转自：前瞻产业研究院 行业主要上市公司：百度集团(09888.HK)、网易(09999.HK)、浪潮信息(000977.SZ)、美林数据 (831546.NQ)、数聚软件(838617.NQ)等 在产业链上游，传统IT厂商、云服务厂商、大数据平台服务商可为产业链中游技术提供者赋予计算、存 储等基础设施支持，ERP、CRM等企业信息系统可帮助企业有效记录其资源及业务数据。新型商业智 能侧重于智能技术在商业场景和典型环节中的渗透应用，在产业链的中游解决方案提供商环节集聚了大 量垂直领域的技术赋能型公司。同时，大多由互联网科技巨头领导布局的商业智能技术平台也可以充当 产业链中游角色，为各商业场景/环节提供赋能效果。 中国商业智能(BI)产业的主要参与者有基础设施层厂商如紫光科技、华为、旷视科技、浪潮信息、阿里 云等;技术平台层厂商如百度、阿里巴巴等;技术赋能层厂商如蚂蚁集团、腾讯、平安科技、思创医惠 等。 商业智能产业 链区域热力地图：东部密集 本文核心数据：商业智能企业业务完成情况;商业智能产业园区分布;商业智能企业投资动向 商业智能产业链全景梳理：中游为核心环节 中国商业智能产业链上游为企业信息化系统供应商、数 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO application of Moore Threads, which is expected to accelerate its development with the support of the capital market. The company has launched four generations of GPU chip architectures and achieved a revenue of 702 million yuan in the first half of 2025, surpassing the total revenue of the previous three years, with a compound annual growth rate exceeding 208% [5][11] - The report emphasizes the national policy promoting the construction of a nationwide integrated computing power network, which is expected to drive the development of domestic computing power infrastructure. The integration of computing power resources across 31 provinces is expected to enhance the efficiency of resource discovery and matching [6][12] Summary by Sections Market Review - During the week of September 22-26, 2025, the CSI 300 index rose by 1.07%, while the computer index fell by 0.02% [4][14] Company Dynamics - State Grid Information's wholly-owned subsidiary won a contract worth 600 million yuan [15] - Chuangshi Huikang announced a draft employee stock ownership plan for 2025 [16] Industry Dynamics - Alibaba released the Qwen3-Max large model, outperforming GPT-5, and JD.com announced plans to invest in building a trillion-scale AI ecosystem over the next three years [25][26] - OpenAI, Oracle, and SoftBank announced the establishment of five new AI data centers in the U.S. as part of the Stargate project, with a total investment of up to 500 billion dollars [30][33]

Core Viewpoint - The AICC2025 Artificial Intelligence Computing Conference was held in Haidian District, Beijing, where over 30 companies jointly released the "Beijing Plan" aimed at developing industry-specific intelligent systems through collaboration among system vendors, large model developers, and application innovators [1] Group 1 - The "Beijing Plan" focuses on creating an innovative super-node consortium to integrate advanced multi-model algorithms [1] - The initiative aims to develop "industry intelligent bodies" tailored for specific scenarios, promoting the use of domestic technology and resources [1] - The plan is a response to the national directive on the implementation of the "Artificial Intelligence +" initiative [1]

Group 1 - The core viewpoint of the article highlights the projected decline in China's electronic computer production in 2025, with an expected output of 27.64 million units, representing a year-on-year decrease of 8.2% [1] - In the first seven months of 2025, the cumulative production of electronic computers in China reached 207.021 million units, showing a cumulative growth of 5.7% compared to the previous year [1] Group 2 - The report referenced is the "2025-2031 China Computer Industry Market Production and Sales Pattern and Future Outlook Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [2]

