Group 1 - The semiconductor sector, including companies like Cambrian and others, experienced significant declines, with Cambrian's stock dropping over 10% [1] - Cambrian's stock closed at 1492.49 CNY per share on August 29, down 95.42 CNY from the previous day's closing price of 1587.91 CNY, resulting in a market capitalization decrease of nearly 40 billion CNY [2] - Cambrian issued a risk warning on August 28, indicating that its stock price had increased by 133.86% compared to the previous month, suggesting a potential disconnection from its fundamental performance [3][5] Group 2 - Cambrian forecasts its annual revenue for 2025 to be between 500 million CNY and 700 million CNY, based on current market conditions [6] - The company has no plans for new product releases, stating that recent information circulating online regarding new products is misleading [7] - Cambrian operates under a Fabless model and relies on a stable supply chain, which includes various specialized suppliers in the integrated circuit industry [8]

与此同时，贵州茅台则显示出企稳迹象，开盘后股价上扬，报1466.67元/股，涨幅达到1.42%。这一涨一跌之间，"股王"之争再次硝烟弥漫。 在股市的风云变幻中，寒武纪（688256.SH）成为了近期市场关注的焦点。近日，该公司股价经历了一场过山车般的波动，先是前一交易日大涨超15%，股 价一举超越贵州茅台（600519.SH），短暂登顶A股"股王"宝座。然而，好景不长，次日早盘，寒武纪股价便遭遇重挫，开盘即下跌6.8%，盘中更是一度下 探至接近1450元，跌幅扩大至8.76%。 从财务数据来看，寒武纪的业绩表现确实亮眼。根据公司此前发布的中报，上半年实现营收28.81亿元，同比增长高达4347.82%，相当于去年全年营收的两 倍多；归母净利润为10.38亿元，成功实现扭亏为盈。同时，公司经营活动产生的现金流量净额也由负转正，达到9.11亿元。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报 同 | | --- | --- | --- | --- | | 营业收入 | 2.880.643.471.09 | 64.765.343.16 | | | 利润总额 | 1,037,754,567.1 ...

行情回顾 美元指数本周呈现先涨后跌的走势，98整数关口得失再度成为关键。周初，美指从上周五鲍威尔鸽派讲话的打压中得以喘息，但随后特朗普宣布罢免美联储 理事库克引发美指下跌。降息预期与美联储独立性忧虑持续对美元施压。 现货黄金从中受益，在美联储风波和法国政坛不确定性的叠加影响下，现货黄金重获避险买盘，本周重回3400美元整数关口上方，有望录得连续第二周收 涨。 非美货币方面，欧元兑美元料将录得四周来首次收跌，法国总理发起信任投票引发政坛动荡；英镑兑美元连续第二周下跌，英国央行政策走向的不确定性难 以支撑英镑多头；美元兑日元跟随美指呈现先涨后跌走势；澳元兑美元整体录得上涨。 国际油价本周有望连续第二周录得上涨。消息称埃克森美孚有望重返俄罗斯远东海岸油气田开发项目，交易员重新权衡俄罗斯燃料供应前景，油价一度从三 周高点回落。但俄乌领导人会晤可能性持续降低为油价托底。 比特币本周一度大幅下跌至11万美元下方，料将连续第二周收跌。与此同时，以太坊却表现优异。数据显示，以太坊在过去30天里上涨超过17%，而比特币 回报率则为-5.5%。 美国总统特朗普本周签署文件，宣布罢免美联储理事库克。库克的律师团队表示此举没有法律依 ...

