Group 1 - The three major indices showed mixed performance on June 26, with the AI ETF (512930) reaching a peak increase of over 1% during the day, closing up 0.44% with a trading volume exceeding 60 million [1] - Notable stocks within the AI ETF included Zhongke Shuguang and Xinyi Sheng, both rising over 5%, while other companies like Stone Technology, Qi Anxin-U, and others also saw significant gains [1] - Nvidia's stock surged over 4%, reaching a new all-time high with a market capitalization of $3.77 trillion, making it the highest-valued company globally. Nvidia reported a 69% year-on-year revenue growth in its latest earnings report, with data center business increasing by 73% [1] Group 2 - The AI ETF (512930) closely tracks the CSI Artificial Intelligence Theme Index, which selects representative companies that provide foundational resources, technology, and application support for AI [2] - The Consumer Electronics ETF (561600) tracks the CSI Consumer Electronics Theme Index, selecting 50 listed companies involved in component production and brand design within the consumer electronics sector [2] - Guojin Securities emphasizes the importance of focusing on the semiconductor self-control industry, core hardware for computing power, the Apple supply chain, and AI-driven industry chains, highlighting opportunities in AI smart glasses and related components [2]

| 创业板人工智能ETF华宝 | 分时 多日 1分 5分 15分 30分 = | F9 量前盘后 盛加 九线 面线 工具 @ C2 | 159363 | 159363[咖啡板人工智能ETF华宝] 10:05 价 1.035 涨跌 0.014(1.37%) 均价 1.029 成 | 1.035 | 40.014 +1.37% | .769 | 1.037 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 27 . . . | SZSE CNY 10:05:00 交易中 | 华宣部业板人工智能ETF | 净值走势 | 1.030 | 0.829 | | | | | | | | | | | | | | | | 能 | 10.16% 만화 | 14799 | 发五 | 1.033 | 7096 | | | | | | | | | | | | | | | | 1.021 | 0 ...

消息面上，美国时间周三，英伟达股价大涨4.3%至154.31美元，再创历史新高，市值达到3.77万亿美 元，超越微软成为全球市值最大的公司。此前，黄仁勋在英伟达年度股东大会上强调AI和机器人技术 带来"数万亿美元机会"，并指出全球对"主权AI"的需求正在增长，英伟达正处于为期十年的AI基础设施 建设浪潮的起点。 6月26日早盘， 通信、综合、电子、计算机等行业板块领涨A股，锂电电解液、航母、电路板、光模块 CPO、固态电池等概念盘中活跃。近期热度较高的云计算50ETF（516630）高开高走，一度涨近2%， 持仓股中，恒生电子、新易盛、中际旭创、卫宁健康、中科曙光、曙光数创等涨幅居前，其中新易盛一 度涨近6%。 国金证券认为，海外光模块需求上调，开启1.6T时代，推荐配置海外光模块供应链。光铜共进，下一代 连接技术走向成熟，建议关注CPO、DCI、AEC产业链标的。国产算力链长坡厚雪，建议关注交换机、 液冷板块。运营商分红稳步提升，资本开支向AI算力倾斜，兼备红利与成长属性。 （文章来源：每日经济新闻） 公开信息显示，云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆 ...

