国产算力链本周迎来多重利好 模型端看，DeepSeek官宣发布DeepSeek-V3.1，该模型使用了UE8M0FP8Scale的参数精度，并大幅调整 了分词器及chat template。UE8M0FP8浮点格式用于适配下一代国产芯片，有望推动国产AI芯片大规模 放量。此外竞争格局看，英伟达要求鸿海集团、三星电子、Amkor等供应商停止H20芯片生产。伴随国 产大模型能力迭代升级、国产芯片量产爬升，长期坚定看好AI芯片的国产替代。 国金证券发布研报称，DeepSeek官宣发布DeepSeek-V3.1，该模型使用了UE8M0FP8Scale的参数精度。 UE8M0FP8浮点格式用于适配下一代国产芯片，有望推动国产AI芯片大规模放量。AI数据中心需求旺 盛，液冷平台有望充分受益，看好液冷成为下一大AI时代出海板块。建议关注国内AI发展带动的服务 器、IDC等板块，以及海外AI发展带动的服务器、光模块等板块。 英伟达官网再提CPO交换机商用时间。Quantum-X InfiniBand交换机预计将于2026年初投入商用， Spectrum-X以太网交换机预计将于2026年下半年投入商用，建议关注太辰光等CPO产 ...

Market Overview - On August 21, A-shares opened higher with major indices rising, particularly in diversified finance, brokerage, and digital currency sectors, while photovoltaic, rare earth, and military industries saw slight declines [1] - Liquid cooling server and AI hardware stocks opened lower, with Jintian Co. hitting the daily limit down after a strong performance in previous days [1] Company Performance - Jintian Co. reported a total revenue of 59.294 billion yuan for the first half of the year, a year-on-year increase of 2.46%, and a net profit of 373 million yuan, up 203.86% [3] - Jintian Co. primarily engages in non-ferrous metal processing, with copper products and rare earth permanent magnet materials as its main offerings [3] - China Mobile's AI general computing device procurement project has awarded contracts, with ZTE Corporation being the largest winner, securing approximately 885 million yuan, accounting for over 50% of the total [6] Sector Movements - The semiconductor sector saw strong gains, with the Shenwan Electronics Industry Index rising over 1%, reaching a new high [4] - The consumer electronics sector experienced a short-term surge, with Kosen Technology achieving five consecutive trading limit ups [6] - The small metals sector also saw significant movement, with Zhangyuan Tungsten hitting the daily limit up, alongside other companies in the rare earth and tungsten industries [6] Hong Kong Market Highlights - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index declined, while pharmaceutical stocks rebounded and stablecoin concepts surged [3] - Zhenrongxin saw a significant increase, with shares rising nearly 30% at one point, following a previous day where the stock price surged over 90% [8][10] - Zhong An Online reported total premiums of 16.661 billion yuan for the first half of 2025, a year-on-year increase of 9.3%, with net profit rising by 1103.5% [10] Cryptocurrency Sector - The cryptocurrency sector in Hong Kong saw initial gains, with Okex Chain rising over 9% and New Fire Technology Holdings increasing by over 8% [11]

Group 1 - Suiyuan Technology is preparing for an IPO on the A-share Sci-Tech Innovation Board, with its third progress report on listing guidance recently released [2] - The report indicates that the company has determined preliminary fundraising targets, while the overall scale and feasibility of the fundraising projects are still under continuous verification [2] - Suiyuan Technology has completed ten rounds of financing, raising nearly 7 billion yuan, and is valued at 16 billion yuan, making it to the Hurun "2024 Global Unicorn List" [2] Group 2 - Tencent is the largest shareholder of Suiyuan Technology, holding approximately 20.5% of the shares, along with other significant investors like Wuyuefeng Capital and the National Semiconductor Integrated Circuit Fund [3] - The company is likely to divest non-core assets and focus on its main business to avoid competition and enhance its chances for a successful IPO [3] Group 3 - The AI chip industry is experiencing a push for domestic alternatives, with several companies, including Suiyuan, Muxi Integration, Biran Technology, and Moore Threads, also pursuing IPO plans [4] - Despite significant R&D investments, AI chip companies face notable profitability pressures, and there are concerns about potential structural overcapacity or market saturation as more companies enter the field [5] - While the domestic AI chip industry is developing rapidly, there remains a gap in technical strength and market share compared to international leaders like NVIDIA, indicating challenges for Suiyuan in its IPO journey [5]

通信周观点： 1）美国商务部 5 月 13 日升级对华芯片管制，撤销《AI 扩散规则》并出台三项新规：全球禁用华为昇腾芯片、限制美 芯片用于中国 AI 训练、强化供应链审查。此外黄仁勋受访时表示英伟达将重新推出面向中国市场的芯片，但不会再 推出 Hopper 系列产品，预计将采用 GDDR7 显存替代 HBM 高带宽内存，以满足美国出口限制要求。我们认为从性能看， 国产芯片性能或将大超英伟达改版后芯片性能，利好国产算力芯片。2）因英伟达 AI 芯片出货量不及预期（GB200 出 货不及预期，且 H20 受到管制，NVIDIA 计提约 55 亿美元的与 H20 相关的费用损失），而国内芯片供应增长需要时间， 阿里、腾讯等互联网厂商 1Q25 资本支出略低于市场预期。我们认为短期看，互联网厂商全年资本开支可能略有下滑， 但这也将加速 AI 芯片的国产替代进程。长期看伴随国产 AI 芯片的起量，AI 仍将驱动业务增长。3）英伟达 5 月 14 日 宣布在上海设立 AI 芯片研发中心，并与沙特签署 18000 台 GB300 服务器订单。此举凸显其全球布局战略，将推动高 速光模块及液冷技术需求。海外算力基建需求激增， ...