Market Overview - The market experienced fluctuations with the ChiNext Index leading the gains, while the Shanghai Composite Index showed narrow movements. By the market close, the Shanghai Composite Index rose by 0.46%, the Shenzhen Component Index increased by 1.05%, and the ChiNext Index surged by 2.29% [1]. Market Activity - The market displayed a mixed trend with more stocks rising than falling, as over 3,200 stocks in total saw an increase [2]. - The total trading volume for the Shanghai and Shenzhen markets reached 2.75 trillion yuan, a decrease of approximately 48.34 billion yuan compared to the previous trading day. The Shanghai market accounted for 1.21 trillion yuan, while the Shenzhen market contributed 1.54 trillion yuan [7]. Sector Performance - Gold concept stocks experienced a collective surge, with over ten stocks, including Western Gold, hitting the daily limit [3]. - CPO and other computing hardware stocks maintained strong performance, with companies like Yuanjie Technology reaching new historical highs [4]. - Innovative drug concept stocks rebounded, with Changchun High-tech hitting the daily limit [5]. - Conversely, large financial stocks underwent a collective adjustment, with insurance stocks leading the decline [6]. Top Stocks by Trading Volume - The stock with the highest trading volume was Cambrian Technology-U, with a turnover of 25.1 billion yuan. Following it were Xinyi Sheng (24.7 billion yuan), Zhongji Xuchuang (23.2 billion yuan), Shenghong Technology (19.3 billion yuan), and Dongfang Caifu (18.6 billion yuan) [8].

9月1日，沪深两市成交额合计2.75万亿元，较上一交易日缩量约483.37亿元。其中，沪市成交额1.21万 亿元，深市成交额1.54万亿元。寒武纪-U成交额居首，为250.71亿元。其后是新易盛、中际旭创、胜宏 科技、东方财富，成交额分别为247.24亿元、231.74亿元、192.96亿元、185.84亿元。 ...

我们又一次见证了历史！ 而这次的历史，含金量很可能比以往任何一次都要来得高：中国大A，曾经的股王茅台退位，寒武纪登基。 寒武纪是干嘛的？ 做AI芯片的。AI芯片通俗理解，就是人工智能的专用大脑。酱香科技让给了人工智能芯片科技，不管寒王超越茅王是长期的还是暂时的，象征意义非常 大！ 那就是：首先，面对不确定的未来，人工智能几乎是为数不多的、相对最确定的方向之一。其次，AI算力时代滚滚而来的同时，国产替代的大门也已经打 开。 通俗讲，无论是历史进程还是气氛都已经烘托到这儿了。 现在全球已经进入人工智能和算力的军备竞赛当中，当然，核心玩家就我们和美国两个。 就在最近，最高层又部署"人工智能+"行动，通俗地讲，中国的人工智能，未来会像之前的移动互联网一样，成为一种基建，我们的衣食住行哪儿哪儿都离 不开。 这也就意味着，中国经济增长的新的主角，是科技生产力。 但现实是，中国的AI曾经包括现在都高度依赖美国人的芯片，而对方呢？隔三岔五不卖我们AI芯片，试图拿捏我们。 只不过，这反而给了包括寒武纪在内的中国本土芯片公司一个千载难逢的机会：美国人的芯片好是好，买不到我们总不能不搞AI了吧？ 国产芯片是拉胯了点，但又不是不能用 ...

Core Viewpoint - Alibaba's cloud division, Alibaba Cloud, refuted rumors about purchasing 150,000 GPUs from Cambricon, which led to a decline in Cambricon's stock price. However, Goldman Sachs raised Cambricon's target price by 14.7% to 2,104 RMB due to strong Q2 performance, indicating a potential market shift towards technology innovation in China's economy [1]. Group 1: Cambricon's Market Position - Cambricon's market value is approaching that of Intel, with Intel's market cap at $113.3 billion (approximately 81.15 billion RMB). Cambricon could surpass Intel's market cap with just two trading halts [1]. - Analysts suggest that Cambricon's rise reflects a deeper transformation in China's economic structure, shifting growth drivers from traditional consumption to technological innovation [1]. Group 2: Market Trends and Opportunities - The STAR Market (科创板) is expected to experience a rebound due to previous underperformance compared to other indices. Since the low point on April 8, the STAR Market has lagged behind other major indices, indicating potential for catch-up [2]. - Continuous policy and institutional benefits are expected to enhance market confidence in "hard technology," with the STAR Market benefiting from ongoing financial support for technology-related policies [2]. - The domestic demand for computing power is projected to grow rapidly, with the market capacity expected to double by 2025, particularly in the context of U.S. restrictions on chip exports [2]. Group 3: AI Sector Insights - The AI sector is anticipated to be a leading segment in the current bull market, with its pervasive impact across various industries. Unlike the previous "Internet+" trend, AI serves as a productivity tool, suggesting further valuation growth potential in both the STAR Market and the ChiNext [3]. - The STAR Market's AI-focused ETF (589520) has shown significant inflows, with a total of 159 million RMB in the last five days and 270 million RMB over the past 60 days, indicating strong investor interest [3]. Group 4: Investment Highlights - The AI-focused ETF (589520) is positioned to benefit from policy support and the rapid development of AI technologies, with a focus on companies that dominate specific segments of the AI industry [5]. - The ETF offers a low-entry point for investors and has a high potential for returns, with a significant portion of its holdings concentrated in the semiconductor sector, which accounts for nearly half of its portfolio [5].

