9月8日，四川上市公司百利天恒（688506.SH）盘中股价一度冲高至414.02元/股，创下历史新高。股价上涨让百利天恒的实控人朱义的身家随之"水涨船 高"，超越刘永行、刘汉元等知名川籍大佬，跃升为四川省的新首富。 图片来源：每经记者 陈正阳 摄 9月9日，《每日经济新闻》记者查询福布斯实时富豪榜发现，泡泡玛特（09992.HK）创始人王宁及其家族目前身家为238亿美元（约合人民币1694.8亿 元），他取代牧原股份（002714.SZ）创始人秦英林成了河南新首富；此外，寒武纪（688256.SH）创始人陈天石也在今年问鼎江西首富；巨子生物 （02367.HK）范代娣夫妇成为陕西新晋首富⋯⋯ 从行业性质来看，今年涌现新首富的行业包括了人工智能、潮玩、生物医药等。北京师范大学教授、经济学专家万喆9月10日接受《每日经济新闻》记者 采访表示，新首富的诞生是中国经济新旧动能转换的写照，这也是全球产业创新变革共振的结果。"制造"新首富的这些公司，均拥有属于自己的硬核创 新，要么体现在核心技术上，要么体现在商业模式上。 法国里昂商学院金融学副教授、工商管理博士DBA导师卢骏向记者分析称，新首富的诞生是一个标志，不仅代 ...

每经记者｜陈鹏丽 每经编辑｜文多 9月8日，四川上市公司百利天恒（688506.SH）盘中股价一度冲高至414.02元/股，创下历史新高。股价上涨让百利天恒的实控人朱义的身家随之"水涨船 高"，超越刘永行、刘汉元等知名川籍大佬，跃升为四川省的新首富。 图片来源：每经记者 陈正阳 摄 9月9日，《每日经济新闻》记者查询福布斯实时富豪榜发现，泡泡玛特（09992.HK）创始人王宁及其家族目前身家为238亿美元（约合人民币1694.8亿 元），他取代牧原股份（002714.SZ）创始人秦英林成了河南新首富；此外，寒武纪（688256.SH）创始人陈天石也在今年问鼎江西首富；巨子生物 （02367.HK）范代娣夫妇成为陕西新晋首富⋯⋯ 从行业性质来看，今年涌现新首富的行业包括了人工智能、潮玩、生物医药等。北京师范大学教授、经济学专家万喆9月10日接受《每日经济新闻》记者采 访表示，新首富的诞生是中国经济新旧动能转换的写照，这也是全球产业创新变革共振的结果。"制造"新首富的这些公司，均拥有属于自己的硬核创新，要 么体现在核心技术上，要么体现在商业模式上。 法国里昂商学院金融学副教授、工商管理博士DBA导师卢骏向记者分析 ...

来源：严为民 还有就是九月中旬大洋彼岸美联储议息会议，降息的概率已非常大了，受此影响整个以美元计价的商品可能会迎来比较大的机会，我们一起期待，祝朋友们 周末愉快，下周继续并肩战斗。 *本文由申港证券股份有限公司投资顾问严为民（执业编号：S1660624070009）编辑整理，内容仅代表个人观点，不构成任何买卖建议。投资有风险，入市 需谨慎！ 昨天市场的企稳迹象已经比较明显了，因为上涨的家数和下跌的家数一比较，很多觉得市场的情绪已经基本稳住了。 你记住一点，所有不管赚的或亏的，卖出来的钱很可能不会离开这个股市，这是非常重要的一个"慢牛"思维，这样来讲朋友们就能够理解为什么"牛市"总是 一轮又一轮，不是没有调整，而是调整之后总能创新高，原生动力是资金源源不断，同时内在的资金它不会离开，这一点非常重要。 这一次的震荡可能带来热点转换的契机，但是我要提醒大家，不是说所有的强势股都意味着结束了，这里面幅度没有那么大，那么在回调比较凶猛的背景之 下，这很有可能是一种"错杀"，比如说在AI芯片领域，硬件这个方面，很多优秀的企业，它的业绩可能是因为需求的爆炸性增长，那么同样这一波下跌也遭 遇了"错杀"。 还有前沿科技的轮动， ...

