东方证券指出，DeepSeek正式发布V3.1版本，采用UE8M0 FP8参数精度，专为下一代国产芯片设计， 有望推动国产AI芯片在推理市场的规模化应用。随着国产大模型对国产芯片的适配和支持不断加强， 国产算力市占率有望持续提升，进一步增强投资者对国产AI生态的信心。此外，国产AI芯片在制造工 艺和技术设计方面持续进步，也为AI算力链的国产化替代提供了坚实基础。 中信建投证券认为，近期国产算力板块迎来密集催化，国产算力芯片迎来国产创新窗口期。 海外龙头方面，英伟达近日宣布推出NVIDIA Spectrum-XGS Ethernet技术。据介绍，这是一项面向分布 式数据中心的跨域互联技术，旨在将多个不同区域的独立数据中心连接到一起，打造成一个具备千亿级 计算能力的AI超级工厂。 Wind数据显示，8月25日，A股英伟达产业链指数盘中涨幅超2%，中科曙光涨停，奥比中光-UW、铂科 新材、中际旭创等个股涨幅居前。 场内ETF方面，截至2025年8月25日，港股通科技ETF(159262)一度涨超3%；成分股方面，ASMPT涨超 6%，快手-W、中兴通讯等跟涨。跟踪指数前十大权重股合计占比73.3%，权重股中芯国际阿 ...

Core Viewpoint - The recent surge in the semiconductor sector, particularly with companies like Cambrian and Shanghai Hualing, is driven by the anticipation surrounding the release of DeepSeek-R2, marking a significant moment for domestic computing power in China [1][3]. Group 1: Market Dynamics - Cambrian and Shanghai Hualing experienced a 20% increase in stock prices, indicating strong market interest [1][3]. - The release window for DeepSeek-R2 (August 15-30) has created a speculative environment, with investors betting on its potential impact [3]. - Daily Interactive, which previously surged due to DeepSeek, saw a 12% increase, suggesting that smart money is positioning itself ahead of the expected announcement [3]. Group 2: Technological Advancements - DeepSeek-R2 boasts 1.2 trillion parameters, with a dynamic activation of only 78 billion, outperforming GPT-4 by 20% in inference speed while reducing costs to $0.07 per million characters, just 2.7% of GPT-4's cost [3]. - The training of DeepSeek-R2 is based on Huawei's Ascend 910B chip, achieving 91% of the performance of Nvidia's A100 with an 82% utilization rate, indicating a significant advancement in domestic technology [3]. - The model supports multi-modal integration, achieving a 98.1% accuracy rate in medical diagnostics, surpassing top-tier doctors [3]. Group 3: Risks and Challenges - The release of DeepSeek-R2 has faced delays, originally scheduled for May, due to performance issues and supply chain disruptions, which could affect market sentiment if further postponed [4]. - The recent launch of GPT-5 poses a competitive threat, showcasing superior capabilities in various applications, necessitating DeepSeek-R2 to demonstrate its effectiveness through real-world results [5]. Group 4: Investment Opportunities - Key players in the semiconductor core circle include Cambrian, which collaborates with the Ascend ecosystem, and Shanghai Hualing, a critical supplier of materials for Ascend chips [7]. - Companies like Tuowei Information and Digital China are positioned to benefit from increased orders driven by the Ascend server market, with Digital China expected to see an 80% increase in orders by 2025 [8]. - Technology empowerment firms such as Softcom Power and Guangxun Technology are integrating R2 technology into their platforms, enhancing product quality and positioning themselves strategically in the computing power landscape [9]. Group 5: Strategic Recommendations - Investors are advised to focus on leading stocks like Cambrian and Tuowei Information if R2 is released on schedule, while considering a shift to more stable alternatives like SMIC and Changdian Technology if delays occur [10]. - Long-term strategies should include monitoring the commercial feedback of R2 in industrial and medical applications, as well as tracking server shipment volumes from Ascend partners to confirm market health [11].

