AI产业链上下游ETF专题报告：从产业链上下游个股穿透视角，哪些ETF产品含“AI”纯度更高？

Investment Rating - The report maintains a rating of "Outperform" for the AI industry [6] Core Insights - The AI sector is experiencing a surge in interest due to recent positive developments, including the launch of Byte's Doubao mobile assistant and the DeepSeek-V3.2 model. The global AI industry is projected to reach a scale of $1.3 trillion by 2032, with a clearer transition from technological breakthroughs to value realization expected in 2026, making it a core investment theme for the year [2][14] - As of November 30, there are 24 ETFs tracking AI indices, with 6 corresponding to the AI index. The largest is the CS Artificial Intelligence Index ETF with a scale of 35.414 billion, followed by the Sci-Tech AI Index ETF at 16.719 billion. The best-performing ETF this year is the Sci-Tech Entrepreneurship AI Index, which has seen a year-to-date increase of 85.82% [16][14] Summary by Sections AI Industry Overview - The AI sector is witnessing a convergence of favorable market conditions and heightened interest, with significant events driving attention. The DeepSeek index, AI computing index, and AI application index have shown respective increases of 58.72%, 36.13%, and 50.76% year-to-date, outperforming major indices like the Shanghai Composite and CSI 300 [14][17] ETF Products and Performance - The report identifies 24 ETFs tracking AI indices, with the largest being the CS Artificial Intelligence Index ETF at 35.414 billion and the Sci-Tech AI Index ETF at 16.719 billion. The Sci-Tech Entrepreneurship AI Index has the highest year-to-date return of 85.82% [16][18] Stock Selection for AI ETFs - The report emphasizes the importance of selecting ETFs with high purity in AI-related stocks across the industry chain. It categorizes stocks into upstream (hardware), midstream (network and platform), and downstream (application scenarios) to identify ETFs with significant exposure to AI [3][25] Key Stocks in AI Hardware - The report lists key stocks in the AI hardware sector, including companies like Cambricon (寒武纪-U) and Inspur (工业富联), highlighting their market capitalizations and projected earnings per share (EPS) for 2025, 2026, and 2027 [28]