格隆汇10月9日｜东吴证券研报指出，芯原股份预计25Q3实现营业收入12.84 亿元，环比增长119.74%， 同比增长78.77%。预计25Q3盈利能力大幅提升，亏损同比、环比均实现大幅收窄。订单方面，公司预 计25Q3新签订单15.93亿元，同比增长145.80%，其中AI算力相关的订单占比约65%。公司在手订单已连 续八个季度保持高位，预计截至25Q3末在手订单金额为32.86亿元，持续创造历史新高！该行认为当前 估值溢价主要是由于公司作为国内顶级ASIC公司，为A股稀缺标的，在技术积累、客户资源及产品落地 方面具备显著优势。根据公司Q3预告披露的业绩与订单情况，上调公司2025-2027年营业收入预期为 38/53/70亿元（前值30/38/47亿元），上调归母净利润预期为-0.8/2.7/5.6亿元（前值-1.0/2.0/4.2亿元）。 维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 250 RMB, indicating a potential upside from the current price of 183 RMB [1][9]. Core Insights - The company has experienced significant revenue growth, with a 79% year-over-year increase and a 120% quarter-over-quarter increase in Q3 2025, reaching a historical high of 1.28 billion RMB [9][12]. - The company is positioned as a leading IP enterprise in China, focusing on key application areas such as Chiplet technology, AI technology, and Risc-V architecture, which are expected to drive future growth [9][12]. - The company has seen a rapid increase in new orders, with a 146% year-over-year growth in Q3 2025, indicating strong demand driven by AI computing needs [12]. Summary by Sections Company Overview - The company operates in the electronics industry, with a current A-share price of 183 RMB and a market capitalization of 91.66 billion RMB [2]. Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 25, 2025 [3]. Product Mix - The revenue breakdown includes 43.4% from chip volume business, 33.5% from IP licensing fees, 17.8% from chip design services, and 5.3% from royalties [4]. Financial Performance - The company forecasts revenues of 3.06 billion RMB, 4.25 billion RMB, and 5.39 billion RMB for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 32%, 39%, and 27% [12][16]. - The net profit is projected to turn positive in 2025, with estimates of 26 million RMB, 155 million RMB, and 245 million RMB for the years 2025, 2026, and 2027, respectively [11][12]. Cash Flow and Balance Sheet - The company is expected to generate positive cash flow from operating activities starting in 2026, with a net increase in cash and cash equivalents projected for the following years [18]. - Total assets are projected to grow from 52.64 billion RMB in 2025 to 68.42 billion RMB in 2027, reflecting a strong balance sheet [17].

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector in the Chinese stock market, particularly the rise of the Sci-Tech Innovation Board AI Index and its constituent stocks [1][2] - The Sci-Tech Innovation AI ETF (Hua Xia, 589010) has seen a significant increase, with a recent price of 1.61 yuan, marking a three-day consecutive rise [1] - The trading activity of the Sci-Tech Innovation AI ETF is robust, with a turnover rate of 12.78% and a transaction volume of 97.15 million yuan, indicating active market participation [1] Group 2 - Alibaba Cloud recently launched the Panjiu 128 ultra-node AI server, which integrates self-developed CIPU 2.0 chips and high-performance network cards, achieving a 50% improvement in inference performance compared to traditional architectures [2] - Huawei announced the sale of over 300 units of its CloudMatrix 384 ultra-node, primarily serving government and enterprise clients, with future products expected to significantly increase computing power [2] - Guosen Securities emphasizes the ongoing strong demand for AI infrastructure, driven by major investments from tech giants like OpenAI and NVIDIA, indicating a high growth certainty in AI computing power as a key investment theme [2]

10月9日，三大指数集体高开，涨幅持续扩大。截至午间收盘，上证指数涨1.24%报3931.07点，深证成指涨1.75%，创业板指涨1.77%， 北证50涨0.25%，科创50涨5.59%，全A涨1.45%，A500涨1.63%，中证A500涨1.72%，A股半日成交1.73万亿元，全市场超3200只个股上 涨。 富时中国A50指数期货大涨1.24％，报15282。 | | | F9 叠加 九转 画线 工具 您 » | | | 富时中国A50期货 | | CN | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025/10/09 | | | | | | | | V nr | 当前为延时行情，点此获取实时行情 | 1.62% | | 15282 +187 +1.24% | | | | | | | 1.08% | | SGX USD 11:23:45 延时10分钟 | | | | | | | | = | 15282 | 1 | -3 | | | | | | दो | 15281 | 36 | -4 | | | | | 0.54% | 总量 | 23 ...

