截至2025年10月10日 13:15，中证数字经济主题指数(931582)下跌4.46%。成分股方面，晶合集成(688249)领跌，润泽科技(300442)、中科曙光(603019)、华勤 技术(603296)、浪潮信息(000977)跟跌。数字经济ETF(560800)下修调整。 数字经济ETF紧密跟踪中证数字经济主题指数，中证数字经济主题指数选取涉及数字经济基础设施和数字化程度较高的应用领域上市公司证券作为指数样 本，以反映数字经济主题上市公司证券的整体表现。 据Wind数据显示，截至2025年9月30日，中证数字经济主题指数(931582)前十大权重股分别为东方财富(300059)、中芯国际(688981)、寒武纪(688256)、海光 信息(688041)、北方华创(002371)、澜起科技(688008)、中科曙光(603019)、汇川技术(300124)、兆易创新(603986)、中微公司(688012)，前十大权重股合计占 比54.31%。 消息面上，IDC 数据显示，全球 AI 算力需求正以年复合增长率 60% 的速度持续攀升。预计到2025年，中国智能算力规模将突破105EFLOPS（每秒 ...

10月10日下午，寒武纪-U跌逾5%，成交额超100亿元。 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 10月10日，科创芯片ETF富国（588810）开盘跌1.45%，报1.829元。科创芯片ETF富国（588810）重仓 股方面，中芯国际开盘跌2.91%，海光信息跌2.30%，寒武纪跌2.31%，澜起科技跌1.96%，中微公司跌 1.40%，芯原股份跌3.88%，沪硅产业跌2.94%，恒玄科技跌2.54%，思特威跌2.05%，华海清科跌 2.08%。 科创芯片ETF富国（588810）业绩比较基准为上证科创板芯片指数收益率，管理人为富国基金管理有限 公司，基金经理为张圣贤，成立（2024-12-30）以来回报为85.38%，近一个月回报为34.87%。 来源：新浪基金∞工作室 ...

Summary of Key Points Core Viewpoint - As of October 9, the total market financing balance reached 2.43 trillion yuan, reflecting an increase of 508.05 billion yuan from the previous trading day, indicating a positive trend in market financing activity [1]. Financing Activity - The financing balance for the Shanghai Stock Exchange was 1.23 trillion yuan, up by 246.32 billion yuan, while the Shenzhen Stock Exchange saw a balance of 1.19 trillion yuan, increasing by 260.78 billion yuan. The Beijing Stock Exchange's financing balance was 75.13 billion yuan, with a rise of 9.57 million yuan [1]. - On October 9, a total of 2,571 stocks received net financing purchases, with 1,008 stocks having net purchases exceeding 10 million yuan, and 104 stocks exceeding 100 million yuan [1]. Top Stocks by Net Financing - ZTE Corporation led the net financing purchases with 1.45 billion yuan, followed by Xinyi Technology and Northern Rare Earth with 1.33 billion yuan and 1.17 billion yuan, respectively. Other notable stocks included Seres, Cambricon Technologies, and CITIC Securities [1][2]. Industry Distribution - The industries with the highest concentration of stocks receiving net financing over 100 million yuan included electronics, electrical equipment, and non-ferrous metals, with 32, 16, and 13 stocks respectively [1]. - Among the stocks with significant net purchases, the main board had 67 stocks, the ChiNext board had 22 stocks, and the Sci-Tech Innovation board had 15 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 3.98%. The stock with the highest ratio was Jiejia Weichuang at 8.08%, followed by Dingjie Zhizhi, Dongfang Caifu, and Beijing Junzheng with ratios of 7.79%, 7.74%, and 7.67% respectively [2].

南财投研通数据显示，10月9日，券商给予上市公司目标价共12次，按最新收盘价计算，目标价涨幅排 名居前的公司有稳健医疗、三诺生物、通富微电，目标价涨幅分别为44.29%、35.27%、24.46%，分别 属于个护用品、医疗器械、半导体行业。 | | | | 10月09日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 (元) | 目極涨幅 (%) | | 300888 | 稳健医疗 | 中信证券 | 买入 | 56.00 | 44.29 | | 300298 | 三诺生物 | 华创证券 | 推荐 | 27.00 | 35.27 | | 002156 | 通富微电 | 群益证券(香港) | 买进 | 55.00 | 24.46 | | 300832 | 新产业 | 华创证券 | 推荐 | 82.00 | 24.13 | | 688521 | 芯原股份 | 群益证券(香港) | 买进 | 250.00 | 21.37 | | 000963 | 华东医药 | 中信证券 | 买入 | 50.00 ...

