寒武纪-U(688256) 08-27 13:42:43 沪 科 融 | | 1458.00 所属行业: 电子 +1.78% > | | | | 查看所属板块 > | | --- | --- | --- | --- | --- | --- | | +129.00 +9.71% | | | 算力芯片 | 半导体芯片 | | | | +4.31% 最相关 | | | +2.02% | | | 今 开 | 1378.88 | 高 最 | 1464.98 | 成交量 | 13.7万手 | | 品 परि | 1329.00 | 最 低 | 1341.02 | 成交额 | 191亿 | | 而智 | 293.79 换手率 | | 3.28% | 总市值 | 6100亿 | | 热股 | 财联社热股榜TOP1 | | | | | | 分时 | 五日 目K | | 周Ｋ 月K | 分钟 ▼ | (0) | | 1559.41 | MA5:1290.56 MA10:1122.25 MA20:925.58 | | | | 不复权 | | | | | | | 1464.98 | | 1276.12 | | | | | | | - ...

为何当下的国产算力链被多方看好？其背后的产业逻辑支持资本市场进一步做多吗？从中长期看，国产 算力链的机会如何？ 国产算力芯片： 有望成就千亿级市场 全球算力芯片英伟达独占大头，AMD、英特尔也占有一定的份额。在中国市场，由于受限芯片制程， 中国厂商在先进性和功能上与英伟达有一定差距，因此中国市场英伟达依然占大头，不过，国产算力芯 片市场份额在逐步增加。 国产算力市场份额增长主要两个方面原因，一个是产品在进步，与英伟达的差距在缩小；此外，国产厂 商在算力生态也在不断完善，尤其DeepSeek R1模型出现后，推动国产算力芯片适配以及进一步生态协 同。 转自：成都商报 国产算力产业链在经过几个月的压制后，借助DeepSeek V3.1的发布情绪彻底爆发。 8月22日，在寒武纪的带领下，多只国产算力股强势涨停，科创板大涨近10%，各大芯片ETF也毫不含 糊，涨幅均在10%左右。 8月25日，芯片股热度不减。寒武纪全天涨幅11.40%，报收1384.93元，市值接近5800亿元。此外，海光 信息(688041)大涨12%，市值接近4900亿元，芯原股份(688521)涨超5%。 据第三方市场研究IDC的数据：2024 ...

中国汽车为机器人培育起合格的产业链 "激光雷达现在越做越便宜，它在人形机器人里并不算很贵的零部件。"智元机器人通用业务部总裁王闯近期对第一财经表示。 中国汽车产业的蓬勃发展，带动激光雷达大规模推广。汽车产业的竞争也把压力传递给供应商，从而使激光雷达越来越有性价比。芯片、动力电池同样如 此。 中国汽车的电动化、智能化趋势，是人形机器人产业的前浪。汽车培育的激光雷达、芯片以及动力电池等核心部件，智驾算法工程师等人才，成为中国机 器人竞争力的源泉。 汽车为机器人开路 十年时间，激光雷达的价格降低到原来的十分之一。 美国企业如Waymo早期尝试自动驾驶的时候，所搭载的64线激光雷达售价高达8万美元。这种高昂的价格，使激光雷达无法大面积下放到车上，也限制了 自动驾驶的演进。 随着中国汽车产业跟上智能化浪潮，中国激光雷达企业速腾聚创、禾赛科技等崛起，激光雷达也不再成为车企的沉重负担。速腾聚创、禾赛等都已经推出 了万元以下，甚至是千元左右的产品，而且性能远超十年前，使激光雷达几乎成为智能驾驶的标配。 "自动驾驶一直都在卷性能,安全问题被消费者高度关注。最近国家相关部门也推出了强标。配备激光雷达的自动驾驶的渗透率在快速提升, ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 2025 中国算力大会召开，关注国产算力投资机 遇 报告要点 [Table_Summary] 2025 中国算力大会于 8 月 22 日至 24 日在大同市举行。本届大会以"算网筑基 智引未来"为 主题，邀请相关部门领导，基础电信企业、芯片企业、算力企业等产业代表，以及行业专家、 科研机构、高等院校等各方代表，加强交流合作，为算力产业高质量发展建言献策。当前时点， 人工智能浪潮持续推动算力规模扩容，算力自主可控势在必行，国产算力有望成为在供应链安 全考量下的最佳方案，国产芯片产业有望迎来发展重大机遇。建议关注：国产芯片全产业链， 重点关注国产算力芯片龙头企业：寒武纪。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 2025 中国算力大会召开，关注国产算力投资机 2] ...

