我们认为，短期情绪波动不改长期发展前景，公司自身业绩拐点已至，生态壁垒不断加深，国产算力龙 头长期竞争力持续提升！ 业绩拐点：2025年全年业绩高增 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 寒武纪股价今日出现波动。公司也于今日发布声明，否认网传组织小范围交流、出具营收指引数据 等信息为不实内容，并表示研发经营进展顺利。 公司预计2025年营收60亿元-70亿元，同比增速近500%；归母净利润18.5亿元-21.5亿元（24年-4.52亿 元），扣非归母净利润16亿元-19亿元（24年-8.65亿元）。 公司受益于行业算力需求持续攀升，凭借产品竞争力拓展市场、推动应用场景落地，带动营收大幅增 长，实现整体盈利扭亏。 生态壁垒：深度适配国产头部大模型 以DeepSeek为例，公司对其进行了深度适配优化： 在大模型训练方向，寒武纪重点支持DeepSeek V3/V3.1、等MoE类模型训练。基于原生FP8的计算能 力，新增DeepSeek等系列网络FP8的训练支持。 针对DeepSeek V3.2-Exp模型，寒武纪实现发布即适配的支持，并与合作伙伴同步开源适配代码。 风险提示：需 ...

Core Viewpoint - The company, Cambrian Technology, issued a statement denying recent rumors about its operations and emphasized that all relevant information should be based on publicly disclosed data [1][3]. Group 1: Company Operations - Cambrian Technology has not organized any small-scale communications recently and has not provided any annual or quarterly revenue guidance [1]. - The company is making steady progress in its research and development efforts, with operations advancing smoothly [1]. Group 2: Stock Performance - On February 3, Cambrian's stock price experienced a significant drop, falling nearly 14% at one point, and closing down 12.88% at 1082.09 yuan per share, resulting in a total market capitalization of 456.3 billion yuan [3]. - Cambrian Technology, established in 2016, focuses on the research and development of artificial intelligence chip products and aims to create core processors for the AI sector [3].

Core Viewpoint - The market experienced a significant drop due to rumors regarding potential tax rate increases for the gaming industry, which were deemed unfounded by analysts [2][11]. Group 1: Market Reaction - On February 3, the Hang Seng Technology Index fell over 3% at one point, with major internet companies like Tencent, Alibaba, and Baidu also experiencing sharp declines [3][8][10]. - The stock price of Cambricon Technologies plummeted following rumors about its revenue guidance for 2026 being significantly lower than market expectations [4][13]. Group 2: Tax Rumors Analysis - Analysts from Everbright Securities refuted the rumors about a potential tax rate increase for the gaming industry, clarifying that the comparison to the liquor industry's consumption tax was misleading [2][11]. - The current tax rate for financial services and internet value-added services, including gaming, is 6%, as per the Value-Added Tax Law effective from January 1, 2026 [3][13]. - The adjustment of tax rates requires a rigorous legislative or administrative process, making arbitrary changes unlikely [3][12]. Group 3: Policy Context - The current macroeconomic policy focus is on "stabilizing growth, promoting innovation, and supporting industrial upgrades," which contradicts the idea of a blanket tax increase on key industries [12]. - Future tax regulations are more likely to involve the review of tax incentives for certain companies rather than an increase in statutory tax rates [12].

Core Viewpoint - The company, Cambrian, issued a statement denying the circulation of false information regarding recent small-scale communications and revenue guidance, emphasizing that all information should be based on publicly disclosed data [1] Group 1 - The company has not organized any small-scale communications recently and has not issued any annual or quarterly revenue guidance [1] - The company's research and development progress is reported to be smooth, and operations are advancing steadily [1] - The company urges investors to enhance their ability to discern information and not to spread or trust unverified or unknown sources of false information [1] Group 2 - The company reserves the right to pursue legal action against individuals who fabricate or disseminate false information [1]

值得注意的是，当日午后，寒武纪微信公众号发布"严正声明"称，公司关注到今日网络传播的关于公司 近期组织小范围交流等信息为不实信息，公司近期从未组织任何小范围交流，没有出具过任何年度、季 度营业收入指引数据，相关信息请以公司公开披露的信息为准。公司目前研发进展顺利，经营稳步推 进。 2月3日，国产AI芯片龙头寒武纪股价盘中出现大幅下挫引发关注。截至午间收盘，寒武纪报1082元/ 股，跌近13%，公司总市值同步回落至4500亿元附近。 《21辟谣》注意到，当日市场流传一则传闻，称寒武纪近期组织小范围交流，且2026年营收指引不及市 场预期，这一传闻被认为是引发股价异动的重要诱因之一。 对此，寒武纪向以投资者身份致电的21快讯记者回应称："公司相关的具体信息还是要以公司公开披露 的信息为准。市场上有很多的信息，它这个来源也没办法确定，然后它真实性也无法确定，这可能有一 些混杂的谣言和不实信息。" （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 寒武纪在声明中提醒广大投资者，公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能 力，不传播、不采信来源不明或未经核实的虚假信息。此外，对于 ...

