Venture(US:VEMLY) Mei Ri Jing Ji Xin Wen·2025-09-01 03:50Group 1 - The core viewpoint emphasizes the sustained optimism in the technology sectors such as communications and semiconductors in the Chinese market, driven by favorable policies and increasing domestic capabilities in AI infrastructure [1][2] - The policy document outlines ambitious targets for AI application penetration rates, aiming for over 70% by 2027 and 90% by 2030, which is expected to catalyze domestic computing power [1] - TrendForce predicts a significant shift in the Chinese AI server market, with the proportion of foreign-sourced chips decreasing from 63% in 2024 to 42% by 2025, while local chip suppliers are expected to capture 40% of the market, indicating a strong trend towards domestic substitution [1] Group 2 - The current A-share market benefits from ongoing liquidity and strong performance, with clear advantages in the AI industry chain, including established business models and significant market size [2] - The AI industry chain is experiencing positive marginal changes, with accelerated domestic computing power development, making it a primary focus for asset revaluation in the A-share market [2] Group 3 - In terms of product allocation, it is recommended to balance investments between North American and domestic computing power, utilizing strategies such as grid trading and regular investment [3] - The North American computing power segment is represented by a communication ETF (515880), where over 75% is allocated to "optical modules, servers, copper connections, and optical fibers," indicating a solid fundamental basis for computing hardware [3] - For domestic computing power, the recommended ETF is the Guotai Sci-Tech Chip ETF (589100) for those considering elasticity, while the Chip ETF (512760) is suggested for balanced holdings [3]