来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为9.27%，近一个月回报为13.83%。 8月15日，截止午间收盘，创业50ETF（159682）涨2.11%，报1.115元，成交额1.15亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨0.43%，东方财富涨6.73%，汇川技术涨1.02%，中际旭创 跌0.69%，迈瑞医疗涨0.54%，新易盛涨1.00%，阳光电源涨8.18%，胜宏科技涨1.38%，亿纬锂能涨 2.38%，同花顺涨14.39%。 ...

算力产业链的投资逻辑，正从过去对AI芯片本身的追捧，转向 对特定细分环节的挖掘。 作者：郑晨烨 封图：图虫创意 8月14日，寒武纪（688256.SH）的股价在盘中一度暴涨超14%，再创历史新高，逼近千元大关。 其股价的惊人表现，正是当下AI算力产业发展的一个缩影。 一边是资本市场基于对产业未来的乐观预期，将热点公司的股价推向新高；另一边则是产业链相关 公司中报"成绩单"的冷热不均：光模块厂商新易盛（300502.SZ），预计上半年归母净利润同比增 幅最高达385.47%，其同行中际旭创（300308.SZ）也预计最高增长86.57%；相比之下，国产芯片 与服务器厂商的业绩增速则相对平缓，海光信息（688041.SH）上半年净利润同比增长40.78%， 中科曙光（603019.SH）的净利润增幅则为29.89%。 对此，集邦咨询研究经理龚明德在接受经济观察报记者采访时表示，AI服务器是当前整个服务器 市场最主要的增长支撑，其全年出货量预计将有可观的增长。 产业链"细化" 国际数据公司（IDC）的数据显示，2024年第四季度，全球服务器市场中，"ODM Direct"（原始 设计制造商直销）模式的收入同比增长高 ...

Core Insights - The total margin balance in the two markets reached 20,552.1 billion, reflecting a week-on-week increase of 0.44% [3] - The financing buy-in amount was 2,427.6 billion, showing a week-on-week rise of 3.08% [3] Margin Financing Overview - The financing balance for the Shanghai market was 20.6 trillion, while the Shenzhen market was 20.0 trillion, with a total of 19.0 trillion reported [4] - The financing buy-in amounts for the past three months were 18.1 trillion in June, 2025, 20.0 trillion in July, and 20.6 trillion in August [5] Industry Insights - The top 20 industries by margin balance are as follows: - Securities: 122.92 billion - Semiconductors: 116.12 billion - Software Development: 65.41 billion - Banking: 64.27 billion - Communication Equipment: 57.09 billion - IT Services: 54.72 billion - Automotive Parts: 51.62 billion - Military Equipment: 51.08 billion - Batteries: 51.01 billion - Complete Vehicles: 50.83 billion - Chemical Pharmaceuticals: 48.09 billion - Electric Power: 46.21 billion - Consumer Electronics: 40.60 billion - General Equipment: 38.11 billion - Photovoltaic Equipment: 37.38 billion - Construction Decoration: 35.15 billion - Computer Equipment: 35.15 billion - Chemical Products: 33.87 billion [7] Individual Stock Insights - The top five stocks by financing buy-in amount were: - Dongfang Wealth: 3.55 billion, with a financing buy-in ratio of 19.02% and a price change of -0.90% - Northern Rare Earth: 1.93 billion, with a financing buy-in ratio of 17.59% and a price change of 2.02% - Cambrian: 1.74 billion, with a financing buy-in ratio of 12.42% and a price change of 10.35% - Haiguang Information: 1.65 billion, with a financing buy-in ratio of 13.75% and a price change of 8.83% - Xinyi Sheng: 1.65 billion, with a financing buy-in ratio of 15.61% and a price change of -2.33% [9]

