【导读】房地产板块异动拉升，半导体概念股走强 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 9月24日开盘，A股三大指数集体低开，随后震荡拉升。截至发稿，沪指涨0.24%，深成指跌 0.19%，创业板指跌0.42%。 | 上证指数 | 深证成指 | 北证50 | | | --- | --- | --- | --- | | 3831.11 | 13095.03 | 1562.44 | | | +9.28 +0.24% | -24.79 -0.19% | +14.99 +0.97% | | | 科创50 | 创业板指 | 万得全A | | | 1424.61 | 3101.48 | 6209.85 | | | +17.31 +1.23% | -13.08 -0.42% | +7.25 +0.12% | | | 沪深300 | 中证500 | 中证A500 | | | 4522.99 | 7191.16 | 5452.23 | | | +3.22 +0.07% | +10.45 +0.15% | +6.22 +0.11% | | | 中证1000 | 深证100 | 中证红利 | | | 7412.65 ...

消息面上，半导体硅片涨价预期愈演愈烈，海外环球晶圆、胜高、合晶、世创等公司股价近期大幅上涨。东莞证券近期研报指出，一方面，政策 强力向算力芯片国产化方向倾斜，另一方面，字节、阿里、腾讯等云厂商陆续上修资本开支，且积极适配主流国产芯片。据报道，阿里巴巴、百 度已开始采用内部自主设计的芯片训练AI大模型，以取代英伟达的部分芯片，国产算力生态有望加速构建。除AI算力芯片外，先进制程晶圆代 工、存储、先进封装等环节也有望受益。 （原标题：港股异动 | 芯片股表现活跃 中芯国际(00981)涨超3%再创新高 宏光半导体(06908)涨近2%） 智通财经APP获悉，芯片股表现活跃，截至发稿，ASMPT(00522)涨6.33%，报84港元；中芯国际(00981)涨3.37%，报75.05港元；宏光半导体 (06908)涨1.72%，报0.59港元；华虹半导体(01347)涨0.82%，报61.4港元。 ...

芯片股表现活跃，截至发稿，ASMPT(00522)涨6.33%，报84港元；中芯国际(00981)涨3.37%，报75.05 港元；宏光半导体(06908)涨1.72%，报0.59港元；华虹半导体(01347)涨0.82%，报61.4港元。 消息面上，半导体硅片涨价预期愈演愈烈，海外环球晶圆、胜高、合晶、世创等公司股价近期大幅上 涨。东莞证券近期研报指出，一方面，政策强力向算力芯片国产化方向倾斜，另一方面，字节、阿里、 腾讯等云厂商陆续上修资本开支，且积极适配主流国产芯片。据报道，阿里巴巴、百度已开始采用内部 自主设计的芯片训练AI大模型，以取代英伟达的部分芯片，国产算力生态有望加速构建。除AI算力芯 片外，先进制程晶圆代工、存储、先进封装等环节也有望受益。 ...

每经编辑｜吴永久 周二，大盘出现大幅震荡，走出了长下影线，个股涨少跌多，收盘，1107只个股上涨，4266只个股下跌。沪指跌0.18%，收报3821.83点。沪深两市成交额 达到24944亿元，较周一放量3729亿元。 盘面上，半导体测试板块领涨。消息面上，英伟达拟向OpenAI投资至多1000亿美元，共建10吉瓦AI数据中心。在此消息刺激下，英伟达产业链股票高开 低走。 在每日经济新闻App举办的掘金大赛中，第74期比赛正在火热进行中，目前选手们踊跃报名入场，多位选手抓住了行情机会。大赛为模拟炒股，模拟资金 50万元。报名时间为9月13日至9月30日，比赛时间为9月15日至9月30日。正收益就获奖，报名就拿福利！周周发奖金，月月有大奖！ | | 大赛风云榜 | | ? | | --- | --- | --- | --- | | 日榜 | 总榜 周榜 | 选股胜率榜 | 最大回 | | | 没考虑呢 | | 52.79% > | | | giao子 | | 38.06% > | | 3 | 毛毛虫 | | 37.58% | | 4 | 月光 | | 34.58% | | 5 | 每经网友 | | 33.09% ...

