VeriSilicon(SH:688521) Zhi Tong Cai Jing·2025-09-16 01:55Group 1 - The overall trend of the domestic computing power industry chain is expected to emerge, with Alibaba's capital expenditure in Q2 exceeding expectations, indicating a strong commitment to AI and cloud infrastructure [1] - Alibaba's Q2 capital expenditure reached 38.6 billion, a 57.1% increase compared to Q1 2025, with plans to invest 380 billion over the next three years in cloud and AI hardware infrastructure [1] - The company is actively raising funds, planning to issue $3.2 billion in zero-coupon convertible notes, with approximately 80% of the proceeds aimed at enhancing cloud infrastructure [1] Group 2 - The influx of overseas Chinese talent back to China is accelerating, with significant contributions from Chinese researchers in top AI companies globally [2] - A report indicates that 47% of the world's top AI researchers are of Chinese nationality, surpassing the US and EU [2] - Domestic AI models are rapidly emerging, with several new models launched recently, indicating a strong competitive push against international counterparts [2] Group 3 - Chip Original Co. reported a record high in orders, with a total order amount of 3.025 billion as of the end of Q2 2025, marking an 85.88% increase in new orders compared to the same period last year [3] - AI-related orders account for approximately 64% of the new orders, solidifying Chip Original Co.'s position as a leader in the domestic ASIC market [3] - The company is set to acquire Chip Technology, enhancing its RISC-V ecosystem and furthering its development in this area [3] Group 4 - The acquisition aims to enhance the company's processor IP reserves and build a comprehensive heterogeneous computing IP platform, improving competitiveness and expanding business opportunities [4] - The transaction will allow Chip Original Co. to customize AI ASICs using RISC-V CPUs, creating differentiated chip solutions for various AI applications [4] - The integration of Chip Technology is expected to strengthen the narrative of Chip Original Co. as a leader in the domestic ASIC market [4] Group 5 - Suggested companies to watch include: Cambricon-U (688256.SH), Haiguang Information (688041.SH), Chip Original Co. (688521.SH), and SMIC (688981.SH, 00981) [6]