12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。本次公积金弥补亏损以公司2024年末母公 司未分配利润负数弥补至零为限。 热门ETF方面，科创人工智能ETF（589520）标的指数均衡配置应用软件、终端应用、终端芯片、云端芯片四大环节，AI产业链正由云端向边缘侧发展，从 依赖海外技术向自主可控发展，科创人工智能方向契合AI产业链当下现状，或具备更大潜力。 盘面上，12月16日早盘，重仓端侧AI的——科创人工智能ETF（589520）随市回调，场内价格现跌1.77%，该ETF场内宽幅溢价，显示买盘资金更为强势， 或有资金逢跌进场抢筹！事实上，该ETF昨天单日吸金511万元。 此前，寒武纪业绩表现亮眼，东海证券指出，2025年前三季度该公司营收与归母净利润同比大幅增长，主要系以思元590为代表的云端产品大幅放量所致， 后续思元690也有望受益于量价齐升的逻辑。在中美科技摩擦的背景下，国产AI芯片迎来加速替代期。 值得关注的是，端侧AI领域不断涌现新成果，字节跳动旗下豆包手机助手技术预览版12月初发布；阿里巴巴正式开售自研的夸克AI眼镜。政策面上，国务 ...

Group 1 - The core point of the article is that AI chip manufacturer Cambricon plans to use 2.778 billion yuan from its capital reserve to offset accumulated losses, which will not affect its net assets or cash flow, and will allow for potential dividend distribution after the adjustment [1][6] - Analysts noted that the capital reserve adjustment is an internal accounting measure that increases retained earnings without actual cash flow impact, thus posing no operational risks [1][6] - Cambricon's performance has been strong, with significant revenue and net profit growth expected in the first three quarters of 2025, driven by the increased sales of its cloud products [1][6] Group 2 - The AI application sector is seen as having greater potential compared to computing power, with the investment logic shifting from hardware to actual applications and commercialization [2][7] - The Sci-Tech Innovation AI ETF (589520) is strategically positioned to capture the AI industry chain, focusing on software applications, terminal applications, and chips, indicating a shift towards domestic technology [2][7] - On December 16, the ETF experienced a price drop of 1.77%, but still showed strong buying interest, indicating potential for future investment [2][8] Group 3 - The importance of information and industrial security has been highlighted in the context of technological friction, emphasizing the need for self-reliance in core technologies like AI [4] - The ETF and its associated funds are heavily invested in the domestic AI industry, with over 70% of the top ten holdings focused on semiconductor sectors, indicating a high concentration and aggressive investment strategy [4]

12月15日晚间，AI芯片厂商寒武纪发布公告称，公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损。 本次公积金弥补亏损以公司 2024年末母公司未分配利润负数弥补至零为限。 根据天健会计师事务所(特殊普通合伙)为公司出具的2024年度《审计报告》(天健审(2025)2943号)，截至2024年12月31日，母公司财务报表 累计未分配利润为-27.78亿元，盈余公积期末余额为0元，资本公积期末余额为96.25亿元。 据了解，资本公积金弥补亏损，是2024年7月1日起施行的新《公司法》中允许的财务操作，指公司先用任意公积金和法定公积金弥补累计亏 损，仍不足的话，可按规定用特定范围的资本公积金填补亏损，且弥补以未分配利润负数冲减至零为限。 针对寒武纪拟以27.78亿元资本公积金弥补累计亏损的方案，市场普遍关注此类操作的常见性、潜在影响及风险。 对此，资深投行人士王骥跃在接受《科创板日报》记者采访时分析表示："资本公积补亏是新公司法才允许的事，市场上已有先例。该操作 对公司净资产和现金流均无实质影响，因此不会对正常经营有任何风险；而补亏完成后，公司年末未分配利润将由负转正，届时即可满足分 红所需的财务条件 ...

