科创民企策略指数从科创板上市公司证券中选取50只研发投入高、盈利能力强的民营上市公司证券作为指数样本，更侧重 投资属性。自基日以来，科创民企策略指数年化收益2.7%，相较科创50超额收益约3.5个百分点；行业分布集中在半导体、计 算机、生物医药等战略性新兴领域，权重合计约68.5%。 截至2025年6月底，科创民企策略指数样本总市值合计约1.2万亿元，过去一年日均成交金额合计约161亿元，更有寒武纪、 金山办公等千亿元市值龙头股在列，具有良好的长期投资价值。 近年来，上交所和中证指数公司持续完善科创板指数体系。目前，科创板已形成覆盖宽基、行业主题及策略等类型的全方 位多层次科创板指数以及ETF产品生态。截至7月18日，境内外跟踪科创板指数的产品达到161只，合计规模近2600亿元。 本报讯 （记者毛艺融）在科创板开市六周年之际，科创板指数体系再迎"新成员"。7月22日，上海证券交易所（以下简 称"上交所"）与中证指数有限公司（以下简称"中证指数公司"）正式宣布，将于今年7月23日正式发布上证科创板民营企业指 数（以下简称"科创民企指数"）和上证科创板民营企业50策略指数（以下简称"科创民企策略指数"），为市场 ...

国内外 AI 共振，继续推动 算力需求提升 计算机行业"一周解码" 近日，OpenAI 发布通用型 AI Agent，国内外 AI 实现共振；华夏基金（香港）发 布全球首只人民币代币化基金；英伟达 CEO 黄仁勋宣布，美国政府已批准 H20 芯片对华出口许可，与此同时，英伟达同步推出面向智能工厂、数字孪生、机器 人场景的 RTX Pro GPU，有望加速工业机器人、自动驾驶产业变革。 支撑评级的要点 (1)奇安信：奇安信决定将存放于公司回购专用证券账户中的 2,919,652 股回购股 份的用途进行变更，由"用于员工持股计划或股权激励"变更为"用于注销并减 少注册资本"。 计算机 | 证券研究报告 — 行业周报 2025 年 7 月 21 日 (2) 光洋股份：董事会、股东大会同意公司 2025 年度为纳入合并报表范围内控股子公 司融资业务提供担保，控股子公司为母公司融资业务提供担保，额度总计不超过人民 币 20 亿元，其中向资产负债率为 70%以上的担保对象的担保额度为不超过 3.8 亿元， 向资产负债率为 70%以下的担保对象的担保额度为不超过 16.2 亿元。 投资建议 建议关注大模型、算力及金融 IT ...

□本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨1.63%，报1706.67点。中际旭创、信立泰、科沃斯等 成分股上周表现强势；2025年以来，信立泰、药明康德、科沃斯等成分股涨幅居前。展望后市，机构认 为，基本可以确定上证指数已经站稳3500点，当前多头力量强劲，继续给予市场"积极"评价，结构上预 计资金高低切换特征延续，板块间或保持轮动。 多只成分股表现强势 展望后市，星石投资表示，短期看，基本可以确定上证指数已经站稳3500点，个股表现活跃，市场赚钱 效应增加，有望带动场外资金流入。在流动性较为充裕的背景下，资金交投情绪不弱，叠加市场可能会 提前博弈政策预期，当前多头力量强劲，继续给予股市"积极"评价。结构上看，当前个股估值表现仍存 在分化，预计资金高低切换特征或延续，板块间或保持轮动，各个板块均有机会。 中期视角下，参照历史经验，星石投资认为当前或处于新一轮牛市的开端。随着国内政策持续发力以稳 定经济增长，基本面的好转，尤其是内生动能的增强，将是后续股市进一步上涨的动能。基本面推动的 股价上涨将更加扎实、更具有持续性。 高信百诺投资表示，目前已进入上市公司业绩发布时间窗口，业绩对于个股 ...

