一、证券市场回顾 南财金融终端数据显示，昨日(9月18日，下同)上证综指日内下跌1.15%，收于3831.66点，最高3899.96 点；深证成指日内下跌1.06%，收于13075.66点，最高13328.1点；创业板指日内下跌1.64%，收于 3095.85点，最高3168.68点。 二、ETF市场表现 1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-1.0%。其中按照不同分类，规模指数ETF中招商中证A50ETF收益率最 高，为10.04%；行业指数ETF中华安上证科创板新一代信息技术ETF收益率最高，为2.04%；策略指数 ETF中华夏中证红利质量ETF收益率最高，为-0.54%；风格指数ETF中南方上证科创板成长ETF收益率 最高，为2.22%；主题指数ETF中广发中证半导体材料设备主题ETF收益率最高，为5.55%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：招商中证A50ETF（10.04%）、广发中证半导体 材料设备主题ETF（5.55%）、华夏中证半导体材料设备主题ETF（4.56%）。涨幅前10详情见下表： | 美别 | 代码 | 基金名 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown a 0.99% increase, with notable gains from companies like SourceJet Technology and Yirui Technology [3] - Huawei has disclosed its Ascend AI chip iteration plan, with new models expected to launch in 2026 and 2027, indicating a potential boost for domestic computing chip market share [3][4] - Foreign institutions are increasingly researching Chinese chip companies, with significant interest in firms like Weijie Chuangxin and Naxin Micro [4] Market Performance - The Sci-Tech 100 Index ETF has seen a 3.49% increase over the past week, with a current price of 1.37 yuan [3] - The ETF's trading volume reached 24.93 million yuan, with an average daily trading volume of 440 million yuan over the past year, ranking first among comparable funds [3][4] - The ETF's scale has grown by 385 million yuan in the past week, with a significant increase in shares by 16.2 million [4] Investment Opportunities - Analysts suggest focusing on investment opportunities within the Huawei Ascend chain, as the trend towards self-sufficiency in computing power accelerates [4] - Major tech companies like Alibaba, Baidu, and Tencent are redefining the valuation benchmarks for Chinese tech assets, providing new directions for global capital allocation [4]

Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the significant advancements in domestic chip capabilities, particularly through Huawei's release of the Ascend chip roadmap, which aims to double computing power annually to meet the growing demands of AI [4][5] - The report indicates that the self-sufficiency rate of domestic computing chips in China is expected to reach 82% by 2027, driven by policy guidance and performance improvements [7] - The report suggests focusing on the computing power supply chain, including various companies across different segments such as Huawei, Alibaba, and Baidu, which are leading the charge in domestic chip development [9] Summary by Relevant Sections Industry Basic Situation - The closing index for the computer industry is 5648.76, with a 52-week high of 5841.52 and a low of 2855.49 [1] Recent Developments - Huawei plans to launch several new Ascend chip products between 2026 and 2028, enhancing AI computing capabilities [4][5] - Alibaba's AI computing card has been showcased as outperforming NVIDIA's A800 in several hardware parameters [6] - Baidu's Kunlun chip has secured significant orders, indicating strong market demand for domestic AI computing solutions [6] Investment Recommendations - The report recommends monitoring various supply chains related to computing power, including companies like Huawei, Alibaba, and others across different technology segments [9]

Group 1 - Huawei announced the development roadmap for its Ascend series, planning to launch multiple chips including Ascend 950PR, 950DT, 960, and 970 between Q1 2026 and Q4 2028 [1] - The company is developing large-scale supernodes such as Atlas 950 SuperCluster and Atlas 960 SuperCluster, expected to support 8192 and 15488 cards, respectively, with launches planned for Q4 2027 and Q4 2028 [1] - Huawei introduced the world's first computing supernode with a maximum of 16 nodes and 48TB memory, expected to be launched in Q1 2026 [1] Group 2 - CITIC Securities emphasized that advanced process capacity is fundamental for domestic computing power, with the iteration and expansion of advanced processes being crucial for the continuous product iteration and volume of Ascend [2] - The acceleration of domestic computing power shipments, represented by Ascend, is expected to drive increased demand for advanced processes, leading to a potential rise in domestic computing power market share [2] - The company is expected to lead the domestic AI chip development with annual iterations of Ascend, focusing on the differentiation and cost-effectiveness of domestic computing power as a breakthrough path [2]

