[Table_Reportdate] 2025年12月23日 [Table_invest] 买入（首次覆盖） [海光信息（ Table_NewTitle] 688041）：国产CPU领军企 业，DCU卡位算力芯片千亿蓝海 ➢ 投资建议：首次覆盖，给予"买入"评级。公司CPU与DCU产品性能和生态国内领先，有 望受益于当前信创在党政和行业加速落地、算力需求暴增、国产替代不断推进的市场背景， 叠加下一代高性能海光五号、深算四号的发布，营收有望维持高速增长。我们预计公司 2025-2027年营业收入分别为143.05、207.76和287.59亿元，同比增速分别为56.13%、 深 度 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn | [数据日期 Table_cominfo] | 2025/12/22 | | --- | --- | | 收盘价 | 215.18 | | 总股本(万股) | 232,434 | | 流通A股/B股 ...

Core Viewpoint - The electric equipment sector is leading the market, with the Double Innovation Leading ETF (588330) showing strong momentum and significant trading volume, indicating a robust technical outlook for investments in hard technology and strategic emerging industries [1][2]. Group 1: Market Performance - The Double Innovation Leading ETF (588330) has seen a price increase of over 1% during trading, with a current trading volume exceeding 420 million yuan [1]. - Key stocks in the electric equipment sector include: - LONGi Green Energy (阿特斯) with a 4.75% increase - Cambricon Technologies (寒武纪-U) up by 3.72% - Ruijie Networks (锐捷网络) rising by 2.96% [2][4]. Group 2: Sector Insights - In the electronics sector, the computing chip concept is rebounding, with notable gains from Cambricon and Haiguang Information, driven by advancements in GPU architecture [3]. - The communication sector is experiencing breakthroughs in optical chip technology, which is crucial for data center interconnectivity, indicating potential growth as AI data centers expand [3]. - The electric equipment sector is transitioning to a new pricing era, with component prices entering the "1 yuan/W" stage, suggesting a shift towards technological upgrades and a more mature market [3]. Group 3: Investment Opportunities - The Double Innovation Leading ETF focuses on strategic emerging industries, including new energy, photovoltaic, optical modules, and semiconductors, providing a diversified investment tool for capturing growth in these sectors [6]. - The ETF has shown a cumulative increase of 89.61% since its low point on April 8, significantly outperforming other major indices, indicating its potential as a high-return investment vehicle [6][7].

Core Viewpoint - The electric equipment sector is leading the market, with the Double Innovation Leader ETF (588330) showing strong momentum and a significant increase in trading volume, indicating a robust technical outlook [1][10]. Group 1: Sector Performance - The photovoltaic sector is highlighted by significant gains, with companies like Canadian Solar (涨超4%) and Jinglong Technology (涨逾1%) showing positive performance [3][12]. - In the semiconductor sector, companies such as Cambricon Technologies (涨超3%) and Haiguang Information (涨逾1%) are also performing well [3][12]. - The communication sector sees gains from companies like Ruijie Networks (涨近3%) and Runze Technology, indicating a positive trend across multiple sectors [3][12]. Group 2: ETF Characteristics - The Double Innovation Leader ETF focuses on strategic emerging industries, selecting 50 large-cap companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, covering sectors like new energy, photovoltaic, and semiconductors [15]. - The ETF is designed for high elasticity, allowing investors to capture technology market trends with a lower investment threshold, making it accessible for broader participation [15]. - Since its low point on April 8, the ETF has increased by 89.61%, outperforming major indices such as the ChiNext Index (76.63%) and the Sci-Tech Innovation Index (53.30%) [15][16]. Group 3: Industry Insights - The photovoltaic industry is entering a new phase as component prices reach "1 yuan/W," indicating a shift away from reliance on subsidies and towards technological upgrades driven by rising costs and demand [13]. - The rapid development of AI data centers is expected to drive continuous growth in optical modules, which are critical components for data center connectivity [11]. - The semiconductor industry is witnessing advancements, such as the new GPU architecture "Huagang" from Moer Thread, which boasts a 50% increase in computing density and a tenfold improvement in energy efficiency [10][11].

午后算力芯片概念震荡回升，寒武纪、天普股份涨超5%，东芯股份、海光信息、芯原股份、摩尔线程 跟涨。 ...

