Group 1: Market Overview - On July 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 26.576 billion yuan, with the ChiNext board seeing a net outflow of 12.112 billion yuan and the CSI 300 index stocks a net outflow of 6.366 billion yuan [1] - Among the 21 industries tracked, mechanical equipment, public utilities, and home appliances saw the largest gains, each rising over 1%, while real estate, media, and non-bank financial sectors fell more than 1% [1] - Four industries received net inflows from main funds, with mechanical equipment leading at 394 million yuan, followed by home appliances at 117 million yuan, and coal and petrochemical sectors each exceeding 37 million yuan [1] Group 2: Individual Stock Performance - Among individual stocks, 37 saw net inflows exceeding 100 million yuan, with six stocks surpassing 200 million yuan in inflows [2] - Zhongji Xuchuang, a leader in optical modules, topped the inflow list with 497 million yuan, benefiting from increased demand for ASIC servers driven by growth in ARR for AWS's Anthropic and Google's Gemini [2] - Notable stocks such as Xiangyang Bearing, Brother Technology, and Kelu Electronics also saw significant inflows, with Kelu Electronics reaching a net inflow of 314 million yuan, the highest since June 23, 2016 [2] Group 3: Notable Outflows - Over 90 stocks experienced net outflows exceeding 100 million yuan, with 21 stocks seeing outflows over 300 million yuan [3] - Leading the outflows were BYD and Northern Rare Earth, each with net outflows exceeding 1.1 billion yuan, with Northern Rare Earth's outflow reaching 1.105 billion yuan, marking a new high since November 4, 2024 [3][4] Group 4: Tail-End Market Activity - At the market close, there was a net outflow of 1.483 billion yuan, with the ChiNext board seeing an outflow of 806 million yuan [6] - Notably, the digital currency concept stock Chutianlong saw a significant reversal, with a net inflow of 204 million yuan, despite a projected loss of 35 to 40 million yuan for the upcoming half-year [7] - Other stocks with notable tail-end inflows included Tianyang Technology and Hanyu Pharmaceutical, each exceeding 40 million yuan [8]

Group 1: Artificial Intelligence ETF Performance - The liquidity of the Artificial Intelligence ETF showed a turnover of 1.76% during the trading session, with a half-day transaction volume of 60.298 million yuan. The average daily transaction volume over the past month reached 132 million yuan as of July 11 [3] - The latest scale of the Artificial Intelligence ETF reached 3.408 billion yuan, with leveraged funds continuing to invest. The net financing amount on the previous trading day was 3.8182 million yuan, and the latest financing balance stood at 115 million yuan [3] - The net value of the Artificial Intelligence ETF increased by 33.88% over the past year. The highest monthly return since inception was 30.38%, with the longest consecutive monthly gains being three months and the maximum cumulative increase of 43.97%. The average return during the rising months was 6.80% [3] Group 2: Index Composition and Key Stocks - As of June 30, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Industry Index accounted for 52.07% of the index. The leading stocks include Zhongji Xuchuang, Xinyi Sheng, Keda Xunfei, and others [4] - The weight and performance of key stocks in the index are as follows: Zhongke Shuguang (6.42%, -0.12%), Han's Laser (6.33%, +2.35%), and others, with varying performance metrics [6] Group 3: Industry Outlook - The overseas computing power industry is forming a positive feedback loop characterized by reduced costs of technological iteration, application promotion, explosive demand for inference, growth in tokens, and accelerated iteration of data growth models. The AI application sector is still in its early stages, and the optical module industry, as a foundational component for computing clusters, continues to exhibit high growth potential [7]

