ETF日报：我们长期仍看好算力芯片领域的国产替代趋势，因为AI已成为大国博弈中毋庸置疑的核心焦点

Market Overview - The market experienced fluctuations with mixed performance across major indices, where the Shanghai Composite Index and Shenzhen Component Index declined, while the ChiNext Index saw a rise [1][10] - The total trading volume in the Shanghai and Shenzhen markets was 1.9 trillion yuan, a decrease of 132.7 billion yuan compared to the previous trading day [1][10] - The performance of sectors varied, with computing hardware showing strength and several stocks hitting their daily limit or reaching historical highs, while coal and non-ferrous metals faced declines [1][10] AI and Computing Sector - The easing of U.S. export controls has benefited products with high optical module content in the communication and AI sectors, which is favorable for A-share suppliers deeply integrated into the global computing industry chain [3][12] - The U.S. Department of Commerce plans to approve licenses allowing NVIDIA to sell its H200 chip to China, which has six times the performance of the previously approved H20 chip, although it is still less powerful than NVIDIA's upcoming Blackwell and Rubin chips [3][12][13] - Despite potential short-term impacts on domestic chips from the H200 release, the long-term trend towards domestic substitution in the computing chip sector remains positive, as AI is a core focus in major power competitions [4][13] Policy and Strategic Focus - Recent government plans emphasize innovation-driven and self-reliant technology, indicating that investments in computing chips may become a key driver for overall productivity growth [4][13] - Local governments are increasingly promoting "AI+" initiatives to integrate AI with existing industries to stimulate economic growth, positioning computing chips as a critical infrastructure with high growth potential [4][13] Photovoltaic Sector - The photovoltaic sector showed relatively good performance, with the Photovoltaic 50 ETF rising by 0.32%, influenced by rumors of a storage platform establishment [6][15] - The industry faces significant supply surplus, and achieving "anti-involution" requires gradual policy measures that promote self-discipline among enterprises and market-driven solutions [6][15] - Recent discussions by the National Development and Reform Commission aim to address price competition issues, which could help restore rational pricing across the photovoltaic industry chain [6][15] Price Recovery in Photovoltaic Industry - Starting from Q3 2025, prices in the photovoltaic silicon material segment have stabilized, leading to improved profitability across the entire industry chain [7][16] - According to Infolink Consulting, prices for various photovoltaic materials have shown an upward trend, indicating early positive effects of anti-involution measures [7][16] - The commitment to anti-involution is clear, and as capacity reduction measures are implemented, industry profitability is expected to recover, promoting a healthier market structure [7][16] Emerging Technologies - The increasing demand for power in overseas data centers is pushing space computing from concept validation to engineering implementation [17] - Perovskite technology, with its high efficiency and low cost, is emerging as a potential core technology for space energy solutions, which could create investment opportunities in related sectors [17][18] - The perovskite photovoltaic industry in China has seen significant breakthroughs this year, indicating rapid progress towards industrialization [18]