今日（7月17日）光模块三剑客"易中天"继续狂飙，新易盛涨超8%，中际旭创涨逾4%，天孚通信涨超 3%，热门ETF方面，硬科技宽基——双创龙头ETF（588330）场内价格盘中涨超1．5%，现涨1． 36%。 消息面上，首先英伟达于7月16日宣布获得许可向中国交付H20 GPU；其次AMD在同日宣布获准恢复向 中国销售AI芯片；此外有头部AI服务器企业人士透露，正在急迫下单抢购H20芯片。 上述消息对CPO板块构成实质性利好。英伟达和AMD恢复对华AI芯片供应将直接拉动国内数据中心建 设需求，而CPO作为光模块先进封装技术，是800G/1.6T高速光模块的核心环节。订单急迫性反映出AI 算力基础设施的旺盛需求，产业链相关企业的业绩增长确定性显著提升。 业内人士指出，"光模块"是英伟达H20芯片的核心模块之一，随着H20芯片供应恢复，直接利好光模块 三剑客"易中天"： 1、新易盛：英伟达 800G LPO光模块供应商，H20芯片的推理算力需求将带动低功耗光模块的采购。 2、中际旭创：英伟达1.6T/800G光模块核心供应商，H20芯片的恢复供应将带动国内AI服务器需求增 长，进而提升高速光模块（尤其是800G/ ...

Core Viewpoint - The photovoltaic industry is regaining market focus due to the "anti-involution" policy, leading to increased expectations for supply-side reforms and a gradual recovery in the industry [1] Group 1: Market Activity - The photovoltaic ETF (515790) has seen significant capital inflow since July, accumulating over 2.053 billion yuan by July 16, making it a leader among similar products [1] - The ETF's shares and scale have expanded, reaching a historical high of 17.767 billion shares and a scale of 12.738 billion yuan [1] - The average daily trading volume of the photovoltaic ETF has maintained a high level, averaging 807 million yuan since July [1] Group 2: Industry Fundamentals - The photovoltaic industry's fundamentals are showing signs of recovery, with price increases across multiple segments of the supply chain in response to policy guidance [1] - The price of polysilicon has risen to a range of 45,000 to 50,000 yuan per ton as of the second week of July [1] - Prices for silicon wafers and battery cells have also increased significantly, providing strong support for downstream prices [1] Group 3: ETF Characteristics - The photovoltaic ETF (515790) tracks an index covering upstream, midstream, and downstream sectors of the photovoltaic industry, selecting up to 50 representative companies [2] - The top five constituent stocks include leading companies such as Sungrow Power Supply, LONGi Green Energy, TCL Technology, TBEA, and Tongwei Co., which are expected to benefit from the overall price recovery in the industry [2] - The ETF is the only product in the A-share market with a scale exceeding 10 billion yuan, boasting over 220,000 investors [2]

热门ETF方面，国防军工ETF（512810）直线冲涨逾2%，成交额8810万元。 数据来源于沪深交易所。风险提示：国防军工ETF被动跟踪中证军工指数，该指数基日为2004.12.31， 发布于2013.12.26。以上个股均为标的指数成份股，仅作展示，个股描述不作为任何形式的投资建议， 也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基金的风险等级为R3-中风 险，适宜平衡型（C3）及以上投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息 （包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须 对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资 建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩 并不代表其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资需谨 慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 7月17日午后，国防军工板块快速走强，建设工业、应流股份、中航沈飞等多股涨停，其中中航沈飞股 价创历史新高！ 国新证券表 ...

Group 1 - The military aviation sector experienced a sudden surge on July 17, with companies like Yingliu Co. hitting the daily limit, and Morningstar Aviation rising by 11% [1] - The General Aviation ETF Huabao (159231) saw a price increase of 2.42%, strongly surpassing the 5-day, 10-day, and 20-day moving averages [1] - The China Civil Aviation Administration established a leadership group for general aviation and low-altitude economy on July 4, along with six special working groups [2] Group 2 - Local governments are actively promoting low-altitude economy initiatives, with Heilongjiang Province introducing 17 policy measures and Guangzhou holding a development meeting [3] - The low-altitude industry fund in Henan was established with a scale of 2 billion yuan, and a total of 40 projects have been signed since 2024, with a planned total investment of 8.33 billion yuan [3] - Pacific Securities predicts a recovery in the military industry, suggesting a "Davis Double-Click" phase for the sector, with a focus on advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology [3] Group 3 - The General Aviation ETF Huabao (159231) covers a broad index of 50 constituent stocks, with over 46% from state-owned enterprises and more than 20% from the top ten military groups [4] - The ETF focuses on key areas such as low-altitude economy (52.12%), large aircraft (34.60%), military aircraft (31.51%), commercial aerospace (26.18%), satellite navigation (25.76%), and drones (18.52%) [4]

