Group 1: ETF Performance and Liquidity - The AI ETF has a turnover rate of 7.47% during trading, with a transaction volume of 282 million yuan [3] - As of August 21, the AI ETF's latest scale reached 3.663 billion yuan, marking a new high since its inception [3] - The AI ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 89.3279 million yuan, totaling 208 million yuan [3] Group 2: Index and Market Comparison - The CSI Artificial Intelligence Industry Index has increased by 50.08% year-to-date, outperforming other indices such as the CS AI Theme Index (41.08%), Sci-Tech AI (45.17%), and Financial Technology Index (38.16%) [4] - The AI ETF closely tracks the CSI Artificial Intelligence Industry Index, which selects 50 stocks with high AI revenue and growth potential, ensuring a balanced and forward-looking investment approach [3][4] Group 3: Technological Developments - The release of DeepSeek-V3.1 on August 21 has significantly improved mixed reasoning and agent capabilities, enhancing efficiency and performance in tool usage and task execution [4] - Domestic supply chains are strengthening, with advancements in AI hardware lowering entry barriers, facilitating broader deployment of large-scale models [4] Group 4: Sector Allocation and Investment Strategy - The index includes sectors with verified demand such as AIGC applications and optical modules, each holding a weight of 20%-25%, along with emerging AI applications like autonomous driving and robotics, which hold 5%-10% [7] - Investors can also consider the HuaFu AI ETF linked funds to capitalize on the technology-driven investment opportunities presented by the AI sector [7]

Market Overview - The market experienced a strong upward trend in early trading on August 22, with the ChiNext Index and the STAR Market 50 Index reaching three-year highs [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.51 trillion yuan, a decrease of 569 billion yuan compared to the previous trading day [2] Sector Performance - The focus of the market was on computing power and semiconductor sectors, with a majority of stocks declining despite the overall market rise [2] - Computing power stocks surged across the board, while semiconductor stocks collectively rose, with Cambrian Technology reaching a historical high [2] - AI hardware stocks, such as CPO, also rebounded, with several stocks like New Yisheng hitting new historical highs [2] Index Performance - The Shanghai Composite Index increased by 0.67%, the Shenzhen Component Index rose by 1.32%, and the ChiNext Index saw a significant gain of 2.56% [2]

Market Overview - A-shares experienced a strong upward trend on August 22, with technology stocks driving the ChiNext 50 index up over 5%, reaching a nearly three-and-a-half-year high [1] - The Shanghai Composite Index approached 3800 points, with a half-day trading volume of 1.51 trillion, down 56.9 billion from the previous trading day [1] - By midday, the Shanghai Composite Index rose by 0.67%, the Shenzhen Component Index increased by 1.32%, and the ChiNext Index climbed by 2.56% [1] Key Developments - DeepSeek launched its latest large language model, DeepSeek-V3.1, which enhances global AI market competition through a mixed reasoning architecture and improved agent capabilities [1] - The model utilizes UE8M0 FP8 Scale parameter precision, designed for the upcoming generation of domestic chips [1] Sector Performance Computing Power Chip Sector - The computing power chip sector saw significant gains, with stocks like Cambrian Technology surpassing 1100 yuan, and several others hitting their daily limit [3] - The release of DeepSeek-V3.1 is expected to accelerate the pace at which major model manufacturers introduce stronger products to the market by Q2 2025 [3] Rare Earth Sector - The rare earth and small metal sectors showed strength, with stocks like Zhangyuan Tungsten hitting their daily limit [4] - Rare earth prices have risen significantly, averaging over 100,000 yuan per ton since August, driven by domestic order growth and supply chain concerns due to trade conflicts [4] Digital Currency Sector - The digital currency sector remained active, with stocks like Yuyin Co. achieving four consecutive trading limits [5] - The upcoming China International Service Trade Fair will feature a digital RMB experience area, indicating a focus on digital currency [5] Institutional Insights - GF Securities suggests maintaining a bullish market stance with a focus on growth technology and industries with improving economic conditions [6] - According to Zhao Shang Securities, the current market style is characterized by a focus on technology growth and small-cap stocks, which is expected to continue [8] - Dongfang Securities warns of potential adjustment pressure near the 3800-point mark, emphasizing the need for investors to recognize market characteristics and avoid missing out on opportunities [9]

