9月18日，A股三大指数集体下跌，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。 消息面上，华为副董事长、轮值董事长徐直军在2025华为全联接大会上公布昇腾AI芯片路线图，并同 步发布百万卡级超节点集群。据徐直军介绍，华为预计将于2026年第一季度推出昇腾950PR芯片，2026 年第四季度推出昇腾950DT，2027年第四季度推出昇腾960芯片，2028年第四季度推出昇腾970芯片。 徐直军在会上还提到，虽受制于先进芯片制造工艺的不可获得，但凭借30多年连接技术的积累，华为也 能用"超节点"方案做到算力能力不弱于世界先进水平。同时，据华为此前预测，随着大模型的发展，AI 智能体将从执行工具演进为决策伙伴，驱动产业革命，到2035年，全社会的算力总量将增长10万倍。 资金抢筹产业链上下游的背后，是上市公司与华为昇腾生态的深度合作。烽火通信曾在互动平台透露， 公司旗下长 ...

Market Overview - The three major indices experienced a rapid rise followed by a decline, with the Shanghai Composite Index dropping by 1.15%, the Shenzhen Component Index by 1.06%, and the ChiNext Index by 1.64% at the close [2] - Over 4,600 stocks in the market declined, with a total trading volume of 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day, marking the third highest volume of the year [2] Index Performance - The Shanghai Composite Index reached a peak of 3,899.96 points in the morning, nearing the 3,900-point mark, but fell to a low of 3,801 points in the afternoon, nearly erasing the gains from the previous Thursday [3] - The rise was primarily driven by technology stocks in the Shanghai market, while traditionally supportive sectors like banking and dividends lagged behind [4] Sector Analysis - The afternoon saw a significant decline in the financial sector, which dampened the bullish sentiment in technology stocks, leading to a drop in all three major indices [5] - There were indications of large sell orders from leading brokerages, suggesting that funds might be using the financial sector to control the market and suppress index gains [6] Investment Sentiment - The proximity of the Shanghai Composite Index to the 3,900-point threshold raises questions about market timing rather than capability, suggesting that the market may not be ready for a breakout yet [7] - The current market is characterized by a strong trend in stocks with consecutive gains, despite the overall index fluctuations [10] Stock Highlights - Certain stocks have shown remarkable performance, such as *ST Weir with a 5.02% increase over 18 days and Tian Guan shares with a 10% increase over 12 consecutive days [11] - The technology sector's leading stocks have shown signs of consolidation, transitioning from a strong upward trend to a more volatile phase [12] Future Outlook - Analysts suggest that the market's upward potential is currently limited, with a need for a transition from a liquidity-driven bull market to a fundamental-driven one [14] - Recent reports indicate that the Federal Reserve's potential interest rate cuts could support a slow bull market in A-shares, driven by improved domestic economic policies and market sentiment [14][15]

Market Overview - On September 18, the three major stock indices collectively declined, with the Shanghai Composite Index closing at 3831.66 points, down 1.15% [2][3] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, and the ChiNext Index closed at 3095.85 points, down 1.64% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day [2] Sector Performance - The market saw widespread declines, with over 4300 stocks falling and more than 1000 stocks rising [2] - The precious metals, rare earths, finance, and film sectors experienced the largest declines, while sectors such as CPO, liquid-cooled servers, and semiconductors were active [5] - Specific declines included the precious metals sector, with companies like Xiaocheng Technology dropping over 11% and Hunan Silver and Western Gold falling over 6% [6] Individual Stock Movements - Dongfang Caifu had a trading volume of 25 billion yuan, down 4.75%, while Zhongji Xuchuang saw a trading volume of 22.8 billion yuan, rising nearly 1% [7] - The semiconductor sector showed strong performance, with companies like Huicheng Co. rising over 14% and Zhongwei Co. increasing over 11% [6] Capital Flow - Main capital inflows were observed in the electronics, machinery equipment, and communication sectors, while there were outflows from banking, non-bank financials, and non-ferrous metals [8] - Notable inflows included Heertai, Hengtong Optic-Electric, and Chuanrun Co., with net inflows of 978 million yuan, 957 million yuan, and 929 million yuan respectively [8] - Conversely, Dongfang Caifu, CITIC Securities, and Shenghong Technology faced significant sell-offs, with net outflows of 5.027 billion yuan, 2.374 billion yuan, and 2.031 billion yuan respectively [9] Institutional Insights - CITIC Jiantou noted that after recent high-level adjustments, market structure has changed, shifting focus from overseas computing power chains to domestic computing power [10] - The firm highlighted the potential for continued performance in domestic computing power, robotics, semiconductors, storage, and downstream AI applications [10] - Other institutions like Everbright Securities and Galaxy Securities suggested that increased liquidity and risk appetite could lead to rotation operations, while also cautioning about short-term volatility in the chip sector [11][12]