Core Viewpoint - Guizhou Moutai's stock price is recovering, nearing the title of "stock king," while its competitor, Cambricon Technologies, faces significant stock price volatility and risks [1][2]. Group 1: Guizhou Moutai - On August 29, Guizhou Moutai's stock closed at 1480 CNY per share, with a market capitalization of 1.86 trillion CNY, reflecting a 2.34% increase [1]. - The company completed its share repurchase plan, buying back 3.9276 million shares for 6 billion CNY, which is 0.3127% of its total share capital [1]. - The repurchase plan, announced in September 2024, aims to buy back between 3 billion CNY and 6 billion CNY of shares to reduce registered capital [1]. - Guizhou Moutai's revenue for the first half of 2025 was 89.389 billion CNY, a 9.1% year-on-year increase, with a net profit of 45.403 billion CNY, up 8.89% [4]. - The company has a plan to increase its dividend payout and is drafting a new share repurchase scheme [5]. Group 2: Cambricon Technologies - Cambricon Technologies' stock price closed at 1492.49 CNY, having dropped over 6% on the same day, raising concerns about its ability to maintain its "stock king" status [1][2]. - The company announced an expected revenue range of 5 billion to 7 billion CNY for the full year 2025, with a projected revenue of 2.819 billion CNY for the second half of the year, indicating potential negative growth compared to the first half [3]. - Cambricon's stock has seen a significant increase of 133.86% since July 28, leading to warnings about potential risks due to disconnection from its fundamental performance [2][3]. - Goldman Sachs raised Cambricon's target price to 1835 CNY, reflecting increased expectations for AI chip shipments [4].

力 证券时报·数据宝统计，截至8月29日收盘，深沪北共61只个股连续5日或5日以上主力资金净流入。银都 股份连续13日主力资金净流入，排名第一；ST瑞和等连续9日主力资金净流入，位列第二。从主力资金 净流入总规模来看，寒武纪主力资金净流入金额最大，连续8天累计净流入16.56亿元，亿纬锂能紧随其 后，5天累计净流入8.70亿元。从主力资金净流入占成交额的比例来看，天普股份占比排名居首，该股 近6日上涨77.14%。（数据宝） 连续5日或以上主力资金净流入个股排名 | 证券代 | 证券简 | 主力资金净流入 | | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | | （亿元） | （%） | （%） | | 688256 | 寒武纪 | 8 | 16.56 | | 1.04 | 59.80 | | 300014 | 亿纬锂 能 | 5 | 8.70 | | 3.98 | 17.92 | | 002335 | 科华数 据 | 7 | 8.69 | | 4.60 | 14.18 | ...

Core Viewpoint - The article highlights the remarkable turnaround of Cambricon Technologies, an AI chip company that transformed from years of losses to achieving significant profitability and becoming a leading player in the A-share market within a span of five years [2][17]. Company Overview - Cambricon Technologies was founded in 2015 by Chen Tian-shi, focusing on the research, design, and sales of AI chips and related solutions [6]. - The company initially adopted a technology licensing model, gaining recognition through its collaboration with Huawei, which utilized its AI processing unit in the Kirin 970 chip [6][9]. Financial Performance - From 2017 to 2019, Cambricon reported cumulative losses exceeding 1.6 billion yuan, with revenues of 7.84 million yuan, 117 million yuan, and 444 million yuan respectively [9]. - In 2025, the company reported a staggering revenue of 28.81 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 10.38 billion yuan, marking a significant recovery from a loss of 5.3 billion yuan the previous year [17][18]. Market Position and Strategy - Cambricon faced intense competition from global leaders like NVIDIA and domestic giants such as Huawei and Baidu, prompting the company to pursue a differentiated strategy focused on ASIC chips designed specifically for neural network computations [13][14]. - The company has developed a series of AI chips, including the SiYuan 370, which boasts a peak processing capability of 256 TOPS, and has established a comprehensive software ecosystem to support its hardware [14][15]. Recent Developments - The resurgence of interest in AI technologies and the demand for high computing power have positioned Cambricon as a key player in the cloud intelligent computing market, with its products generating over 1 billion yuan in revenue across various sectors in 2023 [15][18]. - By August 2025, Cambricon's stock price reached a peak of 1587.91 yuan per share, with a market capitalization of approximately 663.7 billion yuan, making it the new "king of stocks" in the A-share market [21][22]. Challenges Ahead - Despite its successes, Cambricon faces ongoing challenges, including supply chain risks due to its fabless model and the need for international expansion to compete globally [24]. - The company must continue to innovate and adapt to the rapidly evolving AI chip landscape, where competition is intensifying as more players enter the market [24].

寒武纪8月29日大宗交易平台出现一笔成交，成交量1.60万股，成交金额2387.98万元，大宗交易成交价 为1492.49元。该笔交易的买方营业部为华泰证券股份有限公司北京雍和宫证券营业部，卖方营业部为 国泰海通证券股份有限公司总部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为3228.56万元。 证券时报·数据宝统计显示，寒武纪今日收盘价为1492.49元，下跌6.01%，日换手率为4.27%，成交额为 265.07亿元，全天主力资金净流入1.70亿元，近5日该股累计上涨20.05%，近5日资金合计净流入6.19亿 元。 两融数据显示，该股最新融资余额为107.70亿元，近5日增加39.47亿元，增幅为57.85%。（数据宝） 8月29日寒武纪大宗交易一览 | 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（%） | | | | 1.60 | 2387.98 | 1492.49 | 0.00 | 华泰证券股份有限公司北京 ...

