寒武纪涨超10%，成交额超150亿元。 ...

一般而言，机构投资者等定增参与方在相对高位买入公司股票，对进一步提振市场信心也较为有利。另 外，投资者可以期待的是，定增募资完成后，极大概率能够引发寒武纪的财务费用下降，这对于上市公 司的净利润提升同样具有利好作用。 寒武纪近40亿元的定增事项获批，再度激发了市场的热情。寒武纪目前市净率较高，一定程度上"限 制"了股价的继续上涨，而高价增发新股可以提升每股净资产值，降低市净率水平，这对于寒武纪的长 期发展构成利好。同时，募投项目可以巩固现有优势，对公司和全体股东来说，都是好事。 寒武纪在2025年上半年实现了业绩的爆发式增长，营收同比大增，净利润成功扭亏，经营性现金流也显 著改善，高研发投入终于产生出实实在在的净利润，股价也受到利好刺激一度超过贵州茅台。 实际上，在股价大幅上涨之后，对于寒武纪目前的高股价市场看法各异。其中，持谨慎态度的部分投资 者主要的担忧点在于寒武纪的每股净资产值并不高。从股价表现来看，寒武纪在创出历史新高后持续回 调，这也反映出市场情绪的分歧。因此，解决高市净率成为支撑未来股价的关键一环。 然而，想要提升上市公司的每股净资产值，仅依靠经营活动产生的净利润用时较长。想要快速提升每股 净资产 ...

北京商报发文表示，对于寒武纪的高价增发，投资者应该保持理性和谨慎的态度。一方面，要看到公司 在行业发展中的机遇和定增带来的潜在好处；另一方面，也要充分认识到可能存在的风险。在股价大幅 上涨之后，对于寒武纪目前的高股价市场看法各异。其中，持谨慎态度的部分投资者主要的担忧点在于 寒武纪的每股净资产值并不高。从股价表现来看，寒武纪在创出历史新高后持续回调，这也反映出市场 情绪的分歧。因此，解决高市净率成为支撑未来股价的关键一环。 ...

北京商报讯（记者 陶凤 实习记者 王天逸）9月10日，寒武纪发布公告称，公司计划于2025年9月18日 16:00-17:00举行2025年半年度业绩说明会，董事长、总经理陈天石，董事、副总经理、财务负责人、董 事会秘书叶淏尹，以及独立董事王秀丽将参会。 ...

【寒武纪：将于9月18日举行2025年半年度业绩说明会】寒武纪公告称，公司计划于2025年9月18日 16:00-17:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。会议将在上海证券交易所上 证路演中心以网络文字互动形式召开。投资者可在9月17日16:00前将问题发送至公司投资者关系邮箱或 在上证路演中心网站提问预征集栏目提问。参会人员包括董事长、总经理陈天石，董事、副总经理、财 务负责人、董事会秘书叶淏尹，以及独立董事王秀丽。（新浪财经） ...

格隆汇9月10日｜寒武纪(688256.SH)公告称，公司计划于2025年9月18日16:00-17:00举行2025年半年度 业绩说明会，就投资者关心的问题进行交流。会议将在上海证券交易所上证路演中心以网络文字互动形 式召开。投资者可在9月17日16:00前将问题发送至公司投资者关系邮箱或在上证路演中心网站提问预征 集栏目提问。参会人员包括董事长、总经理陈天石，董事、副总经理、财务负责人、董事会秘书叶淏 尹，以及独立董事王秀丽。 ...

Core Viewpoint - The competition for the title of "King of A-shares" between Kweichow Moutai and Cambricon Technologies has been intense, with Moutai reclaiming its position shortly after being surpassed [1][4] Group 1: Company Performance - Kweichow Moutai's strong fundamentals have allowed it to maintain its status as the top high-priced stock in A-shares, with a consistent growth in revenue and net profit over the past two decades [10] - In 2024, Kweichow Moutai achieved a revenue of 1741.44 billion and a net profit of 862.28 billion, reflecting a year-on-year growth of 15.66% and 15.38% respectively [10] - For the first half of 2025, despite a decline in the overall liquor market, Kweichow Moutai reported a revenue of 910.94 billion and a net profit of 454.03 billion, with growth rates of 9.16% and 8.89% [3][10] Group 2: Shareholder Actions - Kweichow Moutai's controlling shareholder, Moutai Group, plans to invest between 30 billion and 33 billion to buy back company shares within the next six months [2][11] - The company has recently completed a share repurchase plan costing 60 billion, acquiring 3.9276 million shares [11] - Moutai Group has also secured a loan commitment of up to 27 billion from Agricultural Bank of China to support its share buyback efforts [12] Group 3: Market Dynamics - Cambricon Technologies briefly held the title of "King of A-shares" but faced a significant price adjustment shortly after, indicating the volatility in the tech sector [5][9] - The demand for domestic AI chips is increasing due to global tech competition, positioning Cambricon as a key player in this market, often referred to as the "NVIDIA of China" [4][9] - Historical trends show that challengers to Kweichow Moutai's title often experience rapid declines in stock price after initially surpassing it, reinforcing the "Moutai curse" [6][7][9]

