Core Insights - Alibaba announced an increase in AI investments at the Cloud Summit in September, which is expected to drive a quarterly upward inflection in cloud CAPEX as domestic advanced process capacities are gradually released, leading to improved performance in the domestic computing power sector [1][2] - The overall electronic sector is anticipated to show sequential growth trends by Q3 2025, with AI on the cloud side remaining a primary driver of downstream demand [1][2] AI Hardware - Domestic cloud vendors faced a temporary slowdown in AI server procurement due to U.S. government restrictions on NVIDIA's H20 chips, but they are catching up with international models [2] - North American cloud giants are optimistic about CAPEX growth for 2026, with Oracle's remaining performance obligations reaching $455 billion, indicating strong future growth in cloud infrastructure [2] Storage - The current storage cycle is characterized by a shortage driven by increased demand for HDDs due to cold data needs from inference, leading to a significant demand gap for SSDs [3] - The shortage and supply tightness in storage are expected to persist in the short term [3] PCB - The third quarter is typically a peak season for consumer electronics, with several AI-driven factors expected to boost PCB manufacturers' product prices and profit margins [3] - Key raw materials are experiencing price increases due to heightened demand from AI applications [3] Consumer Electronics Chain - The upcoming iPhone 17 launch is expected to drive sales through price promotions and improved specifications, benefiting upstream suppliers [4] - The demand for electronic manufacturing is expected to be supported by new fields such as robotics and electric vehicles [4] Domestic Replacement Chain - SMIC forecasts a 5%-7% revenue growth in Q3 2025, driven by inventory replenishment and increased wafer shipments [5] - The growth in automotive electronics and storage-related control chips is notable [5] Semiconductor Equipment - The semiconductor equipment sector is expected to see steady growth in Q3 due to increased orders from domestic logic and storage manufacturers driven by AI and domestic replacement demands [6] Packaging and Testing - Companies like Tongfu Microelectronics and Weicai Technology are expected to achieve year-on-year growth in Q3 2025, supported by improved yield rates and capacity increases in advanced processes [7]

CNBC称，黄仁勋所说的"美国技术体系"，不仅包括英伟达的芯片，还涵盖微软、亚马逊和苹果等美国 科技巨头的产品。他补充说："我们希望全世界都使用Windows，希望全世界都基于亚马逊云服务和苹 果的生态系统进行开发。" 黄仁勋认为，如果美国政府收紧对华出口限制，将对美国企业不利，"全面禁令不利于美国企业的长期 利益。它可能会伤害中国企业，但从长期来看，对美国企业的打击更大。" 英伟达首席执行官黄仁勋 视频截图 【文/观察者网 陈思佳】中国人工智能（AI）技术的快速发展，已引起美国对于失去领先地位的"焦 虑"。据美国消费者新闻与商业频道（CNBC）10月7日报道，英伟达首席执行官黄仁勋当天接受采访时 称，美国需要赢得与中国的"AI竞赛"，这样未来AI技术才能建立在像美元一样的"美国体系"之上。 黄仁勋称："美国总统特朗普希望让美国在AI竞赛中获胜，问题在于要如何做到？如何确保美国企业能 够得到最先进的英伟达技术和芯片技术？另一方面，我们也要意识到，要在AI领域获得成功，就要让 全球都建立在美国的技术体系之上。" 他表示，就像美国希望世界建立在美元体系上一样，美国也希望世界建立在美国技术体系之上。 面对美国的打压 ...

Core Viewpoint - The domestic AI chip market in China is undergoing a significant transformation, with a focus on "de-NVIDIA" efforts led by major tech companies like Alibaba and Baidu, aiming to challenge NVIDIA's dominance in the AI chip sector [1][3]. Group 1: Market Dynamics - Chinese tech giants are actively promoting the development of self-researched AI chips, with Alibaba and Baidu announcing that their core AI models will partially utilize self-developed chips [1][3]. - Since late August, the stock prices of Baidu and Alibaba have surged by approximately 50% [1]. - The geopolitical tensions and concerns over the stability and security of the AI supply chain are driving the "de-NVIDIA" movement in China [3][5]. Group 2: NVIDIA's Challenges - NVIDIA faced a significant negative impact due to export restrictions on its H20 chip, leading to a stock impairment of about $4.5 billion in Q1 [5]. - Revenue from mainland China for NVIDIA dropped to $2.77 billion in Q2 of FY2026, a nearly 50% decline, reducing its market share from 85% to 70% in China [5][11]. Group 3: Rise of Domestic Chips - Domestic custom AI chips are rapidly emerging, with products like Alibaba's PPU chip and Huawei's Ascend series showing performance that rivals or exceeds NVIDIA's offerings [7][9]. - The PPU chip's single-card cost is approximately 40% lower than the imported H20 chip, highlighting the cost advantage of domestic solutions [7]. - IDC forecasts that by 2024, domestic AI chip brands will significantly increase their market share to 30% [11][13]. Group 4: Industry Evolution - The shift towards customized AI chips mirrors the evolution of smartphone chips from generic to specialized designs, driven by the need for better performance and cost efficiency [16][19]. - The transition from general-purpose GPUs to customized chips is essential for meeting the specific demands of AI inference tasks, which require lower power consumption and reduced latency [20][21]. - The development of domestic chip design and supply chains is enabling Chinese companies to enhance their competitiveness in the global market [23][24].

