Group 1 - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 179.76 billion, with Industrial Fulian and Zhongji Xuchuang leading in trading volume for Shanghai and Shenzhen respectively [1][2] - The top ten stocks by trading volume in the Shanghai Stock Connect included Industrial Fulian at 20.22 billion, followed by Kweichow Moutai at 9.57 billion and Luoyang Molybdenum at 9.54 billion [3][4] - In the Shenzhen Stock Connect, Zhongji Xuchuang topped the list with 38.21 billion, followed by Luxshare Precision at 30.19 billion and Xinyi Technology at 24.28 billion [4] Group 2 - The agricultural, forestry, animal husbandry, and fishery sector saw the highest net inflow of funds at 6.77 billion, with a net inflow rate of 2.55% [5] - The electronic sector experienced the largest net outflow of funds at -73.87 billion, with a net outflow rate of -2.43% [6] - Among individual stocks, Industrial Fulian had the highest net inflow of 11.12 billion, while Zhongxing Communications faced the largest net outflow of -30.08 billion [7][8] Group 3 - The trading volume of the STAR 100 Index ETF (588030) increased by 193% compared to the previous trading day, reaching 3.0852 billion [9] - The top ten ETFs by trading volume included A500 ETF Fund (512050) at 54.125 billion, followed by the CSI A500 ETF at 44.341 billion [9] Group 4 - In the futures market, both long and short positions in the main contracts (IH, IF, IC, IM) saw a reduction, with the short positions in IF and IM contracts decreasing more significantly [10] - The trading activity on the "Dragon and Tiger List" showed that several aerospace concept stocks hit the daily limit, with Aerospace Development receiving 1.67 billion from two institutions [11]

Group 1 - The core point of the article is the establishment of Cambrian Intelligence Technology (Beijing) Co., Ltd., which is fully owned by Cambrian (688256) [1] - The company has a registered capital of 100 million RMB [1] - The business scope includes integrated circuit design, manufacturing of integrated circuit chips and products, as well as design and services related to integrated circuit chips [1]

以最新收盘价计算，A股平均股价为13.62元，其中股价超过100元的有149只，相比上一个交易日减少7 只。 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 600519 | 贵州茅台 | 1436.03 | -0.83 | 0.20 | 食品饮料 | | 688256 | 寒武纪 | 1328.73 | -2.47 | 0.01 | 电子 | | 300308 | 中际旭创 | 542.00 | 0.74 | 2.46 | 通信 | | 688498 | 源杰科技 | 523.99 | -2.08 | 0.04 | 电子 | | 688027 | 国盾量子 | 443.60 | -2.08 | 0.03 | 通信 | | 603444 | 吉比特 | 437.74 | -0.86 | 1.43 | 传媒 | | 002371 | 北方华创 | 433.28 | -2.95 | 0.90 | 电子 | | 300750 | 宁德时代 | 380.08 | -0.75 | 0.38 | ...

Group 1 - The core point of the news is the performance of the Galaxy Innovation Growth Mixed Fund A and C, which experienced declines in November 2025, with A falling by 6.71% and C by 6.75% [1][2] - As of the end of the third quarter of 2025, Galaxy Innovation Growth Mixed Fund A had a scale of 13.875 billion yuan [1] - The fund primarily invests in the semiconductor industry chain, with its top ten holdings including companies like SMIC, Zhaoyi Innovation, and Cambrian [1] Group 2 - Galaxy Innovation Mixed Fund C was established on November 22, 2021, and has a cumulative return of -0.23% as of December 1, 2025, due to its launch during a market peak [1] - The current fund manager, Zheng Weishan, has a background in investment and research, having worked at various financial institutions before joining Galaxy Fund Management in October 2018 [1]

Group 1: AI Computing Power - Global infrastructure investment is experiencing rapid growth, benefiting all segments of the core industry chain [1] - The demand for AI computing power is driving a new capital expenditure expansion cycle among global Cloud Service Providers (CSPs), with expected capital spending to exceed $600 billion by 2026, a 40% year-on-year increase [1] - The AI server demand is expected to rise significantly, leading to structural growth in the AI hardware ecosystem, including components like GPU/ASIC, memory, and cooling systems [1] Group 2: AI Storage - The storage market is witnessing a recovery due to manufacturers' production cuts, leading to an upward trend in DRAM and NAND Flash prices [2] - The demand for high-capacity storage solutions, particularly in AI applications, is increasing, with expectations for QLC SSD shipments to see significant growth by 2026 [2] - The server market is shifting towards higher capacity memory modules, driven by the needs of AI servers [2] Group 3: End-Side AI - The penetration rate of AI smartphones is expected to rise dramatically, from approximately 18% in 2024 to 45% in 2026, and nearly 60% by 2029 [3] - AI glasses are emerging as a new product category, with significant market potential as demonstrated by successful products like Ray-Ban Meta glasses [3] - The humanoid robot sector is advancing rapidly, with traditional electronics manufacturers entering the robotics supply chain, driven by the integration of AI technologies [4] Group 4: Investment Recommendations - Recommended companies in the AI computing power sector include Industrial Fulian, Huadian Technology, and Shenghong Technology [5] - In the AI storage sector, companies like Demingli and Jiangbolong are highlighted for their potential [5] - For end-side AI, companies such as Rockchip and Lens Technology are suggested for investment [5]

