Cambricon(SH:688256) Zhong Guo Jing Ji Wang·2025-08-27 01:42Core Viewpoint - The domestic computing power industry chain has experienced a significant surge following the release of DeepSeek V3.1, with multiple domestic computing power stocks hitting the limit up and the STAR Market rising nearly 10% [1] Group 1: Market Performance - On August 22, under the leadership of Cambricon, several domestic computing power stocks surged, with Cambricon closing up 11.40% at 1384.93 yuan, approaching a market capitalization of 580 billion yuan [1] - On August 25, the enthusiasm for chip stocks continued, with Haiguang Information rising 12% and Chipone gaining over 5% [1] Group 2: Market Growth Potential - The domestic computing power chip market is expected to reach a trillion-level market, with the market share of domestic chips gradually increasing due to product advancements and improved ecosystem compatibility [1][3] - According to IDC, the market scale for accelerated chips in China is expected to exceed 2.7 million units in 2024, with GPUs occupying 70% of the market share [2] Group 3: Industry Dynamics - Major domestic computing power chip manufacturers include Huawei, Cambricon, Haiguang, and others, with two main technical routes: GPGPU and independent ecosystems [3] - The urgency for domestic computing power replacement is increasing due to geopolitical factors, with expectations for rapid growth in domestic computing power demand and market capacity potentially doubling by 2025 [3] Group 4: Investment and Collaboration - Major internet companies are increasingly adopting domestic chips, especially after the release of the DeepSeek R1 inference model, which has improved the cost-effectiveness and usability of domestic chips [4] - Significant investments in intelligent computing are expected from major companies, with projections indicating that capital expenditures from ByteDance, Alibaba, Baidu, and Tencent could exceed 300 billion yuan by 2025 [6] Group 5: Analyst Ratings - Goldman Sachs raised Cambricon's 12-month target price by 50% to 1835 yuan, maintaining a "buy" rating, citing increased capital expenditure from Chinese cloud service providers and the company's strengthened R&D efforts [7] - The overall outlook for the Chinese AI supply chain is positive, with several companies receiving upgraded ratings from analysts [7]