9月完成再融资募资的公司中，12家募资超15亿元，6家超35亿元，包括华能水电、盛美上海、德赛西 威、寒武纪 - U等。 【9月A股再融资总额环比增近30%，多家公司募资超35亿】10月4日消息，Wind数据显示，按发行日期 统计，9月A股市场再融资完成总额406.16亿元，环比增加近30%。其中定增募资超370亿元，环比增长 近32%，可转债募资35亿元，环比增长近一成。完成再融资的公司有17家，环比增加1家。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和闭猎报 10.04 08:51:15 周六 9月完成再融资募资的公司中,12家募资超15亿 元,6家超35亿元,包括华能水电、盛美上海、德赛 西威、寒武纪 - U等。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 扫码查看原文 华能水电等:9月A股再融资额406亿 环比增30% 【9月A股再融资总额环比增近30%,多家公司 募资超35亿】10月4日消息,Wind数据显示,按发 行日期统计,9月A股市场再融资完成总额406.16亿 元,环比增加近30%。其中定增募资超370亿元,环 比增长近32 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 当前，华尔街正掀起一轮做多中国科技股的热潮。 锐联集团创始人许仲翔向上证报记者表示，在当前时点发行一只专注于中国科技股的ETF，其核心 契机正是市场所热议的"DeepSeek时刻"。这一时刻让全球投资者意识到，中国科技产业已经超越 了传统的硬件代工角色，在多个领域与全球头部"玩家"并行甚至实现了局部领先，这种认知上的转 变促使国际投资者重新审视中国科技公司的定位。 当前，华尔街对中国科技股的投资热情显著升温。多只在美上市的海外中国股票ETF规模大幅攀 升。富途数据显示，截至10月2日，中国海外互联网ETF-KraneShares资产规模突破100亿美元大 关，相较于上半年末的63.74亿美元增长近60%。 | < 资产规模 | | | | --- | --- | --- | | 中国海外互联网 ETF-KraneShares | | | | KWEB | | | | 日期 | 资产规模(美元) | 变动比例 | | 2025/10/02 | 100.21亿 | +2.33% | | 2025/09/ ...

这一切的发生并非偶然，寒武纪在AI大模型、算力芯片领域的布局早已为市场所知，2025年上半年，公司终于从连年亏损转为盈利，中报净利润10.38 亿，市盈率也从几年前的近5000倍降到现在的500倍左右，变化之快，令人咋舌。 2025年九月的A股市场里，寒武纪的这场定增成了所有投资者茶余饭后的焦点，场内外的情绪像拉满了的弦，随时可能崩断——有人兴奋，有人焦 虑，没人能置身事外。 市场刚刚消化完上半年AI芯片板块的暴涨，寒武纪在9月宣布定增，发行价定在1195.02元一股，消息一出，讨论区沸腾了，大家议论的声音大得像广 场上的喇叭，谁都想知道，这是不是又一轮科技泡沫的起点。 有人担心，这次科技股的热潮，会不会像四五年前一样，冲高之后就是长达几年的调整周期，很多股票最终跌掉九成，市场记忆其实很短暂，但伤痛 总是刻骨铭心。 这一轮科技股行情，确实让很多人赚到了钱，也有人被高位套牢，寒武纪的故事还没讲完，AI芯片的终局也远未到来，资本和技术比拼的赛道上，每 一步都悬着一颗心。 机构的疯狂涌入，背后是对AI芯片赛道的极度看好，寒武纪的研发费用居高不下，公司明说了，钱还远远不够，这次定增为的就是持续加码大模型算 力的研发， ...

而这股"全市场都在交易Capex"的浪潮，其底层驱动力正是对AI算力需求的爆炸性预期。训练千亿乃至 万亿参数的大模型，需要消耗天量的计算资源，而将这些模型应用于千行百业，则催生了更为庞大的推 理算力市场。 这预示着，AI算力的竞争已经进入"下半场"，从最初关注训练集群的绝对规模，转向对能效比、成本、 以及特定场景适用性的综合考量。而对算力资源分配权的争夺本质是围绕高端芯片展开的博弈。 AI芯片是一个高度复杂且全球分工精细的产业，从上游的IP、EDA工具，到中游的芯片设计、制造、封 测，再到下游的系统集成与生态应用，任何一个环节的短板都可能成为"阿喀琉斯之踵"。 在美国对高端芯片的"围追堵截"下，经过数年的发展，国产芯片企业已展现出相当的活力。如寒武纪、 地平线、燧原科技等，以及在科技巨头内部孵化的华为昇腾、百度昆仑等。 2024年，中国本土AI芯片品牌渗透率约30%，出货量达到82万张，相较上年同期15%的国产品牌渗透 率，呈现明显提升趋势。头部企业如华为海思、寒武纪等通过定制化ASIC抢占垂直场景，而摩尔线 程、沐曦集成等新兴GPU厂商则在图形渲染领域快速追赶。百度昆仑芯签下中国移动大额订单，华为昇 腾生态 ...

