每日经济新闻 （责任编辑：张晓波 ） 【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 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技 术、基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互 联"地基"。权重股包括寒武纪-U、中际旭创、中科曙光、科大讯飞、豪威集团、新易盛、澜起科技、金 山办公、紫光股份等国内科技龙头。 相关产品： 人工智能AIETF（515070）、创业板人工智能ETF华夏（159381）、科创人工智能ETF华夏 （589010）。 昨日美股科技大跌导致A股科技股开盘快速下杀，人工智能AIETF（515070）盘中下跌超2%，随后 持仓股寒武纪快速拉升，涨超3%，神州泰岳、恒玄科技、豪威集团等个股纷纷上涨。人工智能AIETF （515070）最新下跌幅度为0.6%，盘中成交额超1亿元。 开源证券认为 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - The stock market hit a new high again today. The technology sector represented by TMT continued to be favored by funds, while the pro - cyclical sectors were generally weak. The Shanghai Composite 50 Index rose only 0.21%, while the CSI 1000 Index soared 1.69% [4]. - In the short term, the stock market is driven by funds, sentiment, and structural market conditions. With low sensitivity to economic data and no obvious short - term negatives, continuous capital inflows, optimistic sentiment, and structural support from technology news have sustained the upward trend of the stock market [4]. - Technically, the CSI 300 Index is approaching the medium - to - long - term resistance line at around 4250. Traders should pay attention to its breakthrough. Although the market sentiment is high, in the long run, the market will not deviate from the economic fundamentals. Therefore, it is necessary for holders to manage risks [4]. - Strategy recommendation: Insurance strategy - hold spot and buy put options [4]. 3. Summary by Related Catalogs Market Review - The stock index showed significant volume expansion and overall growth today, with the market index hitting a new high. The trading volume of the two markets increased by 51.9551 billion yuan. All futures index varieties rose with increased volume [2]. Important Information - China supports all efforts conducive to the peaceful resolution of the crisis and welcomes the contact and improvement of relations between Russia and the US to promote the political settlement of the Ukraine crisis [3]. - The Ministry of Commerce extended the anti - subsidy investigation period for imported related dairy products originating from the EU [3]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.82 | 0.08 | 1.28 | 1.58 | | Trading volume (10,000 lots) | 15.0257 | 7.4191 | 13.1737 | 29.3129 | | Trading volume MoM (10,000 lots) | 0.9502 | - 0.3105 | 0.969 | 3.5552 | | Open interest (10,000 lots) | 27.3598 | 10.7224 | 22.6003 | 39.2524 | | Open interest MoM (10,000 lots) | 1.5159 | 0.7111 | 0.3557 | 2.6482 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.85 | | Shenzhen Component Index change (%) | 1.73 | | Ratio of rising to falling stocks | 3.09 | | Trading volume of the two markets (billion yuan) | 276.4163 | | Trading volume MoM (billion yuan) | 51.9551 | [5]

- The report does not include any quantitative models or factor construction details related to quantitative finance[1][2][3] - The content primarily focuses on fund performance, market trends, and ESG product tracking without discussing quantitative models or factors[4][5][6] - No specific formulas, construction processes, or backtesting results for quantitative models or factors are provided in the report[7][34][45]

Market Overview - The Shanghai Composite Index achieved an eight-day winning streak, breaking the previous high from October 8, 2024, and reaching a nearly four-year high at 3683.46 points, with a daily increase of 0.48% [1][6] - The total market turnover exceeded 2 trillion yuan, marking a significant increase of 269.4 billion yuan compared to the previous trading day [6] Sector Performance - The top-performing sectors included Communication (4.91%), Non-ferrous Metals (2.37%), Electronics (2.01%), Pharmaceutical Biology (1.73%), and Electric Equipment (1.66%) [3] - Conversely, the sectors with the poorest performance were Banking (-1.06%), Coal (-0.81%), Food and Beverage (-0.42%), Textile and Apparel (-0.40%), and Public Utilities (-0.20%) [3] Future Outlook - The market is expected to maintain a strong upward trend, supported by improved funding conditions and fundamental recovery, with the potential for the index to gradually rise [6] - Analysts suggest focusing on sectors such as large financials, machinery, TMT (Technology, Media, and Telecommunications), and consumer goods for investment opportunities [6] Policy Impact - The Chinese government is shifting its fiscal and financial policies to stimulate consumption and support service sector loans, aiming to create a positive cycle between supply and demand [5]