中新社北京8月23日电 (记者王梦瑶)7月份，中国全社会月度用电量首次突破万亿千瓦时大关，相当于东 盟国家全年用电量。高温加持的同时，万亿千瓦时电力也折射出中国经济热力。 7月以来，中国电力数据屡创新高。根据国家能源局日前公布的数据，7月份全社会用电量达到1.02万亿 千瓦时，同比增长8.6%。官方数据显示，截至8月1日，今年以来，全国最高用电负荷已经连续四次创 历史新高，最高达到15.08亿千瓦，较去年极值提高5700万千瓦。截至7月16日中午，已有天津、山东、 江苏、浙江等16个省级电网负荷36次突破历史峰值。 高温天气带来的降温需求是电力消费急剧增长的一大原因。根据国家气候中心数据，7月1日至8月5日， 全国平均高温日数7天，为1961年以来历史同期最多。7月5日至8月5日，全国平均气温较常年同期偏高 1.5℃，为1961年以来历史同期最高。其中，湖北、山东、陕西、河南等10省份平均气温达到历史同期 最高。 从电力数据来看，7月份中国城乡居民生活用电量达2039亿千瓦时，同比大幅增长18%，温度较高的河 南、陕西、山东等省份居民生活用电量同比增长超过30%。 降温用电以外，经济新动能强势增长也为用电量提 ...

Market Performance - The A-share market saw a significant surge, with the Shanghai Composite Index breaking the 3800-point mark, closing at 3825.76 points, marking a 10-year high [1] - The Shanghai Composite Index rose by 1.45%, the Shenzhen Index increased by 2.07%, the ChiNext Index surged by 3.36%, and the Sci-Tech 50 Index rose by 8.59% [1] - A total of 2802 stocks gained, indicating a broad market rally, particularly in the hard technology sector [1] Sector Highlights - The semiconductor sector emerged as a key driver of the market rally, with notable performances from leading companies [1] - Haiguang Information, a leading computing chip company, saw its stock price hit a 20% limit up, while another star stock, Cambricon, surged past 1100 and 1200 yuan, closing at 1243.20 yuan per share, with a market cap exceeding 520 billion yuan [1] - SMIC's stock also experienced a significant increase, rising over 14% [1] Trading Volume - The total trading volume in the A-share market reached 25,793 billion yuan, marking the eighth consecutive trading day with a turnover exceeding 20 trillion yuan, setting a new record for the longest streak of such trading volumes [2] - The A-share market experienced an accelerated upward trend, with a weekly increase of nearly 3.5% for the week of August 18 to 22 [2]

