每经编辑｜段炼 全球化进程中的复杂博弈，不只是抽象的政治表态，更会具象为很多企业的现实抉择，即便它们是国际巨头或行业龙头。而且，往往越是巨头，就越不能 逃避。 近期，3家企业的故事，给外界展示了这样一幅复杂而艰难的图景。 英伟达不甘心 英伟达创始人、CEO黄仁勋日前在纽约的一次活动中，对被迫离开中国市场表示痛心和惋惜："我们（美国）实施的政策，导致美国失去了世界上最大的 市场之一。"他透露，英伟达在中国AI芯片市场的份额从前些年的95%降到当下的0%。 自2022年起，英伟达A100/H100芯片被禁运，2023年特供版A800/H800再次受阻。为符合美国出口规定，英伟达再次放低身段，专门为中国市场开发H20 特供芯片。今年4月，美国政府"背刺"英伟达，性能大幅缩水的H20芯片仍遭禁售。7月一度出现转机，但H20芯片因被曝存在安全漏洞，很快遭到审查， 并被市场抛弃。 中国市场的重要性毋庸置疑。本来，如果一切顺利，英伟达本财季的H20芯片出货收入，可能在20亿至50亿美元之间。黄仁勋本人此前也表示，2025年中 国市场可能为公司带来价值500亿美元的商机。如今一切都成了镜花水月。 按黄仁勋的说法，"任何认为中 ...

Market Overview - The three major stock indices experienced weak fluctuations, with the Shanghai Composite Index slightly down by 0.07% to 3913.76 points, the Shenzhen Component down by 0.62% to 12996.61 points, and the ChiNext Index down by 0.79% to 3059.32 points, while the Northbound 50 Index rose by 0.87% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1690.5 billion yuan, a decrease of over 200 billion yuan compared to the previous day [1] Energy Sector - The energy-related sectors showed significant activity, with the deep-sea economy and gas extraction sectors leading the gains, as multiple stocks hit the daily limit [2] - China's domestic crude oil production increased to 58.61 million tons, with offshore production contributing over 16 million tons, accounting for more than 70% of the total increase in national crude oil output [2] - The U.S. Department of Energy announced plans to purchase 1 million barrels of crude oil to replenish its strategic reserves, which may influence market dynamics [3] - International agencies IEA, EIA, and OPEC have adjusted their forecasts for oil production, indicating a continued oversupply situation in the short term, while maintaining a stable supply-demand outlook in the long term [3] AI Chip Sector - The stock of Cambricon Technologies surged over 7%, with its market capitalization returning to above 60 billion yuan, driven by strong performance in the AI computing chip sector [4] - Cambricon reported a significant revenue increase of 2386% year-on-year, reaching 4.607 billion yuan, with a net profit of 1.605 billion yuan [4] - The company completed a private placement of 3.3349 million shares at a price of 1195.02 yuan per share, marking a record high for single financing in the domestic AI chip sector [4][5] Real Estate Sector - The real estate sector showed unexpected activity, with several stocks hitting the daily limit, driven by new government policies aimed at promoting high-quality development in the construction industry [6] - The Shanghai government issued an action plan with 21 specific measures to stabilize real estate investment and promote urban renewal [6] - Analysts expect that ongoing policy support will help stabilize the market and restore confidence among homebuyers [6]

