8月29日，是今年A股的历史性时刻。 国产AI芯片龙头寒武纪的股价超越贵州茅台，成为新的"股王"。 这些高科技企业凭核心技术成为产业自主的攻坚尖兵；同样在资本市场的估值重塑中，印证了硬科技从研发投入到价值兑现的逻辑，成为科技牛市的核心标 的。 科技与资本相得益彰，完成了彼此的双重进化。我们遴选了代表性行业，拆解中国科技企业从技术攻坚到资本突围的破局路径与成长密码，也为市场读懂硬 科技的长期价值提供参照。 公司股价暴涨，逻辑并不复杂。当前中国和全球处于历史性的AI大浪潮下，而中国的人工智能芯片国产化是大势所趋。 股王"喜芯厌酒"背后，代表了基于新的技术、新的叙事、新的预期，资本去挖掘那些被传统估值体系所低估的、隐藏的价值，并重新定价。 和年初DeepSeek一鸣惊人类似，来自国产芯片、具身智能、创新药等领域的诸多公司，成为这场价值重估的受益者。 ILIF REAL 0 0 - 0 - - - 0 0 - 0 0 0 - - 0 2025年 0 ■ 0 它们股价攀升、密集融资、火速上市，成为引爆资本市场的"科技牛"。 尽管DeepSeek不是一款完美的产品，寒武纪也不是一家完美的公司，但它们重新为中国资产注入想象 ...

以下文章来源于长线是金11 ，作者长线是金11 长线是金11 . 记录本人的投资心得，希望能对大家有所帮助 作者： 长线是金11 来源：雪球 有一位朋友，说价值投资不应局限于各种茅，也应该分析一下寒武纪、摩尔线程的价值。 于是我就以格雷厄姆曾经讲过的故事作了回应——有一个石油商死后上天堂的时候，圣彼得告诉他一个坏消息。 圣彼得说：你的确有资格进天堂，可是你也看到了，分配给石油商居住的地方已经客满了，我实在没有办法把你安插进去。" ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 下面是A股的半导体指数，我们不难发现大起大落的周期性色彩非常明显，低迷久了就会暴涨，一旦涨狠了，往往又会暴跌。也就是说关注并投 资"科技股"，也应该在行业极端不景气、不被人看好的时候介入，而不是行业高度景气、众人痴迷的时候去人云亦云。 那个石油商想了一会之后问圣彼得说："我可不可以跟那些住在那里的人讲一句话？"圣彼得想了想，让他说句话也无妨。那个石油商于是合起他的 双手成杯状，放在嘴边大喊："地狱里发现石油了！" 忽然之间，大门开了，所有的人蜂拥而出向地狱冲去。 ...

华创证券有限责任公司给予寒武纪add的初始评级。 ...

Core Points - A total of 44 stocks on the Sci-Tech Innovation Board (STAR Market) experienced block trading today, with a cumulative transaction amount of 6.92 billion yuan [2][3] Group 1: Trading Overview - On December 12, there were 105 block trades involving 44 Sci-Tech Innovation Board stocks, with a total trading volume of 15.35 million shares and a total transaction value of 6.92 billion yuan [2] - The stock with the highest transaction amount was Hu Silicon Industry, with a trading volume of 4.20 million shares and a transaction value of 87.19 million yuan [2][3] - Other notable stocks in terms of transaction value included Jintian Titanium Industry and Aojie Technology, with transaction amounts of 56.02 million yuan and 49.43 million yuan, respectively [2] Group 2: Price and Performance Analysis - The average discount rates for block trades relative to the closing prices were significant for several stocks, with Yutai Micro, Nanchip Technology, and Guoguang Electric having discount rates of 21.89%, 20.61%, and 19.02%, respectively [2] - The STAR 50 Index rose by 1.74% today, with 398 stocks (66.89%) on the Sci-Tech Innovation Board experiencing price increases [2] - The average increase for stocks involved in block trading was 3.25%, with the highest increases seen in Hehe Information, Shijia Photon, and Tuojing Technology, which rose by 13.80%, 11.45%, and 8.62%, respectively [2] Group 3: Institutional Participation - Among the block trades, there were 65 transactions involving institutional buyers or sellers across 37 stocks [3] - The leading institutional purchases were in Hu Silicon Industry, Aojie Technology, and Shengke Communication, with purchase amounts of 87.19 million yuan, 49.43 million yuan, and 40.47 million yuan, respectively [3] - Conversely, the top institutional sales were in Lanqi Technology, Zhongwei Company, and Haiguang Information, with sales amounts of 36.72 million yuan, 30.44 million yuan, and 24.19 million yuan, respectively [3] Group 4: Capital Flow - Among the stocks involved in block trading, 22 stocks saw net inflows of capital, with the highest net inflows in Shijia Photon, Aojie Technology, and Shengke Communication, amounting to 458 million yuan, 317 million yuan, and 278 million yuan, respectively [3] - The stocks with the largest net outflows included Hanwujing, Haiguang Information, and Lanqi Technology, with net outflows of 2.096 billion yuan, 893 million yuan, and 523 million yuan, respectively [3]