中信证券表示，2025年9月18日，华为全联接大会召开，公司首次明确披露昇腾系列AI芯片规划，预计 2026年Q1推出昇腾950PR，Q4推出昇腾950DT，2027、2028年Q4分别推出昇腾960、970；超节点方 面，华为开创的灵衢新型互联协议，支撑万卡超节点架构，灵衢2.0技术规范现已开放，公司正开发 Atlas 960 SuperCluster等大规模超节点新品。当前以昇腾为代表的国产算力加速迭代，中信证券认为自 主可控趋势已成，建议重视华为昇腾链投资机遇，推荐昇腾链硬件龙头。 华泰证券：降息落地后金价短期或承压 长期配置价值不变 华泰证券表示，美联储9月FOMC会议如期降息25个基点，点阵图显示年内还将降息50个基点，符合市 场预期。短期由于降息利好已被充分定价，黄金可能面临"卖事实"的回调压力。本次降息属于预防式降 息，参考2024年9月降息后的情况，金价可能在降息之后一定时间形成"阶段性"顶部。华泰证券认为中 长期黄金配置价值不变，一方面，联储在经济上调、通胀粘性的背景下仍延续降息路径，叠加市场对 2026年鲍威尔任期结束后联储可能更宽松的预期，长期美经济滞胀的隐忧仍在。另一方面，在全球格局 ...

今日导读 ·上交所发布情况通报称，天普股份近期多次出现异常波动情形，公司已多次发布风险提示公告，提请 广大投资者审慎投资，注意投资风险。部分投资者在交易该股过程中存在影响市场正常交易秩序、误导 投资者交易决策的异常交易行为，上交所依规对相关投资者采取了暂停账户交易等自律监管措施。 ·英伟达宣布，将斥资50亿美元入股英特尔，并将联合开发多代定制化数据中心及个人电脑（PC）产 品。 ·上海市经济和信息化委员会印发《上海市促进高成长企业加快发展管理实施细则（征求意见稿）》。 上证精选 ·近一个月来，机构密集调研消费电子板块，其中蓝思科技、立讯精密、领益智造等公司机构来访量超 过100次。8月以来，消费电子主题ETF净申购额近20亿元。工银瑞信基金表示，消费电子进入新品密集 发布期，产业链进入旺季量产高峰，盈利预期逐步上修。 ·第二批14只科创债ETF集中成立，发行规模超400亿元。已上市的首批10只科创债ETF规模呈现爆发式 增长，截至9月17日，首批10只科创债ETF规模合计为1255.21亿元，较成立之初增加900多亿元。 上证聚焦 ○美联储重启降息机构火线解读 ·国家卫生健康委办公厅、财政部办公厅印发《育儿补 ...

Group 1: Federal Reserve and Market Reactions - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [2] - The market response was mixed, with U.S. stocks closing unevenly, gold prices fluctuating, and the dollar index experiencing volatility [2] - Analysts suggest that while the Fed has restarted rate cuts, it has not entered a rapid reduction phase, leaving future rate cut paths uncertain [2] Group 2: Currency and Investment Trends - The offshore RMB strengthened past 7.1, reaching an 11-month high, indicating a potential long-term appreciation cycle for RMB assets [2] - Southbound capital inflows into Hong Kong stocks exceeded 110 billion HKD, with internet leading companies attracting significant investment [2] - The Hang Seng Tech Index broke through the previous resistance level, reaching a four-year high of 6300 points [2] Group 3: Stock Market Dynamics - A-shares experienced a significant pullback after an initial surge, with the Shanghai Composite Index dropping 1.15% [2] - Over 4,300 stocks retreated, and trading volume exceeded 3.16 trillion yuan, indicating profit-taking behavior among investors [2] - The market is showing a strong sentiment for consecutive gains, but the weakening of heavyweight stocks is hindering index growth [2] Group 4: Corporate Developments - NVIDIA announced a $5 billion investment in Intel to jointly develop PC and data center chips, causing Intel's stock to surge over 30% [3] - This partnership may pose a threat to competitors like TSMC and AMD, potentially reshaping the semiconductor industry landscape [3] - Ten companies have pre-released their Q3 earnings forecasts, with eight expecting profit increases, signaling positive industry trends [4][5] Group 5: Cryptocurrency and Regulatory Changes - The U.S. approved its first Dogecoin ETF, marking a significant milestone for cryptocurrency ETFs [5] - Analysts predict that many of the 90 to 100 pending cryptocurrency ETF applications will likely be approved, despite concerns over the fundamental value of meme coins [5] Group 6: Corporate Restructuring and Strategy - *ST Nan Zhi announced plans to sell nearly 200 billion yuan in assets for just 1 yuan to shift towards a lighter asset model amid financial struggles [5] - Huawei unveiled its chip roadmap, aiming to enhance domestic computing power competitiveness with new product launches planned over the next three years [5]

