"从行业趋势来看，通用服务器为支持AI应用而进行的存储升级，以及智能手机、PC等设备上'端侧 AI'功能的普及带来全方位存储需求，存储'超级周期'的延续性得到多重支撑。"德明利相关负责人在接 受《证券日报》记者采访时介绍，德明利已凭借主控芯片自研、固件算法优化、全场景适配的核心能 力，构建起多场景全链路国产化解决方案，助力头部终端厂商和数据中心国产化存储需求的落地。 本报记者 刘晓一 AI存储景气度持续上扬，上市公司加快布局节奏。12月2日，国产存储龙头深圳市江波龙电子股份有限 公司（以下简称"江波龙"）发布定增预案，拟募集资金总额不超过37亿元，用于面向AI领域的高端存储 器研发及产业化、半导体存储主控芯片系列研发、半导体存储高端封测建设以及补充流动资金。 江波龙方面表示，面向以AI为代表的新市场需求，本次募资有利于提升公司各环节技术实力、扩充产 品矩阵、提升品牌和市场影响力，进而提升其持续盈利能力。 "随着生成式AI、大模型技术的爆发式增长，数据处理量呈指数级攀升，AI存储作为支撑算力运行的数 据'粮仓'，市场需求持续释放。"中国电子商务专家服务中心副主任郭涛在接受《证券日报》记者采访 时表示，供需缺口下 ...

Core Insights - The report emphasizes that computational power is accumulating, leading to significant advancements in applications, particularly in AI, with a projected 10% impact point approaching in 2026 [3] - Institutional holdings in the computer sector are at a historical low of 2.4%, indicating potential for growth in valuations [3][21] - The report identifies three key focus areas for 2026: large models, computational power, and applications, all showing significant changes and accelerated iterations [3] Group 1: Market Overview - The computer index has shown a year-to-date increase of 18%, ranking 12th among all sectors, with AI computing, embodied intelligence, and AI applications as the main themes [9][10] - The report notes a basic performance turning point, with net profit rebounding and a stable overall performance expected for 2025 [10][13] Group 2: Valuation and Holdings - The report indicates that the computer sector's valuation is at a historical mid-to-high level, with PE (TTM) at 85.4, PS (TTM) at 3.6, and PCF (TTM) at 46.6 [18] - The report highlights that the computer sector's fund allocation is at a historical low, with a 2.4% allocation in Q3 2025 [21] Group 3: AI Model Developments - The report discusses the rapid narrowing of the performance gap between Chinese and American large models, with significant advancements in commercial applications expected [3][26] - It highlights the emergence of various large models in 2025, focusing on monetization, AI programming, and multi-modal capabilities [26][29] Group 4: Key Companies and Trends - The report identifies key companies in the computer sector, such as Zhongke Shuguang and Inspur Information, which have seen significant increases in their market values due to rising domestic computational capacity [23] - The report notes that the demand for AI applications is driving growth in various sectors, with companies like Alibaba and ByteDance leading in AI-related job creation [40]

今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 2.72 | 快手概念 | -3.56 | | 高压氧舱 | 0.92 | MLOps概念 | -3.32 | | 中韩自贸区 | 0.77 | DRG/DIP | -3.21 | | 供销社 | 0.69 | Web3.0 | -3.15 | | 流感 | 0.67 | 小红书概念 | -3.09 | | 青蒿素 | 0.57 | Sora概念(文生视频) | -2.87 | | 煤炭概念 | 0.51 | 智谱AI | -2.83 | | 人造肉 | 0.37 | 云办公 | -2.70 | | 医药电商 | 0.37 | 家庭医生 | -2.67 | | 超导概念 | 0.35 | ChatGPT概念 | -2.65 | 截至12月3日收盘，Web3.0概念下跌3.15%，位居概念板块跌幅榜前列，板块内，福石控股、榕基软 件、宣亚国际等跌幅居前，股价上涨的有5只，涨幅居前的有佳创视讯、观想科技、厦门信达等，分别 上涨6.23%、4.71%、2 ...

人民财讯12月2日电，据中科曙光（603019）消息，12月1日，DeepSeek正式发布DeepSeek-V3.2和 DeepSeek-V3.2-Speciale，大幅强化Agent能力，融入思考推理。基于中国首个AI计算开放架构，硬件 层、软件层、模型层实现"跨层协同"，曙光AI超集群系统、scaleX640超节点等产品0day完成对 DeepSeek新版本的深度适配与调优，支持各行各业客户进行全量落地部署。 ...

该基金的现任基金经理为郑巍山。郑巍山曾先后就职于国元证券研究中心、景顺长城基金管理有限 公司、兴业基金管理有限公司，从事投资、研究等工作。2018年10月加入银河基金管理有限公司股票投 资部。 | 代码 | 名称 | 复权单位净 累计单位 规模 亿 基金成立日 基金经理 | | | | | --- | --- | --- | --- | --- | --- | | | | 值增长率% 净值元 | 元 | | | | 519674.0 银河创新混合A | | -6. /1 | 8.7606 | 138.75 2010-12-29 邪魏山 | | | H | | | | | | | 212 - | | | | | --------------- | （责任编辑：康博） 中国经济网北京12月2日讯 据同花顺iFinD数据显示，2025年11月份，银河创新成长混合A单月下跌 6.71%。截至三季度末规模为138.75亿元。 资料显示，银河创新成长混合A成立于2010年12月29日，2025年三季报披露，该基金主要投资方向 为半导体产业链，前十大重仓股为中芯国际、兆易创新、海光信息、寒武纪、中微公司、翱捷科技、思 瑞浦 ...

