ETF日报：宏观经济修复叠加AI大模型驱动软件和应用发展，软件行业有望迎来修复，关注软件ETF、计算机ETF

Market Overview - The A-share market experienced a significant increase today, with a total transaction volume of 3.64 trillion yuan, setting a new historical high. The Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index increased by 1.75% to 14366.91 points. Over 4100 stocks rose, with the media and computer sectors seeing a surge in limit-up stocks, exceeding 200 stocks hitting the limit. The Shanghai Index has recorded 17 consecutive days of gains, indicating a new phase of volume-price resonance in the market, with expectations for further expansion in the market trend [1][10]. Gaming Industry - The gaming sector is entering a new industrial cycle, driven by a "policy recovery + performance realization + AI implementation" synergy. The regulatory environment has improved significantly, with the number of approved domestic online game licenses reaching 1771 in 2025, a 25% increase compared to 2024. This stable supply of licenses boosts market confidence and leads to a recovery in overall industry revenue [3][12]. - The profitability of gaming companies is accelerating, with a net profit growth rate of approximately 49% for the first three quarters of 2025 among the Shenwan gaming index constituents. Some leading companies even achieved a doubling of profits, providing solid support for the revaluation of the sector [3][12]. AI Integration in Gaming - The practical application of AI is reshaping productivity and interaction experiences in the gaming industry. The deep integration of "AI + gameplay" is expected to create new blockbuster categories, further raising the industry's valuation ceiling. The gaming sector continues to hold high allocation value amid improving macro liquidity and a positive industry outlook [4][13]. Gold Market - Gold prices have been strong, with COMEX gold surpassing $4600 per ounce, setting a new historical high. The rise in gold prices is primarily driven by "liquidity easing" and "safe-haven demand." The deepening of the Federal Reserve's rate-cutting cycle and the increase in geopolitical uncertainties contribute to this trend. Additionally, global central bank demand for gold remains robust [5][14]. - Gold mining stocks exhibit a "Davis double play" effect, benefiting from both inventory appreciation and nonlinear profit margin expansion during bull markets. Gold stock ETFs, which include leading companies in the gold sector, provide a convenient way to share in the benefits of rising gold prices [5][14]. Software and AI Sector - The software ETF (515230) rose by 9.97%, and the computer ETF (512720) increased by 8.43%. The policy catalyst includes the issuance of a clear roadmap and quantitative goals for the "AI + manufacturing" initiative by multiple government departments, enhancing market expectations for profitability in computing power, models, and application scenarios [6][15]. - The GEO (Generative Engine Optimization) concept and AI healthcare applications are gaining traction. The integration of health services into ChatGPT is expected to drive significant changes in the advertising and healthcare sectors, with over 23 billion health-related inquiries weekly on the platform [7][15][16]. - The domestic AI sector is experiencing a wave of new listings, enhancing the synergy between industry and capital. This shift from "parameter competition" to "capability realization" is expected to accelerate technological iterations and application deployments, driving the overall upward trend in the AI industry [7][16].