Group 1: Communication ETF Performance - The Communication ETF has a turnover rate of 5.42% and a transaction volume of 5.9067 million yuan during the trading session [3] - Over the past month, the Communication ETF's scale increased by 3.2637 million yuan, ranking first among comparable funds [3] - As of July 31, the net value of the Communication ETF has risen by 45.63% over the past year, placing it in the top 15.56% of index equity funds [3] Group 2: Industry Outlook - The telecommunications industry in China has shown stable operation in the first half of the year, with growth in telecom business volume and orderly progress in new infrastructure construction [3] - The user base for 5G, gigabit, and IoT continues to expand, with mobile internet access traffic maintaining rapid growth [3] - By 2025, the telecommunications sector is expected to experience a period of technological iteration and policy dividends, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [3] Group 3: North American vs. Domestic Computing Power Chains - North American computing power chains, represented by "Yizhongtian," have significantly outperformed domestic counterparts like SMIC and Cambrian [4] - The divergence is primarily driven by performance, with North American cloud vendors reaffirming increased AI capital expenditures and clearer overseas optical module demand guidance for next year [4] - Since Q2, the performance of North American computing power chains has seen substantial upward revisions [4] Group 4: Major Stocks in the Communication Index - As of July 31, the top ten weighted stocks in the National Communication Index include Zhongji Xuchuang, Xinyi Sheng, China Telecom, ZTE, China Mobile, China Unicom, Zhongtian Technology, Transsion Holdings, Tianfu Communication, and Wentai Technology, collectively accounting for 61.8% of the index [4] - The performance of these stocks varies, with Zhongji Xuchuang down by 2.05% and Transsion Holdings up by 2.82% [6]

Core Viewpoint - The performance of the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF shows positive growth trends, indicating potential investment opportunities in the region's market [1][2][3]. Performance Summary - As of August 1, 2025, the index rose by 0.29%, with notable increases in constituent stocks such as Jiejia Weichuang (19.98%) and Shenzhen Sanda A (6.57%) [1]. - The Greater Bay Area ETF (512970) increased by 0.70%, with a recent price of 1.3 yuan, and has shown a cumulative increase of 1.26% over the past two weeks [1]. - Over the past year, the ETF's net value has risen by 27.00%, with a maximum monthly return of 21.99% since its inception [1][2]. Liquidity and Trading Activity - The ETF had a turnover rate of 0.01% during the trading session, with a transaction volume of 5176.00 yuan [1]. - The average daily trading volume over the past year was 256,000 yuan [1]. Risk and Return Metrics - The ETF's Sharpe ratio for the past month was 2.25, indicating strong risk-adjusted returns [2]. - Year-to-date, the ETF has experienced a relative drawdown of 0.43% compared to its benchmark, with a recovery period of 108 days [2]. Tracking Accuracy - The tracking error of the ETF year-to-date is 0.053%, demonstrating its close alignment with the underlying index [3]. - The index reflects the performance of companies benefiting from the development of the Guangdong-Hong Kong-Macao Greater Bay Area, including a selection of up to 50 Hong Kong stocks and 300 companies from the mainland [3]. Top Holdings - As of July 31, 2025, the top ten weighted stocks in the index accounted for 50.37%, with major companies including China Ping An, BYD, and China Merchants Bank [4][6]. - The weightings of the top stocks are as follows: BYD (8.59%), China Ping An (8.55%), and China Merchants Bank (8.14%) [6].