Market Overview - The three major indices experienced a rapid rise followed by a quick decline, with the Shanghai and Shenzhen markets recording a trading volume of 3.135 trillion, an increase of 758.4 billion compared to the previous trading day, marking the third highest volume of the year [1] - By the close, the Shanghai Composite Index fell by 1.15%, the Shenzhen Component Index by 1.06%, and the ChiNext Index by 1.64% [1] Semiconductor Sector - The semiconductor sector showed strength, with a notable rise in the Semiconductor Equipment ETF (159516) which increased by 4% after a brief pullback, and the Sci-Tech Chip ETF (589100) which rose by 2.28% [1] - Recent positive developments in the semiconductor sector include SMIC testing a 28nm deep ultraviolet lithography machine from a Shanghai startup, which could signal significant advancements in domestic semiconductor manufacturing [3] Huawei's AI and Chip Development - Huawei announced its AI computing power roadmap at the Huawei Connect Conference, projecting a doubling of computing power every year, with the Ascend 950PR chip expected to launch in Q1 2026 [2] - The company has deployed over 300 Atlas 900 supernodes, serving more than 20 clients, indicating strong demand for its AI infrastructure [2] Regulatory Environment - Nvidia is under investigation by China's market regulator for potential violations of antitrust laws, which has impacted its sales in China this year [3] - The semiconductor industry is expected to improve, paving the way for increased domestic production capabilities, particularly in light of challenges faced by foreign competitors like Nvidia [3] Investment Opportunities - Investors are encouraged to focus on both North American and domestic computing power to mitigate geopolitical risks, with various ETFs representing these sectors [4] - The Hong Kong stock market is expected to benefit from the US Federal Reserve's recent interest rate cuts, which historically correlate with positive performance in the technology sector [5][6] Technology Sector in Hong Kong - The Hong Kong technology sector, often referred to as the "Silicon Valley of the East," includes key Chinese tech assets and has shown significant growth potential [7] - The Hong Kong Technology ETF (513020) represents a balanced investment across various tech industries, including internet, new energy vehicles, chips, and biomedicine, indicating strong overall investment value [7]

记者丨倪雨晴李益文 编辑丨骆一帆 叶映橙 视频丨杨浩凯 9月18日，华为全联接大会（HC 2025）拉开帷幕，华为副董事长、轮值董事长徐直军在50分钟的演讲中，罕见地详细公开了华为的AI算力版图。 华为算力概念多股上涨，烽火通信直线涨停 受上述消息影响，华为算力概念午后上扬。截至收盘，烽火通信（600498.SH）涨停，兴图新科（688081.SH）涨超10%，星环科技（688031.SH）、信安 世纪（688201.SH）、大华股份（002236.SZ）涨超5%，神州数码（000034.SZ）、高新发展（000628.SZ）等个股跟涨。 （华为轮值董事长徐直军发表主题演讲，图源：华为） 围绕算力核心，徐直军首次完整公布了昇腾芯片未来三年的迭代路线：从2026年一季度即将推出的Ascend 950系列，到2027年的Ascend 960，再到2028年 的Ascend 970，几乎以"一年一代算力翻倍"的速度推进。 他详述了950系列在低精度数据格式、向量算力、互联带宽以及自研HBM等方面的突破，并明确芯片硬件持续演进、CANN编译器及Mind工具链全面开 源、openPangu基础大模型开放等四大承诺，以回 ...

智通财经9月18日讯，三大指数冲高快速回落。沪深两市成交额3.135万亿，较上一个交易日放量7584 亿，创年内第三。盘面上个股普跌，全市场超4300只个股下跌。从板块来看，机器人板块延续强势，首 开股份回封涨停，走出12天11板，景兴纸业、均胜电子3连板。低价股表现活跃，香江控股、山子高 科、上海建工5连板。芯片产业链持续活跃，中芯国际创历史新高。下跌方面，有色金属板块大跌，晓 程科技大跌。截至收盘，沪指跌1.15%，深成指跌1.06%，创业板指跌1.64%。 板块方面 板块上，旅游酒店全天震荡走高涨幅居前，云南旅游、曲江文旅涨停，西藏旅游、西安旅游、华天酒 店、丽江股份等个股涨幅居前。 消息面上，今年国庆假期恰逢中秋节，长达八天的"超级黄金周"激发了多样化出行需求。携程9月17日 发布的2025国庆旅游趋势预测报告显示，截至目前，该平台国庆假期跨省游订单量同比增长45%。 从市场的角度来看，在午后指数跳水的过程中酒店旅游方向逆势走强，反映出该方向符合目前市场高低 切的审美。故若后续高位科技方向持续调整的话，旅游酒店乃至真整个大消费方向有望获得更多资金的 回流。 半导体、芯片产业链持续活跃，永新光学涨停，中 ...