首次覆盖方面，10月9日券商共给出了5次首次覆盖，其中东方国信获得信达证券给予"买入"评级，三友医疗获得平安证券给予"推荐"评级，易点 天下获得中邮证券给予"买入"评级，江丰电子获得东北证券给予"买入"评级，寒武纪获得华鑫证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风险，入市需谨慎。 从券商推荐家数来看，10月9日有27家上市公司得到券商推荐，其中比亚迪获得2家推荐，千红制药、木林森均获得1家推荐。 评级调高方面，10月9日，东北证券对江丰电子的评级从"增持"调高至"买入"。 （原标题：27股获券商推荐；稳健医疗目标价涨幅达44%｜券商评级观察） 南财投研通数据显示，10月9日，券商给予上市公司目标价共12次，按最新收盘价计算，目标价涨幅排名居前的公司有稳健医疗、三诺生物、通富 微电，目标价涨幅分别为44.29%、35.27%、24.46%，分别属于个护用品、医疗器械、半导体行业。 ...

Group 1: Overview of Major Assets - In Q3 2025, A-shares quickly broke through 3800 points, followed by high-level fluctuations, while bond rates continued to rise and commodities experienced a pullback [1][9] - The A-share market saw broad index gains, with the ChiNext Index leading, and growth and cyclical styles outperforming [1][13] - The bond market experienced a continuous rise in yields, with the 10-year government bond yield reaching a high of 1.9022% [1][26] - Commodity performance was mixed, with gold and silver prices rising significantly, while the Nanhua Industrial Product Index peaked in July and then declined [1][29] Group 2: A-share Market Dynamics - The fundamental outlook for the A-share market remained weak in Q3, with PPI showing signs of recovery but key economic indicators declining for two consecutive months [2] - Macro liquidity improved in Q3, with M1 continuing to rise since March and the M1-M2 spread narrowing for four months [2] - Micro-funding activities saw increased activity from southbound funds, a significant rebound in margin financing, and record high ETF trading volumes [2][14] - The manufacturing sector's "anti-involution" trend boosted cyclical stocks, while the AI computing power theme gained traction [2][14] Group 3: Overseas Market Trends - The expectation of interest rate cuts by the Federal Reserve began to rise in August, culminating in a 25 basis point cut in September [3] - The U.S. economy showed resilience with cooling inflation, but political pressures could widen credit risks for the dollar [3]

Core Insights - Chinese AI startups are rapidly capturing global market share with innovative products like smart recording devices and AI toys, while also expanding into overseas markets with technologies like Robotaxi [1][4]. Industry Overview - The efficiency of China's manufacturing supply chain, rapid AI iteration, and keen product awareness are driving competitive advantages for domestic companies [2][6]. - The AI hardware sector is experiencing a wave of innovation, with companies like Plaud.AI achieving significant sales milestones and funding rounds for AI toy startups [3][5]. Market Dynamics - The emergence of AI hardware is not just a product innovation race but a transformation of the industrial paradigm, shifting from "cost-effectiveness" to "intelligence" [5][7]. - Chinese companies are leveraging their technological capabilities to redefine standards in new hardware, moving beyond simple manufacturing to creating advanced solutions [4][6]. Technological Advancements - The integration of AI and manufacturing is leading to a new generation of AI hardware products, supported by a robust domestic supply chain that enhances product development speed and market responsiveness [6][7]. - The domestic AI chip industry is witnessing significant growth, with several companies preparing for IPOs and reporting substantial business orders, indicating a shift from experimental products to commercially viable solutions [8][11]. Ecosystem Collaboration - The collaboration among various stakeholders in the AI ecosystem is crucial for overcoming challenges in computing power and establishing a unified architecture for AI applications [14][16]. - Companies are focusing on building open systems and protocols to enhance interoperability and efficiency in AI computing, which is essential for scaling operations [15][16]. Future Outlook - The convergence of capital investment and technological breakthroughs is expected to solidify China's position in the global AI landscape, transitioning from a follower to a leader in AI innovation [17][18].

国产AI芯片行业迎来业绩爆发期，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润 成为关键 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验，在手大额订单能否转化为实际利润，成为资本市场关注的焦点。 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季 ...

当科创投资浪潮加速迭代，以赋能替代运气、用信念陪伴创业者突破硬科技发展瓶颈，成为创投领域的核心命题——尤其在硬科 技时代，传统互联网方法论不再适用，全产业链协同与长期价值赋能更显关键。 在创业邦2025（第十九届）DEMO CHINA大会现场，科大讯飞联合创始人、讯飞创投董事长徐景明，结合自身十几年创业经验 和投资经历，聚焦讯飞创投"核心发力、面向未来"与"双向赋能、共建生态"的投资逻辑，解析硬科技时代下如何依托AI主赛道 及"AI+"领域布局，通过技术、业务、品牌协同为被投企业赋能，以及产业生态的构建路径。 以下是徐景明的演讲实录，由创业邦整理。 如何应对这种不确定性？我认为有两点：第一，通过赋能实现共赢——让投资能推动项目价值成长、技术突破、产品迭代与业务 发展；第二，要有"运气"。很多人会问"运气是什么"，在我看来，运气是企业的时代红利，是企业家的自助者天助。 投资逻辑： 核心发力，面向未来 我们的投资逻辑，第一句话是"核心发力，面向未来"。 "核心发力"，就是拥抱核心能力、拥抱讯飞平台、拥抱人工智能主赛道。 我们以漏斗模型筛选项目：第一，要有优秀的流量入口；第二，要有清晰的算法，把不合格的项目筛选出去 ...