ETF日报：随着游戏公司进入新游周期及AI+游戏的持续催化，有望实现估值提振和基本面向好，可关注游戏ETF

Market Overview - The market experienced a strong upward trend today, with the Shanghai Composite Index surpassing 3600 points, reaching a new closing high for the year [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.6 trillion, an increase of 97.5 billion compared to the previous day [1] - The Shanghai Composite Index rose by 0.96%, the Shenzhen Component Index increased by 0.59%, the ChiNext Index gained 0.39%, and the CSI 500 Index rose by 0.67% [1] Overseas Market Insights - U.S. stocks surged as investors sought to buy the dip following last week's sell-off, driven by weak non-farm payroll data that increased the likelihood of a rate cut in September [3] - The capital market is expected to benefit from a more accommodative monetary policy, although some analysts warn of potential pullback risks and stagflation in the U.S. economy [3] - Investors are advised to consider gold ETFs (518800) and gold stock ETFs (517400) to diversify risks amid economic uncertainties [3] AI Computing Power Sector - The AI computing power sector led the market today, supported by higher-than-expected capital expenditures from overseas cloud providers and the positive contribution of AI to revenue [3] - In Q2 2025, North American leading cloud providers collectively spent $95.84 billion on capital expenditures, a year-on-year increase of 66% and a quarter-on-quarter increase of 24% [3] - Major companies like Google and Meta have raised their annual capital expenditure guidance, exceeding market expectations [3][5] Domestic Tech Giants - Domestic tech giants such as Alibaba and Tencent are accelerating the construction of AI infrastructure, with Alibaba's FY2025 capital expenditure reaching 85.972 billion (up 167.93%) and Tencent's 2024 capital expenditure at 76.76 billion (up 221.27%) [5] - AI has begun to show observable performance contributions, with Meta reporting a 5% and 3% increase in ad conversion rates for Instagram and Facebook, respectively, due to AI-driven advertising models [5] Gaming Sector Performance - The gaming sector performed well today, with the gaming ETF (516010) rising by 1.37% [6] - According to the Game Industry Committee, the actual sales revenue of the domestic gaming market reached 168 billion in the first half of the year, a year-on-year increase of 14% [6] - The revenue from self-developed games was 140.5 billion (up 19%), while overseas revenue was 9.5 billion (up 11%) [6] Game Industry Developments - Several major gaming companies showcased key products at ChinaJoy, indicating a rich product pipeline [8] - In July, 134 games were approved, including 127 domestic games and 7 imported games, injecting new vitality into the supply side [9] - The global market share expansion of Chinese gaming companies is expected to bring new profit opportunities and optimize the industry's revenue structure [9] Robotics Sector Insights - The robotics sector showed active performance, with the industrial robot ETF (159667) rising by 0.91% [10] - In June 2025, China's industrial robot production reached 75,000 units, a year-on-year increase of 37.9% [10] - The market is expected to recover steadily, with an estimated production of over 600,000 industrial robots in 2025, reflecting a year-on-year growth rate of approximately 7.7% [10] Humanoid Robotics Trends - The humanoid robotics sector has gained attention due to various catalysts, including Tesla's production guidance and the launch of new products [10] - Upcoming events such as the World Robot Conference and the Embodied Intelligence Industry Conference are expected to further stimulate interest in the sector [10]