这一切的发生并非偶然，寒武纪在AI大模型、算力芯片领域的布局早已为市场所知，2025年上半年，公司终于从连年亏损转为盈利，中报净利润10.38 亿，市盈率也从几年前的近5000倍降到现在的500倍左右，变化之快，令人咋舌。 2025年九月的A股市场里，寒武纪的这场定增成了所有投资者茶余饭后的焦点，场内外的情绪像拉满了的弦，随时可能崩断——有人兴奋，有人焦 虑，没人能置身事外。 市场刚刚消化完上半年AI芯片板块的暴涨，寒武纪在9月宣布定增，发行价定在1195.02元一股，消息一出，讨论区沸腾了，大家议论的声音大得像广 场上的喇叭，谁都想知道，这是不是又一轮科技泡沫的起点。 有人担心，这次科技股的热潮，会不会像四五年前一样，冲高之后就是长达几年的调整周期，很多股票最终跌掉九成，市场记忆其实很短暂，但伤痛 总是刻骨铭心。 这一轮科技股行情，确实让很多人赚到了钱，也有人被高位套牢，寒武纪的故事还没讲完，AI芯片的终局也远未到来，资本和技术比拼的赛道上，每 一步都悬着一颗心。 机构的疯狂涌入，背后是对AI芯片赛道的极度看好，寒武纪的研发费用居高不下，公司明说了，钱还远远不够，这次定增为的就是持续加码大模型算 力的研发， ...

来到四季度首个交易日，港股三大指数高开高走，果然迎来"开门红"！市场买盘火热，科技股、黄金股表现强劲，芯片股"狂欢"。 快手大涨8.57% 阿里、腾讯成交额破百亿 港股科技巨头表现强劲。快手大涨8.57%，阿里巴巴、腾讯控股成交额分别为约176亿、116亿港元，分别上涨3.45%、2.04%。 国信证券指出，港股互联网巨头估值正与海外同类公司快速收敛。当前腾讯与Meta、阿里与谷歌的估值水平已回到相似水位。 | 名称 | 现价 | 涨跌幅 | 成:二 | | --- | --- | --- | --- | | 阿里日 -- W | 183.100 | 3.45% | 175.73亿 | | 9988.HK | | | | | 腾讯控股 | 676.500 | 2.04% | 116.02亿 | | 0700.HK | | | | | 快手-W | 91.850 | 8.57% | 68.72亿 | | 1024.HK | | | | | 美团-W | 105.800 | 1.24% | 66.30亿 | | 3690.HK | | | | | 中高国际 | 89.650 | 12.70% | 58.41亿 | ...

【导读】四季度首个交易日，恒生科技指数大涨3.36%，恒生指数一举突破27000点 来到四季度首个交易日，港股三大指数高开高走，果然迎来"开门红"！市场买盘火热，科技股、黄金股表现强劲，芯片股"狂欢"。 买盘火热 集体高收 10月2日，港股高开高走。恒生指数收涨1.61%，报收于28287.12点；恒生科技指数收涨3.36%，报收于6682.86点；恒生国企指数收涨1.77%。 南向资金今日净流入155亿港元，全市成交额为2225亿港元。盘面上，以阿里巴巴、腾讯控股为代表的科技股巨头表现强劲。芯片股狂欢，龙头中芯国际 涨超12%。成份股支撑恒生科技指数大涨3.35%。港股黄金概念股也延续涨势。 快手大涨8.57% 阿里、腾讯成交额破百亿 港股科技巨头表现强劲。快手大涨8.57%，阿里巴巴、腾讯控股成交额分别为约176亿、116亿港元，分别上涨3.45%、2.04%。 国信证券指出，港股互联网巨头估值正与海外同类公司快速收敛。当前腾讯与Meta、阿里与谷歌的估值水平已回到相似水位。 | 名称 | 现价 | 涨跌幅 | 成:三 | | --- | --- | --- | --- | | 阿里巴巴-W | 183. ...

