股票代码：688256 股票简称：寒武纪 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 上市公告书 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 2、发行价格：1,195.02 元/股 3、募集资金总额：人民币 3,985,327,168.92 元 4、募集资金净额：人民币 3,953,155,863.99 元 二、本次发行股票预计上市时间 二〇二五年十月 特别提示 一、发行数量及价格 1、发行数量：3,334,946 股 本次发行新增股份将于限售期届满的次一交易日起在上海证券交易所科创 板上市流通交易，如遇法定节假日或休息日，则顺延至其后的第一个交易日。 三、新增股份的限售安排 发行对象认购的本次发行的股票自发行结束之日起 6 个月内不得转让。本次 发行完成后至限售期满之日止，发行对象所取得公司本次向特定对象发行的股票 因公司分配股票股利、资本公积转增股本等情形所取得的股份，亦应遵守上述限 售安排。 上述限售期届满后，该等股份的转让和交易将根据届时有效的法律法规及中 国证监会、上海证券交易所的有关规定执行。法律、法规对限售期另有规定的， 依其规定。 ...

中信证券股份有限公司 上市保荐书 关于 保荐机构（主承销商） 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 之 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 二〇二五年十月 中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票申请文件 上市保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司证券发行承销实施细则》 等有关法律、行政法规和中国证券监督管理委员会、上海证券交易所的规定，诚实守信， 勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上市保荐书，并保证所出 具文件真实、准确、完整。 本上市保荐书中如无特别说明，相关用语与《中科寒武纪科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》中的含义相同。 3-2-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | | 一、发行人基本情况 3 | | | 二、本次向特定对象发行股票方案 ...

证券代码：688256 证券简称：寒武纪 公告编号：2025-059 中科寒武纪科技股份有限公司 2025 年度向特定对象发行股票发行结果 暨股本变动公告 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。 重要内容提示： 中科寒武纪科技股份有限公司（以下简称"公司"或"发行人"）本次发行新 增股份 3,334,946 股已于 2025 年 10 月 16 日在中国证券登记结算有限责任公司上 海分公司办理完毕股份登记手续。本次发行新增股份为有限售条件流通股，将于 限售期届满的次一交易日起在上海证券交易所科创板上市流通交易，如遇法定节 假日或休息日，则顺延至其后的第一个交易日。 本次发行完成后，发行对象所认购的股份自发行结束之日起 6 个月内不得转 让。法律、法规对限售期另有规定的，依其规定。本次发行完成后至限售期满之 日止，发行对象所取得公司本次向特定对象发行的股票因公司分配股票股利、资 本公积转增股本等情形所取得的股份，亦应遵守上述限售安排。上述限售期届满 后，发行对象所认购股份的转让将按《公司法》《证券法》等相关法律、法规 ...

Group 1 - The company Cambrian announced a private placement of A-shares for the year 2025, with a total issuance of 3,334,946 shares at a price of 1,195.02 RMB per share [1] - The total amount of funds raised is approximately 3,985,327,168.92 RMB, with a net amount of approximately 3,953,155,863.99 RMB after expenses [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Core Viewpoint - The A-share market showed a collective increase, with the ChiNext Index rising nearly 2% and the STAR Market also performing well, indicating a strong interest in hard technology sectors, particularly through the Double Innovation Leader ETF (588330) which saw a peak increase of 4% during the day [1][3]. Group 1: Market Performance - The Double Innovation Leader ETF (588330) experienced a trading volume of 43.86 million yuan, reflecting active market participation [1]. - Key stocks in the ETF, such as Zhongji Xuchuang and Tianfu Communication, saw significant gains, with increases of over 7% and 4% respectively [3]. Group 2: Sector Highlights - In the optical module sector, companies like New Yisheng and Zhongji Xuchuang have seen year-to-date increases of over 300% and 227% respectively, driven by strong demand from overseas clients [3][5]. - The semiconductor sector is highlighted by Cambricon's third-quarter revenue growth exceeding 23 times, indicating robust performance and a favorable outlook for domestic AI chip production [5]. - The electric equipment sector is supported by a new action plan from the National Development and Reform Commission aimed at doubling the service capacity of electric vehicle charging facilities by 2027, which is expected to bolster infrastructure development [5]. Group 3: Investment Strategy - Investing in broad-based indices like the Double Innovation Leader ETF allows for risk diversification across various technology sectors, mitigating the volatility associated with individual stocks [6]. - The ETF captures multiple high-growth sectors, including new energy and semiconductors, providing a strategic entry point for investors looking to capitalize on the technology growth trend in China [7].

