欧美股市揭竿而起止跌反弹，出现了明显的再度拉升迹象，这将会带动全球金融市场再度走牛！A股市场的强势，已经在海外市场的中概股大幅上涨中表现 得淋漓尽致，这也说明A股市场在走独立行情的同时，也受到了海外资金的青睐。周末消息面上提到了"银行存款搬家到A股市场"的相关言论，要是真的实 现将会出现日成交4万亿的市场，超过2015年高点都是很正常的事情。不过目前反弹还是缩量明显，市场有可能会维持在2.2万亿到2.8万亿元之间，接下来依 然是各凭本事赚钱的时代。 骑牛看熊发现《稀土开采和稀土冶炼分离总量调控管理暂行办法》发布，工信部等三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》，办法规 定国家对稀土开采和稀土矿产品的冶炼分离实行总量调控管理；稀土生产企业应当在获得的总量控制指标范围内从事稀土开采和稀土冶炼分离；明确各相关 部委及地方政府相关部门的职责分工。办法同时对总量控制指标下达程序、总量控制指标执行及监督检查和法律责任作出规定。建议关注上游稀土资源企业 的供需边际好转，一方面是供给收缩预期的强化，另一方面是出口管制放松带来的需求边际增量，相关稀土资源企业有望受益稀土资源价格上涨带来的机 会。 三大指数集体高 ...

被视为A股标杆的寒武纪刷屏！ 8月25日早盘，寒武纪再度大涨，最高价一度冲至1391元/股。高盛发布研报称，随着寒武纪股价达到此前设定的1223元/股目标价，基于以下三点将其目标价进一步 上调50%至1835元/股。高盛曾在600元/股附近时推荐过该股。 1.中国云服务商增加资本支出：腾讯8月中旬宣布2025年第二季度资本支出同比增长119%，高盛预测2025—2026财年资本支出将上调23%、17%至同比增长 86%、13%。 2.芯片平台多元化：深度求索8月底推出的V3.1版本专为新一代国产芯片定制，帮助客户在关税不确定性和数据安全担忧下降低单一供应链风险。 3.寒武纪通过非公开发行进行的研发投资于8月中旬获上交所批准。寒武纪计划未来三年投入450亿元（62.8亿美元）用于AI芯片及软件开发，年均投入150亿 元（2024年研发支出为120亿元），彰显公司对研发和生成式 A1的坚定投入。8月中旬中国信通院宣布8家企业通过深度求索兼容性测试，寒武纪位列其中， 这再次印证了高盛对其强大研发能力的积极看法。 寒武纪亦是连续刷屏。一方面是网络流传牛散章建平在该股大赚数亿元，不过，这一信息是否属实，仍未可知，章建平 ...

科创50ETF景顺（588950）紧密跟踪上证科创板50成份指数(000688.SH)，指数由上交所科创板中市值 大、流动性好的50只证券组成，反映最具市场代表性的一批科创企业的整体表现。场外联接基金：A： 021484，C：021485。 科创综指ETF景顺（589890）紧密跟踪上证科创板综合价格指数(000681.SH)，反映上海证券交易所科创 板上市公司证券的整体表现。场外联接基金：A：023723，C：023724。 值得一提的是，高盛上调寒武纪目标价50%至1835元。寒武纪2024年实现营收11.7亿元，同比增长 65.56%，今年第一季度营收更是激增至11.1亿元，同比增长超42倍。 而含"寒"量较高的科创板相关指数ETF同样表现强势。截至2025年8月25日 10:24，科创50ETF景顺 (588950)上涨4.03%；科创综指ETF景顺(589890)上涨3.19%。 中原证券表示，2025年上半年，技术创新推动国产大模型崛起，AI应用大规模落地，AI眼镜新品发 布，智驾平权开启全民智驾时代，具身智能机器人进入量产阶段。半导体行业延续复苏，自主可控需求 增强。下半年，AI算力需求旺盛，云 ...

