营收结构显韧性，GPU+端侧 AI 双驱动 事项： 公司发布半年报，报告期内实现营业收入 1.93 亿元，同比下降 44.78%；利润 总额为-1.20 亿元，同比下降 671.72%；归母净利润-0.88 亿元，同比下降 356.51%。单 Q2 来看，实现营业收入 0.91 亿元，同比下降 62.40%；归母净利 润-0.33 亿元，同比下降 171.70%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 466 | 791 | 1,234 | | 1,900 | | 同比增速(%) | -34.6% | 69.6% | 56.1% | | 53.9% | | 归母净利润(百万) | -165 | 0 | 81 | | 159 | | 同比增速(%) | -376.7% | 99.8% | 23,973.5% | | 96.2% | | 每股盈利(元) | -0.32 | 0.00 | 0.16 | | 0 ...

Core Viewpoint - The A-share computing power sector has seen significant gains, driven by the launch of DeepSeek's "DeepSeek V3.1" model, which is optimized for domestic chip architectures, indicating a potential for large-scale adoption of domestic chips in AI applications [1][3][10]. Group 1: Market Performance - The stock of Cambricon (寒武纪) surged by 20%, reaching a market capitalization of 520 billion RMB [1]. - Semiconductor stocks, including SMIC, saw substantial increases, with SMIC's A-shares rising by 14.19% and H-shares by 10.06%, marking the highest single-day gain since October of the previous year [1]. - The Wind semiconductor index rose by 7.31%, reaching its highest level since April 2022, while the Wind technology index increased by 3.07%, setting a new historical high [4][6]. Group 2: DeepSeek V3.1 Launch - DeepSeek's "DeepSeek V3.1" was released on August 21, featuring parameters designed for the next generation of domestic chips, which has sparked expectations for mass production of domestic AI chips [3][10]. - The model aims to enhance reasoning performance while maximizing the theoretical computing power and energy efficiency of domestic chips, despite their current inferiority to NVIDIA GPUs [8][10]. Group 3: Industry Implications - The release of DeepSeek V3.1 is seen as a catalyst for the domestic AI chip ecosystem, with analysts suggesting that it could accelerate the adoption of domestic computing power solutions [10]. - Companies like Huawei and Cambricon are making strides in the domestic chip market, with Cambricon's "Siyuan 590" chip reportedly achieving performance levels close to NVIDIA's A100 in certain tasks [11]. - The Ascend 910D chip from Huawei is also highlighted for its potential to surpass NVIDIA's H100 in theoretical computing power, particularly in localized applications [11].

记者丨赵云帆 国产半导体的市场投机热情高涨。截至8月22日收盘，Wind半导体指数收涨7.31%，创下2022年4月以来新高。 编辑丨黄剑 8月22日，A股算力板块再度成为"执牛耳者"。截至收盘，本轮行情的"股王"寒武纪以20%涨停报收，总市值来到惊人的5200亿人民币；晶圆龙 头中芯国际A/H股分别上涨14.19%和10.06%，其中A股创下去年10月以来单日涨幅之最。光模块"双雄"新易盛、中际旭创续创新高，并分别上 涨6.19%和5.16%；国产IDC龙头中科曙光亦以涨停报收，市值接近去年11月高点。 引爆日内算力行情的源点，来自两则消息。 8月21日晚间，杭州深度求索公司（DeepSeek）悄然于大模型资源网站HuggingFace上线 "DeepSeekV3.1" 版本。 同时，该公司宣称其模型版 本使用适配国产芯片结构的参数精度，暗示国产芯片未来有望得到大规模使用。 分析人士认为，在国际贸易保护主义背景下，国际芯片产业链供应链的不确定性犹存。 DeepSeek-V3.1发布，以及腾讯业绩会透露GPU数量足 够等信息，均利好AI算力国产化和本土AI芯片发展，国产算力板块再度迎来催化。 国产芯片+模型的 ...

今日关注 1、李强主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情况汇报，研究释 放体育消费潜力进一步推进体育产业高质量发展的意见，审议通过《"三北"工程总体规划》，部署开展 海洋渔船安全生产专项整治工作。 2、针对近期中国留学生在入境美国时遭恶劣对待，外交部发言人22日表示，美方行径严重侵犯中国公 民正当合法权益，中方敦促美方停止针对中国学生学者的无端盘查滋扰遣返。 宏观经济 1、中国央行22日发布公告称，为保持银行体系流动性充裕，其将于8月25日(周一)以固定数量、利率招 标、多重价位中标方式开展6000亿元中期借款便利(MLF)操作，期限为1年期。 2、2025年1-7月，全国新设立外商投资企业36133家，同比增长14.1%；实际使用外资金额4673.4亿元人 民币，同比下降13.4%。 3、8月22日，工业和信息化部等三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》，其中 明确国家对稀土开采和稀土矿产品的冶炼分离实行总量调控管理等内容。 4、8月22日，中国光伏行业协会发布倡议提出，坚决抵制以低于成本的价格开展恶性竞争。坚持创新驱 动，从同质化低效能竞争转向高质量高水平竞 ...

