Investment Rating - The industry investment rating is "Leading the Market," indicating that it is expected to outperform the relevant market index by more than 10% over the next 6-12 months [8]. Core Insights - The domestic computing power market is expected to continue its robust growth, driven by advancements in AI technology and the development of new energy systems [6]. - AI technology is rapidly advancing from parameter competition to practical applications, enhancing productivity and reducing operational costs across various sectors [2][5]. - The integration of AI in content generation and marketing is becoming widespread, significantly improving efficiency and effectiveness [3]. Summary by Sections AI Computing Power - Domestic computing power chips are being released, with significant performance improvements, such as Huawei's CloudMatrix384 AI super node achieving 300 pFLOPS and enhancing inference throughput to 2300 tokens per second [1]. - The super node supports mixed expert models and can flexibly allocate resources, improving task parallel processing and increasing effective utilization of computing power by over 50% [1]. Energy Management Challenges - Data centers face challenges in power supply stability, cost control, and carbon emission management, with electricity costs accounting for nearly 60% of operational expenses [1]. - A shift towards a more flexible energy management model that integrates power supply, distribution, computing, and cooling is necessary to meet modern data center demands [1]. New Energy Trends - The report emphasizes the importance of incorporating renewable energy sources like solar and wind power into the electricity supply to enhance stability and reduce costs and emissions [1]. - It highlights the need to explore load flexibility on the demand side to optimize energy use and balance supply and demand [1]. AI Applications and Market Growth - The global AI market is expanding, with companies like Keguan achieving operational profitability through AI models [2]. - The report notes the potential for new consumer scenarios driven by advancements in robotics, VR, and smart driving technologies [5]. Investment Recommendations - The report suggests focusing on companies involved in the domestic computing power supply chain and those with relevant technological reserves, such as Cambrian, Haiguang Information, and others [6]. - It also recommends monitoring companies in the AI application space, including BlueFocus, Tencent, and Bilibili, among others [6].

Investment Rating - The report maintains a "Hold" rating for the industry [4] Core Insights - The upcoming release of GPT5 is expected to challenge the new heights of multimodal AI, with the potential to integrate various functionalities such as reasoning, multimodal capabilities, and programming, aiming for L5 level multimodal AI [1][9] - Global tech giants are aggressively investing in multimodal AI, which is seen as a pioneer in AI monetization, with companies like Tencent, Alibaba, and ByteDance making significant advancements in this area [1][18][21] Summary by Sections 1. GPT5 and Multimodal AI - GPT5 is anticipated to elevate multimodal AI to a new standard, with most current models still at L3 level, indicating a significant gap to L4 and L5 levels [1][12] - The General-Level framework has been established to evaluate multimodal models, categorizing them into five levels based on their capabilities [9][12] 2. Key Companies in Multimodal AI - **Meitu**: Launched RoboNeo, an AI agent that integrates image editing, video generation, and web design, showcasing strong aesthetic capabilities [2][29] - **Kuaishou**: The Keling 2.0 model has achieved an impressive annual recurring revenue (ARR) of $100 million by Q1 2025, indicating strong monetization potential [2][34] - **Wondershare**: The Tianmu 2.0 model, supported by Huawei Cloud, enhances audio and video creation capabilities, aiming to democratize content creation [2][37] - **Hehe Information**: Expanded its capabilities in AI authentication and introduced a cross-platform cloud resource management terminal [2][42] - **Foxit Software**: Developed an intelligent document solution that transforms unstructured documents into structured data, enhancing efficiency in legal applications [2][48] 3. Investment Recommendations - The report suggests focusing on companies related to multimodal AI, such as Meitu, Kuaishou, Wondershare, Hehe Information, and Foxit Software, as they demonstrate strong monetization capabilities [3][59]