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1][9]. Core Insights - The establishment of China Fusion Energy Co., Ltd. marks a new phase in the development of controllable nuclear fusion, with significant investment from state-owned enterprises totaling 11.492 billion yuan [5][18]. - The investment cycle for controllable nuclear fusion is on the rise, driven by intensified US-China competition and supportive domestic policies [5][18]. - The AI infrastructure expansion and model transition are expected to drive opportunities across the computing and application stack, highlighting the synergy between hardware and software [6][19]. Summary by Sections Market Review - In the past week (July 21-27, 2025), the Shanghai Composite Index and Shenzhen Component Index rose by 1.67% and 2.33%, respectively, while the CITIC Communication Index fell by 0.47%, ranking 28th among 30 primary industries [4][14]. - The top five performing stocks in the communication sector included Dongxin Peace (34.10%), Cheng Tian Wei Ye (17.14%), and Si Nan Navigation (16.54%) [4][15]. Weekly Topic - The focus is on the significant investment in the fusion energy sector by state-owned enterprises, indicating a strategic shift towards large-scale development [5][18]. - The report suggests monitoring related industry chain stocks due to the ongoing investment cycle in controllable nuclear fusion [5][18]. Industry News - China Mobile's centralized procurement for data center switches is expected to involve approximately 33,300 units, with a total budget of about 2.0294 billion yuan [7][21]. - Huawei has the highest share in this procurement, with several other established domestic manufacturers also participating [7][21][23]. Investment Recommendations - The report recommends focusing on key beneficiaries across various sectors, including controllable nuclear fusion and AI-related hardware and software [6][19].

导语：作为上市公司核心管理层关键成员，财务总监CFO不仅需要确保公司 财务稳健 、资金高效运 转，更需要从财务视角为公司的战略制定提供支撑，其能力与决策直接影响公司的财务健康、战略成 败、 资本市场 形象乃至生存风险。新浪财经上市公司研究院推出《2024年度A股CFO数据报告》以飨 读者。 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕 业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专业管理学硕士学 位。自2002年加入中兴通讯后，她从成本战略办公室负责人逐步晋升至执行副总裁兼财务总监，深耕企 业财务领域22年，积累了丰富的财务与电信行业管理经验。 不过，中兴通讯2024年业绩出现短期波动，全年营收1212.99亿元，同比下降2.38%；扣非归母净利润 61.79亿元，同比下降16.49%。尽管公司业绩短期承压，但李莹女士凭借多年行业经验与管理贡献，仍 跻身薪酬前三。 业绩层面，美的集团2024年表现稳健，全年营收达4071.50亿元，同比增长9.44%；扣除非经常性损益后 的归母净利润为357.41亿元，同比增长8.3 ...

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 数据显示，截止7月29日，A股市场共有5817家上市公司。作为上市公司核心管理层关键成员，财务总 监CFO不仅需要确保公司财务稳健、资金高效运转，更需要从财务视角为公司的战略制定提供支撑，其 能力与决策直接影响公司的财务健康、战略成败、资本市场形象乃至生存风险。据2024年年报显示，去 年A股CFO（财务总监、财务负责人等）薪酬合计达42.43亿元，平均薪酬76.03万元。 分行业来看，通信行业信息完备的上市公司CFO共有141位，2024年CFO平均薪酬为79.77万元，在31个 申万一级行业中排名第11位，CFO薪资水平处于行业中上游。其中，中兴通讯CFO李莹薪资水平最高， 为852.10万元/年，换算为日薪为3.44万元。 CFO薪酬集中在50-100万区间 "北上广湖"企业多且薪酬高 从通信行业的CFO薪酬分布角度来看，508位CFO中有68位的薪酬水平处于50万元到100万元之间，占比 近五成。此外，通信行业CFO薪酬上限极高，最高薪酬达到中兴通讯CFO李莹的852.10万元/年。 从地域分布的角度来看，通信行业密集分 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 比亚迪财务总监周亚琳以896万元的年薪位居第二。这位1977年出生的高管拥有硕士研究生学历，1999年毕业于江西财经大学获经济学学士学位后，于2024年6月再获清华大学工商管理硕士学 比亚迪2024年业绩表现尤为亮眼，全年营收达7771.02亿元，同比大幅增长29.02%；扣非归母净利润369.83亿元，同比增长29.94%，营收与利润增速均领跑行业，其薪酬水平与企业高速发 中兴通讯李莹：852.10万年薪列第三，公司短期业绩承压 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专 不过，中兴通讯2024年业绩出现短期波动，全年营收1212.99亿元，同比下降2.38%；扣非归母净利润61.79亿元，同比下降16.49%。尽管公司业绩短期承压，但李莹女士凭借多年行业经验与 声明：本文由AI大模型生成。市场有风险，投资需谨慎。数据来源于choice，2024年任期不满1年的不参与统计。 责 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the communication sector, with the National Communication Index rising by 1.38% and significant gains in constituent stocks such as Dingtong Technology and Liante Technology [1][3] - The Communication ETF (159695) experienced a 1.46% increase, reaching a peak of 2.57% during trading, indicating robust investor interest [1][3] - The trading volume for the Communication ETF was 789.36 million yuan, with a turnover rate of 6.49%, reflecting active market participation [3] Group 2 - The Communication ETF has seen a net asset value increase of 47.69% over the past year, with the highest single-month return recorded at 24.48% since its inception [3] - The ETF's recent performance includes a 600,000 share increase in the last six months, positioning it as the leader in new share growth among comparable funds [3] - The communication sector is benefiting from advancements in overseas computing power supply chains and the ongoing development of commercial aerospace, which is expected to enhance satellite communication infrastructure [3][4] Group 3 - Longjiang Securities noted significant accumulation in the communication sector by public funds, particularly focusing on optical modules as a core investment direction [4] - The top ten weighted stocks in the National Communication Index account for 59.17% of the index, with companies like Zhongji Xuchuang and China Telecom being prominent players [4][6] - The communication sector is viewed as having high configuration cost-effectiveness due to its current low valuation, making it an attractive investment opportunity [4]

