Group 1 - The market is currently consolidating, with the Xinchuang ETF fund (562030) experiencing fluctuations near the waterline, down 0.34% [1] - Among the constituent stocks, Yuntian Lifa fell over 6%, and Haiguang Information dropped more than 5%, while Tianrongxin and Guanglian Da reached the daily limit, with Qilin Xin'an rising over 8% and Zhuoyi Information increasing by more than 3% [1] Group 2 - The new generation of the Chinese operating system, Galaxy Kirin V11, was officially released at the 2025 China Operating System Industry Conference, featuring a new Panshi architecture that significantly enhances user experience, security, and ecosystem richness [3] - Galaxy Kirin is the first domestic operating system to break the million-ecosystem barrier, achieving comprehensive compatibility with mainstream domestic CPUs, GPUs, and boards, thus establishing a complete domestic ecosystem [3] - The operating system has been deployed over 16 million times and has supported major national projects such as Chang'e lunar exploration and Tianwen Mars exploration, maintaining high coverage in government sectors and achieving long-term scaled applications in finance, energy, education, and healthcare [3] Group 3 - The Xinchuang industry is steadily advancing according to the "2+8+N" rhythm, transitioning from policy-driven to a dual-driven approach of policy and market [3] - With the 2027 full replacement deadline approaching, the Xinchuang initiatives are penetrating deeper into county and township levels, with accelerated adoption in finance and energy sectors [3] - Market scale growth rates are expected to reach 17.84% and 26.82% in 2025 and 2026 respectively, with the market size projected to exceed 2.6 trillion yuan by 2026 [3] Group 4 - The Xinchuang ETF fund (562030) and its linked funds focus on the core segments of the Xinchuang industry chain, including basic hardware, software, application software, information security, and external devices, showcasing high growth and elasticity [5] - The investment logic in the Xinchuang industry is driven by four key factors: geopolitical disturbances increasing the demand for self-control, enhanced government procurement, technological breakthroughs by domestic manufacturers, and critical timing for procurement standards [6]

来源：市场资讯 （来源：浙商证券融资融券） 市场普涨，主要有两方面的原因：从外部来看，美联储主席鲍威尔释放鸽派信号，9月降息预期大幅升温，刺 激全球市场普涨；国内方面，乐观情绪发酵扩散，吸引了场外资金继续进场，推动了市场的上涨。 短期来看，场内赚钱效应持续扩散，有望吸引场外资金持续进场，市场有望延续上行趋势。 中期来看，美联储有望开启一轮大的降息周期。美联储主席鲍威尔近日在杰克逊霍尔年会上表示，尽管通胀仍 受关注，但就业市场风险上升可能使美联储在9月降息。同时，考虑到明年5月美联储主席将迎来换届，届时降 息节奏或将加速。总的来看，市场预期美联储9月开始，将开启一轮大的降息周期，有望推动全球流动性走向 充裕，利好全球金融市场。 配置上，关注国产操作系统概念。当前，科技领域的国产替代、自主可控是大势所趋，但我国数据库、操作系 统等重要基础软件领域国产化率仍较低，距离2027年的100%全面替代的目标差距较大，替代空间广阔。短期 来看，2025中国操作系统产业大会将于8月26日举行，将发布新一代中国操作系统银河麒麟V11，或将刺激相关 概念。 8月25日，市场延续放量上涨，沪指逼近3900点，个股多数收涨；三市共成 ...

人民财讯8月26日电，中信证券研报表示，近期电子板块股价表现亮眼，看好半导体设备、国产算力、 消费电子、海外算力四大方向，8月22日受DeepSeek微信公众号更新影响，板块进入加速上涨阶段，尤 其是半导体板块。基本面角度，自主可控、AI创新、周期景气三个方向均持续景气，其中半导体以国 产算力及自主可控为代表的公司股价目前处于加速上涨阶段，虽涨幅较大但仍有空间，中信证券认为板 块行情后续将持续演绎，持续看好；消费电子端9月即将迎来多个端侧AI新品发布，建议关注9月AR眼 镜+AI手机新品发布密集期，中信证券看好9月消费电子AI端的产品创新与股价表现；自上而下视角， 继续坚定看好电子板块整体的未来行情，推荐半导体设备链、国产算力链、消费电子整体修复、海外算 力链四条主线。 （原标题：中信证券：电子板块活跃升温，看好四大方向） ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [8] Core Insights - The semiconductor industry outlook for Q3 is optimistic, with a focus on domestic computing power and self-controllable directions. The release of DeepSeek V3.1 model is expected to catalyze industry turning points by optimizing for next-generation domestic chips [2][16] - Nvidia's H20 chip sales plans may change, highlighting the long-term importance of establishing a domestic computing chip supply chain. Domestic model development companies are expected to increase procurement and usage of domestic chips [3][17] - The global AI smart glasses market is projected to see significant growth, with a 110% year-on-year increase in shipments in H1 2025. Major companies are expected to launch new AI smart glasses, driving demand [4][18] Summary by Sections Q3 Semiconductor Outlook - The release of DeepSeek V3.1 is designed for next-generation domestic chips, enhancing the synergy between domestic computing power and models, which is expected to accelerate the self-controllable process in the industry [2][16] - Nvidia has paused production of H20 chips for the Chinese market, indicating a shift towards developing a new AI chip based on the Blackwell architecture, which is expected to outperform H20 [3][17] July Semiconductor Industry Data - In July, the semiconductor supply chain showed stable growth, with rising orders in wafer foundry and packaging testing sectors. The overall delivery times are expected to increase, with prices continuing to rise [5][19] - The semiconductor market is entering a recovery phase, with global sales projected to reach approximately $626.87 billion in 2024, reflecting a 19% year-on-year growth [38][39] Key Recommendations - Focus on domestic chip design companies such as Cambricon, Haiguang Information, and Chipone Technology, as well as foundry and packaging companies like SMIC and Hua Hong Semiconductor [3][17][7] - In the AI SoC and storage segments, companies like Hengxuan Technology and Jiangbolong are recommended due to their potential in adapting to computing power needs [4][18][37]

