Core Viewpoint - The performance of the Xinchang ETF Fund (562030) is stable, with a 1.1% increase in early trading, reflecting positive market sentiment towards the software development industry and its key stocks [1] Group 1: Fund Performance - The Xinchang ETF Fund (562030) passively tracks the CSI Xinchang Index (931247), which rose by 1.53% on the same day [1] - Key stocks in the fund include Hengsheng Electronics, Zhongke Shuguang, and Haiguang Information, with significant daily increases of 2.94%, 0.6%, and 1.65% respectively [2][1] - Notably, Tianrongxin reached the daily limit increase, while Ruantong Power showed a slight decline of 0.25% [1][2] Group 2: Industry Trends - The software development industry is experiencing a divergence, with AI technology deeply penetrating workflows, leading to a significant reduction in input-output costs and accelerating commercialization in production [3] - The demand for real-time intelligent data services is high, with 75.32% of enterprises prioritizing this need, while 58.86% expect mature AI application scenarios [3] - China's software spending growth rate is higher than the global average, indicating a recovery phase in the industry [3] Group 3: Market Dynamics - The Xinchang industry is transitioning from policy-driven to a dual-driven approach of policy and market, with significant growth expected in the market size, projected to exceed 2.6 trillion yuan by 2026 [4] - The capital expenditure of major US tech firms reached a new high, growing by 77% year-on-year, driven by AI business growth [4] - The domestic software sector is witnessing a rebound, with a growth rate of 13.8% in basic software over the past four months [4] Group 4: Investment Logic - The Xinchang ETF Fund focuses on the self-controllable information technology sector, which is supported by national security and industry safety needs [6] - The government procurement for Xinchang is expected to recover, aided by increased local debt efforts [6] - The advancement of new technologies by domestic manufacturers, exemplified by Huawei, is anticipated to boost market share in the domestic software and hardware sectors [6]

三大引擎，驱动AI板块暴涨 科创人工智能方向，近日为何接连大涨？ （来源：ETF万亿指数） 8月20日，A股人工智能板块迎来强势反弹。寒武纪成为A股第二只千元股，芯原股份盘中触及20CM涨停，乐鑫科技、晶晨股份等个股跟涨显著。科创人 工智能ETF（589520）涨幅超4.2%，斩获日线四连阳。 AI智能体商业化突破 智谱发布的全球首个手机Agent——AutoGLM2.0，基于纯国产模型GLM-4.5与GLM-4.5V实现推理、代码与多模态处理能力。这意味着AI正从"工具"向"生 产力"升级，用户只需一句话就能让AutoGLM操作抖音、小红书、美团、京东等40+高频应用。 2、政策与事件催化密集 上海市"AI+制造"政策要求三年内推动3000家制造业企业智能化应用，直接利好AI工业软件与边缘计算芯片。此外，9月苹果秋季发布会、全国人工智能 产业发展大会等事件临近，市场对AI硬件（如AI手机、AIPC）的预期升温，带动板块情绪。 还有一件值得关注的事，今日上交所举办科创板六周年线上国际路演活动，为国际投资者介绍科创板的投资机遇。开市六周年的科创板，能否乘AI东 风，彻底起飞？ 从25年业绩预测来看，科创人工智能 ...

无惧隔夜美股大型科技股普跌，英伟达大跌3.5%创近四个月以来最大跌幅，8月20日，国产AI产业链走 出独立行情！ 寒武纪股价突破千元，成为A股第二只"千元股"（仅次于茅台），全天获主力资金净流入22.34亿元，高 居A股吸金榜第二。芯原股份盘中触及20CM涨停，收盘仍大涨超15%，创历史新高。此外，乐鑫科 技、航天宏图涨超9%，奥普特、晶晨股份等个股大幅跟涨。 热门ETF方面，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格最高上探4.47%，收涨 4．28%，斩获日线4连阳，ETF再创上市新高！ 拉长时间来看，科创人工智能ETF（589520）标的指数，自本轮低点（4月8日）以来累计上涨 43.45%，大幅跑赢科创50（24.24%）、科创综指（41.38%）等科创板宽基指数，亦跑赢科创芯片 （34.20%）等细分行业指数。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [×间首日] 2025-4-8 [区间居日] 2025-8-20 [单位] % | | | 1 | 950180.CSI | ...

