Zhong Guo Jing Ying Bao·2025-10-24 13:30Core Viewpoint - The significant rise in the stock price of Cambricon (688256.SH) on October 24, attributed to policy support, better-than-expected performance, high industry prosperity, and positive market sentiment, has positioned the company as a leader in the semiconductor sector, surpassing Kweichow Moutai (600519.SH) to reclaim the title of "A-share king" [1][2]. Policy Support - The "14th Five-Year Plan" emphasizes "technological self-reliance," placing it at the forefront of social development goals, which continues to release policy dividends for the semiconductor sector [2]. - The Ministry of Industry and Information Technology is soliciting opinions on the "Computing Power Standard System Construction Guide (2025 Edition)," aiming to revise over 50 standards by 2027 to promote the construction of a computing power standard system [1]. Performance Highlights - Cambricon achieved a historic breakthrough in the first three quarters of 2025, with revenue reaching 4.607 billion yuan, a substantial increase of 2386% year-on-year, and a net profit of 1.605 billion yuan, marking a turnaround from losses [2]. - The company's success is attributed to the effective deployment of AI chips across various scenarios, with rapid order fulfillment in servers and edge computing [2]. Industry Trends - The global semiconductor industry is experiencing a high prosperity cycle, with sales expected to reach $630.5 billion in 2024 and further growth anticipated in 2025 [2]. - The demand for computing power chips and storage chips is surging due to AI, with major players like Samsung and SK Hynix planning to raise NAND prices in Q4 [2]. Market Sentiment - On October 24, the total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion yuan, indicating active trading with a focus on technology stocks [3]. - Cambricon attracted significant capital inflow, with trading volume exceeding 23.4 billion yuan, reinforcing its status as a market focal point [3]. - The recent completion of a high-priced private placement of 3.985 billion yuan at an issue price of 1195 yuan per share has strengthened institutional confidence in the stock [3].