Group 1 - The overall A-share market has experienced fluctuations, leading to a slight adjustment in the rare earth sector, but investor confidence remains strong as funds continue to flow into leading products [1] - The rare earth ETF (516780) has seen a net inflow of 252 million yuan over six consecutive trading days (from July 9 to July 16, 2025), leading all A-share rare earth theme ETFs [1] - As of July 16, 2025, the rare earth ETF (516780) has reached a new high with 1.155 billion shares and a total scale of 1.4 billion yuan, marking the highest levels in three years [1] Group 2 - Recent actions by the U.S. in the rare earth sector aim to enhance supply chain security and stability, accelerating domestic industry chain construction and promoting diversification of critical mineral supply chains [1] - According to a recent report by CICC, limited marginal supply increases alongside improved domestic demand expectations may drive a rebound in domestic rare earth prices [2] - The rare earth ETF (516780) tracks the CSI Rare Earth Industry Index, which includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of rare earth industry listed companies [2] Group 3 - The management of the rare earth ETF (516780) by Huatai-PB Fund, which has over 18 years of ETF operation experience, positions it among the top tier in the industry with a total ETF scale exceeding 500 billion yuan as of July 16, 2025 [2] - The investment value of the rare earth sector is expected to further highlight as the strategic value of the rare earth industry increases [3] - Investors can consider the rare earth ETF (516780) for its larger scale and better liquidity, with options to invest through its linked funds [3]

Group 1 - The high dividend sector has seen a strong performance followed by a consolidation phase, attracting accelerated inflow of incremental funds, with daily average trading volume reaching 735 million CNY from July 15 to July 16, and a total of 1.704 billion CNY in net inflow over eight consecutive trading days from July 7 to July 16 [1] - The Ministry of Finance issued a notice on July 11 to encourage long-term stable investments by insurance funds, which is expected to create a favorable environment for long-term investments, aligning with the demand for enhancing long-term returns through high dividend, low volatility assets [1] - The dividend low volatility ETF (512890) has reached a historical high in fund size for 12 consecutive trading days, surpassing 20 billion CNY for the first time on July 9, and further increasing to 21.399 billion CNY by July 16, marking a growth of 7.65 billion CNY since the beginning of the year [1] Group 2 - The dividend low volatility ETF (512890) is the first ETF tracking the dividend low volatility index in the market, achieving positive returns every complete year since its inception, and ranking first among similar funds in terms of five-year returns as of June 30 [2] - The linked funds of the ETF have a total of 829,800 holders, making it the only dividend theme index fund with over 800,000 holders in the market [2] - The fund manager, Huatai-PB Fund, has over 18 years of experience in managing dividend index investments, with a total management scale of 42.654 billion CNY across its dividend-themed ETFs as of July 16 [3]

Core Viewpoint - The launch of the Changcheng National Securities Free Cash Flow Index Fund aims to capitalize on companies with sustainable free cash flow, which is seen as a key indicator of financial health and long-term investment value [1][3]. Fund Overview - The fund will track the National Securities Free Cash Flow Index, which was established in 2012 and focuses on companies with strong free cash flow rates, excluding the financial and real estate sectors [1][2]. - The fund manager emphasizes that free cash flow is the maximum cash available for distribution to shareholders and creditors after meeting operational and investment needs [1]. Index Characteristics - The National Securities Free Cash Flow Index includes 100 "cash cow" companies, selected based on free cash flow rates, liquidity, industry, and ROE stability [1][2]. - The index covers both dividend-paying and growth industries, with a notable overweight in cyclical sectors like home appliances, oil and petrochemicals, and non-cyclical sectors like automotive and pharmaceuticals [2]. Performance Metrics - The index has shown strong historical performance, achieving positive returns for six consecutive years from 2019 to 2024, with a peak increase of 49.15% in 2021 [3]. - As of the end of 2024, the index's ROE was reported at 12.69%, outperforming other indices such as the CSI Dividend and CSI 500 [2][3]. Future Outlook - The fund is positioned to leverage the increasing importance of free cash flow in the context of China's high-quality economic development, potentially becoming a key vehicle for long-term capital inflows into the A-share market [3].

