Market Overview - The A-share market experienced a collective decline on July 2, with the Sci-Tech Innovation Board AI Index dropping over 1%, and most constituent stocks, including DR Hengxuan Technology, Lexin Technology, and Fudan Microelectronics, falling more than 3% [1] - The Sci-Tech AI ETF (588790) recorded a trading volume exceeding 100 million yuan, with a premium during intraday trading, and has seen a cumulative increase of over 15% year-to-date as of July 1 [1] - The Sci-Tech 100 Index ETF (588030) also fell over 2%, with a trading volume exceeding 100 million yuan, and has a cumulative increase of over 41% in the past year and over 14% year-to-date as of July 1 [1] Company Developments - Alibaba Cloud is expanding its global infrastructure by adding data centers in Malaysia and the Philippines, increasing its presence to 29 regions and 90 availability zones, with the third availability zone in Malaysia launched on July 1 and a second in the Philippines planned for October [1] - Alibaba Cloud plans to establish its first global AI capability center, collaborating with over 1,000 companies to create more than 10 industry AI demonstration projects and partnering with over 120 universities to train 100,000 AI talents annually [1] AI Industry Insights - Meituan's AI assistant "Kangaroo Advisor" App is currently in internal testing, aimed at small and medium-sized businesses to enhance operational efficiency through data visualization and AI analysis across four main areas: "track selection," "store location," "menu development," and "store operations" [2] - GF Securities notes a rapid increase in AI inference demand and the emergence of super applications, with significant growth in CSPAITokens consumption both domestically and internationally, indicating a robust growth potential for the AIPCB industry [2] - Huatai Securities highlights that the iteration of large models and the growth in inference demand are expected to sustain high demand for computing power, while domestic manufacturing advancements will enhance the localization rate of equipment manufacturers [3] Investment Recommendations - Focus on high-quality companies with strong growth certainty in the overseas computing power chain, particularly in core segments like optical modules and copper interconnects [4] - In the domestic market, the sustained demand for computing power and breakthroughs in large model capabilities are likely to drive increased capital expenditures from major companies, with a focus on IDC, computing power leasing, and related equipment [4] - The AI industry is expected to continue its upward trajectory, with an emphasis on self-sufficiency and the expansion of the Ascend industry chain benefiting related upstream and downstream companies [4] ETF Insights - The Sci-Tech AI ETF (588790) closely tracks the Sci-Tech Innovation Board AI Index, covering 30 companies involved in AI chip production, algorithm frameworks, and smart terminals, with the top ten weighted stocks accounting for 70.57% of the ETF [5] - The average R&D investment of constituent stocks exceeds 23.6%, significantly higher than the A-share market average of approximately 5%, with median revenue growth rates of 61% and net profit growth rates of 45% projected for Q1 2025 [5] - The average market capitalization of constituent stocks is around 28 billion yuan, with 60% of the weight concentrated in companies with market caps between 10 billion and 50 billion yuan, differentiating it from the Sci-Tech 50 [5]
阿里云将设立首个AI全球能力中心,科创AIETF(588790)盘中交易溢价