Core Viewpoint - The AI toy brand "Yue Ran Innovation" has secured 200 million yuan in Series A financing, becoming the most funded company in the AI toy sector, attracting significant investment interest similar to the "Bubble Mart" phenomenon [1][4]. Company Overview - "Yue Ran Innovation" was founded by Li Yong, a former marketing director at Smartisan Technology, and has quickly gained recognition in the AI toy market since its inception in 2021 [4]. - The company's flagship product, BubblePal, launched in July 2023, has sold over 250,000 units, generating approximately 100 million yuan in revenue [5]. Product Features - The current AI toys integrate advanced AI models, enabling them to engage in conversations, recognize emotions, and understand tones, providing companionship beyond simple interactions [3][4]. Market Dynamics - The AI toy industry has attracted nearly a hundred investment firms, including major players like Sequoia, ByteDance, and JD, indicating a strong market interest [7]. - The business model primarily involves selling hardware alongside backend subscription services, which enhances revenue potential [8]. Profitability - The gross margins for AI toys are notably high, with products like BubblePal achieving margins between 50% to 65%, and premium products reaching up to 90% [9][10]. Industry Challenges - Despite the apparent success, many startups in the AI toy sector face significant challenges, including low product retention rates and severe price competition, leading to rapid price declines [12][14]. - The industry is characterized by a high failure rate, with many companies unable to sustain operations, highlighting the need for strong intellectual property and content to differentiate products [16]. Market Potential - The global market for AI toys is projected to reach $224.75 billion by 2034, with a compound annual growth rate of 20.48%, indicating substantial growth potential despite the current challenges [16].

Market Overview - On September 24, 2023, the A-share market experienced a historic surge following the release of a series of policy measures, with the Shanghai Composite Index rising by 1000 points in just a few trading days, marking the beginning of the current bull market [1] - As of the anniversary, several indices, including the Chuanpan Index, Sci-Tech 50, North Exchange 50, and Micro Index, have seen gains exceeding 100% [1] Sector Performance - The bull market has been characterized by a rotation among sectors such as robotics, semiconductors, and innovative pharmaceuticals, leading to a structural bull market [2] - The total market capitalization of A-shares has surpassed 100 trillion yuan, with the electronic sector's market cap historically exceeding that of the banking sector, establishing it as the new market leader [2] - Over 1,000 stocks have doubled in value, with significant gains observed in sectors like machinery, electronics, power equipment, computers, automotive technology, chemicals, and biomedicine [2] Stock Characteristics - Stocks that have doubled in value typically have small market capitalizations, often below 5 billion yuan, and are associated with clear themes such as robotics, semiconductors, and innovative pharmaceuticals [3] - The market has seen a shift in the top five companies by market capitalization on the ChiNext board, moving from traditional sectors like banking and oil to new economy sectors like electronics and biomedicine [3] Investment Trends - There is a gradual shift of domestic savings towards the capital market, with foreign investment sentiment towards A-shares becoming increasingly positive [3] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, predicting an 8% and 3% upside respectively over the next 12 months, driven by liquidity and inflation expectations [3] Regulatory Developments - The Chinese government has emphasized the importance of capital markets in supporting technological innovation, with over 90% of newly listed companies being tech-related [4] - The total market value of long-term funds held in A-shares has increased by 32% compared to the end of the 13th Five-Year Plan, reaching approximately 21.4 trillion yuan [4] Future Outlook - The regulatory framework for the capital market has been strengthened, focusing on long-term investment policies and enhancing cross-border investment convenience [5] - The market is expected to continue its upward trend, with a potential duration of two to four years for the current bull market, encouraging investors to maintain confidence and patience [7]

Group 1 - The event showcased advancements in network security technology, emphasizing a shift from passive defense to intelligent perception and proactive protection [1][2] - The exhibition featured various innovative applications, including a drone detection and countermeasure system developed by China Telecom, which utilizes AI algorithms for comprehensive control over drone activities [1] - Ant Group introduced the "gPass" framework for secure connections through smart glasses, integrating biometric authentication methods to enhance user experience and security [2] Group 2 - The event highlighted the importance of network security in protecting public interests, with numerous new technologies addressing real-life security needs [2] - Interactive experiences at the exhibition attracted significant public interest, including AI-powered government assistants and tools for detecting AI-generated content [2] - The event aimed to make network security awareness more relatable to the public through engaging displays and case studies [2]

