文/瑞财经 曾树佳 9月18日开盘，寒武纪高开4%，涨幅一度接近5%，股价再次超越贵州茅台，成为市场焦点。 随后，寒武纪召开了半年度业绩说明会。但会议一结束，许多参会者的感受是，该公司对一些问题的回答较为笼统、有所保留。 这是因为，在会上，投资者提出了有关寒武纪大客户身份、业绩可持续性等关键问题，但董事长、总经理陈天石等，均未给予明确答复，而是以"详见半 年报"或"以披露信息为准"回应。 据统计，投资者在线上累计提出了超过80个问题，但寒武纪公司管理层，仅对其中约20个问题进行了正面回应。 对于寒武纪后续的整体方向，陈天石称，2024年以来，公司凭借人工智能芯片产品的核心优势，持续深化与科技前沿领域头部企业的技术合作，公司云端 产品线在场景落地方面取得突破。 考虑大模型等人工智能市场对人工智能算力旺盛需求，该商业化场景预计将为公司带来持续性收入。 该公司将持续聚焦AI芯片设计领域技术创新，积极拓展市场份额，加速场景落地。 陈天石澄清，网上传播的关于公司在某厂商预定大量载板订单、 收入预测、新产品情况、送样及潜在客户、供应链等相关信息，均为误导市场的不实信 息。 然而，当被问到"寒武纪的客户都是哪些？公司产品现 ...

Core Insights - The rise of ASIC chip manufacturers, exemplified by Broadcom, is reshaping the technology investment landscape, with ASICs transitioning from a supporting role to a leading position in the market [1] Market Overview - The global ASIC chip market is projected to reach approximately $12 billion in 2024, with expectations to exceed $30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [1] Company Performance - Broadcom reported a 63% year-over-year increase in AI chip revenue in Q3, driven by a significant $10 billion custom AI chip (XPU) order from a fourth major client [3] - The demand for ASICs is being fueled by cloud service providers (CSPs) favoring ASICs over traditional GPUs due to performance and cost advantages [3] Technological Advancements - ASICs are designed for specific tasks, offering superior efficiency compared to general-purpose GPUs, which are likened to multi-functional tools [4] - Recent innovations have reduced the design cycle for ASICs from 18-24 months to 6-12 months, cutting costs by over 60% [4] Competitive Landscape - Major players in the ASIC design space include IDM giants like Broadcom, cloud companies like Amazon and Google, and specialized design firms such as Cambricon and Rockchip [6] - Broadcom holds a 60% market share in data center interconnect scenarios with its XPU products [6] Manufacturing and Supply Chain - Domestic manufacturers are leveraging advanced manufacturing and packaging technologies to meet ASIC production demands, with companies like SMIC and Changdian Technology playing key roles [7] Supporting Industries - The high power consumption of ASICs has led to increased demand for cooling solutions and optical interconnects, with companies like Invec and Taicheng providing innovative products [8] Investment Opportunities - Investors are advised to focus on companies with visible long-term orders, strong technological barriers, and flexible supply chains in the ASIC ecosystem [9] - The shift towards ASICs represents a significant investment opportunity as the technology landscape evolves, similar to the transition from feature phones to smartphones [9]

Core Insights - The rise of ASIC chip manufacturers, exemplified by Broadcom, is reshaping the technology investment landscape, with ASICs transitioning from a supporting role to a leading position in the market [1][3][10] Market Overview - The global ASIC chip market is projected to reach approximately $12 billion in 2024, with expectations to exceed $30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [1] - Major cloud service providers (CSPs) are increasingly favoring ASICs over traditional GPUs due to their efficiency and cost-effectiveness in AI applications [3][4] Technological Advancements - ASICs are designed for specific tasks, offering superior performance compared to GPUs, which are more generalized [3] - Innovations such as IP core reuse and cloud design platforms have significantly reduced ASIC development cycles from 18-24 months to 6-12 months, cutting costs by over 60% [4] Competitive Landscape - Broadcom's XPU product has captured a 60% market share in data center interconnect scenarios, with a 63% year-over-year increase in AI chip revenue [6] - Major players like Amazon and Google are not only consumers but also producers of ASICs, with self-developed ASICs expected to account for 25% of their computing power procurement by 2024 [6] Manufacturing and Supply Chain - Domestic manufacturers are advancing in ASIC production, with companies like SMIC and Changdian Technology enhancing manufacturing capabilities [7] - The high power consumption of ASICs has led to increased demand for cooling solutions and optical interconnects, creating new market opportunities [8] Investment Considerations - Investors are advised to focus on companies with visible long-term orders, strong technological barriers, and flexible supply chains in cooling and optical interconnects [9][10] - The transition from general-purpose computing to specialized ASICs is likened to the shift from feature phones to smartphones, indicating a significant investment opportunity in this evolving sector [10]

