Market Overview - The report indicates that the A-share market is showing opportunities in sectors such as new energy, non-ferrous metals, and high-end manufacturing, with the brokerage sector also presenting layout value [2][9] - On the trading day, the Shanghai Composite Index rose significantly, breaking through the 3880-point mark, with a total trading volume exceeding 2.1 trillion yuan [4][9] - The market's upward movement is attributed to the recent monetary policy signals from the central bank, which are favorable for the brokerage sector [3][9] Brokerage Sector Insights - The brokerage sector experienced a notable surge driven by the central bank's announcement to utilize various financial instruments to support the sector, which is expected to enhance the sustainability of large financial institutions [3][6] - The report highlights that the brokerage sector's performance is likely to improve due to increased trading volumes and a favorable economic environment, with a focus on high-quality leading firms in the industry [6][10] New Energy Sector Analysis - The new energy sector, particularly energy metals and battery stocks, is showing active performance, supported by government initiatives aimed at optimizing industry layout and promoting quality management [7][8] - The report anticipates a rebound in the new energy sector, driven by ongoing global efforts to achieve carbon neutrality and the demand for lithium batteries, photovoltaics, and energy storage [8][9] Future Market Outlook - The report suggests that the market may face a directional choice window post-National Day, with potential for a "good start" in October, contingent on the central bank's implementation of financial support tools [10] - Investors are advised to avoid blind chasing of high prices and to consider reallocating to lower-positioned sectors such as new energy and consumer goods [10]

导读：①昨日三大指数集体上涨，节前量能反增，透露出对节后行情的乐观预期，为持股过节创造好环 境；②新能源赛道活跃，固态电池方向爆发，受技术突破与涨价逻辑双重催化；③大金融板块异动，券 商权重股获资金流入，后续大概率震荡向上；④科技股方向，DeepSeek 模型更新降成本且技术生态有 突破，国产算力及下游应用或迎机会。 昨日市场震荡反弹，三大指数全线上涨，并且即使受到节前效应的影响下，量能还能不减反增，也一定 程度反映出市场对于节后行情依旧较为乐观之预期，为持股过节创造了相对良好的环境。 昨日午后以证券为代表的大金融板块异动走强，汇金股份、华泰证券、国盛金控涨停，东方财富、中信 证券等涨超5%。而上述个股都属于券商板块的权重，可见在出现资金大规模流入的背景下，对于证券 板块的后续走势仍值得期待。不过需注意的是，昨日尾盘阶段，券商板块还是出现了一定的回流，可见 大金融短期出现大规模逼空的概率仍相对较低，后续大概率还是以震荡向上的模式所延续。 科技股方向再迎重磅催化，昨日DeepSeek发布重磅更新——DeepSeek-V3.2-Exp 模型。这次亮点是价 格，输入成本降低50%，输出成本降低75%，对于下游应用行 ...

研究早观点 2025 年 9 月 30 日 星期二 市场走势 资料来源：最闻 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,862.53 | 0.90 | | 深证成指 | | 13,479.43 | 2.05 | | 沪深 | 300 | 4,620.05 | 1.54 | | 中小板指 | | 8,328.93 | 1.85 | | 创业板指 | | 3,238.01 | 2.74 | | 科创 | 50 | 1,470.41 | 1.35 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 【行业评论】通信：周跟踪（20250922-20250928）-昇腾 950 引领国产 超节点新时代，英伟达入股英特尔有望扩大 NVLINK 版图 【山证纺服】行业周报-特步开设海外首家跑步俱乐部，FILA 成为中 网独家运动鞋服赞助商 国内市场主要指数 【公司评论】美格智能(002881.SZ)：美格智能 2025 半年度报告点评- 模组+解决方案双轮驱动，多行业深耕保持领先 2019 年 2 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [36]. Core Insights - Huawei's new Ascend roadmap was unveiled at the 2025 Connectivity Conference, showcasing significant advancements in supernode capabilities, with the upcoming 950PR architecture expected to achieve 1P FP8/2P FP4 computing power and 2TB/s interconnect bandwidth [2][11]. - The collaboration between NVIDIA and Intel aims to create a new order in data centers, with NVIDIA acquiring a 4% stake in Intel and both companies working on customized data center and PC products [4][14]. - The report highlights the potential acceleration of domestic AI chip shipments in 2026, driven by Huawei's leadership in the domestic computing sector [11][12]. Summary by Sections Industry Trends - Huawei's Ascend AI chip roadmap indicates a significant leap in domestic computing capabilities, with the 950 series expected to surpass NVIDIA's previous flagship in interconnect bandwidth [2][11]. - The Atlas 950 SuperPoD supernode utilizes a hybrid copper-optical architecture, enhancing cost-effectiveness and potentially setting a benchmark for domestic computing cluster design [3][12]. Market Overview - The overall market saw an increase during the week of September 22-26, 2025, with the STAR Market index rising by 6.47% and the ChiNext index by 1.96% [6][15]. - The top-performing sectors included liquid cooling (+7.16%), IoT (+5.95%), and IDC (+1.54%) [15]. Stock Performance - Leading stocks included Cambridge Technology (+18.77%), Inspur Information (+11.86%), and Zhongtian Technology (+9.08%) [15][29]. - Stocks with the largest declines were Bochuang Technology (-14.77%), Changfei Fiber (-14.61%), and Yihua Technology (-8.95%) [15][29]. Companies to Watch - Key companies to monitor include Cambricon, Haiguang Information, and ZTE Corporation in the domestic computing sector, as well as Inspur Information and Ziguang Corporation in the supernode market [15].