Market Overview - On September 18, the three major stock indices collectively declined, with the Shanghai Composite Index closing at 3831.66 points, down 1.15% [3][6] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, and the ChiNext Index closed at 3095.85 points, down 1.64% [3][6] - The total trading volume in the Shanghai and Shenzhen markets reached 3.135 trillion yuan, an increase of 758.4 billion yuan compared to the previous trading day [4] Sector Performance - The market saw widespread declines, with over 4300 stocks falling and more than 1000 stocks rising [5] - The precious metals, rare earths, finance, and film sectors experienced the largest declines, while sectors such as CPO, liquid-cooled servers, and semiconductors were active [8] - Specific sector performances included: - Precious metals down 4.81% with major declines in companies like Xiaocheng Technology (down over 11%) and Hunan Silver (down over 6%) [9][10] - The semiconductor sector showed strong performance, with companies like Huicheng Co. rising over 14% and Zhongwei Company rising over 11% [10] Capital Flow - Main capital inflows were observed in the electronics, machinery, and communication sectors, while there were outflows from banking, non-bank financials, and non-ferrous metals [12] - Notable net inflows included Heertai (9.78 billion yuan), Hengtong Optic-Electric (9.57 billion yuan), and Chuanrun Co. (9.29 billion yuan) [12] - Significant net outflows were seen in Oriental Fortune (50.27 billion yuan), CITIC Securities (23.74 billion yuan), and Shenghong Technology (20.31 billion yuan) [12] Investment Insights - According to CITIC Securities, the market structure has changed following recent high-level adjustments, with a shift from overseas computing power chains to domestic computing power directions [13] - The focus is on the expansion of mature process capacity and the layout of super-node computing power, alongside downstream applications [13] - The sectors of domestic computing power, robotics, semiconductors, storage, and downstream AI applications are expected to perform continuously, driving market fluctuations [14] - Everbright Securities noted that increased incremental capital and expectations of liquidity easing could enhance risk appetite, allowing for rotation operations [15]

Market Overview - The stock market experienced a broad decline, with over 4,300 stocks falling and only more than 1,000 stocks rising [1] - Major indices closed lower: Shanghai Composite Index at 3,831.66, down 1.15%; Shenzhen Component Index at 13,075.66, down 1.06%; ChiNext Index at 3,095.85, down 1.64% [2][1] - The trading volume in the Shanghai and Shenzhen markets reached 3.135 trillion, an increase of 758.4 billion from the previous trading day [1] Sector Performance - Precious metals, rare earths, finance, and film sectors saw significant declines, while sectors like CPO, liquid-cooled servers, and semiconductors were active [4] - The precious metals sector continued its downward trend, with notable declines in stocks such as Xiaocheng Technology (over 11% drop) and Hunan Silver and Western Gold (over 6% drop) [5] Individual Stock Movements - The securities sector faced substantial losses, with Guosheng Financial and Great Wall Securities dropping over 6%, and several others falling over 4% [6] - Semiconductor stocks showed strong performance, with Huicheng Co. rising over 14%, and several others like Zhongwei Company and Saiwei Microelectronics increasing by over 10% [6] Capital Flow - Main capital flows showed net inflows into electronics, machinery, and communications sectors, while banks, non-bank financials, and metals experienced net outflows [7] - Specific stocks with net inflows included Heertai, Hengtong Optic-Electric, and Chuanrun Co., while stocks like Dongfang Wealth and CITIC Securities faced significant sell-offs [7] Institutional Insights - CITIC Securities noted a structural change in the market, shifting focus from overseas computing power chains to domestic computing power, with potential growth in robotics and semiconductor sectors [8] - Everbright Securities highlighted that increased liquidity and risk appetite could lead to rotation strategies in the market [9] - Galaxy Securities maintained a long-term bullish outlook on chips, despite acknowledging short-term volatility risks [10]

