1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The convertible bond market continues to rise with equities, and although the upward space for convertible bond valuations is decreasing, they still have potential under the influence of optimistic equity sentiment. The current positions of major institutional convertible bonds are generally low, and the absolute funds have mostly been realized. Relative funds are cautious about increasing convertible bond positions, with most maintaining their positions to keep their rankings, and the bond - selection style is relatively aggressive. There are no short - term negative factors in the domestic market, and the impact of the interim reports is limited. In the current market, the slow - bull characteristics are significant, and there is still potential for off - market funds in convertible bonds. One can appropriately ignore short - term fluctuations, adhere to the mid - line bullish view, and add positions at important support levels if there are callbacks [6][9]. - The A - share market continued to rise last week due to the combined influence of internal and external factors. The Fed's latest statement was dovish, the market was optimistic about the US interest rate cut, the Sino - US chip competition ignited the sentiment of the domestic chip industry, and the release of DeepSeek - V3.1 promoted the domestic chip sector. At the same time, the non - bank sector continued to strengthen under the bull market expectation [6][9]. - The judgment on the future market remains unchanged. The market will fluctuate and strengthen. The driving force of this bull market comes from the improvement of grass - roots governance ability and technological competitiveness, which has increased public confidence [9]. 3. Summary by Directory 3.1 Convertible Bond Viewpoint: Low Convertible Bond Positions, Unchanged Bullish Logic - The convertible bond market continues to rise with equities, with increasing trading volume. The median absolute price reaches 135 yuan, and the premium rate per 100 yuan also hits a new high. Although the upward space for convertible bond valuations is decreasing, they still have potential under the influence of optimistic equity sentiment. The current positions of major institutional convertible bonds are generally low, and the bond - selection style is relatively aggressive [9]. - There are no short - term negative factors in the domestic market, and the impact of the interim reports is limited. The current market shows significant slow - bull characteristics, and there is still potential for off - market funds in convertible bonds. One can appropriately ignore short - term fluctuations, adhere to the mid - line bullish view, and add positions at important support levels if there are callbacks [9]. - The A - share market continued to rise last week due to the combined influence of internal and external factors. The Fed's dovish statement, the Sino - US chip competition, and the release of DeepSeek - V3.1 promoted the domestic chip sector, and the non - bank sector continued to strengthen under the bull market expectation [9]. 3.2 Convertible Bond Review: Sustained Equity Momentum, Convertible Bonds Rising Accordingly 3.2.1 Market Overall Performance: Equity Volume Increases and the Technology Sector Leads the Rise - From August 18th to August 22nd, the market continued to rise significantly. The Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, the CSI 300 rose 4.18%, the CSI 1000 rose 3.45%, the ChiNext Index rose 5.85%, the STAR 50 rose 13.31%, and the Beijing Stock Exchange 50 rose 8.40%. All industries closed up, with communication, electronics, and comprehensive industries leading the gains. The average daily trading volume increased significantly from 4861.19 billion yuan to 2.58 trillion yuan [12]. - The top ten convertible bonds in terms of gains last week were Dongshi, Jintong, Huayi, Weice, Dongjie, Shuiyang, Songyuan, Xinzhi, Bo23, and Songsheng Convertible Bonds. In terms of trading volume, last week, Outong, Dayuan, Saili, Dongjie, Huahong, Jintong, Zhongqi, Chongda, Tianlu, and Xinzhi Convertible Bonds were relatively active [12]. 3.2.2 Convertible Bonds Reach New Trading Highs, High - Price and Medium - High - Rating Convertible Bonds Lead the Rise - Last week, convertible bonds significantly followed the rise, with the average daily trading volume continuing to rise to 94.06 billion yuan. The CSI Convertible Bond Index rose 2.83%, the parity center rose 2.5% to 112.1 yuan, and the conversion premium rate center rose 0.4% to 21.7%. In terms of style, high - price and medium - high - rating convertible bonds performed well last week, while AAA - rated and double - low convertible bonds were relatively weak [17].

