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]

Core Viewpoint - The A-share market showed positive performance in August, with several brokerage firms releasing their "golden stock" recommendations for September, focusing on technology, cyclical sectors, and "anti-involution" manufacturing [1][7]. Group 1: August Performance - The top-performing golden stock combination in August was from Kaiyuan Securities, achieving a monthly return of 25.84%, followed by Zhonghang Securities and Guoyuan Securities with returns exceeding 20% [3][4]. - Three stocks saw their prices more than double in August: Huasheng Tiancai (up 115.11%), Hanwujing-U (up 110.36%), and Sixuan New Materials (up 100.66%) [3][4]. - Northeast Securities, despite ranking eighth in August, had the highest cumulative return of 81.30% for the year, indicating strong long-term performance [3][4]. Group 2: September Recommendations - Multiple brokerage firms suggest that the A-share market is likely to continue its upward trend in September, recommending a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][7]. - Notable stocks recommended for September include ZTE Corporation, which is expected to benefit from AI development and potential breakthroughs in chip technology, along with Kingsoft Office, New Yisheng, and others [7][8]. - Analysts from Zhongyuan Securities noted that the market's risk appetite is increasing, which may drive growth in TMT (Technology, Media, and Telecommunications) and cyclical sectors [11].

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]

Core Viewpoint - The article highlights the performance and market dynamics of the Kexin AI ETF (588790), emphasizing its recent growth and the broader implications of China's economic transition towards technology innovation and artificial intelligence [3][5]. Group 1: ETF Performance - As of September 1, 2025, Kexin AI ETF has decreased by 1.05%, with a latest price of 0.86 yuan. However, it has seen a cumulative increase of 8.77% over the past week as of August 29, 2025 [3]. - The Kexin AI ETF's latest scale reached 9.072 billion yuan, marking a new high since its inception, ranking it first among comparable funds [5]. - The ETF has experienced a significant increase in shares, with a growth of 1.557 billion shares over the past week, also ranking first among comparable funds [5]. Group 2: Market Activity and Liquidity - The Kexin AI ETF recorded a trading volume of 701 million yuan, with an average daily trading volume of 1.460 billion yuan over the past week, ranking first among comparable funds [4]. - The ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 758 million yuan, totaling 1.361 billion yuan, averaging 454 million yuan in daily net inflows [5]. Group 3: Company Performance - Cambrian Technology reported a significant increase in revenue for the first half of 2025, achieving 2.881 billion yuan, a year-on-year increase of 4,347.82%, and a net profit of 1.038 billion yuan, marking a turnaround from losses [4]. - The shift in market focus from traditional consumption to technology innovation is highlighted, with sectors like semiconductors and artificial intelligence becoming key growth drivers [5]. Group 4: Investment Metrics - As of August 29, 2025, the Kexin AI ETF has seen a net value increase of 26.22% over the past six months, ranking 491 out of 3,559 index equity funds, placing it in the top 13.80% [6]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are relatively low compared to comparable funds [7]. - The tracking error for the Kexin AI ETF over the past two months is 0.010%, indicating the highest tracking precision among comparable funds [8].

声明：文章观点仅为热点分析，观点仅供参考，不构成任何操作建议。 来源: 作者: | 最高: 27.28 | 今开:25.11 | 涨停: 27.28 | 成交量: 73.57万手 | | --- | --- | --- | --- | | 最低:24.80 | 昨收:24.80 | 跌停: 22.32 | 成交额:19.65亿 | | 量比: 1.59 | 换手:10.37% | 市盈率(动)：亏损 | 市盈率(TTM): 499.83 | | 委比: 100.00% | 振幅:10.00% | 市盈率(静): 23.30 | 市净率:2.04 | | 每股收益:0.05 | 股息(TTM): 0.47 | 总股本:8.14亿 | 总市值:222.01亿 | | 每股净资产:13.38 | 股息率(TTM): 1.72% | 流通股: 7.10亿 | 流通值: 193.63亿 | | 52周最高: 27.28 | 52周最低: 11.40 | 注册制:否 | 货币单位: CNY | 宁波华翔，公司专注于中高档乘用车零部件业务，通过"自身研发+合资并购"的方式，推动产品朝着轻量化、安全化、智能化和模块化方向发展 ...

科创板人工智能指数成分股涨跌不一，上涨方面，云从科技-UW涨超3%，虹软科技、亚信安全、云天 励飞-U、安路科技等股票跟涨；下跌方面，寒武纪跌超6%，航天宏图、福昕软件、奇安信-U等股票跟 跌。 其他相关ETF中，科创100指数ETF（588030）震荡上涨超1%，成交额超4亿元。截至8月29日，今年以 来累计上涨超46%。 2025年8月29日阿里巴巴发布2025财年Q1财报：总收入2476.52亿元（同比增2%，剔除特定已处置业务 同口径增10%），净利润423.82亿元（同比大增76%）。战略上聚焦于"AI+云"与大消费，"AI+云"Capex 投资达386亿元，受英伟达H20芯片禁用下国产芯片适配需求增长利好。 今日（9月1日），A股三大指数高开高走，科技股再度走强，科创AIETF(588790)快速冲高超2%后回 落，成交额超5亿元，交投活跃。拉长时间看，截至8月29日，科创AIETF今年以来累计上涨超71%，近 5个交易日内有4日资金净流入，合计"吸金"超16亿元。 消息面上，高盛称，寒武纪宣布的二季度业绩强劲，保持对公司的积极看法，上调12个月目标价14.7% 至2104元。分析师Verena ...