Investment Rating - The report indicates a positive investment sentiment towards the computing chip sector, highlighted by a collective surge in stock prices on August 22, 2025, with the Shanghai Composite Index surpassing 3800 points [2][15]. Core Insights - The report emphasizes the significant market performance on August 22, 2025, with the Shanghai Composite Index rising by 1.45%, the Shenzhen Component Index increasing by 2.07%, and the ChiNext Index climbing by 3.36%. The total market turnover reached 25,788.40 billion, an increase of 1,185.04 billion from the previous trading day [2][15]. - It notes that all 30 sectors in the CITIC first-level industry index experienced an upward trend, particularly in electronics (4.91%), telecommunications (3.68%), and computing (3.45%), while banking, oil and petrochemicals, and agriculture sectors lagged behind [20]. Market Performance - On August 22, 2025, the main indices showed strong performance, with the Shanghai Composite Index at 3,825.76, the Shenzhen Component Index at 12,166.06, and the ChiNext Index at 2,682.55, reflecting a robust market environment [7][17]. - The overall market saw 2,802 stocks rise against 2,396 that fell, indicating a bullish sentiment among investors [15]. Sector Analysis - The report categorizes market performance by style, ranking growth stocks above financials, cyclical, stable, and consumer sectors. The overall performance of the CSI All Share Index outperformed the fund-heavy stocks [20]. - In terms of sector performance, the electronics, telecommunications, and computing sectors led the gains, while banking, oil and petrochemicals, and agriculture sectors showed declines [20]. Fund Flow Analysis - On August 22, 2025, the main funds saw a net inflow of 254.19 billion, with large orders contributing significantly to this inflow, while medium and small orders experienced outflows [24]. - Southbound capital also saw a net inflow of 51.65 billion HKD, indicating strong interest from foreign investors in the Chinese market [26]. ETF Fund Flow - The report highlights that most ETFs, including the Shanghai 50 and CSI 300, experienced a decrease in trading volume compared to the previous day, with notable inflows into the ChiNext ETF [28]. - Specific ETFs showed varied performance, with the Huaxia Shanghai 50 ETF and Huatai-PB CSI 300 ETF seeing increases in trading volume, while others like the Jiashi CSI 300 ETF experienced declines [28]. Global Market Performance - The report notes mixed performances in major global indices on August 22, 2025, with the Hang Seng Index rising by 0.93% and the Nikkei 225 Index slightly up by 0.05%, while the Australian S&P 200 Index fell by 0.57% [32][33].

Group 1 - The core viewpoint of the article highlights a significant rise in computing power chip stocks, with Cambricon Technologies surging over 15% and its total market capitalization exceeding 500 billion yuan, reaching a new historical high [1] - Other companies in the sector, such as Yuntian Lifei, Kede Education, Zhongke Shuguang, Wantong Development, and Hangjin Technology, also experienced a limit-up increase, indicating strong market performance across the industry [1] - Additional companies like Haiguang Information, Chipone Technology, and Jingjia Micro also showed notable gains, reflecting a broader positive trend in the computing power chip market [1]

①算力芯片+Deepseek，部分算力芯片已实现量产，拥有实现端侧芯片的智能化处理能力，这家公司产品 已对接DeepSeek、Kimi等多家大语言模型； ②这家公司已量产多款晶圆设备，可用于大英寸晶圆测试。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

Core Viewpoint - The company, Cambrian (688256), has received approval from the Shanghai Stock Exchange for its application to issue A-shares to specific investors, although the final decision from the China Securities Regulatory Commission (CSRC) remains uncertain [2][3]. Group 1: Financing and Fund Allocation - Cambrian plans to raise no more than 49.8 billion yuan through a private placement of A-shares, aimed at funding projects related to chip platforms and software platforms for large models, as well as supplementing working capital [2]. - The company adjusted its fundraising plan, reducing the total amount to no more than 39.85 billion yuan and increasing the number of shares to be issued to no more than 2,091,750 shares due to the implementation of a restricted stock incentive plan [2][3]. - Cambrian will use 10 million yuan of the raised funds to increase capital for its wholly-owned subsidiary, Shanghai Cambrian, to support the implementation of its fundraising projects [2]. Group 2: Stock Performance and Market Reaction - Since the announcement of the private placement plan, Cambrian's stock price has increased by approximately 31%, reaching a historical high of 949 yuan per share on August 14 [3]. - Following the announcement on August 15, Cambrian's stock price fell by 2.67%, with a market capitalization of 386.4 billion yuan [5]. Group 3: Operational Status and Market Communication - Cambrian confirmed that its operations are normal and there have been no significant changes in the market environment or industry policies [4]. - The company addressed misleading information circulating online regarding large orders and revenue forecasts, clarifying that such information is false and could mislead the market [4].