对资本市场而言，没有任何消息比降息利好还大。 A股近期持续大涨，沪指涨逾1. 5%触及3 88 3.56点的阶段新高。 市场成交额继去年1 0月8日以来再度突破3万亿元，也是历史上第二次突破3万亿元。 从资金流向看，市场呈现" 流动性牛市 "特征9。前海开源基金首席经济学家杨德龙指出，当前有五路资金共同推动牛市。 分别是 居民储蓄转移、机构资金加持、债市资金流出、楼市资金流出以及从产能过剩行业退出的资金 。 盘面上， 算力股维持强势，中际旭创等多股续创历史新高。稀土、有色等周期股震荡走强，北方铜业等涨停。消费股午后反弹，舍得 酒业涨停。 仔细研判市场， 会发现带动沪指反弹的是长期处于低位和底部的大消费以及地产板块，这说明行情的轮涨行情已经开启。 01 降息要来了！ 周五晚美联储主席鲍威尔在杰克逊霍尔央行年会上，表示突然释放鸽派信号，交易员预计美联储9月降息概率升至约90%。 这标志着， 美联储货币政策大转向了，将开启新一轮降息周期！ 特朗普也发推，说鲍威尔是有史以来最伟大的美联储主席，我为他感到无比的自豪。鲍威尔认怂了，懂王又赢麻了，难怪特朗普这么 的"得意"。 历史上每次美联储降息潮， 都会有全球性股市牛市 ...

Core Viewpoint - The article highlights the significant performance improvement of HanGuangJi, a leading AI chip company in China, with its stock price nearing that of Kweichow Moutai, indicating strong market interest and growth potential in the AI chip sector [2]. Group 1: Company Performance - HanGuangJi's stock reached 1243.20 yuan, with a trading volume exceeding 15.8 billion yuan, reflecting robust market activity [2]. - The company reported a revenue of 9.89 billion yuan and a net profit of 2.81 billion yuan in Q4 of the previous year, marking its first quarterly profit since going public [2]. - In Q1 of this year, HanGuangJi's revenue surged to 11.11 billion yuan, a significant increase from 0.26 billion yuan in the same period last year, with a net profit of 3.55 billion yuan [2]. Group 2: Industry Developments - DeepSeek recently launched DeepSeek-V3.1, which is designed for the upcoming generation of domestic chips, marking a step towards the agent era in AI [2]. - Several AI chip manufacturers, including Moole Technology and Suiyuan Technology, have introduced chips that support FP8 precision computing, enhancing performance in large model training by 20% to 30% [3][4]. - The domestic AI industry is increasingly utilizing local computing power, with companies like iFLYTEK testing large models based on fully domestic computing resources [4]. Group 3: Market Outlook - Research reports from various brokerages indicate a stable growth in the semiconductor supply chain, with rising wafer foundry capacity and a positive outlook for the semiconductor market [5]. - The introduction of new precision formats by DeepSeek suggests a growing application of domestic AI chips in training and inference processes, especially in light of international supply chain fluctuations [5].

Group 1 - Multiple stocks in the computing power sector experienced significant gains, with SMIC rising 6.29% and Chipone increasing by 5.39% [1] - AI-related stocks saw even larger increases, with Haiguang Information up 17.19%, Zhongke Shuguang up 10%, and Cambricon up 12.4%, reaching a new high of over 1170 CNY per share and a market capitalization exceeding 490 billion CNY [1][3] Group 2 - Cambricon, a leading domestic AI chip company, reported improved performance, achieving a revenue of 989 million CNY and a net profit of 281 million CNY in Q4 of last year, marking its first quarterly profit since going public [3] - In Q1 of this year, Cambricon's revenue surged to 1.111 billion CNY, a significant increase from 26 million CNY in the same period last year, with a net profit of 355 million CNY [3] Group 3 - DeepSeek recently launched DeepSeek-V3.1, which is designed for the upcoming generation of domestic chips, utilizing UE8M0 FP8 precision [3][4] - Several domestic AI chip manufacturers are supporting FP8 precision calculations, with companies like Moore Threads and Suiyuan Technology introducing chips that enhance performance in large model training by 20% to 30% [4] Group 4 - Recent reports from various brokerages highlight the stability and growth of the semiconductor supply chain, with rising wafer foundry capacity and a continued favorable semiconductor market [5] - The potential for increased application of domestic AI chips in training and inference based on the DeepSeek model was noted, especially in light of international supply chain fluctuations [5]