Core Viewpoint - Longxun Co., Ltd. is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its international strategy and operational capabilities [1][2] Group 1: Company Overview - Longxun Co., Ltd. specializes in the research and sales of high-speed mixed-signal chips and has been listed on the STAR Market since February 2023 [2] - The company aims to become a global leader in high-speed mixed-signal chip solutions, emphasizing its commitment to internationalization [2] Group 2: Financial Performance - In the first half of 2025, Longxun achieved revenue of 247 million yuan, a year-on-year increase of 11.35%, and a net profit of 71.52 million yuan, up 15.16% [1][4] - The company has experienced continuous positive growth in performance for two and a half years, with a notable revenue increase of 31.02% in overseas markets in 2024 [2][4] Group 3: Research and Development - As of June 2025, Longxun had 177 R&D personnel, accounting for 72.84% of its total workforce, with 54.24% holding master's degrees or higher [4][5] - R&D investment in the first half of 2025 totaled 57.06 million yuan, representing a 22.87% increase year-on-year and accounting for 23.10% of revenue [1][5] Group 4: International Strategy - Longxun's overseas revenue accounted for 38.4% of total revenue in 2024, highlighting its strong international presence [2] - The company is actively discussing the specifics of its H-share listing with relevant intermediaries [2]

Core Viewpoint - The company is facing challenges in maintaining its market value despite strong operational performance and growth, with significant concerns raised by investors regarding its stock price and market positioning compared to competitors [2][4]. Company Performance - As of September 22, 2025, the company's stock price closed at 9.47 yuan, down 0.73%, with a trading volume of 40,400 shares and a turnover of 38.26 million yuan [1]. - The company has been compared unfavorably to competitors, with its market capitalization significantly lower than that of peers like Zhend Medical and Sturdy Medical, which have market values approximately 2 to 5 times greater [4]. M&A Strategy - The company has indicated that its future merger and acquisition (M&A) focus will be on the health industry, emphasizing the importance of synergy and industry integration [2][3]. - The management has acknowledged the high risks associated with M&A activities and has adopted a cautious approach towards potential acquisitions [2]. Market Sentiment - Investor sentiment is currently negative, with concerns about the company's declining stock price despite its strong performance and generous dividend distribution over the years [2][4]. - On September 22, 2025, there was a net outflow of 1.19 million yuan from institutional investors, while retail investors contributed a net inflow of 6.11 million yuan [4].

Core Viewpoint - The company is actively collaborating with Huawei's Ascend ecosystem, focusing on optimizing and training customer models based on Ascend computing clusters, as well as developing integrated computing power machines based on Ascend technology [1] Group 1 - The company participated in the 2025 Shanghai-listed companies collective reception day and mid-year performance briefing [1] - The collaboration with Huawei's Ascend primarily involves operations based on Ascend computing clusters [1] - The Ascend 950 is a newly released product from Huawei, which has not yet been launched in the market [1] Group 2 - The company is looking forward to the release and application of Huawei's next-generation architecture GPU and anticipates deeper collaboration on related AI chip system architectures [1]

Market Review - The overseas AI chip index decreased by 0.80% this week, with Marvell rising over 10% while Broadcom fell by 4.15% [1] - The domestic AI chip index increased by 2.0%, with SMIC rising over 10% and Cambricon dropping nearly 10% [1] - The NVIDIA mapping index rose by 3.6%, with Changxin Bochuang increasing by 7.30%, while Jianghai Co. fell by nearly 10% [1] - The server ODM index decreased by 0.6%, with Quanta experiencing a significant drop of 14.70% after a large increase last week [1] - The storage chip index increased by 3.7%, with Demingli and Puran shares rising over 20% [1] - The power semiconductor index rose by 0.6%, with the A-share Apple index increasing by 5.5% and the Hong Kong Apple index rising by 0.4% [1] Industry Data - From 2024 to 2030, the global automotive display panel market will see a gradual decline in a-Si TFT LCD share, with high-end technologies like AMOLED, LTPS TFT LCD, IGZO TFT LCD, and Micro LED expected to reach a combined share of 54% by 2030. AMOLED is projected to grow at an annual compound growth rate of 20.4%, the fastest among them [2] - In Q2 2025, the European smartphone market saw a year-on-year shipment increase of 4%, ending a period of low performance at the beginning of the year. Samsung led with a 31% share, followed by Apple at 25%, Xiaomi at 19%, and Honor and realme each at 4%, indicating a concentration of market share among leading players [2] Major Events - NVIDIA invested $5 billion in Intel, with both companies collaborating to develop a system-on-chip (SoC) integrating NVIDIA GPUs and Intel's x86 architecture, targeting the high-performance PC and data center markets. The collaborative product is expected to launch in 2026, with a projected market size of $50 billion, while Intel emphasized that this will not affect its own GPU development [3] - The Ministry of Commerce announced an anti-dumping investigation on relevant analog chips originating from the U.S. starting September 13, 2025, citing that previous U.S. restrictions harm the development of Chinese enterprises and the stability of the global semiconductor supply chain [3] - Apple is in discussions with suppliers to trial production of a foldable iPhone in Taiwan, with plans for mass production in India by 2026. Foxconn and other supply chain companies are expected to benefit from this move [3]