Core Insights - In July, the average foot traffic in shopping malls across the country increased by 7%, with popular malls showing even more significant growth [1] - The average daily foot traffic for the 390 popular shopping malls listed in the "2025 July Popular Shopping Center Rankings" was approximately 88,000, representing a 10% increase compared to the previous month [2] Group 1: Foot Traffic Trends - The average daily foot traffic for the top 43 popular malls in various cities was about 126,000 in June, with 36 malls maintaining their ranking and 7 moving up from the second to fourth positions [2][3] - The increase in foot traffic is attributed to the summer vacation tourism surge, with a 10 percentage point rise in the proportion of malls located in city-level business districts [2] Group 2: Popular Themes and Activities - Over 25 malls featured "anime" themes or characteristics, with many actively introducing trendy brands and organizing anime-related events to attract the student demographic during summer [4] - Family-oriented activities gained popularity, with malls offering creative parent-child events and promotions such as free parking and group purchase packages, enhancing their appeal to family customers [5] Group 3: New Store Openings and Economic Trends - The "first store economy" continues to thrive, with malls exploring new brand openings and events to boost foot traffic, while also integrating ticketing scenarios with shopping experiences to stimulate market potential [5] - The "fat store" concept, featuring high-quality supermarkets, has emerged as a new attraction strategy, with several malls undergoing supermarket renovations to enhance customer experience [5] Group 4: Notable Projects and Rankings - Shanghai Jing'an Joy City ranked as the top large project, recognized as one of the hottest "anime" malls, with a significant increase in search volume for "anime malls" in the region [14] - The Shanghai Bund Central Plaza made its debut on the rankings, featuring a giant dinosaur MR theme park that attracted considerable attention [15] - The popularity of the Guangzhou Fashion Tianhe Commercial Plaza reached its highest historical ranking, hosting multiple major anime events [44] Group 5: Regional Highlights - The Shanghai Nanjing East Road business district saw a surge in popularity, with eight projects listed, including the first-time ranked Shanghai Bund Central Plaza and Shanghai Hongyi International Plaza [12] - In Chengdu, the "ticket economy" is being actively developed, with various promotional activities linked to events and exhibitions to enhance consumer engagement [36]

（原标题：泡泡玛特王宁称营收300亿很轻松；OpenAI考虑上市） 21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 泡泡玛特召开2025中期业绩发布会，王宁称感觉营收300亿很轻松 8月20日，泡泡玛特召开2025中期业绩发布会，创始人王宁在会上表示，集团取得了有史以来最好的业绩，"今年希望营收能够做到200亿，但是感 觉今年应该300亿也很轻松。"8月19日，泡泡玛特发布2025年半年报，财报显示，上半年泡泡玛特营收138.8亿元，同比增长204.4%，经调整净利 润47.1亿元，同比增长362.8%。 OpenAI首席财务官：将考虑在未来某个时间点上市 据报道，OpenAI首席财务官萨拉·弗莱尔表示，将考虑在未来某个时间点上市。 钉钉或优化不主张加班高管？回应称"消息不实" 有博主发文称钉钉将对多位不主张加班高管进行优化。其表示有可靠消息，目前，钉钉CEO无招已经布置完任务，涉及4位P10以及15位P8级别以 上员工，三个月内会进行边缘或者优化。对此，钉钉方面表示"消息不实"。 卢伟冰：小 ...