两融数据显示，该股最新融资余额为145.50亿元，近5日减少7.46亿元，降幅为4.88%。（数据宝） 12月12日寒武纪-U大宗交易一览 | 成交量 （万股） | 成交金额 （万元） | 成交价格 （元） | 相对当日 收盘折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | 0.85 | 1142.40 | 1344.00 | 0.00 | 国泰海通证券股份有限公司总部 | 机构专用 | | | | | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | | | 进一步统计，近3个月内该股累计发生12笔大宗交易，合计成交金额为2.03亿元。 证券时报•数据宝统计显示，寒武纪-U今日收盘价为1344.00元，下跌2.75%，日换手率为2.19%，成交额 为125.03亿元，全天主力资金净流出20.96亿元，近5日该股累计下跌0.81%，近5日资金合计净流出30.04 亿元。 （原标题：寒武纪-U大宗交易成交0.85万股 成交额1142.40万元） 寒武纪-U12月12日大宗交易平台出现一笔 ...

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

Investment Rating - The report gives a "Buy" rating for the company, Cambricon Technologies Co., Ltd. (寒武纪-U) [1] Core Insights - Cambricon is a leading player in the domestic AI chip sector, focusing on the development and innovation of AI chips, with a comprehensive product matrix covering cloud, edge, and terminal solutions [6][22] - The company has experienced explosive revenue growth, with a projected revenue increase from 1.17 billion yuan in 2024 to 20.69 billion yuan in 2027, reflecting a compound annual growth rate of 56.4% [2][9] - The AI chip market in China is expected to grow significantly, with projections indicating a market size increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, driven by the demand for AI computing power [6][8] Summary by Sections 1. Strong Research and Technical Background - Cambricon, established in 2016, is recognized as a leading enterprise in the AI chip field, focusing on AI chip research and technology innovation [13] - The company has developed a complete technical system from instruction set architecture to chip design and basic system software, making it one of the few domestic AI computing solution providers with full-stack self-research capabilities [6][20] 2. Explosive Demand in the GPU Market - The global GPU market is undergoing structural changes, with AI, big data, and cloud computing driving a continuous increase in computing power demand [6][44] - The domestic AI chip market is expected to see a compound annual growth rate of 53.7% from 2025 to 2029, with the GPU market share projected to rise from 69.9% in 2024 to 77.3% in 2029 [6][8] 3. Hardware and Software Synergy - Cambricon has iterated its MLUarch microarchitecture to the fifth generation, supporting high-performance computing needs and establishing a strong technical barrier [8][20] - The NeuWare platform enhances software development efficiency, reducing barriers for developers and increasing ecosystem stickiness [8][20] 4. Profitability Forecast - The company is expected to achieve significant revenue growth, with projected revenues of 72.62 billion yuan in 2025, 132.28 billion yuan in 2026, and 206.85 billion yuan in 2027, alongside corresponding net profits of 25.20 billion yuan, 48.97 billion yuan, and 77.99 billion yuan [2][9][22] 5. Investment Logic - The investment logic is based on three dimensions: solidifying technical barriers, explosive demand from AI models driving GPU needs, and strategic positioning to capture domestic replacement opportunities [8][9]

