Core Viewpoint - The digital economy theme index and related ETFs are experiencing positive performance, indicating a growing interest and investment in the digital economy sector, particularly following the introduction of regulatory frameworks for stablecoins [1][2][3]. Group 1: Digital Economy ETF Performance - The digital economy ETF (560800) has seen a recent increase of 0.96%, with a latest price of 0.74 yuan [1]. - Over the past week, the digital economy ETF's scale has grown by 968.70 million yuan, ranking it in the top half among comparable funds [2]. - The latest share count for the digital economy ETF reached 1.026 billion shares, marking a three-month high and also placing it in the top half of comparable funds [3]. Group 2: Fund Inflows and Index Composition - The digital economy ETF recorded a net inflow of 441.44 million yuan, with a total of 1.468 billion yuan net inflow over the last four trading days, averaging 367.03 million yuan per day [3]. - The index tracks companies involved in digital economy infrastructure and high digitalization applications, with the top ten weighted stocks accounting for 50.98% of the index [3]. - The top ten stocks in the index include Dongfang Caifu (300059), Zhongxin International (688981), and others, with their respective weightings and recent performance detailed [4].

消息面上，2025全球人工智能技术大会(GAITC 2025)将于6月7日至8日在浙江杭州召开。作为我国人工 智能领域千人级综合性活动，大会以"交叉、融合、相生、共赢"为主题，坚持"国际化、高端化、专业 化"的办会理念，旨在打造"世界的讲台、中国的平台、城市的舞台"，今年是连续第六年在杭州举办。 截至2025年6月3日 09:39，上证科创板人工智能指数(950180)强势上涨1.23%，成分股澜起科技(688008) 上涨5.57%，复旦微电(688385)上涨3.75%，安恒信息(688023)上涨3.43%，乐鑫科技(688018)，安路科技 (688107)等个股跟涨。科创AIETF(588790)上涨1.07%，最新价报0.57元。流动性方面，科创AIETF盘中 换手1.4%，成交4450.05万元。拉长时间看，截至5月30日，科创AIETF近1年日均成交2.72亿元，排名可 比基金第一。 费率方面，科创AIETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年5月30日，科创AIETF近3月跟踪误差为0.016%，在可比基金中跟踪精度较 高。 从估值 ...

Group 1 - The core viewpoint highlights the positive performance of the AI sector in China, particularly through the rise of the STAR Market AI ETF, which has seen a net inflow of nearly 25 million yuan over two days [1] - The STAR Market AI ETF closely tracks the Shanghai STAR Market AI Index, which consists of 30 large-cap companies providing foundational resources, technology, and application support for AI [1] - According to the "2025 China AI Computing Power Development Assessment Report," China's intelligent computing power is expected to grow significantly, with a projected increase of 43% by 2025 compared to 2024, and potentially doubling by 2026 [1] Group 2 - CITIC Securities notes that the AI industry in China has gained sustained attention from society, driven by the breakout effect of DeepSeek, with upcoming releases of DeepSeekR2 and GPT-5 expected to continue the revaluation of the tech sector [2] - UBS highlights that international market interest in Chinese assets is increasing, supported by improved market liquidity, which enhances investor confidence and attracts long-term overseas investors [2] - The appeal of new productive forces, particularly in AI and high-end manufacturing, is driving a shift in the narrative logic of the Chinese stock market [2]

金融界5月30日消息，上证指数低开低走，上证科创板新一代信息技术指数 (科创信息，000682)下跌 1.22%，报1327.32点，成交额176.06亿元。 从上证科创板新一代信息技术指数持仓样本的行业来看，信息技术占比88.35%、可选消费占比5.04%、 工业占比4.45%、通信服务占比2.16%。 数据统计显示，上证科创板新一代信息技术指数近一个月下跌2.54%，近三个月下跌9.60%，年至今上 涨0.17%。 据了解，上证科创板新一代信息技术指数从科创板市场中选取50家市值较大的下一代信息网络、电子核 心、新兴软件和新型信息技术服务、互联网与云计算、大数据服务、人工智能等领域上市公司证券作为 指数样本，以反映科创板市场新一代信息技术产业上市公司证券的整体表现。该指数以2019年12月31日 为基日，以1000.0点为基点。 从指数持仓来看，上证科创板新一代信息技术指数十大权重分别为：中芯国际（9.96%）、海光信息 （9.54%）、寒武纪（8.98%）、澜起科技（6.8%）、中微公司（5.88%）、金山办公（5.06%）、传音 控股（2.58%）、石头科技（2.57%）、九号公司（2.47%）、芯原 ...

