2月27日，国产算力链强势崛起，云计算ETF（159890）开盘拉升涨超1%、目前涨0.74%，成份股表现活跃；拓维信息强势封涨停板，云天励飞大涨13%， 网宿科技、润和软件涨超6%，拓尔思、光环新网、汉得信息、中国软件等多股跟涨。 资金面热度持续攀升。据Wind Level2实时行情结合均价预估，截至发稿，云计算ETF（159890）盘中净流入超6600万元，近5日累计获净申购约5890万元， 规模累破前高。 分析认为，此次V4以国产芯片为基准原生适配，标志着国产算力产业链从过去的"可用"正式走向"规模商用"，有望扭转国产芯片"有算力无生态"的困境，国 产算力逻辑被彻底强化。 该指数前十大重仓包括科大讯飞、金山办公、中际旭创、新易盛、浪潮信息、中科曙光、紫光股份、恒生电子、润泽科技、拓维信息等软硬件龙头，有望充 分受益于AI新基建浪潮。 | | 1.898 +0.014 +0.74% | | | 云计算ETF . | | | --- | --- | --- | --- | --- | --- | | | SZSE CNY 10:12:42 交易中 查看L2全景 | | | 10 | | | | 净值走势 | ...

机构持仓方面，截止2025年9月30日，浪潮信息十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3034.71万股，相比上期减少1647.13万股。华泰柏瑞沪深300ETF（510300）位居第三大流 通股东，持股1752.53万股，相比上期减少77.51万股。易方达沪深300ETF（510310）位居第四大流通股 东，持股1268.34万股，相比上期减少39.77万股。华夏沪深300ETF（510330）位居第五大流通股东，持 股946.42万股，相比上期减少12.93万股。易方达中证人工智能主题ETF（159819）位居第六大流通股 东，持股840.64万股，相比上期减少44.24万股。嘉实沪深300ETF（159919）位居第七大流通股东，持 股815.73万股，相比上期减少11.03万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，浪潮电子信息产业股份有限公司位于山东省济南市高 ...

2月24日，人工智能AIETF（515070）开盘涨1.28%，报2.055元。人工智能AIETF（515070）重仓股方 面，中际旭创开盘涨2.07%，新易盛涨0.52%，寒武纪涨1.39%，澜起科技涨3.27%，中科曙光涨1.96%， 科大讯飞涨2.24%，海康威视涨0.62%，豪威集团涨1.02%，金山办公涨0.23%，浪潮信息涨0.87%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 人工智能AIETF（515070）业绩比较基准为中证人工智能主题指数收益率，管理人为华夏基金管理有限 公司，基金经理为李俊，成立（2019-12-09）以来回报为102.02%，近一个月回报为-3.29%。 ...

