Investment Rating - The report maintains a "Buy" rating for multiple companies in the AI chip and related sectors, including 鸿日达 (301285.SZ), 美格智能 (002881.SZ), and 中国移动 (601138.SH) among others [1][2]. Core Insights - The report highlights the acceleration of AI chip development in China, particularly by companies like Alibaba, which is working on a new AI chip to fill the gap left by NVIDIA in the Chinese market. This chip is currently in testing and aims to support a wide range of AI inference tasks [2][20]. - The demand for AI computing power is expected to rise significantly due to the ongoing global AI wave, which will drive the need for domestic AI chip technology and infrastructure [2][31]. - The integration of AI with IoT is creating new growth opportunities in the smart module and PCB sectors, with predictions that AI embedded cellular modules will account for 25% of all IoT module shipments by 2030, growing at a CAGR of 35% [5][41]. Summary by Sections Industry Investment Rating - The report provides a list of companies with a "Buy" rating, including: - 鸿日达 (301285.SZ) with an EPS of 0.21 in 2025E and a PE of 242.95 [1]. - 美格智能 (002881.SZ) with an EPS of 0.77 in 2025E and a PE of 73.64 [1]. - 中国移动 (601138.SH) with an EPS of 6.79 in 2025E and a PE of 16.13 [1]. AI Chip Development - Alibaba's first fiscal quarter revenue reached 247.65 billion RMB, with a net profit of 43.1 billion RMB, significantly exceeding market expectations. This performance is attributed to the recovery of its e-commerce business and rapid growth in cloud computing [2][20]. - The new AI chip being developed by Alibaba is designed to be compatible with NVIDIA's architecture and is expected to enhance the efficiency of AI applications [2][20]. Market Trends - The report notes that the communication sector index rose by 12.38% during the week, outperforming the broader market [10]. - The demand for smart wearable devices is expected to grow, with global shipments projected to reach 560 million units in 2024, a 10.5% increase from 2023 [34]. Investment Opportunities - The report emphasizes the potential for investment in the smart module and PCB sectors, driven by advancements in AI technology and the increasing demand for edge computing solutions [5][41]. - It suggests a diversified market strategy and enhanced local service capabilities as key factors for companies to maintain competitiveness in the global market [5][41].

Group 1 - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for deep integration of AI with six key sectors by 2027, with over 70% penetration of new intelligent terminals and applications [1] - The AI computing power has surged, leading to a 5% increase in the communication ETF (515880), with net inflows exceeding 2 billion yuan in the last 10 days, bringing the total scale to over 6.8 billion yuan [1] Group 2 - The global AI arms race is accelerating, expanding the demand for AI infrastructure, with significant growth potential in the communication equipment supply chain [2] - The communication ETF's index includes over 70% representation from "optical modules, servers, copper connections, and optical fibers," indicating a strong fundamental basis for computing hardware [2] - Domestic AI models like DeepSeek are advancing, and geopolitical factors are expected to drive sustained growth in domestic computing power demand, enhancing the potential for self-sufficiency in computing infrastructure [2]

每经编辑｜彭水萍 8月26日，国务院印发"人工智能+"行动意见，深入推进人工智能发展，"人工智能+"行动或将带动新一轮产业革新。 为什么是通信ETF（515880）？ 在AI算力基础设施中依赖高速光模块（如800G、1.6T）技术，也就是说算力基础设施建设是基础，企业想做人工智能，基础设施必须跟上，而中国通信龙 头公司在全球光模块生产商中占据重要地位，业绩落地性强。根据二季度企业披露的业绩，相关通信龙头公司业绩大超预期，也证明了这一点。 虽然市场上现在还没有"纯元"光模块ETF，但是聪明的资金已经纷纷用脚投票，涌向"甄嬛"通信ETF（515880）。截至8月26日，通信ETF规模达到68亿元， 过去10个交易日净流入资金超20亿元。 通信ETF（515880）标的指数中"光模块+服务器+铜连接+光纤"占比超过70%，良好地代表了算力硬件的基本面。 长城证券表示，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模型加速推进，考虑地缘政治及产业链稳定等因素，必 定带来国产算力需求的持续攀升，随着国产算力基础设施逐步建设，AI芯片技术逐步提升，将带来充分的算力国产自主化空间，持续看 ...