12月4日下午，一则有关寒武纪的"小作文"在市场流传，寒武纪尾盘快速拉升。 12月4日晚间，寒武纪发布严正声明称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能预测等相关信息，均为误导市场的不实信 息。 据智通财经报道，当天早些时候，有外媒援引知情人士的话报道称，寒武纪计划明年将人工智能（AI）芯片产量提升逾三倍，对标华为抢占市场份额， 并填补因英伟达被迫退出而产生的市场空缺。 该报道还称，寒武纪计划在2026年交付50万个AI加速器，其中包括多达30万个其最先进的思元590和690晶片。据悉，公司将主要通过中芯国际最新的7纳 米"N+2"工艺生产晶片。 上述消息一出，寒武纪尾盘放量拉升，收盘涨2.75%。12月4日早盘，寒武纪一度跌近3%，随后震荡拉升。 截至收盘，寒武纪报1369元/股，总市值为5773亿元。今年以来，寒武纪股价累计涨幅达108%。 在此，公司提醒广大投资者，寒武纪相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的虚假信 息。 此外，对于任何捏造、散布传播不实信息的行为，公司将保留追究相关人员法律责任的权利。 根据公告，公司拟使用母 ...

12月4日周四，AI芯片厂商寒武纪股价因明年将大幅提升产能的市场传言尾盘大涨，后深夜紧急发布"严正声明"辟谣，称当日媒体及网络传播的公司相关 信息均不实，并保留追究法律责任的权利。 尽管寒武纪否认传言，国内外机构目前仍极为看好该司后市表现。国际投行Bernstein周四给出的目标价预示着，寒武纪股价较当天收盘还有46%的上涨空 间。多家机构认为，在国产替代加速背景下，寒武纪有望在新一轮算力投资周期中获得显著市场份额。 传言引发尾盘异动 周四早盘，寒武纪一度跌近3%，随后震荡拉升。午盘，有传言称寒武纪明年将大幅提升产能，目标为填补英伟达退出中国市场的空白份额。消息一出， 寒武纪尾盘放量拉升。 据证券时报报道，此前有媒体报道称，寒武纪计划在2026年将其人工智能（AI）芯片产量提升到目前的三倍，以争夺更多市场份额，并填补英伟达退出 后留下的市场空白。报道还称，寒武纪正准备在2026年交付50万颗AI加速器，其中包括多达30万颗其最先进的思元590与690芯片。 最终，寒武纪收涨2.75%，报1369元/股，总市值5773亿元。截至本周四收盘，寒武纪股价今年以来累计涨幅达108%。 公司深夜紧急辟谣 12月4日深夜 ...

12月4日深夜，"寒武纪科技"公众号发布消息称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能 预测等相关信息，均为误导市场的不实信息。 今日，寒武纪尾盘大幅拉升，最终收涨2.75%，报1369元/股，总市值 5773亿元。 日前，有媒体报道，寒武纪计划在2026年将其AI芯片产量提升到目前的三倍，以争夺更多的市场份额，并填补英伟达退出 后留下的市场空白。 东海证券此前指出，2025年前三季度该公司营收与归母净利润同比大幅增长，主要系以思元590为代表的云端产品大幅放 量所致，后续思元690也有望受益于量价齐升的逻辑。 东海证券表示，目前，以阿里、腾讯、字节等为代表的国内云厂商不断加码AI相关的资本开支，且国产替代的诉求日益深 刻，英伟达CEO黄仁勋近期发言称英伟达在中国市场的份额从95%降至0%，在中美科技摩擦的背景下，国产AI芯片迎来 加速替代期。 机构看好后市空间 虽然寒武纪年内涨幅巨大，但是不少机构仍然看好其股价空间。 12月4日，国际投行Bernstein（伯恩斯坦）将寒武纪的评级上调至跑赢大盘，目标价2000元，较现价还有46%的上涨空 间。 寒武纪紧急辟谣 "寒武纪科技"4日晚间发 ...

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]