截至3月31日，新易盛股东户数11.81万，人均流通股5337股。 2025年1月-3月，新易盛实现营业收入40.52亿元，同比增长264.13%；归属净利润15.73亿元，同比增长 384.54%。 资料显示，成都新易盛通信技术股份有限公司位于中国(四川)自由贸易试验区成都市双流区黄甲街道物 联大道510号，公司是一家专注于研发、生产和销售多种类的高性能光模块和光器件的公司，产品广泛 应用于数据中心、电信网络、安全监控以及智能电网等ICT行业。公司拥有3000多种产品，已服务于来 自全球60多个国家和地区的超过300个客户，目前拥有1100多名员工。 8月22日，新易盛盘中上涨7.03%，截至11:17，报275.98元/股，成交72.18亿元，换手率3.1%，总市值 2742.45亿元。 ...

Group 1 - The Zhongzheng Kechuang Chuangye 50 Index has risen sharply by 3.95% as of August 22, 2025, with notable gains in constituent stocks such as Shengmei Shanghai (20cm limit up), Haiguang Information (up 17.08%), and Cambrian (up 11.29%) [1] - The Kechuang Chuangye ETF by Jiashi (588400) increased by 4.02%, with a trading volume of 55.87 million yuan and a turnover rate of 3.13% [1] - The latest scale of the Kechuang Chuangye ETF by Jiashi reached 1.741 billion yuan, with an average daily trading volume of 46.69 million yuan over the past week [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Kechuang Chuangye 50 Index accounted for 57.49% of the index, with Ningde Times leading at 9.85% [2][4] - The high-tech manufacturing industry saw a year-on-year increase of 9.3% in July, with integrated circuit manufacturing growing by 26.9%, indicating a positive outlook for the hard technology industry chain [4] Group 3 - Future market trends suggest a focus on growth styles, with high-prosperity sectors remaining in the spotlight, as indicated by Dongwu Securities [5] - Investors are advised to consider the Kechuang Chuangye ETF Jiashi linked fund (013316) for exposure to Chinese technology innovation investment opportunities [5]

Investment Rating - The report maintains a "Positive" investment rating for the communication equipment industry [7]. Core Insights - Optical Circuit Switching (OCS) technology allows for routing and forwarding of optical signals without optical-electrical conversion, offering ultra-high transmission speeds, low latency, low power consumption, and high stability compared to traditional switches. This technology is expected to significantly enhance the value of the industry chain in the long term [2][10]. - Google has integrated OCS technology into its TPU v4 generation, which is now in large-scale deployment. Major overseas optical communication leaders are actively promoting OCS products, with significant revenue contributions expected by 2026 [2][10]. Summary by Sections OCS Technology Overview - OCS operates on the principle of direct optical signal switching, eliminating the need for optical-electrical conversion, thus providing advantages such as ultra-high transmission speed and low power consumption. It is seen as a potential long-term replacement for electrical switches [10]. - LightCounting predicts that OCS shipments will experience explosive growth, reaching 10,000 units in 2023 and exceeding 50,000 units by 2029 [10]. Competitive Landscape - There are three main approaches to OCS technology: MEMS, Digital Liquid Crystal (DLC), and Direct Laser Beam Steering (DLBS). Google and Lumentum primarily use the MEMS approach, while Coherent employs the non-mechanical DLC method [10]. - The report highlights that Lumentum and Coherent have begun generating revenue from their OCS businesses, with expectations for continued revenue growth in upcoming quarters [4][10]. Market Outlook - The report suggests that OCS technology will replace electrical switches in the spine layer first, with potential penetration into the leaf/ToR layer in the future. The market for OCS is projected to expand significantly, with an estimated market space of around $2 billion [10]. - Key players to watch include optical system manufacturers with first-mover advantages, as well as manufacturers of passive optical components and laser sources [10].

