Cambricon(SH:688256) 日经中文网·2025-09-03 02:54Core Viewpoint - The Chinese AI industry is moving towards a stage of software and hardware integration, significantly reducing reliance on foreign products like those from Nvidia [2][4]. Group 1: Market Performance - The stock price of Cambricon Technology has surged, reflecting growing market confidence in the development of Chinese AI independent of American companies [2]. - The Shanghai Stock Exchange's STAR Market 50 Index rose by 8.6% on August 22, reaching a new high since February 2022, driven by optimism surrounding domestic AI advancements [4]. - Goldman Sachs raised Cambricon's target stock price from 1,223 yuan to 1,835 yuan, with the stock price doubling since late July [5]. Group 2: Technological Developments - DeepSeek released its new large language model (LLM) "V3.1" on August 21, which is designed for upcoming domestic chip architectures [4]. - Eight companies, including Cambricon and Huawei, passed the AI model adaptation test conducted by the China Academy of Information and Communications Technology [4]. Group 3: Future Projections - Cambricon expects its revenue for the fiscal year 2025 to reach between 5 billion to 7 billion yuan, which is 4.3 to 6 times higher than the previous year [6]. - The total market capitalization of Cambricon is projected to exceed 600 billion yuan, surpassing SMIC in the STAR Market [6].