Market Overview - The Shanghai Composite Index experienced weak fluctuations but managed to hold above 3900 points, closing at 3913.76, down 0.07% [2] - The Shenzhen Component Index fell by 0.62% to 12996.61, while the ChiNext Index decreased by 0.79% to 3059.32 [2] - The Northbound 50 Index rose by 0.87%, with total trading volume in the Shanghai and Shenzhen markets reaching 16905 billion, a decrease of over 2000 billion from the previous day [2] Sector Performance - The coal, non-ferrous metals, brokerage, and semiconductor sectors saw declines, while the oil sector showed strong gains [2] - Notable performers in the oil sector included Keli Co., which rose over 10%, and several others that hit the daily limit [10] - The banking sector also rebounded, with Agricultural Bank of China rising over 2%, marking its 14th consecutive trading day of gains [6][4] Noteworthy Stocks - Cambrian (688256) surged over 7% during the afternoon session, closing up 4.42% with a trading volume of nearly 200 billion, making it the top stock by trading volume in A-shares [14] - The stock price of Cambrian reached a peak of 1468 yuan, surpassing that of Kweichow Moutai during trading [14] - The newly listed Marco Polo on the Shenzhen main board saw a significant increase of 128.8%, closing at 31.46 yuan per share [2] Banking Sector Insights - Analysts from Guangda Securities noted that the banking sector currently offers good value after market adjustments, with stable earnings expected in the upcoming quarterly reports [8] - The sector is characterized by high dividends and low valuations, with a notable preference for Hong Kong-listed banks [8] - Citic Securities indicated that the banking sector is likely to see continued demand for stocks due to their defensive attributes amid rising risk aversion [8] Oil Sector Developments - The oil sector's rise is attributed to the U.S. Department of Energy's plan to purchase 1 million barrels of crude oil to replenish strategic reserves [12] - International agencies have adjusted their forecasts for oil production, indicating a potential oversupply situation in the near term [12] - Despite short-term price fluctuations, the long-term outlook for oil supply and demand remains optimistic, particularly for major oil companies and service providers [12] Cambrian's Financial Performance - Cambrian reported a significant revenue increase of 2386% year-on-year for the first three quarters, totaling 4.607 billion yuan [16] - The net profit attributable to shareholders reached 1.605 billion yuan, driven by the strong performance of its cloud products [16] - The company is positioned to benefit from the growing demand for domestic AI chip solutions amid increasing capital expenditures from major cloud providers [17]

Market Overview - The Shanghai Composite Index experienced weak fluctuations but managed to hold above 3900 points, closing at 3913.76, down 0.07% [1] - The Shenzhen Component Index fell 0.62% to 12996.61, while the ChiNext Index decreased by 0.79% to 3059.32 [1] - The Northbound 50 Index rose by 0.87%, with total trading volume across the three markets reaching 169.05 billion yuan, a decrease of over 20 billion yuan from the previous day [1] Banking Sector Performance - The banking sector showed strength, with Agricultural Bank of China rising over 2%, marking its 14th consecutive trading day of gains [2][4] - Other banks such as Jiangyin Bank and Industrial and Commercial Bank of China also saw increases, with Jiangyin Bank up 3.56% [2][3] Oil Sector Activity - The oil sector saw significant gains, with Keli Co. rising over 12% and several other companies hitting the daily limit [7][8] - The U.S. Department of Energy announced plans to purchase 1 million barrels of crude oil to replenish strategic reserves, which may influence market dynamics [9] Company-Specific Highlights - Cambricon Technologies (688256) experienced a notable surge, with its stock price rising over 7% during the day, closing up 4.42% with a trading volume of 19.8 billion yuan [10] - The company reported a substantial increase in revenue for the first three quarters, achieving 4.607 billion yuan, a year-on-year growth of 2386% [11] - The growth was attributed to the strong performance of its cloud products, particularly the Siyuan 590, amid increasing domestic demand for AI-related technologies [11]

Market Overview - The Shanghai Composite Index experienced weak fluctuations, closing slightly down by 0.07% at 3913.76 points, while the Shenzhen Component Index fell by 0.62% to 12996.61 points, and the ChiNext Index dropped 0.79% to 3059.32 points [1] - The North Stock 50 Index showed relative strength, increasing by 0.87% [1] - Total trading volume in the Shanghai, Shenzhen, and North Stock markets was 169.05 billion yuan, a decrease of over 200 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector saw significant gains, with notable performances from Jiangyin Bank, which rose by 3.56%, and Agricultural Bank of China, which increased by 2.66%, marking its 14th consecutive day of gains [2][3][4] - Other major banks, including Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, also saw increases of over 1% [3][4] Oil Sector Activity - The oil sector experienced a strong rally, with Keli Co. rising over 12%, and several other companies, including Beiken Energy and Sinopec Oilfield Service, hitting their daily price limits [9][10] - 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 [11] Semiconductor and AI Sector Highlights - Cambrian (688256) saw a significant surge, with its stock price rising over 7% during the day, closing up 4.42% with a trading volume of 19.8 billion yuan, making it the top traded stock in A-shares [13][15] - Cambrian reported a substantial year-on-year revenue increase of 2386% for the first three quarters, driven by the strong performance of its cloud products [15]