据中信建投研报称，DeepSeek模型更新至V3.1版，新增支持FP8精度和国产芯片。此举有望推动国产算 力生态加速落地。腾讯业绩会上透露，公司推理芯片供应渠道多元化，国际供应链波动下，国产推理算 力芯片或成助力。华为昇腾芯片近期在政府、金融等行业的应用逐步扩大，进一步体现国产芯片的市场 竞争力正在提升。 ...

有分析认为，尽管本轮行情涨幅较大，但从空间看，目前创业板指估值仍处于历史低分位数，存在"高 低切"的补涨需求。最直观的证据在于，当沪指本周创出十年新高，创业板指相较2021年的高位仍有较 大距离。 华西证券日前表示，一旦资本市场活力进一步激发，则会产生居民存款搬家现象，从而促进"居民配置 资金入市与股市慢涨"的正反馈效应；行业配置上关注新技术、新成长方向，如国产算力、机器人、固 态电池、医药等。 场外投资者也可以通过创业板ETF联接基金（A/C/Y:110026/004744/022907）把握创业板投资机会。 （文章来源：每日经济新闻） 8月21日，A股市场震荡分化，沪指午后拉升，最高上探至3787.98点；创业板指围绕0轴震荡，盘中反复 翻红，周一以来截至周四盘中，累计涨幅约3%。 成分股中，蓝思科技、康泰生物、指南针等领涨；天孚通信、先导智能、胜宏科技等领跌。 值得注意的是，跟踪创业板指的创业板ETF（159915），近期持续获资金关注。截至目前，盘中获近 1.6亿份净申购；昨日获14亿元资金净流入，居全市场第一。 ...

Market Overview - The Shanghai Composite Index reached a new high of 3784.58 points during the session, marking a 0.35% increase by the close [2] - The market saw a total turnover exceeding 1.59 trillion yuan in the first half of the trading day [2] Sector Performance - The digital currency sector experienced significant gains, driving strength in software and certain financial sectors [2] - Other sectors that saw increases include oil and gas extraction, beauty care, e-commerce, agriculture, and gaming [2] Notable Stocks - Major stocks such as ZTE Corporation (000063), North Huachuang, Muyuan Foods, Mindray, Luxshare Precision, Wanhua Chemical, and Fuyao Glass showed significant upward movement [2] - ZTE Corporation surged by 6.36% with a trading volume of 16.418 billion yuan, leading the A-share market [4] AI Computing Sector - The AI computing sector displayed a mixed performance, with North American computing chains adjusting downwards while domestic computing concepts strengthened [4] - Notable gains were seen in stocks like Aojie Technology, Shengke Communication, and Wantong Development, with Wantong Development hitting a price limit [5] Semiconductor Sector - The semiconductor sector was active, with stocks like Zhaoyi Innovation hitting the price limit and North Huachuang and Demingli also rising [7] State-Owned Enterprises - "State-owned enterprises" stocks performed well, with notable increases in China Oil Capital, China Software, China Rare Earth, and China CRRC [8] Telecommunications Sector - The three major telecom operators, China Mobile, China Telecom, and China Unicom, all saw gains, benefiting from stable business performance and digital transformation [10] - The oil and gas extraction sector also rose, driven by the performance of major companies like China National Offshore Oil Corporation, China Petroleum, and China Petrochemical [10]

Market Overview - The Shanghai Composite Index reached a new high of 3784.58 points during the session, marking a 0.35% increase by the close [1] - The market saw a strong performance in the digital currency sector, which boosted software and some financial sectors [1] - Major sectors that experienced gains included oil and gas extraction, beauty care, e-commerce, agriculture, and gaming [1] Key Stocks Performance - Notable large-cap stocks such as ZTE Corporation (000063), North China Innovation, Muyuan Foods, Mindray Medical, Luxshare Precision, Wanhua Chemical, and Fuyao Glass showed significant increases [1] - ZTE Corporation surged by 6.36% with a trading volume of 16.418 billion yuan, leading the A-share market [2][3] AI Computing Sector - The AI computing sector exhibited a mixed performance, with North American computing chains adjusting downwards while domestic computing concepts gained strength [2] - ZTE Corporation's stock hit the daily limit up shortly after market open, reflecting strong investor interest [2] Semiconductor Sector - The semiconductor sector was active, with stocks like Zhaoyi Innovation hitting the daily limit up, and other leading stocks such as North China Innovation and Demingli also rising [5] - The report highlighted that AI chips, as a core upstream segment, have high technical barriers and strong customer stickiness, benefiting companies with R&D and system integration capabilities [5] State-Owned Enterprises - "State-owned enterprises" stocks performed well, with notable increases in stocks like Zhong Oil Capital, China Software, China Rare Earth, and China CRRC [7] - The three major telecom operators, China Mobile, China Telecom, and China Unicom, also saw gains, supported by stable mid-year reports and a focus on digital transformation [8] Oil and Gas Sector - The oil and gas extraction sector experienced a significant rise, driven by the performance of major companies like China National Offshore Oil Corporation, China Petroleum, and China National Petroleum [8]