Group 1 - The domestic economy showed strong resilience in Q2, and the "anti-involution" policies are continuously being promoted, leading to a steady rebound in A-shares in July [1] - In August, uncertainties from overseas tariffs may arise, while expectations for a Federal Reserve rate cut are increasing, and domestic policies are likely to continue supporting the stabilization of the capital market [1] - The A-share mid-year reports are entering a concentrated disclosure period, which may enhance the importance of performance trading [1] Group 2 - Fund manager Han Lin from Great Wall Fund remains relatively optimistic, focusing on structural opportunities despite potential adjustments in previously high-performing thematic stocks during the earnings disclosure period [1] - Concerns over the escalation of the US-China tariff conflict may persist, but risk appetite is expected to rebound after the new round of tariff events materializes in mid to late August [1] - In the TMT sector, Han Lin noted that overseas internet giants' earnings reports and capital expenditures have met or slightly exceeded expectations, alleviating previous market concerns about the sustainability of AI logic [1] Group 3 - The penetration rate of ASIC chips is accelerating, boosting the value of related segments such as optical modules and PCBs [1] - The performance potential of overseas computing power chains has improved, with increasing interest gradually spreading to domestic computing power and applications [1]

Core Viewpoint - The market is witnessing a resurgence of the economic and quality factors that have been suppressed for a long time, leading to a significant improvement in the effectiveness of cyclical investments [1][2]. Group 1: Market Trends - The general sentiment in recent years has been that cyclical investments have become more challenging, with a "barbell" strategy being the primary choice. However, this year, cyclical and quality factors have regained market leadership, with two major indices representing active public funds outperforming most broad-based indices [2][5]. - The proportion of high-growth industries in Q1 2025 has significantly increased from 11.45% at the end of 2024 to 22.14%, marking a new high in the number of listed companies showing marginal improvements in economic conditions since 2010 [5]. Group 2: Industry Developments - Various new momentum sectors such as AI, robotics, semiconductors, military industry, innovative pharmaceuticals, and new consumption have made breakthroughs this year, alongside traditional cyclical and manufacturing sectors optimizing their supply structures [5][10]. - The market consensus on cyclical investment themes is strengthening as more technology-driven industries enter a phase of performance realization, particularly in TMT and innovative pharmaceuticals [10]. Group 3: Institutional Participation - Institutional investors skilled in cyclical investments have shown a significant increase in market participation enthusiasm, gradually reclaiming pricing power over quality targets and industries [13]. - Since June, the number of new institutional accounts has surged to historical highs, nearly recovering to levels seen in 2021, becoming a crucial source of incremental capital in the current market rally [13].