Market Overview - The Shanghai Composite Index experienced weak fluctuations, closing down 0.07% at 3913.76 points, while the Shenzhen Component Index fell 0.62% to 12996.61 points, and the ChiNext Index dropped 0.79% to 3059.32 points [1] - The North Exchange 50 Index showed relative strength, rising 0.87% [1] - Total trading volume in the Shanghai, Shenzhen, and North exchanges was 169.05 billion yuan, a decrease of over 20 billion yuan compared to the previous day [1] Banking Sector - The banking sector saw significant gains, with Agricultural Bank of China rising over 2%, marking its 14th consecutive trading day of gains and reaching a historical high [2][3] - Other banks also performed well, with Jiangyin Bank up 3.56% and several major banks like Industrial and Commercial Bank of China and China Construction Bank rising over 1% [3][4] - Analysts from Everbright Securities noted that the banking sector currently offers good value for investment, with stable earnings expected in the upcoming quarterly reports [6] Oil Sector - The oil sector experienced a strong rally, with Keli Co. rising over 12% and several other companies like Junyou Co. and Beiken Energy hitting the daily limit [8][9] - The U.S. Department of Energy announced plans to purchase 1 million barrels of crude oil to replenish its strategic reserves, which may influence market dynamics [10] - International agencies like IEA, EIA, and OPEC have adjusted their forecasts for oil production, indicating a continued oversupply situation [10] AI Chip Sector - Cambrian (688256) saw a significant surge, with its stock price rising over 7% during the day and closing up 4.42%, leading the A-share market in trading volume at nearly 20 billion yuan [12][14] - The company reported a substantial year-on-year revenue increase of 2386% for the first three quarters, driven by the strong performance of its cloud products [14] - Analysts highlighted the growing demand for domestic AI chips amid U.S.-China tech tensions, positioning Cambrian favorably in the market [14]

22日，沪指盘中弱势震荡，尾盘逐渐企稳，坚守3900点；北证50指数相对强势，盘中一度涨超2%。港股回落走低，恒生科技指数跌超1%。 具体来看，三大股指盘中弱势震荡整理，尾盘跌幅逐渐收窄，沪指几近翻红。截至收盘，沪指微跌0.07%报3913.76点，深证成指跌0.62%报12996.61点， 创业板指跌0.79%报3059.32点，北证50指数涨0.87%，沪深北三市合计成交16905亿元，较此前一日减少超2000亿元。 场内近3000股飘绿，煤炭、有色、券商、半导体等板块走低；石油板块强势拉升，科力股份涨超10%，贝肯能源、准油股份等涨停；银行板块再度崛起， 农业银行（601288）涨超2%，续创历史新高，近期已连续14个交易日收阳；人造肉概念活跃，双塔食品涨停，爱普股份涨超8%。值得注意的是，寒武纪 （688256）午后大幅飙升，一度涨超7%，股价盘中再次超过贵州茅台，全日成交近200亿元，居A股成交额首位。此外，今日登陆深市主板的马可波罗收 盘上涨128.8%报31.46元/股；盘中一度大涨190.9%，最高攀升至40元/股。 石油板块走高 石油板块盘中发力走高，截至收盘，科力股份涨超12%，准油股份、 ...

22日，沪指盘中弱势震荡，尾盘逐渐企稳，坚守3900点；北证50指数相对强势，盘中一度涨超2%。港股回落走低，恒生科技指数跌超1%。 具体来看，三大股指盘中弱势震荡整理，尾盘跌幅逐渐收窄，沪指几近翻红。截至收盘，沪指微跌0.07%报3913.76点，深证成指跌0.62%报12996.61点， 创业板指跌0.79%报3059.32点，北证50指数涨0.87%，沪深北三市合计成交16905亿元，较此前一日减少超2000亿元。 场内近3000股飘绿，煤炭、有色、券商、半导体等板块走低；石油板块强势拉升，科力股份涨超10%，贝肯能源、准油股份等涨停；银行板块再度崛起， 农业银行（601288）涨超2%，续创历史新高，近期已连续14个交易日收阳；人造肉概念活跃，双塔食品涨停，爱普股份涨超8%。值得注意的是，寒武纪 （688256）午后大幅飙升，一度涨超7%，股价盘中再次超过贵州茅台，全日成交近200亿元，居A股成交额首位。此外，今日登陆深市主板的马可波罗收 盘上涨128.8%报31.46元/股；盘中一度大涨190.9%，最高攀升至40元/股。 银行板块拉升 农业银行14连阳 石油板块盘中发力走高，截至收盘，科力股份涨超 ...