Group 1 - The AI industry chain continues to experience significant growth, with the "AI twins" reaching new highs, particularly the AI-focused ETFs [1] - The ChiNext AI ETF (159363) surged over 3% at the opening, with a real-time transaction amount exceeding 1.7 billion yuan, indicating strong market interest [1] - The Sci-Tech Innovation AI ETF (589520) saw an intraday increase of nearly 7%, further establishing its record high [1] Group 2 - The leading domestic AI chip company, Cambricon, reached a 20% limit-up, with its market capitalization surpassing 550 billion yuan, ranking second in A-shares [1] - Cambricon's stock price breakthrough is seen as a victory for domestic substitution policies and reflects market confidence in the AI computing revolution [1] - The performance of Cambricon is expected to significantly impact the semiconductor industry's dynamics in China over the next decade [1] Group 3 - The Sci-Tech Innovation AI ETF (589520) has a strong focus on the semiconductor sector, with nearly half of its top ten holdings in this industry, indicating a high offensive characteristic [2] - The ChiNext AI ETF (159363) is the first ETF tracking the ChiNext AI index, with approximately 70% of its portfolio allocated to computing power and 30% to AI applications [2] - The ChiNext AI ETF has achieved a new scale of over 3 billion yuan in average daily trading volume over the past month, ranking first among six ETFs tracking the ChiNext AI index [2]

科大讯飞 20250822 摘要 科大讯飞上半年经营基本面显著改善，销售回款同比增长 14.99%至 103 亿元，现金流虽仍为负，但亏损额大幅收窄，全年现金流预期乐观， 显示出公司良好的财务恢复能力。 C 端业务成为科大讯飞主要增长引擎，上半年增长 38%，其中学习机收 入翻番贡献显著。G 端业务在一线大区中标合同额增长 91%，商机储备 增加 30%以上，表明市场拓展成效显著。 科大讯飞应收账款风险可控，销售回款率持续提升，从 2022 年的 93% 增至 2024 年的 98.14%，显示出公司良好的收款能力和风险管理水平。 科大讯飞持续加大研发投入，上半年研发投入同比增长 9.2%至 23.9 亿 元，占营收比重 21.92%，主要用于星火大模型核心技术、行业应用产 品研发及市场推广，巩固先发优势。 星火大模型综合能力保持业界第一梯队水平，并通过全国产算力实现深 度推理，在高考作文测试中表现出色，位列六家主流大模型之首，展现 了其技术领先性。 Q&A 科大讯飞 2025 年上半年财务表现如何？ 2025 年上半年，科大讯飞实现营收 109 亿元，同比增长 17%，回款 104 亿 元。公司首次在上半年 ...

