以下文章来源于大胡子财研社 ，作者湾区区长 大胡子财研社 . 独到的财经观点，深度的金融分析，助你抓住最新财富机会，实现资产稳步增长！ 最近这一 波 行情，涨 得最猛的就 是 科技板块 。 所有和科技板块相关的概念，都迎来大涨。 比如 CPO光 模 块 ，上周光指数就上涨了10%； 比如 AI算力、PCB概念 ，热门票连续涨停。 比如 人形机器人 ，整个板块也出现过涨停潮； 再比如蹭到一点科技概念的 消费电子 ，涨幅都已经超过一般的板块。 而且最重要的是，这些科技的板块和个股，一旦涨起来就基本上都是连着上涨，持续逼空，买家 根本没有补票上车的机会。 因此，其实很多人在这一轮科技行情中是踏空的。 也有一些朋友，认为这一波科技涨得那么高了，股价有了泡沫，所以会认为接下来科技板块很快 就会迎来调整甚至大幅度的下跌。 但是我的观点不一样，我认为这一波科技牛，还远远没有结束。 我有几个理由。 比如 芯片和半导体 ，这两天就迎来了涨停潮，主力净资金流入就超过了150亿元。 第一，大A每一次牛市，其实都是依靠科技拉动行情的。 2005-2006年那一波牛市，靠的是当时的科技股。 比如恒生电子，当年那一波行情全程涨了1120 ...

摘要： 在AI与硬科技主线放量、政策与流动性共振的背景下，2025年主观多头策略整体实现"高胜率+高收益"的进攻性行情，且在6—8月出现 明显的收益加速 。风格层面，中小盘与TMT高景气板块成为主要超额来源。对比量化多头，主观多头在8月的相对韧性来自"自上而下+自下而 上"的择时与行业切换，但产品分化亦同步放大。 展望四季度，或可保持对"AI算力—半导体—通信设备—应用落地"的主线跟踪，同时对高换 手策略的回撤控制与止盈纪律提出更高要求。 一、今年以来怎么走：6—8月收益显著加速 数据来源：私募排排网；截止日期：2025年9月19日，统计范围仅限于我司代销产品，指数表现仅供参考。 今年三季度，A股与港股科技主线表现突出，申万一级行业中通信、电子、计算机等领涨板块较为集中，恒生科技年内涨幅显著，强化"中式科 技贝塔"。在这一背景下，主观多头策略得以搭上科技成长主线的列车，尤其是中小盘及高弹性赛道更易获取Alpha空间，使得收益曲线斜率抬 升，带来年度表现的关键增量。（可参考： 最新主观私募公司榜出炉！日斗投资居前！梁宏、但斌、林园、陈宇旗下私募上榜！ ） 图1：排排网主观多头策略指数月度收益表现 | 数据来源: ...

以下文章来源于大胡子财研社 ，作者湾区区长 所有和科技板块相关的概念，都迎来大涨。 比如 芯片和半导体 ，这两天就迎来了涨停潮，主力净资金流入就超过了150亿元。 比如 CPO光 模 块 ，上周光指数就上涨了10%； 比如 AI算力、PCB概念 ，热门票连续涨停。 大胡子财研社 . 独到的财经观点，深度的金融分析，助你抓住最新财富机会，实现资产稳步增长！ 最近这一 波 行情，涨 得最猛的就 是 科技板块 。 比如 人形机器人 ，整个板块也出现过涨停潮； 再比如蹭到一点科技概念的 消费电子 ，涨幅都已经超过一般的板块。 而且最重要的是，这些科技的板块和个股，一旦涨起来就基本上都是连着上涨，持续逼空，买家 根本没有补票上车的机会。 因此，其实很多人在这一轮科技行情中是踏空的。 也有一些朋友，认为这一波科技涨得那么高了，股价有了泡沫，所以会认为接下来科技板块很快 就会迎来调整甚至大幅度的下跌。 但是我的观点不一样，我认为这一波科技牛，还远远没有结束。 我有几个理由。 第一，大A每一次牛市，其实都是依靠科技拉动行情的。 这一点是有历史可查的。 2005-2006年那一波牛市，靠的是当时的科技股。 比如恒生电子，当年那 ...