Core Viewpoint - The recent fundraising round by Cambricon Technologies has shown a significant shift in investor sentiment, with institutions willing to pay a premium for shares, indicating strong confidence in the company's long-term value rather than short-term gains [1][3][10]. Fundraising Details - Cambricon completed its latest fundraising round in less than four months, raising a total of 3.985 billion yuan by issuing 333,490 shares at a price of 1,195.02 yuan per share, which is a 10.51% premium over the base price [1][2][7]. - The fundraising attracted 13 institutions, with public funds accounting for over 50% of the total allocation, highlighting strong institutional interest [4][6]. Institutional Participation - Among the 13 institutions, major public funds like GF Fund and UBS AG were significant participants, with GF Fund being the largest single investor, acquiring shares worth over 1.2 billion yuan [2][4][5]. - The competitive nature of the fundraising was evident, as 156 investors competed for the allocation, with many bids exceeding the final issuance price [2][7]. Market Context - The issuance price of 1,195.02 yuan set a new record for A-share fundraising, surpassing the previous high of 645 yuan set by Maiwei Co [2]. - The willingness of institutions to pay a premium reflects a shift in the AI chip market, where Cambricon is seen as a leader following a significant turnaround in its financial performance [9][10]. Long-term Value Recognition - Institutional investors are increasingly focused on Cambricon's long-term value, as evidenced by the continued accumulation of shares by major funds despite a general reduction in holdings across other public funds [3][8]. - The company plans to allocate the raised funds strategically towards projects that enhance its competitive edge in the AI chip sector, including hardware and software development [10][11]. Product and Market Position - Cambricon's product line, including the SiYuan series chips, has gained recognition and scale in procurement from internet companies, establishing a differentiated advantage in the domestic AI chip industry [11]. - The company is advancing its technology with 7nm processes, aiming to cover a wide range of AI applications, which positions it favorably in a rapidly evolving market [11].

市场板块篇 1.1 50指数涨跌对比 2025年前三季度科创50指数上涨51.20%，涨幅位于各板块50指数第二位，领先北证50、深证50和上证50指数。 1.2 总市值变动 2025年三季度末，科创板总市值为10.95万亿元，较2025年二季度末总市值7.62万亿元增加3.33万亿元，增幅43.66%，高于其他各板块市值增长。 1.3 成交额对比 2025年前三季度科创板总成交额累计达25.93万亿元，单只个股平均成交额440.32亿元，低于同期沪深主板和创业板单只个股平均成交。科创板因交易门槛 限制，成交额偏低。 | | | 各板块平均成交额对比 | | | --- | --- | --- | --- | | 板块 | 个股数量 | 期间总成交额 (万亿元) | 平均成交额 (亿元) | | 深证主板 | 1485 | 91.07 | 613.25 | | 创业板 | 1390 | 83.38 | 599.87 | | 上证主板 | 1695 | 95.90 | 565.77 | | 科创板 | 589 | 25.93 | 440.32 | | 北交所 | 277 | 5.31 | 191.58 | | ...

Core Viewpoint - The release of DeepSeek-V3.2-Exp model by DeepSeek Company marks a significant advancement in the domestic AI chip ecosystem, showcasing a collaborative effort among various domestic chip manufacturers [1][4][7]. Group 1: Model Release and Features - DeepSeek-V3.2-Exp introduces DeepSeek Sparse Attention, which significantly reduces computational resource consumption and enhances inference efficiency [1][7]. - The new model has led to a price reduction of API services by 50% to 75% across DeepSeek's platforms [1]. - The model's release prompted immediate recognition and adaptation from several domestic chip manufacturers, including Cambrian, Huawei, and Haiguang [2][4]. Group 2: Industry Response and Ecosystem Development - Cambrian was the first to announce compatibility with DeepSeek-V3.2-Exp, followed by Huawei and Haiguang, indicating a rapid response from the industry [2][4]. - The consensus within the domestic AI industry regarding DeepSeek's models has enabled the company to take the lead in defining standards for domestic chips [4][7]. - The rapid adaptation of DeepSeek's models by various manufacturers suggests a growing synergy within the domestic AI hardware and software ecosystem [9]. Group 3: Future Implications - Experts believe that the swift development of domestic chips by 2025 can be attributed to the emergence of DeepSeek as a key player in the industry [4][5]. - The collaborative efforts among domestic companies to adapt to DeepSeek's standards may accelerate the growth of the AI chip ecosystem in China [4][9]. - The advancements made by DeepSeek in a short time frame highlight the potential for rapid evolution in the domestic AI landscape, contrasting with the decades-long establishment of ecosystems by companies like NVIDIA [9].

