海内外CSP资本开支创新高，数字经济ETF(560800)整固蓄势，机构：国产化迎结构性机会

Group 1 - The China Securities Digital Economy Theme Index decreased by 0.71% as of December 15, 2025, with key stocks like Zhongwei Company leading gains, while Nasta and others faced declines [1] - The capital expenditure of the four major overseas Cloud Service Providers (CSPs) reached $97.9 billion in Q3 2025, reflecting a quarter-on-quarter increase of 10%, indicating a continued upward trend in investment [1] - Domestic CSPs are still in a catch-up phase compared to their overseas counterparts, although leading firms like ByteDance are approaching the scale of Google in terms of token call volume and business size [1] Group 2 - Domestic GPU companies have made significant technological breakthroughs, achieving single-chip support for AI computing and graphics rendering, although they still lag behind international leaders in technology accumulation and ecosystem development [2] - The digital economy ETF closely tracks the China Securities Digital Economy Theme Index, selecting companies with high digital infrastructure and application levels to reflect the overall performance of the digital economy theme [2] - As of November 28, 2025, the top ten weighted stocks in the China Securities Digital Economy Theme Index accounted for 54.6% of the index, with companies like Dongfang Wealth and Zhongxin International among the leaders [2][3]