9月22日，平安基金旗舰产品平安策略先锋混合基金（700003）净值再次创下历史新高。历经多轮市场 环境检验，该产品近7年收益率超421%，在全市场所有基金里面位列前10！ 在此次净值创新高的背后，亦是基金经理神爱前坚持以"业绩成长"为投资本源、深耕产业趋势研究与公 司盈利分析的投资体系长期有效的体现。 面对当前A股上证指数在3800点震荡的局面，神爱前认为,外部环境逐渐进入稳定预期，同时内部经济企 稳筑底，政策积极呵护，整体权益市场或将进入稳定的内外部环境当中。在这种环境下，权益市场可能 将迎来结构性机会，将积极关注和寻找一些基本面明显变好、景气趋势向上的结构机会。 业绩成长是投资本源，大道至简，抓住本源 在神爱前看来，业绩成长是投资的本源，大道至简，抓住本源，不迷信、不偏执，将关注点聚焦在比较 公司业绩成长上。因此，他重点关注企业盈利增长趋势引起的投资机会，从经济周期、产业周期、供需 变化等因素出发分析企业盈利的成长性和持续性，从竞争力、商业模式、景气周期等因素出发分析企业 估值的合理性。 正因为投资体系的普适性，神爱前的投资能力圈较为广泛，在过往投资经历中，擅长科技、高端制造、 消费、医药、新能源、有色 ...

Group 1 - The semiconductor equipment sector is experiencing a positive trend, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 1.1% as of 10:40 AM [1] - The semiconductor equipment ETF, E Fund (159558), has seen a net subscription of 6 million shares during the trading session, indicating strong investor interest [1] - Huawei announced its roadmap for Ascend chips at the 2025 Global Connectivity Conference, planning to launch the Ascend 950PR chip in Q1 2026 and the Ascend 950DT chip in Q4 2026, with further upgrades planned for 2027-2028 [1] Group 2 - Yangtze Memory Technologies has officially launched its third-phase expansion plan, aiming to increase monthly production capacity to 150,000 wafers by 2025 and capture a 15% share of the global flash memory market by 2026 [1] - The development and capacity construction of domestic AI chip-specific memory HBM are actively progressing, which is expected to drive demand for semiconductor equipment [1] - The China Securities Semiconductor Materials and Equipment Theme Index consists of 40 stocks related to semiconductor materials and equipment, with nearly 60% weight in semiconductor equipment [1]

蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 1、本周 观 点： 持续聚焦高景气及边际变化，国产算力迎多重催化 2、深度跟 踪 ： 算力：国产 AI 芯片兴起，超节点走向主流 周观点 持续聚焦高景气及边际变化，国产算力迎多重催化 持续聚焦高景气及边际变化。 当前，一方面，高景气赛道具有稀缺性强的特点；同时，流动性环境的持续改善具有较强的确定性，风险偏好有望维持在较高分位。基于 上述市场特征，持续建议重点配置两类资产： 1 ）持续高景气的细分赛道，以 AI 算力、 C 端证券 IT 最为典型； 2 ）强边际变化的细分赛道或者个股，赛道以 AI 应 用、国产化、 B 端金融科技较为典型。 国内外算力产业正持续剧变。 在海外，英伟达宣布将投资英特尔 50 亿美金，发力 CPU+GPU+NPU 的多芯片布局。在国内，继 9 月 13 日海光信息面向全栈产业伙伴 开放 CPU 互联总线之后；华为在其全联接大会上发布了未来三年 昇 腾芯片升级节奏及超节点产品，并将 CANN 编译器和 虛 拟指令集接口开放，其它软件全开源；同 时，摩尔线程科创板 ...