具体到收益表现来看，创业板人工智能指数不仅中长期领跑主流宽基指数，也优于同类人工智能指数。 Wind数据显示，截至2025年6月23日，创业板人工智能指数最近一年、三年累计收益率分别达37.55%、 93.39%，远超同期沪深300指数的10.36%、-9.66%，创业板指的14.91%、-24.64%，以及中证人工智能 产业指数的23.13%、17.53%，展现出该指数显著的超额收益优势。 上市公司的出色业绩表现，也印证了AI产业正逐步迈入盈利兑现的黄金时期，当前或为布局的较佳时 点。从创业板人工智能指数成分股盈利情况来看，Wind数据显示，2024年指数成分股加权平均归母净 利润达到48.70%，超半数企业已实现盈利。估值方面，Wind数据显示，截至2025年6月23日，创业板人 工智能指数市净率为5.25倍，处于指数近十年53.33%的分位点水平，仍具配置空间。 下半年即将启程，以AI为代表的科技仍是机构较为一致看好的主线，在此背景下，人工智能ETF富国有 望成为投资者布局AI产业的便捷工具。好产品也需要好团队管理，作为"老十家"公募基金公司，富国基 金在指数量化投资领域已深耕逾16年，由公司副总经理李 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Viewpoints - The integration of 5G-A and AI is driving industry transformation, reconstructing the value chain of information infrastructure. This dual drive effect significantly enhances the marginal efficiency and commercial potential of 5G networks, leading to a golden period of industry development [3][4]. - The 2025 MWC Shanghai showcased the successful outcomes of the 5G and AI integration, with major players in the industry releasing innovative results, marking the transition from technical concepts to practical applications [3][4]. - The report emphasizes the importance of focusing on network infrastructure construction, recommending key operators and equipment manufacturers for investment opportunities [3]. Summary by Sections Industry Trends - The 2025 MWC Shanghai highlighted four major themes: "AI+", "Industry Interconnection," "Empowerment Interconnection," and "5G Fusion," showcasing the ongoing transformation in the communication industry driven by AI [1]. - The report notes that the 5G-A network construction is accelerating, with significant investments planned by major operators, including nearly 10 billion yuan by China Mobile for smart upgrades [3]. Investment Recommendations - The report suggests prioritizing investments in network infrastructure construction, specifically mentioning operators like China Mobile, China Telecom, and China Unicom, as well as equipment manufacturers such as ZTE, Unisoc, and Ruijie Networks [3]. - The report also highlights the potential of 5G-A to empower various industries, including industrial, logistics, and low-altitude economies, creating new market opportunities [3]. Market Dynamics - The report indicates that the user base for 5G-A has surpassed 10 million in China, with projections that China Mobile's 5G-A users will exceed 50 million by the end of 2025 [3]. - The integration of 5G-A and AI is expected to enhance network performance and enable new applications across various sectors, further expanding the market space for industrial internet [3].

Group 1 - The China Strategic Emerging Industries Index (new emerging index, 000171) rose by 1.66% to 1188.03 points, with a trading volume of 110.449 billion yuan [1] - Over the past month, the index increased by 1.27%, while it decreased by 3.76% over the past three months and has fallen by 1.33% year-to-date [1] - The index includes 100 representative listed companies from sectors such as energy conservation and environmental protection, new generation information technology, biotechnology, high-end equipment manufacturing, new energy, new materials, new energy vehicles, digital creativity, and high-tech services [1] Group 2 - The top ten holdings in the index are BYD (8.72%), Dongfang Wealth (8.59%), Hengrui Medicine (5.81%), Zhongji Xuchuang (3.47%), Xinyi Sheng (3.3%), Haiguang Information (3.18%), Luxshare Precision (3.15%), WuXi AppTec (3.13%), Huichuan Technology (3.01%), and Northern Huachuang (2.61%) [1] - The market capitalization distribution of the index shows that 61.12% of the holdings are listed on the Shenzhen Stock Exchange, while 38.88% are on the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes Information Technology (33.01%), Healthcare (15.20%), Communication Services (12.90%), Industry (12.37%), Consumer Discretionary (11.33%), Financials (9.11%), Materials (5.16%), Utilities (0.38%), Consumer Staples (0.31%), and Energy (0.24%) [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the new emerging index include Huaxia Strategic Emerging Index ETF Link A, Huaxia Strategic Emerging Index ETF Link C, and Huaxia Strategic Emerging Index ETF [2]

Market Overview - The Shanghai Composite Index rose by 0.65% on June 23, with 28 out of the 31 sectors experiencing gains, led by the computer and defense industries, which increased by 2.25% and 1.97% respectively [1] - The communication sector saw a modest increase of 0.19%, while the food and beverage, home appliances, and steel sectors faced declines of 0.80%, 0.43%, and 0.11% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 7.67 billion yuan, with 18 sectors experiencing net inflows [1] - The computer industry topped the net inflow list with 3.175 billion yuan, followed by the power equipment sector, which saw a net inflow of 1.825 billion yuan and a daily increase of 1.13% [1] Communication Sector Performance - The communication sector had a net outflow of 1.679 billion yuan, despite 101 out of 127 stocks in the sector rising, with 3 hitting the daily limit [2] - The top net inflow stocks in the communication sector included Hengbao Co., which saw a net inflow of 427.36 million yuan, followed by China Unicom and Shijia Photon with net inflows of 99.80 million yuan and 75.19 million yuan respectively [2] Communication Sector Capital Outflow - The communication sector's top net outflow stocks included Tianfu Communication, which experienced a net outflow of 626.85 million yuan, followed by Xinyi Sheng and Zhongji Xuchuang with net outflows of 505.93 million yuan and 444.34 million yuan respectively [3]

