Investment Rating - The report assigns an "Overweight" investment rating [2][12]. Core Insights - The report highlights that domestic AI computing power is expected to continue improving, suggesting a focus on domestic AI computing-related stocks [5]. Summary by Sections - **Product Roadmap**: Huawei plans to launch the new Ascend 950PR chip in Q1 2026 and the Ascend 970 chip in Q4 2028. The world's strongest super node, Atlas 950 SuperPoD, is expected to be launched in Q4 2025 [4][7]. - **Performance Metrics**: The Ascend 970 chip will have a computing power of 4 PFLOPS (FP8) / 8 PFLOPS (FP4) and a memory capacity of 288 GB with a bandwidth of 14.4 TB/s. In comparison, NVIDIA's Blackwell Ultra GB300 has a computing power of 15 PFLOPS (FP4) [7]. - **Deployment and Client Base**: As of September 18, 2025, CloudMatrix has deployed over 300 super nodes, serving more than 20 clients [7]. - **Open Hardware and Software**: Huawei is committed to open hardware and software, allowing the industry to develop related products based on its technology specifications. The operating system components will be open-sourced, enabling users to integrate and maintain their versions [7].

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]