Market Overview - The A-share market is experiencing a significant rally, with the Shanghai Composite Index surpassing 3800 points, attracting substantial capital inflow [1] - In July 2025, new A-share accounts reached 1.9636 million, marking a year-on-year increase of 70.54% and a month-on-month increase of 19.27% [2] Bank Strategies for Securities Account Opening - Major banks like Bank of China, China Merchants Bank, CITIC Bank, and Industrial Bank are actively promoting securities account openings through their mobile apps [4] - Bank of China has launched a "Silver and Securities Signing Goodies" campaign, allowing customers to access brokerage account openings directly through the bank's app [4] - China Merchants Bank is promoting its securities services with a theme of "New Start for Silver and Securities," collaborating with seven brokerages [4] - Industrial Bank is diversifying its approach by showcasing brokerage account openings across different app pages [4] Customer Engagement and Financial Products - Banks are also focusing on managing customers' idle funds, promoting their own wealth management products under slogans like "Waiting to Invest" and "Idle Funds Never Rest" [5] - The strategy aims to enhance customer retention and attract new clients by providing additional services [5] - The current market conditions are seen as an opportunity for banks to capitalize on the influx of new accounts and associated middle-income business growth [5] Market Sentiment and Future Outlook - Institutional investors are optimistic about the market's future, anticipating continued upward movement as deposits shift into equities [7] - Analysts from招商证券 suggest that the current market phase aligns with historical bull market patterns, indicating potential for further gains [7] - The创业板综合指数 is highlighted for its strong growth characteristics and focus on high-tech sectors, with expectations for significant investment opportunities in areas like carbon reduction and technology advancements [8] Investment Trends and Market Dynamics - The创业板综合指数 has shown strong performance, with net profit and revenue growth rates generally exceeding those of larger indices since 2018 [8] - The A-share market is witnessing a resurgence in risk appetite among investors, leading to increased trading volumes and a notable rise in margin financing balances, which have surpassed 2.1 trillion yuan [8]

记者丨 叶麦穗 视频 丨 黄欣然 实习生曾晓莹 编辑丨杨希 谭婷 市场行情火热，指数涨到眩晕，上证综指轻松站上3800点，各路资金跑步入场。 银行渠道正在成为券商开的"主战场"之一。 据 中国银行 手机银行APP，该行在首页的"热门活动"栏推出了"银证签约好礼相迎"相关活 动。具体来看，该行与中银国际证券、广发证券、中信建投证券等数十家券商合作，客户从银 行端口便能进入"券商开户直通车"，跳转至上述券商的开户页面；除此之外，该行还推出线下 预约开户功能，用户在输入该行银行账户信息后，可自行选择券商及营业部完成线下预约。 针对在券商开户时首次绑定中国银行借记卡、成功签约第三方存管的客户，可参与一次抽奖， 最高可抽取188元的支付宝红包权益。 除了中国银行， 招商银行 在APP首页，以滚动头条的方式，加大业务宣传，推广活动的主题 为"银证新启，财富进阶"，该行与7家券商深度合作，分别是招商证券、国信证券、中金财 富、东方证券、华泰证券、国投证券、长江证券。 兴业银行 的银证引流布局则分布在不同的页面。在财富页面，展现了两家券商的开户滚动 条，分别是兴业证券和华福证券；而在专门的银证开户页面，同样提供了数十家券商的 ...

