Group 1 - The A-share market is experiencing a positive trend driven by both domestic and external factors, leading to a broader range of investment opportunities [1] - The coordination of domestic supply and demand policies is a key variable that maintains high risk appetite, resulting in an upward trend in market indices [1] - The expectation of a Federal Reserve interest rate cut and a weaker dollar is likely to attract global funds towards non-US assets, providing room for valuation recovery in A-share equities [1] Group 2 - Two core investment themes identified are: new consumption and new services, focusing on high-income groups, the elderly, and consumers in lower-tier cities, as well as self-sufficiency sectors like semiconductors and AI computing chips [2] - The investment strategy for the new fund will involve a balanced approach, gradually increasing equity positions while controlling for volatility, aiming to capture opportunities from industry trends and fundamental improvements [2] - The market is expected to show greater breadth and depth in the second half of the year, with a focus on high-quality stocks that have clear fundamental improvements and reasonable valuations [2]

丨证券研究报告丨 联合研究丨公司点评丨寒武纪-U（688256.SH） [Table_Title] 寒武纪 2025H1 财报点评：净利率大幅提升，规 模效应显现 报告要点 [Table_Summary] 寒武纪公告其 2025 年半年度报告，报告期内，公司实现营业总收入 28.81 亿元，同比增长 4347.82%，实现归母净利润 10.38 亿元，同比增长 295.82%。公司所在 AI 算力行业下游需求 旺盛叠加公司强产品力助力其高速增长，归母净利润超预期。本报告期公司合同负债大幅增长， 预付和存货环比基本持平，一方面反映供不应求，同时在营收大幅增长背景下反映供应持续增 加，为后续业绩增长提供保障。公司已经进入业绩爆发期，规模效应下净利率大幅提升。 分析师及联系人 [Table_Author] 杨洋 宗建树 余庚宗 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490516030002 SFC：BUW100 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 寒武纪-U（688256.SH） cj ...

Group 1 - The company has refuted misleading information circulating online regarding its orders, revenue forecasts, new products, and supply chain matters, urging investors to rely on official announcements [1] - The company has adjusted its fundraising plan, reducing the total amount from no more than 49.8 billion to no more than 39.9 billion yuan, which may enhance the probability of successful completion and reduce equity dilution [3] - The company is expected to improve its competitiveness with the emergence of new generation products, and the AI chip industry is anticipated to see a long-term increase in market potential due to rising demand and improved supply conditions [3] Group 2 - On August 12, the company's stock surged to a limit increase, closing with a 20% rise at 848.88 yuan per share, resulting in a total market capitalization exceeding 350 billion yuan [4]

8月12日，寒武纪盘中拉升涨停，截至收盘，涨幅20%，股价报848.88元/股，总市值超过3500亿元。 此前，寒武纪公告定增方案调整公告、定增预案修订稿及定增审核问询函回复等一系列公告，定增募集资金总额从不超过49.8亿下修调整为不超过39.9亿 元。 8月12日晚间，寒武纪(688256)在投资者互动平台表示，公司关注到网上传播的，关于公司在某厂商预定大量载板订单、收入预测、新产品情况、送样及 潜在客户、供应链等相关信息均为误导市场的不实信息。请投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的虚假信息，以公司发布在上 交所官网的公告或公司官方网站披露的信息为准。此外，对于任何捏造、散布传播不实信息的行为，公司将保留追究相关人员法律责任的权利。 寒武纪辟谣。 有券商认为，该公司定增下修募资总额，股权稀释减少，顺利完成概率有望提升。公司新一代产品提升方向初现，竞争力提升值得期待，且存货结转显示 经营态势向好。另外，模型能力提升和未来应用繁荣趋势下AI芯片中长期天花板进一步抬升，AI算力芯片行业市值天花板进一步打开。前期外围芯片恢 复供应的行业压制预期逐渐消化，行业需求旺盛，公司在国产AI芯片竞争力突 ...

Group 1 - The core viewpoint of the article is that Cambrian (688256) has addressed and refuted misleading information circulating online regarding its business operations and financial forecasts, urging investors to rely on official announcements [1][2] - Cambrian's stock price experienced a significant increase, reaching a 20% rise and closing at 848.88 yuan per share, with a total market capitalization exceeding 350 billion yuan [3] - The company has adjusted its private placement fundraising plan, reducing the total amount from no more than 4.98 billion yuan to no more than 3.99 billion yuan, which is expected to enhance the probability of successful completion and reduce equity dilution [5] Group 2 - Analysts believe that Cambrian's new generation of products is showing promising directions for improvement, enhancing its competitiveness in the AI chip market [5] - The overall demand in the AI chip industry remains strong, with Cambrian's competitive position in domestic AI chips expected to improve, leading to an increase in both total volume and market share [5]