4月以来明显滞涨的科创板或迎补涨行情！周五（8月22日）国产AI产业链全线井喷，寒武纪20CM涨停 股价再创新高，总市值站上5200亿元，云天励飞亦实现20CM封板，天准科技涨超11%，金山办公涨近 10%，澜起科技、芯原股份等个股大幅跟涨。 科创人工智能ETF（589520）配置价值如何？重点关注四大投资逻辑： 1、市场主线逻辑：天风证券指出，AI经历3-5月的调整与近两个月的缓慢抬头，满足启动再次成为主线 的两个条件：①筹码沉淀到位（拥挤度低位）；②长期逻辑仍在（资本开支指引下算力大周期持续演 绎）。 2、科创板补涨逻辑：2025陆家嘴论坛上，高层提出在科创板设置科创成长层，重点服务AI等前沿科技 企业。中信证券指出，自今年4月以来明显滞涨的科创板有望迎来补涨行情。 3、国产替代逻辑：招商证券表示，出于对英伟达芯片安全漏洞的担忧，国内部分客户对于未来购买英 伟达芯片还会反复权衡。建议长期持续关注华为昇腾、寒武纪和海光信息等国产算力芯片体系。 4、端侧AI大发展逻辑：申万宏源类比消费电子发展路径，指出AI终端换机潮有望复制2010年代智能手 机行情，带动产业链估值中枢上移30-50%。 热门ETF方面，重点 ...

1、先来说说美联储主席鲍威尔的最新讲话，强调了通胀风险依然存在，不过就业市场的疲软正在成为政策权衡中的关键变量，按照其原话来说，虽然劳动 力市场看似平衡，但是这种平衡很奇特，源于劳动力的供需两侧都显著放缓。 怎么去理解呢？记得之前反复提到过，美联储主席似乎只关心就业数据，实际上通胀风险并不是其关注的重点，只要就业数据跟预期相差值偏大的时候，或 者说变得比较糟糕，那时候降息几乎没有任何悬念。 昨天晚上鲍威尔的讲话似乎可以解读为，当前看到了劳动力供给和需求双向放缓，这个指标也似乎给降息带来了明确的理由，市场恰恰将此当成了重大利 好，并且押注9月份降息的概率大幅度攀升。 美股三大指数受到这个消息的影响大幅度上涨，道指和纳指的涨幅都在1.8%左右，标普500指数上涨了1.52%，尤其是中概股也普遍大涨，纳斯达克中国金 龙指数涨幅达到了2.7%。 2、直到这个周末，对A股的关注力度才算是加大了，毕竟沪指已经到了3825点了，可以说4000点一步之遥，本来之前我还觉得会在3700点一带有个整固的 过程，毕竟这是10年的高点啊，市场需要这么一个震荡的过程，但是周五因为DS的新版本，可以适配国产芯片，要知道之前用的都是英伟达 ...

无惧隔夜美股大型科技股普跌，英伟达大跌3.5%创近四个月以来最大跌幅，8月20日，国产AI产业链走 出独立行情！ 寒武纪股价突破千元，成为A股第二只"千元股"（仅次于茅台），全天获主力资金净流入22.34亿元，高 居A股吸金榜第二。芯原股份盘中触及20CM涨停，收盘仍大涨超15%，创历史新高。此外，乐鑫科 技、航天宏图涨超9%，奥普特、晶晨股份等个股大幅跟涨。 热门ETF方面，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格最高上探4.47%，收涨 4．28%，斩获日线4连阳，ETF再创上市新高！ 拉长时间来看，科创人工智能ETF（589520）标的指数，自本轮低点（4月8日）以来累计上涨 43.45%，大幅跑赢科创50（24.24%）、科创综指（41.38%）等科创板宽基指数，亦跑赢科创芯片 （34.20%）等细分行业指数。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [×间首日] 2025-4-8 [区间居日] 2025-8-20 [单位] % | | | 1 | 950180.CSI | ...