22日，沪指盘中弱势震荡，尾盘逐渐企稳，坚守3900点；北证50指数相对强势，盘中一度涨超2%。 港股回落走低，恒生科技指数跌超1%。 具体来看，三大股指盘中弱势震荡整理，尾盘跌幅逐渐收窄，沪指几近翻红。截至收盘，沪指微跌0.07% 报3913.76点，深证成指跌0.62%报12996.61点，创业板指跌0.79%报3059.32点，北证50指数涨 0.87%，沪深北三市合计成交16905亿元，较此前一日减少超2000亿元。 场内近3000股飘绿，煤炭、有色、券商、半导体等板块走低；石油板块强势拉升，科力股份涨超10%， 贝肯能源、准油股份等涨停；银行板块再度崛起，农业银行（601288）涨超2%，续创历史新高，近期已 连续14个交易日收阳；人造肉概念活跃，双塔食品涨停，爱普股份涨超8%。值得注意的是，寒武纪 （688256）午后大幅飙升，一度涨超7%，股价盘中再次超过贵州茅台，全日成交近200亿元，居A股成 交额首位。此外，今日登陆深市主板的马可波罗收盘上涨128.8%报31.46元/股；盘中一度大涨190.9%， 最高攀升至40元/股。 银行板块拉升 农业银行14连阳 银行板块盘中发力拉升，截至收盘，江阴 ...

Group 1: Key Recommendations - The report highlights the strong performance of Cambricon (688256), with a year-on-year revenue increase of 2386.38% to 4.607 billion yuan and a net profit increase of 321.49% to 1.605 billion yuan for the first three quarters of 2025 [5][6][8] - The report emphasizes the significant growth in revenue and net profit driven by the cloud AI chip products, particularly the Siyuan 590, which is expected to benefit from increasing demand and domestic market penetration [6][8] - The company has completed a 3.985 billion yuan private placement, enhancing its financial stability and providing strong funding for future research and development [8][10] Group 2: Industry Insights - The biopharmaceutical sector experienced a decline of 2.48% in the week of October 13-17, 2025, underperforming the CSI 300 index by 0.26 percentage points, with a current PE valuation of 30.71 times [12][13] - The ESMO 2025 conference showcased significant clinical research advancements, with 448 abstracts from Chinese companies, highlighting the growing influence of Chinese pharmaceutical firms in the global market [13][14] - The report suggests focusing on leading companies with promising data in the innovative drug sector, as well as opportunities in CXO, medical devices, and healthcare services [14][15]

[胡瓜]A股市场从未如此疯狂，名为寒武纪的公司股价一度冲上1464.98元，直接把股王贵州茅台拉下神坛，公司市值更是个天文数 字。 公司的掌门人陈天石，一个刚满40岁的男人，身家也跟着水涨船高，胡润榜上记了870亿，市场更激进的估算则达到了惊人的1500 亿。 媒体给他戴上了"AI芯片少帅"、"南昌首富"的帽子。可他自己却摆摆手说自己不过是个"普通科研人员"他说人生是长跑，勤奋比天赋 重要。 谁能想到这个今天搅动风云的男人，当年曾是个沉迷游戏、差点挂科的"学渣"？他又是如何带领一家被巨头抛弃、被强权封锁的公司 成为今天的焦点？ 本文陈述所有内容皆有可靠信息来源赘述在文章结尾 天生反骨的选择 陈天石的骨子里就刻着不走寻常路的基因，他出生在江西南昌一个知识分子家庭，父亲是电力研究所的工程师，母亲是中学历史老 师，家里对孩子的教育理念叫放水养鱼。 在这种环境下哥哥陈云霁的天赋被彻底释放，他从小就是个数学神童，小学就能解二元一次方程，14岁就考进了中科大少年班，是别 人家的孩子。 而弟弟陈天石的聪明全用在调皮捣蛋和电子游戏上，虽然他考上南昌二中，后来也进了中科大少年班，但这背后的动力却是"大学没 人管你打游戏"，这下 ...