Group 1 - The A-share market experienced a significant decline in trading volume, with the average daily trading volume of the Wind All A index dropping to 2.31 trillion from 2.52 trillion [1] - The market showed a mixed performance across sectors, with power equipment (3.86%), non-ferrous metals (3.52%), and electronics (3.51%) performing relatively well, while retail (-4.32%), comprehensive (-4.61%), and social services (-5.92%) sectors lagged [1] Group 2 - In August, the profits of large-scale industrial enterprises in China saw a year-on-year increase, primarily due to a low base effect, with cumulative profit growth for January to August at 0.9%, recovering from -1.7% in July [2] - The upstream industries showed overall improvement, particularly in the non-ferrous sector, while the midstream sectors like general and electronic equipment experienced a decline in profit growth [2] - The outlook for September indicates a similar performance to August, with moderate results in exports, infrastructure, and production, while consumption showed signs of weakening [2] Group 3 - Recent strong economic data from the U.S. has tempered expectations for interest rate cuts, with analysts raising growth forecasts for the U.S. economy for 2025 to 2026 [3] - Upcoming U.S. employment data, PMI, and trade figures are anticipated to influence the Federal Open Market Committee's decisions in October [3] Group 4 - The market is currently in a period of fluctuation, influenced by recent government briefings on the "14th Five-Year Plan" and future policy directions, leading to some investors opting to take profits [4] - Despite short-term volatility, the overall market trend for the fourth quarter remains positive, with a focus on technological advancements and improved shareholder returns [4] - The rapid growth of new productivity, particularly in AI, is expected to sustain structural market trends in A-shares [4] Group 5 - As the policy window in mid-October approaches, there is an increasing clarity regarding the strengthening of policies in the fourth quarter, with expectations for indices to recover and rise [5] - The investment strategy should focus on new technology trends, particularly in AI, and sectors benefiting from the "anti-involution" policies [5] - Potential beneficiaries of the "15th Five-Year Plan" include emerging technologies and sectors related to domestic demand expansion [6]

格隆汇9月29日｜国海证券研报指出，安徽省算力统筹调度平台（长三角枢纽芜湖集群算力公共服务平 台）成功接入4大国家级算力平台，新增包括长江之芯（中科曙光智算中心）在内6家数据中心。中 国"星际之门"项目浮出水面，国产算力逐步实现产业闭环长三角枢纽芜湖集群算力公共服务平台新接入 4 大平台，6 家数据中心。根据观察者网援引金融时报信息，中国"星际之门"计划浮现。中科曙光发布 曙光AI超集群系统，子公司海光信息业务前景持续向好。公司通过国家级项目订单和区域渗透，正从 算力基础设施布局、自主技术落地、业务场景绑定三大维度，构建国产算力领域的全方位卡位优势。认 为在国家智算项目和CSP需求持续增长，芯片国产替代不断推进的背景下，公司有望实现快速增长。维 持"买入"评级。 ...

