8月25日，寒武纪大涨报收1384.93元/股，距离茅台股价1490.33元只有一步之遥，26日开盘后寒武纪股 价却一路下行，最终收于1329元，下跌4.04%，差距进一步拉大。受到半年业绩向好刺激，8月27日开 盘后，寒武纪股价一路上行，下午13点40分左右，寒武纪股价已经超过茅台。但尾盘寒武纪股价不断回 落，最终寒武纪收于1372元，低于茅台的1448元。 回顾茅台的A股股王生涯，是从2019年开始，由于资本市场对有业绩和护城河保障的龙头企业青睐有 加，茅台也成为资本关注的重点，茅台股价曾在2021年的2月18日冲高2627.88元。 在业内看来，茅台股王位置岌岌可危的背后，也反映出中国高端白酒当下的困顿，从2023年下半年开 始，白酒行业进入深度调整期，动销缓慢、价格倒挂等一系列问题，让白酒行业增长面临挑战。 白酒深度调整下，茅台的股王位置岌岌可危。 8月27日，中国A股市场的"股王"宝座险些易主，长期占据A股股价之王的贵州茅台（600519.SH）盘中 股价被国产AI芯片龙头寒武纪（688256.SH）超越，但后者尾盘股价又再度下跌，茅台暂时保住王位。 此前，贵州茅台的A股市值之王也让位给工商银行（6 ...

8月26日，A股市场呈现出一幅扑朔迷离的图景。尽管上证指数小幅收跌0.39%，报于3868点，而深圳成指却逆势上扬0.26%，创业板指则略微下滑0.75%，市 场情绪似乎并未因成交量的显著萎缩而跌落谷底。 令人玩味的是，在市场整体量能收窄的背景下，猪肉、游戏以及消费电子等板块却上演了逆势上涨的好戏，仿佛资金并未因此而却步。 尤其是消费电子板块，在午后时段突然发力。歌尔股份、奋达科技、东尼电子等知名个股纷纷涨停，而立讯精密、长盈精密等也紧随其后大幅上涨。最终， 该板块以1.39%的涨幅收盘，主力资金净流入近4亿元。这波强劲的上涨并非空穴来风：华为新一代折叠屏手机Mate XTs的发布，苹果iPhone 17发布日期的 公布，再加上国产AI芯片的最新进展，无疑为整个产业链注入了新的活力，使其仿佛在短时间内被重新激活。 而猪肉股的表现更是出乎意料。傲农生物强势封板，牧原股份、邦基科技、东瑞股份等也纷纷跟涨。追溯其背后，一条明确的政策信号浮现：国家发改委宣 布，鉴于当前猪粮比价已跌破6:1的关键警戒线，正式启动了三级预警机制，并同步进行了中央储备肉的万吨收储。这意味着国家层面的"托底"力量已经介 入，意图稳定猪肉价格 ...

智通财经APP获悉，兴业证券发布研报称，8月以来，AI行情从前期海外算力的"一枝独秀"，向国产算力、中下游软件应用等低位方向持续轮动、扩散， 尤其是8月22日国产算力的大涨，进一步标志着AI主线进入国产生态的扩散阶段。往后看，结合股价位置与本轮国产替代逻辑，兴业证券倾向于认为当前 AI行情向国产算力和应用生态的扩散仍在早期，内部有众多细分方向值得挖掘、关注。 兴业证券指出，后续继续以扩散的思路布局AI主线，包括国产算力链的扩散（半导体设备材料）、国内中下游应用端的扩散（港股互联网、软件应 用）。其中6月以来，港股互联网持续跑输A股TMT产业链，后续港股互联网具备多重补涨逻辑。国产算力β行情启动，国产AI芯片、GPU等核心龙头率先 上涨，与北美算力链龙头相比涨幅仍低，长期继续关注。 兴业证券主要观点如下： 7月下旬以来，我们基于股价位置、后续催化等维度，反复提示AI主线内部向国产算力和中下游端侧应用的扩散。 8月以来，我们已经看到AI行情从前期海外算力的"一枝独秀"，向国产算力、中下游软件应用等低位方向持续轮动、扩散，尤其是8月22日国产算力的大 涨，进一步标志着AI主线进入国产生态的扩散阶段。 此外，经历前期 ...

