继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪 （688256.SH）以一项关键财务操作，实质性扫清了兑现承诺的首要障碍。 12月15日晚， 公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分 配利润亏损 。这一财务操作，在程序上并不复杂。它严格遵循了《公司法》及财政部相关规 定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司 未分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒 武纪，正在系统性清理历史财务包袱。 公司明确表示，此举旨在"减轻历史亏损负担，提升投 资者回报能力，推动公司实现高质量发展"。 清零历史包袱 寒武纪此次亏损清零，向市场释放出为启动分红铺平道路的积极信号。 这或是其在实现盈利 逆转后，为履行股东回报承诺、满足监管要求以及开启公司发展新阶段的系统性工程 。 依据新《公司法》及证监会分红指引，公司现金分红的核心前提是母公司累计可供分配利润为 正值。在弥补前，根据天健会计师事务所(特殊普通合伙)出具的2024年度《审计报告》， 寒武 纪母公司截至202 ...

Core Insights - The collaboration between SenseTime and Cambricon marks a significant milestone in the development of "domestic chips + domestic models," with the successful adaptation of the Seko series model on the same day it was released [1][2] - This partnership aims to enhance the domestic AI application ecosystem, making advanced multimodal AI capabilities more accessible and cost-effective for developers and enterprises [1][3] Group 1: Technological Collaboration - Cambricon's successful adaptation of SenseTime's Seko series models on "Day 0" demonstrates the rapid response capability of domestic chips in supporting local AI firms [2] - The Seko series, which includes models like SekoIDX and SekoTalk, serves as the core technology foundation for the Seko2.0 intelligent agent [2] Group 2: Ecosystem Development - The collaboration is focused on creating a more efficient and user-friendly tiered product system, aimed at fostering innovation in cutting-edge applications [3] - SenseTime's LightX2V framework incorporates a highly compatible domestic adaptation plugin model, enabling quick adaptation to various domestic hardware [3] - The partnership will lead to further optimization efforts, enhancing model efficiency and resource utilization while lowering the barriers to using multimodal AI [3]

Core Insights - The collaboration between SenseTime and Cambricon marks a significant milestone in the development of "domestic chips + domestic models," with the successful adaptation of the Seko series model on the same day it was released [1][2] - This partnership aims to enhance the domestic AI application ecosystem, making advanced multimodal AI capabilities more accessible and cost-effective for developers and enterprises [1][3] Group 1 - Cambricon's Day 0 adaptation of SenseTime's "Riri Xin" model demonstrates the rapid response capability of domestic chips in supporting local AI manufacturers, indicating a strong collaboration within the domestic AI ecosystem [2] - The Seko series models, including SekoIDX and SekoTalk, form the core technology base for the Seko2.0 intelligent agent, showcasing the extension of the domestic AI ecosystem into more complex multimodal generation fields [2] Group 2 - The partnership focuses on creating a more efficient and user-friendly tiered product system, leveraging the LightX2V framework designed by SenseTime for rapid adaptation to various domestic hardware [3] - Innovations such as low-bit quantization, compressed communication, and sparse attention mechanisms have significantly improved inference performance by over three times, enhancing the overall efficiency and resource utilization of the models [3] - Future collaboration will involve deeper optimization efforts to lower the barriers for using multimodal AI and improve the overall user experience [3]

继发布三年股东分红回报规划，明确未来三年现金分红承诺后，中国AI芯片龙头企业寒武纪(688256.SH)以一项关键财务操作，实质性扫清了 兑现承诺的首要障碍。 12月15日晚，公司宣布拟动用高达27.78亿元的资本公积，一举弥补母公司报表上的累计未分配利润亏损。这一财务操作，在程序上并不复 杂。它严格遵循了《公司法》及财政部相关规定，核心是将股东出资形成的资本溢价，用于冲抵因长期研发投入形成的累计亏损，使母公司未 分配利润归零。 然而，其象征意义远不止于此。这标志着，曾经以巨额研发投入和持续亏损为标志性特征的寒武纪，正在系统性清理历史财务包袱。公司明确 表示，此举旨在"减轻历史亏损负担，提升投资者回报能力，推动公司实现高质量发展"。 若将此举置于寒武纪2025年"狂飙"的业绩图景中观察，这并非一次简单的会计技术处理，而是寒武纪在完成了从技术验证、市场破局到规模盈 利的惊险一跃后，为迎接新起点所做的一次关键财务调整。 当战略投入迎来回报周期，寒武纪于年底对历史包袱"清零"，为旧章节画下句点。 其一，满足监管合规，解除股东限制。根据减持新规，若公司连续三年未分红，其控股股东减持将受到限制。补亏后恢复分红能力，有助 ...

