Group 1 - Xiaomi has officially open-sourced its first native end-to-end voice model, Xiaomi-MiMo-Audio, which is based on an innovative pre-training architecture and over one billion hours of training data, achieving few-shot generalization based on ICL in the voice domain for the first time [1] - The improvement in Xiaomi's AI capabilities is expected to enhance the user experience of related consumer electronics products [1] - As of September 19, 2025, the CSI Consumer Electronics Theme Index (931494) surged by 1.53%, with notable increases in component stocks such as Lixun Precision (002475) up by 4.97% and Industrial Fulian (601138) up by 5.95% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include Cambricon (688256), Lixun Precision (002475), and SMIC (688981), collectively accounting for 54.8% of the index [2] - The CSI Consumer Electronics Theme Index consists of 50 listed companies involved in component production and complete brand design and manufacturing, reflecting the overall performance of consumer electronics-related securities [1][2] - The performance of the Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, which has recently seen an eight-day consecutive rise [1]

在最新的业绩会说明会上，针对客户情况以及供应情况，寒武纪表示，公司产品持续在运营商、金融、 互联网等多个重点行业规模化部署并通过了客户严苛环境的验证，并再次强调，网上传播的关于公司在 某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜在客户、供应链等相关信息，均为误导 市场的不实信息。 对于上半年存货大幅增长，寒武纪董事会秘书叶淏尹称主要系本期产成品增加所致。公司已依据存货跌 价计提政策充分计提了相应的跌价准备。考虑大模型等人工智能市场对人工智能算力旺盛需求，该商业 化场景预计将为公司带来持续性收入，因此公司针对云端产品线进行了备货。 在产品研发进展方面，据介绍，公司新一代智能处理器微架构及指令集将对自然语言处理大模型、视频 图像生成大模型以及垂直类大模型的训练推理等场景进行重点优化，将在编程灵活性、易用性、性能、 功耗、面积等方面提升产品竞争力。同时，公司对基础系统软件平台也进行了优化和迭代。 ...

Core Viewpoint - The Sci-Tech Chip ETF Fund (588290) opened at a decline of 0.88%, priced at 2.263 yuan, reflecting the current market performance of the semiconductor sector [1] Group 1: Fund Performance - The fund's benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 123.78% [1] - The fund's return over the past month is reported at 27.55% [1] Group 2: Major Holdings - Key stocks in the fund include: - SMIC (Semiconductor Manufacturing International Corporation) opened with a gain of 0.70% [1] - Haiguang Information increased by 1.71% [1] - Cambrian (寒武纪) decreased by 2.04% [1] - Lattice Technology (澜起科技) rose by 2.66% [1] - Zhongwei Company (中微公司) saw an increase of 4.94% [1] - Chipone Technology (芯原股份) gained 0.57% [1] - Hu Silicon Industry (沪硅产业) increased by 0.28% [1] - Hengxuan Technology (恒玄科技) fell by 0.34% [1] - Sitaiwei (思特威) remained unchanged [1] - Huahai Qingke (华海清科) rose by 0.14% [1]

Core Viewpoint - The Information Technology ETF (159939) opened at a decline of 0.22%, priced at 0.887 yuan, indicating a slight downturn in the technology sector [1] Group 1: ETF Performance - The ETF's major holdings include companies such as Luxshare Precision, which rose by 2.26%, and SMIC, which increased by 0.70% [1] - Other notable movements include BOE Technology Group falling by 0.48%, and Cambrian Intelligence dropping by 2.04% [1] - The ETF's performance benchmark is the CSI All Share Information Technology Index, managed by GF Fund Management Co., Ltd., with a return of 77.84% since its inception on January 8, 2015, and a recent one-month return of 18.70% [1]

Group 1 - The core viewpoint of the article highlights the performance of the Southern Science and Technology Chip ETF (588890), which opened with a slight increase of 0.08% at 2.590 yuan [1] - The major holdings of the ETF include companies such as SMIC, which rose by 0.70%, and Huada Semiconductor, which increased by 1.71%, while Cambrian Technology saw a decline of 2.04% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Southern Fund Management Co., Ltd., with a return of 157.29% since its establishment on April 15, 2024, and a monthly return of 27.99% [1]