Core Viewpoint - The company, Shengke Nano, has the capability to provide testing and analysis services for GPU and CPU manufacturers, but specific customer information, including potential orders from Nvidia, is subject to confidentiality and regulatory disclosure rules [1] Group 1 - Shengke Nano can offer services to manufacturers of computing power chips such as GPUs and CPUs [1] - The company emphasizes the importance of commercial confidentiality and adherence to information disclosure regulations [1] - Investors are encouraged to refer to the company's IPO prospectus and periodic reports for detailed customer information [1]

证券日报网讯12月18日，世联行（002285）在互动平台回答投资者提问时表示，公司主要为IDC客户提 供基础物业、设施运维、空间管理等支持服务，暂不涉及算力芯片的采购。 ...

本文内容均引用权威资料结合个人观点进行撰写，文末已标注文献来源，请知悉。 当初，默克尔那句"与中国断绝经济关系没有任何好处"被当成老派政客的顾虑。 现在，欧洲正尝到这场"战略自主"博弈的苦果。27个国家跟着美国对中国动手，结果自己掉进了深坑。 图 | 德国前总理默克尔 欧盟于2025年对来自中国的电动车征收最高45.3%的关税。电动汽车本就是欧洲推进"绿色转型"的主要 力量，现在却被当成打击对象。 法国、德国很多车企高层私下里都表示，这不是为了保护本土企业，而是让它们更加难以生存。欧洲的 新能源计划曾经雄心勃勃，但是现在已经走向了自我封锁。 与此同时，中国并没有硬碰硬，而是重新启动了与中国欧盟之间关于最低价格机制的谈判。一边反击一 边留有谈判的空间，这才是成熟的处理方式。 欧盟方面，越来越多的政策对中国进行限制，对本国人的税收增加，执行起来十分混乱，行业协会多次 抗议都没有用。 图 | 欧盟委员会主席冯德莱恩 2026年7月1日起生效的新规中规定，所有进入欧盟且价值低于150欧元的小包裹都需要另外支付3欧元。 打击的目标就是Temu、Shein这些中国的电商平台。 但是对消费者来说，以前20欧元可以买到的小商 ...

格隆汇12月18日丨世联行(002285.SZ)在投资者互动平台表示，公司主要为IDC客户提供基础物业、设施 运维、空间管理等支持服务，暂不涉及算力芯片的采购。 ...

国内高性能通用GPU产品领军企业沐曦集成电路（上海）股份有限公司（下称"沐曦股份"， 688802.SH）今日正式登陆科创板。开盘价700元，较发行价涨幅超568%。 沐曦股份成立于2020年9月， 光合创投（ 原光速中国 ）在2021年2月领投了沐曦股份的Pre- A+轮， 并在后续的融资轮次中再度加注。 沐曦股份致力于为数字经济构建自主可控的算力基石。公司拥有全栈自主的核心技术，产品性能对标 国际主流水平，是国内少数实现千卡集群大规模商业化落地的算力企业 。近三年来，沐曦股份营收复 合增长率高达4074.52%，其在2025年上半年营收达9.15亿元，已超过2024年全年。 光合创投与沐曦股份的结缘源自于朱嘉过往的产业经历。毕业于上海交通大学EE试点班的朱嘉，在成 为风险投资人之前，曾在半导体产业有过7年的工作经验， 包括在全球领先的多媒体芯片公司 Trident担任主任工程师，亲历过产品从0到1的过程，还曾在微控制器领域的全球领先公司Atmel从 事市场和管理工作。 早在2020年9月，朱嘉通过当时在AMD中国的前同事，获悉从AMD出来的一支新的创业团队计划创 业。通过这位前同事的牵线，朱嘉很快与沐曦股 ...

沐曦股份成为2025年以来最火的科创板IPO。 作者丨簪竹 来源丨投中网 在众多投资者的期待中，沐曦股份成功在A股科创板登陆。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：投中网 12月17日，这家国内高性能通用GPU产品的领军企业，敲响了上市的钟声。截至发稿，沐曦股份的股价 较发行价104.66元涨超687%，市值近3300亿元。 在申购阶段，沐曦股份就获得投资者超乎想象的关注。从初步询价结果来看，投资者拟申购总量高达 571.69亿股，网下申购倍数高达2227.6倍，一举让沐曦股份成为2025年以来最火的科创板IPO。 朱嘉提到，算力芯片是一个非常复杂的系统，不仅要把硬件设计好、实现好，而且软件平台同等重要， 因为决定了用户是否容易使用、能否充分发挥硬件的性能、能否建立起广泛的生态等等。这也意味着， 需要团队有长期的技术积累和经验沉淀以及充足的工程实践，才能做出优秀且有竞争力的产品。 "早期投资最重要的，除了方向就是团队，沐曦的两位联合创始人曾是AMD中国的院士，在AMD就长 期共事、配合默契，拥有丰富的研发到量产的全流程经验。"在朱嘉看来，这样的团队组合在业内是非 常 ...