大数据ETF（515400）紧密跟踪中证大数据产业指数（930902.CSI），指数精选沪深两市50只大数 据产业主题上市公司股票样本，涉及大数据存储设备、大数据分析技术、大数据运营平台、大数据生 产、大数据应用等领域，科大讯飞、中科曙光、紫光股份等科技公司是其前十大重仓股。场外投资者的 可以通过联接基金（A类018134；C类018135）关注投资机遇。 早盘市场情绪逐步回暖，三大指数震荡攀升，AI应用端以及大数据方向集体上行，盘中智谱AI、 云计算、东数西算、AI应用、AI智能体等细分方向涨幅居前，大数据ETF（515400）盘中涨幅达 3.19%，创业板软件 ETF 富国（159107）盘中涨幅达3.01%。其中大数据ETF成分股云天励飞20cm涨 停，城地香江、云赛智联等均涨停。 每日经济新闻 近期消息面催化不断，华为2月26日发布AI代码智能体，覆盖代码生成、测试、知识问答，接入 GLM-5、DeepSeek及鸿蒙专属模型，大幅提升开发者效率。 另外，英伟达 GTC 2026 于3月16–19日在加州圣何塞举办，为全球AI算力年度盛会。黄仁勋将发布 全球首见的推理专用LPU芯片，同步推出 Feynm ...

Group 1 - ByteDance has released the AI video generation model Seedance 2.0, which is referred to as "the strongest video generation model currently available" [1] - There are significant challenges regarding computing power, with queue times reaching several hours and renewal prices nearly doubling [1] - CITIC Securities predicts a surge in domestic large model token usage during the 2026 Spring Festival, with domestic models dominating the top three in global token usage [1] - The explosive growth in token usage reflects an exponential increase in AI inference demand, with domestic computing power expected to gradually dominate the infrastructure layer due to cost advantages and an improving ecosystem [1] - Investment opportunities are suggested in areas benefiting from enhanced supernode interconnectivity, including optical communication, high-speed line modules, switching chips, switches, and IDC [1] - As of February 27, 2026, the CSI Cloud Computing and Big Data Theme Index (930851) rose by 2.30%, with notable increases in constituent stocks such as Yuntian Lifei (up 20.00%) and Yunsai Zhili (up 10.01%) [1] Group 2 - The CSI Cloud Computing and Big Data Theme Index closely tracks the performance of 50 listed companies involved in cloud computing services, big data services, and related hardware [2] - As of January 30, 2026, the top ten weighted stocks in the index include iFlytek, Kingsoft Office, and others, accounting for a total of 48.47% of the index [2]

2月27日，国产算力链强势崛起，云计算ETF（159890）开盘拉升涨超1%、目前涨0.74%，成份股表现活跃；拓维信息强势封涨停板，云天励飞大涨13%， 网宿科技、润和软件涨超6%，拓尔思、光环新网、汉得信息、中国软件等多股跟涨。 资金面热度持续攀升。据Wind Level2实时行情结合均价预估，截至发稿，云计算ETF（159890）盘中净流入超6600万元，近5日累计获净申购约5890万元， 规模累破前高。 分析认为，此次V4以国产芯片为基准原生适配，标志着国产算力产业链从过去的"可用"正式走向"规模商用"，有望扭转国产芯片"有算力无生态"的困境，国 产算力逻辑被彻底强化。 该指数前十大重仓包括科大讯飞、金山办公、中际旭创、新易盛、浪潮信息、中科曙光、紫光股份、恒生电子、润泽科技、拓维信息等软硬件龙头，有望充 分受益于AI新基建浪潮。 | | 1.898 +0.014 +0.74% | | | 云计算ETF . | | | --- | --- | --- | --- | --- | --- | | | SZSE CNY 10:12:42 交易中 查看L2全景 | | | 10 | | | | 净值走势 | ...

今日A股开盘后，人工智能AIETF（515070）震荡为主。截至10点06分，人工智能AIETF （515070）跌1.17%，持仓股拓维信息涨停，芯原股份、光环新网、昆仑万维等涨幅居前。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2月26日，联想智库发布《2026企业AI十大趋势》，报告揭示了AI产业在2026年的关键演进方向， 包括商业模式变革、算力与效能革命、物理AI落地、治理与需求、国产与开源等。报告指出，企业级 AI已进入价值创造的跨越期，如何将AI与业务战略、组织架构及产业生态深度协同，将成为未来一年 企业竞争的核心命题。 中信建投认为，AI大模型仍在持续迭代升级，竞争远未结束，大模型的商业变现路径畅通，正在 从"低价/免费圈地"阶段走向"为高质量付费"阶段，且带动的算力需求非常旺盛，建议关注AI应用板 块，特别是端侧AI Agent的进展。 人工智 ...