Core Viewpoint - The significant growth in the performance of optical module companies in the first half of 2025 is closely linked to the rising demand for computing power driven by the acceleration of the global AI industry [1][2]. Group 1: Company Performance - Taicheng Light reported a revenue of 828 million yuan in the first half of 2025, a year-on-year increase of 62.49%, with a net profit of 173 million yuan, up 118.02% [2]. - Zhuhai Guangku Technology achieved a revenue of 597 million yuan, a 41.58% increase, and a net profit of 51.87 million yuan, up 70.96% [2]. - Huagong Technology's net profit reached 911 million yuan, reflecting a year-on-year growth of 44.87% [2]. - Multiple companies indicated that their performance growth is a direct result of increased market demand for computing power [2]. Group 2: Market Demand and Trends - The optical module market is expected to grow by 45% in 2024, driven by the AI industry [4]. - The global shipment of 1.6T optical transceivers is projected to rise from approximately 2.7 million units in 2024 to about 4.2 million units in 2025 [4]. - The demand for high-speed optical modules, such as 400G and 800G, is accelerating due to the rising computing power needs of domestic internet and equipment manufacturers [2][4]. Group 3: R&D and Capacity Expansion - Companies are increasing R&D investments and expanding production capacity to capture market share and technological advantages [4][5]. - Huagong Technology's R&D investment reached 461 million yuan in the first half of 2025, a 19% increase [4]. - Taicheng Light is expanding production capacity with new facilities in Vietnam and has already begun supplying 800G optical modules while developing 1.6T modules [5]. - Zhongji Xuchuang plans to enhance data center construction and expects growth in demand for 800G and 1.6T modules [5]. - New Yisong is preparing to increase the proportion of silicon photonics products and has expanded production capacity in Thailand [5]. Group 4: Future Outlook - The supply of optical module products is expected to peak in the coming years due to the establishment of large-scale data centers and the acceleration of 5G-A network construction [6]. - Emerging fields such as vehicle networking and industrial internet will provide long-term growth momentum for the optical module market [6].

截至2025年8月21日15时29分，新易盛股价报257.86元，较前一交易日上涨2.72元，涨幅1.07%。当日开 盘价为255.81元，最高触及262.60元，最低下探246.22元，成交额达101.61亿元，换手率为4.49%。 新易盛属于通信设备行业，主营业务涵盖光模块的研发、生产和销售，产品广泛应用于数据中心、电信 网络等领域。 风险提示：市场有风险，投资需谨慎。 公司2025年中报预约披露日期为8月26日，具体披露时间以公司公告为准。 资金流向方面，8月21日主力资金净流入21664.34万元，近五日主力资金累计净流入64388.88万元。 ...

Core Viewpoint - The A-share market has reached a ten-year high, drawing attention to equity funds, with over 90% of the 1,053 equity funds showing positive returns over the past decade, indicating their ability to generate excess returns in the long term [1] Group 1: Fund Performance - Among the top-performing funds, Dongwu Mobile Internet A (001323.OF) has shown exceptional performance with a total return of 367.49% since inception and an annualized return of 16.25%, ranking second among flexible allocation funds [4] - The fund's year-to-date return is 46.06%, ranking 108th among 2,308 similar funds, with a one-year return of 73.17% and a three-year return of 115.01% [4] - The fund has experienced a maximum drawdown of -34.22%, highlighting the high volatility characteristic of technology growth funds [4] Group 2: Fund Manager Insights - The fund manager believes that the recent "reciprocal tariff" policy from the U.S. has caused significant volatility in global equity markets, but historical data suggests that such declines often occur without clear signs of economic recession [11] - The manager maintains a high stock allocation, anticipating that the A-share market may stabilize due to its current valuation, policy, and performance bottoms [11] - The fund manager is optimistic about the A-share market in the second half of the year, focusing on sectors like technology, innovative pharmaceuticals, and new consumption for potential opportunities [12] Group 3: Portfolio Composition - As of June 30, 2025, the fund's top ten holdings are concentrated in the technology sector, with significant investments in AI computing and automotive intelligence [8] - The fund has increased its position in Desay SV, with a growth of 37.56%, while reducing holdings in New Yisheng and Hu Dian shares, indicating a strategic shift towards automotive intelligence [8]

在A股市场沪指创出十年新高的时刻，权益类基金再次成为投资者关注的焦点。Wind数据显示，过去十 年间（2015年8月20日至2025年8月20日），全市场1053只权益类基金（仅统计主代码）中，正收益产品 数量占据绝对主流，共有958只收益为正，占比超过90%，仅有95只收益为负，体现了主动权益基金在 长期维度上创造超额收益的能力。 | 序号 | 证券代码 | 证券简称 | 近十年累计单位 净值增长率 | 今年以来回报 | 成立以来回报 | 基金规模 | 基金经理 | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (%) | ((2) | | | | 1 | 166301.OF | 华商新趋势优选 | 456.21 | 25.10 | 435.29 | 44.69 | 章文 | 2015/5/14 | | 2 | 000628.OF | 大成高鑫A | 373.82 | 10.82 | 400.83 | 179.16 | 刘旭 | 2015/2/3 | | 3 | 001437.OF | ...