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]

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 ...