行 业 及 产 业 2025 年 07 月 19 日 Kimi K2 发布获多项开源 SOTA！ 行 业 研 究 / 行 业 点 评 相关研究 《稳定币加速进入主流领域！超节点实现 从单卡突破到集群重构！—— 计算机行业 周报 20250707-20250711》 2025/07/12 《3D 打印产业链高景气！AI+法律产品突 破！——计算机行业周报 20250630- 20250704》 2025/07/05 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 陈晴华 A0230123090010 chenqh@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.c ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调 整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本 中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪互联网的公募基金包括：南方中证互联网C、南方中证互联网A。 从指数持仓来看，中证互联网指数十大权重分别为：新易盛（9.11%）、中际旭创（8.08%）、中兴通 讯（5.55%）、科大讯飞（5.55%）、海康威视（5.21%）、中科曙光（5.12%）、金山办公（3.41%）、 同花顺（2.98%）、浪潮信息（2.87%）、恒生电子（2.57%）。 从中证互联网指数持仓的市场板块来看，深圳证券交易所占比74.05%、上海证券交易所占比25.95%。 从中证互联网指数持仓样本的行业来看，信息技术占比52.76%、通信服务占比47.24%。 金融界7月18日消息，上证指数高开高走，中证互联网指数 (互联网，H30535)下跌0.13%，报3333.49 点，成交额8 ...

Core Viewpoint - The artificial intelligence (AI) sector is experiencing positive momentum, with the China Securities Artificial Intelligence Industry Index and related ETFs showing significant gains, indicating strong investor interest and potential growth in the industry [1][3]. Group 1: Index Performance - As of July 18, 2025, the China Securities Artificial Intelligence Industry Index (931071) increased by 0.36%, with notable gains from constituent stocks such as Deepin Technology (8.31%) and Kingsoft Office (3.39%) [1]. - The AI ETF (515980) has achieved a six-day consecutive increase, with a weekly cumulative rise of 8.18% as of July 17, 2025 [1]. Group 2: Liquidity and Trading Volume - The AI ETF recorded a turnover rate of 5.91% and a total trading volume of 193 million yuan on the day [3]. - The average daily trading volume for the AI ETF over the past week was 291 million yuan, with the latest fund size reaching 3.243 billion yuan [3]. Group 3: Fund Performance Metrics - The AI ETF has seen a net value increase of 44.77% over the past year, ranking 434 out of 2917 index equity funds, placing it in the top 14.88% [3]. - Since its inception, the AI ETF has recorded a maximum monthly return of 30.38% and an average monthly return of 6.80% during rising months [3]. Group 4: Top Holdings - As of June 30, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Industry Index accounted for 52.07% of the index, with companies like Zhongji Xuchuang and iFlytek leading the list [4]. Group 5: Market Developments - Nvidia announced on July 15, 2025, that it would resume sales of the H20 chip in China, which had previously been restricted due to U.S. government regulations [6]. - The introduction of new chip series like the B30 by Nvidia is anticipated to meet export restrictions, suggesting ongoing demand for AI-related technologies [7].

科创板融资余额环比前一日增加6.29亿元，其中，58股融资余额环比增加超1000万元，融资净买入居前 的有生益电子、寒武纪、金山办公等股。 证券时报·数据宝统计显示，截至7月17日，科创板两融余额合计1616.94亿元，较上一交易日增加6.29亿 元，其中，融资余额合计1610.95亿元，较上一交易日增加6.29亿元。为连续4个交易日增加。 融资净买入居前的科创板股 | 688627 | 精智达 | 19528.75 | 3134.28 | 19.12 | -2.68 | | --- | --- | --- | --- | --- | --- | | 688556 | 高测股 | 38134.93 | 3048.1 1 | 8.69 | 3.86 | | | 份 | | | | | | 688270 | 臻镭科 | 51808.37 | 3042.78 | 6.24 | 2.07 | | | 技 | | | | | | 688327 | 云从科 | 82604.27 | 2990.79 | 3.76 | 1.52 | | | 技 | | | | | | 688676 | 金盘科 | 63465.45 | 29 ...

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong increase of 1.71% as of July 17, 2025, with notable gains in constituent stocks such as Xinyi Sheng (300502) up 7.98% and Tuowei Information (002261) up 6.72% [1][2] - The Artificial Intelligence ETF (515980) has also risen by 1.74%, achieving a five-day consecutive increase, with a trading volume of 1.40 billion yuan [1][2] - The index has demonstrated a 40.06% increase in net value over the past year, ranking in the top 17.63% among 2,915 index equity funds [1][2] Industry Overview - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 52.07% of the index [2][3] - The upcoming World Artificial Intelligence Conference from July 26 to July 28, 2025, in Shanghai will showcase over 3,000 cutting-edge exhibits, including numerous AI models and products, marking the largest scale in history [2][3] Market Trends - Dongwu Securities indicates that AI applications have achieved significant cost reductions and rapid penetration, suggesting the industry is entering a fast growth phase [3] - Guojin Securities highlights strong momentum in AI hardware for smart driving and robotics, as well as software applications in education, finance, and enterprise services [3][5] - The Huafu Artificial Intelligence ETF (515980) is positioned as a small broad-based fund that captures opportunities in both computing infrastructure and application innovation within the AI sector [5][6]