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the policy interest rate, bringing the federal funds target rate to a range of 4-4.25%, marking the first rate cut in nine months since December 2024. The market has already priced in this cut, and further rate cuts are expected in the coming months, with a total of three cuts anticipated by the end of the year [1][2]. Group 1: Interest Rate Impact - The current appropriate policy benchmark interest rate is estimated to be around 3.37%, indicating that the Federal Reserve has approximately 70 basis points of room for further cuts [1]. - The expectation of future rate cuts may lead to a decline in the dollar index and U.S. Treasury yields, potentially benefiting the A-share market due to a more accommodative dollar liquidity environment [1]. Group 2: Investment Opportunities - In the context of the Fed's rate cut, the focus for investors is on how to invest in quality assets. Historically, rate cuts lower financing costs and enhance liquidity, leading to a depreciation of the dollar, which can boost the prices of dollar-denominated commodities like gold and copper [4]. - Gold and commodities are expected to perform well during the rate cut cycle, as lower real interest rates reduce the opportunity cost of holding non-yielding assets like gold [4]. Group 3: Specific Asset Analysis - **Gold and Commodities**: The market's long-term funds are likely to respond positively to the rate cuts, with gold expected to show strong performance historically during such cycles [4][5]. - **Emerging Markets**: Following the rate cuts, U.S. domestic funds are anticipated to seek new opportunities in emerging markets, leading to increased capital inflows [6][7]. - **A-Share Technology Sector**: The reduction in financing costs is expected to accelerate capital expenditure and technological advancements in the tech sector, with semiconductor stocks showing significant growth [9][10]. - **Hong Kong Tech Stocks**: The Hong Kong market is particularly sensitive to external liquidity conditions, with historical data indicating strong performance during previous Fed rate cut cycles [11][12]. Group 4: Product Recommendations - For gold investments, the Huaan Gold ETF (518880) has shown stable returns, while the Yongying CSI Hong Kong Gold Industry ETF (517520) has a large scale and high market recognition [5]. - In emerging markets, the Huaan Mitsubishi Nikkei 225 ETF (513880) and the Huatai Baichuan Southeast Asia Technology ETF (513730) are recommended for exposure to Japanese and Southeast Asian markets, respectively [9]. - For A-share technology investments, the Tianhong CSI Robotics ETF (159770) and the E Fund CSI Sci-Tech Innovation 50 ETF (159781) are highlighted for their strong performance and low fees [10]. - In the Hong Kong market, the Southern East Asia Technology Index ETF (3033.HK) is noted for its favorable fee structure and scale, while the Fuguo CSI Hong Kong Internet ETF (159792) is recognized for its significant size and institutional backing [12].

Core Viewpoint - The semiconductor sector is experiencing significant growth, driven by multiple favorable factors including domestic technological breakthroughs and government investigations into anti-dumping practices against imported chips [5][8]. Group 1: ETF Performance - The Chip ETF Tianhong (159310) rose by 5.12%, marking its seventh consecutive increase, with a trading volume of 18.0034 million yuan [3]. - The Sci-Tech Innovation Index ETF Tianhong (589860) increased by 3.02%, also achieving seven consecutive gains, with a turnover rate of 23.14% and a trading volume of 77.7677 million yuan [4]. - Over the past year, the Chip ETF Tianhong (159310) has seen a scale increase of 376 million yuan and a net value increase of 122.80%, outperforming comparable funds [4]. Group 2: Market Trends - On September 18, both Hong Kong and A-share semiconductor stocks surged, with leading companies reaching new market capitalization highs; Huahong Semiconductor's stock rose over 13%, while SMIC's stock increased by 8%, surpassing a market cap of 100 billion yuan [5]. - The 2025 Global AI Chip Summit held on September 17 focused on technological breakthroughs and industrial applications, with significant participation from domestic AI chip leaders like Huawei [6]. - Huawei announced its roadmap for the Ascend chip evolution, with the Ascend 950PR chip set to launch in Q1 2026, boosting confidence in domestic AI chip technology [7]. Group 3: Government and Policy Impact - The Ministry of Commerce initiated an anti-dumping investigation into imported analog chips from the U.S., which is expected to alleviate pricing pressures in the industry and create favorable conditions for domestic manufacturers [8]. - The Federal Reserve's recent interest rate cut has positively impacted Chinese tech stocks, enhancing liquidity and market sentiment, which has led to a simultaneous rise in Chinese concept stocks and A-share tech sectors [9]. Group 4: Institutional Insights - According to Guangfa Securities, the application scenarios for domestic AI chips are expanding, with leading internet companies gaining a first-mover advantage in commercialization [10]. - Increased R&D investment and new product launches are expected to drive high revenue growth for related companies, particularly in the AI large model sector, which is the largest application area for computing power [10].

Group 1 - Cambricon has received approval from the China Securities Regulatory Commission for a private placement to raise up to 3.985 billion yuan, focusing on smart chip development [2] - The company plans to allocate 2.054 billion yuan towards a chip platform project aimed at large models, indicating a shift towards software-hardware collaboration in domestic AI chip production [2] - The release of the DeepSeek-V3.1 model is seen as a strategic opportunity for the domestic AI chip industry, potentially accelerating the chip replacement process [2] Group 2 - The domestic gaming market is projected to achieve a historical sales revenue of 168 billion yuan in the first half of 2025, reflecting a year-on-year growth of 14.08% [3] - The A-share gaming sector reported a year-on-year revenue growth of 22.8% in the first half of the year, indicating a positive turning point for the industry [3] - The gaming sector's valuation remains low, with expectations for a 20 times P/E ratio by 2026, suggesting potential for valuation switching starting in Q4 2025 [3]

