| A股又又又创新高了！ | | --- | | 8月22日下午1点07分，记住这个时间！ | | A股终于站上3800点，续十年新高。 | 直到收盘，上证指数一路高歌猛进，收在3825.76点，上涨1.45%； 此外，深指、创指分别上涨2.07%、3.36%。 不过，个股表现看，涨跌各半，板块赚钱效应有很大差异。 最耀眼的，还得是科创50。 全天上涨8.59%，涨得妈都不认得了。 不然为什么说：科技是第一生产力~ 有多夸张？ 一个多月前，寒武纪的股价还只是520.67元/股，如今已经1243.2元/股。 | ■ LU-寸 | 440.24 | 3/5421 | | --- | --- | --- | | 603444 | | | | 茂莱光学 | 438.00 | 4/5421 | | 688502 | | | | 同花顺 | 400.82 | 5/5421 | | 300033 | | | | 北方华创 | 383.40 | 6/5421 | | 002371 | | | | 百利天恒 | 331.71 | 7/5421 | | 688506 | | | | 金山办公 | 329.36 | 8/5421 ...

Core Viewpoint - The A-share market has reached a significant milestone, with the Shanghai Composite Index surpassing 3800 points for the first time in a decade, closing at 3825.76 points, reflecting a 1.45% increase [1] Market Performance - The Shenzhen Component Index and the ChiNext Index also showed strong performance, increasing by 2.07% and 3.36% respectively, indicating a vibrant market atmosphere [1] - The STAR 50 Index experienced a remarkable rise of 8.59%, highlighting the strong interest in technology stocks [1] Company Focus: Cambrian - Cambrian's stock price surged by 20%, drawing significant market attention, with its price rising from 520.67 yuan per share to 1243.2 yuan per share, leading to a market capitalization exceeding 520 billion yuan and a staggering P/E ratio of 4006 [1][3] - The recent price increase has sparked discussions about Cambrian potentially surpassing Kweichow Moutai in stock price, reflecting heightened market speculation [3] Drivers of Cambrian's Stock Surge - The suspension of H20 chip sales by NVIDIA to China has created new opportunities for domestic chip manufacturers, positively impacting Cambrian and similar companies [3] - The release of DeepSeek-V3.1, which enhances the computational power of domestic chips, further supports Cambrian's growth prospects [3] Industry Context - Cambrian, as the first AI chip company listed on the STAR Market, has made significant advancements in the AI chip sector, with products like the Siyuan 290 chip and autonomous driving chips [3] - Despite the impressive stock performance, there are ongoing debates regarding the sustainability of Cambrian's profitability and market valuation, as the chip industry often requires substantial R&D investments [4] - The future of Cambrian and similar companies will depend on their ability to maintain competitive advantages and achieve sustainable growth amidst market fluctuations [4]

Core Viewpoint - Cambricon, known as the "first AI chip stock," has reported consecutive profitable quarters, with significant increases in inventory and prepayments, raising concerns about future sales performance and cash flow management [2][3][5]. Group 1: Financial Performance - Cambricon achieved a net profit of 2.72 billion yuan in Q4 2024, marking its first quarterly profit, followed by a profit of 3.55 billion yuan in Q1 2025 [3]. - From 2020 to 2024, Cambricon's cumulative revenue was 2.618 billion yuan, with cumulative losses reaching 3.816 billion yuan [3]. Group 2: Inventory and Prepayments - By Q1 2025, Cambricon's inventory surged to 2.755 billion yuan, the highest level in its history, up from 235 million yuan in the first half of 2024 and 1.015 billion yuan by Q3 2024 [3][4]. - Prepayments also reached a record high of 973 million yuan by the end of Q1 2025, attributed to increased advance payments to suppliers [4][5]. Group 3: Research and Development - Cambricon has consistently invested over 1 billion yuan annually in R&D from 2020 to 2024, totaling 5.617 billion yuan, significantly exceeding its revenue during the same period [7]. - The company plans to continue enhancing R&D investments to extend its chip products into large models and vertical industry applications [8]. Group 4: Financing and Cash Flow - Cambricon announced a refinancing plan to raise up to 4.98 billion yuan, with 4.8 billion yuan allocated for working capital and 29 billion yuan for large model chip platform projects [8][9]. - The company's operating cash flow was negative, with a net cash flow of -1.618 billion yuan for the entire year of 2024 and -1.399 billion yuan in Q1 2025 [6].