资料显示，创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数，选取创业板上市的AI主业公 司，日内涨跌幅限制为±20%，弹性高。行业分布上，光模块CPO概念股权重超33%。前3成分股为新易 盛、中际旭创、天孚通信三大光模块龙头，前十大成分股包括北京君正、全志科技两大芯片设计公司， 以及软通动力、润泽科技、光环新网、网宿科技、深信服等IDC、云计算、数据中心行业龙头公司。目 前年管理费率为0.15%，托管费率为0.05%，场内综合费率在可比基金中最低。 （文章来源：每日经济新闻） 7月14日，A股市场延续修复态势，盘面上锂矿、央企银行、、特高压等概念活跃，TMT板块蓄力回 调，光模块CPO、PCB等AI算力板块表现韧性，中际旭创、天孚通信、新易盛等红盘上涨。截至 10:48，创业板人工智能ETF华夏（159381）横盘震荡，盘中持续溢价显示买盘活跃，wind数据显示， 该ETF盘中获得资金申购。 国盛证券指出，GPU等高性能芯片的大量需求将带动相关配套设备如光模块、PCB、交换机等需求激 增，而国内龙头厂商将在硬件设备高速迭代的趋势中凭借其客户份额的领先优势、技术先发优势以及在 其专业领域的积累优势 ...

证券研究报告 | 2025年07月13日 通信行业周报 2025 年第 28 周 优于大市 xAI 推出 Grok4 模型，算力基础设施企业 Q2 业绩预告较好 行业要闻追踪：全球算力继续呈现高景气度。（1）xAI 正式推出 Grok4，支 持更复杂的交互方式。7 月 10 日，马斯克旗下的人工智能公司 xAI 正式发布 AI 聊天机器人最新版本 Grok 4。该模型在 Humanity's Last Exam 中，通 过文本输入达到了约 25%的正确率。Grok 4 模型订阅费为 30 美元/月，Heavy 版本的费用为 300 美元/月，价格超过了 OpenAI 最贵的 200 美元 Pro 会员月 费。Grok4 提供代码领域的专业支持，同时主打多模态功能，支持更复杂的 交互方式。（2）7 月 10 日，博通管理层会议指引 AI 推理需求被低估，市场 规模预期存上修空间。博通管理层指出过去两个月 AI 推理订单大幅激增且 超当前产能，这一需求未被纳入此前对三个现有 AI 客户 600-900 亿美元的 市场规模预测。此外，非 AI 业务复苏与结构优化，形成增长合力，相关算 力产业链持续收益。（3）英伟达 ...

金融界7月11日消息，上证指数高开震荡，中证等权重90指数 (等权90，000971)上涨0.33%，报2704.23 点，成交额2599.68亿元。 数据统计显示，中证等权重90指数近一个月上涨4.01%，近三个月上涨6.48%，年至今下跌0.05%。 据了解，中证等权重90指数由上证50指数样本和按照上证50指数选样方法在深圳市场中选出的40只上市 公司证券等权重加权组成，综合反映沪深市场规模大、流动性好的90家上市公司证券的整体表现。该指 数以2003年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证等权重90指数十大权重分别为：中际旭创（1.43%）、新易盛（1.39%）、沪电 股份（1.38%）、阳光电源（1.31%）、天孚通信（1.28%）、药明康德（1.27%）、交通银行 （1.27%）、中国银行（1.27%）、平安银行（1.21%）、工商银行（1.21%）。 从中证等权重90指数持仓的市场板块来看，上海证券交易所占比54.98%、深圳证券交易所占比 45.02%。 从中证等权重90指数持仓样本的行业来看，信息技术占比20.78%、工业占比17.81%、金融占比 17.49%、 ...

Core Insights - The total margin financing balance for the ChiNext market reached 364.31 billion yuan, marking an increase for four consecutive trading days, with a cumulative increase of 5.1 billion yuan during this period [1][2] Margin Financing Balance and Changes - As of July 10, 2025, the total margin financing balance was 365.398 billion yuan, an increase of 1.874 billion yuan from the previous trading day [2] - The financing balance specifically was 364.311 billion yuan, which increased by 1.881 billion yuan from the previous day [2] - A total of 534 stocks saw an increase in financing balance, with 60 stocks experiencing an increase of over 20% [2][3] Stocks with Significant Changes in Financing Balance - The stock with the highest increase in financing balance was Feiliwa, which saw a 177.53% increase, bringing its latest financing balance to 25.66 million yuan [3] - Other notable increases included Jialian Technology and Jingxue Energy, with increases of 145.36% and 93.08%, respectively [3] - Conversely, Hongming Co. experienced the largest decrease in financing balance at 28.36%, with a latest balance of 19.67 million yuan [3] Market Performance - Stocks with a financing balance increase of over 20% averaged an 8.53% rise in their stock prices, outperforming the ChiNext index [5] - The top performers included Tongguan Copper Foil, New Special Electric, and International Composite Materials, with increases of 43.95%, 37.45%, and 32.85%, respectively [5] - The largest increases in financing balance by amount were seen in Zhongji Xuchuang, Shenghong Technology, and Xinyi Sheng, with increases of 353 million yuan, 319 million yuan, and 231 million yuan, respectively [5]