Group 1 - The core viewpoint of the article highlights the significant opportunities for the domestic computing power industry chain due to favorable policies and technological advancements, particularly with the successful listing of Moore Threads, marking a milestone for domestic GPU development [1][2] - The Chinese government has released multiple policies to accelerate the construction of computing power infrastructure, emphasizing the urgency and commitment to developing domestic computing capabilities [2][3] - The "East Data West Computing" initiative aims to strengthen the supply of computing resources and build a national integrated computing network, which will drive demand for hardware across the entire computing infrastructure industry chain [3][4] Group 2 - The investment logic in the domestic computing power industry chain is evolving, with a shift from single-function chips to full-function GPUs, expanding application scenarios and market space [3][4] - The integration of AI with various industries, such as transportation, is expected to create diverse and customized demands for computing resources, providing opportunities for companies with industry-specific solutions [4][5] - Key companies benefiting from the recent developments include Cambrian (寒武纪), Haiguang Information (海光信息), and Zhongke Shuguang (中科曙光), which are positioned to capitalize on the growing demand for AI chips and computing infrastructure [7][8][9]

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].

Market Overview - A-shares experienced a volume contraction and correction on September 26, influenced by profit-taking and cautious sentiment ahead of the holiday, with technology sectors like semiconductors, CPO, and AI leading the decline [1][2] - The Shanghai Composite Index fell by 0.65% to 3828.11 points, while the ChiNext Index dropped 2.6% to 3151.53 points, and the Shenzhen Component Index decreased by 1.76% [2] Trading Activity - Daily trading volume decreased to 2.17 trillion yuan, with 3414 stocks declining and only 1805 stocks rising [3] - Notable declines included Luxshare Precision (-6.53%), Zhongji Xuchuang (-4.81%), and CATL (-3.17%), while Seirus saw an increase of 5.77% [3][4] Sector Performance - Major sectors such as computers, electronics, media, communication, machinery, and pharmaceuticals experienced significant adjustments [5] - The computer sector saw a decline of 3.26%, electronics dropped 2.75%, and communication fell 2.55% [6] Investment Sentiment - Market sentiment is cautious, with investors shifting from high-volatility tech stocks to defensive sectors due to heightened risk aversion ahead of the holiday [7][10] - Analysts suggest that the current market correction is a healthy consolidation, setting the stage for potential opportunities in October [1][9] Future Outlook - The upcoming week is expected to see continued cautious sentiment as the National Day holiday approaches, with historical trends indicating a preference for risk aversion [9][10] - Investment strategies may focus on a mix of defensive and growth-oriented stocks, particularly in technology and undervalued blue-chip sectors [8][10]

Group 1 - The main point of the news is that there has been a significant outflow of funds from the stock market, with a net outflow of 701.87 billion yuan on September 26, 2023, particularly affecting the ChiNext and CSI 300 indices [1] - Among the 10 sectors, the oil and petrochemical industry saw the highest increase of 1.17%, while the computer industry experienced the largest decline of 3.26% [1] - Five sectors received net inflows from major funds, with the automotive sector leading at 11.96 million yuan, followed by agriculture, beauty care, and food and beverage sectors, each with inflows exceeding 10 million yuan [1] Group 2 - In the automotive parts sector, Wanxiang Qianchao saw a net inflow of 5.7 billion yuan, marking a new high since May 16, 2025 [2] - Aerospace stocks like Chengfei Integration also attracted significant inflows, with 5.13 billion yuan, as some military stocks rebounded from low levels [2] - Tianji shares in the chemical sector experienced a net inflow of 4.81 billion yuan, with institutional investors contributing significantly to the buying [2] Group 3 - Over 200 stocks experienced net outflows exceeding 1 billion yuan, with leading stocks like Luxshare Precision and Shenghong Technology seeing outflows over 21 billion yuan [3] - Popular stocks such as Inspur Information, Dongshan Precision, and CATL also faced substantial outflows, each exceeding 13 billion yuan [4] Group 4 - In the last trading session, 16 stocks saw net inflows exceeding 40 million yuan, with Changchuan Technology leading at 2.3 billion yuan [6] - E-commerce concept stock Yaowang Technology experienced a net inflow of 1.73 billion yuan in the tail end of trading [7] Group 5 - Various ETFs tracked different sectors, with the Food and Beverage ETF seeing a net outflow of 198.54 million yuan despite an increase in shares [11] - The Gaming ETF had a net outflow of 220 million yuan, while the Semiconductor ETF experienced a net outflow of 160 million yuan [11][12]

