从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓盛科通信。诺安益鑫灵活配置混合A（002292）二季度持有股数 4.83万股，与上期相比持股数量不变，占基金净值比例为5.97%，位居第一大重仓股。根据测算，今日 浮盈赚取约29.03万元。 10月22日，盛科通信涨5.13%，截至发稿，报123.08元/股，成交4.03亿元，换手率1.66%，总市值504.63 亿元。 资料显示，苏州盛科通信股份有限公司位于江苏省苏州工业园区江韵路258号，成立日期2005年1月31 日，上市日期2023年9月14日，公司主营业务涉及以太网交换芯片及配套产品的研发、设计和销售。主 营业务收入构成为：以太网交换芯片72.43%，以太网交换芯片模组11.94%，以太网交换机10.48%，定 制化解决方案及其他3.18%，授权许可1.97%。 从盛科通信十大流通股东角度 数据显示，诺安基金旗下1只基金位居盛科通信十大流通股东。诺安成长混合A（320007）二季度持有 股数281.6万股，持股数量与上期相比不变，占流通股的比例为1.4%。根据测算，今日浮盈赚取约 1692.43万元。 诺安成长混合A（320007）成立日期20 ...

10月22日，盛科通信涨5.13%，截至发稿，报123.08元/股，成交4.03亿元，换手率1.66%，总市值504.63 亿元。 先锋精一A（003586）基金经理为曾捷。 截至发稿，曾捷累计任职时间2年300天，现任基金资产总规模4926.96万元，任职期间最佳基金回报 57.51%， 任职期间最差基金回报28.84%。 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。 责任编辑：小浪快报 数据显示，先锋基金旗下1只基金重仓盛科通信。先锋精一A（003586）二季度持有股数1079股，与上 期相比持股数量不变，占基金净值比例为2.97%，位居第十大重仓股。根据测算，今日浮盈赚取约 6484.79元。 先锋精一A（003586）成立日期2016年11月18日，最新规模101.39万。今年以来收益17.15%，同类排名 4737/8160；近一年收益22.49%，同类排名3645/8026；成立以来收益8.14%。 资料显示，苏州盛科通信股份有限公司位于江苏省苏州工业园区江 ...

Market Performance - The large fund concept sector increased by 1.26% on October 15, with Huada Jiutian leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in Large Fund Concept Sector - Huada Jiutian (301269) closed at 135.42, up 7.30% with a trading volume of 267,300 shares and a transaction value of 3.581 billion [1] - Shengke Communication (688702) closed at 116.35, up 3.79% with a trading volume of 40,000 shares and a transaction value of 461 million [1] - Changdian Technology (600584) closed at 41.92, up 2.77% with a trading volume of 841,200 shares and a transaction value of 3.448 billion [1] Top Losers in Large Fund Concept Sector - Zhichun Technology (603690) closed at 37.00, down 8.48% with a trading volume of 1,205,900 shares and a transaction value of 4.518 billion [2] - Hushi Silicon Industry (688126) closed at 27.08, down 2.62% with a trading volume of 606,800 shares and a transaction value of 1.642 billion [2] - Sitwei (688213) closed at 108.39, down 2.44% with a trading volume of 87,100 shares and a transaction value of 940 million [2] Fund Flow Analysis - The large fund concept sector experienced a net outflow of 2.387 billion from institutional investors, while retail investors saw a net inflow of 2.344 billion [2][3] - The top stocks by net inflow from retail investors included Deep South Circuit (002916) with 41.41 million and North Huachuang (002371) with 45.73 million [3] Summary of Individual Stock Performance - Deep South Circuit (002916) had a net inflow of 41.41 million from retail investors, while institutional investors had a net outflow of 1.23 billion [3] - North Huachuang (002371) saw a net inflow of 45.73 million from retail investors, with a net outflow of 1.61 billion from institutional investors [3] - Huada Jiutian (301269) had a net inflow of 46.12 million from retail investors, while institutional investors had a net outflow of 462 million [3]

针对Scale up、Scale out分别有不同的通信协议，大厂自研私有协议+第三方与中小厂推动公有协议将成 为未来的发展趋势。具体而言，Scale up层面英伟达NVlink、AMD Infinity Fabric(Ualink)与华为UB mesh 是私有协议的代表，而博通所推动的SUE与行业历史悠久的PCIe是公有协议的代表。Scale out层面，英 伟达Infiniband为私有，博通则致力于推动基于公有以太网的RoCE2，此外海外众多厂商还一起推动超 级以太网联盟，成为Scale out新力量。 运力硬件国产化率极低，有望成为下一个高赔率的国产替代新方向 智通财经APP获悉，开源证券发布研报称，当下传统算力架构已难以满足高效、低耗、大规模协同的AI 训练需求，超节点成为趋势，其通过提升单节点计算能力，大幅带动了Scale up相关硬件需求。另一方 面，超大规模AI集群的建设需要横向推动大量节点之间的互联，带动Scale out相关硬件需求，随着更大 规模的集群逐渐出现，单一地区的电力资源成为瓶颈，于是跨数据中心的Scale across方案也将在未来逐 步采用。针对Scale up、Scale ...