Market Overview - On August 20, the Shanghai Composite Index rose by 1.04%, the CSI 300 increased by 1.14%, the STAR Market 50 surged by 3.23%, the CSI 1000 climbed by 0.86%, the ChiNext Index grew by 0.23%, and the Hang Seng Index went up by 0.17% [4][6] - The best-performing sectors on August 20 were Beauty Care (+2.42%), Oil & Petrochemicals (+2.36%), Electronics (+2.32%), Automotive (+1.93%), and Food & Beverage (+1.39%). The worst-performing sectors were Pharmaceuticals & Biotechnology (-0.07%), Household Appliances (+0.12%), Real Estate (+0.16%), Environmental Protection (+0.2%), and Construction Decoration (+0.2%) [4][6] - The total trading volume of the A-share market on August 20 was 24,484.14 billion yuan, with a net outflow of 14.682 billion Hong Kong dollars from southbound funds [4][6] Important Recommendations - The report highlights Dou Shen Education (300010) as the first education company to implement AI virtual teachers across its entire product line, aiming to capture market share and establish a leading brand in the AI education era [7] - The company is expected to achieve significant market penetration due to its first-mover advantage and rapid iteration of AI education products, with a potential market space reaching hundreds of billions [7] - Revenue projections for Dou Shen Education are estimated at 1,228.96 million yuan in 2025, 2,047.78 million yuan in 2026, and 3,573.90 million yuan in 2027, with corresponding growth rates of 62.38%, 66.63%, and 74.53% [7] Key Insights - The macroeconomic report indicates a high probability of a "residential deposit migration" trend, similar to past occurrences in 2009 and 2014-2015, driven by factors such as declining deposit rates and a shift to a more accommodative monetary policy [8] - The bond market analysis suggests a long-term bullish outlook supported by economic recovery and a tightening credit environment, while short-term risks remain due to fluctuating risk preferences [9][10] - The communication industry report emphasizes the significance of supernode solutions in enhancing AI computing efficiency, with major companies like Huawei and ZTE accelerating their development [11][12] - The chemical industry report notes a surge in demand for fluorinated liquids driven by the growth of AI computing investments and the increasing adoption of immersion cooling technologies [13]