Core Insights - The Chinese pan-technology sector is experiencing significant growth driven by AI computing power, with a clear differentiation among various segments and leading companies outperforming [1][2]. Industry Overview - The high demand for AI computing power is leading to a full-chain growth pattern from upstream infrastructure to downstream applications [2]. - The global semiconductor market reached $346 billion in the first half of 2025, showing an 18.9% year-on-year increase, with logic semiconductors growing by 37% [2]. - China's semiconductor market demonstrated resilience, with total investment down 9.8% year-on-year, a significant improvement from a 41.6% decline in the previous year [2]. Company Performance - Industrial Fulian reported a revenue of 360.8 billion yuan, a 35.6% increase, and a net profit of 12.11 billion yuan, up 38.6%, driven by AI server shipments [5]. - Cambrian-U achieved a revenue of 2.881 billion yuan, a staggering 4347.82% increase, and a net profit of 1.038 billion yuan, marking its first profitable half-year since its listing [6]. - Zhongji Xuchuang reported a revenue of 14.789 billion yuan, a 36.95% increase, and a net profit of 3.995 billion yuan, up 69.40%, benefiting from increased capital expenditure from key clients [7]. Market Trends - The light module market is expected to grow by 45% in 2024, driven by AI industry demand, with a forecast of 4.7 million units shipped in 2025 [3]. - The AI chip sector is seeing breakthroughs in performance and cost, with domestic products like Cambrian's chips showing competitive advantages [9][10]. - Traditional hardware companies like Hikvision and Luxshare Precision are adjusting their structures to find new growth points, with Hikvision's innovative business growing by 13.92% [8]. Policy and Technological Support - The Chinese government is implementing supportive policies, including the "Artificial Intelligence +" initiative, aiming for deep integration of AI across six key sectors by 2027 [3][10]. - The domestic semiconductor industry is increasing R&D investments to reduce reliance on imports, with breakthroughs in key materials and equipment expected to enhance competitiveness [10].

与今年的年度大牛股上纬新材（688585.SH）情况类似，天普股份此次大涨同样是获得了知名企业的"青睐"。 9个涨停板 9月3日晚，天普股份发布公告称，因股票近期多次触及股票交易异常波动及严重异常波动情形，公司将自9月4日起停 牌，就股票交易波动情况进行核查。 至此，这家原本低调的汽车软管供应商在8月中旬宣布将被AI芯片企业收购后，已连续走出9个"一"字涨停，股价自8 月14日收盘的26.64元/股一路飙升至9月3日收盘的62.81元/股，累计涨幅超135%，成为近期A股市场又一只引发高度关 注的股票。 AI芯片赛道又一重磅资本运作掀起热议。 仅用9个交易日，一家主营业务略显传统的汽车零部件企业天普股份（605255.SH），因获得AI芯片"准独角兽"中昊芯 英（杭州）科技有限公司（简称：中昊芯英）的青睐，股价便实现翻倍。 这背后，出身谷歌TPU（张量处理器）核心团队的"85后"——中昊芯英创始人杨龚轶凡或将通过三笔交易入主天普股 份，拿下上市公司新实控人的身份。 第三步，全面要约。天普股份此次易主交易所涉及的增资协议最终触发了全面要约义务，中昊芯英需要向除天普控 股、尤建义、方东晖以外的天普股份全体股东发出 ...

Market Overview - On September 5, the Shanghai Composite Index fell by 0.11% to 3761.88 points, while the Shenzhen Component Index rose by 0.18% to 12140.76 points. The ChiNext Index increased by 0.49% to 2789.91 points, and the STAR 50 Index gained 0.43% to 1232.21 points. The ice and snow industry, duty-free shops, and sports industry saw significant gains, while precious metals, military restructuring concepts, and cultivated diamond sectors experienced declines [1] Company News - Xian Dao Intelligent has successfully established a complete production line for solid-state batteries, capable of flexibly adapting to various electrolyte material systems [2] - Guoguang Chain's controlling shareholder plans to reduce holdings by up to 12.506 million shares, accounting for no more than 2.49% of the total share capital [2] - Shiyun Circuit's AI glasses have entered mass production for a major overseas client, and the company has achieved mass production of various AI server-related products [2] Hot Topics - The upcoming National Day and Mid-Autumn Festival holiday is expected to peak domestic tourism, with over 2.08 million domestic flight tickets booked as of September 1, marking a 23% increase compared to the same period last year [3] Industry Insights - The Ministry of Industry and Information Technology has issued an action plan for the electronic information manufacturing industry, focusing on high-quality development in the photovoltaic and lithium battery sectors [4] - After securing a significant order, UBTECH has received a 250 million yuan contract for humanoid robots, enhancing its application capabilities in real-world scenarios [5] AI and Technology Developments - D.A. Davidson analysts noted that Alphabet has significantly narrowed the gap with Nvidia, with Google TPU gaining attention and developer activity increasing by approximately 96% from February to August [7] - Tesla has opened its Robotaxi application to the public, expanding its autonomous driving service beyond initial testing phases [7] Semiconductor Equipment - SK Hynix has introduced the industry's first mass-produced high numerical aperture extreme ultraviolet lithography machine, improving optical performance by 40% and expected to significantly enhance circuit pattern precision [8] AI Agents - According to IDC, AI agents are rapidly penetrating the enterprise application software market, with expectations of transforming a market valued at $650 billion by 2031 [9]

