Cambricon(SH:688256) Xin Lang Ji Jin·2025-08-24 12:04Core Viewpoint - The domestic AI industry chain is experiencing a significant surge, particularly in the Sci-Tech Innovation Board, with key stocks reaching new highs and strong ETF performance indicating potential investment opportunities [1][3]. Group 1: Market Performance - The Sci-Tech Innovation Board has shown signs of a rebound, with major AI stocks like Cambricon Technologies hitting a 20% limit-up and a total market value exceeding 520 billion yuan [1]. - The Sci-Tech Artificial Intelligence ETF (589520) saw a strong performance, with an intraday increase of up to 8.44% and a closing increase of 8.26%, marking a new high since its listing [1]. - The ETF's trading volume increased by 19% compared to the previous period, indicating a strong buying signal from investors [1]. Group 2: Key Events Driving Growth - Three major events are driving the surge in the AI sector: the launch of the DeepSeek-V3.1 model utilizing UE8M0 FP8 technology, rumors of a new 500 billion yuan policy financial tool, and reports of Nvidia halting H20 chip production, which raises expectations for domestic alternatives [3][4]. - The continuous investment in computing infrastructure is expected to lead to breakthroughs in domestic computing capabilities, potentially outpacing international growth [3]. Group 3: Investment Logic - The investment logic for the Sci-Tech Artificial Intelligence ETF includes: 1. Market mainline logic indicating a favorable environment for AI stocks after a period of adjustment [3]. 2. The potential for a rebound in the Sci-Tech Innovation Board, which has been stagnant since April [3]. 3. The domestic substitution logic driven by concerns over Nvidia chip security vulnerabilities, prompting a shift towards domestic chip manufacturers [4]. 4. The anticipated growth in AI terminal devices, which could replicate the smartphone boom of the 2010s, leading to a significant increase in industry valuations [4]. Group 4: ETF Characteristics - The Sci-Tech Artificial Intelligence ETF (589520) is characterized by high elasticity, with a 20% price limit and a significant concentration in semiconductor stocks, which account for nearly half of its top holdings [4]. - The ETF is positioned to benefit from the acceleration of AI integration in both hardware and software, with its constituent companies being leaders in their respective segments [4].