Investment Rating - The report maintains a "Positive" outlook on the computer industry, indicating expectations for the sector to outperform the overall market performance in the coming months [2]. Core Insights - The domestic AI chip market is experiencing robust supply and demand, with significant developments from companies like DeepSeek, Huawei, and Cambricon, which are forming a comprehensive ecosystem for domestic chips [4][16]. - Key companies such as Kingsoft Office, JD Health, and Taiji Co. are showing strong performance, with Kingsoft's AI commercialization accelerating and JD Health exceeding revenue expectations [4][31][35]. - The report highlights the increasing capital expenditure among domestic internet giants, which is expected to drive demand for domestic computing power [25][27]. Summary by Sections Domestic AI Chips - The release of DeepSeek's V3.1 model emphasizes a shift towards domestic computing power, indicating a gradual transition from reliance on NVIDIA chips [4][6]. - Major domestic chip manufacturers like Huawei, Cambricon, and Haiguang are establishing their ecosystems, with Huawei's Ascend chips nearing the performance of NVIDIA's H100 [17][19]. - The report notes the importance of "super nodes" in AI computing, showcasing advancements in system-level integration and interconnectivity [13][15]. Key Company Updates - **Kingsoft Office**: Reported H1 2025 revenue of 2.66 billion, up 10.1% YoY, with AI-driven growth in its WPS365 platform [31][32]. - **JD Health**: Achieved H1 2025 revenue of 35.3 billion, a 25% increase YoY, driven by strong sales in pharmaceuticals and digital marketing [35][36]. - **Taiji Co.**: Focused on AI solutions for healthcare and legal sectors, with its "ZhiLing" medical AI solution recognized as a benchmark case in the industry [37][38]. Capital Expenditure Trends - Domestic internet giants are expected to increase their capital expenditures, with Q2 2025 showing a significant rise in spending, reflecting strong demand for AI cloud services [25][27][28]. - The report compares domestic and overseas capital expenditure intensity, noting that domestic firms have room for growth in this area [25][26]. Investment Targets - The report identifies several investment targets across different segments, including AIGC applications, digital economy leaders, and AI computing power providers [39].

中信建投认为，国产算力板块迎来密集催化。腾讯业绩会表示推理芯片的供应渠道侧具备多种选择，国际供应链波动背景下国产推理算力芯 片有望提供助力。DeepSeek更新模型，DeepSeek V3.1发布，明确支持FP8精度与将发布的下一代国产芯片，头部国产开源模型对国产芯 片的支持有望推动国产算力生态加速落地。 | 1164.45 所属行业: 电子+1.33% > | | | | 查看所属板块 > | | --- | --- | --- | --- | --- | | 算力芯片 +128.45 +12.40% | | | 半导体芯片 | | | +6.50% 最相关 | | | +1.91% | | | 今 开 1075.00 | 最 高 | 1188.00 | 成交量 | 9.16万手 | | 昨 收 1036.00 | 最 低 | 1075.00 | 成交额 | 104亿 | | 而图 342.61 | 换手率 | 2.19% | 总市值 | 4871亿 ▲ | | 热股 财联社热股榜TOP2 | | | | | | 分时 五日 周K | 日K | 月Ｋ | 分钟 ▼ | (0) | | MA5:1019.49 ...

A股三大指数今日集体回调，截止收盘，沪指跌0.44%，收报3384.82点；深证成指跌0.86%，收报10162.18点；创业板指跌1.17%，收报2037.27点。 板块方面，港口航运股集体大涨；创新药概念股维持强势；美容护理、稀土永磁等板块涨幅居前，华为昇腾、军工、半导体、软件开发等板块跌幅 居前。 沪深两市全天成交额1.42万亿，较上个交易日放量1290亿。 01 中科曙光复牌一字涨停 6月10日，此前因筹划战略重组而停牌的海光信息和中科曙光复牌，中科曙光实现开盘涨停。海光信息也收涨4.4%。 截至收盘，中科曙光涨停板上 仍有50万手封盘排队等买进。 | 中科曙光 | | | ... () | | --- | --- | --- | --- | | 603019 已收盘 06-10 15:00:00 北京 | | | | | 68.09 +6.19 +10.00% | | | 36.32万人加自选 = 2 > CN 融 通 L1 | | 高 68.09 | 开 68.09 | 量 67196.00手 | 总市值 996.30亿 。 | | 低 68.09 额 4.58亿 | 换 0.46% | | 市盈 ...

