Core Viewpoint - The domestic computing power industry chain has experienced a significant surge following the release of DeepSeek V3.1, with multiple domestic computing power stocks hitting the limit up and the STAR Market rising nearly 10% [1][4]. Group 1: Market Performance - On August 22, under the leadership of Cambrian (寒武纪), several domestic computing power stocks saw strong limit-up performances, with Cambrian's stock price increasing by 11.40% to close at 1384.93 yuan, bringing its market capitalization close to 580 billion yuan [1]. - Cambrian's founder, Chen Tian Shi, holds 29.63% of the company's shares, valued at approximately 154.1 billion yuan [1]. - The stock price of Cambrian has been raised by Goldman Sachs from 1223 yuan to 1835 yuan, indicating a potential upside of 47.6% [12]. Group 2: Industry Dynamics - The domestic computing power chip market is expected to reach a trillion yuan, driven by the increasing demand for AI chips and the gradual improvement of domestic chip performance [5][6]. - According to IDC, the market for accelerated chips in China is projected to grow rapidly, with over 2.7 million units expected in 2024 [5]. - The domestic AI chip brands have seen their shipment volumes exceed 820,000 units, capturing 30% of the market share, with Cambrian shipping 26,000 units and Suiyuan shipping 13,000 units [5]. Group 3: Technological Advancements - The release of DeepSeek V3.1 is seen as a significant step towards the "Agent" era, enhancing the capabilities of AI models and increasing the competitiveness of domestic chips [8]. - DeepSeek V3.1 utilizes UE8M0 FP8 Scale parameters, which allow for improved performance and lower power consumption compared to FP16 format, indicating a shift towards more efficient AI core operations [8]. - The adoption of DeepSeek models is expected to facilitate the integration of domestic chips into various industries, enhancing their market competitiveness [7][8]. Group 4: Investment Trends - Major tech companies are expected to increase their capital expenditures significantly, with ByteDance, Alibaba, Baidu, and Tencent projected to exceed 300 billion yuan by 2025, contributing to a total investment in computing power exceeding 500 billion yuan [9]. - The rapid growth in domestic token consumption, which increased from 1 billion to over 30 trillion in just a year and a half, reflects the swift expansion of AI applications in China [11]. - The trend towards domestic chip procurement is expected to accelerate due to ongoing uncertainties in overseas high-end chip trade policies, with companies like Tencent looking to domestic suppliers to meet their computing power needs [10][14].

Group 1 - The National Communication Index has risen strongly by 1.85%, with key stocks such as Changfei Optical Fiber and Cambridge Technology hitting the daily limit, and Shijia Photon increasing by 8.59% [1] - The Communication ETF (159695) has increased by 1.92%, and over the past week, it has accumulated a rise of 4.23% [1] - The trading volume of the Communication ETF was 12.0158 million yuan, with a turnover rate of 10.86%, indicating active market trading [4] Group 2 - The Communication ETF has seen a significant growth in scale, increasing by 13.6845 million yuan over the past week, ranking first among comparable funds [4] - The ETF's net value has risen by 32.51% over the past year, with the highest single-month return reaching 24.48% since its inception [4] - The Light Counting report indicates that the optical module market in Q2 2025 is primarily driven by 800G modules, with data center optical device market revenue expected to exceed $16 billion, a year-on-year increase of over 60% [4] Group 3 - The AI sector is moving towards a "productivity reconstruction" phase, necessitating domestic substitution in computing power, while the communication industry transitions from "connectivity empowerment" to "intelligent driving" [5] - The top ten weighted stocks in the National Communication Index account for 59.17% of the index, with major players including Zhongji Xuchuang, China Telecom, and China Mobile [5] - The satellite constellation is entering a normalized launch phase, and the integration of 6G with NTN networks is deepening [5]