Core Insights - The company emphasizes the importance of computing power in achieving unprecedented enterprise-level data management and intelligent capabilities, highlighting the trend of soft-hard collaboration in the industry [1][2][4] - The strategic focus is on the "cloud-edge-end" collaborative technology platform and the ecological development of domestic intelligent computing, aiming to provide foundational support for the implementation of domestic intelligent computing scenarios [1][4] Company Strategy - The company is dedicated to achieving domestic replacement and surpassing of enterprise-level software and hardware architecture through fully autonomous and controllable core technologies [1][4] - It has established a product system covering "cloud-edge-end" to support the intelligent applications from data centers to edge devices, focusing on self-developed cloud-native dual-engine architecture [1][4] Industry Context - In the context of global industrial chain restructuring and intensified technological competition, the company has built a secure and reliable domestic intelligent computing ecosystem through core software technology R&D and strategic investments in smart hardware capabilities [4] - The company has made strategic investments in various domestic chip manufacturers to enhance intelligent collaboration capabilities in edge scenarios, such as drones and robots, thereby promoting the domestic implementation of the "cloud-edge-end" full link [4]

Core Viewpoint - The stock of Cambrian Technology ("寒武纪") has surged significantly, achieving a market capitalization of over 500 billion yuan and becoming the second stock in the market to exceed 1,000 yuan per share, following Kweichow Moutai [1][2]. Group 1: Stock Performance - On August 22, Cambrian Technology's stock price increased by 20%, closing at 1,243.2 yuan per share, with a total market value of 520.1 billion yuan, marking a single-day increase of 86.6 billion yuan [2]. - Over the past three years, Cambrian's stock price has risen more than 26 times, with an increase of over 88% year-to-date and over 130% in the past month [3][4]. Group 2: Financial Performance - Cambrian Technology reported a significant revenue increase in 2024, reaching 1.17 billion yuan, a year-on-year growth of 65.56%. In the first quarter of this year, revenue surged to 1.11 billion yuan, a year-on-year increase of over 4,200% [4]. - The net profit for the first quarter of 2025 was 360 million yuan, reflecting a year-on-year growth of 257% [4]. Group 3: Market Dynamics - The demand for domestic AI chips is rising due to the ongoing US-China technology competition, positioning Cambrian Technology favorably in the market [5]. - The semiconductor sector is experiencing an upward cycle, driven by strong AI demand and a recovery in the industrial sector, with Cambrian Technology expected to benefit significantly from these trends [7]. Group 4: Industry Trends - The semiconductor index has risen by 25% since April 8, with the "semiconductor selection index" increasing by over 40% during the same period, indicating a broader market recovery in the semiconductor sector [6]. - The success of indigenous innovation companies like DeepSeek is validating China's technological capabilities and is expected to lead to a systemic revaluation of Chinese tech assets [6].

今天市场最靓的仔莫过于AI芯片了，上午在指数连续创新高但个股普绿之下，AI芯片，半导体板块指数却独领风骚，逆势大涨！科德教育直接20cm一字 板，云天励飞，安孚科技，航锦科技等也是开盘之后短时间纷纷封住涨停，寒武纪就更不用多说，从7月份以来已经翻倍！ 在我们的A股市场，都知道股价的上涨都是大资金在背后推动，那为何半导体芯片会受到资金的如此青睐呢？分析清楚这里的原因，我们就能够解释最近该 板块持续大涨，以及是否还能上涨，又能长多高了！ 接下来我们从两个维度进行分析： 一，如图（此图是截至到上午10点40分）： 1，先看红色画线处可见，AI芯片板块在8月13号就已经形成了技术上的突破，这种突破在技术层面讲是非常有效的，原因很简单，经历了充分的调整及洗 盘过程的个股或者板块，而再进行突破，这样一则可以清掉绝大部分浮动筹码，二则形成了右侧交易，而右侧交易是市场的绝大部分拥有大资金的稳健投资 者的喜爱！ 2，再看蓝色方框，这是非常典型的分歧转一致的信号，突破，试盘的冲高回落，来测试抛压的大小，第二天直接反包，很明显主力资金操盘是做了详细而 又充分的准备的。 3，最后再来看看黄色箭头处，在8月18号这个非常吉利数字的日子 ...