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [2][5][21] Core Insights - The integration of 5G and AI is expected to drive rapid development in the communication industry, with significant opportunities arising from the convergence of these technologies [4][19] - The 2025 MWC in Shanghai highlighted four core themes: 5G integration, AI+, industry interconnectivity, and empowering interconnectivity, showcasing the industry's challenges and opportunities [4][15] - LightCounting's report predicts a 10% quarter-on-quarter growth in optical module sales, driven primarily by 800G Ethernet modules, indicating a positive market outlook [19][21] Summary by Sections Recent Developments - The 2025 MWC showcased major advancements in AI and 5G technologies, with companies like ZTE and Huawei presenting innovative solutions for AI terminal competitiveness and mobile AI networks [4][15][18] - China Mobile launched domestically produced satellite communication chips, marking a significant breakthrough in the satellite communication core chip sector [16][17] Market Performance - The communication index rose by 1.58% from June 16 to June 20, 2025, with notable performance in communication network equipment and devices [9][21] Key Companies and Investment Opportunities - Recommended companies for investment include: - Telecom operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) [5][21] - High-end optical module manufacturers: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Xinyi Sheng (300502.SZ) [5][21] - Communication equipment manufacturers: ZTE (000063.SZ), Unisplendour (000938.SZ), Quectel (603236.SH) [5][21] - Commercial aerospace-related investment opportunities: China Satellite (600118.SH), Huace Navigation (300627.SZ) [5][21]

Group 1 - The computer sector saw a net inflow of over 31 billion yuan, leading the market in capital inflow [1][2] - Other sectors with significant net inflows include pharmaceuticals (11.23 billion yuan) and non-ferrous metals (8.40 billion yuan) [2] - The communication sector experienced the largest net outflow, totaling 19.44 billion yuan, followed by machinery equipment and food and beverage industries [2] Group 2 - Top stocks by net inflow include Tianyuan Dike with 6.00 billion yuan, followed by Rongfa Nuclear Power and Zhongyida [3] - Tianfu Communication faced the highest net outflow at 6.16 billion yuan, with significant outflows also from Xinyi Sheng and Zhongji Xuchuang [4] - The net inflow rate for Tianyuan Dike was 27.23%, indicating strong investor interest [3]

Investment Rating - The report maintains a "Buy" rating for China Mobile, China Telecom, and ZTE Corporation, while China Unicom is rated as "Hold" [10][11]. Core Insights - The China Securities Regulatory Commission has restarted the fifth set of listing standards for the Sci-Tech Innovation Board, expanding its scope to include artificial intelligence, commercial aerospace, and low-altitude economy sectors, which is expected to enhance financing channels for leading enterprises in these industries [2][3][15]. - The report highlights the growth opportunities in the commercial aerospace and low-altitude economy sectors, driven by supportive policies and the acceleration of commercialization [3][16]. Summary by Sections Market Overview - The communication sector index rose by 1.58% last week, while the Shanghai Composite Index fell by 0.51% and the Shenzhen Component Index decreased by 1.16% [2][14]. Key Companies and Developments - The report recommends focusing on key players in the communication industry, including China Mobile, China Telecom, and ZTE Corporation, due to their strong market positions and growth potential in AI and digital services [4][11][50]. - The report emphasizes the importance of the commercial aerospace sector, particularly in areas such as rocket engines, satellite payloads, and ground terminal manufacturers, as well as low-altitude economy players like airspace digital service providers [3][16]. Investment Recommendations - Specific stock recommendations include: - China Mobile (600941 CH) with a target price of 126.40 and a "Buy" rating - China Telecom (601728 CH) with a target price of 9.13 and a "Buy" rating - China Unicom (600050 CH) with a target price of 7.62 and a "Hold" rating - ZTE Corporation (000063 CH) with a target price of 39.41 and a "Buy" rating [11][49].