Core Viewpoint - The article highlights the performance of military-themed funds, particularly focusing on the BoShi Military Theme A fund, which has shown impressive returns but raises concerns about its investment strategy and potential style drift due to significant holdings in AI chip stocks like Cambricon [1][3][11]. Fund Performance - As of September 4, 2023, 11 military-themed funds have achieved over 10% returns this year, with three exceeding 24%. BoShi Military Theme A leads with a return of 30.56%, followed closely by Changxin National Defense Military A at 30.42%, and Huaxia Military Security A at 24.68% [1][7]. - BoShi Military Theme A's total assets amount to 2.951 billion yuan, placing it in the mid-range among military-themed funds [9]. Investment Strategy - The fund manager, Zeng Peng, indicated a high allocation to the missile industry and maintained investments in sectors like military AI, drones, satellite industries, and information security [7][11]. - The fund's top ten holdings account for 63.25% of its net value, with over 30% in information technology stocks [7]. Holdings Analysis - Cambricon, an AI chip company, has become the fourth-largest holding in BoShi Military Theme A, with a market value of 200.3 million yuan, representing 6.79% of the fund's net value [4][5]. - In contrast, other top-performing military funds maintain a higher concentration in traditional military stocks, indicating a more focused investment strategy [7]. Institutional Investor Sentiment - Institutional ownership in BoShi Military Theme A is only 11.6%, significantly lower than other military funds, such as Huaxia Military Security A at 63.3% and Guotai Zhongzheng Military ETF at 61% [7][11]. Managerial Changes - The current fund manager, Zeng Peng, has a total return of -13.04% since taking over in June 2022, despite the fund's strong performance this year [9][11]. - The previous manager, Lan Dong, achieved a total return of 107.80% over nearly five years, indicating a stark contrast in performance and investment philosophy [9][11].

Group 1 - The core viewpoint of the article is that the adjustment of the STAR Market 50 Index will enhance its representativeness and increase its total market capitalization weight by 0.3% after the changes take effect on September 12 [2] - Experts indicate that the recent stock price fluctuations of Cambrian are not due to intentional market manipulation for index inclusion, as the estimated weight increase in the index is primarily driven by the natural rise in stock price after being included in the index [2] - The performance of Cambrian and other STAR Market companies in the recent mid-year reports has been strong, leading to positive market expectations for future earnings and attracting more capital into the STAR Market [2] Group 2 - Cambrian is expected to be included in major indices from 2022 to 2024, with an estimated weight increase of over 80% attributed to stock price appreciation rather than artificial inflation of market value [2] - Despite significant stock price volatility, the shares of related index ETF products have not shown notable changes, suggesting that the fluctuations are not caused by index tracking [2]

Summary of Key Points Core Viewpoint - On September 4, 2023, a block trade of 3,000 shares of Cambrian was executed, amounting to 3.606 million yuan, which represented 0.01% of the total trading volume for the day, with the transaction price remaining stable at 1,202 yuan, equal to the market closing price [1][2]. Trading Details - **Trading Date**: September 4, 2023 [2] - **Company**: Cambrian [2] - **Stock Code**: 688256 [2] - **Transaction Price**: 1,202 yuan [2] - **Transaction Amount**: 3.606 million yuan [2] - **Weekly Trading Volume**: 0.3 [2] - **Buying Brokerage**: CITIC Securities Co., Ltd. [2] - **Selling Brokerage**: China International Capital Corporation Limited, Beijing Jianguo [2] - **Special Trading**: Yes [2]