此前，上交所官网披露了沐曦股份科创板IPO首轮问询回复。作为国内领先的高性能通用GPU芯片设计 企业和"硬科技"代表，沐曦股份的IPO进程备受市场关注。在当前全球AI算力需求持续井喷，以及国家 持续加大对高端集成电路产业和人工智能核心技术政策支持的双重背景下，这一重要进展，既标志着沐 曦股份在推进产业化落地和进军资本市场方面迈出了坚实一步，也为国产高端算力芯片的发展注入了新 的活力。 AI竞速时代：算力需求的井喷与共振 自2022年底OpenAI发布chatgpt以来，市场见证了一场由AI引发的技术快速发展浪潮。AI大模型的快速 迭代所带来的人工智能能力大幅提升，以及多模态、智能体所带来的应用领域的不断拓展，都引发了对 AI算力需求的井喷式增长。北美四大云计算巨头(META、微软、谷歌、亚马逊)的资本开支(CAPEX)不 断加码体现出对算力的渴望：其资本开支从2023年的1500亿美元，到2025年预计将超过3000亿美元，两 年翻番。四巨头以空前力度加码AI数据中心建设，以应对愈演愈烈的算力"装备竞赛"。而作为这场浪潮 中的"卖铲人"，英伟达2026财年第一季度(截至2025年4月)数据中心业务收入同比大幅 ...

当地时间周四，投资者继续评估美联储最新利率决议以及未来降息路径，市场风险偏好得到提振，对利率 较为敏感的科技股普遍上涨。此外，当天公布的费城联储制造业指数大幅反弹，预示着地区制造业活动的 低迷态势有所改善。受以上消息推动，美国三大股指集体收涨，全部创下历史新高。截至收盘，道指上涨 0.27%，标普500指数上涨0.48%，纳指上涨0.94%。 18日国际金价跌超1% 根据周四披露的协议，英伟达将以每股23.28美元的价格购入英特尔普通股，总投资额约为50亿美元。英特 尔将在新一代PC芯片中引入英伟达的图形处理技术，并为基于英伟达硬件构建的数据中心产品提供处理器 支持。市场观察人士认为，近年来，英特尔在高性能芯片市场节节败退，无法凭借现有业务独立承担研发 的巨额投入。在先后获得美国政府、日本软银的支持后，与英伟达的合作，将进一步稳固英特尔的资金 链。消息公布后，英特尔股价当天收盘大涨超22%，为1987年10月以来的最大单日涨幅。英伟达股价上涨 约3.5%。 英国央行维持利率不变 18日欧洲三大股指全线上涨 英国央行周四宣布维持4%的基准利率不变，并表示对进一步降息持谨慎态度，未来降息节奏将取决于通胀 压力的缓 ...

鑫新闻 研究所日报 2025 年 9 月 19 日 星期五 1."十四五"期间我国科技创新能力稳步提升，科技投入持续增加，新质生产力蓬勃发展。点评：9月18日，科技部 部长阴和俊在"高质量完成'十四五'规划"系列主题新闻发布会上表示，十四五"时期，我国科技投入持续增加， 2024年全社会研发投入超3.6万亿元，较2020年增长48%；研发投入强度达到2.68%，超过欧盟国家平均水平；研发人 员总量世界第一。科技领域取得的一系列成果显示国内经济结构转型稳步推进，科技强国根基不断夯实。往后看，科 技创新仍是国内经济转型方向，后期各项政策、资金资源将继续向科创领域倾斜，行业将继续维持较高的景气度。对 于资本市场而言，科技方向也就是市场的核心主线之一。 2.A股上市公司半年度分红密集落地。点评：Wind数据显示，2025年共有780家A股上市公司公布半年度现金分红方案， 合计现金分红总额6446亿元，远超去年同期水平。在新一轮资本市场改革的推动下，当前上市公司分红意愿明显增强。 上市公司分红水平的提升，将增强投资者获得感，并稳定投资者信心，同时有助于增强长线资金的持股意愿，对资本 市场的长期健康发展具有积极影响。 1 ...

（全球TMT2025年9月19日讯）今日要点：英伟达50亿美元投资英特尔将联合开发芯片；小米召回11.6 万辆SU7将升级OTA；华为广汽官宣合作品牌"启境"；微软将在威斯康星州建第二座数据中心；软银愿 景基金裁员近20%；AI将开启全球不平等的新纪元。 英伟达9亿美元挖走Enfabrica CEO及核心团队 英伟达以超过9亿美元的现金与股票交易，将AI硬件初创公司Enfabrica的首席执行官Rochan Sankar及部 分核心员工打包带走，并获得该公司的技术许可。知情人士透露，这笔交易已于上周完成。Enfabrica成 立于2019年，英伟达在2023年参与了 Enfabrica的1.25亿美元B轮融资。 小米召回11.6万辆SU7将升级OTA 小米汽车宣布，小米汽车OTA秋季大版本升级已开始在小米SU7车上推送。此次OTA对高速领航辅助功 能进行升级优化，同时新增泊车偏移辅助功能、小爱同学免唤醒、小米超级任务、露营模式，宠物模式 等。日前，小米汽车向国家市场监督管理总局备案召回计划，召回2024年2月6日至2025年8月30日生产 的部分SU7标准版电动汽车，共计116887辆。本次召回范围内部分车辆 ...

