将投中网设为"星标⭐"，第一时间收获最新推送 从寒武纪到摩尔线程，也包括后面即将登陆资本市场的另外三条 "GPU 小龙 " ，以及上游的半导体设备和揪心的光刻机，大 概勾勒出了最核心的科技国产替代叙事。 2023 年后，趁着 AI 大模型的东风，算力自主可控才逐渐成了明牌。但实际上，明 牌也不意味着没有一波三折。 要论最近风头最盛"小登"投资人，那必须还是摩尔线程。 年初，我写过一篇文章， 《错过寒武纪的投资人，都在抢摩尔线程老股》 ，发布日期是 2025 年 1 月 10 日。当时搅动投 资人心神的，主要有这么几个线索： 作者丨 张楠 来源丨 投中网 今年资本市场有意思， " 小登 "" 中登 "" 老登 " 炒得不可开交，就连一些产业内部，也时不时互相攻讦一番。原因么，自 然是科技、消费、周期股等各个板块表现差异巨大，乃至于划分出了鲜明的阶级。 | 代表行业 | 年内涨跌幅 | | 代表个股 | | | --- | --- | --- | --- | --- | | 小登股 | | | | | | 机器人 | 72.43% | 卧龙电驱 | 大洋电机 | 三花智控 | | 237.01% | | | 97 ...

Core Viewpoint - *ST仁东 plans to make a cross-industry investment in AI chips, aiming to enhance its competitive edge and align with national strategic needs in computing power [5][6][7]. Investment Details - The company intends to invest 100 million yuan in Shenzhen Jiangyuan Technology Co., Ltd., acquiring a 4.1427% stake post-investment [5]. - Jiangyuan Technology, established in November 2022, focuses on domestic AI chip development and has achieved successful mass production of advanced chips [5]. - The pre-investment valuation of Jiangyuan Technology is 2.1 billion yuan, reflecting a valuation increase of 1714.86% [5]. Financial Performance of Jiangyuan Technology - Jiangyuan Technology reported a revenue of 12.31 million yuan and a net loss of 68.54 million yuan for the first half of 2025, indicating it has not yet achieved profitability [8]. - The pre-investment valuation for Jiangyuan's previous funding rounds was 1.5 billion yuan, with a post-investment valuation of 1.86 billion yuan in January 2025, showing a 12.90% increase [8]. Strategic Intent - The investment aligns with *ST仁东's restructuring plan, which includes diversifying its business beyond third-party payment services to explore growth opportunities in sectors aligned with national policy [6]. - The company recognizes the growing demand for AI chips as essential infrastructure for the AI industry, particularly with the increasing need for computational power in AI applications [7]. Historical Context - Over the past decade, *ST仁东 has signed approximately eight strategic cooperation agreements, of which seven have not been executed, highlighting potential execution risks in its investment strategy [8][9].

Group 1 - Company *ST Rendo (002647.SZ) announced an investment of 100 million yuan in Jiangyuan Technology through an increase in registered capital, resulting in a shareholding ratio of 4.1427% post-investment [1] - The funding sources for this investment include 50 million yuan from Rendo Holdings' own funds and 50 million yuan borrowed from Huilibao [1] - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips, aligning with the national strategy for autonomous computing power [1] Group 2 - The target company's products are based on 12-inch wafer chips, primarily delivered in the form of computing power cards for AI integrated machines and computing servers [1] - Jiangyuan Technology has completed the first generation chip product D1 and is launching the D10 computing power card, with plans for a second card product D20 and ongoing development of the second generation chip T800, expected to achieve mass production by 2026 [1] - The target company has completed its first and second rounds of financing, with this investment being part of the third round totaling 313.9 million yuan, involving various strategic investors [2] Group 3 - The investment is aimed at establishing a second growth line for the company, with a post-investment shareholding not exceeding 5%, and no involvement in the management or operations of Jiangyuan Technology [2] - There is significant uncertainty regarding the potential for future collaboration between Jiangyuan Technology and the company's main business, as the investment is considered a cross-industry investment [2]