Core Insights - Lenovo Kaitian showcased its full-stack products in four cities, aligning with the "Strong Technology Nation" initiative and celebrating National Day [1] Group 1: Product Offerings - Lenovo Kaitian, as a leader in the trusted computing sector, collaborates closely with ecosystem partners to integrate hardware, operating systems, and applications [3] - The company has launched the first AI PC and AI laptop featuring high-performance domestic NPU, capable of performing edge inference and intelligent interactions in offline or weak network environments [3] - Lenovo Kaitian's workstations and servers provide localized productivity and central computing bases, supporting complex model calculations, engineering simulations, and local deployment of large models [3] Group 2: Strategic Vision - The company aims to drive the application of domestic computing power from "key areas" to "various industries," supporting digital upgrades and high-quality development of the digital economy [4] - Lenovo Kaitian emphasizes customer scenarios and technological innovation, leveraging its product and ecosystem strengths [4] Group 3: Ecosystem Collaboration - The company adopts an open collaboration strategy, integrating industry chain resources and partnering with software vendors like Kirin Software to optimize the synergy of domestic hardware and software [3] - This collaboration has led to a closed-loop system of "domestic computing power + domestic large models + domestic systems and applications," accelerating the large-scale application of new products and innovative solutions across various sectors such as government, education, finance, and manufacturing [3]

证券研究报告 | 2025年09月29日 策略快评 2025 年 10 月各行业金股推荐汇总 策略研究·策略快评 | 证券分析师： | 王开 | 021-60933132 | wangkai8@guosen.com.cn | 执证编码：S0980521030001 | | --- | --- | --- | --- | --- | | 证券分析师： | 陈凯畅 | 021-60375429 | chenkaichang@guosen.com.cn | 执证编码：S0980523090002 | 10 月金股推荐汇总 表1：2025 年 10 月各行业金股推荐标的汇总 | 行业名称 | 分析师 | 股票代码 | 股票名称 | 投资逻辑 | | --- | --- | --- | --- | --- | | | | | | 连接与处理能力兼具，全面受益端侧物联网 AI 化趋势。公司自身除了稀缺的 2-5G 全制式蜂窝通 信能力外，兼备端侧连接与计算能力。连接方面，WiFi/蓝牙/GNSS/Lora 等主流通信协议均有成 | | 电子 | 胡剑 | 688220.SH | 翱捷科技 | 熟产品；处理方面，相关 CP ...

Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [2][12] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs [3][12] - Domestic cloud providers are making strides in self-developed ASICs, indicating a strong demand in the Chinese AI cloud market [12][13] Summary by Sections ASIC vs. GPU - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose chips covering a broader range of applications [2][12] - The energy efficiency of Google's TPU v5 is 1.46 times that of NVIDIA's H200, and Amazon's Trainium2 reduces training costs by 40% compared to GPU solutions [2][12] Market Growth and Demand - The global AI ASIC market is projected to reach $125 billion by 2028, with significant contributions from major clients [3][12] - The demand for inference computing is directly linked to throughput, with ChatGPT's weekly active users reaching 700 million by July 2025, driving the need for increased computational power [3][12] ASIC Design Services - ASIC design requires a high level of specialization, with major service providers like Broadcom and Marvell leading the market [3][12] - Broadcom's collaboration with Google on TPU has been pivotal, leveraging a comprehensive IP system and advanced packaging technologies [3][12] Domestic Developments - Leading Chinese cloud providers are achieving results in self-developed ASICs, with significant orders and advancements in technology [12][13] - The trends of PD separation and super nodes are emerging as key developments in the domestic ASIC landscape [12][13] Industry Outlook - The report anticipates a robust growth trajectory for the ASIC market, driven by increasing AI applications and domestic innovation [12][13]

华泰证券研报表示，近期A股市场进入上行平台期，结合日历效应来看，节前投资者情绪或以避险为 主，但考虑到资金正反馈仍在持续、基本面改善仍在蓄势，市场或偏向缩量震荡。节后，宏观不确定性 减弱，投资者交投意愿存在回暖动力，市场进入政策及业绩布局的窗口期。配置上，考虑到上周TMT 板块成交额占比回升、季末资金存在风格调整需求，建议投资者小幅调整仓位，关注主线低位板块，如 港股科技、国产算力、机器人，"反内卷"中化工、电池及大众消费龙头。 （文章来源：第一财经） ...