融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为3.14%，融资余额占比 最高的是盛和资源，该股最新融资余额14.43亿元，占流通市值的比例为6.00%，融资余额占比较高的还 有浪潮信息、太辰光、中际旭创，占比分别为5.47%、4.49%、4.31%。（数据宝） 证券时报·数据宝统计显示，具体到个股，7月10日共有1956只股获融资净买入，净买入金额在千万元以 上的有468只，其中17只融资净买入额超亿元。中油资本融资净买入额居首，当日净买入2.77亿元，其 次是中际旭创、阳光电源，融资净买入金额分别为2.36亿元、2.27亿元，融资净买入金额居前的还有新 易盛、大智慧、立讯精密等。 | | 牧原股 | | | | 农林牧 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | 渔 | | 000987 | 越秀资 | 4.44 10722.29 | 67604.12 | 1.69 | 非银金 | | | 本 | | | | 融 | | 601916 | 浙商银 行 | 0.26 10544.68 | 143875.66 | 1.76 ...

Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

Core Viewpoint - The performance of the AI industry index and related ETFs shows mixed results, with notable fluctuations in individual stocks and overall market activity [1][3][4]. Group 1: AI Industry Index Performance - As of July 10, 2025, the CSI Artificial Intelligence Industry Index (931071) decreased by 0.26% [1]. - Among the constituent stocks, Lexin Technology (688018) led with a rise of 5.77%, while companies like Cambricon (688256) and Zhongke Xingtu (688568) experienced declines [1][6]. - The top ten weighted stocks in the index account for 52.07% of the total index weight, with notable companies including Zhongke Shuguang (603019) and Keda Xunfei (002230) [4][6]. Group 2: AI ETF Performance - The AI ETF (515980) had a recent price of 1.03 yuan, with a trading volume of 1.10 billion yuan and a turnover rate of 3.27% [1][3]. - Over the past year, the AI ETF's net value increased by 35.14%, with the highest monthly return reaching 30.38% since its inception [3]. - The ETF's management fee is 0.50%, and the tracking error over the past month is 0.012% [3]. Group 3: Market Activity and Trends - As of July 9, 2025, the net buying amount of leveraged funds in the AI ETF was 2.18 million yuan, with a total financing balance of 116 million yuan [3]. - Nvidia's stock reached a record high of $164.42, with a market capitalization exceeding $4 trillion, marking it as the first company to achieve this milestone [6].

主力资金早间净流入机械设备、传媒等板块，净流出电子、有色金属等板块。 具体到个股来看，宁德时代、跨境通、巨力索具获净流入11.43亿元、9.48亿元、9.19亿元。 2025.07. 09 本文字数：443，阅读时长大约1分钟 作者 | 一财资讯 截至7月9日午间收盘，沪指报3507.69点，涨0.29%，深成指报10626.87点，涨0.36%，创业板指报 2198.44点，涨0.8%。全市场超3000只个股下跌。 盘面上，大金融板块走强，文化传媒、托育服务、水泥、养殖板块涨幅居前，中字头个股表现活跃；贵金 属、半导体芯片板块走低。 "黄金平替"，单日大跌6%！ 净流出方面，胜宏科技、天风证券、中际旭创遭抛售5.49亿元、4.59亿元、2.82亿元。 沪指盘中突破3500点整数关口，后市可看高一线？东方证券投顾汪啸骅认为，海外市场震荡分化。助推 全球资金回流国内，权益资金积极回补带动指数回升。权重和指标成为近期资金发力主要方向，低位科技 和红利呈现轮动修复结构。市场可能继续加大政策期待，推动指数持续冲击高位。但随着指数再度放量大 涨后，需警惕风险。 微信编辑 | 生产队的驴 推荐阅读 ...