每经编辑｜彭水萍 近日，谷歌发布最新财报，将全年资本支出从750亿美元上调至850亿美元，其中二季度支出为224亿美元，同比增长超70%。AI的发展仍在持续推进，算 力需求强劲。 通信ETF（515880）大涨超3%，盘中成交额超3亿元，连续5日净流入额超4.2亿元。 值得关注的是，通信ETF（515880）跟踪中证全指通信设备指数，光模块占比超40%，集齐人工智能算力龙头，或受益于算力产业的持续发展。 | 证券代码 | 证券名称 | 中证―级行业分类 | 中证二级行业分类 | 权重(%) | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 通信服务 | 通信设备及技 | 15.31 | | | | | 术服务 | | | 300308 | 中际旭创 | 通信服务 | 通信设备及技 | 15.18 | | | | | 术服务 | | | 601138 | 工业富联 | 信息技术 | 电子 | 10.72 | | 000063 | 中兴通讯 | 通信服务 | 通信设备及技 | 9.04 | | | | | 术服务 | | | 300394 | 天孚通信 | 通信 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监（CFO）群体薪酬规模合计达42.70亿元，平均年薪 为81.48万元。 美的集团财务总监钟铮年薪946万元最高 焦作万方财务总监焦纪芳涨薪309.53万元第一 焦作万方财务总监焦纪芳薪酬从2023年的101.76万元，提升至2024年的411.29万元，涨薪309.53万元， 成为A股CFO涨薪榜第一名。 蓝英装备财务总监余之森薪酬从2023年的15万元，提升至2024年的320.1万元，涨薪305.1万元，成为A 股CFO涨薪榜第二名。 海大集团财务总监杨少林从2023年的198.42万元，提升至2024年的425.81万元，涨薪227万元，成为A股 CFO涨薪榜第三名。 隆基绿能财务总监刘学文薪酬暴跌49.01%，降低433.64万元 隆基绿能财务总监刘学文2024年薪451.11万元，前一年为 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 导语：作为上市公司核心管理层关键成员，财务总监CFO不仅需要确保公司财务稳健、资金高效运转， 更需要从财务视角为公司的战略制定提供支撑，其能力与决策直接影响公司的财务健康、战略成败、资 本市场形象乃至生存风险。新浪财经上市公司研究院推出《2024年度A股CFO数据报告》以飨读者。 美的集团钟铮：946万年薪居首，公司营收稳步增长 美的集团财务总监钟铮以946万元的年薪登顶2024年A股CFO薪酬榜。资料显示，钟铮女士拥有硕士学 历，自2002年加入美的集团后，历经金融中心、部品事业部财经总监、公司审计总监等多个关键岗位历 练，现任美的集团副总裁、首席财务官兼财务总监，深度参与了企业多年的财务战略布局。 中兴通讯李莹：852.10万年薪列第三，公司短期业绩承压 中兴通讯执行副总裁兼财务总监李莹以852.10万元的年薪位居第三。李莹女士出生于1978年，1999年毕 业于西安交通大学，获管理学学士及工学学士学位，2002年再获该校管理科学与工程专业管 ...