Group 1 - The core viewpoint of the article highlights that Yongyou Network (用友网络) is a leading provider of digital intelligence solutions for Chinese enterprises, focusing on domestic substitution [1] - The company’s BIP series products have been adopted by major automotive companies, including BYD (比亚迪), to achieve domestic substitution in various fields [1]

风险提示：本文提及的行业信息与企业动态仅作梳理，不构成任何投资建议；企业经营及市场波动存在 不确定性，请注意相关风险。 受积极影响的板块 光刻机核心零部件板块：作为光刻机国产化的核心环节，直接受益于技术突破与订单放量。雪球行业分 析指出，中瓷电子的精密陶瓷零部件已供货中微公司、北方华创等设备厂商，并进入头部晶圆厂供应 链，2025年国内精密陶瓷零部件市场规模约286亿元，公司有望凭借技术优势抢占市场份额。民生证券 2025年12月研报补充，波长光电的光学镜头、广立微的量测设备等均已切入国产光刻机供应链，随着整 机研发推进，零部件企业将率先兑现业绩。 半导体特种材料板块：光刻机的高精度运行依赖特种材料支撑，需求随设备产能扩张同步增长。豆丁网 行业报告显示，光刻机制造需用到高纯度特种气体、光刻胶、超硬材料等，其中高纯度气体纯度要求达 99.9999%以上。中船特气作为国内特种气体龙头，其产品已通过国产光刻机设备厂商验证，2025年相 关业务营收预计增长60%以上；炬光科技使用的超硬碳化钨材料也因光刻技术升级需求，市场规模将实 现快速扩张。 半导体设备配套板块：光刻机的生产与调试需要大量配套设备，形成协同增长效应。 ...

Group 1: Market Performance - The A-share market's computing hardware sector experienced a strong surge, with companies like LianTe Technology and ZhongCi Electronics hitting the daily limit, and YiDong Electronics also closing at the limit. Other stocks like JuGuang Technology and YuanJie Technology rose over 10%, indicating sustained investor interest in this sector [1] Group 2: AI Competition and Demand - The global AI competition has intensified, with tech giants like OpenAI preparing to launch the latest GPT-5.2 model, while companies like Google and Amazon are increasing investments in self-developed AI chips and computing infrastructure. This heightened competition is driving urgent demand for underlying computing hardware, particularly high-speed optical modules/CPO and AI chips. Analysts believe that the investment wave centered on AI computing hardware is just beginning, with future market potential reaching trillions of dollars [2] Group 3: Technological Advancements and Supply Constraints - The optical module industry is currently undergoing a technological transition from 800G to 1.6T and even higher rates. While 800G products are being ramped up, the introduction of advanced 1.6T products is accelerating, leading to extended delivery cycles for high-end optical modules and significant supply-demand tension. This scenario benefits leading companies with technological advantages in high-speed products, such as ZhongJi XuChuang and XinYiSheng, granting them stronger pricing power and performance certainty [3] Group 4: Positive Policy and Industry Environment - Recent domestic policy developments have signaled a positive outlook for the computing industry. The convening of the High-Quality Development Conference for the Computing Industry emphasized the importance of developing the computing sector, alongside the signing of large-scale computing infrastructure cooperation projects. National initiatives, such as the establishment of a commercial aerospace office, have also indirectly boosted market enthusiasm for emerging tech sectors, enhancing investor confidence [4] Group 5: External Environment and Domestic Substitution - Reports indicate a recent easing of U.S. export policies on AI chips to China, allowing NVIDIA to sell H200 chips to the country. While this poses short-term competition for domestic AI chip manufacturers, it is generally interpreted as a stimulus for the construction and expansion of Chinese data centers, indirectly benefiting the demand for optical modules and servers. Additionally, domestic AI chip companies like Cambricon and Haiguang Information have shown strong performance in orders and earnings, indicating an acceleration in the domestic substitution process, which supports the integrity and security of the domestic computing industry chain [5]

12月17日午后，半导体产业链多股反弹，上游设备强势拉升。热门半导体设备ETF（561980）盘中拉涨2.21%、实时成交额破1.1亿；成份股联动科技、海光 信息大涨超5%，华峰测控、联动科技涨超4%，寒武纪、晶升股份、华海诚科涨超3%，芯源微、中芯国际等多股拉升。 风险提示：基金有风险，投资需谨慎。 如开源证券指出，半导体设备自主可控是当下强确定性和弹性兼备的科技主线。招银国际也认为，半导体供应链自主可控是中国硬科技领域确定性最高，且 具备长期投资价值的核心主题。 外部格局的分化正重塑全球半导体产业生态，主要经济体均优先投资本土制造，以降低供应链风险。在中国，政策支持与强劲内需形成双重支撑，不仅推动 相关技术实现突破、加速进口替代进程，更促使本土半导体市场规模迎来结构性的扩张。 【布局思路：借道指数把握产业确定性】 对于投资者而言，直接参与个股波动风险较高，且半导体产业链有一定研究壁垒。相比之下，覆盖产业链关键环节的指数工具或提供了另一种选择。 目前，场内相关的半导体设备ETF（561980） 跟踪中证半导，成份股重点聚焦于半导体设备、材料、设计等国产替代核心领域的头部厂商，三大行业占比 超90%、前十大集 ...