Group 1 - The core viewpoint emphasizes the importance of domestic AI chip manufacturers, with Cambricon's stock price surpassing 1000 yuan, potentially becoming the second stock in A-shares to reach this milestone [1] - The Shanghai Municipal Economic and Information Commission has launched a plan to accelerate the development of "AI + manufacturing," focusing on enhancing terminal model application capabilities and promoting the upgrade of new intelligent consumer terminals [3] - The AI industry is entering a phase of prosperity, with a shift from hardware to software expected, highlighting the growth potential in terminal and application sectors [3] Group 2 - The domestic AI industry is experiencing a significant surge, with the AI-focused ETF (589520) showing strong performance, reaching a peak increase of 2.79% during trading [1][4] - The ETF has a high concentration in semiconductor stocks, with the top ten holdings accounting for over 67% of its weight, indicating a strong offensive characteristic [4] - The trend of integrating edge and cloud computing is identified as a core development direction for AI, with the ETF's index evenly distributing investments across application software, terminal applications, terminal chips, and cloud chips [4]

Investment Rating - The industry investment rating is "Outperform the Market" [1][33] Core Viewpoints - The competitiveness of domestic large models continues to improve, and there is a strong outlook for the development of China's AI industry [1][6] - The continuous iteration and upgrade of domestic large models, along with the popularization of large model applications, will drive sustained strong demand for AI computing power in both training and inference, leading to a continuously high prosperity in China's AI computing power market [6][31] Summary by Sections Algorithm Sector - Recent advancements in domestic large models have accelerated, with notable releases such as Kimi K2, Qwen3-Coder, and GLM-4.5, which achieved state-of-the-art (SOTA) performance in various benchmarks [6][11][9] - GLM-4.5, launched on July 28, has a total parameter count of 355 billion and is designed for intelligent agent applications, ranking first among domestic models and third globally in comprehensive capability across 12 evaluation benchmarks [11][15] Application Sector - As of June 2025, six out of the top ten AI applications globally by monthly active users (MAU) are domestic applications, including Quark (156 million), Baidu Cloud (155 million), and Doubao (126 million) [17][19] - The overseas version of Douyin, Cici, achieved a monthly active user count of 24.01 million, marking a 17.56% quarter-over-quarter increase, the highest among million-level active AI applications [19][20] Computing Power Sector - China's AI computing power market is expected to maintain high prosperity, with significant advancements in domestic AI computing chips from companies like Haiguang, Huawei, and Cambrian [21][22] - The market for AI computing power is projected to grow rapidly, with estimates indicating that by 2026, the scale of intelligent computing power will reach 1460.3 EFLOPS, with a market size of 33.7 billion USD [26][29] Investment Recommendations - The report strongly recommends stocks in AI algorithms and applications, including companies like Hengsheng Electronics, Zhongke Chuangda, and Shengshi Technology, while also suggesting attention to companies in AI computing power such as Haiguang Information and Longxin Zhongke [31][7]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) highlighted a transformative evolution in China's AI computing industry, emphasizing "full-stack autonomy, deepened scenario integration, and diversified ecosystems," marking a shift from technological catch-up to ecological leadership [10][11][12] - The focus has shifted from "parameter competition" to integrating computing capabilities into specific industry solutions, reflecting industry maturity and confidence [11][12] - Chinese computing firms are actively constructing a fully autonomous ecosystem, addressing external technological constraints and supply chain risks [12][13] Summary by Sections Event Overview - The WAIC 2025 showcased a collective transformation in China's AI computing industry, with leading firms like Huawei, Sugon, and Moore Threads presenting competitive foundational technologies and a complete value loop from computational infrastructure to industry applications [10][11] Industry Trends - A notable trend is the acceleration of "end-to-end domesticization," with firms developing a comprehensive ecosystem from chip architecture to software services [12] - The industry is characterized by a diversified development strategy, with various companies pursuing different technological paths, such as Huawei's "384 Super Node" and Zhonghao Xinying's TPU chips, which improve energy efficiency [13] Company Highlights - Huawei's Ascend is compatible with over 80 large-scale AI models, integrating deeply into sectors like telecom, finance, and healthcare [11] - Sugon showcased its "Five Smart" system, demonstrating extensive delivery capabilities across various AI solutions [12] - New products like the Xiyun C600 GPU and the M50 AI chip from Houmo Intelligence reflect the industry's focus on localized and low-power AI solutions [13]

周 末， 上海召开了2025世界人工智能大会（2025WAIC），AI眼镜、华为昇腾等一众重磅新品齐亮 相，赚足眼球。作为最容易令人"眼前一亮"的题材之一，"AI应用"满足了二级市场资金对于"新鲜感"的 刚需，频繁得到炒作。北交所有哪些机会？ 我们总结了三个比较容易把握的方向，请前往小号查看！ 周末发酵！2025世界人工智能大会，最值得关注的三个方向！ ...