Core Viewpoint - The recent rise in the Shanghai Composite Index has led to a recovery in many actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market average [1][2][3] Fund Performance - More than 170 of the 600+ actively managed equity funds established in 2021 have achieved positive returns, with over 98% of products gaining positive returns this year [2] - Notable performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, which has a total return of 137.21%, and several other funds with returns exceeding 80% [2] - Funds focused on AI computing power, such as E Fund Pioneer Growth A and E Fund Vision Growth A, have also shown strong performance, with returns over 80% this year [3] Redemption Pressure - Despite the recovery, many funds are facing significant redemption pressures, particularly as their net asset values approach 1 yuan, leading to concentrated redemption behaviors [3][4] - For instance, the Jiashi Hong Kong Stock Advantage Fund saw its shares drop from 64.34 billion to 49.44 billion due to nearly 15 billion shares being redeemed in a single quarter [4] Market Trends - The current redemption pressure is notably concentrated in sectors such as new energy, liquor, and pharmaceuticals, aligning with the "track-based" funds issued between 2019 and 2021 [5] - The market is transitioning from a rebound to a reversal, with the previous trend of "rising but facing redemptions" weakening, and new fund issuance is accelerating [6] Fundraising and New Issuance - As of August 13, 2023, newly established actively managed equity funds have raised over 60 billion yuan this year, with several products exceeding 10 billion yuan in initial offerings [6] - The issuance of traditional fee-based actively managed equity funds has rebounded to around 10 billion yuan in July, indicating a recovery in fundraising [6] Future Outlook - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds, stocks, and margin trading, while some may also move into lower-risk insurance products [7]

Core Insights - The stock price of Cambrian (688256.SH) surged over 14% on August 14, reflecting the optimistic outlook for the AI computing power industry [2] - The performance of companies in the industry is mixed, with some reporting significant profit growth while others show more modest increases [2] - AI servers are identified as the main growth driver in the server market, with substantial increases in shipment volumes expected [3][4] Company Performance - NewEase (300502.SZ) expects a net profit increase of 327.68% to 385.47% for the first half of 2025, while its peer Zhongji Xuchuang (300308.SZ) anticipates a growth of 52.64% to 86.57% [4] - Huagong Technology (000988.SZ) reported a 45% increase in overall net profit, with its "connection business" (including optical modules) revenue growing by 124% [4] - Ruijie Networks (301165.SZ) forecasts a net profit growth of 160.11% to 231.64% for the first half of 2025, driven by accelerated orders for data center switches [5] Market Trends - The "ODM Direct" model in the global server market is projected to grow by 155.5% year-on-year, capturing 47.3% of the market share [3] - Major tech companies like Microsoft, Google, Amazon, and Meta have raised their capital expenditure plans to over $340 billion by 2025, indicating strong demand for cloud and AI products [3] - The demand for high-bandwidth memory (HBM) is increasing, with NVIDIA consuming over 60% of the market share, leading to a tight supply-demand balance [6] Strategic Shifts - Domestic computing power demand is shifting from supply issues to strategic concerns, with a notable decrease in reliance on external chips from 63% to 41.5% in the AI server market [8] - Haiguang Information (688041.SH) reported a revenue increase of 45.21% for the first half of 2025, focusing on general processors and co-processors [9] - China Mobile (600941.SH) is investing heavily in AI, with capital expenditures reaching 584 billion yuan, despite experiencing a decline in overall revenue [10]

截至今年二季度末，永赢科技智选A的持仓前十分别为新易盛（300502.SZ）、中际旭创（300308.SZ）、天孚通信（300394.SZ）、胜宏科技 （300476.SZ）、源杰科技（688498.SH）、长芯博创（300548.SZ）、沪电股份（002463.SZ）、工业富联（601138.SH）、太辰光 （300570.SZ）、深南电路（002916.SZ）。 此外，在单位净值创历史新高的基金中，鹏华医药科技、易方达瑞享、易方达先锋成长、易方达远见成长、中欧数字经济这5只年内收益率超80% 的基金，安信新回报、中航机遇领航、交银优择回报、大成科技创新、交银荣鑫的年内收益率均超60%。 | 证券代码 | 证券简称 | 区间最高单位净值 起始交易日期 成立日 期(排名不适用) | 区间最高单位净值日 [起始交易日期 成立日 期(排名不适用) | 基金经理 | 复权单位净值增长率 ［起始交易日期 本年初 | | --- | --- | --- | --- | --- | --- | | | | [截止交易日期 20250813 | [截止交易日期 20250813 | | [截止交易日期] 20250813 ...

