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].

Core Insights - DeepSeek and Cambricon have simultaneously released significant updates regarding their AI models, indicating a strong collaboration within the Chinese AI industry [2][4][6] 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 [2][3] - 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 [3][6] Group 2: Cambricon's Adaptation and Support - Cambricon announced the immediate adaptation of DeepSeek-V3.2-Exp and has open-sourced the vLLM-MLU inference engine, allowing developers to experience the new model on Cambricon's hardware platform [4][5] - The company emphasizes its commitment to building a robust software ecosystem for large models, supporting mainstream open-source models like DeepSeek [5][6] Group 3: Technical Innovations and Collaboration - Cambricon has focused on the joint innovation of chips and algorithms to optimize large model deployment performance and reduce costs, achieving industry-leading computational efficiency levels [6] - The collaboration between DeepSeek and Cambricon suggests that technical discussions and adaptation efforts may have begun prior to the official release of DeepSeek-V3.2 [6]

9月29日寒武纪-U大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 1.52 | 2011.72 | 1323.50 | 0.00 | 国泰海通证券股份有 | 中信证券股份有限公 | | | | | | 限公司总部 | 司上海分公司 | 寒武纪-U9月29日大宗交易平台出现一笔成交，成交量1.52万股，成交金额2011.72万元，大宗交易成交 价为1323.50元。该笔交易的买方营业部为国泰海通证券股份有限公司总部，卖方营业部为中信证券股 份有限公司上海分公司。 （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为1.46亿元。 证券时报·数据宝统计显示，寒武纪-U今日收盘价为1323.50元，下跌1.16%，日换手率为2.16%，成交额 为118.16亿元，全天主力资金净流入6161.91万元，近5日该股累计下跌5.33%，近5日资金合计净流入 4.66亿元。 两 ...

Group 1 - The CNQQ ETF, focused on Chinese technology, was launched on September 26 on NASDAQ, aiming to provide global investors with exposure to China's tech and innovation sectors [1] - The underlying index, Solactive ChinaAMC Transformative China Tech Index, was developed in collaboration with Solactive AG and China Asset Management, emphasizing companies with strong R&D capabilities [2] - The index uses a non-traditional market capitalization weighting method, selecting the top 100 stocks based on adjusted market cap and R&D spending, with a maximum weight of 10% per stock [2] 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 [2] - Major holdings in the CNQQ ETF include Alibaba Group (10.94%), Tencent Holdings (9.93%), and Contemporary Amperex Technology (8.00%) [4] Group 3 - Morgan Stanley noted a shift in investor sentiment towards Chinese technology since the "9·24" event, indicating a cautious optimism regarding the Chinese stock market and improving corporate earnings in various sectors [5] - The Hong Kong technology fund has seen significant inflows, ranking first in capital inflow among single market sector funds, while U.S. technology funds have experienced outflows [8]

Core Insights - DeepSeek has officially released and open-sourced the DeepSeek-V3.2-Exp model on the Hugging Face platform, marking a significant step towards the next generation architecture [1] - The new model introduces the DeepSeek Sparse Attention (DSA) mechanism, which aims to optimize training and inference efficiency for long texts while reducing computational resource consumption [1] - The model supports a maximum context length of 160K, with successful adaptations completed by Huawei and Cambricon [1] Technical Breakthroughs - The DeepSeek Sparse Attention (DSA) mechanism achieves fine-grained sparse attention, significantly enhancing training and inference efficiency for long text scenarios without compromising output quality [1][3] - The training settings for DeepSeek-V3.2-Exp were strictly aligned with the previous version, V3.1-Terminus, showing comparable performance across major public evaluation datasets [3] Benchmark Performance - Performance comparison between DeepSeek-V3.1-Terminus and DeepSeek-V3.2-Exp across various benchmarks shows: - MMLU-Pro: 85.0 (both versions) - GPQA-Diamond: 80.7 (V3.1) vs 79.9 (V3.2) - Humanity's Last Exam: 21.7 (V3.1) vs 19.8 (V3.2) - BrowseComp: 38.5 (V3.1) vs 40.1 (V3.2) - SimpleQA: 96.8 (V3.1) vs 97.1 (V3.2) - Codeforces-Div1: 2046 (V3.1) vs 2121 (V3.2) - AIME 2025: 88.4 (V3.1) vs 89.3 (V3.2) [4] Cost Reduction - The introduction of the new model has led to a significant reduction in API service costs, with a price drop of over 50%, effective immediately [4] Open Source and Community Support - DeepSeek has fully open-sourced the DeepSeek-V3.2-Exp model on Hugging Face and ModelScope, along with related research papers [6] - The company has retained API access for the V3.1-Terminus version for comparison purposes until October 15, 2025, with pricing aligned to V3.2-Exp [6] - To support community research, DeepSeek has also open-sourced GPU operators designed for the new model, recommending the use of the TileLang version for ease of debugging and rapid iteration [6] Industry Collaboration - Cambricon has announced the completion of adaptation for the new model and has open-sourced the vLLM-MLU inference engine source code, allowing developers to experience the new model's features on their hardware platform [6][7]