【导读】四季度首个交易日，恒生科技指数大涨 3.36% ，恒生指数一举突破 27000 点 中国基金报记者 储是 来到四季度首个交易日，港股三大指数高开高走，果然迎来 " 开门红 " ！市场买盘火热，科技股、黄金股表现强劲，芯片股 " 狂欢 " 。 买盘火热 集体高收 | 名称 | 现价 | 涨跌幅 | 成:三 | | --- | --- | --- | --- | | 阿里巴巴-W | 183.100 | 3.45% | 175.73亿 | | 9988.HK | | | | | 腾讯控股 | 676.500 | 2.04% | 116.02亿 | | 0700.HK | | | | | 快手-W | 91.850 | 8.57% | 68.72亿 | | 1024.HK | | | | | 美团-W | 105.800 | 1.24% | 66.30亿 | | 3690.HK | | | | | 中本国际 | 89.650 | 12.70% | 58.41亿 | | 0981.HK | | | | | 小米集团-W | 55.800 | 3.33% | 56.59亿 | | 1810.HK | | | | ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][39] Core Views - The global AI infrastructure construction is entering an accelerated phase, with significant investments from major companies like NVIDIA and Alibaba [1][4] - The semiconductor sector is experiencing high growth, particularly in AI-related applications, with a focus on domestic chip supply chains [4][19] - The report highlights the importance of AI and semiconductor industries as transformative technologies for the next decade, predicting a tenfold increase in total computing power by 2035 [4][19] Summary by Sections Industry Performance - The electronic sector saw a weekly increase of 3.51% from September 22 to September 26, with the semiconductor equipment sector leading at 15.56% [7][8] - The Philadelphia Semiconductor Index experienced a slight decline but remains in a rebound channel since April 2025 [12][17] Key Company Updates - NVIDIA plans to invest up to $100 billion in AI infrastructure for OpenAI, with a deployment of at least 10 GW of systems expected by late 2026 [4] - Micron Technology reported Q4 FY2025 revenue of $11.32 billion, a 46% year-over-year increase, with DRAM revenue at $9 billion, up 69% year-over-year [4] - Alibaba is advancing its AI infrastructure with a planned investment of $380 billion, aiming for a tenfold increase in data center energy consumption by 2032 [4] Price Trends - DRAM prices are on the rise, with DDR5 prices increasing from $6.927 to $7.475 between September 22 and September 26 [23] - TV panel prices are expected to remain stable in September, with adjustments in production to balance supply and demand [19][20] Investment Recommendations - The report suggests focusing on the entire domestic chip supply chain, including companies like SMIC, Huahong, and Cambrian [4] - Continued attention is recommended for the AI PCB industry chain, with key companies including Shenghong Technology and Huadian Technology [4]

这一战略合作的背后，是一系列高规格商业协议的联动。至此，OpenAI、英伟达与甲骨文（Oracle）构成的"ONO"三方联盟正式成型，一个围 绕"大模型—云基建—算力芯片"的资本链条已初见雏形。 当地时间9月22日，英伟达宣布，将向人工智能公司OpenAI进行最高达1000亿美元（约合人民币7112.7亿）的战略投资，双方将合作建设大规 模人工智能数据中心及其他基础设施。 受此消息提振，英伟达股价当日一度上涨超4%，创下历史新高，总市值逼近4.5万亿美元。 知情人士向彭博社透露称，这笔资金将分阶段到位，首笔100亿美元将在协议签署时到位。英伟达将以现金形式进行投资，并获得OpenAI的股 权作为交易的一部分。后续，随着每一吉瓦算力的部署，英伟达的投资金额将逐步追加。OpenAI还可利用这笔资金购买英伟达的芯片。 首先，作为一家估值千亿美元的AI公司，OpenAI不仅未实现盈利，甚至在2025年预计将亏损超过50亿美元。其每年约100亿美元的收入，远低 于每年600亿美元的云服务支出。OpenAI还面临越来着来自谷歌、Anthropic等公司的激烈竞争。 此外，甲骨文也面临着财务问题，其为支持AI业务的资本支出 ...