Core Viewpoint - The article highlights the recent progress of Moer Thread, often referred to as the "Chinese version of Nvidia," in its IPO journey, indicating a significant milestone for the domestic computing chip industry in China, particularly in the AI era [1]. Group 1: IPO Progress - On June 18, the China Securities Regulatory Commission updated the status of Moer Thread's IPO counseling to "counseling acceptance," marking a key step towards its public listing [1]. - If successful, Moer Thread will be recognized as the first GPU stock in China, symbolizing the achievements of the domestic computing chip sector [1]. Group 2: Market Reaction - Following the IPO news, several related concept stocks experienced an increase, with Heertai rising over 8% during trading and closing up 6.75% [1]. Group 3: Company Background - Moer Thread was established in 2020 with a registered capital of approximately 400 million yuan, focusing on integrated circuit chip design and sales [7]. - The company has completed six rounds of financing, raising over 4.5 billion yuan, with notable investors including Sequoia China, Tencent Investment, and ByteDance [7][9]. Group 4: Product and Technology - Moer Thread offers a comprehensive GPU product line aimed at supporting AI computing for various industries, utilizing its MUSA architecture that integrates multiple computing engines [11]. - The company launched a fully domestic model training platform, Moer Thread KUAE, in December 2023, and supports various open-source projects [12]. Group 5: Strategic Partnerships - Moer Thread has established partnerships with several companies, including Heertai, which holds a 1.244% stake in Moer Thread, and plans to invest in a new GPU server production headquarters [3][4].

Investment Rating - The report maintains a positive outlook on domestic computing power opportunities in the context of U.S. restrictions on advanced chip exports to China and the increasing urgency for domestic chip replacement [3]. Core Insights - NVIDIA is set to launch a new custom chip B40 for the Chinese market, priced between $6,500 and $8,000, significantly lower than the previous H20 model priced at $10,000 to $12,000. The new chip's performance is expected to be inferior to both its predecessor and mainstream domestic chips [2][5]. - The urgency for domestic computing power alternatives continues to rise due to geopolitical tensions and export restrictions [3]. Summary by Sections Industry Dynamics - NVIDIA's new chip B40 will not utilize CoWoS technology and will replace HBM with GDDR7 memory, resulting in a bandwidth of 1.7TB/s, down from 4TB/s in the H20 model. The expected shipment volume for 2025 is 1 million units [2][5]. - Xiaomi has launched its self-developed 3nm flagship chip "玄戒 O1," which integrates 19 billion transistors and will debut in the Xiaomi 15S Pro. The company has invested over 13.5 billion yuan in the chip's development [5]. - AMD is selling its ZT Systems server manufacturing business for $3 billion, focusing on chip design and software support while maintaining relationships with key clients [6]. - TSMC has declined offers to build factories in India, opting instead to collaborate with Powerchip for wafer fabrication [6]. - Semiconductor capital expenditure is projected to grow by 27% in Q1 2025, driven by AI-related investments, with memory-related investments increasing by 57% [6]. - GigaDevice plans to issue H shares to enhance its global strategy and brand image [6]. - NVIDIA has introduced NVLink Fusion technology, allowing third-party processors to work with NVIDIA chips, marking a significant shift in its ecosystem [6]. - Qualcomm is re-entering the data center market, expanding its CPU offerings beyond mobile and PC [6]. - TSMC plans to increase wafer prices, with a 10% rise expected for 2nm wafers [6]. - NVIDIA has launched the NVIDIA DGX Cloud Lepton platform, providing GPU resources to AI developers globally [7]. - GlobalWafers America has officially opened a new semiconductor wafer manufacturing facility in Texas, with plans for further investment [7]. - Samsung is developing a new product that combines NAND flash with DRAM memory, targeting commercialization by 2027 [7].

Core Viewpoint - The Chinese securities sector is experiencing a significant rally, driven by favorable trade negotiations and regulatory support, particularly benefiting brokerage firms and related ETFs [3][4]. Group 1: Market Performance - As of May 14, 2025, the CSI All Share Securities Company Index (399975) surged by 5.12%, with notable gains from stocks such as Hongta Securities (601236) and GF Securities (000776), both up by 10.01% [3]. - The Securities ETF (159841) increased by 5.09%, with a latest price of 1.01 yuan and a trading volume of 395 million yuan, indicating strong market activity [3]. - Over the past three months, the Securities ETF's scale grew by 2.70 million yuan, ranking it 1/12 among comparable funds [4]. Group 2: Trade Relations and Policy Impact - A joint statement from the U.S. and China announced a 90-day pause on new tariffs, with China reducing tariffs on U.S. goods to 10% and the U.S. lowering tariffs on Chinese goods to 30% [3]. - The implementation of counter-cyclical adjustment policies is expected to enhance market stability and boost the performance of the brokerage sector [4]. Group 3: Fund Performance and Metrics - As of May 13, 2025, the Securities ETF has achieved a net value increase of 22.01% over the past three years, ranking 320 out of 1753 in the index stock fund category [5]. - The ETF's management fee is set at 0.50%, with a custody fee of 0.10%, indicating a competitive cost structure [5]. - The ETF's tracking error over the past two months is just 0.007%, the highest tracking precision among comparable funds [5]. Group 4: Key Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 59.02% of the index, with major players including CITIC Securities (600030) and East Money (300059) [6].