Core Viewpoint - The article discusses the performance of the Kexin 50 ETF Enhanced (588450) on September 19, highlighting its opening price and the performance of its major holdings [1] Group 1: ETF Performance - Kexin 50 ETF Enhanced (588450) opened down 0.17% at 1.730 yuan [1] - Since its inception on May 6, 2024, the fund has achieved a return of 73.25% [1] - The fund's return over the past month is reported at 20.17% [1] Group 2: Major Holdings Performance - Major holdings include: - SMIC (中芯国际) up 0.70% [1] - Haiguang Information (海光信息) up 1.71% [1] - Lanke Technology (澜起科技) up 2.66% [1] - Zhongwei Company (中微公司) up 4.94% [1] - Kingsoft Office (金山办公) down 0.96% [1] - Cambrian (寒武纪) down 2.04% [1] - Transsion Holdings (传音控股) up 0.54% [1] - Zhongkong Technology (中控技术) down 0.31% [1] - Stone Technology (石头科技) unchanged [1] - United Imaging Healthcare (联影医疗) up 0.59% [1] Group 3: Management Information - The fund is managed by China Merchants Fund Management Co., Ltd. [1] - The fund manager is Deng Tong [1]

Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 678 million yuan compared to the previous day, marking a continuous increase for 10 trading days [1] - A total of 473 stocks on the Sci-Tech Innovation Board have a financing balance exceeding 100 million yuan, with 37 stocks having a balance over 1 billion yuan [1] - The stocks with the highest net financing purchases include DeKeLi, HanWuJi, and YuanJie Technology, with net purchases of 1.81 billion yuan, 1.58 billion yuan, and 1.23 billion yuan respectively [2] Financing Balance Summary - As of September 18, the total margin financing balance on the Sci-Tech Innovation Board reached 245.863 billion yuan, with a financing balance of 245.058 billion yuan [1] - 260 stocks saw an increase in financing balance compared to the previous day, with 98 stocks having net purchases exceeding 10 million yuan [1] - The stocks with the largest decreases in financing balance include TuoJing Technology, ZhongWei Company, and FuDan Microelectronics, with decreases of 85.1397 million yuan, 78.8169 million yuan, and 78.6506 million yuan respectively [1] Stock Performance - DeKeLi had the highest net financing purchase amount, with a latest financing balance of 815.0858 million yuan, increasing by 181.4055 million yuan and experiencing a daily increase of 20% [2] - The average increase for stocks with net purchases exceeding 50 million yuan was 5.57%, with DeKeLi and HuaFeng Technology both rising by 20% [2] - The highest financing balance as a percentage of market capitalization was for SaiWei Microelectronics, with a financing balance of 450 million yuan, accounting for 9.67% of its market cap [2]

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容来自中国证券报，作者：杨洁，谢谢 。 9月18日，寒武纪举办2025年半年度业绩说明会，集中回答了投资者关于定增项目、产品迭代、软件 生态等相关问题。 值得注意的是，对于投资者关于寒武纪是否重启汽车驾驶芯片业务、是否考虑在芯片之外提供集成式 的解决方案，以及如何看待云厂商纷纷自研AI芯片等问题，寒武纪方面并未回答。 今年8月，寒武纪曾多次披露股票交易异常波动公告、股票交易风险提示公告，驳斥了网络传言。 2025年上半年，寒武纪业绩大增备受资本市场关注，对于未来的销售研判也是投资者关注的重点。 有投资者问及，寒武纪上半年存货水平有较大幅度增长，这主要是出于对下游需求的乐观预期而主动 备货，还是有其他方面的原因？ 持续推动产品迭代优化 在当天下午举办的寒武纪业绩说明会上，有投资者问及寒武纪的产品路线和时间节点是否具有先进 性。 寒武纪董事长、总经理陈天石回复称，公司坚持自主研发，聚焦技术创新，以保持公司技术前瞻性、 领先性，进而推动公司智能芯片产品、基础系统软件平台的迭代升级与优化，提升公司芯片产品的市 场竞争力，为客户提供优质的芯片产品。 陈天石称， ...

Group 1 - The company emphasizes that its products are being deployed at scale across key industries such as telecommunications, finance, and the internet, and have passed rigorous customer environment validations [1] - The company refutes misleading information circulating online regarding large orders, revenue forecasts, new product situations, sample submissions, potential customers, and supply chain issues [1] Group 2 - The significant increase in inventory during the first half of the year is attributed to the rise in finished products, and the company has made adequate provisions for inventory impairment based on its policy [3] - The strong demand for artificial intelligence computing power in the market is expected to generate sustained revenue for the company, leading to increased stocking for its cloud product line [3]

Core Viewpoint - The company emphasizes that its products are being deployed at scale across key industries such as telecommunications, finance, and the internet, and has passed rigorous customer environment validations. It also refutes misleading information circulating about its orders, revenue forecasts, new products, samples, potential customers, and supply chain issues [2]. Group 1 - The company reported a significant increase in inventory for the first half of the year, attributed mainly to the rise in finished products. The company has made adequate provisions for inventory depreciation according to its policy [2]. - The demand for artificial intelligence computing power, driven by large models and other AI market needs, is expected to provide the company with a continuous revenue stream. Consequently, the company has increased its stock for its cloud product line [2].