Core Viewpoint - The company, Aomei Medical, has denied rumors regarding plans for asset restructuring involving the injection of AI chips and humanoid robots [1] Group 1 - An investor inquired about the authenticity of rumors related to Aomei Medical's potential asset restructuring [1] - Aomei Medical confirmed that there are no such plans in place [1]

Core Viewpoint - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, driven by the increasing complexity and demand for SoC and storage testing machines due to advancements in AI and HPC chips [1][3]. Group 1: Semiconductor Testing Equipment Market - The semiconductor testing equipment market is expected to reach $13.8 billion by 2025, with SoC and storage testing machines contributing approximately $4.8 billion and $2.4 billion, respectively [1][3]. - The demand for SoC testing machines is increasing due to the high integration, stability requirements, and advanced process characteristics of AI and HPC chips, leading to a significant rise in testing volume and time [1][3]. - Storage testing machines are becoming more complex due to HBM testing, which includes wafer-level testing and KGSD testing, enhancing the difficulty of storage testing processes [1][3]. Group 2: Advanced Packaging Equipment - The rapid development of AI chips is creating new demands for packaging equipment, particularly for HBM memory, which enhances the capacity of accelerator cards [2]. - Advanced packaging technologies such as CoWoS are critical for high-speed interconnections between GPUs and HBM, necessitating advanced packaging equipment [2][4]. - The difference between advanced and traditional packaging lies in the connection methods, with advanced packaging using faster transmission techniques, leading to increased equipment requirements [4]. Group 3: Investment Opportunities - Investors are encouraged to focus on domestic AI chip-related packaging equipment opportunities, as the complexity of testing increases with larger pins and currents in domestic AI chip manufacturing [5]. - Key domestic companies to watch in the testing equipment sector include Huafeng Measurement and Control and Changchuan Technology, which are positioned to benefit from breakthroughs in domestic testing machines [5]. - In the packaging equipment sector, companies like Jingsheng Electromechanical and Huahai Qingke are highlighted for their potential in advanced packaging equipment, as China strengthens its global competitiveness in the packaging segment [5].

Core Viewpoint - The stock of Cambricon Technologies Co., Ltd. has shown significant volatility, with a year-to-date increase of 109.26% but a recent decline over the past five days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Cambricon Technologies, established on March 15, 2016, and listed on July 20, 2020, specializes in the research, design, and sales of AI core chips for various cloud servers, edge computing devices, and terminal equipment [2]. - The company's revenue composition is heavily weighted towards cloud products, accounting for 99.62% of total revenue, with minimal contributions from other segments [2]. Financial Performance - For the first half of 2025, Cambricon reported a revenue of 2.881 billion yuan, reflecting a staggering year-on-year growth of 4347.82%, and a net profit attributable to shareholders of 1.038 billion yuan, up 295.82% year-on-year [2]. Stock Performance and Trading Activity - As of September 22, the stock price reached 1376.93 yuan per share, with a market capitalization of 576.039 billion yuan. The trading volume was 8.269 billion yuan, with a turnover rate of 1.47% [1]. - The stock has experienced a net inflow of 38.783 million yuan from major funds, with significant buying and selling activity noted in the past trading sessions [1]. Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and various ETFs, indicating a diversified shareholder base [3].

