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8月27日主题复盘 | 三大指数大幅回调,稀土逆势,光模块、国产芯片持续活跃
Xuan Gu Bao·2025-08-27 08:41

Market Overview - The market experienced a high and then a drop, with major indices falling in the afternoon. Chip stocks rose against the trend, with Cambrian Technology surging over 10%, surpassing Kweichow Moutai in stock price. CPO and other computing hardware stocks were active, with stocks like Dongtianwei and Cambridge Technology hitting the daily limit. Conversely, innovative drug stocks fell, with Lifang Pharmaceutical hitting the limit down and Yuekang Pharmaceutical and Guangsheng Pharmaceutical dropping over 10%. The real estate sector also saw adjustments, with Shen Shen Fang A hitting the limit down. Overall, more than 4,700 stocks in the Shanghai and Shenzhen markets were in the red, with trading volume exceeding 3 trillion [1]. Hot Topics Rare Earth Magnetic Materials - The rare earth magnetic materials sector continued to rise, with Beikang Mining hitting the daily limit and Dadi Bear rising by 10%. Northern Rare Earth announced a net profit of approximately 931 million yuan for the first half of the year, a year-on-year increase of 1951.52%. The net profit after deducting non-recurring gains and losses was about 897 million yuan, up 5644.93% year-on-year [3][4]. Optical Communication - The optical communication sector remained active, with Cambridge Technology hitting the daily limit and Dongtianwei also reaching the limit. Zhongji Xuchuang reported a revenue of 14.789 billion yuan for the first half of the year, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.40% year-on-year. Goldman Sachs raised the EPS forecasts for Zhongji Xuchuang and New Yisheng for 2025-2027 by 3% [6][7]. Domestic Chips - Domestic chip stocks saw significant gains, with Cambrian Technology's stock price briefly exceeding that of Moutai. Cambrian reported a revenue of 2.881 billion yuan for the first half of 2025, a staggering year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, turning from a loss of 530 million yuan in the previous year. Hengxuan Technology also reported a revenue of 1.938 billion yuan, a 26.58% increase year-on-year, and a net profit of 305 million yuan, up 106.45% year-on-year [9][10]. Industry Insights - The semiconductor industry is experiencing a trend of de-globalization, with export controls on semiconductor manufacturing equipment being implemented by the US, Japan, and the Netherlands. This has strengthened the logic of self-sufficiency in the semiconductor supply chain, accelerating the domestic verification and adoption of equipment, materials, and components [10][11]. - The AI-enabled edge applications are evolving, transitioning terminal devices from "single-function" to "intelligent scenarios," establishing a core technological foundation for the Internet of Everything. The supply chain includes chip manufacturers, algorithm optimizers, and a wide range of application scenarios [11].