阿里宣布将投资3800亿推进AI基础设施，而且未来会投资更多。从这个点就能看得出来，未来算力的 需求是爆发的，但是国产算力能不能接得住超级人工智能时代这个爆发式的需求？国产算力走到了哪一 步？未来有哪些可以值得我们期待的地方？ ...

Group 1 - The ChiNext Index has surpassed 3200 points, reaching a new high since January 6, 2022, with a year-to-date increase of 50% [1] - The ChiNext 50 ETF (159367) rose by 2.09%, with notable gains from stocks like Kunlun Wanwei (over 12%) and Xinyi Technology and Dangsheng Technology (over 7%) [1] - Since the launch on September 24 last year, the ChiNext series indices have surged, with the ChiNext 50 and Sci-Tech Innovation 50 indices increasing by over 100% [1] Group 2 - The ChiNext 50 Index selects the top 50 stocks by market capitalization and liquidity from the ChiNext Index, representing large-cap companies with strong growth potential [2] - The index covers industries such as batteries, securities, and communication equipment, reflecting the themes of "innovation, creation, and new technologies" [2] - The ChiNext 50 ETF (159367) has two core advantages: a 20% price fluctuation limit for greater trading flexibility and low management (0.15%) and custody fees (0.05%) to reduce investment costs [2] Group 3 - The artificial intelligence industry is experiencing a three-dimensional resonance of policy, technology, and demand, which is expected to continue driving technology investment as a main theme [1] - Companies within the ChiNext 50 Index that are related to the AI sector are likely to benefit from the high industry prosperity, contributing to the index's growth [1] - The demand for AI technologies in traditional industries is increasing, with expectations for explosive growth in reasoning demand ahead of disruptive applications [1]

截至2025年9月25日 10:35，中证云计算与大数据主题指数(930851)强势上涨4.42%，成分股浪潮信息 (000977)上涨9.99%，用友网络(600588)上涨9.98%，新易盛(300502)上涨7.99%，万兴科技(300624)，拓 尔思(300229)等个股跟涨。大数据ETF(159739)上涨4.26%，最新价报1.66元。 消息面上，算力硬件股盘中回暖，浪潮信息涨停，创出历史新高，总市值突破1100亿。消息面上，9月 24日，阿里巴巴在云栖大会上表示，目前正积极推进3800亿的AI基础设施建设，并计划追加更大的投 入。 开源证券指出，产品层面，以寒武纪、海光信息、芯原股份为代表的国产AI芯片厂商及百度、阿里、 华为等国内大厂产品性能快速提升，逐渐替代国外产品。生态层面，国产厂商也在尝试构建自主生态， 推动产业链协同发展，高度看好国产算力投资机会。 大数据ETF紧密跟踪中证云计算与大数据主题指数，中证云计算与大数据主题指数选取50只业务涉及提 供云计算服务、大数据服务以及上述服务相关硬件设备的上市公司证券作为指数样本，以反映云计算与 大数据主题上市公司证券的整体表现。 数据显示，截至 ...

Investment Rating - The report indicates a strong investment outlook for the domestic GPU industry, particularly highlighting the leadership of Mu Xi in the general-purpose GPU sector [3]. Core Insights - The GPU market in China is expected to grow significantly, with an estimated market size of approximately 1,000 billion yuan for GPUs and 425 billion yuan for other AI chips by 2024 [3][8]. - Domestic internet giants are increasing capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [3][10]. - Mu Xi is positioned as a leading domestic high-performance general-purpose GPU company, with a self-developed architecture that is compatible with CUDA [3][18]. Summary by Sections 1. GPU Industry - The GPU industry is gradually establishing a domestic computing and AI model ecosystem, with significant growth in the market size of accelerated chips [4][9]. - By 2024, the domestic accelerated chip market is projected to exceed 270 million units, with local brands accounting for over 82 million units shipped [3][8]. 2. Mu Xi Co., Ltd. - Mu Xi has developed a comprehensive product matrix covering AI computing, general computing, and graphics rendering, with notable products including the Xi Yun C500 and C550 series GPUs [3][38]. - The company has achieved a revenue CAGR of 4075% from 2022 to 2024, with 2024 revenue reaching 743 million yuan [31][35]. - Mu Xi's team comprises industry veterans with backgrounds from AMD, enhancing its technological capabilities [27][30]. 3. Key Investment Targets - The report identifies several key investment targets in the GPU sector, including Cambrian, Haiguang Information, and Mu Xi itself, as well as advanced process-related companies like SMIC and Hua Hong Semiconductor [3][5].