Group 1 - Semiconductor sector in Hong Kong and A-share markets continues to show strong performance, with notable gains in stocks such as Huicheng Co. (+18.14%) and Zhongwei Co. (+12.91%) [1][3] - The semiconductor sector index has accumulated a rise of over 42% year-to-date [2] - Several companies, including SMIC and Huagong Information, have reached historical highs in stock prices [1] Group 2 - Recent news highlights the significant progress of China's AI chip brands, with a focus on the collaboration of various companies in the construction of a green computing center, showcasing a total computing power of 3479P [5] - Baidu and Tencent have reported substantial growth in their AI-related revenues, with Baidu's digital human business generating approximately 500 million yuan, a 55% quarter-on-quarter increase [7] - Huawei plans to launch several new AI chips between 2026 and 2028, indicating a strong commitment to advancing its AI capabilities [7] Group 3 - International interest in Chinese semiconductor companies is rising, with 41 foreign institutions conducting research on Weijie Chuangxin and 20 on other firms like Naxinwei and Xinyuan [8] - Goldman Sachs has raised the target price for SMIC's H-shares by 15% to HKD 73.1, reflecting confidence in the company's future earnings [8] Group 4 - The global semiconductor market is expected to expand, with a projected market size of USD 700.87 billion by 2025, driven primarily by logic and memory chips [9] - The industry is experiencing a wave of mergers and acquisitions across various sectors, including materials and equipment, to enhance scale and complete supply chains [9] Group 5 - The domestic computing power market is expected to see continuous improvements, with key challenges being addressed over time, leading to sustained investment opportunities in the sector [10] - Recent U.S. regulatory changes and China's response may accelerate the upgrade of domestic computing capabilities [10]

| 代码 名称 | 米帽等 | 涨跌 | 现价 | | --- | --- | --- | --- | | 688403 汇成股份 | +18.14% | +2.46 | 16.02 | | 688012 中微公司 | +12.91% +29.34 | | 256.54 | | 688325 赛微微电 | +11.12% | +8.67 | 86.67 | | 688535 华海诚科 | +10.50% | +9.99 | 105.10 | | 600745 闻泰科技 | +9.62% | +4.32 | 49.32 | | 603893 瑞志微 | +9.34% +19.42 | | 227.74 | | 688593 新相微 | +8.92% +2.08 | | 25.95 | | 301629 矽电股份 | +8.40% +13.66 | | 176.26 | | 688401 路维光电 | +8.30% | +3.71 | 48.52 | | 688372 伟测科技 | +7.96% | | +6.16 - 16 - 1 | 港股市场，华虹半导体涨超8%，脑洞科技涨超7%，晶门半导体涨超6%，中芯国际 ...

半导体又迎重磅催化，今日港A市场半导体、存储芯片板块继续强势。 A股市场，汇成股份涨超18%，中微公司涨超12%，闻泰科技、瑞芯微等纷纷跟涨。其中，中芯国际、海光信 息、北方华创、新相微、赛微微电、拓荆科技、京仪装备、盛科通信均创历史新高。年内半导体板块指数已累 计上涨逾42%。 | 代码 名称 | 米唱 | 张庆 | 现价 | | --- | --- | --- | --- | | 688403 汇成股份 | +18.14% +2.46 | | 16.02 | | 688012 中微公司 | +12.91% +29.34 | | 256.54 | | 688325 赛微微电 | +11.12% | +8.67 | 86.67 | | 688535 华海诚科 | +10.50% | +9.99 | 105.10 | | 600745 闻泰科技 | +9.62% | +4.32 | 49.32 | | 603893 瑞芯微 | +9.34% +19.42 | | 227.74 | | 688593 新相微 | +8.92% +2.08 | | 25.95 | | 301629 矽电股份 | +8.40% +13 ...

Group 1 - The semiconductor industry is experiencing significant growth, with companies like Haiguang Information and Zhongke Shuguang reaching historical highs in stock prices and market capitalization [1] - Quantum computing is highlighted as a transformative force in addressing AI computing power bottlenecks, with the market size for quantum computing expected to exceed $800 billion by 2035 [1] - Domestic AI chip applications are expanding, particularly in large internet companies, which are driving revenue growth for related firms [2] Group 2 - The domestic computing power sector is seeing increased support from major companies like Tencent, which is diversifying its supply channels for inference chips [3] - Various ETFs tracking the STAR Market are showing strong performance, with significant gains in stocks like GuoDun Quantum and Zhongke FeiCe [2][4] - The STAR Market ETFs are designed to provide exposure to leading technology companies, with specific focuses on large-cap, mid-cap, and high-growth firms [4]

有券商表示，目前AI在全球的产业趋势已经形成，有望成为牛市中科技板块的核心主线。国产算力为半导体板块带来新 的宏大叙事和估值逻辑，同时，半导体板块代表了我国工业制造的最高水平，有望成为A股优质资产重估的重要赛道。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 4 | | --- | --- | --- | --- | --- | | 588720 | 科创50ETF中银 | 1.416 | 0.042 | 3.06% | | 588940 | 科创50ETF富国 | 1.435 | 0.040 | 2.87% | | 588460 | 科创50增强ETF | 1.651 | 0.048 | 2.99% | | 588370 | 科创50增强ETF南方 | 1.463 | 0.042 | 2.96% | | 588840 | 科创板50ETF基金 | 1.296 | 0.037 | 2.94% | | 588150 | 科创5OETF南方 | 0.991 | 0.028 | 2.91% | | 588280 | 科创50ETF指数基金 | 1.018 | 0.028 | 2.83% | | 588180 ...