A股突然大调整！ 午后，富时中国A50指数期货午后突然下跌超1%。随后，A股各大指数亦出现一波回调，沪指最多时跌 超60点，全市场一度近4000只股票下跌。国债期货亦于午后拉升，30年期主力合约盘中涨0.2%。10年 期涨0.03%。5年期涨0.03%。2年期涨0.01%。 那么，究竟发生了什么？分析人士认为，近期外围风险逐渐暴露，特别是长债风险较大。与此同时，近 期A股涨幅较大，且有局部过热迹象。近期，连续有券商策略研究表示，慢下来能走得更远。 调整 8月27日，市场波动如期加大。沪指午后一度下跌超30点，红利指数更是全天受到压制，午后跌幅扩大 至1%以上。A50亦于午后一度跌超1%，港股市场亦开始走弱。 从行盘过程来看，午后出现了反复回调的情况。沪指从跌30点反弹之后，跌幅又再度扩大，并在低位反 复震荡，这一点与之前几个交易日强劲的承接盘略有不同。另外，平均股价指数与杀跌个股数量明显背 离，平均股价上涨，但杀跌个股数量一度超4000只。这意味着，上涨的个股可能集中在高价股板块，而 这个过程就不得不提寒武纪。 寒武纪股价午后一度达到1464.98元/股，超越贵州茅台股价，成为A股市场"单价"最贵的股票。昨晚 ...

DeepSeek 助力国产算力价值重估 [Table_Date] 2025 年 8 月 24 日 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: 一、DeepSeek-V3.1：架构焕新智能体，FP8 赋能算力 生态 DeepSeek-V3.1 实现多维度突破，采用创新混合推理 架构，支持"思考"与"非思考"模式，结合混合专 家架构与 UE8M0 FP8 精度，优化效率并降低部署成 本。其智能体能力突出，编程与搜索能力卓越，上下 文窗口扩展至 128K。生态建设上，模型开源且 API 价 格下调、优化功能。该模型与 UE8M0 FP8 组合适配国 产芯片，UE8M0 FP8 动态范围大，提升稳定性与效 率，适配华为昇腾等芯片，实现"低卡高能"部署， 带动全产业链发展。在政策推动下，其与昇腾组合切 入关键领域，打破垄断，根据中研网预测，2025 年中 国 AI 算力市场达 1200 亿元，我们预计 UE8M0 FP8 技 术新增 240 亿元有效算力供给。 ►二、供应链风险与自主化机遇：国产芯片及服务器有 望快速发展 8 月 22 日，英伟达要求部分供应商暂停生产 H2 ...

Core Viewpoint - The stock price of Cambrian Biologics has risen over 4% on August 21, reaching a historical high and a market capitalization of 440 billion CNY [1]. Group 1: Stock Performance - Cambrian Biologics' stock price increased by 7.06% with a trading volume of 6.359 billion CNY [2]. - The stock opened at 1020.00 CNY, with a highest price of 1066.00 CNY and a lowest price of 1005.57 CNY, resulting in a trading amplitude of 5.97% [2]. - The total market value of Cambrian Biologics is reported to be 441.4 billion CNY, with a circulating market value of 441.4 billion CNY [2]. Group 2: Financial Metrics - The earnings per share (EPS) for Cambrian Biologics is 0.31, with an estimated EPS of 3.87 for 2025 [2]. - The total share capital is 418 million shares, with a free float of 203 million shares [2]. - The price-to-earnings ratio (P/E) is reported at 3400, while the price-to-book ratio (P/B) stands at 74.87 [2].

Group 1 - The stock of Cambrian Biologics-U (688256.SH) surged nearly 10%, reaching 1027 yuan, and once again broke the 1000 yuan mark, setting a new historical high [1] - The market capitalization of the company is approaching 430 billion yuan [1] - The stock has increased by 56% year-to-date [1]