Group 1 - The market is experiencing high-level fluctuations, with a shift from overseas computing power chains to domestic computing power directions, particularly in the technology sector [2] - The top three industries with net capital inflow are electronics, power equipment, and others, with respective inflows of 176.37 billion, 161.49 billion, and 369.43 billion [2] - The A50 ETF, A100 ETF, and A500 ETF are being promoted as diversified investment options for investors looking to invest in China's market [2] Group 2 - The market's total trading volume reached 2.35 trillion yuan, a decrease of 170 billion yuan compared to the previous day [1] - The number of stocks rising and falling in the market was 4,457 and 852 respectively, indicating a mixed market sentiment [1] - The MACD golden cross signal has formed, suggesting potential upward momentum for certain stocks [3]

中证网讯 9月24日午后，A股市场震荡走高，早盘回调居前的光模块CPO、PCB等AI算力概念盘中拉 升、跌幅收窄。截至收盘，热门ETF中，5G通信ETF（515050）涨0.28%，持仓股立讯精密、中贝通信 涨超6%，三安光电、电连技术涨超4%，该ETF成交额超8亿元，显示资金交投活跃。 资料显示，5G通信ETF（515050）跟踪的中证5G通信主题指数，深度聚焦英伟达、苹果、华为产业 链，光模块CPO概念股权重占比为38%，PCB电路板概念股权重占比为14%。前十大持仓股为新易盛、 中际旭创、立讯精密、工业富联、中兴通讯、兆易创新、沪电股份、天孚通信、歌尔股份、东山精密， 权重合计62.27%。相关ETF全称为华夏中证5G通信主题ETF（515050），最新规模超90亿元，场外联接 （A类：008086；C类：008087）。 华创证券表示，当前国产算力板块中芯片来源仍为亟待解决的痛点，头部厂商如华为、阿里、寒武纪、 海光等均积极公开自身技术路线及产品规划，同时超节点规划亦有望从系统层面补齐集群算力效率，从 而逐步填补国产算力板块在训练侧的空白，建议关注国产算力板块中通信互联及服务器等相关企业。 （王宇露） ...

