指数基金投资价值分析系列之三十六：中国智能算力高速崛起，人工智能市场规模有望持续扩张：银华上证科创板人工智能ETF投资价值分析

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global AI computing power demand is surging, and China's intelligent computing power is rising rapidly. The global computing power layout is tilting towards high - performance computing, and China has formed a "smart computing - dominated, storage and transportation coordinated" computing power market [1][15]. - The AI market scale is expected to continue expanding. The global AI industry has entered a dual - acceleration period of technological explosion and scenario implementation. China is forming a competitive industrial pattern, and the market scale will expand at a compound annual growth rate of over 30% in the next five years [2][21]. - China's AI industry is at a strategic turning point. The open - source breakthrough of DeepSeek series models promotes the construction of an ecological closed - loop of "domestic models + domestic computing power", and China is moving from technology follow - up to ecological leadership [2][40]. - The Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index reflects the performance of the AI industry on the Science and Technology Innovation Board. It has good historical performance, high growth potential, and covers key AI - related industries [3][46][47]. - The Yin Hua Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF provides investors with a low - cost and convenient investment tool to share the growth of the AI industry. It has a good performance and liquidity [4][61]. 3. Summary by Relevant Catalogs 3.1 Global AI Computing Power Demand Surges, China's Intelligent Computing Power Rises Rapidly - Overall Scale: The global AI computing power market is growing explosively. In 2024, the global AI server market size was $125.1 billion, expected to reach $158.7 billion in 2025 and $222.7 billion in 2028. The industry shows "centralized expansion and distributed application" characteristics [10]. - Global Competitor: NVIDIA dominates the global AI computing power chip market through a dual - drive model of "hardware architecture innovation + cloud - service ecosystem integration" [14]. - Domestic Computing Power: In 2024, China's intelligent computing power scale reached 725.3EFLOPS, a year - on - year increase of 74.1%, and the market size was $19 billion, a year - on - year increase of 86.9%. China has formed a "smart - computing - led, storage - and - transportation coordinated" development model, and future development will be policy - driven [15][19]. 3.2 AI Technology and Application Drive the Market Scale to Expand Continuously - Industrial Development: The global AI industry is in a dual - acceleration period. China's AI enterprises exceed 4,500, covering a complete chain. The "2025 Forbes China AI Technology Enterprises TOP 50" shows that the industry is in the stage of in - depth integration and large - scale implementation [21]. - Policy Support: The government promotes the development of AI application standards in various industries. For example, the "Artificial Intelligence Meteorological Application Service Measures" was issued to promote the application of AI in meteorology [29]. 3.3 Focus on Domestic and Overseas Conference Catalytic Nodes - Overseas Conferences: Google I/O Conference and Microsoft Build 2025 Conference are expected to showcase the latest AI breakthroughs, including model upgrades and application innovations [34]. - Domestic Conferences: The 5th International Conference on Computer Communication and Artificial Intelligence (CCAI2025) will be held to discuss emerging research directions in the field [38]. 3.4 Future Outlook: China's AI Industry is at a Strategic Turning Point - Domestic Computing Power: It will develop in a "layered and coordinated" way, with a "global - training + domestic - inference" model in the future two years. Edge computing and industry - specific models are the key breakthrough points [41]. - Large Models: AI large models are expanding to multiple modalities and being applied in various fields. Humanoid robots are expected to achieve large - scale mass production in 1 - 2 years [43]. - Domestic Models: The open - source of DeepSeek models will accelerate the formation of a "domestic models + domestic computing power" ecological closed - loop, driving the intelligent upgrade of the entire industry chain [44]. 3.5 Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index Shares the Results of AI Industry Development - Index Composition: It selects 30 stocks related to AI from the Science and Technology Innovation Board to reflect the overall performance of representative AI companies [46]. - Historical Performance: From 2023 to May 16, 2025, the cumulative increase was 66.54%, significantly outperforming the benchmark [47]. - Stock Characteristics: The constituent stocks are mainly small - and medium - cap, with high growth potential. The top 5 heavy - weighted stocks are Langqi Technology, Cambricon - U, Kingsoft Office, Xinyuan Co., Ltd., and Hengxuan Technology, and the index covers key AI - related industries [50][52][54]. - Financial Indicators: The constituent stocks' operating income has maintained high - speed growth for 5 consecutive years, and the net profit has also increased overall, with a significant acceleration in 2024 [57]. 3.6 Yin Hua Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF and Linked Fund Product Information - Product Information: The ETF was established on January 6, 2025, and listed on January 14. It closely tracks the index, with an asset scale of $817 million and good liquidity. There are also three linked funds established on March 11, 2025 [61]. - Fund Manager: The fund manager is Tan Yuefeng, who has rich experience in fund management, currently managing 13 funds with a total scale of $9.5 billion [64][65].