2月27日，国产算力链强势崛起，云计算ETF（159890）开盘拉升涨超1%、目前涨0.74%，成份股表现活跃；拓维信息强势封涨停板，云天励飞大涨13%， 网宿科技、润和软件涨超6%，拓尔思、光环新网、汉得信息、中国软件等多股跟涨。 资金面热度持续攀升。据Wind Level2实时行情结合均价预估，截至发稿，云计算ETF（159890）盘中净流入超6600万元，近5日累计获净申购约5890万元， 规模累破前高。 | | 1.898 +0.014 +0.74% | | | 云计算ETF FILE OLOTOTAL A | | | --- | --- | --- | --- | --- | --- | | | SZSE CNY 10:12:42 交易中 查看L2全景 | | | 00 | | | | 净值走势 | | 交生 | 10.93% 120日 | 16.58' | | 委比 | 82.79% 委差 | 87297 | 5日 | -1.20% 250日 | 38.64 | | 卖五 | 1.902 | 1125 | 20日 | -1.91% 52周高 | 2.1 | | | 1.901 | 10 | 60日 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the CPU industry, particularly focusing on the impact of Openclaw and domestic leading companies' performance guidance in the context of the computer industry [1][2]. Key Points - **Openclaw's Role in CPU Demand**: Openclaw, with its core modular distributed architecture and independent persistent memory module, enhances CPU demand by transitioning from passive tools to proactive assistants. Its lightweight deployment can adapt to older computers and low-power devices, stimulating basic CPU demand while high-end applications require multi-core capabilities and high-performance terminals, leading to structural demand growth from low-end to high-end CPUs [1][2]. - **High-End Server CPU Growth**: Haiguang Information is projected to achieve a revenue of 14.376 billion yuan in 2025, marking a year-on-year increase of 56.91%. The net profit attributable to shareholders is expected to reach 2.542 billion yuan, up 31.66%. For Q1 2026, revenue is anticipated to be between 3.91 billion and 4.22 billion yuan, reflecting a year-on-year growth of 62.91% to 75.82% [2]. - **R&D Investment Impact**: The company's significant increase in R&D investment has enhanced product competitiveness, leading to a notable expansion in the market share of high-end processors. This strategy has resulted in substantial revenue growth and continuous improvement in overall performance [3]. Additional Important Information - **Related Companies**: The call mentions several related companies, including Haiguang Information, He Sheng New Materials, and various upstream and downstream players in the CPU and server markets, such as Huazheng New Materials, Zhongke Shuguang, Inspur Information, and Micron [3]. - **Risk Factors**: Potential risks highlighted include slower-than-expected policy progress, lower-than-expected downstream demand, and risks associated with artificial intelligence [4].

消息面上，据证券时报，昨日华为云码道（CodeArts）代码智能体公测版发布，集代码大模型、IDE、 自主开发模式为一体，覆盖代码生成、研发知识问答、单元测试用例生成、专家技能Skills、Codebase 代码库索引、规范驱动开发等AI Coding技术，同时接入开源模型GLM-5.0、DeepSeek-V3.2以及华为自 研模型，并提供鸿蒙的专属模型，可为开发者提高研发效率，提供智能化编码体验。 南方财经2月27日电，华为算力概念反复走强，华胜天成走出5天3板，拓维信息涨停，云天励飞涨超 10%，润和软件、软通动力、常山北明、神州数码、拓尔思跟涨。 平安证券表示，当前我国国产大模型持续迭代，能力持续提升，将进一步推动国产大模型从"可 用"到"好用"，加快国产大模型在千行百业应用场景的落地，加快我国大模型产业的发展。我们坚定看 好我国AI产业的发展前景，建议持续关注AI主题的投资机会。标的方面，1）AI算力：推荐海光信息、 龙芯中科、工业富联、浪潮信息、紫光股份、中科曙光、神州数码、深信服，建议关注寒武纪、摩尔线 程、沐曦股份、华勤技术、景嘉微、软通动力、拓维信息。2）AI算法和应用：强烈推荐恒生电子、中 ...