8月21日，科创板强势领涨！重点布局国产AI产业链的科创人工智能ETF（589520）场内价格盘中拉升 2．5%，现涨0．82%，冲击日线5连阳，继续刷新上市新高！ 成份股方面，芯原股份涨超5%，晶晨股份、寒武纪涨逾4%，奇安信、云天励飞等个股跟涨。 拉长时间来看，科创人工智能ETF（589520）标的指数，自本轮低点（4月8日）以来累计上涨 43.45%，大幅跑赢科创50（24.24%）、科创综指（41.38%）等科创板宽基指数，亦跑赢科创芯片 （34.20%）等细分行业指数。 2、科创板补涨逻辑 国家层面持续强调AI与制造业、金融、医疗等行业的深度融合，AI成为经济转型的重要抓手。2025陆 家嘴论坛上，高层提出在科创板设置科创成长层，重点服务人工智能等前沿科技企业。中信证券指出， 随着科创板"1+6"政策、金融支持科创相关政策的持续推进，自今年4月以来明显滞涨的科创板有望迎来 补涨行情。 3、国产替代逻辑 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [×同首日] 2025-4-8 [区间居日] 2025-8 ...

行业首个面向广域网的网络大模型与多智能体系统，则可自动感知、维护、修复网络问题。"这是 一个群体智能、群体决策的垂直类大模型与多智能体系统，可用于27个网络运维的典型场景。"刘韵洁 介绍。 目前，该工具链已在行业头部企业投入使用，效果显著，可在满足传输差错率、速度等需求的前提 下，将基带电路面积降低70%，通信性能不变，且几小时就能完成迭代设计。 该系统由紫金山实验室牵头，联合江苏未来网络集团、中国联通和华为研发，基于未来网络试验设 施CENI现网环境进行了测试，总计22个测试项中20个达到L4级，系统总体智能化能力等级达到L4级。 相关成果已成功赋能城市算力网和行业专网等广域网场景。 8月20日在第九届未来网络发展大会开幕式上，中国工程院院士、紫金山实验室首席科学家刘韵洁 发布全域一体化数算网调度平台、行业首个面向广域网的网络大模型与多智能体系统，中国科学院院 士、紫金山实验室主任尤肖虎发布基带电路AI自动设计工具链。 "我们的目标是达到L5级，即零等待、零接触、零故障，将来可实现完全的自智网络，需要什么样 的网络，跟它说一句话，就生成出来。这个路程还很漫长。"刘韵洁直言。 "我国有的地方算力资源丰富但需求 ...

浙商证券指出，国内超节点进展超预期，核心增量在交换网络。该行认为，国内超节点渗透率进展较海 外市场仅晚一年；ScaleUp交换网络是超节点方案核心增量环节；国内ScaleUp有望增厚一倍以上市场规 模；中兴通讯公司占据国内超节点方案的核心位置，市场认知预期差明显。此外，ScaleUp交换需求加 速交换芯片国产化。 智通财经APP获悉，中兴通讯(00763)延续近期强势，A股一度涨停、H股盘中涨超14%。截至发稿，H股 涨7.34%，报31.9港元，成交额20.41亿港元。 消息面上，7月26日，华为于2025世界人工智能大会首次线下展出昇腾384超节点，该产品基于超节点架 构，通过总线技术实现384个NPU之间的大带宽低时延互联。昇腾384超节点方案单卡推理吞吐量达 2300Tokens/s，计算效率超过英伟达H100/H800。此外，腾讯主推ETH-X方案，阿里主推ALS方案。同 时浪潮、中兴、新华三、华勤、超聚变等也纷纷参与其中，国内厂商加速部署超节点方案。 ...