Quantitative Models and Construction Methods Model Name: Broker Gold Stock Performance Enhancement Portfolio - **Model Construction Idea**: The model aims to optimize the selection of stocks from the broker gold stock pool to outperform the median of active equity funds[39][43]. - **Model Construction Process**: - The model uses the broker gold stock pool as the stock selection space and constraint benchmark. - It employs portfolio optimization to control deviations in individual stocks and styles from the broker gold stock pool. - The industry distribution of all public funds is used as the industry allocation benchmark. - The model's detailed construction method can be found in the report "Broker Gold Stock Full Analysis - Data, Modeling, and Practice" published on February 18, 2022[39][43]. - **Model Evaluation**: The model has shown stable performance historically, consistently outperforming the active equity fund index from 2018 to 2022, ranking in the top 30% of active equity funds each year[12][39]. Model Backtesting Results Broker Gold Stock Performance Enhancement Portfolio - **Absolute Return (Monthly)**: 15.49%[5][42] - **Excess Return Relative to Active Equity Fund Index (Monthly)**: 3.59%[5][42] - **Absolute Return (Year-to-Date)**: 34.01%[5][42] - **Excess Return Relative to Active Equity Fund Index (Year-to-Date)**: 5.72%[5][42] - **Ranking in Active Equity Funds (Year-to-Date)**: 30.38% percentile (1054/3469)[5][42] Quantitative Factors and Construction Methods Factor Name: Single Quarter Net Profit Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of net profit in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net profit for the current quarter. - Compare it to the net profit of the same quarter in the previous year. - The formula is: $ \text{Net Profit Growth Rate} = \frac{\text{Current Quarter Net Profit} - \text{Previous Year Same Quarter Net Profit}}{\text{Previous Year Same Quarter Net Profit}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter ROE - **Factor Construction Idea**: This factor measures the return on equity for a single quarter[3][28]. - **Factor Construction Process**: - Calculate the net income for the quarter. - Divide it by the average shareholders' equity for the quarter. - The formula is: $ \text{ROE} = \frac{\text{Net Income}}{\text{Average Shareholders' Equity}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Name: Single Quarter Revenue Growth Rate - **Factor Construction Idea**: This factor measures the growth rate of revenue in a single quarter[3][28]. - **Factor Construction Process**: - Calculate the revenue for the current quarter. - Compare it to the revenue of the same quarter in the previous year. - The formula is: $ \text{Revenue Growth Rate} = \frac{\text{Current Quarter Revenue} - \text{Previous Year Same Quarter Revenue}}{\text{Previous Year Same Quarter Revenue}} \times 100\% $ - **Factor Evaluation**: This factor has performed well recently[3][28]. Factor Backtesting Results Single Quarter Net Profit Growth Rate - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter ROE - **Performance**: This factor has shown good performance recently[3][28]. Single Quarter Revenue Growth Rate - **Performance**: This factor has shown good performance recently[3][28].

科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 （文章来源：每日经济新闻） 中国银河证券认为，目前我国对于算力基础设施的建设逐年增长，已然成为新时代下基础设施建设的重 要发展方向之一。算力数据中心存在大型化、高速互连化的趋势，而通信行业作为信号传输的关键环 节，受益于大型智算中心的增长、数据互联速率不断提升的驱动以及应用场景的进一步开拓，市场空间 有望进一步打开。展望未来，通信行业有望走出长牛态势。 截至14:10，科创人工智能ETF华夏（589010）下跌0.53%，继盘初落入水下，跌幅超2%后强势反弹，持 续收复失地，向上势能不断积蓄，上车机会不容错过。持仓股方面，成分股涨跌互现，虹软科技领涨 8.30%，凌云光上涨7.69%；航天宏图领跌5.19%，奇安信下跌3.28%，福昕软件、星环科技跌幅超2%， 寒武纪下跌1.81%，大幅收窄盘初跌幅。流动性方面，盘中成交金额超8500万元，换手34.5%，市场交 投火爆，量能释放充沛。 消息方面，9月1日，高盛称，寒武纪宣布的二季度 ...