业内人士认为，整体来看，寒武纪在单日资金博弈加剧的背景下，近一周主力资金的流入或为股价提供 支撑，后续需关注资金动向与AI芯片行业基本面的联动。 数据显示，从资金流向来看，超大单层面全天净流出9.4542亿元，而大单层面则逆势净流入9.7531亿 元；主力资金净占比0.39%，中单、小单整体呈小幅净流出。 9月4日早盘开盘，寒武纪（688256）股价大幅调整，截至发稿跌超8%，最新股价报1291.49元/股，总成 交额90.47亿元。 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides trend outlooks for various commodities, including precious metals, base metals, energy, chemicals, and agricultural products. For example, gold is expected to break new highs, while silver is likely to reach previous highs. Copper prices are expected to remain firm due to a weaker US dollar, and zinc is expected to trade within a range [2][7][14]. - The market is influenced by multiple factors such as macro - economic data, central bank policies, and geopolitical events. For instance, weak US JOLTS job openings data has strengthened the market's expectation of a September interest rate cut [7][14][17]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to break new highs. The trend strength is 2, indicating a strong bullish view. Yesterday, the closing price of Shanghai Gold 2510 was 814.88, with a daily increase of 1.31%, and the night - session closing price was 821.68, with a night - session increase of 1.40% [2][7][10]. - **Silver**: Expected to reach previous highs. The trend strength is 2, also indicating a strong bullish view. The closing price of Shanghai Silver 2510 was 9820, with a daily decrease of 0.04%, and the night - session closing price was 9918.00, with a night - session increase of 1.34% [2][7][10]. Base Metals - **Copper**: With the US dollar under pressure, copper prices are firm. The trend strength is 1, suggesting a moderately bullish view. The closing price of the Shanghai Copper main contract was 80,110, with a daily increase of 0.56%, and the night - session closing price was 80260, with a night - session increase of 0.19% [2][13][15]. - **Zinc**: Expected to trade within a range. The trend strength is 0, indicating a neutral view. The closing price of the Shanghai Zinc main contract was 22285, with a daily decrease of 0.18% [2][16][18]. - **Lead**: With continuous inventory reduction, lead prices are supported. The trend strength is 0, a neutral view. The closing price of the Shanghai Lead main contract was 16865, with a daily increase of 0.09% [2][19]. - **Tin**: Expected to trade within a range. The trend strength is 1, a moderately bullish view. The closing price of the Shanghai Tin main contract was 273,120, with a daily decrease of 0.31% [2][22][27]. - **Aluminum**: Expected to trade within a range. The trend strength is 0, a neutral view. The closing price of the Shanghai Aluminum main contract was 20710, with a decrease of 10 compared to the previous day [2][28][29]. - **Alumina**: The price center is moving down. The trend strength is - 1, indicating a bearish view. The closing price of the Shanghai Alumina main contract was 2992, with a decrease of 30 compared to the previous day [2][28][29]. - **Nickel and Stainless Steel**: Nickel is expected to have narrow - range fluctuations based on fundamentals and be affected by news - driven sentiment. Stainless steel prices are expected to have narrow - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of the Shanghai Nickel main contract was 121,790, and the closing price of the Stainless Steel main contract was 12,915 [2][31][36]. Energy and Chemicals - **Carbonate Lithium**: Spot trading has improved, but the continuous increase in warehouse receipts suppresses the futures market. