Xin Lang Cai Jing·2025-06-27 02:55Group 1: Market Performance - The CSI Software Index (H30202) increased by 0.89% as of June 27, 2025, with notable gains from companies such as Jinzheng Co., Ltd. (7.87%) and Langxin Group (4.06%) [1] - The Software 50 ETF (159590) saw a peak increase of nearly 2%, currently up by 1.12%, with a latest price of 1.09 yuan [1] - Over the past week, the Software 50 ETF has accumulated a rise of 7.08% [1] Group 2: Investment Focus - Guojin Securities emphasizes the importance of identifying opportunities that can transition from thematic investments to high-growth investments, particularly in the AI industry chain and its applications [3] - The report highlights the intersection of domestic and international environments, focusing on the AI industry chain as a key area for growth amid global competition and export controls [3] Group 3: AI Industry Chain Segments - Segment 1: Computing Power - Major domestic and international CSP manufacturers are entering a high-capex phase, with significant investments expected to continue [3] - Segment 2: Models - While overseas firms like OpenAI and Google maintain a lead, domestic companies are rapidly catching up, with an increase in the number of large model procurement projects [4] - Segment 3: Data - The quality of data is crucial for model performance, with policies promoting data circulation and the establishment of high-quality datasets [4] - Segment 4: Applications - AI hardware and software applications are increasingly being integrated into various sectors, including education, finance, and healthcare [4] Group 4: Software 50 ETF Composition - The Software 50 ETF tracks the CSI Software Index and includes 50 constituent stocks, with approximately 67% weight in application software and over 15% in AI-related fields [5] - The ETF provides a comprehensive layout of the AI software industry chain, covering foundational software, application software, and software services [5]