Cambricon(SH:688256) Huan Qiu Wang·2025-09-01 22:43Core Viewpoint - The rise of Cambricon, a high-tech company specializing in AI chips, signifies a historic shift in China's economic momentum from traditional consumption-driven growth to technology innovation-led growth, marking a transformation in capital market valuation logic [1][2]. Group 1: Market Dynamics - Cambricon's stock price reached a peak of 1595 yuan, surpassing Kweichow Moutai, which had long held the title of "king of A-shares," indicating a significant change in market leadership [1]. - The capital market is increasingly favoring hard technology sectors, with a noticeable shift in equity investment towards strategic emerging industries like artificial intelligence [2]. - The emergence of Cambricon is not an isolated event but part of a broader systemic breakthrough in China's technology industry, driven by new productive forces [2]. Group 2: Policy and Strategic Support - The new productive forces have received strong support from national strategies and policies, with the "14th Five-Year Plan" emphasizing technological innovation as a core focus [2][3]. - A series of policies aimed at creating a supportive environment for innovation and optimizing resource allocation have been implemented, enhancing market expectations [2]. Group 3: Technological Advancements - Breakthroughs in key areas, such as the emergence of domestic large models like DeepSeek, have propelled China from catching up to a position of parallel or even leading development in AI applications [3]. - The capital market has recognized the shift from application breakthroughs to foundational support, leading to increased investment in the entire technology supply chain, including AI chips [3]. Group 4: Industry Resilience and Confidence - The strengthening of domestic supply chains and the push for self-sufficiency have bolstered investor confidence in the technology sector, as companies collaborate to overcome challenges and enhance their capabilities [3]. - The ongoing development of domestic alternatives in technology, from design to manufacturing, has created a more resilient and stable industry landscape, further attracting investment [3]. Group 5: Long-term Outlook - Despite the high valuation of Cambricon, which carries significant market expectations and potential valuation bubbles, the long-term signal of its rise remains strong [4][5]. - The transition to a new economic engine driven by technological innovation requires sustained R&D investment, patience in industrial accumulation, and rational capital support to ensure a healthy cycle between technology, industry, and finance [5].