Group 1 - The 2025 World Artificial Intelligence Conference showcased unprecedented scale, with over 800 companies and more than 3,000 cutting-edge exhibits, including 40 large models and 60 smart robots [2][5] - Baidu introduced its new digital human technology, NOVA, which aims to replicate top-tier influencer capabilities and is expected to be available to the industry by October [5][6] - The AI-powered educational tool, Youdao AI Answering Pen SpaceOne, integrates advanced AI models to assist students in problem-solving across various subjects [6][8] Group 2 - Black Lake Technology presented its AI Agent-based flexible manufacturing solution, which enhances order response speed and fulfillment efficiency for small and medium-sized factories [11][12] - SenseTime launched its embodied intelligence platform "Wuneng," designed to provide robots and smart devices with advanced perception and interaction capabilities [12][13] - Wuneng aims to facilitate interaction between intelligent devices and the real world, enhancing operational efficiency in various applications [12][13] Group 3 - The conference emphasized the importance of international collaboration in AI governance to ensure the development of "good AI" that does not threaten human existence [15][17] - Discussions highlighted the need for equitable access to AI technology and the importance of addressing safety concerns to benefit all nations [17][18] - Experts called for effective regulation of AGI to minimize risks and ensure it serves as a global public resource [18]

总台央视记者 左嘉玉：我现在正在体验一款智慧矿山挖掘机的智能驾驶舱。虽然我现在人在上海，但却能实时操控一千公里之外内蒙古矿山的一台挖掘 机，控制延时仅100多毫秒。 （央视财经《正点财经》）2025世界人工智能大会集中展示3000余项前沿展品及100余款"全球首发""中国首秀"新品，规模创历届之最。随着近年来人工智 能产业的快速发展，具身智能、大模型的快速演进也催生各类新型AI应用落地，进一步赋能实体经济。本届大会有哪些新场景、新应用？ 总台央视记者 左嘉玉：现在在我身后的是一幅名画的复刻版，它长5米，宽30厘米，以往我想用一台小小的手机把它扫描下来几乎是不可能做到。现在有了 这个大尺寸扫描应用就可以帮我解决这个难题。在扫描的过程中难免会发生抖动，但是AI算法会帮我纠正这个问题。 合合信息扫描全能王事业部负责人 曹超阳：比如地图测绘、工程图纸，还有考古、历史文物保护这些领域。AI算法可以理解每一个碎片背后的内容及碎片 和碎片之间的关系，然后再通过AI算法把整个大尺寸文档完整地还原下来。 除了消费、教育、医疗等场景，人工智能技术赋能最多的仍然是工业制造场景。在现场记者看到，不少厂商也带来了AI在工业场景的新应用 ...

Group 1 - The Core Point: The Huaxia Sci-Tech Artificial Intelligence ETF (589010) is experiencing slight fluctuations around the zero axis, with a minor decline of 0.09% as of 10:51 AM today, indicating a consolidation phase without a significant pullback from the previous trading day's over 4% increase [1] - The leading stocks in the ETF include Chip Origin Technology, which rose by 3.62%, while companies like Stone Technology and Lingxi Network saw gains exceeding 2%. Conversely, Star Ring Technology led the decline with a drop of 4.06%, and other companies like Hehe Information, Weisheng Information, and Cloudwalk Technology experienced declines of over 2% [1] - The trading volume showed strong liquidity with a turnover exceeding 14% and a total transaction amount nearing 10 million yuan, indicating robust market activity [1] Group 2 - A high-precision, low-cost "adaptive tactile AI sensor" developed by a team from Fudan University's Trustworthy Embodied Intelligence Research Institute was unveiled at the 2025 World Artificial Intelligence Conference. This AI "electronic skin" has a sensitivity limit that is ten times that of human perception, showcasing its potential applications in precision machining, electronic assembly, and high-precision sorting industries [1] - Huaxi Securities highlighted that Micro LED technology not only possesses high resolution, high PPI, high refresh rate, and high contrast ratio characteristics similar to Micro OLED but also inherits the advantages of inorganic LEDs. This technology can further enhance response time, power consumption, and color gamut, effectively addressing the low brightness and short lifespan issues of Micro OLED. Successful mass production of Micro LED will accelerate the iteration and market release of AR glasses [1]

