Cambricon(SH:688256) Qi Lu Wan Bao·2025-09-04 09:08Market Overview - The A-share market experienced a significant adjustment on September 4, with all three major indices closing lower. The Shanghai Composite Index closed at 3765.88 points, down 1.25%, the Shenzhen Component Index at 12118.70 points, down 2.83%, and the ChiNext Index at 2776.25 points, down 4.25%. The STAR 50 Index fell by 6.09% to a lower level [1][2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,819 billion yuan, an increase of 1,862 billion yuan compared to the previous trading day [1] Sector Performance - The market displayed a "dual performance" with the consumer sector showing resilience. Retail stocks led the gains, with companies like Huijia Times, Guofang Group, and Baida Group hitting the daily limit. The tourism and food & beverage sectors were also active, driven by the launch of a new round of consumption vouchers in multiple regions [2] - The new energy sector also performed well, particularly in photovoltaic (e.g., AnCai High-Tech), energy storage (e.g., Shangneng Electric), and solid-state battery concepts (e.g., Jinlongyu), supported by news of domestic new energy storage installations exceeding 100 GW in the first half of the year [3] Notable Stock Movements - The stock of Cambrian, known as the "first domestic AI chip stock," saw a significant drop of 14.45%, closing at 1202 yuan per share, with a market capitalization decrease of nearly 84 billion yuan. This decline was attributed to the upcoming adjustment of the STAR 50 Index, which will reduce Cambrian's weight from 15% to 10% [3][4] - Despite Cambrian's impressive half-year performance, with revenue of 2.881 billion yuan (up 4347.82% year-on-year) and a net profit of 1.038 billion yuan (turning profitable), its price-to-earnings ratio remains extremely high at 5117 times, raising concerns about its valuation [4] Market Sentiment - The overall market showed a clear trend of high-low switching, with previously high-performing sectors like AI computing and semiconductors experiencing collective pullbacks, while lower-performing sectors such as consumer goods, new energy, and some financial stocks attracted capital inflows [5] - Despite the strong performance in the new energy sector, the overall market trend remained downward, with over 2990 stocks declining and only 2297 rising, indicating a significant loss effect in the market [5]