Group 1 - The article discusses the recent actions of some funds in response to market volatility, indicating that certain fund managers are reducing positions to secure year-to-date gains while others are adjusting their portfolios for the upcoming year-end market trends [1][2] - Many fund managers maintain an optimistic outlook for the market, suggesting that the recent adjustments in high valuations are healthy and may create new opportunities for future operations [1][7] - Specific examples include the performance of the Guangfa Xinyi fund, which has shown a relatively stable net value despite market fluctuations, and the strategies employed by fund managers to manage their portfolios effectively [3][4] Group 2 - Flexible allocation funds are noted for their ability to adjust stock holdings more freely compared to traditional equity funds, allowing them to mitigate risks during market downturns and capitalize on opportunities during uptrends [5][6] - Fund managers emphasize the importance of market judgment and position control, suggesting that effective management of these flexible funds requires a higher level of skill and adaptability [6][7] - Investment directions highlighted include sectors such as computing infrastructure, AI-driven applications, and emerging consumer companies, which are expected to maintain growth potential despite current market conditions [8][9]

12月17日，沐曦集成电路（上海）股份有限公司（股票简称：沐曦股份，股票代码：688802.SH）正式在上海证券交易所科创板挂牌上市。 沐曦股份是国内高性能通用GPU产品的领军企业之一，深耕全栈高性能GPU芯片及计算平台自主研发，公司主营业务聚焦研发、设计和销售应用于人工 智能训练与推理、通用计算与图形渲染三大领域，专注于全栈GPU产品研发、设计与销售，并围绕GPU芯片提供配套的软件栈与计算平台。凭借深厚的技术 沉淀与持续创新，沐曦股份产品在通用性、核心性能、商业化和自主可控方面均处于国内市场领先地位。 沐曦股份此次上市发行股票价格为104.66元/股，募集资金总额41.97亿元。募集资金将重点投向"新型高性能通用GPU研发及产业化项目"、"新一代人工 智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技术研发项目"，以持续巩固算力底座，赋能千行百业。 政策护航"硬科技"企业发展，170天挂牌科创板 沐曦股份是国内少数几家系统掌握高性能GPU芯片及其基础系统软件研发、设计和量产技术的企业。此次顺利上市，将帮助公司在完成现有核心产品线 持续迭代升级的同时，进一步扩大市场份额，丰富前沿技 ...

江海股份：电容"老兵"逐鹿AI新疆场 在江海股份电容生产智能车间里，自动化设备正以恒定的节奏，将电解纸和电极箔卷绕成一个个规整的 圆柱体，随后这些圆柱体被送入电解液含浸装置，几个小时后再经过密封、老化、测试、包装等工序， 即可出厂开启它们的使命。 小电容有大用途，它们中的一部分品种，会被集成到服务器电源模块中，安装在全球各地的AI数据中 心机柜中，扮演"备用电源"和"稳压器"的角色。人工智能浪潮奔涌向前，算力基础设施建设方兴未艾， 自1970年即开始研制电容器的江海股份，正以独特的方式投身这场科技变革。 瞄准蓝海 多技术路线卡位AI赛道 算力的尽头是能源，这已是业内共识。随着全球AI数据中心快速扩容和功率密度激增，其电源系统面 临前所未有的"削峰填谷"和瞬时保供压力。超级电容因其高功率密度、毫秒级快速响应和超长循环寿 命，成为应对这一挑战的关键元器件。这片新兴蓝海，吸引了全球厂商竞逐，江海股份是能与国际龙头 比拼的少数中国玩家之一。 接受上海证券报记者采访前，江海股份总裁丁继华正在看一份产品内部测试报告。"公司最新一代超级 电容的初期性能指标，已可比肩甚至超越日本同行。"他透露，公司在生产成本方面具备优势，产 ...