Investment Rating - The report does not explicitly state an investment rating for the intelligent software development industry Core Insights - The intelligent software development industry focuses on developing and applying AI technologies to provide intelligent solutions that enhance business efficiency, optimize decision-making, and improve user experience. The industry is characterized by strong technological dependence, short product iteration cycles, and diverse cross-domain applications. China's robust capabilities in this field are driving continuous industry growth, with an expanding market size expected to continue [4][5][12] Industry Overview - The intelligent software development industry can be categorized into various application areas, including office software, embedded software, emerging technology software, information security software, and innovative software [5][10] - The market size of the intelligent software development industry is projected to grow from 1.4669 trillion RMB in 2019 to 2.8223 trillion RMB in 2024, with a compound annual growth rate (CAGR) of 13.98%. From 2025 to 2029, the market size is expected to increase from 3.1977 trillion RMB to 5.2693 trillion RMB, with a CAGR of 13.30% [31][32] Industry Characteristics - The industry exhibits strong technological dependence, with a reliance on diverse development tools and environments, including integrated development environments (IDEs), version control systems, and automated testing tools. As of April 2024, nearly 40 intelligent software development tools have been launched in China, showcasing the sector's technological vitality and innovation [13] - The product iteration cycle in the intelligent software development industry is short, allowing teams to quickly respond to market changes and user feedback, thereby enhancing user experience and satisfaction [14] - The industry demonstrates high diversity and cross-domain applications, with intelligent software being utilized in natural language processing, computer vision, voice recognition, autonomous driving, and financial analysis [15] Development Stages - The intelligent software development industry has evolved through four stages: 1. Emergence (1960-1969): Establishing the foundation for independent development and technological innovation 2. Initiation (1970-2000): The rise of independent database companies laid the groundwork for data processing and management 3. Rapid Growth (2001-2021): The industry began to focus on flexible, efficient, and responsive development methods 4. Maturity (2022-present): The industry has seen widespread penetration across various sectors, driving intelligent transformation and industrial upgrades [16][20] Industry Chain Analysis - The intelligent software development industry chain consists of three main segments: 1. Upstream: Hardware and basic software supply, including computer hardware, embedded chips, and operating systems 2. Midstream: Intelligent software development and research, covering demand research, design, coding, testing, and delivery 3. Downstream: Application and service sectors, including industry-specific software and intelligent solutions [21][22] Competitive Landscape - The market concentration in the intelligent software development industry is high, with leading companies such as iFLYTEK, Yonyou Network Technology, and Shanghai Baoxin Software in the first tier. The second tier includes China Software and Technology Service Corporation and Kingsoft Office Software, while the third tier consists of Beijing SuperMap Software and Inspur Software [38][39]

消息面上，美国英伟达公司创始人兼首席执行官黄仁勋7月15日在接受采访时宣布两个重要进展：美国已批准H20芯片销往中国；英伟达将推出RTXpro GPU。 中信建投证券指出，总体来看，AI的发展依然日新月异，对算力的需求预计将持续强劲。当前，市场可能因算力板块短期的快速上涨及美国的关税问题而 偏向观望，走势可能偏震荡，AI推动的算力投资未来预计依然强劲，继续推荐：一是业绩持续高增长且估值仍处于历史较低水平的标的；二是有望享受外 溢需求、取得客户或份额突破的公司；三是上游紧缺的环节；四是1.6T及CPO产业。 规模方面，科创AIETF最新规模达47.07亿元，创成立以来新高，位居可比基金1/7。 截至2025年7月16日 10:12，上证科创板人工智能指数(950180)强势上涨1.58%，成分股寒武纪(688256)上涨6.76%，福昕软件(688095)上涨6.27%，云天励飞 (688343)上涨5.06%，芯原股份(688521)，优刻得(688158)等个股跟涨。科创AIETF(588790)盘中涨超2%，现涨1.37%， 冲击4连涨。最新价报0.59元。拉长时 间看，截至2025年7月15日，科创AI ...