26岁的年纪，多数人还在为职场进阶、生活开支奔波时，姚颂已经交出了一份亮眼的创业答卷：他创办 的AI芯片公司深鉴科技，被全球FPGA芯片巨头赛灵思以约3亿美元的价格收购，这使他实现了财富自 由。 面对这份足以改变人生的财富，常规选择往往是购置豪宅、规划环球旅行，姚颂却走出了不同的路。 赚3亿后改行 他随后加入创投机构经纬中国担任风险合伙人，最终将目光锁定在商业航天这一"烧钱且高风险"的领 域。 正如他后续总结的，在AI领域摸索出的"高技术门槛突破路径""资金紧张时的生存策略"，都成为他进入 航天领域后的宝贵经验。 创下6项世界纪录 2021年，一位出身航天世家的清华同学找到姚颂，原本是咨询创业融资经验，聊至深处，对方抛出一个 大胆提议："要不要一起造火箭？"姚颂几乎当场应允。 在商业领域，不少创业者易陷入"以财富积累为终极目标"的误区，而姚颂的决策始终围绕"价值留存"展 开。 他曾在后续分享中提到，出售公司时更关注团队三年来在AI芯片领域的技术突破能否为行业提供参 考，而非单纯的数字收益。 加入经纬中国后，他本可凭借过往经验聚焦"快回报"项目，却主动深入商业航天项目调研。 这种跨界倾向并非偶然，童年时父亲送他 ...

AI套现潮开始了？ 人工智能热潮不仅在重塑市场格局，也在为企业内部人士创造巨额财富，而他们正将这些账面收益转化为真金白银。 10月12日，据追踪此类交易的Washington Service提供的数据，作为这股浪潮的中心，人工智能计算公司CoreWeave的内部人士在其 IPO禁售期于8月中旬结束后，迅速卖出了价值超过10亿美元的股票。 这是自该公司今年3月上市、股价飙升超过250%以来，内部人士首次有机会大规模变现。 这一趋势并不仅限于CoreWeave。在第三季度前十大内部人士卖家榜单中，有七位来自从人工智能中获利的公司。 CoreWeave高管引领套现潮 作为AI领域备受瞩目的"新贵"，CoreWeave自3月上市后股价表现惊人，为早期投资者和高管团队带来了丰厚回报。禁售期一结束， 高额套现便随之而来。 根据Washington Service的数据，公司董事Jack Cogen在第三季度出售了价值4.77亿美元的股票，成为公司内部最大的卖家。紧随其后 的是公司联合创始人Brannin McBee，他通过出售股票获得了4.26亿美元。 报道指出，两人的出售均是依据预先制定的"10b5-1"交易计划执行， ...

行 业 及 产 业 2025 年 10 月 10 日 摩尔线程：生态、架构、集群 看好 ——国产 ASIC 系列研究之 5 本期投资提示： 相关研究 《国产 ASIC：PD 分离和超节点——ASIC 系列研究之四》 2025/09/26 《国产算力趋势走强，沐曦领衔通用 GPU——国产 ASIC 系列研究之 3》 2025/09/24 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 曹峥 A0230525040002 caozheng@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 王开元 A0230125030001 wangky@swsresearch.com 研 行 业 请务必仔细阅读正文之后的各项信息披露与声明 联系人 证 券 研 究 报 曹峥 (8621)23297818× caozheng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 究 / 行 业 深 ...

2025.10.10 本文字数：2094，阅读时长大约3分钟 作者 |第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创单季 度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年全 年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 但与营收高增长形成反差的是，芯原股份仍未摆脱亏损。该公司未在业绩预报中披露三季度单季和前三 季度的利润，仅称三季度亏损"同比、环比均大幅收窄"。但中报数据显示，其上半年净利率 为-32.85%，较2024年同期的-30.56%进一步恶化。 而芯原股份的处境并非个例。今年以来，国产AI芯片行业迎来业绩爆发期，订单狂欢下营收高速增 长，但大部份企业仍面临盈利考验， ...

