AFR(SZ:300620) Xin Lang Ji Jin·2025-08-13 02:02Group 1 - The core viewpoint highlights the strong performance of AI hardware, particularly optical modules, which have significantly driven the growth of the ChiNext AI index, reaching new highs [1][3] - The ChiNext AI index has seen a cumulative increase of nearly 35% year-to-date, outperforming other AI indices such as the CSI AI and Sci-Tech Innovation AI indices [3][4] - The North American model updates and inference applications have created a preliminary closed loop, leading to a "second round of capital raising" in computing power investments [3][5] Group 2 - The leading companies in the large model industry are leveraging technological iterations and customer stickiness to maintain their competitive edge, prompting followers to engage in "capital raising" to avoid obsolescence [3][5] - The first market ETF tracking the ChiNext AI index, Huabao (159363), has seen significant trading volume, with a recent daily average transaction exceeding 150 million yuan [6] - The ETF has a portfolio allocation of approximately 70% in computing power and 30% in AI applications, effectively capturing the AI thematic market [6]