Economic Data - China's September imports are expected to increase by 1.3% year-on-year, while exports are projected to rise by 4.4% [3] - The U.S. September CPI data release has been postponed to October 24, with a previous expectation of 3.1% [4][6] - China's September CPI is anticipated to be -0.1% to -0.3%, showing improvement from August's -0.4% [7] - China's September PPI is expected to narrow its decline to -2.4% [8] - China's September export growth is forecasted to accelerate to approximately 6.0% to 7.4% [9] Major Events - The Oracle AI World conference will take place from October 13 to 16, where Oracle is expected to launch new AI Database services [10][11] - The IMF and World Bank's annual meeting will be held from October 13 to 18, focusing on stock market bubble risks [12] - The 2025 World Intelligent Connected Vehicle Conference will be hosted in Beijing from October 16 to 18 [14] - The Nobel Prize in Economic Sciences will be announced on October 13, with a focus on interdisciplinary research trends [15] Company Earnings Reports - Cambricon will release its Q3 2025 earnings report on October 17, following a significant revenue increase of 4347.82% in the first half of the year [18] - Samsung Electronics is set to announce its preliminary Q3 2025 results on October 14, with operating profit expected to exceed 10 trillion won [19] - ASML will report its Q3 2025 earnings on October 15, with sales projected between 7.4 to 7.9 billion euros due to high demand for advanced EUV lithography systems [20]

计算机行业事件点评 ➢ 事件概述：当地时间 2025 年 10 月 10 日，美国总统特朗普在社交媒体宣 布：从 11 月 1 日起，对中国产品征收 100%关税；并对所有"关键软件"实施 出口管制。 ➢ 政策层面：政策大力支持，国产化持续推进。2025 年 9 月 30 日，国务院 办公厅印发《关于在政府采购中实施本国产品标准及相关政策的通知》。政策明 确指出，政府采购活动中既有本国产品又有非本国产品参与竞争的，依法对本国 产品给予价格评审优惠，对本国产品的报价给予 20%的价格扣除，用扣除后的价 格参与评审。 ➢ 产业层面：重要订单落地，信创不断加速。1）工商银行 2025 年度海光芯 片服务器采购项目正式进入公示期，项目规模或达 30 亿元。国产芯片在金融领 域已积累广泛认可，尤其在处理高并发、高敏感性业务场景中展现出可靠性能。 随着信创工作步入收官阶段，金融机构在系统选型时更加注重稳定性与迁移效 率，成熟品牌的优势逐渐凸显。 2）2025 年中国联通通用服务器集中采购中，通用服务器标包二(鲲鹏/海光芯片） 78395 台，国产化占比 90.1%。本次集采划分为两个标包，共计通用服务器 87020 台， ...

从核心压舱石到高弹性赛道，解码硬科技投资攻守道。 科创板作为中国硬科技发展的主阵地，自2019年7月开板以来，始终肩负着服务硬科技企业、培育新 质生产力的重要使命。 作者 | RAYYYY 编辑 | 小白 今年以来，科创板成为资本市场最炙手可热的板块之一。 Choice数据显示，自2024年"9·24"行情至今，科创综指累计涨幅达123.9%。 这场硬科技的"阶梯式攀升"背后，是政策支持、产业升级与资金流入形成的正向循环。 而科创板ETF作为普通投资者参与科创板投资的重要工具，其产品数量与规模也迎来爆发式增长。 寒武纪登顶与算力巨头合并，共塑科创板硬科技新生态 （一）寒武纪登顶A股"新股王"，科创板硬科技生态迎来高光时刻 2025年8月28日，寒武纪股价突破1500元不仅彰显了资本市场对硬科技企业的高度认可，更为后续企 业打开了估值空间。 （来源：Choice数据） 与此同时，摩尔线程以88天闪电过会，创下年内科创板审核速度新纪录，其80亿元的募资规模也成为 年内最大IPO项目之一。 （来源：Choice数据） 寒武纪的强势表现还产生了显著的标杆效应和板块带动作用。 （来源：Choice数据） （来源：市值风 ...

华鑫证券日前研报指出，寒武纪业绩表现亮眼，AI算力芯片获下游客户认可。2025年上半年实现营收 28.81亿元， 同比增长4347.82%；实现归母净利润10.38亿元，同比增长295.82%。近期，寒武纪募资 39.85亿元。公司拟用募集资金投资20.54亿元，用于面向大模型芯片平台项目的建设，以增强公司在面 向大模型的AI 芯片技术和产品综合实力；拟用募集资金投资14.52亿元，用于面向大模型软件平台项目 的建设。AI硬件方面，公司团队先后研制的智能处理器及芯片产品，包括用于终端场景的寒武纪1A、 寒武纪1H、寒武纪1M 系列智能处理器；AI软件方面，智能芯片的大规模商用需要兼顾易用性和可编程 性，离不开软件平台的深度赋能。随着未来公司软硬件的协同发展，公司的AI 算力芯片有望迎来更多 订单，公司业绩有望持续提升。该行认为随着未来公司软硬件的协同发展，公司的AI算力芯片有望迎 来更多订单，公司业绩有望持续提升，首次覆盖，给予"买入"投资评级。 ...

