半导体股集体走高，海光信息20cm涨停，源杰科技、杰华特、盛科通信涨超10%，科创芯片ETF、科创 芯片50ETF、科创芯片ETF南方、科创芯片ETF国泰、科创芯片ETF富国、科创芯片ETF基金、科创芯片 ETF博时、科创芯片ETF指数涨超6%。 甲骨文还宣布未实现履约义务(尚未确认的已签约收入)已达4550亿美元，同比大增359%。 OpenAI与甲骨文签署3000亿美元算力大单。据知情人士透露，OpenAI已签署一项协议，将在大约五年 内向甲骨文购买价值3000亿美元的算力，这一巨额承诺远超其当前营收水平。这笔交易是有史以来规模 最大的云服务合同之一，反映出尽管市场日益担忧人工智能领域可能存在泡沫，但AI数据中心的支出 仍持续攀升至新高。该合同将需要4.5吉瓦的电力容量，大致相当于两座以上胡佛大坝的发电量，或约 四百万户家庭的用电量。首席执行官Safra Catz表示，该季度公司与三家不同客户签署了合同。 台积电公布2025年8月营收报告。2025年8月合并营收约为新台币3357.72亿元，环比增加3.9%，同比增 加33.8%；创单月历史次高以及历年同期新高。累计2025年1至8月营收约为新台币2431 ...

编辑/jayden 消息面上，晶圆代工龙头台积电9月10日公布的营收报告显示，公司2025年8月销售额3357.7亿元新台币，同比增长 33.8%，环比增长3.9%。台积电1—8月累计销售额2.43万亿元新台币，同比增长37.1%。此外，甲骨文日前公布了相 当积极的云业务展望，激发了人们对人工智能基础设施建设正在加速的希望。 港股芯片股早盘集体走高，截至发稿， 大涨超9%， 、 双双涨近6%， 涨近5%。 国投证券指出，今年上半年全球半导体行业保持高景气，中国板块表现突出。增长主要来自两大动力：AI算力需求 持续增长带动代工需求增加，以及设备、材料、零部件等环节国产替代加速。外部环境加速国产替代进程，内部方 面，半导体IPO与并购活跃，资本助力产业升级，龙头企业通过整合稀缺技术增强竞争力。展望下半年，行业将延 续"AI驱动+自主可控"双主线发展。 | 代碼 | 名稱 | 最新價 | 張跌額 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | --- | | 02577 | 央話賽科 | 101.800 | +8.800 | +9.46% | ...

Market Performance - The Hang Seng Technology Index closed at 5902.69, up 1.27% for the day and 31.15% year-to-date[3] - The S&P 500 Index closed at 6512.61, up 0.30% for the day and 10.25% year-to-date[3] - Oracle's stock surged 36% to a record high, with a market capitalization increase of approximately $250 billion, reaching $922.24 billion[9] Sector Highlights - Major technology stocks in Hong Kong saw significant gains, with JD.com up 3.6% and Baidu up over 2%[9] - Financial stocks also performed well, with Agricultural Bank rising 3.5% and China Construction Bank up 2.84%[9] - Semiconductor stocks were active, with SMIC gaining 3.6%[9] Economic Indicators - The U.S. Producer Price Index (PPI) unexpectedly fell by 0.1% month-over-month in August, marking the first decline in four months, strengthening the case for potential interest rate cuts by the Federal Reserve[9] - Japan's manufacturing sentiment index rose to 13, the highest in three years, indicating improved economic confidence[14] Investment Trends - Net inflows from mainland investors into Hong Kong stocks amounted to HKD 7.566 billion on September 10[9] - AI infrastructure stocks like CoreWeave rose by 16.88%, reflecting growing investor interest in the sector[9]