Market Performance - The A-share market indices collectively strengthened, with the Kexin AI ETF (588790) rising over 4% last Friday and experiencing a near 1% pullback today, with a trading volume exceeding 100 million yuan [1] - As of July 25, the Kexin AI ETF has accumulated a year-to-date increase of over 24%, with a latest scale exceeding 5.2 billion yuan [1] - The Kexin 100 Index ETF (588030) also showed strength, with a trading volume exceeding 63 million yuan, and its year-to-date increase surpassing 21% [1] AI Industry Insights - The 2025 World Artificial Intelligence Conference highlighted the rapid iteration of AI technology and the need for enhanced policy support and talent cultivation [2] - AI is increasingly integrating with the real economy, becoming a new engine for economic growth and penetrating various aspects of social life [2] - The conference is expected to boost market attention towards the AI sector, providing strong short-term catalysts for the Kexin AI ETF, particularly in financial technology and smart terminal applications [2] Technical Analysis - The Kexin AI ETF has emerged from a bottom consolidation phase, forming an upward trend on a weekly basis, with current valuations still within a reasonable range [3] - Investors are advised to seize the opportunity to increase positions during pullbacks, as policy catalysts and industry trends align [3] Sector Opportunities - The AI-enabled cloud sector is expected to grow, with significant investments in infrastructure from overseas cloud service providers and sovereign AI initiatives [4] - Innovations in consumer electronics, such as AI glasses and toys, are anticipated to drive sales and increase demand for upstream components [4] - The Kexin AI ETF tracks the Kexin Board AI Index, covering key sectors like AI chips, algorithm frameworks, and smart terminals, with a diversified portfolio of 30 companies [4] Company Performance Metrics - The average R&D investment ratio of the ETF's constituent stocks exceeds 23.6%, significantly higher than the A-share market average of approximately 5% [5] - The median revenue growth rate for Q1 2025 among constituent stocks is 61%, with a net profit growth rate of 45%, far exceeding the 5% and 3% growth rates of the CSI 300 [5] - The average market capitalization of constituent stocks is around 28 billion yuan, with 60% of the weight concentrated in companies with market caps between 10 billion and 50 billion yuan [5]

Core Insights - The World Artificial Intelligence Conference (WAIC 2025) in Shanghai showcases over 800 companies and features more than 40 large models, 50 AI terminal products, and over 60 intelligent robots, marking a significant growth in the AI industry [1] - Shanghai has established itself as a leading AI innovation ecosystem, with 394 AI enterprises and an industry revenue exceeding 118 billion yuan, reflecting a year-on-year growth of 29% [1] - The emergence of DeepSeek has drawn global attention to China's AI capabilities, highlighting a shift towards a more accessible AI landscape where innovation can thrive [1][5] Industry Developments - Humanoid robots are gaining traction as a promising application of general artificial intelligence, with various companies showcasing their capabilities at WAIC 2025 [2] - The "Skills Stage" at WAIC features robots demonstrating traditional cultural skills and advanced capabilities in material handling, indicating a blend of technology and cultural heritage [2][3] - The introduction of new humanoid robots, such as the "Tian Gong Ultra," and advancements in heavy-duty robots like the Cyborg-R01, showcase significant technological breakthroughs in the robotics sector [3] AI Applications - The conference highlights the integration of AI with smart devices, exemplified by the launch of the Quark AI glasses by Alibaba, which incorporate advanced AI functionalities for various applications [4] - The development of AI models has accelerated since the introduction of ChatGPT, with companies like DeepSeek lowering application barriers significantly [5][6] - The emergence of innovative applications across various sectors, including healthcare and finance, demonstrates the practical impact of AI technologies [7][8] Future Innovations - The "Future Tech" section of WAIC serves as a platform for startups and creative projects, emphasizing the importance of connecting ideas with real-world applications [8][10] - Companies are focusing on enhancing content creation processes through AI, aiming to make production more personalized and engaging [9][10] - The conference showcases a variety of imaginative AI applications, from programming with simple commands to developing mental health assessment systems, reflecting the limitless potential of AI technology [10]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - BYD has achieved a global milestone by realizing L4-level intelligent parking, allowing drivers to be hands-free under specific conditions, with liability on automobile companies [5][12] - xAI has released Grok-4, a next-generation large model that has seen a tenfold increase in reasoning capabilities compared to its predecessor, excelling in various benchmarks and outperforming human graduate-level academic abilities [5][13] - The Ministry of Industry and Information Technology has issued the 2025 Work Points for Integration of Informatization and Industrialization, emphasizing new industrialization and supporting software development, AI empowerment, and digital transformation [5][14] Summary of Related Companies - Recommended targets include: Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Kingdee International Software Group, Hehe Information; related target: Wuxi Unicomp Technology Co., Ltd. [5][11] - BYD's advantages in assisted driving and manufacturing ensure safety for users in the Chinese market, boosting trust in intelligent parking [5][12] - Grok-4 has demonstrated strong capabilities in real-world applications, including significant improvements in voice response speed and performance in complex tasks across various industries [5][13]