从沪股通前十大成交个股来看，寒武纪位居首位；紫金矿业和药明康德分居二、三位。 二、板块个股主力大单资金 一、沪深股通前十大成交 今日沪股通总成交金额为1498.83亿，深股通总成交金额为1598亿。 | | | 沪股通( 12月12日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 29.26 | | 2 | 668109 | 三十四年 | 20.54 | | 3 | 603259 | 约明康德 | 20.39 | | 4 | 600519 | 贵州茅台 | 18.79 | | 5 | 601398 | 工商银行 | 17.62 | | 6 | 601318 | 中国平安 | 15.77 | | 7 | 603993 | 洛阳铜V | 14.75 | | 8 | 688041 | 海光信息 | 14.16 | | 9 | 688008 | 測起科技 | 13.54 | | 10 | 688313 | 仕佳光子 | 13.44 | | | 一環證 | 12月12日 ) | | | 排名 | ...

Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 309.68 billion, with significant trading activity in specific stocks and sectors, indicating a dynamic market environment [1]. Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 149.88 billion, while the Shenzhen Stock Connect totaled 159.8 billion [2]. - The top traded stocks included Cambricon (29.26 billion) and Zhongji Xuchuang (55.84 billion) for Shanghai and Shenzhen respectively [3]. Sector Performance - The leading sectors in terms of net inflow of funds were power grid equipment (48.52 billion) and electric new industry (26.91 billion) [6]. - Sectors with the highest gains included controllable nuclear fusion, precious metals, and commercial aerospace, while retail and real estate sectors saw declines [5]. ETF Trading Activity - The top ETF by trading volume was A500ETF Huatai Baichuan with 105.91 billion, followed by Hong Kong Securities ETF at 99.49 billion [9]. - The China Securities 500 ETF (159922) experienced a remarkable trading volume increase of 258% compared to the previous trading day [10]. Stock Specific Activity - Notable stocks with significant net inflow included Dongshan Precision (11.51 billion) and BYD (8.28 billion) [7]. - Conversely, stocks with the highest net outflow included Sunshine Power (-21.87 billion) and Changying Precision (-14.64 billion) [7]. Institutional and Retail Activity - Institutional trading was active, with notable purchases in Guocera Materials (1.86 billion) and Zhongneng Electric (1.24 billion) [12]. - Retail investors showed high activity, particularly in stocks like Lian Te Technology, which saw significant net buying from various brokerage firms [14]. Quantitative Fund Activity - Quantitative funds were notably active, with significant trading in stocks like Moer Thread, which saw a net inflow of 2.07 billion from Morgan Stanley and outflows from multiple firms [15].

Market Overview - The Shanghai Composite Index rose by 0.41% on December 12, with 21 out of 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 1.50% and 1.46% respectively [1] - The retail and comprehensive sectors saw the largest declines, with drops of 1.28% and 1.18% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 4.872 billion yuan across the two markets. However, 14 sectors recorded net inflows, with the power equipment sector leading at a net inflow of 2.805 billion yuan and a daily increase of 1.42%. The machinery equipment sector followed with a net inflow of 1.771 billion yuan and a daily increase of 1.21% [1] - Conversely, 17 sectors experienced net outflows, with the electronics sector leading at a net outflow of 3.703 billion yuan, followed by the computer sector with a net outflow of 2.501 billion yuan. Other sectors with significant outflows included basic chemicals, retail, and pharmaceuticals [1] Electronics Sector Performance - The electronics sector increased by 1.46%, despite a net outflow of 3.703 billion yuan. Out of 472 stocks in this sector, 303 rose, 4 hit the daily limit up, while 163 fell, with 1 hitting the daily limit down [2] - Among the stocks with net inflows, 194 saw positive capital flow, with 26 stocks receiving over 100 million yuan. The top stock for net inflow was Dongshan Precision, with 1.12 billion yuan, followed by Luxshare Precision and Lingyi iTech with inflows of 548 million yuan and 480 million yuan respectively [2] - The stocks with the largest net outflows included Cambricon Technologies with a net outflow of 2.096 billion yuan, followed by Changying Precision and Haiguang Information with outflows of 1.378 billion yuan and 893 million yuan respectively [4]