Core Viewpoint - The article discusses the implications of geopolitical economic power, particularly how developed countries' strategies to restrict emerging economies can backfire, especially when the latter are large nations. It emphasizes the importance of supply and demand dynamics in innovation and the potential for emerging economies to leverage their scale advantages to overcome technological constraints imposed by developed nations [2][9]. Group 1: Geopolitical Economic Strategies - The U.S. has expanded its restrictions on China's semiconductor industry, moving from targeting specific products to a broader range of advanced technologies, reflecting a competitive geopolitical strategy [4][30]. - The Biden administration has continued the Trump-era strategy of restricting advanced AI chip exports to China, indicating a persistent focus on maintaining U.S. dominance in high-tech sectors [4][30]. - Recent changes in U.S. export policies, including the lifting of restrictions on EDA software and commercial aircraft engines, suggest a fluctuating approach to geopolitical economic power, influenced by broader economic considerations [7][30]. Group 2: Supply-Side and Demand-Side Dynamics - The article highlights the importance of a "large enterprise + large bank + large government" model for innovation in emerging economies, which can effectively address technological constraints imposed by developed nations [14][15]. - China's semiconductor industry has seen significant advancements in R&D spending and patent filings, indicating a shift towards self-sufficiency and innovation in response to external pressures [43][45]. - The demand-side advantages of large emerging economies can stimulate domestic innovation by providing substantial market feedback and incentives for local enterprises to develop competitive products [15][22]. Group 3: Case Studies and Historical Context - The article cites China's rapid advancement in mobile communication technology as a successful example of leveraging domestic market size and government support to overcome technological gaps with developed nations [16][17]. - Historical instances of geopolitical economic strategies show that the effectiveness of export restrictions often depends on the relative economic size of the countries involved, with larger economies being less susceptible to such measures [30][32]. - The U.S. semiconductor industry faces potential declines in market share and revenue due to its restrictive policies against China, which could undermine its own innovation capabilities [39][40].

Core Viewpoint - The article provides a comprehensive overview of significant developments in the AI industry, including funding events, technological advancements, and legal challenges faced by companies in the sector. AI Industry Highlights - China has reportedly instructed companies like Alibaba and ByteDance to terminate orders for NVIDIA's RTX Pro 6000D chips, leading to disappointment from NVIDIA's CEO Jensen Huang [7] - Teable has launched the world's first AI Database Agent and secured angel round funding from investors including ZhenFund and Baidu Ventures [8] - Zhiyuan Robotics showcased its Lingxi X2 humanoid robot performing a complex gymnastics move, demonstrating advanced motion control capabilities [9] - Kuaishou's Keling AI has introduced a new digital human feature that generates 1080p videos from images and text, utilizing advanced video generation models [10][11] - Alibaba's self-developed AI chip has been revealed to match some key parameters of NVIDIA's H20 chip [12] - Disney, Universal Pictures, and Warner Bros. have filed a lawsuit against MiniMax for copyright infringement related to its AI product, "Hailuo AI" [13] - DeepSeek's R1 model research paper has been featured on the cover of the journal Nature, marking a significant achievement in the field of large language models [14] - QuestMobile reported that Doubao has surpassed DeepSeek in monthly active users, becoming the top native AI app in China [16] AI Financing Overview - A total of 28 AI financing events were disclosed globally this week, with a total funding amount of 22.705 billion RMB, averaging 1.261 billion RMB per event [58] - The majority of disclosed AI financing events in China were concentrated in Jiangsu, Shanghai, Beijing, Zhejiang, Guangdong, and Sichuan [64] - The highest funding amount in the domestic AI sector was achieved by Shengshu Technology, which completed a multi-hundred million RMB Series A financing round [68] International AI Developments - Figure, a US-based humanoid robot developer, announced a $1 billion Series C financing round [73] - NVIDIA plans to invest $5 billion in Intel, becoming one of its largest shareholders, while also collaborating on custom x86 CPUs [34][35] - OpenAI has released GPT-5-Codex, a new model optimized for agent programming [49] - Google is set to invest £5 billion in the UK over the next two years to enhance AI infrastructure [46]