Summary of Key Points from the Conference Call Industry Overview - The domestic computing power demand is benefiting from the intensifying US-China tech rivalry and the strategy of self-sufficiency, with AI chips becoming a key area of focus. The entire industry chain's self-manufacturing capability has been established, from AI chips to foundry bases, packaging, and PCB boards [1][6][10]. Market Demand and Growth - The total demand for domestic AI chips is projected to reach approximately 500 billion RMB by 2026, with an industry growth rate of at least 30%, potentially leading to the emergence of trillion-yuan market cap leading companies. Currently, the supply of domestic H20 chips is around 500,000 to 600,000 units, with a domestic substitution rate of about 30% [1][8][9]. Technological Advancements - Domestic chips have made significant technological progress, achieving about 90% of the performance of H100 chips. The single-card performance is now sufficient for training, and an ecosystem is beginning to be built [1][10]. The Cambrian 690 is recognized as the strongest domestic AI computing card, capable of reaching 900T computing power under FP16 precision, with no immediate competitors [1][15]. Key Manufacturing Aspects - Attention should be paid to the expansion and yield improvement in the chip foundry segment, as well as the mass supply of advanced packaging technology (Cross L). The PCIe interconnect is another critical area, currently with almost zero domestic production, but some startups are expected to begin mass supply in the second half of this year [1][11][12]. Market Dynamics and Company Insights - The domestic PCIe 4.0/5.0 switch market is dominated by Speed Technology, with a projected market size of approximately 30 billion USD in the next three to five years, maintaining a market share of 60-70% [4][18]. ZTE has undergone significant changes, with expected mobile phone sales and revenue growth, projecting a total profit of nearly 20 billion RMB next year [4][19]. Impact of H20 Chip Events - The H20 chip supply situation has been affected by scrutiny from China on NVIDIA and H20, reflecting the ongoing negotiations in US-China trade talks. China aims to purchase higher-end chips rather than lower-performance H20 chips, indicating a strategic shift in the semiconductor supply chain [5][9]. Future Projections - The supply of domestic H20 chips is expected to double or even triple by next year due to advanced process expansion and yield improvements. The quarterly growth for individual stocks is projected to be three to four times [9][19]. The overall domestic capital expenditure is expected to align with the recovery of chip supply and the increase in high-end chip supply from the US [6][7]. Investment Opportunities - Companies like Cambrian and Speed Technology are highlighted as key investment opportunities due to their strong market positions and growth potential. Cambrian's collaboration with packaging firms and the expected increase in domestic chip production capacity position it favorably in the market [15][17][19].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [2][16]. Core Insights - The domestic AI computing chip market is projected to reach nearly $50 billion, with a significant push towards localization and self-sufficiency in chip production, driven by both supply constraints and increasing domestic demand [6][10]. - The semiconductor industry is experiencing robust growth, particularly in segments related to AI chips, with notable performance from domestic companies such as Cambricon, Haiguang Information, and Xinyuan Semiconductor [6][10]. - The report emphasizes the importance of the entire computing power supply chain, including GPU/ASIC, networking chips, storage, and EDA, highlighting the potential for significant investment opportunities in these areas [10][11]. Industry Overview - The semiconductor industry index has seen a substantial increase of 20.6% since early August 2025, outperforming the broader market indices [6]. - The domestic semiconductor market is characterized by a high concentration of market share among a few key players, particularly in the Ethernet switch and PCIe switch segments, indicating a strong oligopolistic structure [6][7]. - The report identifies a growing trend towards the localization of semiconductor manufacturing, with domestic companies increasingly filling gaps left by foreign suppliers [10][11]. Market Segmentation - **GPU/ASIC**: Key players include Haiguang Information, Cambricon, and Xinyuan Semiconductor, which are positioned to benefit from the increasing demand for domestic AI chips [11]. - **Networking Chips**: Companies such as ZTE, Shengke Communication, and Lianqi Semiconductor are highlighted for their roles in the growing networking chip market [11]. - **Storage**: Domestic storage manufacturers are actively expanding their product lines, with companies like Jiangbolong and Demingli making significant strides in enterprise-level storage solutions [10][11]. - **EDA/IP**: The report notes that domestic EDA companies like Huada Jiutian are crucial for supporting the development of advanced semiconductor processes [10][11]. Investment Recommendations - The report suggests focusing on companies within the computing power supply chain, particularly those involved in GPU/ASIC, networking chips, storage, and EDA, as they are expected to benefit from the ongoing shift towards domestic chip production [10][11]. - Specific companies to watch include: - **GPU/ASIC**: Haiguang Information, Cambricon, Xinyuan Semiconductor [11] - **Networking Chips**: ZTE, Shengke Communication, Lianqi Semiconductor [11] - **Storage**: Jiangbolong, Demingli [11] - **EDA/IP**: Huada Jiutian, Gai Lun Electronics [11]

Investment Rating - The report maintains a positive outlook on AI-PCB and core computing hardware, as well as the Apple supply chain and industries benefiting from AI-driven and self-controlled trends [4][32]. Core Insights - The release of DeepSeek V3.1 model enhances mixed reasoning capabilities, significantly improving efficiency and reducing token consumption by 20-50%, which is favorable for domestic computing chip development [4][32]. - The demand for AI computing hardware remains strong, with expectations for robust growth in the second half of the year, particularly in AI-PCB and related sectors [4][32]. - The semiconductor industry is experiencing a trend of upward demand, driven by AI applications and the need for advanced computing solutions [24][32]. Summary by Sections 1. Industry Overview - The report highlights the strong demand for AI computing hardware and the positive impact of DeepSeek's advancements on domestic chip manufacturers [4][32]. - The PCB industry is expected to maintain high growth due to increased demand from automotive and industrial control sectors, alongside AI applications [7][32]. 2. Key Segments - **Consumer Electronics**: The introduction of innovative products like the影翎 Antigravity A1 drone is expected to enhance market competitiveness and consumer engagement [5]. - **PCB**: The PCB industry is experiencing a significant uptrend, with expectations for continued high demand driven by AI and automotive sectors [7][32]. - **IC Design**: The storage segment is projected to see upward trends due to increased demand for high-capacity products driven by AI applications [21][32]. 3. Company Focus - Key companies to watch include 生益科技, 寒武纪, 海光信息, and others that are positioned to benefit from the growth in AI-PCB and computing hardware sectors [32]. - The report emphasizes the importance of monitoring earnings reports from major players like NVIDIA and Broadcom for insights into future demand [4][32]. 4. Market Trends - The semiconductor equipment market is expected to grow significantly, with a projected increase in capital expenditures from major cloud computing firms [34][32]. - The report notes that the demand for advanced packaging and semiconductor materials is on the rise, driven by geopolitical factors and the need for self-sufficiency in the semiconductor supply chain [24][32].