Group 1 - Huawei Cloud announced a restructuring to focus more on AI and computing power industries, aiming to enhance cloud services through software-hardware collaboration and architectural innovation [2] - The global AI wave is accelerating, leading to an exponential increase in computing power demand, particularly for domestic models like DeepSeek, which will drive the continuous rise in domestic computing power needs [2] - Longcheng Securities expresses optimism about investment opportunities related to domestic computing power autonomy as infrastructure and AI chip technology improve [2] Group 2 - The successful installation and testing of the launch equipment for the Lijian-2 liquid rocket marks a significant milestone, validating the functionality and performance of the launch system [3] - Liquid fuel rockets are becoming the mainstream choice for the next generation of reusable rockets due to their adjustable thrust, strong restart capability, and high system adaptability [3] - With the maturation of private large-capacity liquid rockets and advancements in recovery technology, the low-orbit satellite internet constellation projects in China are expected to gradually open to private rockets, potentially lowering launch costs and accelerating satellite internet development [3]

Industry News - The State Council has issued opinions on the in-depth implementation of the "Artificial Intelligence +" initiative, focusing on technology, industry, consumption, livelihood, governance, and global cooperation. By 2027, it aims to achieve widespread integration of AI with six key areas, with the application penetration rate of new intelligent terminals and agents exceeding 70% [3] - The price of multi-crystalline silicon continues to rise, supported by a recent meeting of six ministries regarding the photovoltaic industry, with prices increasing by 2-3 yuan per kilogram. First-tier companies are quoting prices of 52-53 yuan per kilogram, while second-tier companies are quoting 46-48 yuan per kilogram [6] - The China Information Communication Research Institute, along with several companies, has established the "Advanced Storage AI Inference Working Group" at the 2025 China Computing Power Conference [6] Company News - Cambrian Technology reported a net profit of 1.038 billion yuan in the first half of the year, marking a significant turnaround with a year-on-year growth of 43 times [7] - Zhongji Xuchuang announced a net profit increase of 69.4% in the first half of the year and plans to distribute a cash dividend of 4 yuan per share [7] - Northern Rare Earth reported a staggering net profit growth of 1952% in the first half of the year [7] - Nongfu Spring announced a profit attributable to the parent company of approximately 7.622 billion yuan in the first half of the year, reflecting a year-on-year increase of 22.1% [8] - Inspur Information reported a net profit of 799 million yuan in the first half of the year, representing a year-on-year growth of 34.87% [9]

Group 1 - The Shanghai Composite Index turned positive today, with the AI ETF Huaxia (589010) down 0.91%, narrowing its intraday maximum decline of 2.73%, indicating a potential consolidation phase for future gains [1] - Aerospace Hongtu surged by 16.26%, with a five-day increase of 59.43%, while Chip Origin fell by 9.56%, Tianzhun Technology dropped by 7.33%, and Yuntian Lifei decreased by 5.82% [1] - The trading volume exceeded 280 million yuan during the session, reflecting active market participation, with an additional 28.53 million yuan of funds flowing in yesterday [1] Group 2 - The new generation Chinese operating system, Galaxy Kirin OS V11, was officially launched on August 26, 2025, featuring a new Rock Solid architecture that significantly enhances user experience, security, and ecosystem richness [1] - Galaxy Kirin is the first domestic operating system to surpass one million ecosystems, achieving full compatibility with mainstream domestic CPUs, GPUs, and boards, thus establishing a complete domestic ecosystem [1] - Longcheng Securities believes that the ongoing global AI wave is accelerating the demand for computing power, which will lead to a sustained increase in domestic computing power needs and investment opportunities in domestic computing autonomy [1]

Market Overview - On August 26, A-shares experienced a collective decline, with the Shanghai Composite Index dropping by 0.36% during intraday trading [1] - The beauty care, media, and computer sectors showed positive performance, while steel and real estate sectors faced significant declines [1] Chip Sector Performance - The chip ETF (159995) fell by 1.13% as of 9:48 AM, with notable gains in some component stocks: Sanan Optoelectronics increased by 5.15%, Lattice Semiconductor by 2.93%, Geke Micro by 1.70%, and Tuojing Technology by 1.50% [1] - Conversely, Haiguang Information and Cambrian-U performed poorly, with declines of -4.01% and -3.53% respectively [1] Computing Power Development - According to the "2025 Comprehensive Computing Power Index" released at the 2025 China Computing Power Conference, as of June 30, 2025, China's operational computing power center rack total reached 10.85 million standard racks, with intelligent computing power at 788 EFLOPS (FP16) [3] - The integration of computing power platforms across ten provinces and regions in China has been completed, establishing a new pattern of computing power development characterized by "overall overview and regional collaboration" [3] Investment Opportunities in Computing Power - Longcheng Securities reports that the ongoing global AI wave is driving an exponential increase in computing power demand, with domestic models like DeepSeek advancing rapidly [3] - The construction of domestic computing power infrastructure and the gradual improvement of AI chip technology are expected to create significant opportunities for domestic computing power autonomy [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]