Group 1 - The core viewpoint of the articles indicates a bullish trend in the ChiNext market, driven by favorable macroeconomic conditions and strong performance in technology and healthcare sectors [3][4][5] - As of August 25, 2025, the ChiNext ETF Tianhong (159977) saw a 2.84% increase, with a trading volume of 1.03 billion yuan, while the ChiNext Index (399006) rose by 3.00% [3] - The latest scale of the ChiNext ETF Tianhong reached 9.302 billion yuan, marking a three-month high [3] - Leveraged funds are increasingly entering the market, with the latest margin buying amounting to 2.755 million yuan and a margin balance of 22.3729 million yuan [3] Group 2 - Analysts attribute the recent surge in the ChiNext to several factors, including a relatively calm global macro market and optimistic expectations for interest rate cuts by the Federal Reserve [4] - The market is witnessing a rally led by major technology stocks, particularly in the domestic chip sector, resonating with patriotic narratives [4] - Non-bank financials are also gaining strength, contributing to the index's upward momentum [4] Group 3 - The A-share market is gradually emerging from a slow bull phase, with recent trading activity confirming a bullish trend [4] - The ChiNext's price-to-earnings (PE) ratio stands at 39.39x, which is relatively low compared to historical averages, indicating potential for valuation expansion [4][5] - The expected compound annual growth rate (CAGR) for ChiNext's revenue is approximately 20% and for net profit is about 29% for 2025-2026, significantly outpacing other major indices [5] Group 4 - The ChiNext has historically performed well during bull markets, with a rebound of approximately 74.58% from September 24, 2024, to August 15, 2025, suggesting further upside potential [5] - Investors are advised to consider entry points during market pullbacks to lower costs, while maintaining a long-term view on industry trends [5] - The ChiNext ETF Tianhong closely tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, reflecting the market's performance [5]

虽然今天A股再一次刷新了多个数据，而且都是历史级别的，但是正如我在上一期文章里面说的，如果此刻你还没有选边站队的觉悟，那么今天对你而言就 只剩下痛的领悟，A股这轮牛市并不寻常。 一，今日要点 二，散户聚焦 对于今天的上涨，其实还是在交易降息预期，毕竟鲍威尔已经明确松口，那么美联储降息就是板上钉钉，目前大家都觉得央行这边会跟进，坦率地说，只从 二季度报告把降息拿掉之后，我觉得这事情并非这么简单，除非美国这边一次性降息力度比较大，我们为了对冲资金流入过快会降息之外，不排除按兵不 动，很显然，缩小利差更有利于我们吸收外资。 别看今天数字很漂亮，但实际今天的盘面非常复杂，既有半导体这样一波三折守住底线的，也有银行这样低开高走的，更有地产这样涨得惊心动魄，大有回 春的味道，从指数来看，沪深300大涨，明显强于小微盘，市场风格切换愈发明显。 为什么市场风格会切换呢？一方面源自于FOMO（错失恐惧），上周五A股轻松突破3800点，有那么一点出圈的味道，聊股票的人多了，加上中信证券周末 那篇文章的作用，结论是本轮行情不是散户制造的，如果你听说有个地方能免费送鸡蛋，但很多人还没有去，你会做如何打算？我想100%就是抢在别人前 ...