相比较去年8月1595.88元的高点，寒武纪股价已经下跌了超30%。 就公司股价跳水一事，寒武纪董秘办表示："这个（指股价波动原因）我们不太清楚，首先就是市场上 很多的传闻，这肯定都是假的。然后二级市场资金、情绪的波动还是比较多的，大家理性对待。" 1月30日晚间，寒武纪发布2025年年度业绩预告，预计全年实现营业收入60亿元至70亿元，同比大幅增 长410.87%至496.02%；归母净利润为18.5亿元至21.5亿元，上年同期为亏损4.52亿元，年度业绩实现扭 亏为盈。 目前，寒武纪以5200多亿的总市值位居科创板总市值榜第二，仅次于海光信息；在所有A股中排名第十 八位。 来源：综合公开资料、每日经济新闻等 编辑：曹諵 校对：知晏 寒武纪在公告中表示，报告期内，受益于人工智能行业算力需求的持续攀升，公司凭借产品的优异竞争 力持续拓展市场，积极推动人工智能应用场景落地，本期营业收入较上年同期大幅增长，进而带动公司 整体经营业绩提升，净利润实现扭亏为盈。 本文仅供信息分享，不构成对任何人的任何投资建议， 寒武纪2025年三季报显示，2025年前三季度公司已实现营业收入46.07亿元，归母净利润16.05亿元。 ...

Group 1 - The A-share market experienced overall low-level fluctuations on February 3, with most major indices and sectors rising, but individual stock performance showed divergence [2][3] - The stock of Cambrian Technology (寒武纪-U) saw a sudden drop, with a decline exceeding 14% at one point during the trading session, closing down 12.88% at 1082.09 yuan per share, resulting in a total market capitalization of 456.3 billion yuan [10][11] - The market saw over 4,400 stocks in the green, with the major indices fluctuating throughout the morning session, ultimately closing with the Shanghai Composite Index up 0.38%, the Shenzhen Component Index up 0.93%, and the ChiNext Index up 0.76% [3][4] Group 2 - The defense and military industry sector led the gains, with an intraday increase of over 3%, while sectors such as banking and oil & gas saw declines [10] - Cambrian Technology's significant drop in stock price was notable amidst a broader market context where many stocks were still experiencing gains [10][11] - The new stock, Shimon Holdings (世盟股份), listed today and saw its price rise by as much as 150% during the session, focusing on providing integrated supply chain logistics solutions for multinational manufacturing enterprises [18]

寒武纪-U成交额达200亿元，现跌10.95%。 ...

AI芯片板块下跌1.02%，寒武纪下跌6.6%，沐曦股份下跌2.68%，摩尔线程下跌2.16%。（AI生成） AI芯片板块下跌1.02%，寒武纪下跌6.6%，沐曦股份下跌2.68%，摩尔线程下跌2.16%。（AI生成） ...

Core Viewpoint - The semiconductor sector, particularly the Sci-Tech Innovation Board chip index, is experiencing significant growth, driven by strong demand in AI and data centers, leading to price increases in memory chips and a favorable investment environment for related ETFs [1][4][8]. Group 1: Market Performance - As of February 3, 2026, the Sci-Tech Innovation Board chip index (000685) rose by 0.21%, with notable increases in constituent stocks such as Huafeng Measurement Control (up 6.95%) and Chip Origin Technology (up 6.75%) [1]. - The Sci-Tech chip ETF, Huatai-PineBridge (588750), has seen a 1-month cumulative increase of 11.46% as of February 2, 2026, with a latest price of 1.75 yuan [1]. - The trading volume for the Sci-Tech chip ETF was 1.23 billion yuan, with a turnover rate of 2.28% [1]. Group 2: Fund Flows and Performance - The latest scale of the Sci-Tech chip ETF reached 5.352 billion yuan, ranking second among comparable funds [3]. - Over the past six months, the ETF's shares increased by 1.437 billion, indicating significant growth [3]. - The ETF has experienced continuous net inflows over the last four days, totaling 172 million yuan, with a maximum single-day inflow of 89.048 million yuan [3]. Group 3: Industry Trends - TrendForce reported that prices for DRAM and NAND flash memory chips have increased by over 300%, with NAND Flash contract prices expected to rise by 33-60% in the first quarter of 2026 due to heightened demand from AI and data centers [4]. - Many storage chip companies have reported positive earnings forecasts, attributing their performance to the AI-driven growth cycle [4]. - The semiconductor industry is expected to continue its upward trend, with AI and storage as core growth drivers, as indicated by Guoyuan Securities [4]. Group 4: ETF Characteristics - The Sci-Tech chip ETF focuses on the "high-tech" upstream and midstream segments of the chip industry, with a core segment representation of 96%, which is higher than other indices [6][7]. - The ETF's index is adjusted quarterly, allowing it to respond more swiftly to trends in the chip industry [6]. - The index has shown a net profit growth rate of 94% for the first three quarters of 2025, significantly outperforming peers [8].