Wind数据显示，截至2025年5月30日 11:06，中证数字经济主题指数(931582)下跌1.45%。成分股方面涨 跌互现，恒生电子(600570)领涨0.72%，沪硅产业(688126)上涨0.21%，龙芯中科(688047)上涨0.11%；华 大九天(301269)领跌4.66%，寒武纪(688256)下跌4.06%，德赛西威(002920)下跌4.04%。数字经济 ETF(560800)下跌1.74%，最新报价0.73元。流动性方面，数字经济ETF盘中换手1.37%，成交1025.70万 元。拉长时间看，截至5月29日，数字经济ETF近1年日均成交2294.51万元。（以上所列示股票为指数 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。市场有风险，投资需谨慎。) | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300059 | 东方财富 | -1.15% | 8.12% | | 688889 | 中芯国际 | -1.55% | 6.58% | | 30 ...

郭晨凯 制图 ◎记者 柴刘斌 2025年行至年中，上市公司二季度的经营发展概况也逐渐明朗。近日，不少上市公司在业绩说明会、机 构调研中主动透露主营业务发展的新动向，积极传递产业升级的新信号。有的公司"报喜"项目建设新进 展，有的公司晒出新技术与新订单，还有的公司积极探寻并购重组新方向。 从半导体到机器人，从新能源到新材料，来自新兴产业、未来产业的上市公司用客观的数据、饱满的订 单、充沛的产能、国际化的视野，诉说着经营图景里的"稳"与"进"，战略布局中的"守"与"变"。 多维度传递二季度经营暖意 5月以来，机构投资者扎堆涌进上市公司打探订单规模、产能利用率、重大项目进展等经营新动向。上 海证券报记者发现，高景气赛道延续强劲增长动能，周期行业在供需调整中寻找平衡，制造业企业则专 注产能效率提升与市场需求升级。 受益于AI产业发展，芯片公司以订单增长量折射出产业高景气度。 "截至4月22日，预计在2025年第二季度交付的互连类芯片在手订单金额合计已超过人民币12.9亿元。同 时，公司仍在陆续收到客户的新订单。"澜起科技表示，展望2025年全年，预计DDR5内存接口芯片需 求及渗透率较2024年大幅提升，高性能运力芯 ...

Group 1 - The core viewpoint of the news is the performance of the China Construction Bank's Technology Innovation Leading Index (Yangtze River Delta), which rose by 2.0% to 1338.13 points, with a trading volume of 22.776 billion yuan [1] - The index has increased by 1.44% over the past month, decreased by 4.05% over the past three months, and has risen by 3.52% year-to-date [1] - The index consists of 50 representative listed companies from the Yangtze River Delta region, selected for their strong technological innovation capabilities and growth potential [1] Group 2 - The top ten weighted stocks in the index are: Weir Shares (10.07%), Lanjie Technology (8.22%), Zhongwei Company (7.11%), Jianghuai Automobile (6.34%), Huayou Cobalt (4.25%), Siyuan Electric (4.14%), Hudian Shares (3.86%), Hengsheng Electronics (3.67%), Top Group (3.15%), and New Hecheng (3.11%) [1] - The market segments of the index holdings show that the Shanghai Stock Exchange accounts for 72.90% and the Shenzhen Stock Exchange accounts for 27.10% [1] Group 3 - In terms of industry distribution, the index holdings are composed of 49.64% Information Technology, 19.03% Industrial, 11.08% Consumer Discretionary, 9.57% Healthcare, 7.30% Materials, 2.60% Communication Services, and 0.78% Consumer Staples [2] - The index samples are adjusted every six months, with adjustments occurring on the next trading day after the second Friday of June and December [2] - A buffer zone is set for sample adjustments, prioritizing new samples ranked within the top 25 and retaining old samples ranked within the top 75 [2]

