华为公布 AI 芯片路线图，全球最强超节 点 2025Q4 上市 股 票 研 究 [Table_Invest] 评级： 增持 华为 2026Q1 将推出全新的昇腾 950PR 芯片，2028Q4 推出昇腾 970。全球最强超节 点 Atlas 950 SuperPoD 预计 2025Q4 上市。华为生态坚持硬件开放、软件开源。 投资要点： [Table_Summary] 我们认为，国产 AI 算力有望持续进步，建议关注国产 AI 算力标的。 风险提示：技术迭代不及预期；生态发展较慢；下游需求不及预期。 [Table_Report] 相关报告 计算机《计算机周观点第 18 期：甲骨文云计算订 单超预期，全球算力投资持续高景气》2025.09.16 计算机《2025H1 业绩实现高增，毛利率呈现上行 趋势》2025.09.11 计算机《计算机周观点第 17 期：海外 AI 资本开 支大幅上调，麒麟 9020 强化自主可控》 2025.09.07 计算机《北斗技术多域应用拓展，构筑新增长 极》2025.09.04 计算机《计算机 2025 年 9 月研究观点:"人工智 能十"行动文件印发，AI 应用紧跟算力浪潮》 ...

国内市场综述 3. 上海经信委发布《上海市促进高成长企业加快发展 管理实施细则（征求意见稿）》 风险提示 冲高回落 震荡走弱 周四（9 月 18 日）大盘冲高回落，震荡走弱。截至收 盘，上证综指收于 3831.66 点，下跌 1.15%；深成指 收于 13075.66 点，下跌 1.06%；科创 50 上涨 0.72%； 创业板指下跌 1.64%，万得全 A 成交额共 31666 亿元， 较前一日大幅上升。 行业方面，30 个中信一级行业有 3 个上涨，其中有色 金属、综合金融及非银行金融跌幅居前，仅有电子、 消费者服务及通信小幅收涨。概念方面，光模块、覆 铜板及半导体设备等指数表现活跃。 海外市场综述 美国三大股指全线收涨，英特尔涨超 22% 周四（9 月 18 日），美国三大股指全线收涨，道指涨 0.27%，标普 500 指数涨 0.48%，纳指涨 0.94%。卡特 彼勒、英伟达涨超 3%，领涨道指。万得美国科技七巨 头指数涨 0.61%，谷歌涨 1%，脸书涨 0.58%。芯片股 普遍上涨，英特尔涨超 22%，应用材料涨逾 6%。中概 股多数下跌，极氪跌超 5%，晶科能源跌近 5%。 新闻精要 1. 中美 ...

Market Performance - On September 18, 2025, the market experienced a high and then a pullback, with a total trading volume exceeding 31,666.28 billion CNY, an increase of 7,637.13 billion CNY from the previous trading day[3] - The Shanghai Composite Index fell by 1.15%, the Shenzhen Component Index decreased by 1.06%, and the ChiNext Index dropped by 1.64%[3] - A total of 1,027 stocks rose while 4,350 stocks declined across the market[3] Sector and Style Analysis - Among the 30 major sectors, the electronics sector led with a gain of 0.82%, followed by consumer services at 0.68% and communications at 0.24%[3] - The worst-performing sectors included non-ferrous metals at -3.62%, comprehensive finance at -3.54%, and non-bank finance at -2.79%[3] - Fund-heavy stocks outperformed the CSI All Share Index, indicating a preference for growth and consumer sectors over financials and cyclical stocks[3] Capital Flow - On September 18, 2025, there was a net outflow of 1,084.07 billion CNY in major funds, with large orders contributing to a net outflow of 599.01 billion CNY and 485.06 billion CNY respectively[4] - Small orders saw a continuous net inflow of 1,136.31 billion CNY, indicating retail investor interest despite the overall outflow[4] ETF Trading Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +22.12 billion CNY and +21.73 billion CNY respectively[4] - The total trading volume for these ETFs indicates a growing interest in index-based investments amidst market volatility[4] Global Market Overview - On September 18, 2025, major Asian indices showed mixed results, with the Hang Seng Index down 1.35% and the Nikkei 225 up 1.15%[5] - European indices also displayed varied performance, with the DAX up 0.13% and the CAC40 down 0.40%[6] - In the U.S., the Dow Jones Industrial Average rose by 0.57%, while the S&P 500 and Nasdaq Composite saw slight declines of 0.10% and 0.33% respectively[6]