公司获得的授权技术仅用于自主研发的MCU芯片，均为传统电力、安全领域产品，仅涉及公司电表、 安防产品，与AI智能推理算力的芯片没有任何关联。除上述技术授权外，公司与平头哥公司不存在任 何其他业务合作。 鼎信通讯（603421）(603421.SH)发布澄清说明公告，2025年9月18日，公司在相关平台回复中就投资者 关于"平头哥与公司签订有全面技术授权协议"的表述不准确。 ...

9月19日，鼎信通讯公告，2022年12月26日，公司与平头哥签署授权协议，仅将其拥有的 E801/E802/E803 技术使用权授权给本公司。公司获得的授权技术仅用于自主研发的MCU芯片，均为传 统电力、安全领域产品，与AI智能推理算力的芯片没有任何关联。除上述技术授权外，公司与平头哥 公司不存在任何其他业务合作。 （文章来源：每日经济新闻） ...

Group 1: Macro and Market Overview - The Fed cut the benchmark interest rate by 25 basis points as expected, and the market is now focused on the future interest - rate path and economic data, especially the labor market [1][2][4] - The number of initial jobless claims in the US last week dropped significantly to 231,000, a decrease of 32,000 from the previous week, the largest decline in nearly four years [1][2][4] - The RMB exchange rate is expected to oscillate around the current level, and the policy guidance signal of the RMB central parity rate needs to be closely watched [2] Group 2: Stock Index Futures - The stock index futures declined due to the fulfillment of the Fed's interest - rate cut expectation, but the overall upward trend remains unchanged due to the interest - rate cut cycles in both China and the US [4] - The small - and medium - cap stock index futures are relatively stronger in the short term, with limited downside space [4] Group 3: Treasury Bonds - The Treasury bond futures closed down, and the yield of most spot bonds rose. The market is waiting for the central bank's attitude [5] - The new 2Y and 7Y bonds issued last week have been included in the deliverable bonds, but have not significantly affected the futures price [5] Group 4: Container Shipping - The container shipping index (European line) futures prices oscillated slightly downward. The near - month contracts have fallen to a relatively appropriate level, but may continue to decline [6][7] - It is recommended to hold short positions in the 10 - contract and wait and see, and look for low - buying opportunities in the 12 - contract at 1550 - 1600 points [7] Group 5: Precious Metals - Gold and silver prices are in a high - level oscillation stage after the Fed's interest - rate cut. The market focus is on the Fed's easing expectations, personnel adjustments, and tariff policies [8] - It is recommended to maintain the idea of buying on dips and hold existing long positions cautiously [9] Group 6: Non - ferrous Metals Copper - The copper price declined due to the Fed's interest - rate decision. The Grasberg copper mine in Indonesia had a production reduction due to a mudslide [11] - The trading strategy is to sell out - of - the - money put options [11] Zinc - The zinc price was weak. The supply is in an oversupply state, and the demand is average. It is recommended to wait and see for the internal - external reverse arbitrage or sell out - of - the - money call options [14] Nickel and Stainless Steel - The prices of nickel and stainless steel were affected by the market and were weak. The fundamentals have no obvious changes [14][15] Tin - The tin price declined slightly. The supply is tight in the short term, and it is recommended to wait for long - entry opportunities [15][16] Lead - The lead price was in a high - level oscillation. The supply is relatively weak compared to the demand, and it is expected to maintain high - level oscillation in the short term [16][17] Group 7: Black Metals Rebar and Hot - Rolled Coil - The prices of rebar and hot - rolled coil were weak. The overall steel market is still in the process of inventory reduction, and the price is expected to oscillate after digesting the short - term impact of the Fed's interest - rate cut [18] Iron Ore - The iron ore price oscillated around 800. The supply and demand are in a tight balance, and the price is expected to oscillate based on fundamentals [19][20] Coking Coal and Coke - The coking coal price stopped falling and rebounded, and the second - round price cut of coke was fully implemented. It is not recommended to short coking coal, and the industry can consider hedging opportunities at low basis [21] Ferrosilicon and Ferromanganese - The ferrosilicon and ferromanganese prices were affected by the news of the increase in the standard of submerged arc furnaces in the metallurgical industry. The short - term price is expected to rise, and it is recommended to try long positions [22] Group 8: Energy and Chemicals Crude Oil - The crude oil price fell slightly. It is expected to continue to oscillate within a narrow range in the short term, and the probability of a short - term correction has increased [24][25] LPG - The LPG price declined. The supply is controllable, and the demand is lack of clear drivers, so it is expected to oscillate [25][26] PTA - PX - The PX - PTA prices are expected to oscillate strongly. The polyester demand is expected to improve seasonally, but the PTA processing fee repair is limited [27][28][29] Methanol - The methanol price is expected to oscillate in the short term. It is recommended to reduce long positions and hold short - put options [29][30] PP - The PP price is supported by the cost side, but the demand is in the "peak season without peak" situation. The downward space is limited, and a rebound may occur if the device shutdown increases [31][32] PE - The PE price is in a weak supply - demand pattern, with limited upward drivers and limited downward space, and is expected to oscillate [34][35] Pure Benzene and Styrene - The pure benzene and styrene prices are weak, with high inventory and low valuation. They are expected to oscillate and follow the cost side [36][37] Fuel Oil - It is recommended to short the cracking profit of fuel oil. The export volume is decreasing, and the demand is stable [37][38] Asphalt - The asphalt price is affected by the increase in supply and the inability to release demand. The inventory structure is improving. It may have a last chance to rise this year [39] Rubber and 20 - Rubber - The rubber prices fell. The supply is affected by weather, and the demand is stable in the short term. It is recommended to try long positions at low prices [40][41][42] Group 9: Glass, Soda Ash, and Caustic Soda Soda Ash - The soda ash price is under pressure due to the high - level supply expectation. The demand is stable, and the supply - demand pattern is strong supply and weak demand [43] Glass - The glass price lacks a clear trend. The supply - demand pattern is strong supply and weak demand in the near term, and factors such as supply ignition and coal price need to be followed [44][45] Caustic Soda - The caustic soda price is weak in the spot market. The downstream demand is stable, and the supply fluctuates due to maintenance [46] Group 10: Pulp - The pulp price is expected to oscillate in the short term. The macro - level interest - rate cut has a positive impact, but the fundamentals lack clear drivers [46][47] Group 11: Propylene - The propylene price declined. The supply increased and the demand decreased, and the price followed the decline of PP [49][50] Group 12: Agricultural Products Live Pigs - The live pig price declined. The supply is still high in September, and it is recommended to short at high prices [51] Oilseeds - The soybean market is affected by Sino - US negotiations. The domestic soybean inventory is high, and the downstream demand is stable [51][53] Vegetable Oils - The vegetable oil prices declined due to the uncertainty of the US bio - fuel policy. It is recommended to wait and see in the short term [53][54] Soybean No. 1 - The soybean No. 1 futures price rebounded slightly. The new - season soybean price is expected to be under pressure, and it is recommended to hold short - hedge positions [54] Corn and Starch - The corn and starch prices are expected to be weak as new grains are gradually coming onto the market [53][56]

