Cambricon(SH:688256) Xin Lang Ji Jin·2025-08-12 11:54Core Viewpoint - The rise of domestic AI alternatives is significantly impacting the market, with key stocks like Cambricon Technologies hitting historical highs and strong inflows into AI-related ETFs, indicating investor confidence in the sector [1][3][6]. Group 1: Market Performance - Cambricon Technologies (寒武纪) saw a 20% increase, with a net inflow of 54.68 billion CNY, leading the A-share market in capital absorption [4][6]. - The electronic and computer sectors received substantial net inflows of 186.79 billion CNY and 97.36 billion CNY, respectively, ranking first and second among 31 primary industries [3][4]. - The Huabao Science and Technology Innovation AI ETF (589520) experienced a maximum intraday increase of 3.12%, closing up 2.49%, reflecting strong market interest [1][3]. Group 2: Investment Trends - Over the past 5 days, the Huabao ETF attracted 11.34 million CNY, with total inflows of 27.03 million CNY over 10 days, 30.17 million CNY over 20 days, and 71.50 million CNY over 60 days, indicating a growing confidence in the sector [1][3]. - The top ten holdings of the Huabao ETF account for over 67% of its weight, with semiconductors making up nearly half, showcasing a strong focus on domestic AI supply chains [8]. Group 3: Technological Developments - The anticipated release of DeepSeek-R2 is expected to boost Cambricon's revenue significantly, with projections of 30 to 40 billion CNY by 2026 [6]. - Huawei's launch of AI inference technology UCM aims to enhance performance in various business applications, indicating ongoing innovation in the AI sector [6]. Group 4: Industry Outlook - The recent security concerns surrounding Nvidia's chips have prompted a push for domestic chip alternatives, which may accelerate the development of China's semiconductor industry [7]. - The trend towards AI applications is expected to drive the need for high-end domestic chips, presenting opportunities for local manufacturers to capture market share [7].