证券研究报告 | 行业点评报告 2025 年 08 月 24 日 DS 再燃自主可控热情，关注国产 AI 算力芯片产业链 国产算力芯片链跟踪报告 TMT 及中小盘/电子+通信+计算机 2025 年以来北美 CSP Capex 进展趋势乐观，中美博弈大背景下 H20 等芯片销 售情况持续反复，国内算力芯片公司在供给受限和自主化需求背景下重要性持 续提升，本土 GPU 公司 2025 年销售同比持续增长且长期趋势乐观，半导体属 AI 算力和自主可控双重属性叠加领域，长期持续推荐 GPU/ASIC/Switch 和配 套芯片、先进制造/存储、上游设备/材料/EDA、PCB/CCL 等算力产业链。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 506 | 9.9 | | 总市值（十亿元） | 11216.1 | 11.2 | | 流通市值（十亿元） | 9833.5 | 10.8 | 行业指数 % 1m 6m 12m 绝对表现 18.7 19.4 91.6 相对表现 13.7 11.6 62.5 资料来源：公司数据、招商证券 -20 0 20 40 6 ...

4 、 国务院办公厅转发财政部文件明确，采取分类分级推进实施存量 PPP 项目。 优先实施具有一定收益的项目，持续保障项目建成完 工。对接近完工的项目，抓紧推进建设、及时验收决算、及早投入运营。对推进缓慢的项目，研究压缩实施规模、优化建设标准、调整 配套建设内容等。 1 、 财政部、税务总局发布公告称，对按照育儿补贴制度规定发放的育儿补贴免征个人所得税。自 2025 年 1 月 1 日起施行。 2 、 中国新一期 LPR 出炉， 1 年期为 3.0% ， 5 年期以上为 3.5% ，连续三月保持不变。 业内专家普遍认为， LPR 继续"按兵不 动"，符合预期。从 LPR 报价机制看，近期央行多次开展公开市场操作，作为 LPR 定价基础的 7 天期逆回购操作利率为 1.4% ，并未 发生变化，因此本月 LPR 继续维持不变。 3 、 今日凌晨，美联储公布的 7 月会议纪要显示， 7 月会上，几乎全体决策者支持暂不降息，只有两人反对。纪要体现了，对通胀和 就业的风险以及关税对通胀的影响，联储官员均存在分歧，不过多数还是认为，通胀上升的风险比就业下行的风险高。 多人认为，关税 的影响需要一些时间才会全面显现。与会者 ...

Core Viewpoint - The article discusses the recent stock performance of Chip Origin Co., Ltd. (芯原股份), highlighting a significant price fluctuation due to rumors of a collaboration with ByteDance on an AI chip, which was later denied by ByteDance [1][2]. Group 1: Company Overview - Chip Origin Co., Ltd. was established in 2001 and specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing [1]. - The company operates in various application fields, including consumer electronics, automotive electronics, and computers [1]. - According to IPnest, Chip Origin ranks eighth globally in terms of IP licensing revenue for 2024 and second in terms of IP types [1]. Group 2: Financial Performance - The company's revenue for 2024 is projected to be 2.322 billion yuan, reflecting a year-on-year decline of 0.69% [2]. - The net profit attributable to shareholders is expected to be a loss of 601 million yuan, a significant drop of 102.68% year-on-year [2]. - In the first quarter of 2025, the company continued to face pressure, with revenue of 390 million yuan, a year-on-year increase of 22.49%, but still reporting a net loss of 220 million yuan, down 6.45% year-on-year [2].

Core Viewpoint - The rapid development of artificial intelligence (AI) technology is creating widespread opportunities in the market, with a focus on analyzing AI concept stocks and market trends [2]. Group 1: AI Chip Collaboration - ByteDance is reportedly collaborating with Chipone Technology to design an advanced AI computing chip, although ByteDance has denied any such partnership [4]. Group 2: Regulatory Perspective on AI - U.S. Federal Reserve Vice Chair Bowman emphasized the necessity for banks and regulators to embrace new technologies like AI and cryptocurrencies to avoid losing relevance in the economy [4]. Group 3: Market Performance - On August 19, U.S. stock indices closed mixed, with major tech stocks experiencing significant declines, particularly NVIDIA, which fell by 3.5%, marking its largest drop in nearly four months [4][5]. - The overall decline in large tech stocks led to a 1.69% drop in the Nasdaq-100 index, with NVIDIA losing over $155 billion in market value (approximately 1.1 trillion RMB) [5]. Group 4: Semiconductor Sector Outlook - Citigroup analysts suggest that semiconductor stocks have further upside potential, recommending buying on dips. The Philadelphia Semiconductor Index (SOX) initially fell by 5% but rebounded due to strong performance in the AI sector [9][10]. - Despite a 6% downward adjustment in overall earnings expectations, AI remains a bright spot, with companies like Meta, Microsoft, and Google expected to increase capital expenditures by $18 billion by 2025 [10]. - Key semiconductor stocks identified for continued growth include Microchip Technology, Texas Instruments, Broadcom, Micron, and NXP Semiconductors, with AI-related revenue contributions highlighted [9][10].