Group 1 - The stock price of Gaoxin Development as of August 25, 2025, is 60.29 yuan, down 1.70% from the previous trading day [1] - The opening price on the same day was 61.33 yuan, with a high of 63.66 yuan and a low of 59.84 yuan, resulting in a trading volume of 319,900 hands and a transaction amount of 1.968 billion yuan [1] - The company's current total market capitalization is 21.239 billion yuan, with a circulating market value of 11.590 billion yuan [1] Group 2 - Gaoxin Development's main business includes the engineering construction sector and involvement in domestic chip industries [1] - The company is registered in Sichuan and is considered one of the key enterprises in the region [1] - As of August 20, 2025, the total number of shareholders for the company is 63,639 [1] Group 3 - On August 25, 2025, the net outflow of main funds for Gaoxin Development was 60.6691 million yuan, accounting for 0.52% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow was 272 million yuan, representing 2.34% of the circulating market value [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound funds, totaling 1.376 billion HKD on August 25, with notable movements in various stocks [1]. Northbound Fund Activity - Northbound funds had a net selling of 2.436 billion HKD through the Shanghai Stock Connect and a net buying of 1.06 billion HKD through the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Alibaba-W (09988), Kuaishou-W (01024), and ZTE Corporation (00763) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Xiaomi Group-W (01810), and Semiconductor Manufacturing International Corporation (00981) [1]. Stock-Specific Transactions - Semiconductor Manufacturing International Corporation (00981) had a total transaction of 7.023 billion HKD, with a net outflow of 878 million HKD [2]. - Alibaba-W (09988) recorded a total transaction of 6.576 billion HKD, with a net outflow of 36.31 million HKD [2]. - Xiaomi Group-W (01810) had a total transaction of 4.025 billion HKD, with a net outflow of 887 million HKD [2]. Market Trends and Insights - Kuaishou-W (01024) received a net inflow of 471 million HKD, supported by the launch of its AI model and significant revenue growth [5]. - ZTE Corporation (00763) saw a net inflow of 407 million HKD, while Semiconductor Manufacturing International Corporation (00981) and Hua Hong Semiconductor (01347) faced net outflows of 811 million HKD and 129 million HKD, respectively [6]. - Xiaomi Group-W (01810) faced a net outflow of 15.24 billion HKD, with concerns over its smartphone business margins due to rising storage costs [7]. Additional Notable Transactions - Dongfeng Motor Group (00489) received a net inflow of 149 million HKD, with ongoing discussions about privatization and other strategic transactions [6]. - Tencent Holdings (00700) and Oriental Selection (01797) had net inflows of 180 million HKD and 202 million HKD, respectively [8].

Core Insights - DeepSeek-V3.1 utilizes UE8M0 FP8 Scale parameter precision, indicating a significant advancement in domestic chip technology, which is expected to lead to large-scale applications of domestic chips [1][2] - The continuous improvement in domestic AI chip design and manufacturing processes, along with the ongoing development of domestic large models, is likely to enhance the market share of domestic computing power [2][3] - The collaboration between Tesla and ByteDance's Volcano Engine for AI services in the new Model Y L demonstrates the growing recognition and application of domestic AI models [3] Domestic Chip Development - The new generation of domestic chips, including models like Muxi 690 and Cambricon 690, are beginning to support FP8 technology, which is crucial for AI applications [2] - The market for domestic chips is expected to grow as the technology and manufacturing processes improve, alongside the support for domestic large models [2][4] AI Application Growth - The recent release of DeepSeek V3.1 enhances capabilities in various applications, providing a broader scope for AI agents to tackle real-world tasks effectively [3] - The partnership between Tesla and Volcano Engine for AI services in vehicles signifies a shift towards practical applications of AI technology in consumer products [3] Market Opportunities - The demand for AI infrastructure is increasing, particularly for low-latency and high-bandwidth solutions, which is beneficial for companies like Astera Labs [4] - The trend towards the localization of switch chips in the AI chip market is expected to continue, providing further growth opportunities [4] Investment Recommendations - Suggested stocks in the AI computing chain include companies like Cambricon-U, Haiguang Information, and Inspur Information, which are positioned to benefit from the growth in domestic AI chip development [5] - In the AI application sector, companies such as Kingsoft Office and Dingjie Smart are recommended for their potential in the expanding AI application market [6] - For switch chips, companies like Shengke Communication and ZTE are highlighted as key players in the market [7]