Group 1: Investment Trends - Significant net purchases were observed in various stocks, with the highest being the盈富基金 at 28.64 billion, followed by 阿里巴巴-W at 26.14 billion and 恒生中国企业 at 8.6 billion [1] - Southbound funds have continuously net purchased 阿里巴巴 for 22 days, totaling 604.4189 billion HKD [4] Group 2: Company Developments - 阿里巴巴 is set to hold its cloud conference on September 24, 2025, and has completed the issuance of 3.2 billion USD in zero-coupon convertible senior notes, with 80% allocated for cloud infrastructure [5] - 鸿腾精密 has seen increased demand for iPhone 17, with Apple requesting a 40% increase in daily production from its main supplier [5] - 小米集团 will launch its 17 series on September 25, featuring three models, and will hold its sixth annual speech focusing on innovation [6] - 晶泰控股 has been included in the FTSE China Small Cap Index, indicating increased capital attention and liquidity premium [6] - 中芯国际 is optimistic about future orders in the semiconductor sector, with several local tech giants entering chip development [6]

芯片股上涨，中科蓝讯、芯原股份、聚辰股份、海光信息、帝奥微涨超10%；带动科创芯片设计ETF涨 超5%；科创芯片ETF国泰、科创芯片ETF南方、科创芯片ETF博时、科创芯片ETF、科创芯片ETF指 数、科创芯片50ETF、科创芯片ETF基金、科创芯片ETF富国、芯片ETF易方达、芯片龙头ETF、芯片 50ETF涨超4%。 方正证券最新分析指出，在摩尔定律放缓和我国先进制程技术受限的现状下，先进封装成为国产算力芯 片突破性能瓶颈的重要方向。华为、寒武纪、海光信息等公司的算力芯片正加速迭代，国产供应链积极 配套以实现算力芯片自主可控。 华金证券指出，华为正式发布《智能世界2035》与《全球数智化指数2025》两份报告，指出通用人工智 能将成为未来十年最具变革性的技术驱动力，预测到2035年全社会算力总量将实现高达10万倍的增长， 看好国产算力芯片的全产业链，从设计、制造到封测测试以及上游的设备材料，建议关注国产芯片全产 业链。 华泰证券指出，根据对全球32家半导体制造企业和20家设备企业业绩统计，2Q25全球设备公司总收入 同比增长24%至340亿美元。其中，海外市场由AI相关投资主导，市场规模同比增长40%，其 ...

每经AI快讯，9月22日，午后算力芯片概念再度走强，中科曙光反包涨停，海光信息涨超10%，此前天 普股份13连板，和而泰涨停，东芯股份、瑞芯微、龙芯中科、云天励飞、翱捷科技等跟涨。 （文章来源：每日经济新闻） ...

Group 1 - A-shares saw significant market activity with 54 stocks hitting the daily limit up and 4 stocks hitting the limit down on September 22 [1] - The smart speaker concept was notably active, with Guoguang Electric reaching the limit up [1] - The advanced packaging concept strengthened, exemplified by Shanzi Gaoke achieving 6 consecutive limit ups in 7 days [1] - The computing power chip concept experienced an increase, highlighted by Tianpu Co. achieving 14 consecutive limit ups, and Heertai achieving 2 limit ups in 3 days [1] - Among the stocks with consecutive limit ups, *ST Zhengping had 11 limit ups in 14 days, and *ST Yatai had 10 limit ups in 11 days [1] Group 2 - *ST Gaohong faced a continuous decline with 7 consecutive limit downs [2] - *ST Nanzhi and Jinyi Film also experienced declines, each with 2 consecutive limit downs [2]