流动性方面，科创芯片ETF盘中换手2.92%，成交7.30亿元。拉长时间看，截至5月28日，科创芯片ETF近1年日均成交22.42亿元，排名可比基金第一。 规模方面，科创芯片ETF近1周规模增长1.28亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF近1周份额增长4.98亿份，实现显 著增长，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内有4日资金净流入，合计"吸金"7.87亿元，日均净流入达1.57亿元。 数据显示，截至2025年4月30日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武纪、澜起科技、中微公司、芯原股份、恒玄科技、沪 硅产业、思特威、华润微，前十大权重股合计占比58.53%。 截至2025年5月29日 10:57，上证科创板芯片指数强势上涨1.37%，成分股安路科技上涨5.41%，思特威上涨3.52%，芯原股份上涨2.87%，晶晨股份、华峰测 控等个股跟涨。科创芯片ETF(588200)上涨1.37%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 消息面方面，近两日，芯片巨头海光信息拟合并超算 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company focuses on high-speed interconnect chips, with the capacity chips becoming a new growth engine. In 2024, interconnect chips and the server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11][16] - The company is one of the three major DDR5 memory interface chip manufacturers globally, and it has initiated the second-generation iteration of DDR5. The penetration rate of DDR5 continues to rise, with the company’s DDR5 second-generation RCD chip shipments exceeding the first-generation products in 2024 [2][45] - The company’s MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips to PCIe Switch chips [3][12] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][4][16] - The company’s revenue from 2016 to 2024 has a CAGR of 20%, while the net profit has a CAGR of 41% [11][16] Product Development - The company has launched several high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, which have generated significant revenue growth. In 2024, these new products generated approximately 422 million yuan, an eightfold increase from 2023 [2][24] - The company is actively involved in the development of DDR5 memory interface chips, with the second-generation RCD chip shipments surpassing the first generation in 2024. The third-generation RCD chip is expected to be shipped in Q4 2024 [2][46] Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with 92% of its revenue derived from interconnect chips in 2024. The gross margin for interconnect chips was 62.7%, slightly above the international comparable company Rambus [24][22] - The global market for memory interface chips is projected to reach 5.7 billion USD by 2031, with the company being one of the three main suppliers in the DDR5 generation [40]

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company focuses on high-speed interconnect chips, with its capacity chips becoming a new growth engine. In 2024, interconnect chips and the Tsingdai server platform accounted for 92% and 8% of revenue, respectively. The company achieved a revenue of 3.639 billion yuan in 2024, a year-on-year increase of 59%, and a net profit of 1.412 billion yuan, a year-on-year increase of 213% [1][11]. - The company is one of the three major DDR5 memory interface chip manufacturers globally, leading the second-generation iteration of DDR5. The continuous iteration of CPUs supporting higher-speed DDR5 will drive the large-scale use and upgrade of DDR5 memory modules [2][45]. - The MXC chip has entered the first batch of compliant suppliers for CXL 2.0, and the company has decided to shift its R&D focus from AI computing chips for data centers to PCIe Switch chips [3][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.639 billion yuan, with a year-on-year growth of 59%. The net profit reached 1.412 billion yuan, marking a year-on-year increase of 213%. The revenue and net profit for Q1 2025 were 1.222 billion yuan and 525 million yuan, respectively, both setting quarterly records [1][11][16]. - The company's revenue from interconnect chips was 3.349 billion yuan, with a gross margin of 62.7% in 2024 [24][22]. Product Development - The company has successfully launched multiple high-performance capacity chips, including PCIe Retimer, MRCD/MDB, and CKD, with a combined revenue of approximately 422 million yuan in 2024, which is eight times that of 2023 [2][56]. - The company has initiated the second-generation iteration of DDR5 memory interface chips, with the second-generation RCD chip shipments exceeding those of the first generation in 2024 [46][45]. Market Position - The company is positioned as a leading provider of interconnect chips and server platforms, with a CAGR of 20% in revenue from 2016 to 2024 and a CAGR of 41% in net profit during the same period [11][16]. - The global market for memory interface chips is expected to reach $5.7 billion by 2031, with the company being one of the three main suppliers [40][41]. Valuation - The report provides a reasonable valuation range for the company's stock at 84.50 to 93.89 yuan, representing a premium of 11% to 24% over the closing price of 75.84 yuan on May 27 [5][4].