“股王”易主，寒武纪登顶背后谁在助推

Core Viewpoint - The stock price of Cambricon (688256.SH) has surged nearly 164% in less than two months, reaching 1587.91 yuan, surpassing Kweichow Moutai (600519.SH) to become the new "king" of A-shares, driven by a significant increase in trading volume and strong financial performance [2][3]. Financial Performance - Cambricon reported a staggering 4347.82% year-on-year increase in revenue for the first half of the year, totaling 2.881 billion yuan, primarily due to robust performance in its cloud product line [3]. - The company's contract liabilities reached 543 million yuan by the end of Q2, a substantial increase from 886,200 yuan at the end of Q1, indicating a strong order backlog [3]. Market Dynamics - The stock's rapid rise is attributed to a combination of fundamental expectations, market sentiment, capital movements, and policy benefits [3]. - Trading data shows intense competition between bullish and bearish investors, with significant participation from institutional and retail investors, including foreign institutions [4][5]. Fund Management - A notable divergence in fund management strategies is observed, with nearly 400 public funds betting on Cambricon while 136 funds exited their positions, some completely liquidating their holdings [6][8]. - Cambricon is included in several major indices, leading to continuous passive investment from index funds, with significant holdings from public ETFs [7]. Industry Outlook - The AI computing sector, including Cambricon, has seen a year-to-date increase of nearly 58%, indicating strong market interest and potential for continued growth [11]. - Analysts express optimism about the AI industry's high growth potential, supported by a robust semiconductor supply chain and favorable policies driving integration across various sectors [12][13].