随着互联网大厂相继交出财报业绩，AI相关收入与资本开支也已尽数揭晓。据《科创板日报》统计， 第二季度BAT三家合计资本开支615.83亿元，同、环比分别提升168%、12%。其中： 8月29日，阿里发布二季报，云业务收入333.98亿元，同、环比分别提升26%、11%。单季度资本开支达 386.76亿元，同、环比提升220%、57%，单季度云收入及资本开支均大超预期。此外，针对AI芯片政策 与供应变化，公司已制定备用方案。无论行业出现何种变数，公司都将按计划推进3800亿元人民币的既 定资本支出投资。 之后摩根大通将阿里巴巴目标价从140美元上调至170美元。 此前不久，腾讯公布2025年二季度业绩，FinTech and Business service（含云业务）收入555.36亿元，同 比提升10%；单季度资本开支191亿元，同比大幅提升119%。 落实到投资标的上，民生证券表示，阿里云业绩超预期验证中国AI大基建加速发展，国产AI Infra有望 迎来价值重估，建议关注云计算、数据治理以及国产算力硬件供应链等核心环节： 云计算：阿里巴巴、深信服、金山云、优刻得、青云科技、顺网科技等； 数据治理：星环科 ...

Group 1: Electronic Industry Overview - The electronic industry experienced a 6.28% increase from August 25 to August 29, ranking third among the primary sectors [2][6] - The electronic industry's price-to-earnings (P/E) ratio stands at 70.91, with the top three sectors in terms of valuation being computer, defense, and electronics [2][6] - Among the sub-sectors, printed circuit boards saw the highest increase at 16.93%, while semiconductor equipment and analog chip design experienced declines [2][6] Group 2: AI Development Strategy - The State Council of China released a strategic blueprint for AI development, aiming for comprehensive AI integration across six key areas by 2027, with a target application penetration rate exceeding 70% [3] - By 2030, AI is expected to significantly contribute to high-quality development, with application penetration rates surpassing 90% [3] - By 2035, AI will be a foundational infrastructure akin to the internet, supporting the modernization of socialism in China [3] Group 3: AI Hardware and Chip Development - Chinese chip manufacturers plan to triple the total production of AI processors by next year to reduce reliance on NVIDIA chips [4] - The DeepSeek company introduced the DeepSeek-V3.1, marking a step towards the era of intelligent agents with enhanced precision for next-generation AI chips [5] - Cambricon, a leading domestic AI chip company, reported a net profit of 1.038 billion yuan for the first half of 2025, indicating a shift from strategic investment to mass production in the high-end AI chip market [6] Group 4: NVIDIA's Financial Performance - NVIDIA's Q2 2026 financial report showed revenue and profit exceeding market expectations, with sales growth projected to remain above 50% [7][8] - The Blackwell platform achieved a record high performance with a 17% quarter-over-quarter increase, and the GB300 chip has entered mass production [7][8] - Global data center infrastructure and computing investments are expected to reach $600 billion this year, with significant growth anticipated in AI infrastructure investments [8]

中国基金报记者孙越 8月，A股市场行情向好，券商金股组合普遍获得较高收益。每市App数据显示，开源证券金股组合以 25.84%的月度收益率排名第一，中航证券、国元证券分列第二、第三位，单月收益均超20%。 个股方面，有3只金股在8月份股价实现翻倍以上增长，分别是华胜天成、寒武纪-U、思泉新材。截至 发稿，已有20多家券商发布9月金股组合。配置方向上，多家券商认为A股市场仍然有望继续上行，建 议关注科技、顺周期、"反内卷"制造业等方向。 8月"金股池"出现3只翻倍大牛股 回顾8月，开源证券金股组合以25.84%的月度收益率排名第一，中航证券、国元证券分列第二、第三 位，单月收益均超20%；华鑫证券、中原证券、长城证券金股组合8月份涨幅也超18%。 【导读】券商9月金股出炉，建议关注科技、顺周期等方向 个股方面，中兴通讯在9月受到国信证券、中泰证券、华泰证券等多家券商推荐。国信证券认为，该公 司是国内通信设备头部企业，受益AI（人工智能）发展，同时公司芯片侧有望突破，未来盈利能力有 望提升。此外，金山办公、新易盛、晶晨股份、雷赛智能、泸州老窖等个股也被多家券商青睐。 | 股票简称 | 所属行业 | 推荐券商 | ...

Group 1 - Cambrian's stock experienced a significant adjustment, dropping over 4% during the afternoon session on September 1, while Alibaba's stock surged, reaching nearly a 19% increase [1] - Alibaba Group reported its Q1 FY2026 earnings on August 29, showcasing a remarkable performance in its cloud business with a 26% year-on-year revenue growth, marking the highest growth rate in nearly three years [1] - AI-related product revenue for Alibaba has seen triple-digit year-on-year growth for eight consecutive quarters, indicating strong demand and market positioning in the AI sector [1] Group 2 - The capital expenditure in the AI and cloud sectors for Alibaba reached 38.6 billion yuan, a staggering 220% increase year-on-year, exceeding market expectations [1] - The Hang Seng Technology Index ETF (513180) is currently valued at a P/E ratio of 21.23, which is below 82% of the time since its inception, indicating a relative undervaluation [2] - The anticipated interest rate cuts by the Federal Reserve and Alibaba's strong earnings report are expected to catalyze upward momentum in the Hang Seng Technology Index, which is characterized by high elasticity and growth potential [2]