以下文章来源于妙投APP ，作者董必政 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 资本市场正在力捧GPU的国产叙事。既然错过了上一个，这一个绝不能放过。 这一次，高光属于沐曦股份。 今天，沐曦股份登陆A股，首日高开568.83%，报700元，按开盘价计算，中一签可赚29.77万元。这 超过了摩尔线程的26.79万元，刷新了A股单签收益纪录。 截至12月17日中午收盘，沐曦的市值为3299亿、摩尔线程的市值为3330亿，寒武纪的市值为5391 亿。 对比3家国产英伟达的市值，妙投认为寒武纪总市值高于沐曦、摩尔线程的原因在于寒武纪的营收规 模最大且已经实现盈利，而沐曦、摩尔线程尚未盈利，市值相差不大。 不过，沐曦首日上市无涨跌幅限制，其市值波动容易受市场情绪的影响。 妙投APP . 此刻，我们必须穿透情绪的迷雾，去考量沐曦能否像摩尔、寒武纪那样，凭什么撑起即将到来的千 亿市值？ 作者 | 董必政 编辑 | 关雪菁 头图 | 沐曦 长期来看，它必须找到一条路，能够真正打穿英伟达的护城墙。 而眼下，沐曦选择的一条更加"识时务者为俊杰"的路线。 # 01 一、 ...

今日（12月17日）重点布局国产AI产业链的科创人工智能ETF（589520）场内涨幅盘中摸高0.9%，现涨0.54%，值得关注的是，该ETF此前两日连续获资金 净流入，合计金额1178万元，反映资金看好端侧AI后市补涨可能性，积极进场布局！ 消息面上，根据中国信息通信研究院数据，今年以来，我国AI产业呈加速发展态势，2025年AI核心产业规模有望突破万亿元。2024年，我国人工智能核心 产业规模超过9000亿元，增速24%。2025年这个数值将会超过1.2万亿元，增速会进一步提升。 中信建投建议重点关注国产AI产业链。经过前期较多调整，补涨需求较大，随着国产GPU能力及供给量的提升以及H200的放开，有望加速国内AI算力基础 设施的部署节奏。 成份股方面，星环科技领涨超5%，凌云光涨逾3%，合合信息涨超2%，寒武纪、石头科技涨逾1%，澜起科技、道通科技、金山办公等个股跟涨。 值得关注的是，科创人工智能ETF（589520）标的指数均衡配置应用软件、终端应用、终端芯片、云端芯片四大环节，AI产业链正由云端向边缘侧发展，从 依赖海外技术向自主可控发展，科创人工智能方向契合AI产业链当下现状，或具备更大潜力。 【 ...

Core Insights - The focus on the domestic AI industry chain is reflected in the performance of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw a peak intraday increase of 0.9% and a current rise of 0.54%, indicating positive market sentiment towards potential gains in edge AI applications [1][7] - The ETF has experienced a net inflow of 11.78 million yuan over the past two days, suggesting strong investor interest in the sector [1][7] Industry Overview - According to the China Academy of Information and Communications Technology, the AI industry in China is accelerating, with the core industry scale expected to exceed 1 trillion yuan by 2025. The scale is projected to surpass 900 billion yuan in 2024, with a growth rate of 24% [3][9] - The growth trajectory indicates that by 2025, the core industry scale could exceed 1.2 trillion yuan, with an increasing growth rate [3][9] Investment Strategy - CITIC Securities recommends focusing on the domestic AI industry chain, highlighting a significant demand for recovery after previous adjustments. The improvement in domestic GPU capabilities and supply, along with the release of H200, is expected to accelerate the deployment of AI computing infrastructure [3][9] - The investment logic is evolving from hardware and infrastructure ("selling shovels") to actual applications and commercialization ("mining for gold"), indicating a shift in focus towards AI applications that have greater potential for innovation and business model transformation [3][9] ETF Composition - The Science and Technology Innovation Artificial Intelligence ETF (589520) is diversified across four key segments: application software, terminal applications, terminal chips, and cloud chips. This reflects a transition in the AI industry from cloud-based solutions to edge computing, emphasizing self-sufficiency and domestic technology [3][9] - The ETF and its associated funds have a strong focus on domestic AI industry chains, with over 70% of the top ten holdings concentrated in semiconductor-related sectors, indicating a high level of aggressiveness in investment strategy [4][10]