Group 1: Industry Overview - The report strongly supports the sustained high growth of computing power demand driven by AI applications, marking a pivotal moment for the commercialization of AI applications both domestically and internationally [4] - The domestic computing power capacity bottleneck is expected to be broken soon, with a forecast for a significant increase in domestic chip production by 2026 [4][6] - The ongoing tensions between China and the US do not alter the positive trend in the AI industry, but rather heighten the urgency for domestic computing power adoption [6] Group 2: Domestic Computing Power Industry - Cambricon (688256) reported a Q3 2025 revenue of 1.73 billion yuan, a year-on-year increase of 1332.5%, and a net profit of 570 million yuan, marking a turnaround from losses [5] - The inventory for Q3 2025 was 3.73 billion yuan, reflecting a 10.4 billion yuan increase from Q2, indicating that supply chain fluctuations may have been resolved [5] - The report anticipates that after the adaptation of the upstream and downstream supply chains, the performance of domestic computing power companies is expected to see significant growth [5] Group 3: Key Players and Investment Opportunities - Key companies in the domestic computing power hardware supply chain include Cambricon (688256), SMIC (0981.HK), and Huahong Semiconductor (1347.HK), all of which are recommended for investment [7][13] - The report highlights the real demand for computing power from major Chinese internet companies like ByteDance and Alibaba, which require intelligent computing power for their operations [7] - The report suggests focusing on core companies in the computing power hardware industry, including Cambricon and SMIC, as well as Huahong Semiconductor's advancements in advanced processes [7] Group 4: Optical Communication Opportunities - The demand for optical modules is expected to rise significantly, with projections of over 10 million units for 1.6T optical modules and over 40 million units for 800G modules in 2026 [9] - The report emphasizes the importance of optical communication in scale-up networks and anticipates a doubling of market size in 2026 and 2027 [9] - Recommended investments include leading optical module companies such as Zhongji Xuchuang (300308), Xinyi Technology (300502), and Tianfu Communication (300394) [9][13] Group 5: AI Edge Hardware Opportunities - Meta has launched AI smart glasses, and OpenAI is set to release several AI hardware products, indicating a growing market for AI edge hardware [10] - The report highlights the need for high-performance, low-power AI edge hardware, suggesting investment in companies like Zhaoyi Innovation (603986) and Baiwei Storage (688525) [10] - Collaboration opportunities in AI edge hardware are noted for companies in the Apple supply chain, including Luxshare Precision (002475) and Lens Technology (6613.HK) [10]

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a high growth trajectory for the industry [3]. Core Insights - The report emphasizes that the domestic computing power capacity bottleneck is expected to be broken through, with a significant increase in domestic chip production anticipated by 2026 [3][5]. - The acceleration of commercialization by overseas AI giants like OpenAI is driving widespread adoption of AI applications, sustaining high demand for computing hardware [3]. - The ongoing U.S.-China tensions are not expected to alter the positive trend in the AI industry, but rather increase the urgency for domestic computing power adoption [5]. Summary by Sections Domestic Computing Power Industry - Cambricon (688256) reported a Q3 2025 revenue of 1.73 billion, a year-on-year increase of 1332.5%, and a net profit of 570 million, marking a turnaround from losses [4]. - The first three quarters of 2025 saw a revenue of 4.61 billion, up 2386.4%, with a net profit of 1.61 billion, also a turnaround from losses [4]. - Inventory levels increased to 3.73 billion in Q3 2025, indicating that supply chain disruptions may have been resolved, suggesting a potential for performance growth as the industry adapts [4]. U.S.-China Tensions - The Nexperia incident highlights the ongoing geopolitical tensions, with the Dutch government restricting operations of Nexperia due to economic security concerns, leading to Chinese government countermeasures [5]. - This situation underscores the competitive dynamics in the global market, emphasizing the need for domestic computing power solutions [5]. Demand Side Dynamics - Major Chinese internet companies like ByteDance and Alibaba exhibit a "real demand" for computing power, driven by the need for intelligent computing to support business operations and the rise of generative AI applications [6]. - The report suggests focusing on key players in the domestic computing hardware supply chain, including Cambricon and SMIC (981.HK), as well as Huahong Semiconductor (1347.HK) for investment opportunities [6]. Communication Capabilities - The demand for ASICs from companies like Google, Meta, and AWS is expected to drive an increase in optical module demand, with anticipated shipments of 1.6T optical modules exceeding 10 million units in 2026 [8]. - The report predicts that the optical communication industry will continue to thrive in the AI era, with leading firms benefiting from technological innovations [8]. Edge AI Opportunities - Meta's recent announcements regarding AI smart glasses and OpenAI's plans for AI hardware indicate a growing market for edge AI devices [9]. - The report highlights investment opportunities in companies involved in edge storage chips and hardware collaborations within the Apple supply chain [9]. Investment Recommendations - The report recommends buying shares in Cambricon (688256), SMIC (0981.HK), and Huahong Semiconductor (1347.HK) among others in the domestic computing power sector [12]. - It also suggests investment in companies like Zhaoyi Innovation (603986) and Baiwei Storage (688525) in the domestic storage sector, as well as various overseas CSP/ASIC supply chain companies [12].