Core Viewpoint - The company is set to become the first automaker in China to achieve a production and sales milestone of 30 million vehicles, with a promotional journey across three cities to celebrate this achievement [1][3][20] Group 1: Historical Significance - FAW-Volkswagen has played an irreplaceable role in the Chinese automotive landscape, introducing iconic models like the Jetta and Golf, which significantly contributed to the popularization of automobiles in China [3] - Since the first Jetta A2 rolled off the production line in 1991, the company has seen rapid growth, reaching 10 million units in 2014, 20 million in 2020, and is projected to hit 30 million by 2025 [3] Group 2: Quality Assurance and Safety - The company emphasizes high safety standards, as demonstrated by a recent incident where an Audi A4L survived a severe accident due to its robust structural design [7][9] - FAW-Volkswagen's vehicles average a C-NCAP score close to 90%, with over 90% of models achieving a five-star rating, significantly surpassing industry averages [9] - The company has invested 320 million yuan in its quality assurance center, which spans 16,000 square meters and houses 1,780 testing devices, capable of conducting over 400 testing projects [12] Group 3: Technological Advancements - The company employs advanced technologies such as AI and machine vision to enhance production quality, ensuring precise monitoring of critical assembly processes [11][15] - A comprehensive digital monitoring system covers every production station, allowing real-time quality checks and parameter adjustments to prevent deviations [13] Group 4: Marketing and Customer Engagement - FAW-Volkswagen has initiated a marketing transformation called the "1511" strategy, focusing on collaboration between product teams and enhancing customer engagement through a new customer operations department [16][19] - The new marketing approach integrates various functions from market analysis to after-sales service, aiming to improve response efficiency and customer satisfaction [19] Group 5: Future Outlook - The company is poised for further growth and innovation as it approaches the 30 million vehicle milestone, with expectations for new stories and developments in the automotive sector [20]

近日，智能音箱市场的低迷现状引发广泛关注。 智能音箱市场的复苏之路充满挑战，AI大模型虽带来一定变革，但要真正实现智能音箱的"逆袭"，不仅 需解决技术融合问题，更要打破智能家居生态碎片化困局，提升内容服务质量。未来，智能音箱市场走 向何方，仍有待时间检验。 此外，隐私泄露问题也给智能音箱市场蒙上阴影，如辽宁本溪民宿智能音箱录制住客隐私视频，涉事的 小度智能屏产品官方就此事予以否认，但仍加剧了消费者的担忧。 智能音箱市场头部化愈发严重，小米、百度（小度）、天猫精灵三大品牌合计份额长期保持在90%以 上，2025年第一季度更是高达96.5%，但头部玩家也未能摆脱销量下滑困境。 面对困境，AI大模型成为智能音箱厂商眼中的"救命稻草"。中国主流智能音箱厂商纷纷布局，小米音箱 多款设备已全量推送基于大模型的小爱同学；百度旗下小度智能音箱MatePro，依托文心大模型和 DUEROS系统，实现AI随心问答、陪伴聊天及方言识别；阿里巴巴的天猫精灵也借助通义大模型，在 新品中加入场景音乐设计。据报道，2025年第一季度，支持AI大模型的智能音箱设备市场渗透率已超 20%。 然而，AI大模型的融入能否真正助力智能音箱走出困境仍 ...

Core Insights - The new version DeepSeek-V3.1-Terminus has been launched, featuring both "Thinking Mode" and "Non-Thinking Mode" with support for 128K long context [1] Group 1: Model Upgrades - The deepseek-chat and deepseek-reasoner models have been unified and upgraded to DeepSeek-V3.1-Terminus, with deepseek-chat corresponding to Non-Thinking Mode and deepseek-reasoner to Thinking Mode [1] - Key optimizations include improved language consistency, significantly alleviating issues with mixed Chinese and English as well as abnormal characters, resulting in more standardized outputs [1] - The Agent capabilities have been further enhanced, particularly the execution performance of Code Agent and Search Agent [1] Group 2: Output Length and Pricing - In terms of output length, Non-Thinking Mode supports a default of 4K, with a maximum of 8K, while Thinking Mode has a default of 32K and can be expanded up to 64K, catering to different generation length requirements [1] - Pricing for the new model is set at 0.5 yuan for cache hits and 4 yuan for cache misses per million tokens input, with an output pricing of 12 yuan per million tokens, providing developers with a cost-effective AI large model service [1]