展望未来，刘玉认为，当前人工智能产业的发展仍处于早期阶段，预期算力基础设施作为AI技术底 座，将伴随模型迭代与应用落地而迎来持续扩张的确定性需求空间。"未来十年，不仅算力密度将实现 指数级增长，更将通过材料、工艺、架构、范式的协同创新，构建'后摩尔时代'的全新算力格局，既解 决传统技术路径的瓶颈约束，也为数字经济、人工智能、科学研究等领域提供更高效、更低碳的算力支 撑。"她表示。 基金定期报告显示，截至今年三季度末，组合在"易中天"的合计持仓占比超25%。此外，组合前十大重 仓股还包括工业富联（601138）、英维克（002837）、源杰科技、宏盛科技等，涉及AI算力产业链中 的不同环节，合计占比约61%，持股集中度较高。刘玉在三季报中表示，该基金的配置主要集中在AI算 力方向，全球正在经历一场智能革命，算力作为AI的技术核心设施，会有很大的需求空间。 在算力链中，刘玉重点关注三个细分领域：一是CPO(光模块)，目前英伟达已推出CPO交换机并计划量 产，预计出货量将逐年显著增长，A股厂商有望参与其中的光学零部件环节；二是OCS(全光交换)，具 有高带宽、低时延、低功耗等优势，随着谷歌在TPU架构中积极应用，市 ...

Group 1 - The core point of the news is that Lens Technology (300433) has signed a letter of intent for equity acquisition to purchase 100% of PMG International Co., LTD, with specific transaction details to be negotiated later [2] - The acquisition is intended to enhance the company's capabilities in AI computing hardware solutions by integrating advanced technologies and customer certifications from PMG International [2] - The agreement is non-binding and does not constitute a related party transaction or a major asset restructuring, thus not impacting the company's current year operating performance [2] Group 2 - Lens Technology has begun to gradually layout its strategy in the computing infrastructure sector, collaborating closely with North American AI hardware clients [3] - The company plans to start developing AI server-related products in 2024, beginning with chassis structural components and expanding into liquid cooling modules and solid-state drive assembly [3] - Lens Technology has shown consistent revenue growth, with a projected revenue of 53.663 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.08%, and a net profit of 2.843 billion yuan, up 19.91% [3]

证券日报网12月10日讯中科曙光（603019）在回答调研者提问时表示，中科曙光聚焦算力基础设施，灵 活整合外部资源。中科曙光的核心优势在于算力硬件制造、数据中心建设和算力服务输出，在全国多个 城市部署算力中心，液冷技术达到行业顶尖水平。中科曙光后续可持续保持供应链灵活性，除海光芯片 外，还能根据市场需求广泛整合其他国产芯片，打造多元化的服务器产品体系，提升产品适配性。 ...

2025.12. 10 力度,深证成指表现主要受益于科技板块和消费板块的走强,创业板指"探底回升"特征,反 映出科技成长板块的韧性。 433家 HK 2841 家下跌 涨跌停比 :12 市场呈现涨跌互现、分化加剧格局。政策驱动 (海南封关、消费复苏) 与事件驱动 (国际银价 上涨)是核心逻辑,海南板块、零售板块、贵金 属板块、算力硬件领涨,银行板块、培育钻石、 有机硅、光伏设备有所回调。 两市成交额 ○万亿元▼ 6.56% 两市成交缩量,市场交投情绪有所降温。一方面 市场可能处于短期冲高后的调整期,资金获利 了结意愿增强;另一方面市场热点分散(如海南 板块、零售概念、算力硬件等板块轮动),缺乏 持续性主线,资金难以形成集中流入,交投活 跃度下降。 餐金情绪 主力资金净流出 3 3.68 Zizz 散户资金净流入 机构谨慎调仓,资金流出方向主要集中于科技、周期及消费电子等板块,商贸零售、汽车等板块吸引主力 资金布局,科技板块内部分化,AI应用端仍有资金承接,算力基础设施遭抛售,显示资金向业绩确定性更 高的方向迁移。散户短期投机与长期观望并存,资金活跃于零售、汽车等消费板块,黄金股吸引部分资金 流入,对算力、芯片 ...

