Core Viewpoint - Huawei's Full Connect 2025 Conference showcased the Lingqu Unified Interconnection Protocol, announcing the launch of Ascend 950/960/970 and Kunpeng 950/960 over the next three years, highlighting the gradual enhancement of domestic AI computing chip capabilities amid US-China tensions [9][58]. Group 1: AI Computing Chip Development - The Ascend NPU roadmap includes the release of Ascend 950 (PR and DT versions) in 2026, followed by 960 in 2027 and 970 in 2028, with significant performance improvements [15][20]. - The Kunpeng CPU will see the launch of Kunpeng 950 in late 2026 and Kunpeng 960 in early 2028, supporting advanced computing needs [20][34]. - Domestic chip manufacturers like Haiguang and Cambricon are projecting substantial revenue growth, with Haiguang targeting a CAGR of 44% over three years [3][58]. Group 2: Advanced Manufacturing and Semiconductor Industry - The domestic lithography machine industry is focusing on complete machines and related components, with expectations for advanced process expansion by 2026 [3][59]. - The domestic semiconductor industry is expected to benefit from the acceleration of independent and controllable demands, particularly in advanced logic and storage production lines [3][62]. Group 3: Storage and Edge Computing - The demand for inference and edge computing storage is increasing, with significant growth expected in AI PCs, smartphones, and wearable devices by 2026 [4][58]. - Domestic manufacturers are enhancing their enterprise storage product lines, with companies like Jiangbolong and Baiwei Storage launching new enterprise-level solutions [4][58]. Group 4: Investment Recommendations - Investment opportunities are suggested in AI computing chips, high-end chip manufacturing, packaging, storage, and related equipment and materials [5].

鑫新闻 研究所日报 2025 年 9 月 19 日 星期五 1."十四五"期间我国科技创新能力稳步提升，科技投入持续增加，新质生产力蓬勃发展。点评：9月18日，科技部 部长阴和俊在"高质量完成'十四五'规划"系列主题新闻发布会上表示，十四五"时期，我国科技投入持续增加， 2024年全社会研发投入超3.6万亿元，较2020年增长48%；研发投入强度达到2.68%，超过欧盟国家平均水平；研发人 员总量世界第一。科技领域取得的一系列成果显示国内经济结构转型稳步推进，科技强国根基不断夯实。往后看，科 技创新仍是国内经济转型方向，后期各项政策、资金资源将继续向科创领域倾斜，行业将继续维持较高的景气度。对 于资本市场而言，科技方向也就是市场的核心主线之一。 2.A股上市公司半年度分红密集落地。点评：Wind数据显示，2025年共有780家A股上市公司公布半年度现金分红方案， 合计现金分红总额6446亿元，远超去年同期水平。在新一轮资本市场改革的推动下，当前上市公司分红意愿明显增强。 上市公司分红水平的提升，将增强投资者获得感，并稳定投资者信心，同时有助于增强长线资金的持股意愿，对资本 市场的长期健康发展具有积极影响。 1 ...

Company Movements - Nvidia will invest $5 billion in Intel at a price of $23.28 per share, establishing a partnership where Intel will customize x86 CPUs for Nvidia's AI infrastructure platform [5] - Huawei announced new product plans at the Huawei Connect 2025 event, including the Ascend 950PR chip expected in Q1 2026 and the Kunpeng 950 chip anticipated in Q4 2026 [6] - DeepSeek issued a statement warning against fraudsters impersonating the company for "computing power leasing" and "equity financing," emphasizing that all payments should be made through official channels [6] - Fulin Precision signed a prepayment agreement worth 1.5 billion yuan with CATL to secure lithium iron phosphate supply [6] - Shenzhen Huaqiang stated on an interactive platform that it provides electronic components to Yushu Technology [6] Investment News - On September 18, A-shares experienced volatility with the Shanghai Composite Index closing down 1.15% at 3,831.66 points, with a total market turnover of 3.17 trillion yuan [3] - The Hong Kong Hang Seng Index fell 1.35% to 26,544.85 points, with significant declines in cyclical stocks and financial sectors, while semiconductor and robotics sectors showed resilience [3] - The Shanghai Stock Exchange reported unusual trading activities in Tianpu Co., leading to regulatory measures against certain investors [3] - Goldman Sachs maintained an "overweight" rating on A-shares and H-shares, predicting an 8% and 3% upside respectively over the next 12 months [4] - As of September 17, the total scale of bond issuance by securities firms reached 1.14 trillion yuan, significantly higher than the 693.7 billion yuan in the same period last year [4]

在通算领域，华为规划了鲲鹏950与鲲鹏960，分别将于2026年第四季度和2028年第一季 度上市，围绕支持超节点和更多核、更高性能持续演进。 "由于我们受到美国的制裁，不能到台积电去投片，我们单颗芯片的算力相比英伟达是有差 距的。"徐直军坦言，但是华为有三十多年联人、联机器的积累，在联接技术上强力投资、 实现突破，使得能够做到万卡级的超节点，从而一直能够做到世界上算力最强。"华为愿与 产业界一起继续努力，构筑起支撑我国乃至全世界AI算力需求的坚实底座。"他说。 来源：新浪科技 更多财经视频，请关注视频号"新浪财经" 在今日的华为全联接大会2025上，华为轮值董事长徐直军公布了昇腾芯片规划：未来三年 将推出昇腾950PR/昇腾950DT、昇腾960和昇腾970三个系列产品。 他表示，算力过去是，未来也将继续是人工智能的关键，更是中国人工智能的关键。他公布 了一系列即将上市和规划中的新品。 昇腾芯片方面，华为面向未来三年，规划了昇腾950PR/昇腾950DT、昇腾960和昇腾970 三个 系列产品，分别将于2026年第一季度和2026年第四季度，以及2027年第四季度、 2028年第四季度上市，持续满足AI算力 ...