Core Viewpoint - The recent performance of the Huabao Sci-Tech Artificial Intelligence ETF (589520) indicates a positive market sentiment towards the AI sector, with a notable increase in net inflows and significant gains among its constituent stocks [1][3]. Group 1: Market Performance - The Huabao Sci-Tech Artificial Intelligence ETF experienced a rise of 0.34% after a brief pause, with a peak increase of 1.24% on July 23 [1]. - The ETF saw a net inflow of 6.65 million yuan over the past two days, suggesting growing investor confidence in the sector [1]. Group 2: Catalysts for Growth - The upcoming 2025 World Artificial Intelligence Conference (WAIC) on July 26 is expected to showcase over 3,000 cutting-edge exhibits, including more than 100 significant new products, which could drive interest and investment in the AI sector [3]. - The Shanghai AI Laboratory's introduction of the Intern·Agent framework aims to enhance AI's autonomous exploration capabilities, potentially revolutionizing scientific discovery processes [3]. Group 3: Policy and Industry Support - The sixth anniversary of the Sci-Tech Innovation Board was marked by discussions on establishing a growth tier to support AI and other frontier technology sectors, indicating strong governmental backing [3]. - The Ministry of Industry and Information Technology announced plans for multiple digital transformation initiatives, including an "AI + Software" action to foster innovation [3]. Group 4: Industry Trends - The AI sector is witnessing upward momentum, with significant advancements in large model technologies and increased penetration of AI applications [4]. - The global AI competition is intensifying, with countries like the U.S., Europe, and Japan ramping up their AI strategies, highlighting the importance of domestic alternatives in the AI industry [4]. Group 5: Investment Characteristics - The Huabao Sci-Tech Artificial Intelligence ETF is characterized by its focus on end-cloud integration, innovation-driven growth, and impressive long-term returns, having increased by 90.90% since September 24, significantly outperforming other indices [5].

长城证券认为，随着算力需求的持续火热，H20 的重新回归一方面为AI 应用企业提供了更多的算力选 择，缓解了部分高端芯片短缺的燃眉之急，有助于加速AI 应用的商业化落地。另一方面，打破了部分 市场主体对外部供应链的幻想，望激励国产厂商加速产品迭代，坚定迈向全栈自主之路，助力国产替代 浪潮，我们持续看好相关产业链投资机会。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 今日截至14点29分，科创人工智能ETF华夏（589010）下跌1.05%，盘中跌幅有所扩大，回调进程加 速，或迎来低吸布局的有利时点。持仓股方面，优刻得领跌6.91%，合合信息、亚信安全、奥比中光跌 幅超3%。流动性方面，盘中换手14.06%，成交总额达1020万，维持量能释放中枢值。 消息方面，安克创新依托亚马逊云科技生成式AI技术，加速推进研发、营销服务及AI能力平台的智能 化转型。借助Amazon Bedrock与Amazon Q Developer，其AI代码采用率已超50%。同时，基于Amazon Co ...