华鑫证券指出，国产高性能AI时刻已经来临，国产AI硬件能力已经迈入新台阶，随着昇腾384超节点、 寒武纪690、沐曦曦云C600、燧原科技L600等国产AI芯片的进一步量产，其背后负重前行的是上游先进 制程、先进封装、以及相关半导体设备材料的进一步突破，因此持续好看国产AI相关半导体板块。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 8月8日上午，A股三大指数集体走强，上证指数盘中上涨0.05%，综合、有色金属、钢铁等板块涨幅靠 前，计算机、电子跌幅居前。芯片科技股分化，截至10:50，芯片ETF（159995.SZ）下跌0.86%，其成 分股中微公司上涨1.07%，拓荆科技上涨0.63%，海光信息上涨0.06%，北方华创上涨0.02%。然而，中 芯国际、圣邦股份等表现不佳，其涨跌幅分别是：-3.51%、-2.37%。 消息方面，根据SIA的数据，2Q25全球半导体销售额为1797亿美元，同比增长19.6%，环比增 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology, particularly in computing power, algorithms, and applications, indicating a robust growth trajectory for the industry [12][60] - Domestic manufacturers are progressively enhancing their chip performance from inference to training, emphasizing ecosystem support and application scenarios [13][60] - The report highlights the emergence of quantum computing as a disruptive innovation in the computing power industry, with potential for exponential growth in computational capabilities [38][39] Summary by Sections 1. Industry Overview - The WAIC 2025 featured over 800 companies and more than 3000 cutting-edge exhibits, marking the largest scale in its history [12] - The conference focused on AI technology frontiers, industry trends, and global governance practices [12] 2. Computing Power - Domestic chip manufacturers are evolving from inference-focused AI chips to high-performance training chips, showcasing various industry applications [13] - The report notes the importance of supernodes, integrated machines, and liquid cooling solutions as key trends in the future of domestic AI computing power [18][19] 3. Algorithms - The evolution of large models is highlighted, with a shift towards multi-modal capabilities and the integration of deep reasoning and thinking abilities [43][44] - The report emphasizes the growing importance of AI agents and physical AI, which aim to enable intelligent agents to understand and interact with the real world [43][44] 4. Applications - The report identifies a flourishing landscape for both B2B and B2C AI applications, with significant advancements in areas such as AI glasses, smart driving, and robotics [60] - C-end applications focus on AIGC and productivity tools, while B-end applications emphasize cost reduction and efficiency improvements across various sectors [60][61] 5. Quantum Computing - Quantum computing is positioned as a critical future technology, with companies showcasing solutions that leverage quantum mechanics for superior computational capabilities [38][39]