Group 1 - Oracle's stock surged by 36% in a single day, marking its largest daily increase since 1992 and reaching an all-time high [1] - Nvidia's stock rose nearly 4%, while Broadcom increased by 9.77%, TSMC by 3.79%, and ARM by over 9%, all achieving historical highs [1] - The positive performance of Oracle is attributed to its better-than-expected earnings and significant AI capital expenditures [1] Group 2 - The CSI Artificial Intelligence Theme Index (930713) rose by 4.95%, with notable increases in constituent stocks such as Zhongji Xuchuang (10.04%) and Zhongke Shuguang (10.00%) [2] - The AI Artificial Intelligence ETF (512930) increased by 4.75%, with a recent price of 2.05 yuan, and has seen a 30.05% rise over the past month [2] - The AI Artificial Intelligence ETF has recorded a turnover rate of 6.93% and a total transaction volume of 199 million yuan [2] Group 3 - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing foundational resources, technology, and application support for AI [3] - The top ten weighted stocks in the index account for 60.82% of the total index weight, with companies like Xinyi Sheng (300502) and Zhongji Xuchuang (300308) leading [3][5]

Group 1 - Semiconductor stocks collectively rose in early trading, with notable increases in shares of Huahong Semiconductor (+5.15%), SMIC (+5.05%), Shanghai Fudan (+4.17%), and Hongguang Semiconductor (+3.64%) [1] - TSMC reported a revenue of NT$335.77 billion for August 2025, marking a year-on-year increase of 33.8% and a month-on-month increase of 3.9%. Cumulatively, TSMC's sales from January to August reached NT$2.43 trillion, reflecting a year-on-year growth of 37.1% [1] - Oracle's recent positive outlook on its cloud business has sparked optimism regarding the accelerated development of AI infrastructure [1] Group 2 - The global semiconductor industry maintained high prosperity in the first half of the year, with China's sector performing exceptionally well. Growth is primarily driven by two factors: the continuous increase in AI computing power demand leading to higher foundry demand, and the accelerated domestic substitution in equipment, materials, and components [1] - The external environment is accelerating the domestic substitution process, while internally, active semiconductor IPOs and mergers and acquisitions are facilitating capital-driven industry upgrades. Leading companies are enhancing their competitiveness through the integration of scarce technologies [1] - Looking ahead to the second half of the year, the industry is expected to continue its dual development trajectory driven by "AI and self-sufficiency" [1]

Group 1 - Semiconductor stocks collectively rose in early trading, with notable increases in companies such as Hua Hong Semiconductor (+5.15%), SMIC (+5.05%), Shanghai Fudan (+4.17%), and Hongguang Semiconductor (+3.64%) [1] - TSMC reported a revenue of NT$335.77 billion for August 2025, representing a year-on-year growth of 33.8% and a month-on-month increase of 3.9%. Cumulatively, TSMC's sales from January to August reached NT$2.43 trillion, up 37.1% year-on-year [1] - Oracle's positive outlook on cloud business has sparked optimism regarding the acceleration of AI infrastructure development [1] Group 2 - The global semiconductor industry maintained high prosperity in the first half of the year, with the Chinese sector performing exceptionally well. Growth is driven by two main factors: the continuous increase in AI computing power demand leading to higher foundry demand, and the accelerated domestic substitution in equipment, materials, and components [1] - The external environment is accelerating the domestic substitution process, while internally, semiconductor IPOs and mergers and acquisitions are active, with capital supporting industry upgrades. Leading companies are enhancing competitiveness through the integration of scarce technologies [1] - The industry is expected to continue its development along the dual main lines of "AI-driven + self-controllable" in the second half of the year [1]

Group 1 - Oracle's stock surged by 36% in a single day, marking its largest daily increase since 1992 and reaching an all-time high [1] - Nvidia's new Rubin CPX chip was announced, fundamentally reshaping AI server hardware architecture by splitting inference tasks into "context" and "generation" stages, leading to significant efficiency gains [1] - Other tech giants also saw stock price increases, with Nvidia rising nearly 4%, Broadcom up 9.77%, TSMC up 3.79%, and ARM up over 9% [1] Group 2 - As of September 11, 2025, the CSI Artificial Intelligence Theme Index rose by 0.97%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 6.26%) and Xinyi Sheng (up 4.49%) [2] - The AI Artificial Intelligence ETF increased by 0.82%, with a one-month cumulative rise of 30.05%, ranking in the top quarter among comparable funds [2] - The CSI Artificial Intelligence Theme Index includes 50 listed companies involved in providing foundational resources, technology, and application support for artificial intelligence [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index accounted for 60.82% of the index, including companies like Xinyi Sheng and Zhongji Xuchuang [3] - The AI Artificial Intelligence ETF has several off-market connections, including multiple classes of the Ping An CSI Artificial Intelligence Theme ETF [3]

