科创板融资余额较前一交易日减少10.67亿元，融券余额增加1892.98万元。267股融资余额环比增加， 264股融券余额环比增加。 | 688222 | 成都 | 48641.65 | 18.40 | 28.51 | -27.41 | 5.76 | | --- | --- | --- | --- | --- | --- | --- | | | 先导 | | | | | | | 688592 | 司南 | 17610.92 | 16.08 | 34.83 | -3.66 | 0.56 | | | 导航 | | | | | | | | 盛邦 | | | | | | | 688651 | 安全 | 17370.1 1 | 15.98 | 0.00 | | -7.18 | | | 航天 | | | | | | | 688552 | 南湖 | 23388.40 | 15.75 | 81.02 | -25.84 | -0.22 | | 688135 | 利扬 | 301 11.05 | 14.78 | 0.00 | | 7.77 | | | 芯片 | | | | | | | 688246 | 嘉和 | 21497.74 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The competition in AI entry points is intensifying, with major companies increasing their investments. China's AI presence globally has significantly improved, with domestic large models continuously iterating. Despite GPT-5.2 and Gemini 3 Pro leading, Chinese models have effectively altered the North American dominance in the competitive landscape. In the global Top 10, three positions are held by Chinese models, and in the Top 15, there are six Chinese companies. By 2025, China's open-source AI model usage is expected to account for over 70% of the global market [2][11][19] - The demand for inference has surged, with the emergence of o1 class inference models unlocking approximately 10 times the potential of traditional models in terms of inference-time compute. The demand for computing power has shifted from being solely "training-driven" to a dual focus on "training + inference" [2][5][37] - The battle for entry points has evolved beyond mobile devices to OS-level intelligent agents and super apps. By December 24, 2025, ByteDance's AI application Doubao announced daily active users (DAU) exceeding 100 million, while Qianwen App reached over 30 million monthly active users within 23 days of public testing, becoming the fastest-growing AI application globally. Doubao bypasses traditional interfaces, creating an "AI operating system" that directly interacts with super apps like WeChat and Alipay, challenging the rules of the traditional app era [2][44][45] Summary by Sections AI Entry Point Competition - China's AI global presence has significantly improved, with domestic large models continuously iterating. In the global Top 10, three positions are held by Chinese models, and in the Top 15, there are six Chinese companies. By 2025, China's open-source AI model usage is expected to account for over 70% of the global market [2][11][19] - The competition for entry points has evolved beyond mobile devices to OS-level intelligent agents and super apps, with significant user engagement reported for new AI applications [2][44][45] Domestic Chip Breakthroughs - The smart computing center in China is expanding, with a projected compound annual growth rate (CAGR) of 57% from 2020 to 2028, reaching 2,781.9 EFLOPS by 2028. Domestic chip technology is steadily improving, with local cloud service providers accelerating the construction of heterogeneous environments [5][50] - Domestic general-purpose GPUs are upgrading from "usable" to "good," with performance metrics approaching those of leading international models. The production capacity of domestic chip manufacturers like SMIC is continuously increasing, providing solid support for domestic AI chip production [5][53][54] Supply and Demand Dynamics - The demand side is characterized by a surge in inference demand as AI applications become more prevalent, while the supply side sees continuous improvements in domestic GPU performance and accelerated adaptation by cloud service providers [5][59] - The AI server market is expected to see a shift towards inference servers becoming the mainstream, with a projected market size of approximately $39.3 billion in 2024, reflecting a year-on-year growth of 49.7% [5][64]

以下文章来源于白鲸实验室 ，作者柳嘉 眼下国产芯片替代形成两种局面，中低端芯片行业陷入内卷，高端GPU芯片公司，虽未进入存量厮杀阶段，但长期来看依然面临相似问题。当"国产替 代"的情绪退潮，真正的商业与技术能力能否支撑下一个周期？ 白鲸实验室 . 记录AI改变世界的瞬间 来源丨白鲸实验室 作者丨柳嘉 编辑｜八尺 2025年末，国产GPU集体迈入资本狂欢时刻。 "国产GPU双雄""中一签 30 万""中国英伟达"，市值超过4400亿…… 借助 AI和国产替代加速的双重因素，国产芯片尤其是GPU厂商走入高光时刻。这一度 构成了一种主流叙事：中国似乎要跑出自己的英伟达。 实际上，这场狂欢 掩盖了大量零碎却很难以引人关注的事实。 比如芯片是垄断行业，国产替代的空间尽管很大，资本的追捧和市场的盲目乐观，导致行 业涌入过多，极易陷入内卷。 2019年，因为美国对中国芯片技术封锁，国产替代成为市场明确方向，资本疯狂涌入，试图捕捉国产替代的巨大市场。这导致芯片设计公司迅速增加，仅 2021年国内新成立的芯片设计公司就有近600家，达到历史之最。目前，芯片设计公司有近4000家。 关于芯片产品定义，几乎都是由海外成熟产品给出的 ...