截至2025年12月2日 09:53，中证数字经济主题指数下跌0.64%。成分股拓荆科技领涨，中微公司、华大九天跟涨；纳思达领跌，同花顺、指南针跟跌。数字 经济ETF(560800)下修调整。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资 建议，投资方向、基金具体持仓可能发生变化） 据Wind数据显示，流动性方面，数字经济ETF盘中换手0.88%，成交565.56万元。规模方面，数字经济ETF近1周规模增长956.08万元。份额方面，数字经济 ETF近1月份额增长1400.00万份，实现显著增长。资金流入方面，近21个交易日内有11日资金净流入，合计"吸金"1479.58万元。 消息面上，11月28日，首届全球万物智联数字经济可持续发展大会暨2025（第十届）世界物联网大会在北京隆重开幕。大会围绕"万物智联新经济 智慧社会 新时代"主题，举行了世界新经济论坛、大使论坛、世界物联网500强峰会、国际合作论坛、AI+物联网、智慧能源、工业互联、交通车联、低空智联、标准 化等十多场论坛活动，新一代物联网、人工智能科技支撑的数字经济转型升级，正在重塑一个 ...

2025年12月1日，国内财经市场在政策精准调控与产业利好推动下呈现稳健运行态势。金融监管新规落地、资本市场结构优化、重点产业政策密集出台等多 重积极因素叠加，为年末经济平稳收官注入动力，国际市场波动则为国内市场带来阶段性机遇。 宏观政策：金融监管提质增效 风险防控与服务优化并重 当日，央行联合金融监管总局、证监会发布的《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法》成为金融领域核心政策亮点，该办法将于 2026年1月1日正式施行。与此前市场预期不同，新规明确取消"个人存取现金超5万元需登记资金来源"的规定，核心确立"基于风险"的监管原则——对收入 清晰、交易稳定的普通客户简化审核流程，对大额异常交易则强化尽职调查，既筑牢反洗钱防线，又保障普通民众金融服务便利性。 12月1日A股市场呈现普涨格局，主要指数集体收红。截至收盘，上证指数上涨0.65%重返3900点整数关口，报3914.01点；深证成指涨幅1.25%，报13146.72 点；创业板指表现尤为强劲，上涨1.31%至3092.50点。市场交投活跃度显著提升，沪深两市成交额达1.87万亿元，较前一交易日放量2881亿元，近3400只个 股实现 ...

12月第一个交易日，消费电子、元件、通信设备等板块走强，聚焦AI基建+应用双条线的云计算ETF（159890）收涨1.85%。产业链来看，近日 来海内外算力板块迎密集催化，主要有以下四点： 一是谷歌TPU开启AI算力新方向：其TPU生态带来的OCS新一代光互联方案，专为加速人工智能和机器学习任务设计集成电路ASIC，成为继 GPU之后又一个重要的AI算力核心支撑。 二是阿里上调AI投入指引：确认未来三年3800亿元Capex可能上修，云业务强劲增长（+34%）；新发的千问App公测一周下载破1000万，成为 全年最强AI应用增长曲线；且国产大模型亦有突破，DeepSeekMath-V2模拟IMO实现金牌水平，使开源模型在严谨推理中首次逼近闭源实验室 性能。 三是北京推出"太空算力"规划：拟在700-800公里晨昏轨道建设运营超过千兆瓦（GW）功率的集中式大型数据中心系统，以实现将大规模AI算 力搬上太空。国投证券指出，商业航天密集催化，太空算力或将成为AI算力新赛场。 四是摩尔线程和沐曦相继开启新股申购，国投证券认为算力投资或将迎来新格局。 【全球云计算市场稳定增长，AI引发新一轮需求激增】 经中国信通院测算 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Group 1 - The computer industry is showing signs of improvement in both revenue and profit for 2025, with software business revenue reaching 11.11 trillion yuan, a year-on-year increase of 13.0% [11][13] - The overall revenue for the computer industry in the first three quarters of 2025 is 1.51 trillion yuan, with a growth rate of 10.1% after excluding the high proportion of Industrial Fulian [13][16] - The net profit for the industry in the first three quarters of 2025 is 184 billion yuan, reflecting a year-on-year increase of 57.4% [16] Group 2 - The "14th Five-Year Plan" emphasizes self-sufficiency in key areas such as integrated circuits and basic software, with increased government procurement for domestic innovation [25][26] - The EDA sector has become a focal point of U.S. export controls, accelerating the demand for domestic alternatives [29][30] - The release of HarmonyOS 6 marks a significant milestone for Huawei, with terminal numbers surpassing 23 million, indicating a strong growth trajectory for domestic operating systems [38][41] Group 3 - The AI and computing concepts have shown significant growth, with the AI computing demand driving the "East Data West Computing" concept to rise by 146.8% in 2025 [20][21] - The overall valuation of the computer industry is above historical averages, with a TTM valuation of 55.33 times as of November 27, 2025 [21][24] - Domestic AI chip manufacturers are experiencing accelerated growth, with companies like Cambrian and Haiguang reporting substantial revenue increases [48][49] Group 4 - The integration of AI applications is expected to enhance the competitive advantage of integrated AI manufacturers, with DeepSeek collaborating with domestic chip manufacturers to optimize performance [4][4] - The demand for AI servers is increasing, requiring manufacturers to enhance their overall system design capabilities [3][3] - The trend towards liquid cooling technology is becoming mainstream as AI chip performance continues to improve [3][3]