2月25日英伟达披露2026财年Q4财报，单季营收681亿美元、净利429.6亿美元，三项核心数据均创历史 新高且远超分析师预期，同时下季营收指引及新架构芯片进展释放强烈信号。此次财报最亮眼的是数据 中心业务，单季营收623亿美元，占总营收的91%以上，同比增速达75%。英伟达的毛利率高达75%，远 超芯片行业平均水平。Blackwell架构的Grace Blackwell平台已成为推理业务的核心，能将每个token的成 本降低一个数量级。下一代Vera Rubin架构目前已向客户交付首批样品，预计2026下半年正式出货，其 性能功耗比将提升10倍。英伟达CEO黄仁勋在财报电话会上强调，智能体AI的拐点已经到来，算力直 接转化为收入，全球AI基建仍处于早期阶段，长期赛道空间广阔。 华创证券电子首席分析师岳阳认为，英伟达最新业绩远超预期，加上CEO黄仁勋关于"智能体AI拐点到 来"的积极表态，极大地提振了全球市场对AI算力前景的信心。作为AI硬件的核心，英伟达芯片需求的 强劲，直接带动了上游硬件产业链的景气度。东吴证券指出，CPO交换机规模放量在即，核心供应商迎 增长机遇，英伟达CPO交换机产品矩阵抢先卡位，构 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

