截至北京商报记者发稿，寒武纪股价涨幅12.31%，报1541.01元/股，总市值6339亿元。 北京商报讯（记者 马换换 王蔓蕾）8月28日午后，寒武纪（688256）股价持续震荡走高，盘中触及1555 元/股高点，再度创下历史新高，稳居A股"股王"宝座。 ...

寒武纪股价突破1500元，现涨9.5%，总市值逼近6300亿元。 ...

人民财讯8月28日电，寒武纪股价突破1500元，日内涨超9%。 ...

大华继显发布研报称，地平线机器人-W(09660)上半年收入同比升67.6%至15.7亿元人民币，达该行全年 收入预测的45%，受惠硬件付运倍升。集团表示，有信心达致全年400万件硬件交付量，当中，中至高 端产品贡献达50%。以预测2027年市销率9.2倍计，该行将其目标价由7.45港元上调至8.88港元，维持其 评级为"买入"。 管理层对下半年展望正面，预计其最新ADAS解决方案HSD将在两至三年内成为主流。该行对其2025至 26年收入预测维持不变，但升2027年收入预测34%，以反映销售均价预测获上调，因驾驶芯片J6P付运 增加，并将2027年净亏损预测收窄32%至4.05亿元人民币，以反映持续经营杠杆，并料其2028年达至收 支平衡，录10亿元人民币净利。 ...

格隆汇8月28日｜A股寒武纪成交额超200亿元，现涨超6%。 ...

A股寒武纪盘中涨超6.5%再创新高，总市值再超6100亿元。 ...

Group 1 - The stock price of AI chip company Cambrian Technology briefly surpassed that of Kweichow Moutai, sparking discussions about the "Moutai Curse" in the A-share market [1][2] - The "Moutai Curse" originated in 2007 when China Shipbuilding became the first high-priced stock in A-shares, but its price plummeted during the 2008 financial crisis [2] - Cambrian's rise is supported by strong performance, with a reported revenue of 2.881 billion yuan and a net profit of 1.038 billion yuan in the first half of 2025, marking a significant turnaround from previous losses [2][3] Group 2 - Cambrian's dynamic price-to-earnings ratio is currently at 343 times, shifting market focus from "can it profit" to "can it sustain profits" [3] - The rise of Cambrian represents a shift from traditional industries like liquor to emerging sectors like AI chips, reflecting a broader economic transformation [3] - The growth of Cambrian is driven by the explosion of global AI computing power and domestic substitution policies, with increased capital expenditure from cloud service providers [2]

Core Viewpoint - The rise of Cambrian's stock price, surpassing Kweichow Moutai temporarily, signifies a profound transformation in the A-share market, reflecting a shift from traditional to emerging industries, particularly in AI and semiconductor sectors [1][4][19] Company Summary - Cambrian's stock price surged nearly 10% to 1464.98 yuan on August 27, 2023, briefly overtaking Kweichow Moutai, which had held the top position for years [1] - Cambrian's stock price has increased from 50 yuan at the beginning of 2023 to over 1000 yuan, marking a maximum increase of over 25 times [4] - The company reported a remarkable half-year performance for 2025, with revenue of 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, indicating a significant turnaround from previous losses [5][6] - Cambrian's R&D investment reached 456 million yuan in the first half of 2025, reflecting a commitment to innovation and technology development [11] Industry Summary - The rise of Cambrian is attributed to the explosive growth in global AI computing power and the benefits of domestic substitution policies, with predictions indicating a 50% growth in global computing power over the next five years [7] - The semiconductor industry is experiencing a collective rise, with Chinese technology companies advancing along the global value chain, moving from "catching up" to "keeping pace" [9] - The global AI chip market is expected to reach $92 billion in 2025, with a year-on-year growth of 29.58%, and China's market share is projected to be around 30% [7] - Cambrian's collaboration with other companies to create a "domestic computing power ecosystem" aims to optimize the synergy between chips and large models, enhancing the overall industry landscape [9]

Group 1: Historical Transition of Stock Kings - The A-share market witnessed a historic moment on August 27, 2025, when Cambricon's stock price peaked at 1464.98 CNY per share, surpassing Kweichow Moutai's price of 1460.66 CNY [2][4] - This event symbolizes a significant shift in market dynamics, representing the transition from traditional industries to emerging sectors, with Cambricon embodying the AI chip industry and Moutai representing the traditional liquor industry [5] Group 2: Cambricon's Rise - Cambricon's stock price has seen a dramatic increase, starting from 50 CNY in 2023 and soaring over 25 times to exceed 1000 CNY [6] - On August 22, 2025, Cambricon's market capitalization surpassed 500 billion CNY, making it the leading company in the semiconductor industry [7] Group 3: Financial Performance - Cambricon's revenue for 2024 was 1.174 billion CNY, reflecting a year-on-year growth of 65.56%, with cloud product line revenue accounting for 99.30% [7] - In Q1 2025, the company reported revenue of 1.111 billion CNY, a staggering year-on-year growth rate of 4230.22% [7] - The half-year report for 2025 showed revenue of 2.881 billion CNY, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion CNY, marking a turnaround from previous losses [7] Group 4: Market Catalysts - The rise of Cambricon is driven by the global explosion of AI computing power and the benefits of domestic substitution policies [8] - Predictions indicate that the global computing power scale will grow by over 50% in the next five years, with the AI chip market expected to reach 92 billion USD in 2025, a year-on-year growth of 29.58% [8] Group 5: Investment Outlook - Goldman Sachs raised Cambricon's 12-month target price from 1223 CNY to 1835 CNY, citing increased capital expenditure in cloud computing and diversified chip platforms [10] - The firm also adjusted its net profit forecasts for Cambricon for 2025 to 2027 upwards by 59%, 28%, and 29% respectively [10] Group 6: Technological Era in A-share Market - Cambricon's ascension is part of a broader trend of the semiconductor industry rising collectively, with various Chinese tech companies advancing along the global value chain [12] - The collaboration between Cambricon and other companies to create a "domestic computing power ecosystem" aims to optimize the synergy between chips and AI models [13]

本报记者 李乔宇 A股股王之争战火渐起。 8月27日，中科寒武纪科技股份有限公司（以下简称"寒武纪"）股价高开高走，盘中股价最高触及 1464.98元/股，一度超过贵州茅台（600519）股价成为新股王。 截至8月27日收盘，寒武纪股价上涨3.25%，报收1372.10元/股，当日成交金额达250亿元，总市值 5740.18亿元。今年以来，寒武纪股价已上涨108.53%。 此前的8月26日晚间，寒武纪披露了一份颇为亮眼的2025年半年度报告。公告显示，今年上半年，寒武 纪实现营业收入28.81亿元，较上年同期增加28.16亿元，同比增长4347.82%；实现归属于上市公司股东 的净利润为10.38亿元，归属上市公司股东的扣除非经常性损益的净利润为9.13亿元，均实现了扭亏为 盈。 2025年上半年，人工智能算力需求持续增长，寒武纪凭借人工智能芯片产品的核心优势，持续深化与大 模型、互联网等前沿领域头部企业的技术合作。寒武纪凭借卓越的产品适配能力和开放合作的务实态 度，以技术合作促进应用落地，以应用落地拓展市场规模，营业收入实现了显著增长。 公告显示，未来，寒武纪将把握人工智能前沿发展路线，推动技术和产品的迭代 ...