【深圳商报讯】（记者 詹钰叶）近来多家算力产业链上市公司披露了2025年半年报或半年度业绩预 告，得益于基础算力设施的持续建设、人工智能相关算力投资的稳步增长等因素，不少公司业绩实现增 长。业内看好国产AI算力芯片等产业的前景。 今年以来算力板块股票普涨。数据显示，胜宏科技股价涨近480%（前复权），东芯股份、汇金股份、 宏景科技、新易盛、ST迪威迅、亿田智能、芯原股份股价涨逾200%，科泰电源、ST华通、海兰信、中 际旭创、并行科技、长芯博创、优刻得等23家公司股价涨逾100%。 还有不少上市公司正积极布局算力产业链。生益电子日前发布了关于投资智能制造高多层算力电路板项 目的公告，为满足服务器、高多层网络通信及快速发展的AI算力等中高端市场需求，拟总投资金额约 为19亿元。北京思特奇信息技术股份有限公司相关负责人本月在互动平台透露，公司构建了覆盖"算力- 数据-模型-智能体"的全栈AI生态服务体系。广电运通集团股份有限公司相关负责人在互动平台称，公 司打造了广州政务信创云、区级政务云、国资国企云、AI智算云等专属云服务，推出自主可控的运通 云、智算调度平台、超融合一体机等专属云产品。 长城证券分析师侯宾指出 ...

Market Performance - A-shares have accelerated their rise with the Shanghai Composite Index reaching a 10-year high of 3883.56 points, up 1.51% on August 25 [1] - The Shenzhen Component Index rose by 2.26%, the ChiNext Index by 3%, and the STAR 50 Index by 3.2%, with total trading volume exceeding 3 trillion yuan [1] - The Hong Kong market also showed strong performance, with the Hang Seng Index up over 2% and the Hang Seng Tech Index up over 3% [1] Sector Highlights - The rare earth permanent magnet sector saw significant gains, with individual stocks like Jinli Permanent Magnet hitting a 20% limit up [2] - The communication sector was active, with companies like Zhongji Xuchuang and Changjiang Communication seeing increases of over 10% [3] - The consumer sector also performed well, with companies in the liquor industry such as Shede Liquor and Kweichow Moutai achieving 10% limit up [4] - The food and beverage industry saw stocks like Ziyan Food hitting limit up, while others like Yiming Food and COFCO Sugar also experienced substantial gains [5] Technology Sector - Technology stocks, including Han's Laser and Haiguang Information, reached new highs, with Han's Laser hitting 1391 yuan and Haiguang Information reaching 217.66 yuan [6][7] - The AI computing power market is expected to grow significantly, with projections indicating a market size of 288.6 billion yuan by 2028 [3] - Major global tech companies are ramping up investments in AI infrastructure, with Microsoft, Google, and Meta significantly increasing their capital expenditures [8]

在增量资金持续入场的背景下，A股市场近期加速上涨。 8月25日，上证指数高开0.59%，随后持续震荡攀升，最高点达3883.56点，刷新10年新高纪录。除了部 分科技板块以外，多数行业板块实现上涨，其中，有色金属、通信、消费、房地产等板块表现较为活 跃。 截至收盘，沪指涨1.51%报3883.56点，深证成指涨2.26%，创业板指涨3%，科创50指数涨3.2%。A股市 场成交金额再次突破3万亿元。 港股市场表现也比较强势，恒生指数大涨超2%，恒生科技指数涨超3%，国企指数涨超2%。热门股票方 面，东风集团股份(00489.HK)盘中涨幅最高接近70%，长飞光纤涨超20%，金力永磁、金风科技、洛阳 钼业等多股涨超10%。 寒武纪、海光信息等多股刷新上市以来新高 近期科技股表现尤为强势，即使在板块走势分化的情况下，寒武纪、海光信息等多股仍大幅上涨。 消息面上，工信部等三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》（以下简称《暂行 办法》）。《暂行办法》指出，国家对稀土开采（含稀土矿产品等）和对通过开采、进口以及加工其他 矿物所得的各类稀土矿产品（含独居石精矿）的冶炼分离实行总量调控管理。稀土生产企业应当 ...