Core Viewpoint - Intelligent driving has evolved from a technical highlight to a crucial factor for product differentiation among automakers and the commercialization of mobility services. The depth of technology, iteration speed, and scale of implementation will significantly influence the future competitive landscape and determine how automakers build sustainable competitive advantages in the "software-defined vehicle" arena [2][7]. Group 1: Intelligent Driving Development - Intelligent driving capabilities are becoming a battleground for automakers to shape brand premium, win user choices, and capture market share. The speed of implementation and penetration rate of intelligent driving systems create a technological gap among automakers, impacting the commercialization process [7]. - The commercialization process is accelerating, with increased regional pilots and favorable policies driving the rollout of L3 intelligent driving. The price range of 100,000 to 200,000 yuan is expected to dominate sales, with only 5% of models in this price range equipped with advanced intelligent driving features by 2024 [3][4]. - The "intelligent driving equity" trend is expected to drive the conversion of intelligent driving advantages into sales growth, with the Robotaxi market projected to reach hundreds of billions by 2030, showcasing significant potential [11]. Group 2: Technological Paradigms and Competition - The VLA (Vision-Language-Action) model is at the core of current intelligent driving solutions, integrating perception, cognition, and action. This model requires breakthroughs in world model construction and reinforcement learning to enhance its capabilities [8][9]. - The demand for computing power is surging, with the transition from L2 to L3 autonomous driving requiring a leap from 100+ TOPS to 500-1,000+ TOPS. The competition is shifting from single-vehicle computing power to the capabilities of vehicle chips and cloud supercomputing centers [9][52]. - Tesla has established a significant generational advantage through its fully self-developed closed-loop technology system, while domestic automakers are accelerating their catch-up efforts. The integration of VLA models is becoming a key focus for companies like Li Auto and Xiaopeng [10][12]. Group 3: Investment Recommendations - The establishment of a clear responsibility system under top-level policies and the maturation of intelligent driving technology towards L3 standards are promising. The trend of "intelligent driving equity" is expected to create a structural sales inflection point for intelligent driving vehicles [4]. - Companies with full-stack self-research capabilities, such as Li Auto, Xiaopeng, and Xiaomi Group, are recommended for investment, along with those employing self-research combined with third-party cooperation like BYD and Geely [4].

Investment Rating - The report rates the industry as "Outperforming the Market" [4] Core Insights - The commercialization of humanoid robots is best initiated in the B2B sector, driven by technological breakthroughs in supply-side capabilities, similar to the rapid development of AI large models [1][12] - Humanoid robots are expected to significantly reduce labor costs in manufacturing, with a projected market demand of 27.96 million units and a market size of 3.9141 trillion yuan by 2028 [2][70] - Huawei Cloud is positioned as a key enabler for the commercialization of embodied intelligence in the robotics sector, leveraging its strengths in computing power and algorithms [3][4] Summary by Sections Section 1: Best Starting Point for Humanoid Robot Commercialization - The humanoid robot industry is experiencing explosive growth, driven by technological advancements in AI large models, which began accelerating in 2022 [12][16] - The current cost of humanoid robots presents a barrier to consumer adoption, with prices generally exceeding 200,000 yuan, making them unaffordable for average households [25][28] - The industrial sector shows a willingness to pay for efficiency improvements, making it a more suitable environment for the deployment of humanoid robots [1][42] Section 2: Empowering China's Manufacturing Upgrade - China's manufacturing sector faces multiple challenges, including rising labor costs and competition from Southeast Asia, leading to a strong demand for cost reduction [43][46] - Humanoid robots can seamlessly adapt to production environments, with a potential return on investment within three years if costs decrease to 30,000 USD per unit by 2028 [51][66] - The humanoid robot market in manufacturing is projected to reach a demand of 27.96 million units, translating to a market size of 3.9141 trillion yuan [70] Section 3: Demand Estimation for Humanoid Robots in Manufacturing - The report estimates that the demand for humanoid robots in the manufacturing sector could reach 27.96 million units, with a market size of 3.9141 trillion yuan [70] - Humanoid robots are expected to complement existing automation technologies, particularly in flexible manufacturing scenarios where traditional robots may fall short [71][74] - The deployment of humanoid robots in the automotive manufacturing sector is already underway, with companies like Tesla and BYD leading the way [77] Section 4: Huawei Cloud as a Key Enabler - Huawei Cloud is positioned to play a crucial role in the commercialization of humanoid robots by providing necessary training and data services [3][4] - The report highlights the importance of collaboration between Huawei and key players in the robotics industry to drive innovation and market adoption [3][4]