在其他主要宽基指数方面，创业板50收涨3.61%，60日涨幅达37.92%；创业大盘收涨3.81%，60日涨幅 达40.94%；创业300（399012）收涨2.80%，60日涨幅达30.89%。 策略指数中，创成长收涨3.11%，60日涨幅为32.71%；创价值收涨2.13%，60日涨幅为18.38%。 主题指数中，创科技收涨3.82%，60日涨幅35.93%，年内涨幅26.83%；创业板人工智能收涨4.65%，60 日涨幅高达62.37%，年内涨幅57.44%，近一年涨幅已经达到145.52%。 创业板人工智能前两大权重股为中际旭创（300308.SZ）、新易盛（300502.SZ），今年4月低点以来， 中际旭创股价涨幅已达到287.41%，新易盛涨幅更是高达446.95%。 第三轮创业板牛市。 国信策略研报指出，此前，资本市场共经历过两轮创业板牛市。第一轮为2013年1月4日至2015年6月3 日，在此期间，创业板指数从705.34点飙升至3982.25点，累计涨幅高达464.6%。第二轮创业板牛市大 致区间为2018年10月18日至2021年8月4日，在此期间，创业板指数从1205.03点上涨至356 ...

证券研究报告 | 策略点评 申万一级行业表现：电子、通信、计算机在行业涨跌幅榜居前；石油石 化、钢铁、农林牧渔在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、炒股软件、自主可控概念表现相对较 好；航空运输、西藏振兴、动物疫苗概念表现相对较差。 风险提示 2025 年 08 月 22 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250822 今日关注 今日主要指数涨跌幅：沪指涨跌幅为 1.45%，深证成指涨跌幅为 2.07%， 创业板指涨跌幅为 3.36%。 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 ...

Group 1 - The report highlights that the current market rally is characterized by a disconnect between index performance and underlying earnings recovery, suggesting that the rally is more driven by liquidity and thematic trading rather than fundamental improvements [1][34]. - The report introduces the securitization rate (the ratio of total market capitalization to GDP) as a useful tool for identifying valuation peaks in index bull markets, indicating that a higher securitization rate typically reflects liquidity-driven market conditions [2][23]. - Historical data shows that during significant index bull markets, the securitization rate has risen above 1, with current levels at 0.83 suggesting potential for further valuation upside [2][26]. Group 2 - The report anticipates that the total market capitalization of the two exchanges will continue to expand, driven by expected recovery in producer price index (PPI) and supportive liquidity and policy expectations [3][35]. - The analysis indicates that the current market environment aligns with characteristics of an index bull market, despite concerns about the inability to surpass previous valuation peaks [33][34]. - The report emphasizes the importance of monitoring the securitization rate as it approaches 1, which could signal a critical valuation threshold for the market [3][35]. Group 3 - The investment strategy proposed includes a "4+1" sector allocation approach, focusing on technology, cyclical sectors benefiting from PPI recovery, and structural opportunities in overseas markets [4][39]. - Specific sectors highlighted for investment include technology and military industries, cyclical commodities, and companies with potential for valuation recovery [4][39]. - The report suggests maintaining a stable core allocation in dividend-paying stocks and gold, indicating a balanced approach to investment amidst market fluctuations [4][39].

每日经济新闻消息，8月22日，市场全天震荡走高，沪指站上3800点，科创50涨超8%创3年多新高。截 至收盘，沪指涨1.45%，深成指涨2.07%，创业板指涨3.36%。 板块方面，半导体、CPO、证券、算力等板块涨幅居前，燃气、钢铁、银行、乳业等板块跌幅居前。 个股涨多跌少，全市场超2800只个股上涨。沪深两市全天成交额2.55万亿元，较上个交易日放量1227 亿。 尽管有近半数个股收跌，但今天A股的表现相当亮眼，甚至让部分股民感到"头晕目眩"——也许这就 是"指数牛市"下的"结构性行情"。 一是，沪指突破3800点，收于3825.76点（也是日内最高点），步入一个股民近十年都未经历过的点 位。在乐观者眼里，这意味着上涨空间继续打开。 回看沪指近几个月的走势，图形也非常赏心悦目。 科创50指数暴涨8.59%。场内一系列芯片、半导体主题的ETF，也录得堪比个股的夸张涨幅，甚至涨 停。 | 名称 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | | 科创芯片设计ETF | 15.57% | 2.36 Z | 58.97% | | 科创芯片ETF | 11.92% ...

