Jing Ji Guan Cha Wang·2025-08-28 13:19Core Viewpoint - The emergence of Cambrian's stock as the new "king" of A-shares signifies a shift in investor sentiment towards technology innovation, particularly in the AI chip sector, reflecting a broader economic transformation from traditional consumption to technological advancement [1][5][11] Group 1: Cambrian's Stock Performance - Cambrian's stock price surged over 200% from 520.67 yuan per share on July 10 to 1587.91 yuan per share on August 28, achieving a market capitalization of 664.3 billion yuan [2][4] - On August 27, Cambrian's stock briefly surpassed Kweichow Moutai's price, marking a significant milestone in A-share history [1][2] Group 2: Financial Performance and Projections - Cambrian is projected to turn a profit in 2024 with a net loss of approximately 530 million yuan in 2023, followed by a net profit of about 1.038 billion yuan in the first half of 2025 [1][4] - Goldman Sachs raised Cambrian's 12-month target price from 1223 yuan to 1835 yuan, indicating a potential upside of 47.6% [4] Group 3: Policy Support and Market Trends - The Chinese government has issued policies to support the AI industry, aiming for widespread integration of AI in six key sectors by 2027 and achieving over 90% application penetration by 2030 [3] - The semiconductor sector has seen significant activity, with Cambrian and SMIC both reaching historical highs amid a broader market rally [2][3] Group 4: Valuation and Market Dynamics - Cambrian's current price-to-earnings ratio (TTM) is approximately 595, compared to Kweichow Moutai's 20.2, highlighting a shift in valuation logic from stable consumer goods to high-growth technology sectors [10][11] - The transition from Kweichow Moutai as the "king" of A-shares to Cambrian reflects a fundamental change in the market's focus from brand value to technological barriers and market potential [11][12]