（文章来源：每日经济新闻） 每经AI快讯，9月19日，港股午间收盘，恒生指数涨0.12%，恒生科技指数涨0.62%。芯片股走强，华虹 半导体涨近4%，中芯国际涨1.51%。 ...

1、大类资产行情 | 股票 | 上周收盘价 | 上周涨跌% | | --- | --- | --- | | 恒生指数 | 26388.2 | 3.8 | | 恒生科技指数 | 5989.3 | 5.3 | | 上证指数 | 3870.6 | 1.5 | | 深证成指 | 12924.1 | 2.6 | | 沪深 300 指数 | 4522.0 | 1.4 | | 标普 500 指数 | 6584.3 | 1.6 | | 纳斯达克综合指数 | 22141.1 | 2.0 | | 欧洲斯托克 600 指数 | 554.8 | 1.0 | | 日经 225 指数 | 44768.1 | 4.1 | | 商品 | | | | 菓金 | 3643.1 | 1.6 | | WTI 原油 | 62.7 | 1.3 | | 布伦特原油 | 67.0 | 2.3 | | 天然气 | 31.5 | 2.0 | | 伦铜 | 10067.5 | 1.7 | | 国债 | | | | 2 年期美债收益率 | 3.6 | 4.6 bps | | 10 年期美债收益率 | 4.1 | -1.0 bps | | 巴克莱中资美元债指数收益率 ...

创业板指缩量上涨0.16%、沪指微跌0.03%，高位股跳水、芯片股强者恒强。天普股份13连板，泰慕士5连板，一图看懂>> 海立股份 公司为上海微电子装备集团的封装光刻机提供冷却系统配套 625.83%到756.71% 永新光学 3天3板 公司能提供光刻物镜 内存 美股存储龙头集体创下历史新高;台厂DDR4四季度产能已被抢完 德明利 公司企业级存储主要应用于服务器、数据中心、云计算等场 滑油信 华为四季度将推出全球最强超节点,算力规模8192卡 长飞光纤 4天3板 全球光纤光缆行业的领先企业;公司空芯技术产能水平领先 富信科技 公司Micro TEC产品通过头部企业验证并批量供货 世嘉科技 3天2板 1、公司拟通过增资扩股方式取得光彩芯展浙江科技有限公i 通信细分赛道; 2、公司通过精密箱体系统业务为储能行业 技有限公司供应储能柜,在储能领域有产品供应和业务合作 国产科学 上证报:中芯国际正在测试由宇量升制造的深紫外光刻机;英伟达i 天普股份 21天13板 中昊芯英实控人杨龚轶凡成为公司控股股东 鼎信通讯 公司芯片开发采用平头哥的CK802 32位内核架构,平头哥 协议。 华软科技 公司光刻胶基材产品业务目前正 ...