Core Viewpoint - The strategic partnership between Teslian and Unisoc Cloud aims to enhance AI computing power resources and create a more flexible and cost-effective AI computing solution, marking a significant milestone in the development of the domestic general AI computing industry [2][4]. Group 1: Strategic Cooperation - Teslian and Unisoc Cloud have signed a strategic cooperation agreement to leverage each other's strengths for resource sharing and capability synergy [2]. - The collaboration will integrate Teslian's hybrid intelligent computing cloud technology with Unisoc Cloud's cloud service capabilities, enabling users to quickly access cloud computing resources with a single operation [2][3]. Group 2: AI Chip Development - The partnership extends to the upstream of the industry chain, with Unisoc Group's comprehensive chip design capabilities laying a solid foundation for collaboration in customized AI chip development [2][3]. - The combination of Teslian's experience in spatial intelligence and Unisoc's full-stack cloud capabilities is expected to lead to the joint design and optimization of customized AI inference chips for specific scenarios [3]. Group 3: Cloud-Edge Collaboration - The demand for AI computing is shifting from "single-node clusters" to "distributed collaboration," necessitating a cloud-edge collaborative architecture that effectively addresses low resource utilization challenges [3]. - The collaboration aims to establish an open, efficient, and trustworthy domestic AI computing ecosystem, promoting the development direction of the industry [3][4]. Group 4: Impact on Digital Economy - The strategic cooperation is seen as a significant step towards accelerating the construction and implementation of the domestic general AI computing industry, contributing to the development of the digital economy in China [4].

海南自由贸易港政策宣介暨 "向数图强"招商推介会在杭州举办 海南日报杭州9月25日电(海南日报全媒体记者 刘梦晓)9月25日，借助第四届全球数字贸易博览会 平台，海南自由贸易港政策宣介暨"向数图强"招商推介会在浙江杭州举办，旨在向全球展示全岛封关后 的政策红利与投资机遇，吸引数字经济头部企业、国际资本及技术资源落地海南。超400家企业参会， 覆盖电子商务、人工智能、AI算力、数据中心、智能制造等领域。 省委常委、宣传部部长王斌出席推介会并致辞。 近年来，海南自由贸易港数字经济蓬勃发展，全省数字经济年产值已超1000亿元。当前，海南正在 聚焦"五向图强"加快培育发展新质生产力，积极构建具有特色和优势的现代化产业体系，其中之一就 是"向数图强"。海南不仅从制度设计上聚焦促进企业发展，更从服务角度出发，充分利用地理区位优 势、国际海缆基础设施优势和数据安全有序流动制度优势，在游戏出海、来数加工等领域开展了成功的 技术验证和实践探索，形成了可复制、可推广的经验。 推介会现场，海南省商务厅、省财政厅、省委网信办、省工业和信息化厅有关负责人介绍海南"向 数图强"相关工作情况，澄迈、陵水、昌江、保亭、海口复兴城互联网信息产 ...

Group 1 - The core message emphasizes that the market is experiencing a pre-holiday adjustment, which is seen as an opportunity for future gains post-holiday [1][4][9] - The market's current volatility is attributed to risk-averse behavior ahead of the long holiday, with a notable drop in liquidity and pressure from margin trading [4][6] - Historical data indicates a higher probability of market gains following the holiday, with a 78% chance of an increase in the first five trading days after the holiday [7][8] Group 2 - The report identifies potential sectors for adjustment, including high-performing AI and robotics stocks, which may face profit-taking pressure [10] - Conversely, sectors like AI infrastructure and domestic semiconductors are highlighted as having significant growth potential despite current high valuations [11][12] - The report suggests that the core logic for future growth in technology stocks is supported by government policies aimed at enhancing "scientific content" and the ongoing demand for AI capabilities [9][13] Group 3 - The macroeconomic context includes a recent interest rate cut by the Federal Reserve, which is expected to positively impact technology stocks [32] - Upcoming events, such as the OpenAI developer conference and the Fourth Plenary Session, are anticipated to provide further catalysts for the technology sector [32][33] - The report outlines four main investment themes: AI infrastructure, domestic semiconductors, robotics, and consumer electronics, each with specific growth drivers [22][23][24]

Group 1 - The market is experiencing a cautious sentiment as investors await the outcomes of the upcoming press conference, which is expected to provide insights into the financial sector's achievements during the "14th Five-Year Plan" period [3][6] - The A-share market environment is significantly different from last year, with the Shanghai Composite Index currently at a high point of 3820.09, having risen over 800 points in recent months, indicating potential technical adjustment pressures [3][6] - The recent performance of the A-share market shows a divergence, with the ChiNext Index rising by 2.34% while the Shanghai Composite Index fell by 1.30% over the past week [3][6] Group 2 - The financial sector is seeing active leverage, with margin trading balances reaching historical highs, particularly in industries such as power equipment, electronics, and non-ferrous metals [5] - However, main capital flows are becoming cautious, with recent net outflows observed in sectors like non-ferrous metals and biopharmaceuticals, while the electronics sector has seen inflows [6] - Foreign capital has been a significant driver in the market, with foreign institutions holding approximately 2.5 trillion yuan in A-shares, an 8% increase from the end of 2024 [6] Group 3 - The technology growth sectors, including AI computing power, semiconductors, and cloud computing, remain in focus due to upcoming events such as the Huawei Connect Conference and the International Semiconductor Executive Summit [10] - The financial sector, particularly banks and brokerages, may benefit from LPR rate cuts or financial reforms, presenting potential valuation recovery opportunities [10] - Defensive sectors like pharmaceuticals and utilities are expected to perform well due to their stable cash flows amidst uncertainty [10]