Core Insights - The 2026 Spring Festival Gala marked a significant shift with AI becoming the main attraction, integrating deeply into the event in unprecedented ways [1][11] Group 1: AI Application and Engagement - The core of this AI-driven event was the "Doubao" application from ByteDance, which played a crucial role as the exclusive AI cloud partner, contributing to both technical support and interactive segments [3][4] - "Doubao" launched a large-scale "Doubao New Year" campaign a week before the gala, featuring exciting lottery activities with over 100,000 high-tech prizes, including robots and electric vehicles, to engage the audience [3][4] Group 2: Technical Infrastructure - Behind the scenes, ByteDance's video generation model Seedance 2.0 was responsible for creating customized visual experiences for several performances, enhancing the overall viewer experience [6] - The AI server supply chain was led by Inspur Information, which provided high-performance servers equipped with NVIDIA H800 GPUs, crucial for supporting "Doubao" and the gala's high concurrency interactions [7] Group 3: Data and Content Supply - Hai Tian Rui Sheng, a leader in AI training data, supplied high-quality multimodal training data for "Doubao," while Visual China provided essential image and video content [9] - The marketing aspect was significantly supported by BlueFocus, which integrated "Doubao" into its marketing platform, facilitating AI-driven promotional activities for the gala [9] Group 4: Hardware and Software Collaboration - Zhongke Chuangda was designated as the sole system-level software partner for "Doubao," focusing on optimizing the AI's performance on various devices [8] - ZTE collaborated with "Doubao" to develop AI smartphones, while other companies provided essential components for AI-enabled devices, ensuring seamless integration of AI technology into consumer products [8]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative performance exceeding 15% compared to the benchmark index over the next 12 months [8]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, enabling users to create videos with simple text prompts, which is expected to enhance user engagement and frequency of use over the long term [3][5]. - The model's capabilities include multi-modal input acceptance, narrative coherence, and audio-visual synchronization, addressing key industry challenges such as character consistency and audio-visual mismatch [4][5]. - The demand for computational power is projected to increase exponentially due to the anticipated high concurrency from both consumer (C-end) content creation and business (B-end) API calls [6]. Summary by Sections Seedance 2.0 Launch and Features - Seedance 2.0 is integrated into various platforms, allowing users to generate short videos easily, which is expected to drive higher usage rates [3]. - The model supports multiple input types and can generate videos with synchronized audio, enhancing the creative process for users [4]. Computational Demand Projections - The report estimates that by October 2025, the monthly usage of AI-generated content on the platform will reach 63,900 times, with a total usage time of 1,668.2 hours [6]. - The complexity of video generation is significantly higher than that of text and images, leading to a substantial increase in computational requirements [6]. - Projections indicate that the number of required H100 GPUs for video generation could range from 2.4 million to 4.284 million under different scenarios, with a market space for H100 GPUs estimated between $4.8 billion and $8.568 billion [14][12]. Long-term Market Opportunities - The report highlights the potential for domestic computational power providers to benefit from the growth of AI video generation, with specific companies recommended for investment, including chip designers and AI server manufacturers [13]. - The user base for short videos in China is expected to exceed 1 billion by the end of 2024, with increasing daily usage times projected [7][11].

Core Insights - The release of Seedance 2.0 by ByteDance marks a significant advancement in AI video creation, transitioning from low-deterministic "blind box generation" to a highly controllable and reusable creative process, achieving "director-level" precision [1][3][8] - Seedance 2.0 introduces four major breakthroughs: automatic storyboard and camera movement planning, multi-modal reference input, synchronized audio-visual generation, and multi-shot narrative capability [7][8] - The model has already been applied in real commercial scenarios, such as transforming novels into short dramas and remastering classic animation IPs [2][6] Industry Impact - The launch of Seedance 2.0 is seen as a new starting point for the AI video creation industry, with expectations for rapid growth in AI applications, particularly in AI short dramas and film IPs, as the industry enters a favorable cycle by 2026 [3][8] - Analysts predict that the cost and efficiency advantages of AI short dramas will amplify, potentially reducing production costs and timelines significantly [2][3] - The release is expected to accelerate industry penetration and volume growth, with applications extending to movies and TV shows as the model's narrative completeness and visual quality improve [10][11] Market Reaction - Following the announcement, AI-related stocks experienced significant gains, with notable increases in companies such as Zhiyuan (up 39.56%) and MINIMAX-W (up 14.62%) [2][6] - The pragmatic announcement approach by ByteDance contrasts with previous high-profile model releases, indicating a focus on continuous improvement and alignment with human feedback [8][9] Value Proposition - Seedance 2.0 allows creators to focus more on content and creativity rather than technical generation capabilities, shifting the competitive focus in AI video technology [9][10] - The model's capabilities are expected to enhance the efficiency of content production, benefiting various sectors within the media and entertainment industry [3][9] Industry Chain Analysis - Key upstream players include Inspur Information and Sugon, providing essential AI computing power and infrastructure for Seedance [4][11] - Midstream companies like Wanjun Technology and SenseTime are integrating Seedance capabilities into their platforms, enhancing video generation and scene understanding [5][11] - Downstream content producers such as Zhongwen Online and Huace Film & TV are leveraging Seedance for efficient content creation and IP transformation [12]

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]