Summary of Conference Call on Domestic Computing Power Sector Industry Overview - The conference call focuses on the domestic computing power sector, particularly advancements in domestic computing chips and their implications for AI applications and cloud services [1][3][5]. Key Points and Arguments 1. **Market Catalysts**: The H20 limit and optimization of domestic advanced processes have catalyzed the market, leading to stock price increases for companies like Xian Co., Shengge Center, and Hanwujing [1][3]. 2. **Chip Performance Improvements**: Domestic computing chips, such as the 920C/D and 690/790, have shown significant performance improvements, making them suitable for large model training, especially under restrictions on B200/H200 [1][4]. 3. **AI Application Demand**: The demand for domestic computing chips is expected to surge due to AI applications, with ByteDance's token consumption projected to reach 500 trillion by 2026, necessitating millions of H20-level chips [1][7]. 4. **High-End Chip Competitiveness**: High-end domestic chips are approaching the performance of foreign products, with the 690 chip achieving 800T computing power, about 80% of NVIDIA's H100, suitable for training large models [1][8]. 5. **910D Chip Upgrade**: The 910D chip is set to upgrade to 224G, enhancing computing power by 50% and filling the gap in the domestic high-end training card market, with mass production expected in 2026 [1][9]. 6. **Cloud Service Developments**: Domestic cloud service providers are accelerating their AI layouts, with companies like New Yuan Co. making significant progress in collaboration with major clients [1][6]. 7. **Investment Opportunities**: Investors are advised to focus on companies like Xinyuan Co. and Taijing Co. for their unique AI business models, as well as Shenghe Communication for its potential in the switching chip sector [2][10][12]. Additional Important Insights 1. **Future Market Dynamics**: GPU and ASIC are expected to share the domestic computing power market in the next two to three years, with a current shortage of domestic cards [2][10]. 2. **CSB Manufacturers' Role**: CSB manufacturers will play a crucial role in the domesticization task, with significant market potential as the industry transitions from GPU to switch domesticization [13]. 3. **Storage Sector Potential**: In the storage sector, companies like Zhaoyi Innovation and Jiangbolong are highlighted for their potential in AI and enterprise-level storage solutions [15]. 4. **Emerging Technologies**: Companies like Unisplendour and its subsidiary H3C are positioned well in the AI server market due to their robust network technology and partnerships with domestic chip manufacturers [16][17]. 5. **High-Speed Connectors**: Companies such as Huafeng Technology and Yihua Co. are recommended for their advancements in high-speed connectors and modules, which are critical for AI server performance [18][20]. 6. **Overall Market Outlook**: The future of the domestic computing power market is optimistic, with significant growth potential across various sectors, including ASIC chips, domestic GPUs, and enterprise storage [25]. This summary encapsulates the key insights and developments discussed in the conference call, providing a comprehensive overview of the domestic computing power sector and its investment landscape.

前两天提示风险后，再加上昨天美股大跌，今天A股大幅低开跳水，高位的AI方向暴跌，但低位的白酒、化工等板块站了出来， 稳住了大盘。午盘国产算力、半导体发力，浪潮信息涨停，寒武纪再度暴涨股价突破1000元，带动市场情绪回升。今天A股走出 了深v，上证指数再创年内新高，美中不足的是量能缩了近2000亿。 今天的深v并没有让我打消"A股短期有风险"的念头，牛市的惯性还在，刚开始回调肯定有资金迫不及待的低吸，所以还需要多观 察两天，看看多空的强弱。 另外，Harris Financial Group管理合伙人James Cox表示："投资者似乎在为杰克逊霍尔提前避险，担心鲍威尔的表态会比目前市场 预期更为鹰派。" 我提示风险不仅仅是因为近期量能、融资都飙的太快了，还因为大部分板块都没那么有性价比了：景气度最高但位置也高的海外 算力，已经开始用明年的业绩来算估值了；国产算力虽然没海外算力涨的多，但估值却要高得多；低位的消费、地产链估值低， 但行业趋势还没有反转。 | < w | 中国:融资余额 2 | | | --- | --- | --- | | 一 中国:融资余额 | | | | 相关指标 中国:融券余额 中国:融资 ...

Market Overview - On August 20, major A-share indices collectively rose, with the Shanghai Composite Index reaching a 10-year high, closing up 1.04% at 3766 points. The Shenzhen Component Index increased by 0.89%, the ChiNext Index rose by 0.23%, and the Sci-Tech 50 Index surged by 3.23%. Over 3600 stocks in the market experienced gains, with hotspots focusing on semiconductor, AI chip, liquor, and AI glasses sectors [1]. Stock Performance - Notable stock performances included: - E-commerce City (600658) surged by 49.99% to 8.48, marking its seventh consecutive trading day of gains [2]. - Tenglong Co. (603128) increased by 10.04% to 14.14, achieving five consecutive gains [2]. - Jimin Health (603222) rose by 10.02% to 11.86, marking its fifth consecutive gain [2]. - ST Er Ya (600107) gained 5.02% to 5.02, with four gains in five days [2]. - Kosun Technology (603626) increased by 10.03% to 12.61, achieving four consecutive gains [2]. Sector Highlights - The semiconductor sector saw significant interest, with companies like Han Zhong Precision Machinery (002158) and E-commerce City (600658) showing strong performance due to their involvement in semiconductor vacuum pumps and quantum technology, respectively [3][2]. - The AI chip sector is also gaining traction, with companies like Tenglong Co. and Jimin Health benefiting from advancements in medical devices and AI technology [3]. Institutional Activity - The top three net purchases on the daily leaderboard were by Inspur Information, Chongda Technology, and Guangqi Technology, with net purchases of 286 million, 253 million, and 237 million respectively [5]. - Conversely, the top three net sales were by Haili Co., Dazhi Technology, and Guangdong Construction, with net sales of 436 million, 211 million, and 148 million respectively [6]. Company Developments - Inspur Information reported a year-on-year revenue growth of 165.31% to 46.858 billion yuan in Q1 2025, with a net profit increase of 52.78% to 463 million yuan, indicating strong business growth [11]. - Chengfei Integration, a key player in the military and aerospace components sector, also saw a significant rise in stock price, closing up 10.01% at 40.32, with a trading volume of 25.98 billion yuan [11][14]. Trading Dynamics - The trading dynamics showed a high turnover rate, with stocks like Liou Co. and Guangxi Technology experiencing significant institutional net buying, while others like Haili Co. faced substantial net selling [7][8]. - The market's overall sentiment remains bullish, particularly in sectors related to technology and innovation, as evidenced by the performance of AI and semiconductor stocks [1][3].

