格隆汇9月4日｜恒生科技指数跌幅扩大至逾1%。芯片股震荡下挫，地平线机器人跌超6%，中芯国际、 晶门半导体、华虹半导体跌超5%，上海复旦跌超4%。 | 恒生指数 | 25140.70 | -202.73 | -0.80% | | --- | --- | --- | --- | | 800000 | | | | | 国企指数 | 8958.76 | -91.26 | -1.01% | | 800100 | | | | | 恒生科技指数 | 5616.71 | -67.03 | -1.18% | | 800700 | | | | (责任编辑：宋政 HN002) 【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 ...

Core Viewpoint - The market is currently experiencing a consolidation phase, particularly affecting the STAR Market, with the domestic AI industry chain-focused STAR Artificial Intelligence ETF (589520) seeing a decline of 4% amid active trading. However, there is notable capital inflow, with significant investments over the past 5 and 60 days [1][3]. Group 1: Market Performance - The STAR Artificial Intelligence ETF (589520) recorded a trading volume exceeding 35 million yuan, indicating active market participation [1]. - Over the last five days, the ETF attracted 73.78 million yuan, and over the last 60 days, it has accumulated 286 million yuan [1]. - All 30 constituent stocks of the ETF experienced declines, with Lingyun Optics leading with a drop of over 10% [1]. Group 2: Investment Logic - The current semiconductor market rally is viewed as a rebound for domestic computing power, with significant opportunities expected by the end of the year or early next year [3]. - The STAR Market is anticipated to experience a rebound, particularly after the introduction of a growth layer aimed at supporting AI and other cutting-edge technology companies [3][4]. - Concerns over security vulnerabilities in NVIDIA chips are prompting domestic clients to reconsider their future purchases, highlighting the importance of domestic alternatives like Huawei Ascend, Cambricon, and Haiguang Information [4]. Group 3: Highlights of STAR Artificial Intelligence ETF - The ETF is positioned to benefit from policy support, with AI expected to be a leading sector in the current market cycle [5]. - The focus on domestic alternatives is crucial for ensuring information and industrial security, with the ETF emphasizing the domestic AI industry chain [5]. - The ETF offers a high degree of elasticity with a 20% price fluctuation limit, allowing for efficient investment during market surges [5].

Core Insights - Tesla's "Master Plan" emphasizes the strategic importance of the Optimus robot business, projecting that approximately 80% of Tesla's future value will derive from this segment [3] - Tesla plans to launch the third prototype of the Optimus robot by the end of this year and aims for mass production starting in 2026, targeting an annual output of 1 million units within five years [3] Industry Developments - The domestic robotics industry is experiencing smooth technological iterations and commercialization, supported by policies, technological breakthroughs, and demand release, which is expected to sustain market attention and catalysts [4] - The "New Quality Productivity" concept is highlighted as a key direction in the robotics sector, representing a core application of artificial intelligence technology [4] Market Performance - The STAR 100 Index ETF (588030) has seen a 14.39 billion increase in scale over the past year, ranking third among comparable funds [5] - As of September 2, 2025, the STAR 100 Index ETF has achieved a net value increase of 97.16% over the past year, placing it in the top 8.62% of equity funds [5] Fund Characteristics - The STAR 100 Index ETF has a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [6] - The tracking error of the STAR 100 Index ETF is 0.019% year-to-date, indicating high tracking precision compared to similar funds [7] Key Holdings - The STAR 100 Index includes leading companies in the robotics supply chain, such as: - Greentech Harmonic Drive, a leader in harmonic reducers crucial for humanoid robot joints [4] - Orbbec, a leading 3D vision technology company providing AI vision solutions for robots [4]