Market Overview - The market experienced a day of low trading volume with major indices closing down, as total trading volume reached 2.35 trillion yuan, significantly lower than the previous day's 3.17 trillion yuan [1] - The Shanghai Composite Index fell by 1.3% for the week, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%, marking a seven-week consecutive rise [1] Sector Performance - The defense and military sector saw a notable rise, with Guorui Technology hitting the daily limit, and the Defense and Military ETF (512810) reaching a peak of 2% [1] - Real estate stocks showed volatility in the afternoon, with the real estate ETF (159707) rising by 2%, potentially driven by policy adjustments regarding property tax trials in Shanghai [1] - The non-ferrous metals sector rebounded significantly, with Ganfeng Lithium hitting the daily limit and the Non-ferrous Metals Leader ETF (159876) peaking at 1.7% [1] - Technology stocks displayed increased divergence, with the AI-focused ETFs showing mixed results; the Huabao ChiNext AI ETF (159363) rose by 0.58%, while the Huabao Sci-Tech AI ETF (589520) fell by 1.76% [1] Fund Flows - The top-tier brokerage ETF (512000) and the fintech ETF (159851) continued to decline, with respective decreases of 0.68% and 1.81%, despite strong fund inflows in previous days [2] - The top-tier brokerage ETF attracted 12.62 billion yuan in net inflows over the last 16 days, totaling 64.5 billion yuan [2] Hong Kong Market Dynamics - The Hong Kong market showed mixed performance, with the Hang Seng Index closing flat and the Hang Seng Tech Index slightly up by 0.37% [3] - The Hong Kong Internet ETF (513770) experienced volatility, initially rising by over 2% before closing up by 0.63% with a trading volume of 8.9 billion yuan [5] AI and Technology Sector Insights - The AI-driven technology sector remains a focal point, with significant growth potential as companies like Alibaba and Tencent continue to advance their AI capabilities [9] - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index, with a cumulative increase of over 15 percentage points [11] - The demand for AI computing power is expected to grow exponentially, with the global AI server market projected to reach 125.1 billion USD by 2024 [16] Innovation and Drug Development - The Hong Kong Innovation Drug ETF (520880) faced a decline, with a drop of 1.58% amid a broader market adjustment, but it has seen consistent inflows, totaling over 6.7 billion yuan in the past 13 days [22][23] - The ETF has been restructured to focus solely on innovative drug development, excluding CXO companies, which is expected to enhance its performance in the long run [23][24]

中美芯片战已经持续8年之久，这场科技与国力的博弈，究竟谁才是赢家？ 明眼人都知道，这场没有硝烟的科技战背后，全是输家，就算是赢，也是相对的，其背后都付出了惨痛的代价！ 当然了，从中国的角度来看，咱们需要引起重视，这番话看似是发牢骚或者吐槽，但也反映了欧美巨头们真实的心理活动！任何美芯企业都不愿意看到像华 为等中国科技企业的崛起，他们打心眼里不高兴！甚至还说出了"不该把芯片卖给中国"的言论。所以说，咱们必须自己有，咱们必须实现自给自足，咱们必 须自己强大！ 美AI企业的CEO之所以会这样说，和华为在昨天发布了多款昇腾芯片有直接关系。要知道，在过去很多年间，中国市场绝大多数的AI芯片都依赖美进口， 这也让美AI芯片企业赚的盆满钵满，甚至别人不要的或者淘汰的AI芯片，也能塞给中国企业，话语权、定价权被这些企业握的死死的，这钱赚的钱也是太 痛快了！ 之前英伟达凭借着H20在中国赚的盆满钵满，说好听H20是"特供版"，实际上就是"缩水版"，但其价格却堪比先进AI芯片的价格。但就是因为我们自己没 有，只能忍气吞声，花高价买低货。 但现在呢？在美技术封锁之下，越来越多的中国科技企业走上了自主研发的道路。以华为为代表的国内科 ...