Group 1 - Company *ST Rendo (002647.SZ) announced an investment of 100 million yuan in Jiangyuan Technology through an increase in registered capital, resulting in a shareholding ratio of 4.1427% post-investment [1] - The funding for this investment comes from the company's internal self-owned funds, with 50 million yuan from Rendo Holdings and 50 million yuan borrowed from Huilibao [1] - Jiangyuan Technology, established in November 2022, focuses on the development of domestically produced AI chips, aligning with the national strategy for autonomous computing power [1] Group 2 - The target company's products are based on 12-inch wafer chips, primarily delivered in the form of computing power cards for AI integrated machines and computing servers, with applications in intelligent terminals and computing centers [1] - Jiangyuan Technology has completed the first generation chip product D1 and is launching the D10 computing power card, with plans for a second card product D20 and ongoing development of the second generation chip T800, expected to achieve mass production by 2026 [1] - The company has completed its first and second rounds of financing, with this investment being part of the third round totaling 313.9 million yuan, involving various strategic investors [2]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The Ministry of Commerce has initiated an anti-discrimination investigation against the U.S. measures, which is expected to create significant development opportunities for the domestic chip industry, particularly in the context of supply chain security [2][4][10] - The investigation is a response to various discriminatory measures taken by the U.S. against China's integrated circuit sector since 2018, which have severely impacted the development of China's advanced computing chips and AI industries [10][4] - The report emphasizes the necessity for self-sufficient computing power and suggests that domestic chips could become the best solution under current supply chain security considerations [10][4] Summary by Sections Event Description - The Ministry of Commerce's investigation is based on preliminary evidence indicating that U.S. measures against China's integrated circuit sector are discriminatory as per Chinese trade laws [4] Event Commentary - The report highlights that the anti-discrimination investigation reflects China's firm stance against U.S. measures and suggests that it may lead to protective policies that support the development of domestic high-tech enterprises [10] - The focus is on the potential acceleration of the domestic chip industry, particularly for leading companies in the computing power chip sector, such as Cambrian [10][2]

Core Viewpoint - The market is experiencing a correction, particularly in the technology growth sector, with the Double Innovation Leader ETF (588330) showing a decline of 1.15% and a trading volume exceeding 620 million yuan, indicating active trading interest in the sector [1] Group 1: Market Performance - The Double Innovation Leader ETF (588330) attracted 26.15 million yuan in investments on August 25, reflecting positive sentiment towards the sector's future [1] - Key stocks within the ETF saw significant movements, with Haiguang Information and Sunshine Power both dropping over 5%, while Tianfu Communication surged over 13% [1] Group 2: Company Performance - Tianfu Communication reported a revenue of 2.456 billion yuan for the first half of 2025, marking a year-on-year growth of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [3] - The growth in Tianfu Communication's revenue is attributed to the accelerated development of the artificial intelligence industry and the ongoing demand for high-speed optical device products driven by global data center construction [3] Group 3: Industry Trends - Analysts suggest that China is undergoing a transformation towards new and old driving forces, with technology innovation and high-end manufacturing being encouraged by policy, particularly in emerging industries like AI and innovative pharmaceuticals [4] - The demand for AI computing power is expected to see explosive growth, with projections indicating a more than 40% increase in global intelligent computing scale by 2025, which will drive hardware demand such as servers and optical modules [3][4] Group 4: Investment Opportunities - The Double Innovation Leader ETF (588330) is characterized by cross-market diversification, focusing entirely on strategic emerging industries, including new energy, semiconductors, and medical devices [4] - The ETF offers a lower investment threshold compared to direct investments in individual stocks on the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing investors to start with less than 100 yuan [4]

Group 1 - The core viewpoint is that the domestic AI industry in China is rapidly catching up, with DeepSeek driving the rise of domestic large models, especially under the backdrop of chip sanctions, which raises higher demands for autonomous and controllable computing power [1] - By 2025, it is anticipated to be the year of commercialization for AI applications, with rapid growth in AI software revenue represented by large models, enhanced richness of vertical scenario agents, and improved multimodal capabilities [1] - Global demand for AI computing power is accelerating, with the combined capital expenditure of four major tech giants on AI expected to exceed $350 billion by 2025 [1] Group 2 - Domestic large models are focusing more on multimodal and lightweight approaches, avoiding excessive pursuit of intelligence levels, and emphasizing commercial implementation [1] - AI hardware is rapidly iterating, with companies like Tesla gradually applying robotaxi fleets and robots in consumer-level scenarios [1] - The financial and advertising sectors are identified as the first areas where AI software is making breakthroughs, with financial institutions actively investing in AI, particularly in research, investment, and risk control as core application scenarios [1] Group 3 - The Xinchuan ETF (159537) tracks the Guozhen Xinchuan Index (CN5075), which selects listed company securities in the information technology innovation theme, covering basic hardware, software, application software, and information security, reflecting the overall performance of growth-oriented and technologically innovative enterprises [1] - The index is primarily distributed in the computer and electronics sectors, focusing on market trends under the themes of technological autonomy and domestic substitution [1]