2025年8月28日创业板再度爆发，截至午盘创业板指大涨超3%，盘中创近3年新高！有市场分析认为， 随着市场信心持续回升，流动性环境向好，当前A股市场整体趋势持续向好，有望延续震荡上行趋势。 国泰海通表示，DeepSeek-V3.1 使用了 UE8M0 FP8 Scale 的参数精度， UE8M0 FP8是针对即将发布的下 一代国产芯片设计，国产芯片有望得到大规模应用。新一代的国产芯片纷纷开始支持FP8，随着国产AI 芯片设计技术、制造工艺等方面的提升，且随着国产大模型的持续发展以及对国产芯片的适配和支持， 国产算力的市占率有望持续提升，国产芯片的行情有望持续推进。 规模方面，创业板ETF广发最新规模达120.90亿元，创近3月新高。份额方面，创业板ETF广发近1周份 额增长8160.00万份。资金流入方面，拉长时间看，创业板ETF广发近5个交易日内有4日资金净流入， 合计"吸金"1.70亿元。 创业板ETF广发(159952)，紧密跟踪创业板指数，由创业板中市值大、流动性好的100只股票构成，聚焦 电力设备、医药生物、电子等战略性新兴产业，集中反映中国创新创业企业的整体表现。场外联接 (A：003765；C ...

Group 1 - The core viewpoint highlights the strong performance of domestic computing power leaders, particularly the "Han Wang" chip, driven by the continuous push for self-sufficiency in technology [1] - DeepSeek announced the release of DeepSeek-V3.1, which features significant adjustments in tokenizer and chat template, indicating a clear evolution from its predecessor [1] - The Chinese semiconductor industry has made substantial progress in GPU manufacturing, with an expected revenue of approximately $17.1 billion from NVIDIA in China for 2024, indicating a robust domestic GPU market [1] Group 2 - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which focuses on semiconductor and electronics companies listed on the STAR Market, showcasing high-tech attributes and growth potential [2] - The Chip ETF (512760) covers the entire semiconductor industry chain, selecting companies with high technological content and growth potential, reflecting the overall market performance of innovative semiconductor enterprises [2] - Investors without stock accounts can consider the Guotai STAR Market Chip ETF Initiation Link A (024853) and Link C (024854) for investment opportunities [2]

国泰海通表示，据DeepSeek官微，DeepSeek-V3.1 使用了 UE8M0 FP8 Scale 的参数精度， UE8M0 FP8是针对即将发布的下一代国产芯片设计，国产芯片有望得到大规模应用。新一代的国产芯片纷纷开 始支持FP8，包括沐曦690、芯原VIP9000、寒武纪690、摩尔线程 MUSA 3.1 GPU、海光深算三号等。 我们认为，随着国产AI芯片设计技术、制造工艺等方面的提升，且随着国产大模型的持续发展以及对 国产芯片的适配和支持，国产算力的市占率有望持续提升，国产芯片的行情有望持续推进。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），涨跌幅为20%，该 指数从创业板市场中选取涉及软件开发、智能硬件制造、大数据处理等人工智能技术及相关应用的上市 公司证券作为指数 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index has risen by 2.84%, with significant gains in constituent stocks such as Dongxin Co. (up 10.68%) and Chipone Technology (up 10.37%) [1] - The Sci-Tech Chip ETF (588200) increased by 1.11%, reaching a peak increase of nearly 5% at the beginning of the trading session, and has accumulated a 17.12% increase over the past week [1][4] - The trading volume of the Sci-Tech Chip ETF reached 29.18 billion yuan with a turnover rate of 8.26%, ranking first among comparable funds [4] Group 2 - The latest scale of the Sci-Tech Chip ETF has reached 337.26 billion yuan, marking a new high since its inception and also ranking first among comparable funds [4] - The net value of the Sci-Tech Chip ETF has increased by 123.44% over the past year, placing it in the top 0.94% among index equity funds [4] - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.59% of the index, with companies like Cambricon, SMIC, and Haiguang Information being the most significant contributors [5][7] Group 3 - The DeepSeek model has been updated to version 3.1, which now supports FP8 precision and domestic chips, potentially accelerating the development of the domestic computing power ecosystem [4] - Tencent's earnings report indicated a diversification in the supply chain for its inference chips, suggesting that domestic inference computing power chips may become a competitive advantage amid international supply chain fluctuations [4] - Huawei's Ascend chips are gradually expanding their applications in government and financial sectors, reflecting an increase in the market competitiveness of domestic chips [4]