2025.10. 10 AI驱动业绩暴涨 芯原股份三季度的业绩爆发，具有显著的"AI驱动"特征。 分业务看，该公司的核心增长引擎一站式芯片定制业务，三季度表现尤为突出，其中芯片设计业务预 计收入4.29亿元，环比暴涨291.76%，同比增长80.67%；芯片量产业务预计收入6.09亿元，环比增 长133.02%，同比增长158.12%。 本文字数：2094，阅读时长大约3分钟 作者 | 第一财经 王媛丽 人工智能爆发式发展，相关芯片企业的业绩也井喷般猛增。 10月8日，芯原股份（688521.SH）披露了三季度业绩预告，预计三个季度实现营收12.84亿元，创 单季度收入新高，环比激增119.74%，同比增幅达78.77%。 除了收入猛增，该公司的在手订单也大幅增加。前三季度，该公司新签订单32.49亿元，已超2024年 全年，其中三季度新签订单15.93亿元，AI算力相关订单占比高达65%。 然而，亮眼业绩难掩盈利压力。今年上半年，芯原股份净利润亏损3.2亿元，较去年同期同比扩大 12.3%，在订单井喷的情况下，该公司预计三季度单季度亏损同比、环比收窄，但仍然亏损。 而芯原股份的处境并非个例。今年以来，国产A ...

这一切的发生并非偶然，寒武纪在AI大模型、算力芯片领域的布局早已为市场所知，2025年上半年，公司终于从连年亏损转为盈利，中报净利润10.38 亿，市盈率也从几年前的近5000倍降到现在的500倍左右，变化之快，令人咋舌。 2025年九月的A股市场里，寒武纪的这场定增成了所有投资者茶余饭后的焦点，场内外的情绪像拉满了的弦，随时可能崩断——有人兴奋，有人焦 虑，没人能置身事外。 市场刚刚消化完上半年AI芯片板块的暴涨，寒武纪在9月宣布定增，发行价定在1195.02元一股，消息一出，讨论区沸腾了，大家议论的声音大得像广 场上的喇叭，谁都想知道，这是不是又一轮科技泡沫的起点。 有人担心，这次科技股的热潮，会不会像四五年前一样，冲高之后就是长达几年的调整周期，很多股票最终跌掉九成，市场记忆其实很短暂，但伤痛 总是刻骨铭心。 这一轮科技股行情，确实让很多人赚到了钱，也有人被高位套牢，寒武纪的故事还没讲完，AI芯片的终局也远未到来，资本和技术比拼的赛道上，每 一步都悬着一颗心。 机构的疯狂涌入，背后是对AI芯片赛道的极度看好，寒武纪的研发费用居高不下，公司明说了，钱还远远不够，这次定增为的就是持续加码大模型算 力的研发， ...

Market Overview - The A-share market has shown a strong performance in the third quarter, with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index increasing by 0.35% as of September 30 [2] - The market has been characterized by a "technology-led, multi-point flowering" trend, with high-growth sectors such as AI, new energy, and non-ferrous metals attracting significant capital [2] Index Performance - Major indices in the A-share market experienced an upward trend, with the Shanghai Composite Index challenging the 3900-point mark and the ChiNext Index rising over 12% in September, marking a three-year high [2] - The STAR 50 Index also saw a significant increase of over 11%, reaching a near four-year high [2] Trading Volume - The trading volume in the A-share market reached 21.814 trillion yuan, with daily average trading exceeding 2 trillion yuan for two consecutive months, indicating a notable increase compared to the same period last year [2] Margin Trading - The margin trading market has remained active, with the balance of margin financing and securities lending reaching a historical high of 24,125 billion yuan by September 29 [4] - This growth reflects an increasing recognition of market trends by leveraged funds and a steady rise in investor risk appetite [4] Notable Stocks - The AI chip company Cambricon Technologies (688256) saw its stock price surge, briefly becoming the highest-priced stock in the A-share market, surpassing Kweichow Moutai [5] - Contemporary Amperex Technology Co., Ltd. (CATL) reached a historical high of 400 yuan per share in September, with its total market capitalization surpassing Kweichow Moutai for the first time [6] Dividend Distribution - A total of 820 A-share listed companies announced mid-term dividend plans, with a total distribution amounting to approximately 648.48 billion yuan, significantly higher than the previous year [7] - Traditional sectors such as finance and public utilities remain the main contributors to dividends, while emerging sectors like technology and new energy are also showing increased willingness to distribute dividends [7] Market Outlook - The A-share market is expected to enter a consolidation phase, awaiting the next policy trigger for further upward movement, particularly in light of the upcoming "14th Five-Year Plan" policies [8] - Analysts suggest that the market's future performance will depend on domestic policy developments, especially after the Federal Reserve's interest rate cuts [8]