Core Viewpoint - The rise of ASIC chip manufacturers, exemplified by Broadcom, signifies a major shift in technology investment, with ASICs transitioning from a supporting role to a leading position in the market [2]. Market Overview - The global ASIC chip market is projected to reach approximately $12 billion in 2024, with expectations to exceed $30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 34% from 2024 to 2027 [2]. Company Performance - Broadcom reported a 63% year-over-year increase in AI chip revenue in Q3, driven by a significant $10 billion custom AI chip order from a major client [5]. - The company's XPU product holds a 60% market share in data center interconnect scenarios [13]. Technology Advancements - ASICs are designed for specific tasks, offering superior efficiency compared to general-purpose GPUs, which are likened to multi-functional tools [6]. - Recent technological innovations have reduced the design cycle for ASICs from 18-24 months to 6-12 months, while development costs have decreased by over 60% [6]. Competitive Landscape - Major cloud service providers like AWS and Google are increasingly investing in ASIC technology, with AWS's Trainium2 outperforming NVIDIA's H100 in inference tasks by 30-40% in cost-effectiveness [8][9]. - Domestic players like Cambricon are also advancing, with their SiYuan 590 chip reducing AI inference costs by 45% [7]. Industry Dynamics - The high power consumption of ASICs (up to 700W per chip) is driving demand for supporting technologies such as liquid cooling and optical interconnects, which are expected to grow faster than the ASIC chip market itself [11]. - The total cost of ownership (TCO) for Google's TPUv4 is 55% lower than that of GPUs, primarily due to savings in power and cooling [9]. Investment Opportunities - The ASIC market is expected to create multi-layered investment opportunities, similar to the transition from feature phones to smartphones, where both leading companies and supporting players will benefit [15]. - Investors are advised to focus on companies with long-term major clients, strong technological barriers, and flexible supporting capabilities in liquid cooling and optical interconnects [17].

Core Viewpoint - The article discusses the rise of Cambrian, a company specializing in AI chips, which has recently surpassed Kweichow Moutai to become the "king" of A-shares, highlighting its rapid growth and the challenges it faces in the competitive AI chip market [5][21]. Company Overview - Cambrian was founded in 2016 by two talented brothers from Nanchang, Jiangxi, focusing on AI chip development [5][6]. - The founders, Chen Yunji and Chen Tianqi, have impressive academic backgrounds, with both having pursued advanced degrees in related fields [7][8]. Development Milestones - Cambrian developed the world's first deep learning-specific processor prototype within five years of its establishment [11]. - The company gained significant recognition in 2017 when Huawei's AI smartphone chip, Kirin 970, utilized Cambrian's 1A processor, leading to a valuation increase from $100 million to $1 billion within a year [17][18]. Financial Performance - Cambrian's initial public offering (IPO) in 2020 saw its market value exceed 100 billion RMB on the first day [18]. - However, post-IPO, the company faced a prolonged downturn due to external competition and internal challenges, including Huawei's shift to in-house chip development [21][22]. - Cambrian has reported substantial financial losses over four consecutive years, amounting to tens of billions [22]. Recent Achievements - The launch of the SiYuan 590 chip in 2024 marks a significant milestone, with performance comparable to NVIDIA's A100 and support for major domestic AI models [23]. - Cambrian experienced explosive growth in revenue, achieving a 43-fold increase year-on-year in the first half of the year, with total revenue reaching approximately 2.88 billion RMB [24][25]. Market Position and Future Outlook - Cambrian's recent success is attributed to the increasing demand for domestic AI chips amid import restrictions, leading to its first quarterly profit in the last quarter [24]. - The company is positioned to continue its growth trajectory, but it must maintain technological innovation to sustain its market leadership [28][29].