Group 1: Core Insights - The report emphasizes the long-term growth potential of computing power, exploring the latest developments in GPUs and ASICs, and identifying changes in domestic computing power and AI terminals [4][5][7] - Recent performance of AI hardware and software stocks in the US market has reached new highs, driven by Nvidia's better-than-expected earnings and the increasing demand for AI-enabled internet applications [4][20][24] - The computing power upgrade is driven by two main routes: speed and power, with advancements in PCB upgrades, server architecture changes, and the necessity of liquid cooling for increased chip power consumption [4][5][7] Group 2: Overseas Computing Power - The report highlights the rapid growth in inference demand, which is expected to create a return on investment (ROI) loop for AI investments, with Nvidia's product iterations accelerating in response to this demand [4][20][24] - Nvidia's recent earnings report showed a revenue of $44.1 billion for FY25Q3, a year-on-year increase of 69%, indicating strong market demand for AI computing power [24] - The global ASIC market is projected to grow from $6.5 billion in 2024 to $15.2 billion by 2033, with a compound annual growth rate (CAGR) of 12.8%, reflecting the increasing importance of ASICs in the computing power landscape [29][75] Group 3: Domestic Computing Power - Domestic AI models like Doubao and DeepSeek are accelerating the development of Chinese large models, with significant updates from various domestic companies since 2025 [5] - The report notes that domestic cloud computing firms are increasing their investments in computing power infrastructure, although short-term supply may not meet the rapidly growing demand [5] - The report identifies key domestic companies in the computing power ecosystem, including chip manufacturers like SMIC and Cambrian, which are making significant strides in adapting to the domestic computing power landscape [5][75] Group 4: AI Terminals - The report discusses the ongoing structural innovations in AI terminal hardware, such as smartphones and smart glasses, with a particular focus on the rising market for AI/AR glasses [7] - The interaction modes and functionalities of AI glasses are currently limited, but the integration of AR features is expected to enhance user experience significantly [7] - The report expresses optimism about the long-term narrative of the AI industry, highlighting the strong performance of Nvidia and the rise of domestic computing power breakthroughs as key investment opportunities [7] Group 5: Investment Recommendations - The report suggests focusing on specific sectors within the computing power chain, including servers, PCBs, CPOs, copper cables, and power supply systems, where domestic companies have established advantages [8] - Key companies to watch include Industrial Fulian and Huajin Technology in the server space, and Corechip and Cambrian in the computing chip sector [8] - The report also highlights the importance of supply chain partners in the ASIC market, indicating a shift towards a more competitive landscape with multiple players emerging [8][75]

Core Viewpoint - The discussion around whether China has caught up with the U.S. in AI has gained serious attention, especially after Eric Schmidt's acknowledgment of three Chinese AI models—DeepSeek, Tongyi Qianwen, and Tencent Hunyuan—being technically comparable to OpenAI [1][3]. Group 1: Chinese AI Models - Eric Schmidt identifies DeepSeek, Tongyi Qianwen, and Tencent Hunyuan as the leading Chinese AI models, with DeepSeek showcasing impressive performance in multi-turn dialogue and complex reasoning tasks [3]. - Tongyi Qianwen leverages vast e-commerce data for commercial applications, while Tencent Hunyuan benefits from the extensive data within the WeChat ecosystem, excelling in social understanding and multimodal interaction [3]. - All three models possess independently controllable underlying technology architectures, with Tongyi Qianwen's model series achieving a leap from 10 billion to 100 billion parameters and setting records in the CLUE Chinese language understanding benchmark [3]. Group 2: U.S.-China AI Competition - The AI competition between the U.S. and China has shifted from a U.S.-led race to a more balanced competition, with China making systematic breakthroughs in AI [3]. - Chinese companies are filling the gap left by GPU export restrictions through domestic chips like Huawei's Ascend and Cambricon, while the vast data generated by China's internet users continues to provide a significant advantage [3]. - The number of research papers from Chinese researchers at top conferences is now comparable to that of the U.S., indicating a leveling of the playing field in AI research [3]. Group 3: Regulatory Environment and Innovation - Schmidt warns that the U.S. must reduce excessive regulation in Silicon Valley to maintain its competitive edge, reflecting a collective anxiety within the U.S. tech community [4]. - The regulatory pressures, including AI ethics reviews and antitrust investigations, have delayed innovations, as noted by OpenAI's founder regarding the release of new models [4]. Group 4: Global AI Power Structure - The competition is reshaping the global tech power structure, transitioning from a traditional U.S.-Europe bipolar model to a tripartite structure involving the U.S., China, and Europe [5]. - China's approach to AI development emphasizes rapid engineering implementation rather than foundational research breakthroughs, contrasting with the U.S. focus [5]. - The ongoing U.S.-China AI rivalry is not just a technological contest but also a clash of development models and governance philosophies, suggesting a shift towards a more pluralistic governance model in the global tech landscape [5].