Group 1 - Jilin Province has issued implementation opinions to accelerate the innovation and development of artificial intelligence, aiming for a computing power scale exceeding 5000 PFLOPS by the end of 2027 [1][3] - The plan includes the establishment of approximately 10 influential datasets and around 5 vertical large models, along with over 50 high-value demonstration application scenarios [1][3] - Key drivers for the implementation of AI include computing power, algorithms, and data [1] Group 2 - Jilin will strategically layout computing power resources, creating computing clusters in Changchun and western Jilin, and implement a "computing power alliance" plan [3] - The AI computing sector has seen significant stock performance, with an average increase of 62.89% year-to-date, outperforming the broader market [3] - Notable companies such as Kaipu Cloud, Xinyi Sheng, and Industrial Fulian have experienced cumulative gains exceeding 100% this year [3] Group 3 - The average daily turnover rate for AI computing concept stocks has surpassed 10% since September, with Jilin-based company Jishi Media leading at 20.39% [3] - Jishi Media is leveraging a hybrid cloud architecture to build a big data service platform, with an IDC area of 100,000 square meters [3] - The number of institutional surveys has increased, with companies like Xinyuan and Longxin Zhongke receiving significant attention [4] Group 4 - Xinyuan has signed new orders worth 1.205 billion yuan in Q3, marking an 85.88% year-on-year increase, with AI computing-related orders accounting for about 64% [4] - The acceleration of computing infrastructure development in Jilin and the national "AI+" initiative are expected to create greater opportunities for the computing power industry chain [4] - The short-term activity and long-term investment value of related concept stocks are on the rise [4]

9月23日，A股三大指数全线走低跌超1%，盘面上看，早盘强势的AI算力等科技板块跟随大盘趋势高开 低走，大金融逆市走强。截至14：06，光模块CPO概念股权重占比超51%的创业板人工智能指数跌超 2%，早盘一度涨超3%。持仓股光库科技跌近8%，东土科技、联特科技、协创数据、易点天下等跌幅均 超6%。 热门ETF中，同类费率最低的创业板人工智能ETF华夏（159381）盘中成交额超1.7亿元，同指数规模最 大的5G通信ETF（515050）盘中成交额超9亿元，显示资金交易活跃。 算力方面利好催化密集，当地时间9月22日，AI芯片巨头英伟达与人工智能领军企业OpenAI宣布达成里 程碑式战略合作意向。据介绍，通过此次战略合作，OpenAI将建成并部署至少10吉瓦的AI数据中心， 配备数百万块英伟达GPU，用于构建下一代AI基础设施。为支持包括数据中心和电力容量在内的部署 计划，英伟达将在新系统落地过程中向OpenAI投资至多1000亿美元。 5G通信ETF（515050）跟踪中证5G通信主题指数，最新规模超80亿元。深度聚焦英伟达、苹果、华为 产业链。光模块CPO概念股权重占比为38%，PCB电路板概念股权重占比 ...

Summary of Key Points from Conference Call Industry or Company Involved - Focus on the Chinese manufacturing industry, particularly high-end manufacturing sectors such as renewable energy, chemicals, and pharmaceuticals [1][2][4] Core Insights and Arguments - Some segments of the Chinese manufacturing industry are facing financial challenges during their expansion phase, with deteriorating free cash flow and reduced ROIC, while WACC has turned negative [1][2] - Fiscal subsidies and a contraction in capital expenditure in 2024 are expected to improve free cash flow for certain export-advantaged manufacturing sectors [1][2] - Strengthening of anti-involution policies is anticipated to further repair the financial conditions of related industries, leading to a revaluation of their stock prices [1][2] - The Hang Seng Technology sector is expected to experience a major upward trend, transitioning from being driven solely by southbound capital to a dual-driven model involving both southbound and foreign capital [1][3] - The expectation of the Federal Reserve restarting interest rate cuts is likely to accelerate the return of global capital to China, providing stronger upward momentum for the Hang Seng Technology sector [1][3] Other Important but Possibly Overlooked Content - Investors are advised to focus on Chinese high-end manufacturing sectors with export competitive advantages, including renewable energy, chemicals, and pharmaceuticals [2][4] - Long-term investment strategies should consider three main lines: hard currency under de-globalization (such as gold and resources), hard technology (like AI computing and innovative pharmaceuticals), and Chinese advantageous manufacturing sectors under anti-involution policies, specifically in sub-sectors like photovoltaics, wind power equipment, lithium batteries, and fiberglass [1][4][5]