人民财讯12月10日电，中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布，其中 提出，加快建设数字基础设施。加快推动海口国际通信业务出入口局、国际海底光缆等国际通信枢纽建 设，适度超前部署"双万兆网络"，推动"宽带边疆"和城乡一体化网络建设。统筹布局算力基础设施，推 进提升"陆数海算""天数天算"能力，加快建设绿色低碳数据中心，构建通算、智算、超算多元算力体系 和全岛算力"一张网"。统筹空天地海一体化信息网络和车联网等融合基础设施建设，提高全域智能感知 能力。加快数据标注基地建设。努力打造高效便捷的国际数据交易平台。 ...

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！ 福建板块，热度持续！ 12月9日，福建板块部分个股再度异动，龙洲股份、厦门港务开盘后1分钟内就被资金封死涨停板，永辉 超市、欣贺股份、安记食品等股票也在盘中直线拉升至涨停板。截至券商中国记者发稿时，福建板块涨停 或涨超10%的个股有16只。 消息面上，12月9日，泉州"十五五"规划建议发布。其中提到，推动泉台基础设施应通尽通，做大石井对 台客货运枢纽，推进泉厦金高速公路等前期工作。 12月8日，厦门"十五五"规划建议发布。其中提到，探索建设具有自由港特征的经济特区，深入实施自由 贸易试验区提升战略。深入实施提振消费专项行动，构建国际能级、市级核心、区级中心、便民社区四级 商业体系，打造区域性国际消费中心城市。 集体异动 近期，福建板块反复活跃。12月9日盘中，该板块中的部分个股再度大涨。 鸿博股份、东百集团、昇兴股份、安妮股份开盘一字涨停，龙洲股份、厦门港务开盘1分钟内涨停。随 后，永辉超市、欣贺股份、安记食品、舒华体育、达华智能等公司也陆续涨停。午后，福建高速也一度直 线拉升，盘中触及涨停。 | 2 分时 1分钟 5 ...

Core Insights - The report highlights that the computer industry is experiencing a significant shift with a focus on three key areas: large models, computing power, and applications, indicating a competitive convergence and accelerated iteration [3][9] - Institutional holdings in the computer sector are at a historical low of 2.4% as of September 30, 2025, suggesting potential for growth in valuations [3][9] - The report anticipates a robust growth trajectory for the computer sector in 2025, characterized by a Q1 peak followed by steady growth [3][9] Summary by Sections Holdings and Valuation - Institutional holdings in the computer industry are at a historical low of 2.4%, indicating room for valuation expansion [3][9] - The PS/PCF valuation metrics suggest that there is still space for growth in the sector [3][9] Fundamental Analysis - A performance inflection point has been observed, with significant profit elasticity and the gradual formation of AI application catalysts [3][9] - The report identifies three major focus areas for 2026: large models, computing power, and applications, all of which are undergoing significant changes [3][9] Model Development - The gap between Chinese and American large models is narrowing, with expectations for further reduction and potential surpassing in certain areas by 2026 [3][9] - Future developments to watch include breakthroughs in long-context limitations, multi-modal and world models, and innovative training methods [3][9] Computing Infrastructure - The report discusses advancements in chip technology, supernodes, and AI infrastructure, indicating a multi-dimensional iteration that is closing the loop between computing power, models, and applications [3][9] - The evolution of chips from merely usable to highly efficient is highlighted, along with improvements in system efficiency through engineering innovations [3][9] AI Software - The software industry is entering an optimal layout window as large model values are being validated across multiple fields [4][9] - A significant number of companies are seeing AI revenue contributions exceeding 10%, marking a technological revolution in the software sector [4][9] - Promising areas for investment include Deep Research, AI programming, multi-modal applications, industry agents, and AI solutions for marketing, office, and finance [4][9]