Group 1 - The A-share computing power sector has become a leader, with notable stocks like Cambricon Technologies reaching a market value of 520 billion RMB after a 20% surge [1] - The release of DeepSeek V3.1, which is optimized for domestic chip structures, signals potential large-scale adoption of domestic chips in AI applications [1][2] - The semiconductor market is experiencing a speculative surge, with the Wind semiconductor index rising by 7.31%, the highest since April 2022 [2] Group 2 - DeepSeek V3.1 integrates deep thinking and fast thinking, aligning with recent trends in AI model development [3][4] - The new model's parameters are designed for next-generation domestic chips, aiming to maximize theoretical computing power and efficiency despite being slightly inferior to Nvidia GPUs [4][5] - The performance of domestic chips like the Cambrian's Siyuan 590 and Huawei's Ascend 910D is approaching that of Nvidia's A100, indicating a competitive edge in specific applications [6] Group 3 - The release of DeepSeek V3.1 is seen as a precursor to the domestic chip market's growth in computing power [7] - Analysts caution that uncertainties regarding model compatibility with domestic chip manufacturers and development progress may pose risks [7]

Investment Rating - The report gives an investment rating of "Positive" for the artificial intelligence industry [4] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology and applications, emphasizing China's leadership in the global AI revolution [6][7] - Key breakthroughs highlighted include domestic AI chip and server performance matching international standards, the release of trillion-parameter models, and deep integration of AI applications with various industries [15] Summary by Sections 1. World Artificial Intelligence Conference Opening - The WAIC 2025 opened on July 26, 2025, in Shanghai, featuring an exhibition area exceeding 70,000 square meters and showcasing the latest achievements across the AI industry [6] - The event attracted major international tech giants and leading Chinese companies, presenting cutting-edge AI technologies and applications [6][7] 2. Huawei Cloud Cloud Matrix 384 Super Node - Huawei's Cloud Matrix 384 super node integrates 384 Ascend NPUs and 192 Kunpeng CPUs, achieving a computing power of 300 PFlops, addressing communication bottlenecks in distributed training [2][8] - The super node supports a demand-driven model based on token processing volume, indicating a shift in the computing power industry [10] 3. Humanoid Robots - The humanoid robot sector is rapidly evolving, with over 80 companies showcasing their innovations at the conference, compared to only 18 in the previous year [11] - Notable products include the A2 humanoid robot and the G1 robot from Zhiyuan, demonstrating advanced capabilities in logistics and entertainment applications [11][12] - The report suggests a growing investment interest in the humanoid robot supply chain and related technologies [15] 4. Investment Recommendations - The report recommends focusing on several areas: 1) Breakthroughs in domestic AI computing power 2) Accelerated deployment of AI applications 3) The humanoid robot supply chain 4) Iteration of optical module technology 5) AI computing power leasing [3][15] 5. Financial Forecasts - The report includes financial forecasts for key companies in the AI sector, indicating expected growth in net profits and market capitalization for companies like Cambricon and Haiguang Information [15]

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The ongoing technological competition among major countries necessitates the localization of AI computing power in China. Although H20 has been approved for sale, long-term localization remains a priority. The development of the chip and underlying software ecosystem will be crucial for the domestic AI industry. The new round of global AI "arms race" has begun, with the release of significant models and products like ChatGPT Agent and Kimi K2 expected to significantly boost domestic computing power demand. The long-term development prospects for domestic computing power are optimistic [3][36]. Summary by Sections Market Review - During the week of July 14-18, the CSI 300 Index rose by 1.09%, the SME Index increased by 2.26%, and the ChiNext Index grew by 3.17%. The computer sector (CITIC) saw a 2.32% increase. The top five gainers in the sector were Xiling Information, Chunz中科技, Information Development, Dingjie Smart, and Tuoer Si. The top five decliners were Dazhi Hui, Jinzheng Shares, Jingbeifang, Xinyada, and Changliang Technology [1][44]. Industry News - The Ministry of Industry and Information Technology (MIIT) is promoting the synergy between industrial internet and artificial intelligence, accelerating the development of 6G technology [38]. OpenAI has released ChatGPT Agent, which can think independently and select tools to complete complex tasks [39]. The MIIT will also organize the "Artificial Intelligence + Software" initiative to accelerate the software intelligence process [40]. Company Dynamics - Capital Online's shareholder Zhao Yongzhi reduced his stake by 5,200,000 shares, accounting for 1.036% of the total share capital. Guanglian Da repurchased 8,732,100 shares, approximately 0.53% of its total share capital, with a total transaction amount of 121,956,165.8 yuan [2][42]. Investment Suggestions - The report suggests focusing on domestic AI computing power, particularly in the following areas: 1. Chip design: Key players include Cambrian and Haiguang Information 2. Advanced wafer manufacturing: Focus on leading companies like SMIC 3. Domestic AI computing liquid cooling: Companies like Highlan and Yingweike 4. Domestic AI servers: Notable companies include Inspur, Softcom, China Great Wall, Shenzhou Data, Huibo Yuntong, Tuo Wei Information, Zhongke Shuguang, ZTE, Fenghuo Communication, Unisplendour, Industrial Fulian, and Gaoxin Development [3][36].

