Cambricon(SH:688256) Sou Hu Cai Jing·2025-08-25 06:04Core Viewpoint - The article highlights the growing interest and investment in the domestic AI industry, particularly through the Sci-Tech Innovation Artificial Intelligence ETF (589520), which has seen significant trading activity and positive net inflows, indicating strong market confidence in the sector [1][3]. Group 1: ETF Performance and Market Activity - The Sci-Tech Innovation Artificial Intelligence ETF (589520) experienced a price increase of over 6.7% in early trading on August 25, with a current increase of 0.51% and a trading volume exceeding 910 million yuan [1]. - Over the past 60 days, the ETF has attracted a net inflow of 105 million yuan, reflecting a long-term positive outlook from investors [1]. - Key constituent stocks such as Aerospace Hongtu and Yuntian Lifeng saw significant price increases, with Aerospace Hongtu hitting the daily limit and others like Aopt and Obsidian Light also showing strong gains [1]. Group 2: Industry Developments and Growth Projections - The 2025 China Computing Power Conference reported that China's computing power platform is accelerating its construction, with 10 provinces already connected, and expects a growth of over 40% in intelligent computing power by 2025 [3]. - The release of DeepSeek-V3.1 on August 22, designed for next-generation domestic chips, has spurred interest in domestic computing power chip concepts [3]. - Analysts suggest that with ongoing investments in computing infrastructure, domestic computing power is likely to maintain a favorable growth trajectory, potentially outpacing international counterparts [3]. Group 3: Investment Logic and Market Trends - Four key investment logics for the Sci-Tech Innovation Artificial Intelligence ETF (589520) are identified: 1. Market mainline logic, indicating a favorable environment for AI investments after a period of adjustment [3]. 2. The potential for a rebound in the Sci-Tech Innovation Board, which has lagged since April [4]. 3. The domestic substitution logic, driven by concerns over security vulnerabilities in NVIDIA chips, prompting interest in domestic alternatives like Huawei's Ascend and Cambrian [4]. 4. The anticipated growth in edge AI, likened to the smartphone boom of the 2010s, which could elevate industry valuations by 30-50% [4]. - The ETF is positioned to benefit from the integration of edge and cloud technologies, with a significant portion of its holdings in semiconductor companies [4].