On August 22, the trading atmosphere in the A-share market was vibrant, with the transaction volume exceeding 2 trillion yuan, reaching 2.58 trillion yuan. This marks the 8th consecutive trading day where the transaction volume surpassed 2 trillion yuan. The chip and semiconductor sector saw a collective surge, with stocks like Cambricon and Haiguang hitting the daily limit, and SMIC rising by 14%. This article dissects the situation from three aspects: Market Performance–Industry Dynamics–Sector Opportunities.

1. Market Performance: Chip and Semiconductor Surge

1. Record-breaking transactions: The combined transaction volume of the Shanghai, Shenzhen, and Beijing markets reached 2.58 trillion yuan, breaking the 2 trillion yuan mark for the 8th consecutive trading day.

2. Major indices: The Shanghai Composite Index closed up 1.45%, at 3825.76 points, reaching a new high since 2015; the Sci-Tech Innovation 50 surged 8.59%, closing at 1247.86 points. According to Wind data, the net inflow of funds into the semiconductor sector on August 22 was 15.8 billion yuan, setting a record for the year, with both short-term and long-term funds increasing their positions.

3. Chip and semiconductor lead the gains: The sector experienced a wave of daily limit hits, with over ten stocks including Cambricon, Zhaoyi, Haiguang, and Shengmei hitting the daily limit or rising over 10%; SMIC’s A-shares surged 14.19%, with transaction volume exceeding 20 billion yuan.

2. Industry Dynamics: Continued Optimism

1. DeepSeek-V3.1 released: The model explicitly supports FP8 precision, and the official announcement revealed that the FP8 instruction set is “customized for the next generation of domestic chips“, igniting market expectations for leading computing chip companies like Cambricon, Haiguang, and SMIC.

2. NVIDIA H20 chip supply halted: Supply chain news indicates that NVIDIA has notified the cessation of H20 production. The market anticipates that the supply gap for high-end GPUs in China will be difficult to fill in the short term, making domestic AI chips the only alternative.

3. Leading companies validate orders: Ascend servers have recently won significant government, finance, and telecommunications contracts, with companies like Cambricon and Zhaoyi exceeding performance expectations, shifting the narrative from “story“ to “performance.

3. Sector Opportunities: Three Core Themes

1. Cycle Recovery: Global semiconductor sales have increased year-on-year for six consecutive months, with the inventory cycle transitioning from “passive destocking“ to “active restocking“, benefiting consumer electronics, automotive MCUs, and power semiconductors first.

2. AI Computing Power: The parameter count of large models doubles every 3 to 4 months, leading to increased demand for AI training/inference chips, HBM storage, advanced packaging, and optical chips.

3. Domestic 2.0: The third phase of the major fund has landed with 344 billion yuan, coupled with the introduction of subsidy details for the “first set of domestic equipment“, the penetration rates of equipment, materials, and EDA are expected to rise above 50%.

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(This article is for communication purposes only and does not constitute any recommendations for buying, holding, or shorting any individual or institutional securities/futures/funds/bonds/derivatives/physical assets.)