Core Viewpoint - The article emphasizes the optimistic outlook for the North American CSP Capex progress since 2025, highlighting the increasing importance of domestic computing power chip companies amid supply constraints and the need for self-sufficiency in China [2][4]. Group 1: Semiconductor Industry Trends - The semiconductor industry index has seen a significant increase, with the semiconductor sector rising by 20.6% since early August 2025, outperforming the broader market indices [2]. - The digital chip design sector, led by companies like Cambricon and Haiguang Information, has contributed to this growth with a 28.2% increase in the same period [2]. Group 2: Domestic Computing Power Chip Market - The domestic AI computing power chip market is projected to reach nearly $50 billion, with increasing demands for domestic alternatives due to limited sales of foreign special edition chips [4]. - Companies like Huawei Ascend, Cambricon, and Haiguang Information are providing domestic alternatives to meet the rising demand from internet companies and operators [4]. Group 3: Networking Chips - Ethernet switch chips and PCIe switch chips are identified as core products in the networking and computing sectors, with high demand driven by AI applications [5]. - The high-end Ethernet switch market is dominated by Broadcom and Marvell, while domestic companies are actively developing their products to capture market share [5]. Group 4: Optical Chips - The article notes a significant supply gap in the global market for optical chips, particularly in North America, due to slow expansion by local manufacturers [6][7]. - Domestic manufacturers are leveraging cost advantages and rapid technological iterations to penetrate the high-growth optical market [7]. Group 5: Storage and Power Supply Chips - Domestic storage module manufacturers are advancing in enterprise-level storage solutions, with companies like Jiangbolong and Baiwei Storage entering the supply chains of major cloud service providers [8]. - The power supply sector is undergoing transformation, with a shift towards high-density architectures and increased use of third-generation semiconductors [8]. Group 6: Foundry and Equipment - Domestic foundry leaders are expected to benefit from the trend towards self-sufficiency, with companies like SMIC focusing on advanced process lines [9]. - Semiconductor equipment manufacturers are experiencing positive growth due to increased demand for advanced logic and storage solutions [9]. Group 7: Packaging and Testing - Domestic packaging and testing companies are gaining recognition for their advanced capabilities, particularly in CoWoS packaging, which is crucial for supporting domestic GPU chips [10]. - Collaborations between domestic packaging firms and GPU companies are expected to deepen, enhancing the local semiconductor ecosystem [10]. Group 8: PCB/CCL Market - The domestic PCB and CCL manufacturers are rapidly expanding their market share in high-end segments, driven by the demand for AI computing power chips [11]. - Companies like Shenghong Technology and Shengyi Technology are positioned to benefit significantly from the growth of domestic computing power chip production [11]. Group 9: EDA Market - EDA is identified as a critical bottleneck in the semiconductor supply chain, with domestic companies like Huada Jiutian making strides in integrating their products with leading chip design firms [12]. - The domestic EDA market is expected to see continued growth as companies expand their business through acquisitions [12]. Group 10: Investment Recommendations - The article suggests a long-term focus on domestic computing power and self-sufficiency within the semiconductor sector, with potential beneficiaries including GPU, ASIC, and networking chip companies [13].

Core Viewpoint - The launch of the new generation of Pinyuan AI integrated machine (PYD20 series) by Pingao Co., Ltd. marks a significant advancement in China's AI computing power industry, emphasizing "independent control" and "high-performance implementation" [2][4]. Group 1: Product Features - The PYD20 series features the Jiangyuan new generation D20 chip, achieving a single card computing power of 320 TOPS and integrating 256GB of large-capacity video memory, with significantly reduced power consumption compared to the previous generation [3]. - The PYD20-MAX integrated machine, designed with a high-density PCIe-SW architecture, can accommodate 16 D20 chips, achieving a total computing power of 5 PetaOPS and a memory capacity of 4 Terabytes, doubling the computing power and quadrupling the memory capacity compared to the PYD10 [3]. - The PYD20 series supports the DeepSeek V3.1 large model (685 billion parameters) and is fully compatible with various mainstream CPUs and domestic operating systems, allowing for complete local deployment and data security [4]. Group 2: Market Impact - The introduction of the PYD20 series is expected to lower the total cost of ownership (TCO) for enterprises significantly and facilitate the adoption of large models from leading companies to small and medium-sized enterprises [4]. - The first batch of orders for the PYD20 series will prioritize delivery to key sectors such as government, special operations, telecommunications, and intelligent manufacturing, indicating strong market demand [4].