证券时报·数据宝统计显示，科创板股今日上涨的有453只，下跌的有141只，以收盘价为基准测算，科 创板平均股价为47.26元，其中，收盘价超过100元的有92只，股价在50元至100元之间的有157只，股价 在30元至50元的有150只。 以最新收盘价计算，科创板平均股价为47.26元，其中股价超100元的有92只，股价最高的是寒武纪-U。 融资融券方面，百元股最新（1月8日）融资余额合计1185.90亿元，融资余额居前的有寒武纪-U、中芯 国际、海光信息等，最新融资余额分别为162.78亿元、134.64亿元、75.91亿元。最新融券余额合计为 5.16亿元，融券余额居前的有寒武纪-U、海光信息、中芯国际等，最新融券余额分别为0.38亿元、0.37 亿元、0.35亿元。（数据宝） 科创板百元股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688256 | 寒武纪-U | 1491.00 | 3.25 | 2.44 | 电子 | | 688498 | 源杰科技 | 752.00 ...

追溯发现，最新百元股近一个月平均上涨18.78%，其间沪指上涨5.00%，涨幅居前的有超捷股份、臻镭 科技、西测测试等，涨幅分别为145.21%、143.31%、129.46%。 今日有1只股收盘价首次突破百元大关，麦格米特最新收盘价100.81元，上涨3.39%，全天换手率 4.68%，成交额21.53亿元，全天主力资金净流入3551.78万元。 以最新收盘价计算，A股平均股价为14.61元，其中股价超过100元的有213只，相比上一个交易日增加6 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至1月9日 收盘，沪指报收4120.43点，上涨0.92%，A股平均股价为14.61元，个股股价分布看，股价超过100元的 有213只，股价在50元至100元的有526只，股价在30元至50元的有798只。 股价超百元个股中，收盘价最高的是寒武纪，今日报收1491.00元，上涨3.25%，其次是贵州茅台、源杰 科技等，最新收盘价分别为1419.10元、752.00元。 市场表现方面，收盘股价超百元股中，今日平均上涨1.89%，跑赢沪指0.97个百分点。今日上涨的有137 只， ...

沪深股通今日合计成交3696.43亿，其中紫金矿业和宁德时代分居沪股通和深股通个股成交额首位。板 块主力资金方面，文化传媒板块主力资金净流入居首。ETF成交方面，传媒ETF（512980）成交额环比 增长214%。 龙虎榜方面，两只涨停的AI应用概念股获资金青睐，利欧股份获深股通买入2.04亿，同时获一家机构买 入1.03亿；昆仑万维获两家机构买入2.12亿，同时深股通买入1.84亿。游资大笔抢筹AI应用概念股，其 中昆仑万维获一家一线游资（国泰海通证券宁波广福街）买入1.72亿元，同时该席位1.61亿元资金抢筹 易点天下；利欧股份获一家一线游资（国泰海通证券上海中山东路）买入1.99亿元。 一、沪深股通前十大成交 今日沪股通总成交金额为1664.31亿，深股通总成交金额为2032.12亿。 | | 沪股通 ( | 1月9日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601899 | 紫雯虬,亚 | | 41.33 | | 2 | 688256 | 寒武纪 | | 31.24 | | 3 | ...