Group 1 - Tianfu Communication is a global leader in optical devices and optical engine solutions, focusing on optical communication, data centers, and AI computing interconnection, with core products including passive and active optical devices and high-speed optical engines [1][34] - The company is deeply integrated with NVIDIA's ecosystem, providing key optical communication components and is one of the core suppliers for NVIDIA's computing network construction [1][34] - As NVIDIA's AI server and data center business grow rapidly, Tianfu Communication's orders for optical engines and high-speed optical devices remain robust, indicating significant performance elasticity [1][34] Group 2 - Shenghong Technology is a core supplier of AI server PCBs in China, focusing on the R&D, production, and sales of high-end printed circuit boards, with a strong technical advantage in high-speed and high-density PCBs [2][36] - The company provides critical PCB boards for NVIDIA's AI servers, benefiting from the continuous growth in NVIDIA's server shipments, leading to a strong increase in high-end PCB orders [2][36] - Shenghong Technology's market share in the AI server and data center PCB market is expected to continue rising, with long-term growth potential [2][36] Group 3 - Inspur Information is a leading AI server enterprise in China, covering AI servers, cloud computing, big data, and edge computing, and is a core partner of NVIDIA in developing AIStation and other computing platforms [3][37] - The company benefits from the explosive global demand for AI computing and the acceleration of domestic computing infrastructure, with a high order volume for AI servers and sustained high capacity utilization [3][37] - Inspur Information's market position and technical accumulation in the AI server field allow it to share in the growth of the AI industry [3][37] Group 4 - Unisplendour is a leading digital infrastructure provider in China, covering network equipment, cloud computing, big data, and information security, with its subsidiary being a core agent for NVIDIA's data center GPU and DGX systems [4][38] - The company leverages NVIDIA's technological advantages to provide AI computing solutions and related products to enterprise clients, with revenue from agency business and related solutions continuously increasing [4][38] - Unisplendour's competitiveness in AI computing solutions is expected to strengthen, benefiting from the global AI industry development and domestic digital transformation [4][38] Group 5 - Desay SV is a leading provider of intelligent driving solutions in China, focusing on smart cockpits, intelligent driving, and vehicle networking, and collaborates with NVIDIA to develop a powerful autonomous driving system based on the Orin chip [5][39] - The company experiences strong order growth for its autonomous driving solutions based on NVIDIA's Orin chip, indicating strong performance growth certainty [5][39] - Desay SV's position in NVIDIA's autonomous driving ecosystem is expected to strengthen, benefiting from the global development of the autonomous driving industry [5][39] Group 6 - Jingwang Electronics is a leading PCB and FPC manufacturer in China, with a focus on printed circuit boards, flexible circuit boards, and metal-based circuit boards, and is on NVIDIA's qualified supplier list [6][40] - The company has achieved bulk supply to customers and is steadily advancing product development and validation processes for AI servers [6][40] - Jingwang Electronics' market share in the AI server and data center PCB market is expected to continue rising, benefiting from the explosive growth of global AI computing infrastructure [6][40] Group 7 - Perfect World is a leading comprehensive entertainment company in China, covering online game development and distribution, and film production and distribution, actively collaborating with NVIDIA in AI technology and applications [8][42] - The company utilizes NVIDIA's Omniverse Audio2Face application, ACE platform, ray tracing, and DLSS technologies to enhance game development efficiency and product performance [8][42] - Perfect World's early advantage in the AI game application field is expected to strengthen as AI technology continues to integrate with the gaming industry [8][42] Group 8 - Wentai Technology is a leading semiconductor and smart terminal solution provider, covering semiconductor IDM, optical modules, and smart terminal design and manufacturing, with NVIDIA as a close partner [9][43] - The company is poised to expand its collaboration with NVIDIA, providing more AI-related supporting products as AI technology deepens in smart terminals and servers [9][43] - Wentai Technology's comprehensive layout in the semiconductor and smart terminal fields positions it well to benefit from the growth of the AI industry [9][43] Group 9 - OmniVision Technologies is a global leader in semiconductor image sensor solutions, covering CMOS image sensors and analog and mixed-signal processing [10][44] - The company's TheiaCel™DCG+LOFIC solution supports NVIDIA's products and solutions, with applications in image recognition and autonomous driving [10][44] - OmniVision's position in NVIDIA's AI ecosystem is expected to strengthen, benefiting from the explosive growth of the AI industry and image recognition technology applications [10][44] Group 10 - GDT is a leading financial technology and smart terminal solution provider in China, covering smart finance, public safety, transportation, and government services [11][45] - The company participates in AI computing solution implementation and promotion, providing AI computing services and application solutions based on NVIDIA technology [11][45] - GDT's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [11][45] Group 11 - GAC Group is a comprehensive automotive manufacturing leader, covering the R&D, manufacturing, sales, and service of passenger and commercial vehicles [12][46] - The company collaborates with NVIDIA to produce L4 autonomous vehicles, enhancing its core competitiveness in the intelligent driving sector [12][46] - GAC Group's technological layout and product implementation in autonomous driving are expected to accelerate, supported by its partnership with NVIDIA [12][46] Group 12 - Digital China is a leading digital transformation solution provider in China, covering cloud computing, big data, network security, and IT distribution [14][47] - The company provides AI computing infrastructure and application solutions to clients in finance, manufacturing, and healthcare, leveraging NVIDIA's GPU technology [14][47] - Digital China's comprehensive service capability in AI computing solutions is expected to drive rapid growth in its AI-related business [14][47] Group 13 - Leadcore Technology is a leading provider of intelligent operating system products and technologies, covering intelligent driving, IoT, and intelligent vision [15][48] - The company has obtained authorization for image quality tuning from NVIDIA, participating in the R&D and product implementation of intelligent driving and edge computing [15][48] - Leadcore's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of intelligent driving and edge computing industries [15][48] Group 14 - Linyang Electronics is a leading provider of precision structural components and metal forming solutions, covering precision stamping parts and smart terminal structural components [20][54] - The company is a distributor of NVIDIA DGX AI Compute Systems, providing enterprise clients with NVIDIA AI servers and related solutions [20][54] - Linyang Electronics' strong position in the AI server distribution market is expected to drive rapid growth in its AI-related business [20][54] Group 15 - Aoyang Technology is a leading manufacturer of power semiconductor devices, covering MOSFETs, diodes, and IGBTs, with applications in automotive electronics and industrial control [21][55] - The company's power semiconductor products are used in NVIDIA-related products, providing critical power management support for AI servers and smart terminals [21][55] - Aoyang Technology's competitive position in the AI hardware power management market is expected to strengthen as global AI computing infrastructure develops [21][55] Group 16 - Beidou Star is a leading satellite navigation and positioning service provider in China, covering Beidou navigation chips, modules, antennas, and positioning service solutions [22][56] - The company collaborates with NVIDIA to provide AI solutions based on precise positioning for smart driving and smart city applications [22][56] - Beidou Star's position in NVIDIA's ecosystem is expected to strengthen, benefiting from the rapid development of smart driving and smart city industries [22][56] Group 17 - Advanced Data Communication is a leading financial technology and big data solution provider in China, covering financial IT, big data, and cloud computing [23][57] - The company is an elite partner in NVIDIA's AI and Compute business, providing AI computing solutions and technical services to clients in finance and government [23][57] - Advanced Data Communication's strong accumulation in the financial technology field positions it well to benefit from the growing demand for AI applications [23][57] Group 18 - Zhongdian Port is a leading electronic component distribution and supply chain service provider in China, covering electronic component distribution and supply chain management [24][58] - The company is an authorized distributor of NVIDIA, providing enterprise clients with NVIDIA AI chips and related solutions [24][58] - Zhongdian Port's comprehensive service capability in AI chip distribution is expected to drive rapid growth in its AI-related business [24][58] Group 19 - Magpower is a leading provider of smart home and industrial control solutions in China, covering smart home controllers and industrial power supplies [25][59] - The company is one of NVIDIA's designated data center component providers, offering innovative power solutions for AI data centers [25][59] - Magpower's strong position in the AI data center power market is expected to benefit from the growing demand for AI data center construction [25][59] Group 20 - Zhiwei Intelligent is a leading provider of intelligent hardware and edge computing solutions in China, covering edge computing gateways and industrial control computers [32][60] - The company is a member of NVIDIA's NPN partner network, launching powerful edge computing products based on NVIDIA Jetson Orin modules [32][60] - Zhiwei Intelligent's competitive position in the AI edge computing market is expected to strengthen as demand for edge AI applications continues to grow [32][60]