Core Viewpoint - Beijing Lier's share buyback has boosted investor confidence, with a significant increase in stock price during the buyback period [1][2][3]. Buyback Details - The buyback program initiated on September 30, 2024, involved repurchasing 25.21 million shares, representing 2.12% of the total share capital, at a total cost of 104 million yuan (excluding transaction fees) [2]. - The buyback was funded through self-raised funds and a loan of up to 120 million yuan from China Everbright Bank [2]. - The stock price increased from 3.42 yuan per share to 8.34 yuan per share during the buyback period, reflecting a rise of approximately 144% [1][3]. Financial Performance - In the first half of 2025, Beijing Lier reported revenue of 3.457 billion yuan, an increase of 8.22% year-on-year, and a net profit of 218 million yuan, a slight increase of 0.18% [1][4]. - The company's revenue grew from 4.719 billion yuan in 2022 to 6.327 billion yuan in 2024, although net profit fluctuated significantly during the same period [4]. R&D Investment - The company has increased its R&D expenditure, investing 242 million yuan in the first half of 2025, a year-on-year increase of 41.67% [6]. - As of June 30, 2025, Beijing Lier held 830 authorized patents, including 237 invention patents, and has made significant contributions to various national and provincial standards [6]. Future Outlook - Beijing Lier remains optimistic about achieving growth in both revenue and profit for the full year, supported by new production lines and positive trends in overseas business [6].

Group 1 - The stock price of Cambrian Technology experienced a significant decline, dropping 14.45% to 1202 CNY per share, resulting in a market capitalization loss of approximately 840 billion CNY in one day [1] - Cambrian Technology's stock had previously surged over 200% from a low of 520.67 CNY per share to a high of 1587.91 CNY per share within a month, making it the focus of the market [2] - The company issued a risk warning indicating that its stock price might be detached from its current fundamentals, with an expected annual revenue of 5 to 7 billion CNY, which is below some analysts' expectations [2] Group 2 - Market rumors suggested that Alibaba was increasing orders for Cambrian's chips to 150,000 units to address supply issues from NVIDIA, but this was denied by Alibaba Cloud [3] - Cambrian Technology's stock price decline may also be linked to an index adjustment announcement, which will reduce its weight in the Sci-Tech 50 Index from approximately 15% to 10%, necessitating a sell-off of about 10 billion CNY worth of shares [3] - The overall market showed a downward trend, with major indices declining, while consumer sectors like retail and tourism saw gains [3]

Core Viewpoint - The rise of Cambrian's stock price, surpassing Kweichow Moutai, reflects a significant shift in the market, indicating a growing recognition of domestic AI chip manufacturers and their potential impact on the high-tech sector in China [3][4]. Company Performance - Cambrian's half-year report revealed a staggering revenue of 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround from a net loss of 530 million yuan in the same period last year [4]. - The company's cash flow from operating activities reached 911 million yuan, compared to a negative 631 million yuan in the previous year [4]. Market Position - Cambrian's latest chip, the Siyuan 690, reportedly matches the performance of NVIDIA's H100 and surpasses the Chinese version H20, leading to its nickname as "Little NVIDIA" [6]. - Cambrian's stock price surged over 100% in August alone, with a cumulative increase of over 2800% in 2023, reaching a closing price of 1587.91 yuan per share [6][4]. Investor Sentiment - International investment bank Goldman Sachs set a target price of 1835 yuan per share for Cambrian, further fueling investor enthusiasm [6]. - Despite the stock price surge, there are concerns about whether Cambrian's products can compete effectively with NVIDIA's offerings, which could impact future stock performance [9][10]. Product Development - The focus for Cambrian should be on the quality and competitiveness of its AI chips, as the stock price is heavily reliant on product performance rather than mere market speculation [9]. - Acceptance of Cambrian's chips by users is crucial, as there exists a preference for foreign products among Chinese enterprises, which could hinder the adoption of domestic alternatives [10]. Future Outlook - If Cambrian can maintain its technological advancements and gain market acceptance, its stock price could potentially reach unprecedented levels, possibly exceeding 3500 yuan per share [12].

对于中小投资者而言，章建平的故事或许能带来一些启示：一是要关注长期成长赛道和政策红利，比如 AI、半导体自主化；二是要有逆向思维的勇气，在市场低估时理性布局；三是分散风险，围绕主线构 建组合而非孤注一掷。但更重要的是，不要盲目跟风。章建平的操作背后是深度的产业研究和资金优 势，普通投资者连交易通道速度都难以匹敌。更何况，高收益必然伴随高风险——寒武纪动态市盈率已 超180倍，估值泡沫的争议从未停止。 股市从来不是神话现场，而是风险的称重机。章建平的传奇，是时代趋势与个人胆识的交汇，但这样的 故事显然不可能简单复制。理性分析、审慎决策，方能在财富的海洋中行稳致远。股市有风险，投资需 谨慎。 2007年A股高峰的时候，章建平个人的资产，据说已达到近20亿元。当然这些只是传闻，他本人没承认 也没否认，太低调了，"大隐隐于市"，他从不接受媒体采访，也不公开发声，你在网上甚至找不到一张 像样的官方照片，但就是这样一个人，总能在市场拐点前悄然布局，精准出手。他的投资策略彪悍而果 断：认准龙头、重仓押注、逆向思维。去年四季度，当市场还对寒武纪的盈利能力和技术路线存疑时， 他就已斥资约35亿元建仓533.88万股，并成为寒武 ...