科创板百元股中，今日平均下跌4.15%，具体来看，今日上涨的有7只，涨幅居前的有开普云、华海诚 科、云路股份等。下跌的有64只，跌幅居前的有华虹公司、德科立、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482.56%，溢价幅度居前的有上纬新材、 寒武纪-U、安集科技等，溢价幅度分别为5332.11%、1836.76%、1622.80%。 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35只、11 只、10只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流出89.66亿元，净流入资金居前的有中科飞测、寒 武纪-U、普冉股份等，净流入资金分别为7568.40万元、7309.54万元、6518.53万元；净流出资金居前的 有中芯国际、海光信息、澜起科技等，净流出资金分别为{6}。 融资融券方面，百元股最新（10月9日）融资余额合计911.05亿元，融资余额居前的有中芯国际、寒武 纪-U、海光信息等，最新融资余额分别为150.97亿元、136.67亿元、79.27亿元。最新融券余额合计为 4.90亿元，融券余额居前的有中芯国际、海光信息、寒武纪-U等 ...

| 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-U | 32 | 43.77 | 0.72 | 33.52 | | 600021 | 上海电 力 | 6 | 15.21 | 7.72 | 32.91 | | 601288 | 农业银 行 | 6 | 10.78 | 6.54 | 3.96 | | 600309 | 万华化 学 | 7 | 5.40 | 4.12 | 6.93 | | 601212 | 白银有 色 | 5 | 5.11 | 8.45 | 35.11 | | 603301 | 振德医 疗 | 10 | 4.24 | 8.15 | 40.10 | | 601555 | 东吴证 券 | 5 | 3.89 | 7.43 | 7.07 | | | 东方电 | | | | | | 603606 | 缆 | 7 | 3.50 | 5.55 | 17.75 | | 30018 ...

以最新收盘价计算，A股平均股价为13.69元，其中股价超过100元的有164只，相比上一个交易日减少13 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10月10 日收盘，沪指报收3897.03点，下跌0.94%，A股平均股价为13.69元，个股股价分布看，股价超过100元 的有164只，股价在50元至100元的有459只，股价在30元至50元的有760只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1430.00元，下跌0.47%，其次是寒武纪、吉比 特等，最新收盘价分别为1247.08元、531.98元。 市场表现方面，收盘股价超百元股中，今日平均下跌3.30%，跑输沪指2.36个百分点。今日上涨的有26 只，涨幅居前的有北方长龙、涛涛车业等，下跌的有136只，跌幅居前的有C云汉、惠城环保等。 追溯发现，最新百元股近一个月平均上涨16.67%，其间沪指上涨2.36%，涨幅居前的有品茗科技、德明 利、江波龙等，涨幅分别为173.21%、113.25%、93.43%，今年以来平均涨幅为108.52%，强于沪指 92.25%，累计涨幅居前的有上纬新材、天普股份 ...

沪深两市全天主力资金净流出1257.84亿元，其中，科创板主力资金净流出173.30亿元，主力资金净流入 的有193只股，主力资金净流出的有394只股。 资金流向方面，今日主力资金净流入的科创板股共有193只，其中，10只个股主力资金净流入超5000万 元，均普智能主力资金净流入1.55亿元，净流入资金居首；科思科技、金盘科技紧随其后，全天净流入 资金分别为1.43亿元、9650.58万元。主力资金净流出的有394只，净流出资金最多的是中芯国际，该股 今日下跌7.89%，全天主力资金净流出24.72亿元，其次是海光信息、澜起科技，主力资金净流出分别为 7.62亿元、6.50亿元。 证券时报•数据宝统计显示，今日科创板个股上涨的有93只，下跌的有490只。 从主力资金连续性进行观察，共有60只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是寒武纪，该股已连续32个交易日净流入；连续净流入天数较多的还有中自科技、浙海德曼等，主 力资金分别连续流入7天、7天。主力资金连续流出的个股有135只，连续流出天数最多的是菱电电控， 该股已连续16个交易日净流出；连续净流出天数较多的还有博睿数据、正元地信等， ...

Core Insights - The recent breakthrough in China's compact fusion energy experimental device (BEST) marks a significant advancement, paving the way for the world's first fusion energy demonstration in 2027 [3] - Controlled nuclear fusion is considered the "ultimate energy solution," comparable to historical revolutions like the steam engine and electrification, with the potential to transform the global energy landscape [3] - The fusion reactor market is projected to be a trillion-dollar opportunity, with upstream materials and key components expected to benefit first [3] Company Highlights - **Ingeteam**: This company has been providing critical power supply services for national fusion projects, covering essential systems such as magnetic field and heating power supplies, successfully applied in multiple key national projects [4] - **Xiamen Tungsten**: The first domestic company to develop and produce ITER filter tungsten probe components, possessing precision processing capabilities for large-scale ITER-grade tungsten materials, supplying core tungsten components for various fusion devices [5] - **China Nuclear Technology**: Supplies 80% of the vacuum sealing valves and connectors for the Chinese Circulation III project, with products capable of withstanding plasma impacts of 160 million degrees and a lifespan of 100,000 hours, breaking the technical monopoly of France's Framatome [6] - **Western Superconducting Technologies**: Achieved significant breakthroughs in NbTi superconducting wire for nuclear fusion, developing engineering production technology that produces superconducting wire lengths of up to 90,000 meters, meeting ITER project requirements [7] - **Potential Leading Company**: The only global company capable of full industrial chain manufacturing for fusion reactors, securing orders for core components like ITER superconducting coils and vacuum chambers, with proprietary micron-level precision vacuum chamber welding technology [8]

Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].