Core Insights - The global capital market in 2025 is heavily focused on "computing power," with companies like Nvidia leading in AI infrastructure, while China seeks a competitive enterprise in this domain [1] - Muxi Co., Ltd. has initiated its IPO process, positioning itself as a strong competitor in the high-performance general-purpose GPU sector, often referred to as "China's Nvidia" [3] Group 1: Technology and Innovation - Muxi's core technology lies in its full-stack GPU architecture, which is complex and has traditionally been dominated by Western companies [4] - The company has maintained a high R&D investment ratio over the past three years, with over 80% of its workforce being technical personnel, showcasing its commitment to innovation [4] - Muxi's MXMACA software stack addresses the critical issue of "ecological isolation" in domestic chips, enhancing compatibility and minimizing migration costs for users [5] Group 2: Product Offerings - Muxi has developed a comprehensive product matrix covering AI training, inference, and graphics rendering, with products like the "Xiyun" series targeting high-performance AI training [6] - The company’s offerings include the "Xisi" series for high-frequency inference and the "Xicai G" series for graphics processing, indicating a well-rounded technological capability [6] Group 3: Market Dynamics - Recent policy support and market demand have accelerated Muxi's growth, with a government directive emphasizing the importance of computing power in the digital economy [7] - Muxi's customer base is evolving from research institutions to major enterprises, indicating successful market penetration and validation of its products [7] Group 4: Investment Potential - Muxi's rarity as a core asset in the semiconductor sector, combined with its high growth and profit margins, positions it favorably for investors [9] - The company is expected to leverage its IPO proceeds for next-generation GPU development and large-scale industrialization, enhancing investor confidence [10] - Muxi's listing fills a gap in the A-share market for high-end general-purpose GPUs, representing a significant step for China's digital economy [10]

Group 1 - The global macro environment faces significant uncertainty by 2026, with a reshaping of global trade patterns and a slowdown in chemical capital expenditure, leading to a focus on two high-certainty investment themes: anti-involution and domestic substitution [1] - The price index of Chinese chemical products has declined to a low level due to the drop in upstream bulk energy prices and pressure on supply and demand for chemical products in 2025 [1] - The domestic capacity for organic silicon has peaked, with overseas manufacturers continuing to exit, allowing leading companies to drive industry recovery; the expansion phase of PTA capacity is nearing completion, and the polyester chain's prosperity is expected to rebound [1] Group 2 - The domestic production of bio-based materials is strongly supported by national policies, with companies accelerating technological breakthroughs and industrialization, forming a domestic ecological chain from bio-based monomers to composite products [2] - Domestic companies in lubricant additives are accelerating technological breakthroughs, with several high-end products passing international certification, leading to a reversal in import-export structure and rapid domestic substitution [2] - The global display panel market is experiencing stable growth, with domestic companies accelerating material upgrades and research and development, significantly speeding up the process of domestic substitution [2]

Core Viewpoint - The collaboration between SenseTime and Muxi signifies a pivotal shift in China's GPU industry from "catching up" to "running alongside," showcasing confidence in domestic alternatives and the potential for growth in AI computing power [1]. Group 1: Financial Performance - SenseTime's revenue from generative AI grew by 103.1% in 2024, reaching 2.4 billion yuan, maintaining a doubling growth trend for two consecutive fiscal years [3]. - The company's strategic focus on high-performance computing is driven by a rigid demand for computing power [3]. Group 2: Strategic Collaboration - SenseTime and Muxi have established a comprehensive partnership that extends beyond product procurement to long-term strategic agreements [5]. - The collaboration aims to create a "computing cluster + industry expansion" model, integrating supply and demand in the GPU market [4]. Group 3: Technological Development - Both companies are engaged in a model of open co-construction and sharing of underlying technologies, focusing on deep adaptation and joint development of product solutions [6]. - They have developed multiple product solutions, including model adaptations and compatibility certifications for domestic chips, enhancing the training and inference capabilities of AI models [6]. Group 4: Ecosystem Development - The partnership has led to the establishment of the "SenseTime Big Device Computing Mall," facilitating effective resource integration and sharing [7]. - This collaboration enhances the diversity and autonomy of computing power supply while reducing construction costs, supporting the ongoing iteration of AI technology and its industrial applications [7]. Group 5: Market Impact - The partnership has significantly improved Muxi's brand influence and market share by gaining recognition in mainstream demand markets through deep collaboration with industry clients [9]. - The ongoing collaboration is expected to explore new paths and models for AI computing infrastructure, potentially leading to a more open and collaborative domestic AI computing ecosystem [9].