Core Viewpoint - The A-share technology sector is experiencing a significant surge, with leading stocks like CATL, Industrial Fulian, BYD, and Cambricon being referred to as the "Four Kings" of A-share technology, collectively driving the sector's momentum [1] Group 1: Company Highlights - CATL, as the global leader in the power battery sector, boasts a market capitalization of 1.4 trillion, achieving breakthroughs in battery technology, including the rapid-charging battery that can provide 400 km of range in just 10 minutes [2] - Industrial Fulian, valued at 1.1 trillion, has established itself as a key player in AI computing power, leveraging its strong manufacturing capabilities and partnerships with major companies like Apple and NVIDIA [3] - BYD, with a market cap nearing 1 trillion, leads the new energy vehicle market through continuous technological innovation, including the development of the Blade Battery, which has become a benchmark in the industry [4] - Cambricon, valued at 530 billion, is a prominent player in the domestic AI chip sector, focusing on the development of high-performance chips and contributing to the establishment of a domestic computing power ecosystem [5] Group 2: Market Impact - The robust performance of these four technology giants not only generates substantial returns for investors but also plays a crucial role in advancing China's technology industry and promoting high-quality economic development [5]

Core Viewpoint - The article discusses the rapid rise of Cambrian, which has recently surpassed Kweichow Moutai in market capitalization, highlighting the challenges and opportunities it faces in maintaining its position as a leading player in the AI chip market [5][7][18]. Group 1: Market Performance - Cambrian's stock price briefly exceeded Kweichow Moutai's, reaching a market cap of 664.3 billion yuan, making it a hot topic among investors [7]. - As of September 2, Cambrian's market cap was 619.2 billion yuan, ranking 21st in the A-share market, equivalent to 77% of Intel's market cap [7]. - The stock has seen significant volatility, with a peak price of 1,500 yuan per share before closing at 1,480 yuan [7]. Group 2: Financial Performance - Cambrian reported a staggering 4,347.82% year-on-year increase in revenue for the first half of the year, totaling 2.881 billion yuan, and achieved a net profit of 1.038 billion yuan, marking a turnaround from previous losses [11][20]. - The company had accumulated losses of 5.5 billion yuan over eight years prior to this financial turnaround [11]. Group 3: Customer Demand and Orders - The surge in Cambrian's performance is attributed to a significant increase in demand for computing power from major internet companies, with cloud chip orders reaching a record high of 12,000 units in Q2 2025 [13]. - The proportion of revenue from internet clients rose from 8% to 22% year-on-year, indicating a faster commercialization process [13]. Group 4: Competitive Landscape - Cambrian faces intense competition as major internet companies are increasingly investing in self-developed chips, which could disrupt their relationship with traditional chip suppliers [19]. - Despite the impressive growth, Cambrian's revenue remains significantly lower than that of industry giants like Nvidia and Kweichow Moutai, raising concerns about its long-term sustainability [20][21]. Group 5: R&D and Innovation - Cambrian has maintained a high level of R&D investment, with 456 million yuan allocated in the first half of the year, representing 15.85% of its revenue [21]. - The company is advancing its technology with the development of next-generation 3nm chips, aiming to compete directly with Nvidia's offerings [16].

