一、市场行情回顾 08月25日，A股三大股指全线上涨。其中，上证指数收涨1.51%，深证成指收涨2.26%，创业板指收涨3.00%。主流宽基指数中，科创50指数上涨3.20%，涨 幅相对居前。全市场超3,300只股票上涨。 | 证券名称 | 日涨跌幅 | 交年以来 涨跌幅 | | --- | --- | --- | | 科创20 | 3.20% | 30.21% | | 创业板50 | 3.16% | 31.03% | | 创业板指 | 3.00% | 29.02% | | 科创综指 | 2.56% | 41.13% | | 深证成指 | 2.26% | 19.46% | | 沪深300 | 2.08% | 13.58% | | 中证500 | 1.89% | 21.41% | | 科创100 | 1.87% | 43.97% | | 中证A50 | 1.72% | 9.70% | | 中证1000 | 1.56% | 25.51% | | 上证指数 | 1.51% | 15.87% | | 北证50 | 0.23% | 54.56% | | 粉姫立酒・Mind 日期哉至2025-09-25 | | | 沪深 ...

消息面上，1) DeepSeek推出MKFP8+UE8M0技术，通过优化FP8格式提升算力效率，利好寒武纪、海光 信息等支持FP8的国产芯片厂商；2) 华为下一代芯片910x拟支持FP8精度，寒武纪690等国产芯片已适配 该技术，华为软件生态优势显著；3) 中金分析指出DeepSeek V3.1的UE8M0 FP8格式可动态优化计算资 源，缓解国产AI芯片算力瓶颈，叠加供应链完善，下半年国产算力链预期向好。 截至08月22日09:31，科创芯片ETF指数(588920.SH)上涨2.10%，其关联指数科创芯片(000685.SH)上涨 2.48%；主要成分股中，寒武纪-U上涨6.08%，海光信息上涨4.35%，中芯国际上涨2.58%，芯原股份上 涨5.90%，翱捷科技-U上涨3.58%。 关联产品： 科创芯片ETF指数（588920），半导体ETF（159813）,大数据ETF（159739）,港股科技ETF（159751）, 电信ETF基金（560690）,科创芯片ETF指数（588920） 关联个股： 寒武纪-U（688256）、海光信息 （688041）、中芯国际（688981）、澜起科技（688008 ...

Group 1 - The current market is driven by incremental capital, with limited impact from fund redemption pressure on growth sectors like electronics, suggesting a potential shift towards public offerings and institutional dominance, which supports technology sectors such as semiconductor chips [1] - The expectation for domestic computing power has been reiterated, alongside discussions on emerging applications like 3D printing and liquid cooling technology, which may boost demand expectations in the chip industry [1] - The results of the 301 investigation concerning China's mature chips are expected to be announced by September 23, with potential market volatility due to technology controls and tariff policies, although short-term pressure is manageable as the Trump administration plans to suspend a 24% equivalent tariff until November 10 [1] Group 2 - The AI chip ecosystem at the edge consists of edge SoC, storage chips, sensor chips, and smart modules, with storage chips facing challenges in capacity, speed, and power consumption; Lianyun Technology has developed a product line from SATA to PCIe 4.0, targeting lightweight laptops and pre-installed markets [2] - The emphasis on semiconductor self-sufficiency continues, with ongoing iterations of domestic AI computing power chips and enhanced supply chain capabilities; the analog IC sector is experiencing volume growth with stable prices, and automotive-grade products are entering a replacement window, indicating direct support for the semiconductor sector [2] Group 3 - Related products include various ETFs such as the Sci-Tech Chip ETF Index (588920), New Energy ETF (159261), Semiconductor ETF (159813), and others [3] - Key associated stocks include Cambrian (688256), Haiguang Information (688041), and others within the semiconductor industry [3]

关联个股： 券商研究方面，国泰海通证券指出电信行业作为数字经济的核心基础设施，受益于国产化替代和智能化 升级趋势，行业景气度持续回暖；浙商证券则强调，随着5G建设加速和云计算需求增长，电信运营商 及产业链上游企业的业绩弹性有望逐步释放。两家机构均认为，电信板块在政策支持和技术迭代的双重 驱动下，具备中长期配置价值。当前成分股中中国卫通、中际旭创等标的涨幅居前，反映出市场对卫星 通信、光模块等细分领域的乐观预期。 关联产品： 电信ETF基金（560690） 截至05月06日13:57，电信ETF基金(560690.SH)上涨2.15%，其关联指数中证电信(931235.CSI)上涨 2.45%；主要成分股中，中国联通上涨2.63%，中国电信上涨1.30%，银之杰上涨2.99%，中国卫通上涨 3.12%，中际旭创上涨3.84%。 消息面上，中信建投证券指出，近期AI算力产业相关公司年报及一季报业绩表现亮眼，印证行业高景 气度，带动算力概念股集体走强，其中大位科技、华胜天成等个股涨停，天源迪科、超讯通信等涨幅超 5%。电信ETF成分股中际旭创、中国卫通等作为算力基础设施领域标的，受益于行业景气度提升，股 价涨幅显著 ...