华为算力新品专题解读 20250919 摘要 华为 950 系列芯片通过优化算力，支持 IP 八精度计算，减少 10%- 15%的转换损失，并采用双带设计，降低占地面积 30%，综合性能优 于 910B，最大机型可达 10 万卡量级。 960 型号在 950 基础上增加带数量至四个，提升整体算力；970 型号回 归 660 平方毫米占地面积，制程升级至 N+3，预计性能提升 30%左右， 对应 920 系列，采用四带设计。 华为计划于 2026 年推出两款不同配置的自研 HBM 产品，分别对标 HBM2E 和 HBM3，其中对标 HBM2E 的产品预计在第一季度末发布， 推动生成系列 AI 芯片发展。 华为正在积极构建超大集群，如 8,000 卡和 15,000 卡集群，通过升级 交换机配置至 512T 和光模块至 800G，提升互联带宽至 2T，优化集群 算力规模，并采用 UB Mesh 等协议支持规模扩展。 华为通过扩大集群规模来弥补单卡算力及生态短板，优化算力与生态， 推动训练任务发展，尽管成本较高，但可在训练任务上取得突破，满足 定向优化、强化学习等需求。 Q&A 华为在最新发布的生成系列 AI 芯片 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call primarily discusses **Huawei** and its impact on the **AI chip** and **communication** industries, particularly focusing on the development of **domestic computing power** in China. Core Insights and Arguments - **Chip Iteration Acceleration**: Huawei plans to release the 950 chip in Q1 2026, the 960 chip in Q4 2026, and the 970 chip in Q4 2027, aiming to surpass NVIDIA's NV576 ultra-low power solution, indicating a significant enhancement in its competitiveness in the AI chip sector [1][2] - **Open Ecosystem Development**: Huawei's announcement of the UB zero-area interconnection network and increased open-source efforts are expected to drive the industry chain towards higher value-added directions, enhancing the pricing power of leading manufacturers [1][5] - **Investment Recommendations**: Analysts suggest focusing on domestic chip companies (e.g., Cambricon, Haiguang Information), system integrators (e.g., Digital China, China Sunway), and supporting facilities like PCS switches, which are likely to benefit from Huawei's advancements [1][6][7] - **Impact of Super Nodes**: The shift from single-card AI inference to super node systems is driven by the increasing complexity of tasks, which raises the competitive threshold and necessitates more resources for network and system design [4] Additional Important Content - **Communication Sector Benefits**: The open ecosystem in the communication field is expected to create growth opportunities for companies like **FiberHome** and **Infinet**, which have received authorization to produce super node servers under their own brand, enhancing profit margins compared to traditional sales models [3][10] - **Liquid Cooling and Power Supply**: Companies involved in liquid cooling and power supply components are becoming increasingly important as Huawei's ecosystem expands, with firms like **Infinet** positioned to lead in the liquid cooling supply chain [3][13] - **Market Response and Future Outlook**: The recent Huawei conference showcased a strong market response, with increased confidence in expanding both domestic and international markets, indicating potential for significant growth in global competitiveness [8][9] - **Copper Connection Demand**: **Huafeng**, a leader in the copper connection sector, has seen increased demand due to Huawei's super node sales, with improved profit margins reported [11] - **Light Module Industry**: Companies like **Hua Gong Technology** and **Guangxun Technology** are expected to benefit from increased demand for light modules as Huawei enhances overall computing power [12] - **Impact on NVIDIA Supply Chain**: The domestic production of Ascend servers is expected to have a limited impact on NVIDIA's supply chain, as the revenue from China is a small portion of NVIDIA's overall income [15]

兄弟们，今天帮主得跟大家掏心窝子聊聊天普股份这票。做了二十年财经记者，见过不少借概念炒作的行情，但像这样十三连板一路飙涨的，背后藏的风险 得掰开了说。 做中长线投资的都懂，咱们赚的是企业成长的钱，不是赌概念炒作的差价。现在这股价早就脱离基本面了，收购方的要约价格才二十多块，跟现在九十多的 股价差了一大截，想想都觉得悬。 不是说这票马上会跌，但现在上车就像在悬崖边跳舞，看着刺激，脚下却空着。帮主劝大家，宁愿错过也别做错，保住本金比啥都强。做了二十年财经记 者，见过太多炒作过后一地鸡毛的例子，这票的风险信号已经很明显，大家务必多掂量掂量。 这票最近就像坐了火箭，股价三个多月翻了好几倍，天天涨停看着确实诱人。但老股民都知道，涨得越疯越得冷静。你看它现在市盈率快四百倍了，是行业 平均水平的十倍还多，这就好比用买黄金的价买了块镀金的铜，泡沫吹得也太大了。 更关键的是，支撑这波上涨的AI芯片概念，其实还没落地呢。新买家明说了，未来一年没有资产注入计划，说白了就是故事听得热热闹闹，公司财报却在 降温。上半年营收和净利润都在往下走，业绩没跟上，股价却飞上天，这就像地基没打牢就盖高楼，心里能踏实吗？ 而且这票流通盘特别小，外面 ...