高盛时隔一周左右第二次上调寒武纪目标价。 在寒武纪（688256.SH）成为资本市场关注焦点之际，高盛时隔一周左右第二次上调寒武纪目标价至 2104元。而寒武纪的"股王"之位坐得并不稳，9月1日早盘股价下跌，再度落后于贵州茅台 （600519.SH）。 9月1日，高盛又发布了一篇关于寒武纪的研报，维持对寒武纪的乐观看法，并将12个月目标价上调 14.7%至2104元人民币。2030年预期EBITDA提高8%，2030年预期目标企业价值/EBITDA倍数提高6%。 高盛在报告中指出，上调盈利预测主要基于两方面因素：一是AI芯片出货量增加，反映中国云资本支 出在AI基础设施投资中的增长、支持性政府政策以及本地芯片组在推理趋势中的崛起；二是寒武纪营 收规模扩大和运营效率提升带来的运营支出比率改善。 同时，高盛将寒武纪2025年～2030年的净收入预测上调，其中今年预测上调34%，为后续几年最高的比 例。 8月26日晚间，寒武纪发布2025年中报，上半年营业收入28.81亿元，同比增长4347.82%；净利润10.38 亿元，实现扭亏为盈。在股价上涨之后，28日晚间，寒武纪发布公告称，股价涨幅超过大部分同行业公 司股 ...

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a high of 3879.05 points, closing at 3862.65 points, up 0.12% [2] - The Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.55% respectively [2] Gold Market - The precious metals sector saw significant gains, with international gold prices reaching new highs; COMEX gold peaked at $3552 per ounce, marking a year-to-date increase of approximately 35% [6][8] - London spot gold prices also rose, reaching $3486.16 per ounce, just shy of the historical high of $3500 from April [8] - A-share gold stocks surged, with Western Gold hitting the daily limit, and several other stocks like Xiaocheng Technology and Hunan Gold also showing strong gains [8][9] AI Computing Sector - The AI computing sector exhibited mixed performance; stocks like Xuanji Information and Liyang Chip hit the daily limit, while Cambrian experienced a decline of nearly 3% [10][11] - Cambrian's stock fluctuated significantly, dropping over 8% before stabilizing to a decrease of 2.98% by midday [11][12] - Reports indicated that rumors about Alibaba purchasing 150,000 Cambrian GPUs were unfounded [12] Alibaba's Market Activity - Alibaba's stock surged over 16% in Hong Kong, with a market capitalization increase of approximately HKD 400 billion, reaching a total market value of HKD 2.59 trillion [15][16] - The company reported a revenue of RMB 247.65 billion for Q1 of the 2026 fiscal year, with a net profit of RMB 43.12 billion, reflecting a 76% year-on-year increase [15][17] - Alibaba plans to invest RMB 380 billion over three years in AI infrastructure, which is expected to drive demand for computing power [17] Innovative Drug Sector - The innovative drug sector saw significant activity, with MicroPort Medical rising over 14% and achieving a year-to-date increase of over 109% [18] - MicroPort's new stent technology demonstrated clinical advantages, reducing treatment duration and complications [18] - The approval of 43 innovative drugs in the first half of the year indicates a growing focus on drug development in China, with the biotech index showing a year-to-date increase of over 101% [18]

3 2025 年 09 月 01 日 国产未来 10 年 AI 战略蓝图已现，国产 AI 算力 基建实现重大突破 推荐(维持) 投资要点 相关研究 1、《电子行业周报：DeepSeek 正式 发布新模型 V3.1，英伟达暂停 H20 芯片生产》2025-08-25 2、《电子行业周报：高端 AI 芯片 国产化势在必行，覆铜板厂商涨价 反映 PCB 产业链景气度高企》2025- 08-18 3、《电子行业周报：中芯国际发布 二季度财报，OpenAI 发布 GPT5》 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 24.0 44.8 88.3 沪深 300 8.3 17.1 35.4 市场表现 0 20 40 60 80 100 120 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 2025-08-11 ▌上周回顾 8 月 25 日- 8 月 29 日当周，申万一级行业涨跌呈分化的态 势。其中电子行业上涨 6.28%，位列第 3 位。估值前三的行 业为计算机、国防军工、电子，电子行业市盈率为 70.91。 电子行 ...