Core Viewpoint - *ST仁东 plans to make a cross-industry investment in AI chips, aiming to enhance its competitive edge and align with national strategic needs in computing power [5][6][7]. Investment Details - The company intends to invest 100 million yuan in Shenzhen Jiangyuan Technology Co., Ltd., acquiring a 4.1427% stake post-investment [5]. - Jiangyuan Technology, established in November 2022, focuses on domestic AI chip development and has achieved successful mass production of advanced chips [5]. - The pre-investment valuation of Jiangyuan Technology is 2.1 billion yuan, reflecting a valuation increase of 1714.86% [5]. Financial Performance of Jiangyuan Technology - Jiangyuan Technology reported a revenue of 12.31 million yuan and a net loss of 68.54 million yuan for the first half of 2025, indicating it has not yet achieved profitability [8]. - The pre-investment valuation for Jiangyuan's previous funding rounds was 1.5 billion yuan, with a post-investment valuation of 1.86 billion yuan in January 2025, showing a 12.90% increase [8]. Strategic Intent - The investment aligns with *ST仁东's restructuring plan, which includes diversifying its business beyond third-party payment services to explore growth opportunities in sectors aligned with national policy [6]. - The company recognizes the growing demand for AI chips as essential infrastructure for the AI industry, particularly with the increasing need for computational power in AI applications [7]. Historical Context - Over the past decade, *ST仁东 has signed approximately eight strategic cooperation agreements, of which seven have not been executed, highlighting potential execution risks in its investment strategy [8][9].

Core Viewpoint - Tianpu Co., Ltd. (605255) announced a stock suspension for verification due to a significant price increase of 317.72% over 15 consecutive trading days, indicating a serious deviation from the company's fundamentals [2] Group 1: Acquisition and Financial Details - The acquisition involves a total payment of 2.123 billion yuan, with all funds confirmed to be in place as of September 17, 2025, and sourced entirely from self-owned capital [3] - The core acquirer, Zhonghao Xinying, has had most of its contingent liabilities from previous agreements waived, with only 11.27% of the obligations remaining unwaived [4] - Zhonghao Xinying's potential repurchase obligations amount to approximately 1.731 billion yuan, with significant portions already deemed invalid or under preliminary agreement for waiver [4] Group 2: Market Reactions and Trading Activity - Following regulatory measures, Tianpu's stock turnover rate increased threefold, reflecting market digestion of regulatory information and investor confidence in the new controlling shareholder's capabilities in the AI chip sector [6][5] - The stock's turnover rate reached 3.21% on September 22, significantly higher than the average of 1.07% over the previous five trading days [6] Group 3: Corporate Governance and Future Plans - Tianpu has clarified that there are no plans for asset injections or major business changes by Zhonghao Xinying in the next 12 months, and no asset sales or mergers are planned [7] - Commitments have been made to avoid share pledges for 36 months, which helps mitigate risks associated with control changes [8] Group 4: Regulatory Environment and Future Uncertainties - The control change process still faces uncertainties, including the need for compliance confirmation from the Shanghai Stock Exchange and potential risks related to share distribution [9] - The company has undergone scrutiny regarding insider trading, with findings indicating that prior stock transactions by insiders did not constitute insider trading [9]

Group 1 - The market capitalization of the technology sector in A-shares has surpassed 25%, significantly higher than the combined market capitalization of the banking, non-bank financial, and real estate sectors [1][3] - The number of technology companies among the top 50 by market capitalization has increased from 18 at the end of the 13th Five-Year Plan to 24, nearly half of the total [3] - Over 90% of newly listed companies in recent years are technology firms or firms with high technological content, indicating a significant increase in the capital market's focus on technology [3] Group 2 - The launch of the Sci-Tech Innovation Board in 2019 has created a fast track for hard tech companies, supported by continuous policy initiatives such as the "16 Articles for Sci-Tech Innovation" and "8 Articles for the Sci-Tech Innovation Board" [3][5] - The deepening of the registration system reform has significantly improved the efficiency of the listing process, allowing unprofitable companies with strong core technologies and sufficient patent reserves to access the capital market [3][5] - The total market capitalization of A-shares exceeded 100 trillion yuan for the first time in August, marking a new milestone [4] Group 3 - The regulatory framework for the capital market has been solidified over the past five years, with a total of 10.6 trillion yuan distributed through dividends and buybacks, an increase of over 80% compared to the 13th Five-Year Plan [5] - The number of administrative penalties for financial fraud, market manipulation, and insider trading has increased, with 2,214 cases resulting in fines totaling 41.4 billion yuan, reflecting a 58% and 30% increase respectively compared to the previous period [5] - The overall R&D investment in China is projected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020, with the total number of R&D personnel ranking first in the world [5][6]