Group 1 - The first batch of Sci-Tech Bond ETFs, specifically the Bosera Sci-Tech Bond ETF (trading code: 551000), was officially listed on July 17, providing investors with a convenient tool for investing in bonds of technology innovation companies [1][3] - The Sci-Tech Bond ETF is designed to fill a market gap in the technology financial bond fund sector, attracting significant attention from investors [1][4] - The underlying index for the Bosera Sci-Tech Bond ETF tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, with a total market value of 903.1 billion yuan [4][5] Group 2 - The index consists of 646 constituent bonds from 145 issuers, primarily state-owned enterprises, with an average yield of 1.95% and a weighted duration of 3.93 years [4] - The index has shown a total return of 13.91% since its base date, with an annualized return of 4.67%, indicating strong market performance [4] - The manager of the ETF, Zhang Lei, noted that the trading activity and liquidity of Sci-Tech company bonds have significantly improved, with expectations for continued issuance and expansion of the index [5] Group 3 - The company has previously launched four other bond ETFs, including convertible bond ETFs and credit bond ETFs, which cater to various investment strategies and liquidity management needs [6] - As of March 31, 2025, the total management scale of Bosera's bond ETFs and index funds reached 97.7 billion yuan, positioning the company as a leader in the industry [6] - The diverse product line offers investors a range of bond investment tools, enhancing the appeal of Bosera's offerings in the market [6]

联想到最近《DT商业观察》发布的《2025年轻人存钱小调查》，虽然调研样本受限于公众号粉丝结 构，但呈现出来的一些数据还是很有意思。 调查显示，在存款比例方面，38.8%的受访者表示会把一半以上的月薪存起来，只有5%的人打算减少存 款比例，众多调研受访者也表示近年来存款意识在逐渐增强。 对应存钱的原因，调查显示，安全感是主要原因。 7月14日，央行网站公布的2025年上半年金融统计数据显示，2025年上半年，境内住户存款增加10.77万 亿元至162.02万亿元，创下历史新高。存款逐渐成为很多人的选项。 尤其是在今年债市的大幅波动下，国泰利盈更是展现出了非常出色的投资管理能力，业绩表现及风险控 制均优于同类平均。 我们以中债-新综合指数（CBA00101.CS）为例，截至6月30日，该指数今年以来最大回撤1.73%，最大 回撤修复天数35天。相比之下，国泰利盈A今年以来最大回撤仅-0.08%，不足同类基金的1/3，今年以来 最大回撤修复天数仅3天，也显著优于同类平均。（数据来源：wind，时间2025/1/1-2025/6/31，过往业 绩不预示未来） 在收益表现方面，国泰利盈A今年以来收益率1.07%，而同 ...

四连涨后，首跌！重点布局国产AI产业链的科创人工智能ETF华宝（589520）迎来逢跌布局机遇？ 今日（7月17日）重仓国产AI的科创人工智能ETF华宝（589520）在水面下震荡，场内价格现跌0． 11%。成份股方面，石头科技涨超3%，凌云光涨逾2%，澜起科技、奥比中光、天准科技、云从科技飘 红。 消息面上，当地时间7月15日，美国财政部长贝森特表示，中国已经研发出性能与H20芯片相当的芯 片，因此英伟达销售H20芯片不存在问题。市场分析人士表示，国产替代并未减速！在DeepSeek等国产 大模型开源普及下，中国算力基建（CPO、PCB、液冷）或迎来"十年一遇"的扩张期。 7月16日，英伟达CEO黄仁勋表示，中国培养了全球约50%的AI研究人员。中国的开发者、创业者正在 推动AI的快速创新，现在有100万名开发者投身这一领域，像DeepSeek、阿里巴巴、MiniMax、百度， 他们开发的产品都是世界级的，推动了全球人工智能的发展。 为什么要发展AI+？东吴证券指出，基于我国国情与全球AI产业链特征的人工智能战略： 2、创新驱动，未来可期：乘风AI热潮，全球大模型百花齐放，国产DeepSeek实现弯道超车， ...