芯原微电子（上海）股份有限公司（证券代码：688521，以下简称"芯原股份"）于10月9日发布了2025 年第三季度经营情况的自愿性披露公告。预计2025年第三季度实现营业收入12.84亿元，单季度收入创 公司历史新高。与上一季度相比，收入大幅增长119.74%，与去年同期相比，增长78.77%。这一增长主 要得益于一站式芯片定制业务的显著增长。预计2025年第三季度单季度亏损同比、环比均实现大幅收 窄，盈利能力大幅提升。 从各业务具体表现来看，公司预计2025年第三季度实现芯片设计业务收入4.29亿元，环比增长 291.76%，同比增长80.67%；预计实现量产业务收入6.09亿元，环比增长133.02%，同比增长158.12%； 预计实现知识产权授权使用费收入2.13亿元，环比增长14.14%，同比基本持平。 在订单方面，公司预计2025年第三季度新签订单15.93亿元，同比大幅增长145.80%，其中AI算力相关的 订单占比约65%。公司预计2025年前三季度新签订单32.49亿元，已超过2024年全年新签订单水平。公 司在手订单已连续八个季度保持高位，预计截至2025年第三季度末在手订单金额为32.8 ...

Core Viewpoint - The A-share market has accelerated its breakthrough, with the Shanghai Composite Index surpassing the 3900-point mark for the first time in 10 years, driven by strong performance in technology stocks and external market conditions [1][5]. Market Performance - On October 9, the Shanghai Composite Index rose by 0.58%, while the Shenzhen Component Index and the ChiNext Index both increased by over 1%. The STAR Market 50 Index surged by over 5%, indicating a significant rally in the semiconductor industry [1][2]. - The total market capitalization of the Shanghai Composite Index reached 623,677 billion, with total trading volume at 615.43 billion [3]. Sector Analysis - The semiconductor sector was a major contributor to the market's rise, with stocks like Chipone Technology and Huahong Semiconductor seeing gains of over 15% and approaching 20% respectively. Other notable performers included Zhaoyi Innovation and various storage chip companies [2][4]. - The technology sector, particularly in AI and semiconductor stocks, has been identified as the main driver behind the index's acceleration, with significant contributions from companies like Industrial Fulian and Zijin Mining [3][4]. External Influences - The market's upward momentum was supported by favorable external conditions, including a positive performance in global markets during the holiday period, which led to a significant reduction in margin financing balances, indicating a bullish sentiment [4][5]. - Analysts noted that the ongoing developments in AI technology and breakthroughs in various sectors, such as solid-state batteries and nuclear fusion, have provided fertile ground for market speculation [5][6]. Future Outlook - Analysts predict that the market will likely continue to trend upwards in October, supported by historical patterns of post-holiday market performance. The focus will be on sectors with strong growth potential and lower valuation constraints, particularly in technology and cyclical industries [6][7]. - The upcoming "14th Five-Year Plan" is expected to attract market attention, with a continued emphasis on technology as a primary investment focus [7].