Core Viewpoint - The competition for the title of "stock king" between Hanwha and Kweichow Moutai has intensified, with Hanwha's stock price surging nearly 10% before closing up 7.28%, while Moutai fell by 0.49% [1] Financial Performance - In the first half of 2025, Hanwha reported revenue of 2.88 billion yuan, a staggering increase of 4300% year-on-year, and a net profit of 1.04 billion yuan, marking its first profit since going public [2][3] - A significant portion of the revenue, 2.13 billion yuan, came from a one-time sale to ByteDance, contributing 980 million yuan to net profit, but excluding this, the company would still be in a loss position [4] Future Projections - Hanwha has signed contracts worth 1.6 billion yuan that will be recognized upon delivery; without similar orders in 2026, revenue could drop to the range of 3.5 to 4 billion yuan, representing a 30% decline, leading to a potential loss of profitability [5] - Based on projected net profit of 1.5 billion yuan for 2025, the price-to-earnings ratio (PE) stands at 226 times; optimistic scenarios for 2027 suggest a market size of 30 billion yuan for domestic AI accelerator cards, with Hanwha capturing 30% market share and a net profit margin of 25%, leading to a potential net profit of 2.25 billion yuan and a reasonable market valuation of 112.5 billion yuan, equating to a stock price of 315 yuan [6] Market Dynamics - The company’s 590 chip relies on SMIC's 7nm process with a yield rate of only 65%, and the cost per wafer is 28% higher than TSMC, raising concerns about production capabilities [7] - The supply chain for ABF substrates is heavily reliant on foreign suppliers, with domestic production rates below 20% [8] - The software ecosystem is also challenging, with only 72% coverage for PyTorch operators compared to 98% for CUDA, and a significant disparity in developer numbers [9] Stock Market Activity - On September 2, the weight of the Sci-Tech Innovation 50 index was reduced from 15.4% to 10%, leading to passive selling of 8 million shares, which is equivalent to 1.6 times the average daily trading volume [10] - The company is facing a significant capital increase with a bottom price for its private placement set between 1200 and 1300 yuan, but large investors are only willing to accumulate shares below 1250 yuan [11] Investment Sentiment - The stock price is currently reflecting overly optimistic expectations, with a high volatility characteristic; Hanwha must continuously deliver performance to mitigate risks, or optimistic projections may be invalidated [21]

投资建议：行业需求在缓慢复苏，价格有所回暖；海外压力下自主可控力度依然在不断 加大，可逢低缓慢布局。建议关注：（1）受益海内外需求强劲AIOT领域的乐鑫科技、恒玄 科技、瑞芯微、中科蓝讯、炬芯科技、全志科技。（2）AI创新驱动板块，算力芯片关注寒 武纪、海光信息、龙芯中科、澜起科技，光器件关注源杰科技、中际旭创、新易盛、光迅科 技、天孚通信。（3）上游供应链国产替代预期的半导体设备、零组件、材料产业，关注北 方华创、中微公司、拓荆科技、华海清科、盛美上海、富创精密、新莱应材、中船特气、华 特气体、安集科技、鼎龙股份、晶瑞电材。（4）汽车电子受益于新能源车高增长与国产化 机遇的板块。关注功率板块的新洁能、扬杰科技、斯达半导、宏微科技；MCU市场的国芯 科技、兆易创新等；CIS的韦尔股份、思特威、格科微；存储的北京君正、江波龙、佰维存 储；模拟芯片的圣邦股份、思瑞浦、纳芯微等。 8月电子板块涨跌幅为24.79%，半导体板块涨跌幅为27.22%；8月底半导体估值处于历史 5年分位数来看，PE为96.53%，PB为67.95%。申万31个行业中，申万电子行业涨跌幅为 24.79%，其中半导体涨跌幅为27.22%，同期 ...