Cambricon(SH:688256) Xin Lang Cai Jing·2025-08-12 06:05Core Viewpoint - The surge in the AI sector, particularly driven by domestic policies limiting the use of Nvidia's H20 chip and the upcoming release of the DeepSeek R2 model, positions Cambricon as a leading player in the domestic AI chip market, with significant growth potential anticipated in the coming years [3][4][5]. Group 1: Market Performance - The Sci-Tech Innovation AI ETF (588790) rose by 2.34%, with a recent price of 0.66 yuan, and has seen a cumulative increase of 2.73% over the past two weeks [3]. - Cambricon (688256) experienced a strong increase of 19.36%, while other stocks like Chipone (688521) and Stone Technology (688169) also saw gains [3]. - The ETF's trading volume reached 5.33 billion yuan, with a turnover rate of 7.58% [3]. Group 2: Policy Impact - Recent government recommendations suggest avoiding the use of Nvidia's H20 chip due to security concerns, which directly benefits domestic chip manufacturers like Cambricon [4]. - Cambricon's products are positioned as ideal alternatives to the H20 chip, enhancing its market opportunities amid the ongoing push for domestic replacements [4]. Group 3: Technological Developments - The upcoming release of the DeepSeek R2 model, expected to increase demand for inference computing power, is anticipated to further boost Cambricon's market position [4][5]. - Cambricon's AI chip products, such as the Siyuan 370 and 590 series, are noted for their performance in high-concurrency inference scenarios, making them a preferred choice for deploying domestic large models [4]. Group 4: Financial Outlook - Cambricon's revenue is projected to reach between 30 billion to 40 billion yuan by 2026, reinforcing its growth narrative [5]. - The Sci-Tech Innovation AI ETF has seen significant inflows, with a total of 17.54 billion yuan over the past 12 days, indicating strong investor interest [5][6]. Group 5: ETF Performance Metrics - The Sci-Tech Innovation AI ETF has achieved a net value increase of 4.28% over the past six months, ranking first among comparable funds [6]. - The ETF's management fee is 0.50%, and its tracking error over the past month is 0.009%, indicating high tracking precision [6].