Market Overview - The three major indices opened higher on October 9, with the Shanghai Composite Index rising by 1.19% to surpass 3900 points for the first time since August 2015 [1][2] - The Shenzhen Component increased by 1.84%, and the ChiNext Index rose by 1.99%, with over 3200 stocks in the two markets experiencing gains [1][2] - The total trading volume reached 1.65 trillion yuan, an increase of 525.7 billion yuan compared to the previous trading day [1] Sector Performance - The STAR 50 Index saw a gain of over 5%, with significant increases in the semiconductor industry, including Chipone Technology rising over 16% [1][2] - The GPU, controllable nuclear fusion, and rare earth sectors led the gains, while real estate and short drama sectors faced declines [3][4] - Notable stocks included ZTE Corporation, which hit the daily limit with a trading volume exceeding 12 billion yuan, and H-shares rising nearly 12% to a historical high [3] Chip Sector Highlights - The storage chip sector experienced a significant surge, with companies like Huahong Semiconductor and Yake Technology hitting their daily limits [4][5] - The STAR 50 ETF increased by 3.31%, with stocks such as Western Superconducting and Chipone Technology showing gains of over 16% [5][6] - A recent report indicated that global storage chip prices have been rising, with expectations of a 10% increase in server eSSD prices and a 10-15% rise in DDR5 RDIMM prices in Q4 2025 [6] Gold and Precious Metals - Gold futures surged, with the main contract breaking the 900 yuan/gram mark, reaching a historical high of 913.5 yuan/gram [7][8] - The precious metals sector saw collective gains, with companies like Sichuan Gold and Zhongjin Gold rising significantly [8] Nuclear Fusion and Rare Earth Developments - The controllable nuclear fusion sector showed strong performance, with companies like Hezhong Intelligent and Western Superconducting gaining traction following news of China's nuclear fusion device construction [9] - Rare earth stocks also performed well, with Baotou Steel and Northern Rare Earth seeing increases after the Ministry of Commerce announced new export controls on rare earth technologies [10]

Market Overview - The three major indices opened higher, with the Shanghai Composite Index rising by 1.19%, Shenzhen Component Index by 1.84%, and ChiNext Index by 1.99%, marking the first time since August 2015 that the Shanghai Composite Index surpassed 3900 points [1] - Over 3200 stocks in the two markets increased, with a trading volume of 1.65 trillion yuan, an increase of 525.7 billion yuan compared to the previous trading day [1] Semiconductor Sector - The semiconductor industry saw significant gains, with the STAR 50 Index rising over 5%. Notable stocks included Chipone Technology, which surged over 16%, and other companies like Zhongwei Technology and Canaan Inc. also performed well [1][7] - Storage chip stocks experienced a breakout, with Huahong Semiconductor hitting a 20% limit up, and several other companies like Yake Technology and Shenzhen South Circuit also reaching their limits [5] - The STAR 50 ETF increased by 3.31%, with stocks like Western Superconducting and Chipone Technology seeing gains exceeding 16% [7] Gold and Precious Metals - Gold futures surged, breaking the 900 yuan/gram mark, reaching a historical high of 913.5 yuan/gram. The precious metals sector saw significant increases, with companies like Sichuan Gold and Zhongjin Gold hitting their upper limits [9] - COMEX gold futures fell by 0.81% to $4037.4 per ounce, but had accumulated a 4.45% increase during the National Day holiday [9] Controlled Nuclear Fusion - Stocks related to controlled nuclear fusion showed strong performance, with companies like Hezhong Intelligent and Western Superconducting gaining traction. The construction of China's nuclear fusion device BEST has begun, which is expected to demonstrate nuclear fusion power generation by 2030 [10] Rare Earth Sector - Rare earth stocks also performed well, with Baotou Steel rising over 8% and Northern Rare Earth increasing over 6%. The Ministry of Commerce announced new export controls on rare earth-related technologies, which may impact the sector [11][12]

【导读】上证指数盘中突破3900点，续创10年新高 | 上证指数 | 深证成指 | | 北证50 | | | --- | --- | --- | --- | --- | | 3908.28 | 13677.13 | | 1525.15 | | | +25.50 +0.66% | +150.62 +1.11% | | -3.48 -0.23% | | | 科创50 | 创业板指 | | 万得全A | | | 1559.66 | 3273.72 | | 6406.42 | | | +64.38 +4.31% | +35.55 +1.10% | | +57.48 +0.91% | | | 沪深300 | 中证500 | | 中证A500 | | | 4688.12 | 7493.63 | | 5679.31 | | | +47.43 +1.02% | +81.26 +1.10% | | +60.60 +1.08% | | | 中证1000 | 深证100 | | 中证红利 | | | 7629.64 | 6024.45 | | 5450.78 | | | +54.67 +0.72% | +65.92 +1.11% ...

Group 1 - The core viewpoint of the article highlights a significant increase in the Sci-Tech Innovation 50 Index, which has risen over 5% [1] - Several semiconductor stocks, including SMIC, Hua Hong Semiconductor, Jiangbo Long, Canxin Semiconductor, and ChipLink Integrated, have reached historical highs [1] - Notable stock performances include West Superconductor and Chip Origin, both rising over 15%, while Zhongwei Company increased by more than 10% [1]