Group 1 - The semiconductor industry is experiencing a significant surge, with major stocks like Haiguang Information and Cambricon seeing over 10% increases, and a net inflow of over 7 billion yuan into the sector [1] - The CSI Chip Industry Index rose by over 9%, while the Chip 50 ETF surged by more than 9%, with trading volume exceeding 16 million yuan [1] - Positive news for artificial intelligence is driving the market, including the release of DeepSeek-V3.1, which utilizes UE8M0 FP8 Scale parameters designed for next-generation domestic chips [1] Group 2 - According to a report from Founder Securities, the strongest theme in the semiconductor sector is self-sufficiency, with improvements across AI computing power, manufacturing, and testing [2] - The trend in the analog IC sector is characterized by increased volume and stable prices, which is a core aspect of self-sufficiency [2] - The Chip 50 ETF closely tracks the CSI Chip Industry Index, which includes companies involved in chip design, manufacturing, packaging, testing, and related materials and equipment [2]

8月21日，DeepSeek-V3.1正式发布。本次升级主要体现为三方面：①混合推理架构：一个模型同时支持 思考模式与非思考模式；②更高的思考效率：相比此前版本，DeepSeek-V3.1-Think能在更短时间内给 出答案；③更强的Agent能力：在工具使用与智能体任务中的表现，有较大提升。 （一）算力基础设施供应商：撑起智能运算的 "脊梁" DeepSeek-V3.1发布，对于信创板块有何影响？ 以信创ETF基金（562030）成份股中科曙光为例来看，中科曙光完成了 DeepSeek V3/R1 模型与海光 DCU 的国产化适配，这在推动国产算力发展上迈出重要一步。其液冷技术可实现 PUE＜1.15，承建的 杭州训练中心液冷系统，单机柜功率密度达 35kW。高效的散热和供电能力，保障了服务器在高负荷运 行下的稳定性，为 DeepSeek 模型运行提供了良好的环境。 东莞证券指出，信创产业按照"2+8+N"节奏稳步推进，正从政策驱动转向政策+市场双驱动。随着2027 年全面替代节点临近，党政信创向县乡级下沉，行业信创在金融、能源等领域加速渗透，预计2025- 2026年市场规模增速分别达17.84%和26. ...

申万宏源证券表示，9月3日阅兵前，自主可控和国防军工板块存在脉冲机会。历史经验显示，重大阅兵 事件对军工股具有显著催化作用。当前距离阅兵仅剩一个月，市场预期持续升温。 航空航天ETF（159227） 为全市场规模最大的航空类ETF，紧密跟踪国证航天指数，深度聚焦军工空天 核心领域。该指数高度集中，申万一级军工行业占比高达97.86%，堪称全市场"军工纯度"最高的指数； 其成分股中，航空航天装备权重占比达66.8%，显著超越中证军工与中证国防指数。 （文章来源：每日经济新闻） 8月22日，A股三大指数集体上涨，国防军工盘中触底回升。截至10:49，航空航天ETF（159227）拉升 翻红，涨幅0.75%，成交额达1.03亿元，稳居同类第一。持仓股迈信林涨超7%，中航成飞涨超4%，振华 风光、纳睿雷达、华秦科技、天奥电子、洪都航空等股跟涨。 现代战争中，空中力量的作用日益凸显，使得航空装备成为各国军队建设的重点，行业技术门槛极高， 涉及众多高端技术和复杂工艺，在军工产业链中的价值量占比较高，是军工板块的核心方向。 ...