新华财经北京1月9日电科创50指数1月9日早间低开，随后冲高回落，早盘一度涨超1%，午后指数震荡 上行，最终大幅收涨。至收盘时，科创50指数报1475.97点，涨幅1.43%，指数振幅为2.73%，总成交额 约910.1亿元。 1月9日，科创综指全日收涨2.08%，收于1803.4点，总成交额约3272亿元。 从盘面来看，科创板600只个股涨多跌少，高价股、低价股均多数上涨。细分领域来看，通信设备股、 化学制药股表现强势，半导体股、医疗保健股跌幅靠前。 经新华财经统计，1月9日，科创板600只个股平均涨幅2.04%，平均换手率4.48%，合计成交额3272亿 元，平均振幅为5.14%。 个股表现方面，震有科技、信科一栋、前沿生物等涨停，涨幅靠前；盛邦安全跌7.18%，跌幅居首。 成交额方面，寒武纪成交额149.0亿元，位居首位；ST逸飞成交额1259万元，位居末位。 换手率方面，强一股份换手率为39.07%，位居首位；龙腾光电换手率为0.28%，位居末位。 （文章来源：新华财经） ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the computer industry [1][11]. Core Insights - The report highlights the acceleration of AI development in the manufacturing sector, driven by a recent policy issued by multiple government departments, aiming for significant advancements in AI technology and its applications by 2027 [3][5]. - The policy outlines specific goals, including the application of 3-5 general large models in manufacturing, the creation of 100 high-quality datasets, and the promotion of 500 typical application scenarios [3][5]. - The report emphasizes the transition of industrial AI from isolated applications to comprehensive integration across all manufacturing processes, with significant growth in AI adoption among industrial enterprises [6][7]. Summary by Sections Industry Performance - The computer industry has shown a strong market performance over the past year, with a focus on AI applications in manufacturing [1]. Policy Impact - The recent policy is a detailed implementation of previous guidelines, focusing on computational power, model development, data management, and application scenarios in manufacturing [5][6]. - Specific initiatives include support for advanced training chips, the development of industry-specific models, and the establishment of a chief data officer system in enterprises [5][6]. AI Adoption - The report notes a significant increase in the adoption of large models and intelligent agents in Chinese industrial enterprises, rising from 9.6% in September 2024 to 47.5% in 2025, with expectations for further rapid growth in 2026 [6][7]. Investment Recommendations - The report suggests focusing on companies involved in industrial AI applications, data annotation, and AI computing power, including firms like Zhong控 Technology, Kingdee International, and others [7].

Group 1 - The A-share market experienced a broad increase, with the Shanghai and Shenzhen indices rising, particularly in the media and domestic software sectors [1] - The Southern Science and Technology Growth ETF (589700.SH) rose by 2.55%, while Cambricon Technologies increased by 3.4% [1] - According to Galaxy Securities, the current stage of technological development is more robust across multiple dimensions, with dominant industry forces shifting from startups to established tech giants with strong cash flows and balance sheets [1] Group 2 - AI commercialization is still in its early stages and has not yet fully materialized, indicating significant growth potential [1] - Despite some localized valuation bubbles, their transmission effect on the overall stock market remains limited [1] - The global monetary easing environment has not fully unfolded, leaving room for policy adjustments [1] Group 3 - There is a persistent mismatch between technological bottlenecks and explosive demand in the hardware industry, with ongoing tight supply of computing and storage [1] - The evolution of large models towards multimodal applications (e.g., video) and the implementation of AI Agent functionalities are significantly increasing token consumption, creating a rigid demand for high-performance computing [1] Group 4 - The global data center vacancy rate is at a historical low, and the growth rate of power supply industries is accelerating [1] - PCB capacity expansion appears rational, driven mainly by high-end HDI and multilayer boards with over 14 layers, which are characterized by high technical barriers and concentrated production among leading companies [1] Group 5 - The compound annual growth rate (CAGR) for high-end PCBs is expected to reach 20.3% and 11.6% respectively from 2024 to 2029 [1] - As of the first three quarters of 2025, industry capital expenditures grew by only 8.4% year-on-year, significantly lower than demand growth, indicating a restrained and orderly capacity expansion [1] Group 6 - The aforementioned trends provide solid fundamental support for investing in science and technology growth index funds, which broadly cover core areas such as computing chips, advanced storage, high-end PCBs, and cloud computing infrastructure [1] - These funds can capture the benefits of the AI hardware boom while effectively mitigating individual stock bubble risks through diversified index-based allocation [1] - The Southern Science and Technology Growth ETF (589700.SH) is positioned to be an efficient tool for sharing in the new round of technological dividends during the critical transition from infrastructure construction to application implementation in AI [1]

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]