证券时报·数据宝统计显示，科创板股今日上涨的有215只，下跌的有367只，以收盘价为基准测算，科 创板平均股价为40.31元，其中，收盘价超过100元的有66只，股价在50元至100元之间的有144只，股价 在30元至50元的有156只。 科创板股中，收盘价最高的是寒武纪，今日报收1492.49元，下跌6.01%，其次是茂莱光学、百利天恒 等，最新收盘价分别为450.53元、334.50元。 科创板百元股中，今日平均下跌0.27%，具体来看，今日上涨的有24只，涨幅居前的有开普云、海博思 创、百济神州等。下跌的有40只，跌幅居前的有影石创新、海天瑞声、恒玄科技等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价387.68%，溢价幅度居前的有寒武纪、安 集科技、百利天恒等，溢价幅度分别为2217.89%、1290.85%、1254.25%。 以最新收盘价计算，科创板平均股价为40.31元，其中股价超100元的有66只，股价最高的是寒武纪。 （文章来源：证券时报网） 科创板百元股一览 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有31只、11 只、9只股票上榜。 | 6 ...

证券时报•数据宝统计显示，今日科创板个股上涨的有215只，涨停的有杭可科技等1只，下跌的有367 只。 沪深两市全天主力资金净流出694.70亿元，其中，科创板主力资金净流出36.49亿元，主力资金净流入的 有251只股，主力资金净流出的有333只股。 | 688667 | 菱电电控 | 75.01 | 1.43 | -0.27 | 1.51 | | --- | --- | --- | --- | --- | --- | | 688016 | 心脉医疗 | 68.15 | 0.21 | -1.45 | 2.44 | | 688475 | 萤石网络 | 44.59 | 0.16 | -1.49 | 1.86 | | 688450 | 光格科技 | 41.57 | 1.80 | -2.63 | 1.59 | | 688677 | 海泰新光 | 40.71 | 0.39 | -0.05 | 1.97 | | 688167 | 炬光科技 | 39.76 | 0.05 | -1.95 | 7.08 | | 688646 | ST逸飞 | 36.90 | 1.17 | -0.42 | 1.73 | | 688081 | ...

Core Points - The STAR 50 index experienced a notable adjustment, closing at 1341.31 points with a daily decline of 1.71%, despite a 28% increase in the month, leading the market [1] - There is a significant divergence in fund behavior, with substantial inflows into STAR board stocks while major technology ETFs faced large-scale redemptions [1] - The semiconductor and chip sectors showed remarkable performance, but the net outflow from related ETFs reached 29.556 billion yuan, with the Huaxia STAR 50 ETF leading the redemptions [1][2] - Conversely, funds are flowing into chemical and securities sectors, with the chemical ETF seeing an inflow of 7.7 billion yuan and the securities ETF 7.56 billion yuan [1] Fund Flows - As of August 28, the top ten ETFs with the largest net outflows included five related to chips and semiconductors, with the Huaxia STAR 50 ETF experiencing a net outflow of 27.195 billion yuan [2] - The STAR 50 component stocks saw a net buy of 23.972 billion yuan in financing, accounting for 9.35% of the total net buy in A-shares [2][5] - Individual stocks like Cambricon (688256.SH), SMIC (688981.SH), and Haiguang Information (688041.SH) had significant net buys of 6.194 billion yuan, 4.796 billion yuan, and 4.044 billion yuan respectively [2][3] Market Sentiment - Economic experts noted a growing divergence in opinions regarding the future performance of technology stocks, particularly in the semiconductor sector, which has seen substantial gains recently [4][5] - The influx of leveraged funds into technology stocks indicates a strong preference for high-growth potential, but this concentration poses significant risks if market sentiment shifts [5][6] - The current market environment suggests a potential overheating in the technology sector, particularly in semiconductor valuations, although it does not necessarily indicate an end to the upward trend [6]