从C919大飞机的碳纤维机身，到龙芯处理器的澎湃算力，从港珠澳大桥的跨海钢梁到北斗卫星的原子 钟，每一项大国重器技术的突破都诠释着核心技术自主可控的重要性。 自主可控不仅是产业安全的生命线，更是大国博弈的决胜点。面对技术的挑战，公募基金以其市场化、 专业化的价值发现和资源配置能力，精准引导资金活水浇灌国家战略产业的创新沃土，成为推动科技自 立自强的重要金融力量之一。 在这场科技自主可控攻坚战中，嘉实基金基于产业基本面深度研究，持续将投资力量布局于相关战略 性、关键性领域，积极担当时代赋予的责任。 半导体芯片：时代大背景下的"自主"命题 半导体芯片被誉为数字时代的"新基石"。其重要性已超越单一产业，成为数字经济发展、国防安全及产 业升级的底层支柱。 自主的基因，深植于中国半导体产业的成长血脉。从筚路蓝缕的初创年代，到2014年的《国家集成电路 产业发展推进纲要》与《中国制造2025》明确的重点领域技术路线图——中国半导体的发展战略始终着 眼于构建从芯片设计、制造，到封装测试，以及相关材料和装备的自主生态闭环。 安全是发展的前提，发展是安全的保障。嘉实基金洞察，制造业的核心命题聚焦于"发展、安全与低 碳"三大关键 ...

智通财经APP获悉，招商证券发布研报称，以AI类芯片为核心权重的数字芯片板块带动半导体指数整体 大幅上涨。国产算力和自主可控和半导体板块的长期主线，该行认为在中美关于AI算力芯片销售形势 反复的情况之下，国内大模型厂商和互联网公司未来有望持续扩大国产芯片的采购和应用比例，对应的 国产芯片供应商和相关产业链体系有望从中受益，对应的GPU/AISC/交换机芯片、代工等环节重要性显 著且市场认可度较高，同时建议关注上游领域中设备、EDA等核心卡脖子环节公司的补涨机会，以及 存储、模拟/功率、PCB等细分板块未来有望受益于国产芯片放量增长的公司。 招商证券主要观点如下： 国产算力现状：NV H20等特供版销售情况持续反复，自主可控必要性凸显 英伟达恢复对华H20供应。7月14日，英伟达将恢复向中国销售H20，中国担心H20芯片安全问题。7月 31日，中国网信办约谈英伟达，要求就H20漏洞后门安全问题提交相关证明材料，同时央媒接连对英伟 达表示质疑;美国官方允许H20和MI308芯片对华供应。8月11日，英伟达和AMD已获得美国向中国市场 出口其H20和MI308芯片的许可;英伟达暂停H20生产，DeepSeek-V3 ...

Group 1: Market Overview - The A-share market experienced a significant rally, with all three major indices reaching new highs, and total trading volume surpassing 3 trillion yuan, marking the second-highest in history [3][4] - The AI and technology sectors saw substantial gains, with notable increases in rare earth, liquor, precious metals, CPO, and satellite navigation sectors [3] Group 2: Company Spotlight - Cambricon Technologies - Cambricon Technologies (寒武纪-U) opened with a 6.26% increase and closed up 11.4%, reaching a market capitalization of 579.4 billion yuan, making it the second stock in A-shares to exceed 1,000 yuan after Kweichow Moutai [4][6] - Compared to its low of 46.59 yuan in April 2022, Cambricon's stock has surged nearly 30 times over three years [5] - The Ministry of Industry and Information Technology is promoting the construction of computing power facilities and enhancing the supply of core technologies, which benefits domestic AI chip manufacturers like Cambricon [6] - Goldman Sachs raised Cambricon's target price by 50% to 1,835 yuan, forecasting a revenue of 1.174 billion yuan in 2024, a year-on-year increase of 65.56% [6] Group 3: Real Estate Sector - The real estate sector in both Hong Kong and A-shares showed strong performance, with Vanke A hitting the daily limit and closing up 9.15% [8][10] - Recent policy measures in Shanghai aimed at optimizing housing policies, including reducing purchase restrictions and improving housing credit, are expected to support the real estate market [10][11] - The market is experiencing a policy window period, with potential for further policy support, contributing to a speculative trading environment in real estate stocks [12] Group 4: Rare Earth Sector - The rare earth sector led the market, with companies like Jien Mining and Northern Rare Earth hitting their daily limits [15][17] - The Ministry of Industry and Information Technology, along with other departments, released new regulations for rare earth mining and processing, which are expected to tighten supply and boost prices [17] - Prices for key rare earth products have surged, with praseodymium oxide and neodymium oxide seeing year-to-date increases of over 58% and 62.95%, respectively, enhancing market expectations for rare earth companies' performance [17]

DeepSeek在其官宣发布DeepSeek-V3.1的文章中提到，DeepSeek-V3.1使用了UE8M0 FP8 Scale的参 数精度。另外，V3.1对分词器及chat template进行了较大调整，与DeepSeek-V3存在明显差异。DeepSeek 官微在置顶留言里表示，UE8M0 FP8是针对即将发布的下一代国产芯片设计。 注：中证指数公司，wind，截至2025/8/21。标的指数成分股仅做列示，指数成分股可能随指数编 制规则发生变动，不构成任何投资建议或个股推荐。如提及个股仅供参考，不代表投资建议。指数/基 金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变动，不构成任 何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保 证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 相关机构表示，AI的发展必须以GPU作为大厦的基石。自从2023年来，中国半导体产业链集中攻 关，在GPU的制造方面积累了越发深厚的经验。而伴随先进制程的扩产和良率的提升，目前国产GPU的 放量也正在加速。从国 ...