寒武纪凭什么？

Core Viewpoint - The article discusses the rapid rise of AI stocks in China, particularly focusing on the domestic AI chip leader, Cambricon, which has surpassed Kweichow Moutai in stock price, indicating a shift in market sentiment towards AI technology over traditional sectors like liquor [2][3]. Group 1: AI Industry Dynamics - The current A-share market is characterized as a structural bull market driven by asset revaluation, with a focus on the AI industry as the new frontier for investment opportunities [3][4]. - The article highlights the strategic competition between the U.S. and China in AI, emphasizing the U.S. "America First" policy aimed at maintaining its AI dominance through innovation, infrastructure, and geopolitical influence [6][9][10]. Group 2: Cambricon's Market Position - Cambricon's stock surge reflects the initial success of China's AI industry in breaking through U.S. technological barriers, particularly in chip performance and algorithm development [6][11]. - The company has faced challenges due to reduced orders and reliance on government projects, but recent developments suggest a potential turnaround as domestic demand for AI chips increases [20][24]. Group 3: Financial Performance and Valuation - Cambricon reported a remarkable revenue growth of 4347.82% year-on-year in the first half of 2025, achieving a net profit of 1.038 billion yuan, marking a significant recovery from previous losses [31][26]. - Despite impressive financial results, the company's dynamic price-to-earnings ratio stands at 276.48, indicating a potential valuation bubble as investors may need to wait 276 years to recoup their investment based on current earnings [34][36]. - The article suggests that while Cambricon's narrative of replacing NVIDIA is compelling, the high valuation may not be sustainable, and the market's enthusiasm could be overextended [37][36].