Core Viewpoint - The rise of Cambrian, an AI chip company, reflects the growing optimism in China's AI sector amidst external pressures from the U.S. aimed at curbing China's technological advancements [1][3][4]. Group 1: U.S. Pressure and China's Response - The U.S. perceives AI as a zero-sum game, implementing export controls to hinder China's AI development while promoting its own innovation [3][4]. - In response to U.S. restrictions, the Chinese government has shown a strong commitment to self-reliance and AI development through policy initiatives [6][7]. - The U.S. strategy inadvertently creates opportunities for Chinese companies to innovate and strengthen their market positions [4][8]. Group 2: Cambrian's Competitive Edge - Cambrian has developed advanced technology, with its SiYuan 590 chip achieving 80% of the performance of NVIDIA's A100 while reducing power consumption by 15% [9]. - Despite being on the U.S. entity list, Cambrian has continued to innovate and commercialize its AI chips, demonstrating resilience in a challenging environment [9]. - The company's significant investment in R&D, exceeding its revenue from 2017 to 2024, highlights its commitment to technological advancement [9][10]. Group 3: Strategic Vision and Market Position - The founders of Cambrian, Chen Tian Shi and Chen Yun Ji, possess a unique strategic vision, having proposed AI chip development as early as 2010 [10][12]. - Their ability to anticipate market needs and position Cambrian in the "domestic substitution" trend has garnered investor confidence [10][12]. - The current market dynamics favor technology stocks over consumer stocks, indicating a shift in capital allocation towards innovative companies like Cambrian [17][18]. Group 4: Challenges Ahead - Cambrian faces challenges such as reliance on a few major clients and significant performance gaps compared to NVIDIA's advanced chips [15][16]. - The company has acknowledged potential market bubbles and urged investors to remain cautious [14]. - The path ahead for Cambrian is expected to be long and challenging, requiring continuous innovation and adaptation [16].

转自：北京日报客户端 连续亏损八年的寒武纪-U（688256.SH），8月底9月初，股价连续越过1300元、1400元、1500元，逼近 1600元，期间三度超过贵州茅台（600519.SH）成为A股"股王"。9月3日，寒武纪-U报收于1405元。 从一开始，寒武纪就踩着热门的赛道，专注于人工智能芯片产品的研发与技术创新。 这也是一条烧钱的赛道。陈天石和团队死磕技术，因研发投入高、市场不成熟，寒武纪的营收和净利润 一直不理想。2019年，华为开始自研芯片，终止了与寒武纪的合作，让其失去了大部分营收来源。 当时，陈天石对团队说："依赖输血的企业永远长不大，孩子总要离开父母学会走路。" 2020年7月，寒武纪登陆科创板，成为"国产AI芯片第一股"，发行价为64.39元/股。上市后，寒武纪一直 处于亏损状态，始终未能"摘U"，股价在2022年4月底跌破发行价，跌至46.59元/股。 财报数据显示，2017年至2024年，寒武纪累计亏损约55亿元。尤其在2024年上半年，寒武纪非但没有盈 利，营收也大幅下滑。当年一季度、二季度，寒武纪营收仅为2566.61万元、6476.53万元，同比下降 65.91%、43.42% ...

9年时间打造6000亿盛宴 自从8月27日寒武纪"股价短暂超越茅台7分钟"后，A股上演了一场"王座"争夺战。寒武纪不断刷新自己的历史，在接下来的两个交易日收盘价连续超过贵 州茅台登顶，并在8月28日总市值达到6643亿元的历史高点，成为各大股吧热议的"寒王"。 9月2日，寒武纪盘中涨幅超4%，股价一度站上1500元/股，但截至收盘时，股价回落至1480元/股，市值为6192亿元，当日贵州茅台收报1491元/股。 Wind数据显示，截至9月2日，寒武纪总市值在A股市场中排名第21位，相当于英特尔市值的77%。这一市值水平，已超越了家电巨头美的集团，以及中信 证券等大型金融股。 近4年贵州茅台和寒武纪股价走势图 作为一家成立仅9年的AI芯片公司，寒武纪股价近期多次超越茅台，市值也飙升至6000亿元以上，一度被投资者称为"寒王"。寒武纪无疑开启 了属于自己的资本叙事。然而，当一家企业"加冕称王"时，也预示着它来到了一个冰火交替的新阶段。想要长久稳坐"股王"之位，寒武纪的挑 战并不低。 01 "史诗级暴涨"的热潮下，投资者已不再纠结于解析股价、市盈率、市净率等各项指标了。股吧中热议纷纷，有人惊讶地说"真是魔幻啊"，也 ...