格隆汇9月24日丨金禄电子(301282.SZ)在投资者互动平台表示，公司暂未与摩尔线程建立合作关系。公 司看好国产算力的发展潜力，将积极进行技术研发、产品适配及客户拓展。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights a positive outlook for specific sectors such as technology and high-end manufacturing, suggesting a favorable investment environment [30]. Core Insights - The market experienced a slight recovery with a trading volume of 21.22 billion yuan on September 22, 2025, down by 4.72 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1589.19, up by 0.71%, with a PE_TTM of 74.52 times. The specialized and innovative index closed at 2773.08, up by 0.89% [1][8]. - Among the 276 companies listed on the North Exchange, 71 saw an increase in stock price, while 202 experienced a decline. The top five gainers included Zhixin Electronics (up 12.6%) and Hongxi Technology (up 11.7%), while the top five losers included Shichang Co. (down 15.1%) and Tianhong Lithium Battery (down 8.0%) [1][18]. - The report identifies several hot concepts in the market, including the Moore Thread concept, magnetic storage, domestic computing power, and the fruit chain, driven by strong sales of the iPhone 17 and OpenAI's entry into edge devices. This has led to strong performance in consumer electronics and smart wearables [3]. Summary by Sections Market Review - On September 22, 2025, the North Exchange A-share trading volume reached 21.22 billion yuan, a decrease of 4.72 billion yuan from the previous day. The North Exchange 50 Index rose by 0.71% to close at 1589.19, while the specialized and innovative index increased by 0.89% to 2773.08 [1][8]. - The trading activity showed that 71 companies increased in value, 3 remained flat, and 202 declined. The top gainers were Zhixin Electronics (12.6%), Hongxi Technology (11.7%), and Shuguang Digital Innovation (9.9%) [1][18]. Important News - The National Sports Administration issued guidelines to promote high-quality development in sports and health, aiming to establish a collaborative service system by 2030 [2]. - Samsung has reportedly raised prices for DRAM and NAND flash products by up to 30% due to supply constraints, following similar moves by other storage giants [22]. Company Announcements - Major announcements included a planned share reduction by a significant shareholder of AVIC Teda, who intends to reduce holdings by 2,157,900 shares, accounting for 1.53% of total shares [23]. - Huizhong Technology announced the acquisition of a patent for an induction heating rice cooker [24]. - Huilong Piston plans to use up to 83 million yuan of idle fundraising for cash management [25].

Market Overview - The market experienced a rebound after a dip, with the ChiNext index rising by 0.21% while the Shanghai Composite Index fell by 0.18% and the Shenzhen Component Index dropped by 0.29% [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.49 trillion, an increase of 372.9 billion compared to the previous trading day [1] AI and Computing Power Sector - The computing hardware sector remains buoyant due to AI, with a commercial closed loop beginning to form [3] - Nvidia and OpenAI announced a partnership involving an investment of up to $100 billion to build a 10GW data center, which is expected to increase demand for Nvidia's chips at a ratio of 1:3.5 [3] - Major cloud service providers like Google Cloud and Amazon AWS reported significant revenue growth, with Google Cloud's revenue at $13.6 billion (up 32% year-on-year) and AWS at $30.9 billion (up 17.5% year-on-year) [3] Domestic Chip Industry - Domestic computing power penetration is expected to rise rapidly due to overseas sanctions and national security considerations, with current penetration estimated at 20-30% and projected to reach over 50% in the coming years [5] - Huawei plans to launch several new chips between Q1 2026 and Q4 2028, indicating ongoing advancements in domestic chip technology [5] Gold Market - Gold prices have continued to rise, supported by factors such as a weakening U.S. economy, global de-dollarization trends, and geopolitical risks [6][11] - The Federal Reserve's recent interest rate cut has led to increased expectations for future cuts, which may influence gold prices [8] - Central banks, including China's, have been increasing gold reserves, with China having added gold for ten consecutive months [11] Economic Indicators - The Leading Economic Index for large enterprises in the U.S. fell by 0.5% in August, indicating a slowdown in economic activity [10] - The geopolitical landscape remains tense, particularly regarding the Russia-Ukraine conflict and escalating tensions in the Gaza region, which could further support gold prices [11]

Group 1 - Semiconductor equipment stocks experienced a significant rise, with Changchuan Technology increasing by 20%, Hu Silicon Industry by over 10%, and Zhongwei Company by over 2% [1] - Several semiconductor-related ETFs also saw gains of over 2% [1] Group 2 - The main semiconductor equipment ETF, E Fund, rose by 2.56% to a price of 1.602, while the semiconductor materials ETF increased by 2.42% to 1.441 [2] - Domestic computing power is undergoing changes from both supply and demand sides, with Huawei's Ascend chips continuously iterating and improving performance, providing support for the domestic AI industry [2] - Major domestic internet companies are gradually adapting to domestic chips, which is expected to lead to sustained growth in capital expenditure, supporting the domestic computing power industry [2]