Core Insights - The "Beautiful Act" expands the total deficit by approximately $4.1 trillion, primarily continuing existing policies [10] - The act is expected to moderately boost the US economy, benefiting traditional sectors while adversely affecting low-income groups [10] - The liquidity of US Treasury bonds remains stable, with manageable supply pressure and interest rate risks, but caution is advised regarding potential market volatility [10] Economic Effects - The "Beautiful Act" is projected to increase the annual GDP growth rate by 0.1 percentage points from 2025 to 2034, with the maximum effect reaching 0.8% between 2026 and 2028 [10] - The act will lead to a 3.9% income decrease for the lowest 10% of households, while the highest 10% may see a 2.3% increase, indicating a redistribution trend favoring higher-income groups [10] - Traditional and capital-intensive industries are expected to benefit, while the renewable energy sector may face challenges due to reduced tax incentives [10] Debt Market Insights - The supply of US Treasury bonds is expected to remain stable, with a projected increase in the deficit rate to around 7% next year [10] - The cumulative tariff revenue could offset 54% of the new deficit, with a long-term potential to reach $2.2 trillion over ten years [10] - The act may not trigger a debt crisis but could elevate the term premium in the bond market [10] Employment and "Involution" Analysis - The phenomenon of "involution" is primarily driven by uneven employment distribution between manufacturing and service sectors, with tariffs potentially accelerating job shifts towards services [11] - Young workers, particularly those aged 25-34, have seen a significant increase in weekly working hours, contributing to the "involution" trend [11] - Policies encouraging flexible work arrangements and paid leave are being implemented to address the "involution" issue, although these measures may not fully resolve the underlying causes [11] Hong Kong Stock Connect Predictions - The Hang Seng Index Company is expected to announce changes to its index constituents in August 2025, with 20 stocks likely to gain eligibility for the Hong Kong Stock Connect [14] - The selection criteria for the Hang Seng Index include market capitalization and trading volume, with a strict "high entry, low exit" policy [14] - The anticipated changes may impact existing stocks, with 13 stocks expected to be removed from the Stock Connect list [14] AI Computing Industry Insights - The IPO applications of domestic GPU companies, Muxi and Moer Thread, have been accepted, indicating a trend towards domestic autonomy in AI computing [13] - Muxi's product matrix includes various GPU series aimed at different applications, with a strong focus on compatibility and performance [15] - Moer Thread is also expanding its product offerings in AI computing and graphics, with a dual-market strategy targeting both consumer and enterprise sectors [15]

Industry Insights - The Chinese government aims to improve the carbon emission rights and water rights trading systems by 2027, establishing a more active market for resource and environmental factors [2] - The U.S. has suspended the sale of certain key technologies, including jet engine technology, to China, which may accelerate China's domestic development of commercial aircraft power systems [4] - Zhejiang province has set a target for AI computing power to reach 60 EFlops by 2027, indicating a strong policy foundation for domestic AI computing infrastructure [11] Company Developments - Dell Technologies has reported that AI server orders have exceeded expectations, leading to a positive revenue outlook and a post-market increase of over 9% [9] - Tesla's Model Y autonomous driving vehicles are set to be delivered to customers in June, signaling a pivotal moment for the autonomous driving industry [10] - Pinggao Group has signed a contract worth 397 million yuan for computing power resource services, indicating growth in the tech services sector [14] - China State Construction has secured three major projects totaling 8.23 billion yuan, reflecting ongoing infrastructure investment [14]

Group 1: Investor Relations Activity - The company held a performance briefing on May 16, 2025, via an online platform, focusing on the 2024 annual report [3] - Key attendees included the Chairman, General Manager, and other senior executives [3] Group 2: Business Development and Strategy - The company aims to expand its high-speed rail business, leveraging opportunities from the government's "signal upgrade" initiative [4] - The high-speed rail sector is seen as a significant growth area due to increasing demand for 5G coverage and infrastructure [4] - The company plans to integrate services and products in the high-speed rail sector to enhance its competitive edge [4] Group 3: Financial Performance and Risks - As of the end of 2024, accounts receivable reached CNY 340 million, with a low risk of bad debts due to the nature of clients being large state-owned enterprises [6] - The company has implemented strict management measures for accounts receivable to improve cash flow [6] Group 4: Technological Advancements - The company has made significant investments in AI and computing power services, with a focus on partnerships with major telecom operators [5][6] - The company is actively developing products in the 5G-A space, having already participated in major projects like the Hangzhou Asian Games [9] Group 5: Future Outlook and R&D Plans - The company plans to enhance its R&D capabilities in AI edge computing and 5G-A technologies in 2025 [10] - There is a strategic focus on optimizing the business structure to improve profitability and return value to investors [10] Group 6: Market Position and Collaborations - The company has signed a distribution agreement with Shanghai Suiruan Technology to strengthen its position in the AI computing market [7][8] - The domestic chip market is expected to reach a 40% share in AI servers by 2025, indicating a shift towards local alternatives [7]