Core Viewpoint - The article discusses the volatility and illusion of wealth in the AI industry, emphasizing that perceived losses in market value are often just numerical illusions rather than actual wealth being transferred or lost [2][3][4]. Group 1: Market Dynamics and Illusions - The AI industry experienced a dramatic rise and fall in valuations, with companies like SenseTime and Cambricon losing significant market value as the hype around AI waned [2][3]. - The concept of "wealth" in the market is described as a collective illusion, where perceived losses are merely a return to reality rather than actual money disappearing [3][4]. - The valuation mechanisms in the market are compared to AI's propensity for "hallucination," where both can create misleading perceptions based on limited data [6][8]. Group 2: Valuation Mechanisms - The article illustrates how market valuations can fluctuate dramatically based on limited trading activity, leading to significant changes in perceived wealth without any actual change in the underlying assets [9][10]. - It highlights that the majority of stocks remain untraded, yet their valuations are influenced by the prices of a small fraction of shares that do trade [26][28]. - The phenomenon of "mark-to-market" accounting is discussed, where the value of all shares is adjusted based on the price of a few traded shares, leading to widespread valuation changes [10][12]. Group 3: Wealth Creation and Destruction - Wealth is described as not being conserved like physical entities; it can be created or destroyed based on market perceptions and valuations [8][17]. - The article emphasizes that the disappearance of wealth during market corrections is not due to funds being withdrawn but rather a change in collective valuation consensus [28][39]. - The example of a fictional AI chip company illustrates how market sentiment can lead to rapid valuation changes, demonstrating the volatility inherent in the AI sector [9][10][12]. Group 4: Insights on Investment Behavior - Investors are cautioned to be aware of the speculative nature of AI stocks, where hype can lead to inflated valuations that do not reflect true company performance [70][71]. - The article advises distinguishing between the technological value of AI and the market's speculative valuations, which can often diverge significantly [71][72]. - It encourages a rational approach to understanding market fluctuations, recognizing that wealth is not solely defined by stock prices but also by skills and knowledge [73][74]. Group 5: Broader Economic Implications - The article draws parallels between the AI market and the real estate market, illustrating how perceived value can change without any physical alterations to the assets themselves [54][60]. - It discusses the broader economic impact of wealth disappearance, particularly in the context of consumer behavior and economic growth [61][62]. - The phenomenon of wealth illusion is further exemplified through the cryptocurrency market, where valuations can be even more volatile and disconnected from tangible assets [63][64].

以最新收盘价计算，A股平均股价为13.43元，其中股价超过100元的有156只，相比上一个交易日减少5 只。 市场表现方面，收盘股价超百元股中，今日平均下跌0.46%，跑赢沪指0.66个百分点。今日上涨的有37 只，涨幅居前的有C昂瑞、豪恩汽电等，下跌的有118只，跌幅居前的有品茗科技、中坚科技等。 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12月16 日收盘，沪指报收3824.81点，下跌1.11%，A股平均股价为13.43元，个股股价分布看，股价超过100元 的有156只，股价在50元至100元的有405只，股价在30元至50元的有720只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1422.00元，下跌0.28%，其次是寒武纪、摩尔 线程等，最新收盘价分别为1273.92元、710.39元。 追溯发现，最新百元股近一个月平均上涨4.61%，其间沪指下跌4.15%，涨幅居前的有飞沃科技、臻镭 科技、长光华芯等，涨幅分别为116.34%、88.18%、72.86%，今年以来平均涨幅为108.92%，强于沪指 94.80%，累计涨幅居前的有天普股份、胜宏科技 ...

今日有1只股收盘价首次突破百元大关，C昂瑞-UW上市首日即突破百元，该股发行价为83.06元，上市 首日上涨160.11%，最新收盘价为216.05元。 以最新收盘价计算，科创板平均股价为39.90元，其中股价超100元的有67只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有68只，下跌的有526只，以收盘价为基准测算，科创 板平均股价为39.90元，其中，收盘价超过100元的有67只，股价在50元至100元之间的有136只，股价在 30元至50元的有144只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1273.92元，下跌4.35%，其次是摩尔线程-U、源杰科 技等，最新收盘价分别为710.39元、599.99元。 科创板百元股中，今日平均上涨0.65%，具体来看，今日上涨的有14只，涨幅居前的有C昂瑞-UW、臻 镭科技、茂莱光学等。下跌的有53只，跌幅居前的有品茗科技、热景生物、开普云等。 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 68825 ...