A股复盘 |珍惜低开的A股 / 2025.08.20 那么多利空，我一直觉得今天A股必定会调整， 一定要让新股民尝尝在A股赚钱不是那么容易的滋味！ 但是两点之后怎么就框框拉了呢？到底是谁在买啊？不是说郭嘉队3400点以下没动手嘛！这架势，明天要摸3800点了 监管不是说慢牛嘛？隔夜纳指不是崩了嘛？好多上市公司不是发减持和高管留置调查的公告嘛？券商中国不是警示要合规荐股嘛？基金回本 后不是说会有赎回压力嘛？怎么午后还能这么涨，而且涨的都是我没有的大消费和芯片！ 昨天说没赚钱的兄弟今天肯定红了吧，资金都切出花来了！就像瑕姐说的，留给我们躲牛市的空间不多了！ 没有了孙的推荐，市场都找不到方向了！ 今天半导体芯片为啥涨啊！给我整懵了，是不是有我没看到的小作文～ 下午找了下研报，天风证券说基金赎回压力不大！！ 假设回本赎回效应会使得基金当季度增加5%的超额赎回，且偏股基金历史新高比例从目前的26%提升至50%， 那么大致会带来当季度300亿元级别的"回本 赎回"抛压；分散在一个季度，日均约5亿元， 这个数量级的抛压影响不大。根据2020-2021经验，回本赎回并不代表投资者离场，可能买新发基金、买量化 或买ETF。 结 ...

Group 1 - The core point of the article is that there was speculation about a collaboration between ByteDance and Chipone Technology regarding the design of an advanced AI computing chip, which led to a temporary surge in Chipone's stock price [1] - Following the speculation, a representative from ByteDance clarified that there is no collaboration with Chipone Technology related to AI chips, resulting in Chipone's stock price retracting from its peak [1]

Market Performance - The A-share market experienced a rebound on August 20, with the Shanghai Composite Index rising by 1.04%, the Shenzhen Component Index by 0.89%, and the ChiNext Index by 0.23, all reaching new highs for the year [2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.4 trillion yuan, marking the sixth consecutive trading day with volumes above 2 trillion yuan, with over 3,600 stocks rising [2] Sector Performance - The leading sectors included liquor, semiconductors, AI glasses, and minor metals, while sectors such as chemical pharmaceuticals, CRO, and vitamins saw declines [3] Notable Stocks - The STAR Market saw a significant increase of over 3%, with the semiconductor industry chain rebounding across the board. Chipmaker Chipone Technology hit a 20% limit up, reaching a new high since its listing [5] - In the computing power concept stocks, Inspur Information and Qunxing Toys hit the limit up, while companies like Unisplendour, ZTE, and Zhongke Shuguang also saw gains [7] - Cambrian Technology surged over 8%, with its stock price surpassing 1,000 yuan, becoming the second stock in the market to reach this milestone [7] Corporate Developments - Reports indicated that China FAW Group is planning to acquire a strategic stake in Leap Motor, with an initial offer to purchase around 10% of the company's shares [7]

Market Overview - On August 20, the A-share market experienced a rebound, with the Shanghai Composite Index rising by 1.04%, the Shenzhen Component Index by 0.89%, and the ChiNext Index by 0.23%, all reaching new highs for the year [1][2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.4 trillion yuan, marking the sixth consecutive trading day with volumes over 2 trillion yuan, with over 3,600 stocks rising across the market [1][2] Index Performance - Shanghai Composite Index: 3766.21 (+1.04%) - Shenzhen Component Index: 11926.74 (+0.89%) - ChiNext Index: 2607.65 (+0.23%) - STAR Market 50 Index: 1148.15 (+3.23%) - Total A-shares: 5970.70 (+0.97%) [2] Sector Performance - Leading sectors included liquor, semiconductors, AI glasses, and minor metals, while sectors such as chemical pharmaceuticals, CRO, and vitamins saw declines [2] - The semiconductor industry chain experienced a significant rebound, with Chipone Technology hitting a 20% limit up, reaching a new high since its listing [4][5] Notable Company Developments - ByteDance is reportedly collaborating with Chipone Technology to design an advanced AI computing chip, although ByteDance has denied any such partnership [4] - In the automotive sector, FAW Group is planning to acquire approximately 10% of Leap Motor's shares, aiming to become a strategic shareholder [7] Stock Highlights - Notable stock movements included Inspur Information hitting the limit up, and companies like Unigroup, ZTE, and Zhongke Shuguang also saw gains [5] - Cambrian Technology's stock surged over 8%, surpassing 1000 yuan, making it the second stock in the market to reach this price point [5]

Core Viewpoint - ByteDance is reportedly collaborating with Chipone Technology to design an advanced AI computing chip, but ByteDance has denied any such partnership [1] Group 1 - ByteDance is in discussions regarding the development of an AI chip [1] - Chipone Technology is mentioned as a potential partner in the AI chip design [1] - ByteDance's representative stated that there is no collaboration on AI chips with Chipone Technology [1]

Group 1 - Huahong Company announced plans to acquire Huali Micro's equity to resolve industry competition issues [1] - Huahong focuses on embedded/non-volatile memory, power devices, analog and power management, and logic and RF technologies, with applications in emerging fields such as new energy vehicles and IoT [1] - Huali Micro, a subsidiary of Huahong, engages in wafer foundry services for 65/55nm and 40nm processes, covering various memory and logic technologies [1] Group 2 - Cambrian's 3.985 billion yuan private placement project has been approved by the Shanghai Stock Exchange, with funds directed towards chip and software platforms for large models [1] - Dongguan Securities anticipates Texas Instruments to raise prices again in mid-August, which will further boost the prices of analog ICs [2] - Domestic companies are expected to gain market share in the analog IC sector due to advantages in cost and supply response speed amid ongoing price increases from foreign manufacturers [2] Group 3 - The semiconductor market is projected to reach a scale of 346 billion USD in the first half of 2025, reflecting an 18.9% year-on-year growth, indicating strong industry vitality [2] - Key companies in semiconductor equipment and packaging include Tongfu Microelectronics, Weicai Technology, and Shanghai Silin Industry [3] - Leading companies in the analog chip sector include Sanbang Technology, Sirepu, and Jiewate [3]