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 72,080, with a decrease of 1,200 compared to the previous day [2][37][41]. - **Industrial Silicon**: With warehouse receipt accumulation, the strategy is to short at high prices. The trend strength is 0, a neutral view. The closing price of Si2511 was 8,490, with an increase of 20 compared to the previous day [2][42][45]. - **Polysilicon**: Attention should be paid to market news. The trend strength is 1, a moderately bullish view. The closing price of PS2511 was 52,160, with an increase of 285 compared to the previous day [2][43][45]. - **Iron Ore**: Due to repeated macro - expectations, it is expected to have wide - range fluctuations. The trend strength is 0, a neutral view. The closing price of the futures was 777.0, with an increase of 5.5 and a daily increase of 0.71% [2][46]. - **Rebar and Hot - Rolled Coil**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of RB2510 was 3,034, with a decrease of 10 and a decrease of 0.33%; the closing price of HC2510 was 3,310, with a decrease of 6 and a decrease of 0.18% [2][48][49]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of Silicon Ferrosilicon 2511 was 5520, with a decrease of 8; the closing price of Manganese Silico - Manganese 2511 was 5720, with a decrease of 10 [2][53][55]. - **Coke and Coking Coal**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of JM2601 was 1106, with a decrease of 6.5 and a decrease of 0.6%; the closing price of J2601 was 1594, with a decrease of 2.5 and a decrease of 0.2% [2][56]. - **Log**: Expected to fluctuate repeatedly. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 775.5, with a daily decrease of 2.8% [2][58][61]. - **Para - Xylene**: The cost has collapsed, and the unilateral trend has weakened. The trend strength is not provided. The closing price of the PX main contract was 6810, with a decrease of 24 and a decrease of 0.35% [2][62]. - **PTA**: The strategy is to take a long position in the spread between different months. The trend strength is not provided. The closing price of the PTA main contract was 4732, with a decrease of 24 and a decrease of 0.50% [2][62]. - **MEG**: The unilateral trend is weak. The trend strength is not provided. The closing price of the MEG main contract was 4331, with a decrease of 8 and a decrease of 0.18% [2][62]. Agricultural Products - **Palm Oil**: Lacks continuous driving forces and is waiting for a correction. The trend strength is not provided [2][61]. - **Soybean Oil**: Expected to have an oscillatory adjustment. The trend strength is not provided [2][61]. - **Soybean Meal**: Due to trade friction concerns, US soybeans are weak, while domestic soybean meal is slightly stronger. The trend strength is not provided [2][63]. - **Corn**: Expected to trade within a range. The trend strength is not provided [2][65]. - **Sugar**: Attention should be paid to the production and cost in Guangxi. The trend strength is not provided [2][66]. - **Cotton**: Attention should be paid to the new crop listing situation. The trend strength is not provided [2][67]. - **Egg**: The near - term trading sentiment is strong. The trend strength is not provided [2][69]. - **Live Pig**: The spot market is weak, while the long - term expectation is strong. The trend strength is not provided [2][70]. - **Peanut**: Attention should be paid to the new peanut listing. The trend strength is not provided [2][71].

业内人士认为，整体来看，寒武纪在单日资金博弈加剧的背景下，近一周主力资金的流入或为股价提 供支撑，后续需关注资金动向与AI芯片行业基本面的联动。 9月4日早盘开盘，寒武纪（688256）股价大幅调整，截至发稿跌超8%，最新股价报1291.49元/ 股，总成交额90.47亿元。 数据显示，从资金流向来看，超大单层面全天净流出9.4542亿元，而大单层面则逆势净流入9.7531 亿元；主力资金净占比0.39%，中单、小单整体呈小幅净流出。 ...

业内人士认为后续需关注资金动向与AI芯片行业基本面的联动。 9月4日早盘开盘，寒武纪（688256）股价大幅调整，截至发稿跌超8%，最新股价报1291.49元/股，总成 交额90.47亿元。 数据显示，从资金流向来看，超大单层面全天净流出9.4542亿元，而大单层面则逆势净流入9.7531亿 元；主力资金净占比0.39%，中单、小单整体呈小幅净流出。 业内人士认为，整体来看，寒武纪在单日资金博弈加剧的背景下，近一周主力资金的流入或为股价提供 支撑，后续需关注资金动向与AI芯片行业基本面的联动。（第一财经记者 王媛丽） ...