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks, sector performances, and ETF transactions, indicating a shift in capital flow and investor interest. Group 1: Trading Activities - The total trading volume for the Shanghai and Shenzhen Stock Connect reached 2347.31 billion, with Cambricon Technologies and Zhongji Xuchuang leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The top ten stocks traded on the Shanghai Stock Connect included Cambricon Technologies with a trading volume of 27.93 billion, followed by Industrial Fulian and Zijin Mining [3] - On the Shenzhen Stock Connect, Zhongji Xuchuang topped the list with a trading volume of 42.52 billion, followed by CATL and NewEase Technology [4] Group 2: Sector Performance - The communication sector saw the highest net inflow of capital, amounting to 44.75 billion, with a net inflow rate of 4.23% [6] - In contrast, the non-ferrous metals sector experienced the largest net outflow of capital, totaling -57.87 billion, with a net outflow rate of -4.71% [7] - Other sectors with notable capital inflows included general equipment and machinery, while the computer and new energy sectors faced significant outflows [5][8] Group 3: ETF Transactions - The top traded ETF was the Hong Kong Securities ETF with a transaction amount of 136.69 billion, followed by the Gold ETF at 112.39 billion [13] - The Nikkei ETF (513520) saw a remarkable increase in trading volume, with a growth of 365% compared to the previous trading day [14] - The top ten ETFs by share growth last week included the Bank ETF, which saw an increase of 65.496 billion shares [15] Group 4:龙虎榜 (Dragon and Tiger List) - Institutional activity decreased significantly, with notable purchases in stocks like Innovation Medical and Sifangda, while significant sell-offs were observed in gold-related stocks [18][19] - The article notes a decline in the activity of retail investors, with significant sell-offs in stocks like Silver Lake and Pingtan Development [20][21] - Quantitative funds showed low activity, with some buying into stocks like Sifangda and Innovation Medical [22]

Group 1: A-Share Market Performance - As of October 20, 79 A-share listed companies have released their Q3 reports, with 66 reporting profits and 13 reporting losses [1] - 58 companies achieved positive revenue growth, while 59 companies reported positive net profit growth [1] Group 2: AI Industry Performance - The AI industry continues to show strong performance, with leading domestic AI chip company Cambricon reporting a nearly 24-fold year-on-year increase in revenue for the first three quarters [1][5] - Cambricon's revenue reached 46.07 billion yuan, with a net profit of 16.05 billion yuan [5] - Cambricon's inventory reached a record high of 37.29 billion yuan, indicating increased supply [5] Group 3: Major Companies' Financials - Zijin Mining reported the highest revenue and net profit among listed companies, with Q3 revenue of 254.2 billion yuan, a year-on-year increase of 10.33%, and a net profit of 37.864 billion yuan, up 55.45% [2][3] - Fuyao Glass achieved revenue of 33.302 billion yuan, a 17.62% increase, and a net profit of 7.064 billion yuan, up 28.93% [3] - 12 companies reported declines in both revenue and net profit, including Pianzaihuang, which saw a revenue drop of 11.93% and a net profit decline of 20.74% [3][4] Group 4: Other Notable Performers - Haiguang Information reported revenue of 9.49 billion yuan, a 54.65% increase, and a net profit of 1.961 billion yuan, up 28.56% [6] - Shijia Photon, a core supplier in the optical communication field, achieved revenue of 1.56 billion yuan, a 113.96% increase, and a net profit of 299 million yuan, up 727.74% [6]

Core Insights - The average stock price of A-shares is 13.43 yuan, with 149 stocks priced over 100 yuan, indicating market interest in high-priced stocks [1] - The Shanghai Composite Index closed at 3863.89 points, up 0.63%, while stocks over 100 yuan averaged an increase of 1.21%, outperforming the index by 0.58 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1457.93 yuan, followed by Cambricon and GigaDevice [1] Market Performance - The average increase of stocks priced over 100 yuan in the past month is 0.69%, compared to a 1.15% increase in the Shanghai Composite Index [2] - Notable performers include Pinming Technology, with a 167.93% increase, and Canxin Technology, with a 71.49% increase [2] - Year-to-date, the average increase for these high-priced stocks is 82.75%, surpassing the index's 67.47% [2] Stock Listings - A total of 149 stocks are priced over 100 yuan, with 56 from the electronics sector, 19 from the computer sector, and 16 from the pharmaceutical and biological sector [2] - The majority of these high-priced stocks are listed on the Sci-Tech Innovation Board, accounting for 46.31% of the total [2] Institutional Ratings - Three stocks priced over 100 yuan received "buy" ratings from institutions, including Jucheng Technology, Cambricon, and Haiguang Information [2]