Group 1 - Hong Kong technology stocks showed strong performance on September 19, with significant gains in chip, smart car, and internet sectors, including a rise of over 12% for Hongteng Precision and over 5% for NIO-SW, Hua Hong Semiconductor, and SenseTime-W [1] - The Hong Kong Technology 50 ETF (159750) increased by 2.02%, with a trading volume exceeding 81 million yuan, marking a net inflow of 65.32 million yuan the previous trading day and a record high in financing balance at 40.86 million yuan [1] Group 2 - Alibaba's Pingtouge PPU chip matches key parameters of Nvidia's H20 chip and surpasses the A800 chip, while S&P Global announced a strategic partnership with Alibaba Cloud to introduce AI-ready data into China [3] - Baidu's Kunlun division secured a billion-level AI server order, with a contract value exceeding competitors, and Goldman Sachs analysts noted significant progress in Baidu's latest AI model, Wenxin Yiyan X1.1 [3] - The Hang Seng Technology Index constituents are projected to have a compound annual growth rate of 23% in earnings over the next three years, outperforming the S&P Technology Index and NASDAQ [3] Group 3 - In the recent interim reporting season, the Hang Seng Technology Index demonstrated stronger profitability, with a revenue growth rate of 14.43% compared to the Hang Seng Index's 2.45%, and a net profit growth of 16.18% versus a decline of 1.12% for the Hang Seng Index [6] - The return on equity (ROE) for the Hang Seng Technology Index increased by 3.04 percentage points to 13.5%, while the ROE for the Hang Seng Index and other indices showed relatively stable increases [6] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, focusing on themes such as "China's top ten private enterprises," AI, and shareholder returns [6] Group 4 - The Hong Kong Technology Index (931674) has outperformed the Hang Seng Technology Index, with a cumulative increase of 133.57% since its base date of December 31, 2014, compared to the Hang Seng Technology Index's 111.14% increase [7]

格隆汇9月18日｜今日在半导体、算力板块的强势助攻下，沪指剑指3900点，创业板指强势翻红，寒武 纪盘中再次登上"股王"宝座，北方华创、中芯国际、海光信息盘中创新高，带动科创半导体ETF飙涨 5.9%，同类规模最大的芯片ETF涨4.48%。 近期芯片产业链的催化剂层不出穷： ①自有消息称阿里、百度用自研芯片训练AI模型后，芯片板块持续获得市场关注。 ②阿里自研AI芯片9月16日晚出现在央视《新闻联播》，据悉阿里旗下平头哥PPU芯片在部分重要参数 上比肩英伟达的H20芯片，并超过A800芯片。 ③腾讯宣布AI能力全面开放并全面适配主流国产芯片。 ④华为轮值董事长徐直军表示算力是人工智能的关键，透露了昇腾芯片的后续规划。 ⑤美联储9月降息25基点，中国在AI科技、生物医药等领域的卓越表现引发海外资金的重新关注。 值得关注的产品： 全市场规模最大的芯片行业ETF：芯片ETF(159995)，+4.48%，覆盖芯片设计、制造、封测、设备全产 业链，如中芯国际、寒武纪、海光信息、北方华创、圣邦股份等行业龙头股。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，+5.9%，昨日大涨3.6%的情况下吸引1. ...

| 代码 名称 | 米帽等 | 涨跌 | 现价 | | --- | --- | --- | --- | | 688403 汇成股份 | +18.14% | +2.46 | 16.02 | | 688012 中微公司 | +12.91% +29.34 | | 256.54 | | 688325 赛微微电 | +11.12% | +8.67 | 86.67 | | 688535 华海诚科 | +10.50% | +9.99 | 105.10 | | 600745 闻泰科技 | +9.62% | +4.32 | 49.32 | | 603893 瑞志微 | +9.34% +19.42 | | 227.74 | | 688593 新相微 | +8.92% +2.08 | | 25.95 | | 301629 矽电股份 | +8.40% +13.66 | | 176.26 | | 688401 路维光电 | +8.30% | +3.71 | 48.52 | | 688372 伟测科技 | +7.96% | | +6.16 - 16 - 1 | 港股市场，华虹半导体涨超8%，脑洞科技涨超7%，晶门半导体涨超6%，中芯国际 ...