晨会纪要 证券研究报告 2025 年 09 月 11 日 核心结论 分析师 【固定收益】流动性和机构行为系列之二：存款和非银资金搬家能持续多 久？ 理财、固收+、权益等产品对资金吸引较大；对于实体部门，存款搬家和股 市上涨往往互相促进；对于非银机构，中长期来看，低利率时代非银机构往 往调整配置结构，短期来看，随着权益市场波动、利率水平变化，非银机构 资金搬家或将阶段性减缓，可以通过股票资产风险溢价、债券和贷款比价、 债券利率与政策利率利差、30 年期 ETF 及 TL 等观察。 【固定收益】非银金融债指南针系列之三：财险行业评分模型构建与结果分 析 通过定性、定量等多维指标对财险行业的信用风险展开分析，试图能够为投 资提供帮助。 【量化】成交量冲击与隔夜收益 本文首先发现 A 股隔夜收益长期为负，T+1 机制是其直接原因，美股隔夜收 益接近 0，而港股长期为正。其次，构建成交量冲击股票因子，与 A 股隔夜 收益显著负相关，IC 达-0.15。然后，使用成交量冲击因子构建的指数增强 策略，在不同指数上可以获得 2%-5%的超额收益率，且跟踪误差仅有 0.9% 左右。最后，周换仓的成交量冲击因子表现好于常见量价因 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 昨夜开盘上演史诗级暴涨的科技巨头甲骨文， 最终以单日 36% 涨幅收盘，股价创下历史新 高，同时创下 1992 年来最大单日涨幅。 昨夜 芯片和半导体板块跟随大涨，英伟达、台积电等个股纷纷飘红。 美联储降息方面，刚出炉的美国 8 月 PPI 意外大幅降温，美联储 9 月降息 50 个基点概率上 升至 8% ，维持利率不变概率为 0% 。 今日美股盘前将出炉美国 8 月 CPI 。市场认为，这是美联储下周作出利率决策前的最后一个 重要数据。此外，对于此前法官阻止罢免美联储理事库克，特朗普政府选择了火速上诉。 美国纳指和标普均创新高 美东时间 9 月 10 日，美国三大股指涨跌互现，纳指和标普 500 指数均创新高。 科技巨头甲骨文盘初大涨 40% ，受到全球关注，最终以单日 36% 涨幅收盘，股价创下历史 新高，同时创下该公司 1992 年来最大单日涨幅。 截至收盘，甲骨文股价报 328.62 美元 / 股，最新市值超 9200 亿美元，一举超过沃尔玛、 摩根大通。 消息面上，甲骨文云业务爆发式增长。 ...

【导读】美股纳指和标普创新高，甲骨文收涨36%；PPI意外大幅降温，美联储9月降息50个基点概率上 升；今日盘前将出炉8月CPI 昨夜开盘上演史诗级暴涨的科技巨头甲骨文，最终以单日36%涨幅收盘，股价创下历史新高，同时创下 1992年来最大单日涨幅。 昨夜芯片和半导体板块跟随大涨，英伟达、台积电等个股纷纷飘红。 美联储降息方面，刚出炉的美国8月PPI意外大幅降温，美联储9月降息50个基点概率上升至8%，维持利 率不变概率为0%。 今日美股盘前将出炉美国8月CPI。市场认为，这是美联储下周作出利率决策前的最后一个重要数据。 此外，对于此前法官阻止罢免美联储理事库克，特朗普政府选择了火速上诉。 美国纳指和标普均创新高 美东时间9月10日，美国三大股指涨跌互现，纳指和标普500指数均创新高。 截至收盘，道指跌0.48%，报45490.92点；标普500指数涨0.3%，报6532.04点；纳指涨0.03%，报 21886.06点。 甲骨文股价创下1992年来最大单日涨幅 科技巨头甲骨文盘初大涨40%，受到全球关注，最终以单日36%涨幅收盘，股价创下历史新高，同时创 下该公司1992年来最大单日涨幅。 截至收盘，甲骨文 ...