method, selecting the top 100 stocks based on adjusted total market capitalization and R&D expenditure [3] Group 2 - The Solactive ChinaAMC Transformative China Tech Index includes nearly 100 Chinese companies listed in mainland China and Hong Kong, spanning five sectors: automotive and transportation, commercial and consumer services technology, electronic and electrical products, healthcare technology, and industrial and manufacturing technology [3] - The top holdings in the CNQQ ETF include Alibaba Group (10.94%), Tencent Holdings (9.93%), and Contemporary Amperex Technology (8.00%) [5] - The largest Chinese stock ETFs in the US market include KWEB (approximately $9.6 billion), MCHI ($8.34 billion), and FXI ($6.94 billion), indicating a growing interest in Chinese equities [4] Group 3 - International investors are increasingly focusing on Chinese technology, with significant capital inflows into emerging market equity funds, particularly in the technology sector [6][7] - Hong Kong technology funds have seen the highest capital inflows year-to-date, with continuous net inflows for 13 weeks, contrasting with outflows from US technology funds [8]

Core Insights - DeepSeek has released the experimental version DeepSeek-V3.2-Exp, which introduces Sparse Attention for improved training and inference efficiency on long texts [1][2] - The new model has led to a significant reduction in service costs, with API prices dropping by over 50% for developers [1] - Cambricon has quickly adapted to the new model and open-sourced the vLLM-MLU inference engine, allowing developers to experience the new features immediately [1][2] - Huawei Ascend has also achieved 0-day support for DeepSeek-V3.2-Exp, optimizing deployment on the CANN platform and maintaining low inference generation speeds [3] Group 1 - DeepSeek-V3.2-Exp introduces Sparse Attention for enhanced efficiency [1] - API costs for developers have been reduced by over 50% [1] - Cambricon has achieved day 0 adaptation for the new model [2] Group 2 - Huawei Ascend has completed the adaptation and optimization for DeepSeek-V3.2-Exp [3] - The deployment strategy utilizes DeepSeek's large EP parallel scheme [3] - Inference generation speeds are maintained below 2 seconds for TTFT and 30 milliseconds for TPOT on long sequences [3]

Group 1 - The National Development and Reform Commission (NDRC) emphasizes the implementation of macro policies to maintain stable economic growth and aims to introduce new policy financial tools totaling 500 billion yuan to support project capital [2] - The Ministry of Commerce highlights the growing economic cooperation between China and Nordic countries, particularly in the electric vehicle and battery industries, with significant investment opportunities [6] - The Ministry of Industry and Information Technology, along with five other departments, releases a plan for the mechanical industry to maintain steady growth, targeting an average annual revenue growth rate of approximately 3.5% and exceeding 10 trillion yuan in revenue by 2026 [7] Group 2 - The State Taxation Administration mandates that platform enterprises cannot transfer their tax obligations to workers within the platform, ensuring compliance with tax regulations [4] - The Ministry of Foreign Affairs announces the introduction of a new "K visa" to promote exchanges between young scientific and technological talents from China and abroad [8] - The Ministry of Water Resources reports that investment in water conservancy construction has consistently exceeded 1 trillion yuan annually during the 14th Five-Year Plan period, with total investment expected to reach 5.4 trillion yuan [9] Group 3 - The U.S. government faces a funding crisis, with negotiations ongoing to pass a temporary funding bill to avoid a shutdown, impacting international economic relations [10] - DeepSeek and Cambricon, two AI companies, simultaneously release significant updates, indicating advancements in AI technology and strategic directions [12] - Huawei appoints Yu Chengdong as the head of its Investment Review Board, focusing on the company's AI strategy, which may influence future investments and project approvals [13] Group 4 - The A-share market shows positive momentum with significant increases in major indices, driven by sectors such as energy metals and batteries, while some sectors like education and e-commerce face declines [14] - The U.S. stock market experiences gains, particularly in technology stocks, with Nvidia leading the charge, reflecting investor optimism in economic growth and AI development [14] - European stock markets are expected to continue rising, supported by positive economic outlooks and adjustments in commodity price forecasts [14] Group 5 - The mechanical industry is set to benefit from a newly released growth plan, aiming for resilience in supply chains and a stable operational environment [7] - The electric vehicle and battery sectors are identified as new hotspots for economic cooperation between China and Nordic countries, indicating potential for future investments [6] - The introduction of the "K visa" is expected to enhance international collaboration in technology and innovation, fostering growth in related industries [8]

Core Insights - The simultaneous release of important updates by two major AI companies, DeepSeek and Cambricon, indicates a significant collaboration within the Chinese AI industry [5] Group 1: DeepSeek's Developments - DeepSeek officially launched the DeepSeek-V3.2-Exp model on September 29, 2023, which introduces a new sparse attention mechanism aimed at optimizing training and inference efficiency for long texts [1] - The official app, web version, and mini-program have all been updated to the DeepSeek-V3.2-Exp model, and the API costs have been reduced by over 50% [2] Group 2: Cambricon's Response - Cambricon announced that it has achieved compatibility with DeepSeek's latest model, DeepSeek-V3.2-Exp, and has open-sourced the vLLM-MLU inference engine [2] - The company emphasizes its commitment to building a robust software ecosystem for large models and has optimized the performance of DeepSeek models through hardware-software synergy [4] Group 3: Industry Implications - The coordinated release and adaptation actions suggest that leading companies in the Chinese AI industry are engaging in deep collaboration, potentially indicating prior technical discussions between DeepSeek and Cambricon [5]

Core Viewpoint - The simultaneous release of important updates by DeepSeek and Cambricon indicates a deep collaboration among leading companies in the Chinese AI industry, showcasing advancements in model architecture and cost efficiency [7]. Group 1: DeepSeek Updates - DeepSeek officially launched the DeepSeek-V3.2-Exp model, which introduces a Sparse Attention mechanism aimed at optimizing training and inference efficiency for long texts [2]. - The new pricing policy for the DeepSeek API has reduced costs by over 50%, encouraging developers to test the new model [4]. Group 2: Cambricon's Adaptation - Cambricon announced the adaptation of DeepSeek-V3.2-Exp and the open-sourcing of the vLLM-MLU inference engine, allowing developers to experience the new model on Cambricon's hardware platform [4]. - The company emphasized its commitment to software ecosystem development and the synergy between chips and algorithms, which has led to industry-leading computational efficiency levels [6]. Group 3: Industry Implications - The synchronized release and adaptation suggest that Cambricon had been in technical discussions with DeepSeek prior to the model's launch, indicating proactive collaboration in the AI sector [7].