Market Overview - A total of 86 stocks hit the daily limit, with a limit-up rate of 80%, indicating strong market activity [1] - The Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index all reached new highs for the year, with the Shanghai index rising by 1.04% [1] - The total trading volume for the day was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of over 2 trillion yuan in trading volume [1] Stock Performance - The highest-performing stock, Jimin Health, achieved a five-day limit-up streak, while other notable stocks included Hanzhong Precision and Kesen Technology with four consecutive limit-ups [1][3] - The market saw a mixed performance with over 3,600 stocks rising, while sectors like liquor, semiconductors, AI glasses, and small metals showed significant gains [1] - Conversely, sectors such as film, chemical pharmaceuticals, CRO, and vitamins experienced declines [1] Hot Stocks and Trends - The "AI + Manufacturing" initiative launched by Shanghai's economic and information departments is expected to boost the domestic AI infrastructure, leading to a surge in domestic computing power stocks [5] - Companies like Inspur Information and Guangxun Technology saw limit-up performances, reflecting strong market sentiment towards domestic AI capabilities [5] - Apple’s iPhone 17 has entered mass production, positively impacting the consumer electronics sector, with Kesen Technology achieving a four-day limit-up streak [6] Consumer Sector Insights - The State Council's recent meeting emphasized stimulating consumer potential and fostering new growth points in service and new consumption [7] - The liquor brand Jiu Gui Jiu saw a surge in stock price due to a successful collaboration with a popular retail brand, leading to consecutive limit-ups [7] - However, the consumer sector's upward momentum faced challenges as technology stocks regained strength, limiting the consumer sector's performance [8] Future Outlook - The market is expected to continue its upward trend, with major indices reaching new highs, although there is a need to be cautious of potential structural differentiation in market hotspots [9] - The recent increase in the number of stocks hitting the daily limit indicates a growing interest in specific sectors, but the risk of losses in high-priced stocks remains a concern [9]

Group 1 - The current market is driven by incremental capital, with limited impact from fund redemption pressure on growth sectors like electronics, suggesting a potential shift towards public offerings and institutional dominance, which supports technology sectors such as semiconductor chips [1] - The expectation for domestic computing power has been reiterated, alongside discussions on emerging applications like 3D printing and liquid cooling technology, which may boost demand expectations in the chip industry [1] - The results of the 301 investigation concerning China's mature chips are expected to be announced by September 23, with potential market volatility due to technology controls and tariff policies, although short-term pressure is manageable as the Trump administration plans to suspend a 24% equivalent tariff until November 10 [1] Group 2 - The AI chip ecosystem at the edge consists of edge SoC, storage chips, sensor chips, and smart modules, with storage chips facing challenges in capacity, speed, and power consumption; Lianyun Technology has developed a product line from SATA to PCIe 4.0, targeting lightweight laptops and pre-installed markets [2] - The emphasis on semiconductor self-sufficiency continues, with ongoing iterations of domestic AI computing power chips and enhanced supply chain capabilities; the analog IC sector is experiencing volume growth with stable prices, and automotive-grade products are entering a replacement window, indicating direct support for the semiconductor sector [2] Group 3 - Related products include various ETFs such as the Sci-Tech Chip ETF Index (588920), New Energy ETF (159261), Semiconductor ETF (159813), and others [3] - Key associated stocks include Cambrian (688256), Haiguang Information (688041), and others within the semiconductor industry [3]