10月15日，盛科通信涨5.13%，截至发稿，报117.85元/股，成交3.62亿元，换手率1.56%，总市值483.19 亿元。 资料显示，苏州盛科通信股份有限公司位于江苏省苏州工业园区江韵路258号，成立日期2005年1月31 日，上市日期2023年9月14日，公司主营业务涉及以太网交换芯片及配套产品的研发、设计和销售。主 营业务收入构成为：以太网交换芯片72.43%，以太网交换芯片模组11.94%，以太网交换机10.48%，定 制化解决方案及其他3.18%，授权许可1.97%。 从基金十大重仓股角度 数据显示，先锋基金旗下1只基金重仓盛科通信。先锋精一A（003586）二季度持有股数1079股，与上 期相比持股数量不变，占基金净值比例为2.97%，位居第十大重仓股。根据测算，今日浮盈赚取约 6204.25元。 先锋精一A（003586）成立日期2016年11月18日，最新规模101.39万。今年以来收益16.09%，同类排名 4709/8161；近一年收益25.55%，同类排名3009/8015；成立以来收益7.16%。 先锋精一A（003586）基金经理为曾捷。 截至发稿，曾捷累计任职时间2年293天 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The report highlights the competitive landscape of Switch chip manufacturers, with NVIDIA dominating the market through proprietary protocols, while Broadcom is gaining traction with its open-source SUE architecture [6][13] - It emphasizes the potential for domestic manufacturers to replace imported Switch chips, with companies like Shengke Communication leading the way in Ethernet chip production [35] - The report suggests investment in key players such as Haiguang Information and Shengke Communication, while also recommending attention to companies like ZTE and Lanke Technology [6][35] Summary by Sections 1. Switch Chip Manufacturers - NVIDIA's NVSwitch is noted as the highest bandwidth and most mature private solution in the Scale-Up segment [11] - Broadcom holds a 90% market share in cloud data center switches and has introduced the SUE architecture for open Ethernet interconnects [13] - Astera Labs is recognized for its complete product chain, being the only company that integrates switch chips, extension lines, and software management platforms [20] 2. Achieving Domestic Replacement of Switch Chips - Shengke Communication is identified as a leading domestic Ethernet switch chip manufacturer, with 12.8T and 25.6T chips entering customer promotion stages [35] - Other domestic players like Shudao Technology and Lanke Technology are making strides in the PCIe segment, with Shudao expected to achieve breakthroughs in domestic replacement by the end of 2025 [41] - Major manufacturers such as Haiguang, Huawei, and ZTE are also developing self-researched chips to support domestic replacement efforts [43][45][50] 3. Investment Recommendations - The report recommends focusing on Haiguang Information and Shengke Communication for investment opportunities, while suggesting to keep an eye on ZTE, Wantong Development, and Lanke Technology [6][35]

Investment Rating - The report maintains a positive outlook on the ASIC industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report highlights the significant cost-effectiveness and efficiency advantages of ASICs over GPUs, particularly in the context of AI model inference, with Google's TPU v5 demonstrating an energy efficiency ratio 1.46 times that of NVIDIA's H200 [3][19]. - The increasing penetration of AI applications is driving a surge in inference demand, expanding the market for ASICs, with projections indicating the global AI ASIC market could reach $125 billion by 2028 [3][32]. - The report emphasizes the complexity of ASIC design, underscoring the critical role of design service providers like Broadcom and Marvell, which are expected to benefit from the growing demand for custom ASIC solutions [4][44]. Summary by Sections 1. Demand Driven by Large Model Inference - The global AI chip market is projected to reach $500 billion by 2028-2030, with significant growth in AI infrastructure spending anticipated [13]. - ASICs are specialized chips that offer strong cost and efficiency advantages, particularly in specific applications like text and video inference [14][19]. - The report notes that the demand for ASICs is expected to rise sharply due to the increasing consumption of tokens in AI applications, exemplified by the rapid growth of ChatGPT's user engagement [25][31]. 2. High Complexity of ASIC Design and Value of Service Providers - ASIC design involves a complex supply chain, with cloud vendors often relying on specialized design service providers for chip architecture and optimization [41][44]. - Broadcom's ASIC revenue is projected to exceed $12 billion in 2024, driven by the success of its TPU designs for Google and other clients [60]. - The report identifies the importance of a complete IP system and design experience as key factors for service providers to secure new orders in the ASIC market [63]. 3. Domestic Developments: Not Just Following Trends - Leading Chinese cloud providers like Alibaba and Baidu are making significant strides in self-developed ASICs, indicating a robust domestic ecosystem [3][4]. - The report highlights the emergence of domestic design service providers such as Chipone and Aowei Technology, which are positioned to capitalize on the growing demand for ASICs [3][4]. - The trends of PD separation and supernodes are identified as critical developments in the domestic ASIC landscape, with companies like Huawei and Haiguang leading the way [4][44]. 4. Key Trends in Domestic ASIC Development - PD separation involves using different chips for prefill and decode tasks, enhancing efficiency in specific applications [4]. - Supernodes are being developed to create unified computing systems through high-bandwidth interconnections, with early implementations seen in domestic companies [4][44].

