重大信号！“寒王”登顶，外资：上调！

Core Viewpoint - The article highlights the resurgence of Cambricon Technologies, which has surpassed Kweichow Moutai to reclaim the title of "King of A-shares," reflecting a shift in investment preference towards high-tech and innovative industries in China's economy [1][9]. Group 1: Stock Performance and Market Dynamics - Cambricon's stock price reached 1525 CNY per share on October 24, 2023, marking a 9.01% increase and a market capitalization of approximately 638 billion CNY [1]. - Year-to-date, Cambricon's stock price has surged over 130%, with a previous peak of 1595.88 CNY per share in August [3]. - Foreign investment banks, such as Goldman Sachs, have raised Cambricon's target price to 2104 CNY per share, citing strong performance and increased AI chip shipments [3][4]. Group 2: Financial Performance - Cambricon's Q3 revenue was 1.727 billion CNY, a year-on-year increase of 1332.52%, with a net profit of 567 million CNY, marking a turnaround from previous losses [4]. - For the first three quarters, revenue reached 4.607 billion CNY, up 2386.38% year-on-year, with a net profit of 1.605 billion CNY [4]. Group 3: Investment Trends and Fund Involvement - As of Q2 2023, 403 funds held shares in Cambricon, accounting for 15.09% of its total shares, with significant holdings from major ETFs [6]. - On October 24, ETFs focused on communication equipment and tech chips saw gains exceeding 5%, driven by Cambricon's performance [5]. - Cambricon's recent private placement raised approximately 3.985 billion CNY at a price of 1195.02 CNY per share, with participating funds already seeing a floating profit of over 27.6% [7]. Group 4: Economic Transition and Future Outlook - The shift in investment preference from traditional heavy asset industries to technology-driven sectors reflects a broader economic transition in China [9]. - Fund managers emphasize the importance of understanding industry cycles, AI opportunities, and domestic substitution as key investment themes in the semiconductor sector [9]. - The Chinese government's support for high-level technological self-reliance is expected to bolster the semiconductor and AI industries, creating a favorable environment for growth [10].