Group 1: Market Performance - The cloud computing ETF Huatai (159273) experienced a decline of over 1% today, with a trading volume nearing 100 million yuan and a net inflow of 84 million yuan during the session, marking 15 consecutive days of significant capital inflow [1] - Over the past 20 days since its listing, the ETF has seen net inflows on 18 days, accumulating nearly 1 billion yuan, with the latest scale approaching 1.5 billion yuan, setting a new record since its launch [1] Group 2: Component Stocks Performance - Most component stocks of the cloud computing ETF showed negative performance, with Zhongke Shuguang down over 3%, Xinyi Sheng and Alibaba down over 1%, and Tencent slightly declining [1] - On the positive side, Unisplendour saw an increase of over 4%, and Zhongji Xuchuang rose over 3% [1] Group 3: Capital Expenditure Trends - In Q2 2025, domestic internet capital expenditure (CapEx) showed a turning point, with the combined CapEx of major internet firms (BAT) reaching 61.536 billion yuan, a year-on-year increase of 170.1% and a quarter-on-quarter increase of 13.2% [3] - Alibaba's cloud revenue grew by 26% year-on-year in Q2 2025, with AI-related products contributing over 20%, and the company plans to invest 380 billion yuan in computing power over the next three years [3] Group 4: Sector Insights - The AI computing sector is performing well, with the communication sector's revenue and net profit growth rates improving compared to the same period last year, achieving the highest gross and net profit margins since 2022 [4] - The penetration rate of AI users remains low, and the development of large models is still in its early stages, indicating a significant potential for capital expenditure growth as revenues from large models increase [4]
国内互联网巨头CapEx出现拐点，国产算力强势！云计算ETF汇添富(159273)冲高回落，昨日净流入超1.4亿元，连续15天大举吸金！
Sou Hu Cai Jing·2025-09-03 05:57