Market Overview - The market experienced a significant decline, with the ChiNext index leading the drop, and the STAR 50 index falling over 6% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 180.2 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index fell by 1.25%, the Shenzhen Component Index dropped by 2.83%, and the ChiNext Index decreased by 4.25% [1] Sector Performance - The computing power sector faced downward pressure, with the ChiNext AI ETF (159388) and Communication ETF (515880) nearing their daily limit down, while the semiconductor sector saw declines of over 4% [1] - Specific ETFs showed significant declines, with the ChiNext AI ETF down by 9.47% and the Communication ETF down by 9.35% [2] Fundamental Analysis - No significant negative news was reported; instead, there were positive developments in North America, particularly with Google's advancements in AI [3] - Google is negotiating with small cloud service providers to deploy its TPU chips, marking competition with NVIDIA's GPUs [3] - The Ironwood TPU (TPU v6) is expected to enhance performance by approximately 10 times compared to its predecessor, with a projected revenue of 90 billion yuan for Broadcom over the next 6-7 months [3] Market Dynamics - Recent adjustments in the STAR 50 index have led to short-term selling pressure on major stocks [4] - There is a strong demand for profit-taking among investors, particularly after a period of overall market gains since April [4] Future Outlook - The 30-day leading indicators suggest a projected profit of 122 billion yuan for 2026, representing a year-on-year growth of 37% [5] - The overall market valuation is expected to improve, with a projected PE ratio of 24 times for 2026 [5] - The AI industry trend remains positive, with expectations for significant growth in ASIC contributions and continued rapid growth in GPUs [8] Investment Strategy - It is recommended to balance investments between North American and domestic computing power sectors [9] - The Communication ETF (515880) has a strong representation of computing hardware fundamentals, with over 75% exposure to light modules, servers, and fiber optics [9] - The ChiNext AI ETF (159388) also shows a significant allocation to light modules, indicating potential for better performance during bullish market conditions [9]
眺望星光 步步为营——算力板块大跌点评
Mei Ri Jing Ji Xin Wen·2025-09-04 14:27