Core Insights - Shengke Communication's stock price has declined by 5.12% on September 26, reaching 125.25 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 1.17%, resulting in a total market capitalization of 51.352 billion CNY [1] - The company has experienced a cumulative decline of 4.98% over the past three days [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products [1] - Revenue composition includes: Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin has a significant position in Shengke Communication [2] - Chuangjin Hexin Chip Industry Stock Initiation A (013339) increased its holdings by 198,000 shares in the second quarter, totaling 511,500 shares, which represents 4.62% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss today is approximately 3.4576 million CNY, with a cumulative floating loss of 3.5394 million CNY during the three-day decline [2] Fund Performance - Chuangjin Hexin Chip Industry Stock Initiation A (013339) was established on September 28, 2021, with a current size of 291 million CNY [2] - Year-to-date return is 42.5%, ranking 1139 out of 4220 in its category; the one-year return is 117.66%, ranking 239 out of 3824; and since inception, the return is 40.13% [2] - The fund manager, Liu Yang, has been in position for 3 years and 352 days, with total assets under management of 1.025 billion CNY, achieving a best return of 74.1% and a worst return of 4.97% during his tenure [2]

盛科通信(688702.SH)今日盘中一度跌5.21%至128.88元。盛科通信公告，2025年1月14日至2025年9月24日期间，国家集成电路产业投资基金股份有限公司通 过集中竞价方式和大宗交易方式合计减持公司股份1885.69万股，占公司总股本的比例由19.60%减少至15.00%。(格隆汇) ...

Group 1 - Shengke Communication's shareholding by the National Integrated Circuit Industry Investment Fund has decreased from 19.6% to 15% after a total reduction of 18.8569 million shares [1] - Guoxin Technology plans to reduce its shares by up to 4.5% through various trading methods between September 30, 2025, and December 29, 2025 [1][2] - Jingzhida has delivered its first high-speed testing machine to a key domestic customer, aimed at semiconductor memory testing [4][5] Group 2 - Nanxin Pharmaceutical's shareholder plans to reduce shares by up to 3%, totaling 823.2 million shares, due to funding needs [6] - *ST Taihe's shareholder intends to reduce shares by up to 3% for operational management needs [7] - Xincheng Technology's shareholders and directors plan to reduce shares by up to 2.03% due to personal funding needs [8] Group 3 - Huati Technology is planning to acquire shares of Huayi Microelectronics, leading to a stock suspension due to uncertainties [9] - Ruima Precision's subsidiary has received a project notification with a total lifecycle sales estimate of approximately 5.56 billion yuan [10] - Guoguang Electric's shareholders plan to reduce shares by up to 3.85% through various trading methods [10] Group 4 - Cangge Mining's shareholder plans to reduce shares by up to 0.6% due to funding needs [11] - Jujiao Co., Ltd. intends to reduce shares by up to 3% due to personal funding arrangements [12] - Maqu'er plans to reduce shares by up to 2% due to funding needs [13] Group 5 - Caesar Travel's subsidiary intends to acquire 100% equity of Qingdao Hansa for 16 million yuan [14] - Xinde New Materials' shareholders plan to reduce shares by up to 3% through various trading methods [15] - Huadong Heavy Machinery's shareholders plan to reduce shares by up to 1.5% [16] Group 6 - Zhejiang Zhongcheng's shareholder plans to reduce shares by up to 3% due to personal funding needs [17] - Huaxi Securities' shareholder plans to reduce shares by up to 1% due to liquidity needs [18] - Ameng Pharmaceutical's major shareholder opposes the introduction of a strategic investor due to concerns over financial strength and compliance [19] Group 7 - *ST Rindong plans to invest 100 million yuan in Jiangyuan Technology, with a post-investment shareholding of 4.14% [20][21] - International Industry plans to issue shares to its controlling shareholder to raise no more than 662 million yuan for working capital [22][23]