Group 1 - The report indicates a recovery in market sentiment, with a renewed focus on technology sectors, particularly in the context of the A-share market showing resilience despite geopolitical tensions [7][17][19] - The A-share market is expected to maintain upward momentum until late June, driven by favorable macroeconomic conditions and potential easing of US-China trade tensions [17][18] - The report highlights that the overall market is in a continuation phase of an upward trend since the 924 market rally, with the Wind All A Index currently at 5156 points, indicating room for further growth [17][24] Group 2 - Investment recommendations include a focus on technology growth sectors, particularly AI, which has seen reduced crowding and is expected to benefit from potential policy relaxations regarding technology restrictions [24][25] - The report emphasizes the importance of domestic consumption, particularly in emerging sectors such as health, tourism, and pet economy, as a counterbalance to uncertainties in overseas demand [24][25] - High dividend sectors are highlighted as having sustained value, with particular attention to banking, coal, public utilities, and transportation as potential investment areas [25][26] Group 3 - The report notes that the small-cap stocks represented by the CSI 2000 index have a high price-to-earnings ratio of 137.40 times, indicating accumulated risks in this segment [18][19] - The report anticipates that the upcoming Lujiazui Forum in June 2025 will be a key event for financial policy announcements, which could influence market dynamics [22][24] - The report also discusses the impact of US economic data, particularly the better-than-expected non-farm payrolls, which may delay Federal Reserve interest rate cuts and affect market sentiment [23]

Core Viewpoint - The report emphasizes the need for Guangzhou to enhance its AI industry development strategies to improve competitiveness and address existing shortcomings in the sector [1] Group 1: Current State of AI Industry in Guangzhou - Guangzhou has made initial achievements in AI industry development, with numerous companies established in areas such as computer vision, natural language processing, and intelligent robotics [1] - However, the city faces challenges including insufficient industry competitiveness, a lack of leading AI enterprises, high computing costs, and inadequate policy support [1] Group 2: Strategies for Reducing Computing Costs - The introduction of a "computing power voucher" policy is suggested, providing subsidies of 30%-50% based on actual computing power consumption for companies using public computing platforms [2] - Focused support for key areas such as AI chip development and large model training is recommended to help reduce training costs and accelerate model optimization [2] Group 3: Enhancing Technological Autonomy - Increased support for companies using domestic AI chips and algorithm frameworks is proposed, with R&D subsidies ranging from 15%-25% based on usage [3] - A procurement policy prioritizing domestic AI products for government projects is suggested, aiming for at least 80% procurement of domestic products in major projects [3] Group 4: Promoting Application Scenarios - The establishment of an annual AI application scenario list is recommended, encouraging companies to propose solutions and compete for funding and support [4] - Successful solutions should be promoted citywide, with incentives for companies adopting these solutions [4] Group 5: Tax Incentives for Innovation - Recommendations include increasing the R&D expense deduction ratio for key AI sectors and providing tax exemptions for fixed asset investments in AI [5] - Personal income tax reductions for high-end AI talent and support for housing and education are also suggested to strengthen talent retention [5]

Core Insights - The report highlights a positive outlook for the nuclear power sector, with an acceleration in the approval of new nuclear projects, indicating a significant opportunity for investment in nuclear operators [29][30] - The electric power and public utilities index outperformed the market, suggesting a robust demand for electricity and a favorable environment for investment in this sector [22][23] - The semiconductor industry continues to show growth, with global sales increasing by 17.1% year-on-year, indicating strong demand and potential investment opportunities [17] Domestic Market Performance - The Shanghai Composite Index closed at 3,352.00 with a slight increase of 0.28%, while the Shenzhen Component Index rose by 0.93% to 10,197.66, reflecting a generally stable market environment [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are at 13.68 and 36.02 respectively, suggesting a favorable entry point for medium to long-term investments [13][14] International Market Performance - The Dow Jones Industrial Average and S&P 500 indices experienced declines of 0.67% and 0.45% respectively, indicating a challenging environment for U.S. equities [4] Industry Analysis - The electric equipment sector faced challenges, with a decline of 5.79% in April, underperforming the broader market, but still showing strong export growth in transformers and cables [35][37] - The new materials sector is expected to benefit from increasing domestic demand and technological advancements, maintaining a "stronger than the market" investment rating [18][27] Investment Recommendations - The report suggests focusing on sectors with stable earnings and high dividend yields, particularly in traditional engineering machinery and high-speed rail equipment [28] - The semiconductor and AI-related sectors are highlighted as key areas for investment due to ongoing technological advancements and domestic policy support [9][12]