Group 1 - The China AI 50 concept index declined by 3.94%, ranking among the top declines in concept sectors, with Zhongheng Electric hitting the limit down, and companies like Megmeet, Rockchip, and Invidi also experiencing significant declines [1][2] - The main funds saw a net outflow of 10.794 billion yuan from the China AI 50 concept, with 45 stocks experiencing net outflows, and 24 stocks seeing outflows exceeding 100 million yuan [2][3] - The stock with the highest net outflow was Inspur Information, with a net outflow of 1.730 billion yuan, followed by SMIC, Zhongji Xuchuang, and Haiguang Information, with net outflows of 1.111 billion yuan, 759 million yuan, and 715 million yuan respectively [2][3] Group 2 - The top gainers in concept sectors included soybeans (+1.02%), while the AI PC sector and the China AI 50 concept were among the largest decliners, with declines of -4.01% and -3.94% respectively [2] - The stocks with the highest net outflows included Inspur Information (-5.34%), SMIC (-1.37%), and Zhongji Xuchuang (-4.81%), with respective net outflows of 1.729 billion yuan, 1.110 billion yuan, and 758 million yuan [2][3] - The stocks with the highest net inflows included Xinyi Technology (+0.53%), Northern Huachuang (-0.19%), and Hengxuan Technology (-0.77%), with respective net inflows of 98.282 million yuan, 78.617 million yuan, and 75.540 million yuan [4]

Market Overview - The Shanghai Composite Index fell by 0.65% on September 26, with 10 industries experiencing gains, led by the petroleum and petrochemical sector with a rise of 1.17% and the environmental sector with a 0.38% increase [2] - The computer and electronics sectors faced the largest declines, with drops of 3.26% and 2.75% respectively, making the computer industry the worst performer of the day [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 83.579 billion yuan, with 5 industries seeing net inflows. The automotive sector led with a net inflow of 0.882 billion yuan despite a 0.56% decline in its stock price [2] - The banking sector also saw a slight increase of 0.08% with a net inflow of 0.0566 billion yuan [2] - A total of 26 industries experienced net capital outflows, with the electronics sector leading at 29.836 billion yuan, followed by the computer sector with an outflow of 13.807 billion yuan [2] Computer Industry Performance - The computer industry saw a decline of 3.26% with a net capital outflow of 13.807 billion yuan, out of 335 stocks in the sector, only 37 stocks rose, and 2 stocks hit the daily limit [3] - Among the stocks with net inflows, Huijin Co. topped the list with a net inflow of 1.41 billion yuan, followed by Meiri Interactive and Dazhihui with inflows of 1.03 billion yuan and 0.645 billion yuan respectively [3] - The stocks with the largest capital outflows included Inspur Information, with an outflow of 1.730 billion yuan, followed by Tuo Wei Information and Unisplendour with outflows of 0.672 billion yuan and 0.504 billion yuan respectively [3][5] Capital Inflow and Outflow Rankings - **Top Inflow Stocks**: - Huijin Co. (2.91% increase, 141.02 million yuan inflow) - Meiri Interactive (0.35% increase, 102.72 million yuan inflow) - Dazhihui (0.32% increase, 64.50 million yuan inflow) [4] - **Top Outflow Stocks**: - Inspur Information (-5.34% decrease, -1.729 billion yuan outflow) - Tuo Wei Information (-5.47% decrease, -671.74 million yuan outflow) - Unisplendour (-5.01% decrease, -503.98 million yuan outflow) [5]