Cambricon(SH:688256) Xin Lang Ji Jin·2025-09-01 06:55Core Viewpoint - Alibaba's cloud division, Alibaba Cloud, refuted rumors about purchasing 150,000 GPUs from Cambricon, which led to a decline in Cambricon's stock price. However, Goldman Sachs raised Cambricon's target price by 14.7% to 2,104 RMB due to strong Q2 performance, indicating a potential market shift towards technology innovation in China's economy [1]. Group 1: Cambricon's Market Position - Cambricon's market value is approaching that of Intel, with Intel's market cap at $113.3 billion (approximately 81.15 billion RMB). Cambricon could surpass Intel's market cap with just two trading halts [1]. - Analysts suggest that Cambricon's rise reflects a deeper transformation in China's economic structure, shifting growth drivers from traditional consumption to technological innovation [1]. Group 2: Market Trends and Opportunities - The STAR Market (科创板) is expected to experience a rebound due to previous underperformance compared to other indices. Since the low point on April 8, the STAR Market has lagged behind other major indices, indicating potential for catch-up [2]. - Continuous policy and institutional benefits are expected to enhance market confidence in "hard technology," with the STAR Market benefiting from ongoing financial support for technology-related policies [2]. - The domestic demand for computing power is projected to grow rapidly, with the market capacity expected to double by 2025, particularly in the context of U.S. restrictions on chip exports [2]. Group 3: AI Sector Insights - The AI sector is anticipated to be a leading segment in the current bull market, with its pervasive impact across various industries. Unlike the previous "Internet+" trend, AI serves as a productivity tool, suggesting further valuation growth potential in both the STAR Market and the ChiNext [3]. - The STAR Market's AI-focused ETF (589520) has shown significant inflows, with a total of 159 million RMB in the last five days and 270 million RMB over the past 60 days, indicating strong investor interest [3]. Group 4: Investment Highlights - The AI-focused ETF (589520) is positioned to benefit from policy support and the rapid development of AI technologies, with a focus on companies that dominate specific segments of the AI industry [5]. - The ETF offers a low-entry point for investors and has a high potential for returns, with a significant portion of its holdings concentrated in the semiconductor sector, which accounts for nearly half of its portfolio [5].