Group 1 - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 207.635 billion, with Cambricon and Zhongji Xuchuang leading in trading volume for the Shanghai and Shenzhen stock connect respectively [1][2] - The main inflow of funds was observed in the retail sector, with a net inflow of 33.38 billion, representing a 6.97% net inflow rate [6][7] - The Standard & Poor's Consumer ETF (159529) saw a significant increase in trading volume, with a 301% growth compared to the previous trading day [9] Group 2 - The top ten stocks by trading volume in the Shanghai Stock Connect included Cambricon at 18.26 billion, followed by Kweichow Moutai at 13.73 billion and Heng Rui Medicine at 12.92 billion [3] - In the Shenzhen Stock Connect, Zhongji Xuchuang led with a trading volume of 36.32 billion, followed by CATL at 33.51 billion and Xinyi Technology at 30.22 billion [3] - The retail, education, dairy, and diversified finance sectors showed the highest gains, while precious metals, film and television, and Hainan sectors experienced the largest declines [5]

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors gaining, led by retail trade, beauty care, and social services, which rose by 1.32%, 0.66%, and 0.13% respectively [1] - The sectors that experienced the largest declines were telecommunications and non-ferrous metals, with drops of 2.95% and 2.81% respectively [1] - The electronic sector also saw a decline of 1.50% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 701.17 billion yuan, with five sectors seeing net inflows [1] - The retail trade sector had the highest net inflow of 38.18 billion yuan, coinciding with its 1.32% increase [1] - The food and beverage sector had a negligible decline of 0.02% but still saw a net inflow of 3.02 billion yuan [1] Electronic Sector Performance - The electronic sector had a total of 473 stocks, with 75 stocks rising and 396 stocks falling; one stock hit the daily limit up while three stocks hit the daily limit down [2] - Among the stocks with net inflows, C Angrui-UW led with a net inflow of 9.23 billion yuan, followed by TCL Technology and Zhaosheng Micro with inflows of 3.85 billion yuan and 2.50 billion yuan respectively [2] - The sector experienced a net outflow of 116.07 billion yuan, with 39 stocks seeing outflows exceeding 1 billion yuan; the largest outflows were from Cambrian-U, Zhaoyi Innovation, and Xiangnong Chip Creation, with outflows of 9.12 billion yuan, 6.22 billion yuan, and 4.88 billion yuan respectively [2][3] Top Gainers in Electronic Sector - The top gainers in the electronic sector included C Angrui-UW with a 160.11% increase and a turnover rate of 75.28%, followed by TCL Technology and Zhaosheng Micro with increases of 1.11% and 4.62% respectively [2] - Other notable gainers included Shengyi Technology, BOE Technology Group, and Zhishang Technology, with increases of 4.04%, 0.24%, and 0.36% respectively [2] Top Losers in Electronic Sector - The largest losers in the electronic sector included Cambrian-U with a decrease of 4.35% and a turnover rate of 1.77%, followed by Zhaoyi Innovation and Xiangnong Chip Creation with declines of 3.09% and 3.44% respectively [3] - Other significant declines were seen in companies like East Mountain Precision and Heertai, which fell by 2.41% and 5.58% respectively [3]

根据《公司法》、财政部《关于公司法、外商投资法施行后有关财务处理问题的通知》等法律、法规及 规范性文件，以及《公司章程》等相关规定，公司拟使用母公司资本公积2,778,372,367.65元用于弥补母 公司累计亏损。本次公积金弥补亏损以公司2024年末母公司未分配利润负数弥补至零为限。 公司现通知债权人：公司债权人自接到通知之日起30日内、未接到通知的自本公告披露之日起45日内， 均有权凭有效债权证明文件及相关凭证要求公司清偿债务或提供相应担保。债权人未在规定期限内行使 上述权利的，不会因此影响其债权的有效性，相关债务(义务)将由公司根据原债权文件的约定继续履 行。 中国经济网北京12月16日讯寒武纪(688256.SH)今日收报1273.92元，跌幅4.35%，寒武纪昨日收报 1331.90元，市值累计蒸发244.68亿元。 寒武纪昨晚发布关于使用公积金弥补亏损通知债权人的公告。中科寒武纪科技股份有限公司(以下简 称"公司")于2025年11月28日、2025年12月15日分别召开第三届董事会第一次会议、2025年第二次临时 股东会，审议通过了《关于使用公积金弥补亏损的议案》。 根据天健会计师事务所(特殊普 ...