Core Viewpoint - The article highlights the significant growth potential in the computing hardware sector, particularly in areas such as optical modules, PCB, liquid cooling, and AI chips, driven by increasing demand for AI capabilities and infrastructure [5][6]. Group 1: Market Performance - On August 13, computing hardware stocks experienced a surge, with notable increases in companies like Cambrian, which reached a historical high, and New Yisheng, which rose over 15% [4]. - Several companies, including Honghe Technology and Industrial Fulian, hit their daily limit up, indicating strong market interest and investor confidence [4]. Group 2: Growth Projections - Institutions predict substantial profit growth for several companies in the computing hardware sector, with Huafeng Technology expected to see a net profit increase of 1479%, followed by Hailanxin at 897%, and KOTAI Power at 685% [5]. - Other companies like Shijia Photon and Yongding Co. are also projected to experience significant profit growth, with estimates of 569% and 489% respectively [5]. Group 3: AI Demand and Infrastructure - The release of OpenAI's GPT-5 is anticipated to further stimulate demand for computing power, with improvements in code capabilities and reduced hallucination rates [5]. - Major cloud service providers are expected to continue investing heavily in AI infrastructure, with capital expenditures from Google, Microsoft, Amazon, and Meta projected to reach $159.38 billion in the first half of 2025, marking a 24.4% year-on-year increase [6]. Group 4: Industry Outlook - The AI computing hardware supply chain is expected to maintain high demand, with a forecasted increase in the demand for high-speed optical module products as the industry continues to grow [6]. - The upcoming release of NVIDIA's next-generation AI server chip, GB300, is projected to enhance performance significantly, further driving the need for advanced computing solutions [5].

Core Insights - The article provides an analysis of the margin trading market in China, highlighting the current balance and trends in financing and securities lending activities [2][3]. Margin Trading Market Overview - As of the last trading day, the total margin trading balance in the two markets reached 2034.53 billion, reflecting a week-on-week increase of 0.41% [3]. - The financing amount for the last trading day was 193.98 billion, showing a week-on-week decrease of 0.6% [3]. Financing and Margin Trading Balance - The financing amounts for the Shanghai and Shenzhen markets are reported as follows: - Shanghai: 2040 billion - Shenzhen: 2000 billion - Total: 1900 billion - Previous total: 1810 billion [4]. Industry Insights on Margin Trading - The top 20 industries by margin trading balance are as follows: - Securities: 120.56 billion - Semiconductors: 113.06 billion - Software Development: 64.76 billion - Banking: 62.86 billion - Communication Equipment: 55.13 billion - IT Services: 53.98 billion - Battery: 51.04 billion - Auto Parts: 51.03 billion - Military Equipment: 50.93 billion - Complete Vehicles: 50.44 billion - Chemical Pharmaceuticals: 47.73 billion - Electric Power: 45.94 billion - Consumer Electronics: 38.87 billion - Photovoltaic Equipment: 37.47 billion - General Equipment: 37.23 billion - Building Decoration: 34.85 billion - Chemical Products: 33.84 billion - Computer Equipment: 33.46 billion - Baijiu: 33.26 billion - Optoelectronics: 32.79 billion [6]. Individual Stock Insights - The top five stocks by financing amount on the last trading day were: - Cambrian: 2.23 billion with a financing ratio of 14.75% and a price increase of 20.00% - Zhongji Xuchuang: 1.81 billion with a financing ratio of 19.01% and a price increase of 5.09% - Xinyi Sheng: 1.75 billion with a financing ratio of 16.80% and a price increase of 6.23% - Dongfang Caifu: 1.47 billion with a financing ratio of 16.78% and a price increase of 0.80% - Shenghong Technology: 1.12 billion with a financing ratio of 14.18% and a price increase of 7.13% [8].