Core Viewpoint - The breakthrough of DeepSeek technology is reshaping the narrative logic of the technology industry, leading to a wave of asset revaluation in the Chinese capital market, particularly in the AI sector, which is accelerating its growth trajectory [1] Group 1: Market Performance - Following the emergence of DeepSeek and Yushu Technology, Chinese tech stocks have entered a significant valuation recovery phase, with the Hang Seng Tech Index rising by 20.74% in Q1 2025, outperforming global markets [2] - In the A-share market, the Sci-Tech Innovation 100 index surged by 10.69% in Q1 2025, while the Sci-Tech Innovation 50 index increased by 3.42%, driven by the "AI+" trend [2] Group 2: Valuation and Pricing - The asset revaluation process is still in its early stages, with A-share valuations considered relatively low; the Shanghai and Shenzhen 300 index has a price-to-earnings ratio of only 12.3 times, significantly lower than major global indices [3] - The risk premium in the A-share market is currently 1.7 standard deviations above the long-term average, nearing historical extremes, indicating potential for valuation recovery [3] - Chinese AI development potential is not fully priced in, with leading tech companies' valuations significantly lower than their U.S. counterparts, particularly in the Hong Kong market where the Hang Seng Tech dynamic P/E ratio remains at historical lows [4] Group 3: AI Development - Domestic large models have narrowed the performance gap with international counterparts, with the release of DeepSeekR1 accelerating the progress of domestic models [5] - The demand for AI computing power is surging, with domestic AI chip shipments exceeding 820,000 units in 2024, capturing a 30% market share [6] - The application of AI is expanding rapidly across various sectors, with significant user engagement in consumer applications and increasing penetration in B2B scenarios [7] Group 4: Policy Support - National policies are driving the development of the AI industry, focusing on strategic planning, technological breakthroughs, and application scenarios, with local governments tailoring policies to enhance competitive advantages [8] - The A-share market's technology narrative is becoming clearer, with significant growth in sectors like biotechnology, renewable energy, and information technology, supported by favorable policies [9][11] Group 5: Future Outlook - The Chinese stock market is at a critical juncture, transitioning from narrative reinforcement to narrative realization, with potential for a growth stock bull market if technological advancements and industry resilience are sustained [1][11] - The A-share market's technology narrative is expected to evolve through three phases: narrative reinforcement, realization, and upgrade, with the current phase characterized by structural recovery and low valuation tech leaders [11]

Group 1 - The State Council meeting emphasized the need to stabilize the stock market and promote healthy development in the real estate market, with a focus on implementing effective measures to support employment and economic growth [2] - The U.S. government is considering forming a task force to address the supply chain crisis caused by high tariffs on Chinese goods, indicating potential shifts in trade policy [3] - The National Development and Reform Commission is planning to promote the development of the low-altitude economy, emphasizing a coordinated approach to safety and market development [5] Group 2 - The Ministry of Commerce announced plans to expand reform tasks for free trade pilot zones, particularly in Guangdong, Tianjin, and Fujian, to enhance innovation in key industries [6] - The domestic AI chip design company Cambricon reported significant revenue growth, with a total revenue of 1.174 billion yuan in 2024, a year-on-year increase of 65.56%, indicating the rise of domestic alternatives to Nvidia chips [7] - The first humanoid robot half-marathon took place in Beijing, showcasing advancements in robotics and technology [8] Group 3 - The upcoming press conference on April 21 will discuss the acceleration of service industry opening-up, which may impact various sectors [9] - The China Securities Regulatory Commission approved an IPO registration for a company, indicating ongoing market activity [11] - A total of 40.97 billion shares will be unlocked this week, with a market value of 842.1 billion yuan, highlighting significant market movements [12]

业内期盼的"英伟达平替"，价值开始显现了！ 4月18日晚，国内领先的AI芯片设计企业寒武纪发布2024年报和2025年一季报。年报显示，2024年公司实现总营收11.74亿元，同比增长65.56%；归母净利 润亏损4.52亿元，其中第四季度盈利首次转正。今年一季报更是惊人，公司实现总营收11.11亿元，几乎相当于2024年全年的收入，同比增长4230.22%；实 现净利润3.55亿元，同比扭亏为盈。 分析人士认为，寒武纪业绩的增长表明，国内人工智能芯片已经崛起。在英伟达部分芯片遭禁的背景之下，寒武纪的平替价值正在显现。去年四季度和今年 一季度，寒武纪存货余额分别为17.74亿元和27.55亿元，分别环比增加7.6亿元和9.8亿元，存货余额持续创历史新高。而从最近两个季度存货转收入的趋势 来看，的确也在持续增长。显示在英伟达芯片受限背景之下，寒武纪备货充足，主力芯片出货可能持续增加。 惊人的业绩 日前，寒武纪公布了去年年报和今年一季报，其业绩表现的确惊人。该公司2024年公司实现总营业收入11.74亿元，同比增长65.56%。其中，云端产品线收 入占比高达99.30%，较上年同期增长1187.78%； 今年 一 ...