Group 1: AI Computing Power - The global infrastructure wave is driving significant growth in AI computing power, with major cloud service providers (CSPs) expected to increase capital expenditures (CapEx) to over $600 billion in 2026, representing a 40% year-on-year increase [5][24][25] - NVIDIA anticipates that the total shipment of Blackwell and Rubin GPUs will reach 20 million units by the end of 2026, generating approximately $500 billion in sales [31][33] - The demand for AI servers is expected to maintain high growth, with shipments projected to rise from 1.6 million units in 2024 to 2.4 million units in 2026 [25][28] Group 2: AI Storage - The storage industry is entering a "super cycle" due to a rebound in demand driven by AI applications, with DRAM and NAND Flash prices expected to rise significantly [52][64] - Major storage manufacturers have successfully reversed the supply-demand imbalance through strict production control, leading to a clear upward trend in prices for both DRAM and NAND Flash [52][64] - The demand for high-capacity SSDs is rapidly increasing, particularly in AI training, which is accelerating the replacement of traditional HDDs with QLC SSDs [7][52] Group 3: End-Side AI - AI is reshaping the hardware landscape for smart terminals, with AI smartphone penetration expected to rise from approximately 18% in 2024 to 45% in 2026 [7][19] - The success of AI glasses, such as Ray-Ban Meta, indicates a growing market for AI-integrated wearable technology, with significant sales growth anticipated in 2026 [7][20] - The development of humanoid robots is gaining momentum, with traditional consumer electronics manufacturers entering the robotics supply chain, driven by advancements in AI models [7][21] Group 4: Investment Recommendations - Recommended companies in the AI computing power sector include Industrial Fulian, Huadian Technology, and Shenghong Technology for overseas chains, and Cambrian, Chipone, and SMIC for domestic chains [7][8] - In the AI storage sector, companies like Demingli, Jiangbolong, and Baiwei Storage are highlighted, along with niche players such as Zhaoyi Innovation and Beijing Junzheng [7][8] - For end-side AI, recommended companies include Rockchip, Lexin Technology, and Lens Technology, focusing on SoC and consumer electronics [7][8]

Core Viewpoint - The article discusses the performance of the Huaxia Science and Technology Value ETF (589550) on December 2, highlighting its opening decline and the performance of its major holdings [1] Group 1: ETF Performance - The Huaxia Science and Technology Value ETF (589550) opened down by 0.85%, priced at 1.165 yuan [1] - Since its establishment on July 16, 2025, the fund has achieved a return of 17.67%, while its return over the past month has been -5.45% [1] Group 2: Major Holdings Performance - Major holdings include: - Cambrian: opened up by 0.55% - SMIC: down by 0.26% - Haiguang Information: down by 0.48% - Lanke Technology: down by 0.32% - Jinghe Integration: down by 0.88% - Zhongwei Company: down by 0.01% - Transsion Holdings: up by 2.69% - Times Electric: down by 0.27% - China Resources Microelectronics: down by 1.83% - Canadian Solar: unchanged [1]

计算机行业 行业研究 | 动态跟踪 太空算力未来可期，关注核心收益环节 核心观点 投资建议与投资标的 我们认为 AI 算力以及卫星信息基础设施相关标的都有望受益太空算力的发展： AI 算力：海光信息(688041，买入)、寒武纪-U(688256，未评级)； 卫星基础设施：中科星图(688568，未评级)、佳缘科技(301117，未评级)、航天宏图 (688066，增持)、盛邦安全(688651，未评级)。 风险提示 研发进展不及预期； 商业化进展不及预期。 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 12 月 02 日 看好（维持） | 陈超 | 执业证书编号：S0860521050002 | | --- | --- | | | chenchao3@orientsec.com.cn | | | 021-63326320 | | 浦俊懿 | 执业证书编号：S0860514050004 | | | pujunyi@orientsec.com.cn | | | 021-63326320 | | 宋鑫宇 | 执业证书编号：S0860524090002 | | | songxinyu@orient ...

Core Insights - The digital economy theme index has seen a decline of 0.64% as of December 2, 2025, with specific stocks like Tuojing Technology leading gains while Nasta led losses [1] - The first Global Internet of Things Conference highlighted the rapid growth of the digital economy, projected to exceed $40 trillion this year, with a global IoT connection forecast to surpass 30 billion [2] - The digital economy ETF closely tracks the digital economy theme index, focusing on companies with high digitalization levels [3] Market Performance - The digital economy ETF (560800) experienced a turnover of 0.88% with a transaction volume of 5.6556 million yuan, and its scale increased by 9.5608 million yuan over the past week [1] - In the last 21 trading days, there were 11 days of net inflow totaling 14.7958 million yuan, indicating strong investor interest [1] Industry Trends - The digital economy is growing at an annual rate of 8%, with China's digital economy expected to exceed 80 trillion yuan, supported by over 1.2 million companies meeting advanced digital economy conditions [2] - The AI industry is showing robust growth, with a leading global AI company exceeding revenue expectations for Q3 and providing optimistic guidance for Q4, reflecting strong demand for AI computing power [2] Key Stocks - The top ten weighted stocks in the digital economy theme index account for 54.6% of the index, with companies like Dongfang Wealth, Cambricon, and SMIC among the leaders [3][4]

Group 1 - The Shanghai 180 Index (000010) shows mixed performance among its constituent stocks, with Transsion Holdings (688036) leading the gain at 4.86% and GAC Group (601238) up by 3.78% [1] - The market is experiencing increased volatility as the year-end approaches, and CICC suggests maintaining a "barbell" strategy (dividend + technology internet) for portfolio allocation [1] - The management fee for the Shanghai 180 ETF Index Fund (530280) is 0.15%, and the custody fee is 0.05% [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519) and Zijin Mining (601899), collectively accounting for 26.13% of the index [2] - The Shanghai 180 ETF Index Fund has several off-market connection options, including Ping An's various linked funds [2]