Summary of Key Points Core Viewpoint - As of August 13, the total market financing balance reached 2.03 trillion yuan, marking an increase of 11.696 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1]. Financing Balance and Individual Stocks - The financing balance for the Shanghai Stock Exchange was 1.029 trillion yuan, up by 3.493 billion yuan, while the Shenzhen Stock Exchange's balance was 996.38 billion yuan, increasing by 8.169 billion yuan. The Beijing Stock Exchange saw a financing balance of 66.17 million yuan, up by 3.368 million yuan [1]. - On August 13, a total of 2,028 stocks experienced net financing inflows, with 624 stocks having net inflows exceeding 10 million yuan. Notably, 43 stocks had net inflows over 100 million yuan [1]. - The top three stocks by net financing inflow were Dongfang Caifu with 783 million yuan, followed by WuXi AppTec with 671 million yuan, and New Yisheng with 517 million yuan [1]. Industry and Sector Analysis - Among the stocks with net inflows exceeding 100 million yuan, the electronics, communications, and machinery equipment sectors were the most prominent, with 8, 6, and 5 stocks respectively [1]. - In terms of board distribution, 28 stocks with significant net inflows were from the main board, 12 from the ChiNext board, and 3 from the Sci-Tech Innovation board [1]. Financing Balance as a Percentage of Market Capitalization - The average financing balance as a percentage of the circulating market value for stocks with significant net inflows was 3.97%. The stock with the highest financing balance relative to its market value was Longyang Electronics, with a financing balance of 480 million yuan, accounting for 10.65% of its market value [2]. - Other notable stocks with high financing balance percentages included Jianghuai Automobile at 9.79%, Dongfang Caifu at 7.33%, and Dazhu Laser at 7.04% [2]. Detailed Stock Performance - A detailed ranking of net financing inflows on August 13 included: - Dongfang Caifu: 2.46% increase, net inflow of 783 million yuan, financing balance of 2.411 billion yuan, 7.33% of market value [2]. - WuXi AppTec: 7.23% increase, net inflow of 671 million yuan, financing balance of 546 million yuan, 2.24% of market value [2]. - New Yisheng: 15.45% increase, net inflow of 517 million yuan, financing balance of 768 million yuan, 3.67% of market value [2]. - Other stocks with significant net inflows included Guizhou Moutai, Guotai Junan, and Feilihua, among others [1][2].

Market Overview - The three major indices collectively rose, with trading volume surpassing 2 trillion, indicating a strong market atmosphere [2] - The AI sector continues to thrive, with significant interest in areas such as optical modules, cloud computing, PCB, and photolithography [3] AI Sector Performance - Notable stocks in the AI sector include Xinyisheng, which surged by 15%, and Zhongji Xuchuang, which rose by 11%, both reaching historical highs [4] - The cloud computing ETF tracking "Yizhong" content increased by 5.17%, with a year-to-date gain of 41.69% [4] Bull Market Discussion - Discussions about whether a bull market has arrived are increasing, with a cautious stance from Shenwan Hongyuan, stating that the bull market's main line has not yet been established [5] - Potential directions for the bull market include domestic technological breakthroughs and high global market share manufacturing [6] Market Trends - The securities sector, often seen as a "bull market flag bearer," showed strong performance with multiple stocks hitting the daily limit [8] - Institutions believe that the current bull market is characterized by stronger stability and continuity, particularly in the technology growth sector [10] Financing and Market Sentiment - As of August 5, the market's margin financing balance reached 2 trillion, the highest since July 2015, reflecting increased risk appetite among investors [15] - The rising margin balance indicates a positive feedback loop driven by wealth effects, encouraging investors to leverage their positions [17] AI Demand and Investment - The demand for AI computing power is increasing, with major cloud companies significantly ramping up capital expenditures [20] - In Q2 2025, major players like Microsoft, Google, Meta, and Amazon are projected to spend a combined $95.8 billion, a 64% year-over-year increase [21] Company Performance - Industrial Fulian reported a 51% increase in net profit for Q2, with AI server revenue growth exceeding 60%, leading to a market capitalization surpassing 860 billion [27] - The CPO sector is experiencing a strong performance, with leading companies showing significant gains [12] ETF and Investment Opportunities - The SHS Cloud Computing ETF has seen a year-to-date increase of 40.47%, with a substantial rise in its share volume [30] - The ETF includes major players in the cloud computing space, capturing a significant portion of the domestic market [32] Conclusion on AI Investment - The AI sector is still in its early stages, with many applications yet to be released, suggesting a long-term investment opportunity [38] - Understanding the underlying logic of the AI industry is crucial for capitalizing on future growth [34]