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⋙ Macroeconomic Analysis ⋘
In the fierce competition within the technology sector, the importance of the semiconductor industry is self-evident. In recent years, with the changing international landscape and the increasing urgency for technological self-sufficiency, the process of domestic semiconductor substitution has been accelerating, and we are now witnessing a critical “DeepSeek moment”.
The release of DeepSeek V3.1 not only achieves significant breakthroughs in technical performance but also notably supports domestic computing power chips. The new precision format UE8M0FP8 it employs is explicitly designed for pre-adaptation to the upcoming next-generation domestic chips (such as Ascend 920 and Cambricon 690); this change marks a transition for domestic AI from merely catching up in hardware to a new stage of collaborative evolution and deep integration between models and chips, optimizing at the algorithmic level to compensate for hardware shortcomings, thereby accelerating the process of achieving full-stack self-sufficiency in domestic computing power and opening up commercial opportunities.
On the market front, domestic computing power chip companies such as Cambricon and Haiguang Information have been receiving good news. Their products have been bulk purchased by major domestic manufacturers, which fully demonstrates that domestic computing power chips have gained high recognition in terms of performance, stability, and cost-effectiveness. These companies are gradually narrowing the gap with international advanced levels through continuous technological innovation and product optimization, securing a place in the domestic market and effectively promoting the process of semiconductor domestic substitution.
SMIC’s expansion plan is also of great significance. As a leading enterprise in the domestic semiconductor manufacturing sector, SMIC’s expansion will significantly increase the supply capacity of high-end domestic computing power chips. This will not only help alleviate the supply-demand contradiction in the domestic chip market and reduce dependence on imported chips but also drive the collaborative development of the entire industry chain, promoting the improvement of the domestic semiconductor industry ecosystem. Every link, from raw material supply, chip design, to manufacturing, packaging, and testing, will welcome new development opportunities driven by SMIC’s expansion.
It is noteworthy that changes in the external environment also reflect the deep-seated motivation for domestic substitution. On August 21, relevant individuals revealed that NVIDIA had requested some suppliers to suspend the production of components specifically customized for the Chinese market’s H20 chips. Behind this event are factors such as insufficient domestic market demand, closely related to regulatory policy guidance. As the process of self-sufficiency in domestic computing power chips accelerates, the substitution capability of domestic products in key scenarios continues to improve, naturally squeezing the market space for international chip products. Moreover, regulatory guidance towards technological self-sufficiency further drives market resources to tilt towards domestic chips, profoundly reflecting the reshaping of the domestic semiconductor industry ecosystem and creating a stronger resonance for the urgency and feasibility of domestic substitution.
⋙ Today’s Convertible Bond Market ⋘
AShares:The two markets traded 25,467 billion, an increase of 5% compared to the previous trading day; Shanghai Composite Index 3825.76, an increase of1.45%; Shenzhen Composite Index 12166.06, an increase of2.07%; ChiNext Index 2682.55, an increase of 3.36%; STAR Market 50 Index 1147.86, an increase of 8.59%; North Exchange 50 Index 1600.28, an increase of0.68%.
Commodity Futures:The Nanhua Commodity Index closed at2525.13, an increase of 0.21%.
Government Bonds:The 2-year government bond yield increased by0.3BP, the 5-year government bond yield decreased by 0.1BP, and the 10-year government bond yield increased by 0.9BP.
Convertible Bonds:Transaction volume926 billion, the China Securities Convertible Bond Index488.72, an increase of 0.95%, 78 fell, 367 rose.
[Convertible Bond Valuation]
Today’s closing median price of convertible bonds is 135.18, with a median pure bond premium rate of 28.76% and a median conversion premium rate of 28.14%.
[Top Ten Convertible Bonds by Increase]
[Top Ten Convertible Bonds by Decrease]
[Adjustment Tracking]
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