Core Insights - The Shandong state-owned enterprise reform sector saw an increase of 0.89% on February 12, with Yabo Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4134.02, up 0.05%, while the Shenzhen Component Index closed at 14283.0, up 0.86% [1] Stock Performance - Yabo Co., Ltd. (002323) closed at 2.62, up 10.08%, with a trading volume of 3.39 million shares and a transaction value of 837 million yuan [1] - Shandong Pofiber (605006) closed at 10.20, up 10.03%, with a trading volume of 645,000 shares and a transaction value of 643 million yuan [1] - Weichai Power (000338) closed at 28.07, up 8.09%, with a trading volume of 1.60 million shares and a transaction value of 4.39 billion yuan [1] - China National Heavy Duty Truck Group (000951) closed at 21.65, up 5.66%, with a trading volume of 1.35 million shares and a transaction value of 750 million yuan [1] - Yanzhou Coal Mining Company (600188) closed at 17.51, up 5.17%, with a trading volume of 1.19 million shares and a transaction value of 2.06 billion yuan [1] Capital Flow - The Shandong state-owned enterprise reform sector experienced a net inflow of 1.049 billion yuan from institutional investors, while retail investors saw a net outflow of 904 million yuan [2] - The main stocks with significant net inflows included Inspur Information (000977) with a net inflow of 648 million yuan, accounting for 13.72% of the total [3] - Weichai Power (000338) had a net inflow of 440 million yuan, representing 10.02% of the total [3] - Yabo Co., Ltd. (002323) had a net inflow of 90 million yuan, accounting for 10.76% of the total [3]

Group 1 - The AI computing power sector is experiencing a strong resurgence, with the "Computing Power ETF" Yuntianfu (159273) rising by 1.5% and trading volume exceeding 13 million yuan in a single session [1] - Over the past 20 days, the fund has attracted over 160 million yuan, indicating sustained investor interest [1] - Major companies in the cloud computing ETF index have shown mixed performance, with notable gains from companies like UCloud and Wangsu Technology, while Tencent Holdings and Alibaba experienced slight declines [4][5] Group 2 - The recent rumors regarding CSP orders bypassing Zhongji Xuchuang have been refuted, clarifying that the business model remains unchanged and CSP clients will continue to order directly from the company [3] - The launch of the "Spring Festival 3 billion free order" campaign by Qianwen App led to a surge in user engagement, resulting in system overload and highlighting the current shortage of computing power resources [6] - Major tech companies, including Alibaba, Tencent, and ByteDance, are expected to invest heavily in AI during the Spring Festival, with a total of 4.5 billion yuan allocated for competition in AI traffic [7] Group 3 - The global demand for AI computing power is driving significant capital expenditures from major cloud providers, with North American firms projected to increase their capital spending by 67.06% to 372.55 billion dollars in 2025 [11] - This trend is expected to benefit domestic computing power suppliers, as the demand for AI-related hardware and infrastructure continues to grow [11] - The overall industry is witnessing a structural shift, with high-growth areas such as AI chips and optical communication experiencing strong demand, while general manufacturing sectors are also benefiting from the changes [8]

Core Insights - The main focus of the news is the significant inflow of capital into specific stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - The top stock by capital inflow is Yingweike, with an inflow of 1.297 billion yuan and a price increase of 8.68% [1][2] - Leo Group follows with an inflow of 1.123 billion yuan and a price increase of 5.33% [1][2] - TBEA has an inflow of 545 million yuan and a price increase of 3.42% [1][2] - Western Materials shows an inflow of 504 million yuan with a price increase of 5.61% [1][2] - Tianfu Communication has an inflow of 462 million yuan and a notable price increase of 9.79% [1][2] Group 2: Sector Analysis - The stocks listed belong to various sectors, including specialized equipment, internet services, power grid equipment, and communication devices, indicating diverse investment interests [2][3] - The energy metals sector is represented by Shengtun Mining, which has an inflow of 395 million yuan and a price increase of 10.03% [1][2] - The healthcare sector is highlighted by WuXi AppTec, with an inflow of 389 million yuan and a price increase of 3.78% [1][2] Group 3: Additional Notable Stocks - Copper Crown Copper Foil has an inflow of 370 million yuan and a significant price increase of 11.36% [1][2] - Ningde Times, a key player in the battery sector, has an inflow of 334 million yuan with a price increase of 1.82% [1][2] - Other notable stocks include Yunnan Tin with an inflow of 288 million yuan and a price increase of 1.8% [1][3]