Group 1 - Nvidia has denied rumors regarding supply constraints and sold-out status of H100/H200 chips, stating there is sufficient supply to meet all orders [1] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) has seen a net inflow of 110 million yuan over the past five days, indicating strong investor interest despite recent market corrections [1] - Key stocks within the ETF have shown mixed performance, with Cambricon leading declines, while companies like OBI and Lingyun have experienced gains [1] Group 2 - The Shanghai Municipal Economic and Information Commission has initiated the 2025 "Artificial Intelligence+" action project, aiming to establish at least 10 innovation service platforms and 200 benchmark application projects by the end of 2027 [3] - Domestic computing power is expected to maintain good growth momentum, with potential breakthroughs in model-side and chip-side capabilities due to ongoing investments in computing infrastructure [3] - The AI sector is anticipated to be a leading segment in the current market cycle, driven by policy support and the integration of edge and cloud technologies [5] Group 3 - The domestic chip replacement trend is gaining traction as concerns over Nvidia's chip security vulnerabilities prompt clients to reconsider future purchases [4] - The AI terminal market is expected to experience a significant upgrade cycle, similar to the smartphone boom of the 2010s, potentially raising industry valuations by 30-50% [4] - The ETF offers a low-threshold investment opportunity with a high degree of elasticity, as it can efficiently capitalize on market surges due to its 20% price fluctuation limit [6]

【市场复盘】 国金证券表示，预计大的主线预计还是集中在AI产业链相关方向，宏观背景上，有人工智能+行动鼓励 AI与科学技术、产业、社会治理等结合落地；中观角度，三季度进入国内外头部大模型厂商密集更新 迭代周期，AI落地应用进展持续；微观角度，今年半年度相关上市公司AI落地陆续披露相关进展，进 展喜人，下半年预计环比有积极增长，明后年预期收入占比进一步提高，有望提供更多的业绩和估值弹 性。 本周二（9月2日），A股主要指数集体调整，沪指跌0.45%报3858点，光模块（CPO）、光芯片、光通 信、AI算力等概念遭遇大幅回撤，午后机器人产业链获AI溢出资金抄底，逆大盘强势反弹。截至收 盘，科创人工智能ETF华夏（589010）收跌3.52%，拉长时间线来看，经过连续大涨后一根大阴线"探 底"未必为忧，当前虽跌落五日均线但仍稳居十日均线之上，攻守以据静待催化。持仓股方面，凌云光 逆势领涨4.50%；乐鑫科技领跌12.39%，澜起科技、复旦微电跌幅超7%。机器人ETF（562500）收涨 0.39%，午后开启"大反攻"，暴力拉升一举收复盘中超3%的跌幅，实现翻红再向上，盘中向上振幅达 4.69%，将机器人板块的高弹性 ...

1.1 行业分散 对科创50、科创100和科创200的成分股所属申万一级行业权重比例进行分析，可以发现，相较于科创50集中于电子（半导体）行业，科创100指数成分股行 业更为分散，其电子行业权重39.69%、远低于科创50的69.77%。科创100第二至第四大权重行业分别为医药生物（19.31%）、电力设备（13.18%）、计算机 （11.2%），均高于科创50相应行业权重占比。 9月2日午盘，A股三大指数集体调整，创新药板块维持强势，科创100指数ETF (588030)回撤超3%，成交额超4亿元。截至9月1日，今年以来累计上涨超 50%。 成分股涨跌不一，上涨方面，成都华微超12%，百济神州一度超14%，凌云光、海阳科技等股票跟涨；下跌方面，乐鑫科技、盛科通信-U、华丰科技跌超 11%，华虹公司、铂力特、复旦微电等股票跟跌。 其他相关ETF中，科创AIETF (588790) 回调超3%，成交额超9亿元，交投活跃。拉长时间看，截至9月1日，科创AIETF今年以来累计上涨超70%，近5个交易 日内有3日资金净流入，合计"吸金"超12亿元。 一、指数特征：行业分散+科创中盘+科技成长 而相较于小盘指数科创20 ...