本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：黄凡，题图来自：AI生成 一年前，随着宏观政策的全面转向，我们的股市开始转势向上，逐步成了全球市场中的最亮点。从 2024年"924"行情以来，代表中国资产的主要指数，从创业板到科创板，从传统沪深市场到新兴北交 所，均处于全球遥遥领先地位。 （如下图，东方财富网数据） 当前A股市场中，人工智能AI产业相关赛道是近期的最热点，其中"易中天"和"纪连海"这两个由投资 者创意组合的概念，成了科技股行情中备受瞩目的焦点。它们分别代表了AI算力产业链上的不同环 节，其强劲上涨反映了市场对人工智能产业的高度热情。 "易中天"组合的新易盛、中际旭创、天孚通信涵盖光模块与通信设备 （AI算力的"出海链"） ，直接 受益于全球AI基础设施建设需求；而"纪连海"组合的寒武纪、工业富联、海光信息覆盖AI芯片与服 务器 （国产算力的"国产链"） ，聚焦于芯片自主可控和国内AI生态崛起。 在万千新生代投资人的追捧下，"易中天"和"纪连海"相关龙头股涨幅巨大。例如，寒武纪股价在短时 间内显著上涨，股价一度超越贵州茅台成为"A股股王"，工业富联市值更是突破万亿。 在整 ...

Core Insights - Edwin Chen, a Chinese entrepreneur, is emerging as a new leader in the AI sector with his company Surge AI, which is currently raising $1 billion in its first round of financing, leading to a valuation of approximately $24 billion (about 171.2 billion RMB) [5][12][13] - Surge AI has achieved over $1 billion in annual revenue without external financing since its inception five years ago, showcasing a remarkable entrepreneurial journey in the AI industry [5][12][13] - Edwin Chen's net worth has reached $18 billion, making him the youngest billionaire on the Forbes list this year, primarily due to his 75% ownership stake in Surge AI [5][13] Company Overview - Surge AI specializes in providing data annotation services for artificial intelligence, effectively positioning itself as a "shovel seller" in the AI ecosystem [12][13] - The company has established a strong client base, including major AI players like OpenAI, Anthropic, Google, Microsoft, and Meta, which underscores its critical role in the AI development process [17] - Surge AI's growth trajectory has been bolstered by its involvement in training large language models, validating its technical capabilities and market relevance [17] Market Trends - The AI sector is witnessing a wealth creation wave, with companies like Perplexity and Mistral AI also achieving significant valuations and funding rounds, indicating a robust investment climate in AI [19][20] - The stock market reflects this trend, with companies like Nvidia and domestic AI chip firms experiencing substantial stock price increases, highlighting investor confidence in AI technologies [20][21] - Analysts caution that the current AI boom may be approaching a bubble, raising concerns about potential market corrections in the future [21]

继去年 11月到今年2、3月持续强调科技牛大机遇后，7月16日我们又在公众号文章《 机构满血杀出新一轮科技牛！ 》提出需要重视基本面投 研并及时转变为机构手法，同时重点抓住包括 AI算力、机器人等为主的科技成长主线方向核心标的趋势机会。 摘要 ： 2025 年 Q3 的 A 股，科技成长主线彻底"霸屏"—— AI 算力、半导体、机器人、消费电子轮番冲高， 我们持续带领会员 精准踩中机构资金 节奏，重仓出海链、国产半导体、机器人等核心标的，超额收益拉满。 展望 Q4 ，科技成长仍将是绝对主角，半导体、 AI 算力、机器人、消电端侧四大方向值得超配，还能兼顾双创弹性与龙头红利。今天就把 Q3 的赚钱逻辑拆透，再给大家划 Q4 的黄金布局点。 01 回顾 Q3的3个轻松"超额"策略，吃透科技牛 策略 1：认准"机构主导的科技牛"，抓准资金流向 逻辑很简单：国家队（社保、大基金） + 两融资金带头冲，险资、公私募跟着加仓。 Q3 两融余 额从 1.8 万亿飙到 2.4 万亿，科技股融资占 比超 60% ，相当于"聪明钱"集体用脚投票科技主线。而且中国经济向科技转型，资本市场"含科量"越来越高，国家队配置自然向科技倾斜 ...