Market Overview - The market experienced a slight decline in early trading, with the Shanghai Composite Index falling below 3600 points, closing at 3593.38, down 0.34% with a trading volume of 500 billion [1] - The Shenzhen Component Index closed at 11160.30, down 0.29% with a trading volume of 605.6 billion, while the ChiNext Index closed at 2337.80, down 0.32% with a trading volume of 271 billion [1] Sector Performance - Sectors such as medical devices, multi-modal AI, Huawei Ascend, and cultural media saw significant gains, while sectors like Hainan Free Trade Zone, super hydropower, controllable nuclear fusion, and cement experienced notable declines [1] - AI application stocks surged collectively, with Sai Group rising by 20%, and medical device stocks also showed strength, with Kangtai Medical rising by 20% [2] - Logistics stocks saw a temporary spike, with Shentong Express hitting the daily limit, while super hydropower stocks collectively fell, with Shen Shui Gui Yuan dropping over 10% [2] Institutional Insights - Hengsheng Qianhai Fund noted that the recent high financing balance indicates strong market trading enthusiasm, with expectations for continued upward trends in indices due to improving economic fundamentals supported by policy measures [4] - Huahui Chuangfu highlighted a structural opportunity in the market, driven by economic stabilization and supportive policies, predicting alternating boosts from "policy benefits" and "profit benefits" in sectors like AI, new energy vehicles, and innovative pharmaceuticals [4] - Zhongtai Securities observed a clear shift in fund allocation towards leading industries such as communication, non-bank finance, media, agriculture, and beauty care, while significantly reducing holdings in steel, coal, real estate, and food and beverage sectors [5] Financing Activity - The total financing balance in the two markets increased by 60.25 billion, with the Shanghai Stock Exchange reporting a balance of 9730.55 billion and the Shenzhen Stock Exchange reporting 9490.57 billion [6] Policy Developments - The National Medical Insurance Administration held a series of discussions to support the high-quality development of innovative drugs and medical devices, involving representatives from medical institutions, pharmaceutical companies, and investment firms [7]

Core Viewpoint - The recent surge in China's rare earth exports to the U.S. is not a sign of a policy shift but rather a strategic maneuver in the ongoing U.S.-China trade conflict, reflecting a complex negotiation process between the two nations [1][5][16]. Export Data - In May, China's rare earth exports to the U.S. were only 46 tons, but in June, this figure skyrocketed to 353 tons, marking an increase of 307 tons and a year-on-year growth of 660% [2]. Strategic Context - The increase in exports is attributed to pre-existing orders made before the escalation of the trade conflict, as well as a significant accumulation of rare earth materials by Chinese companies, which now exceeds 2000 tons [3][5]. - Recent breakthroughs in U.S.-China tariff negotiations, including the easing of restrictions on EDA software and H20 chips, have prompted China to expedite the approval process for rare earth exports to the U.S. [5][16]. Export Control Policies - China maintains a firm stance on export controls, allowing only civilian rare earths to be exported while military-grade materials remain strictly off-limits [7][16]. - The U.S. is reportedly attempting to circumvent these restrictions by re-labeling civilian rare earths for military use through third-party countries [11]. Technology and Market Dynamics - Both countries are engaged in a technological arms race, with China seeking to reduce its dependency on high-performance chips through domestic innovation, as evidenced by the success of companies like Huawei and SMIC [13][18]. - The ongoing trade conflict is characterized by a mutual dependency, where neither side can fully disengage from the other in the short term, but the long-term winner will be determined by who achieves breakthroughs in critical technologies first [20].

Group 1 - Huang Renxun, CEO of Nvidia, emphasizes the importance of global supply chain cooperation during his visit to China for the third Chain Expo, highlighting the interdependence of the global technology ecosystem [1] - The approval for the sale of H20 GPU in China marks a significant development for Nvidia, as the company prepares to launch the new RTX PRO GPU in the market [2] - The rise of AI in China is seen as a critical factor in the ongoing US-China tech competition, with Nvidia playing a vital role in providing the underlying computing power [2] Group 2 - Huang Renxun praises China's open-source AI as a catalyst for global progress, allowing various countries and industries to participate in the AI revolution [3] - The competition between Nvidia and domestic chip manufacturers like Huawei and Baidu is acknowledged, with Huang stating that there is room for collaboration despite competition [2] - The overall AI industry benefits from the competitive landscape, as the presence of multiple players drives down GPU costs and fosters innovation among various stakeholders [2][4]