截至14:20，沪指下跌超0.65%，受大盘回调的映射，科创人工智能ETF华夏（589010）下跌3.72%，拉 长时间线来看，在前一段时间连续暴涨后，一根大阴线"探底"未必为忧，可以洗去浮盈筹码积蓄势能， 当前仍然稳居二十日均线之上，向上趋势仍然存在，待催化到来即可发力上攻。持仓股方面，凌云光逆 势领涨4.63%，乐鑫科技领跌12.27%，复旦微电下跌8.69%，澜起科技、云从科技、道通科技等多股下 跌逾6%。流动性方面，盘中成交金额超6000万，换手21.80%，市场交投活跃，"聪明钱"或逆势加码布 局。 （文章来源：每日经济新闻） 华泰证券表示，全球AI算力需求呈现上升趋势。Token量体现当前AI算力需求，资本开支情况体现未来 AI算力预期。从Token来看，Google的Token数从2025年5月~7月实现翻倍，达到每月960万亿，2025年6 月底国内日均Token量较2024年初增长300多倍达到30万亿，反映了当前全球算力需求的持续增长。 2025Q2海外云厂商资本开支均呈现高速增长趋势，资本开支指引乐观，未来算力需求有望持续增长。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人 ...

Core Viewpoint - The AI sector is experiencing significant fluctuations, with the Shanghai Stock Exchange's Sci-Tech Innovation Board AI Index showing a decline, while certain stocks within the index demonstrate mixed performance [3][4]. Group 1: Market Performance - As of September 2, 2025, the Sci-Tech Innovation Board AI Index (950180) decreased by 3.26%, with stocks like Lingyun Optics (688400) rising by 4.63% and Lexin Technology (688018) falling by 9.79% [3]. - The Sci-Tech AI ETF (588790) also saw a decline of 3.41%, with a latest price of 0.82 yuan, although it had a cumulative increase of 4.67% over the past week [3]. Group 2: Token Demand and Capital Expenditure - Global AI computing power demand is on the rise, with Google's token count doubling from May to July 2025, reaching 960 trillion tokens monthly, and domestic daily average token volume increasing over 300 times compared to early 2024 [4]. - Capital expenditures from overseas cloud providers are showing rapid growth, indicating optimistic future expectations for AI computing power demand [4]. Group 3: Fund Performance and Flows - The Sci-Tech AI ETF experienced a net outflow of 99.59 million yuan recently, but over the past five trading days, it had three days of net inflow totaling 1.209 billion yuan, averaging 242 million yuan per day [5]. - The ETF's net value increased by 34.93% over the past six months, ranking 432 out of 3566 index equity funds, placing it in the top 12.11% [5]. Group 4: Fund Characteristics - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [6]. - The ETF closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap stocks that provide foundational resources, technology, and application support for the AI sector [6]. Group 5: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board AI Index account for 71.66% of the index, including companies like Cambricon (688256) and Lanqi Technology (688008) [7].

A股市场半导体股今日集体回调，其中，华虹公司、灿芯股份跌超11%，微导纳米、长光华芯跌超9%， 屹唐股份、瑞芯微、中科飞测、盛科通信跌超8%，德邦科技、扬杰科技、复旦微电、炬芯科技、思特 威、京仪装备、金海通跌超7%。 ...

Group 1 - The core viewpoint is that the AI sector, particularly the AI-focused ETF, demonstrates resilience and potential for growth despite market fluctuations, as evidenced by its recent performance and capital inflow [1][2] - The AI-focused ETF, Huaxia (589010), experienced a decline of 1.33% but rebounded significantly after reaching a maximum intraday drop of 3.01%, indicating strong upward elasticity [1] - The ETF has attracted significant capital, with an inflow of 33.08 million yuan yesterday and a total of 1.33 billion yuan over the past five trading days, marking it as a favored choice for market participants looking to invest in the AI sector [1] Group 2 - In the first half of 2025, the installation rate of L2 and above advanced driving assistance systems in new energy passenger vehicles reached 82.6%, with further growth in the market segment priced below 160,000 yuan [2] - The integration of AI technology into smart vehicles is accelerating, supported by government initiatives aimed at promoting intelligent connected vehicles and smart terminals [2] - The AI-focused ETF closely tracks the Shanghai Stock Exchange's AI index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]