Group 1 - The semiconductor industry maintains high prosperity, with TSMC raising its annual revenue growth forecast from 25% to 30%, confirming the continuation of industry prosperity [1] - The strong increase in computing power in North America has driven the switch and server supply chain, becoming a major sentiment driver [1] - The importance of domestic computing power and self-control is increasing due to geopolitical and cybersecurity restrictions, accelerating the development of domestically produced computing power chips from design to manufacturing [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream sectors of the semiconductor industry, including companies involved in semiconductor material production, processing, and manufacturing equipment research and development [1] - The index reflects the overall performance of listed companies in the semiconductor materials and equipment sector, characterized by strong technology and capital intensity [1] - Investors without stock accounts can consider the Guotai CSI Semiconductor Materials and Equipment Theme ETF Initiated Link A (019632) and Link C (019633) [1]

Market Performance - As of August 1, 2025, the Shanghai Composite Index fell by 0.37% to close at 3559.95 points, the Shenzhen Component Index decreased by 0.17% to 11009.77 points, and the ChiNext Index dropped by 0.24% to 2322.63 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average down by 1.23%, the S&P 500 down by 2.24%, and the Nasdaq Composite down by 1.60% [1] - The Philadelphia Semiconductor Index declined by 1.43%, with notable drops in individual semiconductor stocks such as Micron Technology down by 3.90% and ARM down by 2.68% [1] Industry News - The 2025 World Robot Conference will be held in Beijing from August 8 to 12, featuring over 200 domestic and international robotics companies with more than 1500 exhibits, including nearly 100 new product launches, which is almost double the number from last year [2] - Chipsea Technology announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand image, currently in discussions with relevant intermediaries [2] - InnoTek's stock surged over 60% after being listed as a partner on NVIDIA's website for 800V DC power architecture, marking it as the only Chinese chip company in this collaboration, although the partnership is still in the testing phase without substantial orders yet [2] AI and Semiconductor Industry Insights - CITIC Securities noted that since the release of ChatGPT, large models are evolving towards stronger, more efficient, and reliable directions, with the U.S. leading in exploring powerful models while Chinese companies excel in efficiency under computational constraints [3] - The shift in AI computing power consumption from training to inference is creating significant growth opportunities, highlighting the trend towards domestic control of computing power in China [3] - The semiconductor materials ETF (562590) and its associated funds focus on semiconductor equipment (59%) and materials (24%), indicating a strong emphasis on the upstream semiconductor sector, which is crucial for domestic substitution and benefits from the AI revolution and technological advancements [3]

3.近日，英诺赛科午股价直线拉升，盘中一度涨超60%。消息面上，当日英伟达官网更新800V直流电源 架构合作商名录，英诺赛科是本次入选英伟达合作伙伴中唯一的中国芯片企业。对于合作细节，英诺赛 科向以投资者身份采访的记者表示，与英伟达的合作已有一段时间，公司主要凭借大功率氮化镓技术入 围。不过，目前合作尚处于测试阶段，暂未产生实质性订单。因公司正处于半年报发布阶段，不便对此 次合作前景与影响作出回应。 中信建投证券表示，自ChatGPT发布后，大模型向更强、更高效、更可靠方向发展，呈现推理模型深 化、智能体模型爆发的格局。美国在探索更强大模型上保持全球领先，中国企业则在算力受限下实现高 效性全球领先。受互联网大厂推动AI与业务结合、Agent推出、主权AI需求及多模态渗透等因素影响， AI算力消耗从训练转向推理，带来显著增量，国内算力自主可控趋势凸显。 1. 在北京召开的2025世界机器人大会新闻发布会上介绍，2025世界机器人大会将于8日至12日在北京经 济技术开发区举办，主题为"让机器人更智慧，让具身体更智能"，200余家国内外机器人企业的1500余 件展品集中亮相，首发新品超100款，首发新品数量是去年的 ...