Core Viewpoint - The current AI sector shows a moderate level of congestion, with no significant excess returns accumulated in the TMT sector relative to the overall A-share market [1][5][6]. Group 1: Congestion Level - Most AI sub-sectors are currently at a moderate congestion level, with low congestion levels observed in upstream computing (IDC, high-speed copper connections, AI chips, GPUs), midstream software services (office software, cloud computing, SaaS, cybersecurity, AI Agent), and downstream applications (fintech, gaming, humanoid robots, smart healthcare) [2]. Group 2: Rolling Return Differential - The rolling 40-day return differential between TMT and the overall A-share market remains around 5%, indicating that it has not reached the overheating threshold of 10% [5]. Group 3: Trading Volume Proportion - The trading volume proportion for TMT is currently around 30%, which is still below the historical overheating range of 40%-45%, indicating no overheating signals [6]. Group 4: Internal Rotation of the Industry Chain - The recent AI market rally since June has been primarily driven by the upstream North American computing chain, with two notable divergences: upstream hardware outperforming midstream software services and downstream applications, and within upstream hardware, components like optical modules and PCBs significantly outperforming domestic chip chains [9][11]. Group 5: Performance of Sub-sectors - Since June, the North American computing chain, represented by PCBs and optical modules, has accumulated substantial excess returns compared to other directions in the industry chain. Since August, the focus of the upstream computing market has shifted towards lower-tier areas such as liquid cooling, copper connections, optical fibers, and domestic chips, with significant gains observed in sectors like robotics, AI smartphones, electronic governance, and gaming [11][13].

Group 1 - The three major indices opened higher on August 11, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index by 0.27%, and the ChiNext Index by 0.13% [1] - Lithium carbonate futures hit the daily limit, leading to a significant rise in the lithium mining sector, while the Xinjiang sector remained hot with multiple stocks, including Xinjiang Communications Construction, hitting the daily limit [1] - The TMT sector opened lower, with declines in photolithography machines, millet economy, and military information technology concepts [1] Group 2 - In the first half of 2025, domestic game revenue reached a record high of 168 billion yuan, marking a year-on-year increase of 14.08% [2] - The user base in the domestic game market grew to nearly 679 million, reflecting a year-on-year growth of 0.72% [2] - The industry is experiencing a qualitative and quantitative improvement under a stable policy environment, with significant R&D investment returns from leading companies and resilience in overseas markets [2]

沪指涨0.05%，深成指涨0.27%，创业板指涨0.13%。 （更新中） 09:36 锂矿概念大涨 江特电机、永杉锂业涨停 江特电机、永杉锂业一字涨停，天齐锂业涨近6%。消息面上，宁德时代8月11日在互动平台表示，公司在宜春项目采矿许可证8月9日到期后已暂停了开采作 业，正按相关规定尽快办理采矿证延续申请，待获得批复后将尽早恢复生产，该事项对公司整体经营影响不大。 | #湖股份 | 融捷股份 | 赣锋锂业 | 雅化集团 | 中矿资源 | 盛新锂能 | 天齐锂业 | 永杉锂业 | 江特电机 | 名称 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 19.40 | 37.61 | 38.17 | 14.81 | 41.32 | 17.63 | 43.26 | 11.34 | 8.68 | 现价 | | 3.52% | 3.38% | 3.64% | 3.86% | 4.85% | 5.19% | 5.95% | 9.99% | 10.01% | 涨跌幅 | 09:26 A股开盘｜三大指数集体高开 锂矿板块集体大涨 三大指数集体高开 ...

Core Viewpoint - The A-share market is experiencing a slow bull trend, with various sectors showing mixed performance amid external and internal challenges, but overall economic stability and potential for improved corporate earnings are noted [1]. Market Performance - The three major stock indices showed fluctuations with the Shanghai Composite Index slightly up by 0.07% to 3642.1 points, Shenzhen Component Index up by 0.14%, and ChiNext Index up by 0.21%. However, the Sci-Tech Innovation 50 Index fell by 0.79% [1]. - Over 2900 stocks were in the red, indicating a broad market weakness [1]. - Total trading volume across the Shanghai, Shenzhen, and North markets reached 1.0934 trillion yuan [1]. Sector Analysis - Weak sectors included semiconductors, media, food and beverage, and coal, while healthcare, engineering machinery, gas, electricity, and steel sectors showed strength [1]. - Active concepts included hydropower, brain-computer interfaces, and assisted reproduction [1]. Economic Outlook - According to Founder Securities, the A-share market is expected to maintain a slow bull trend despite increasing external shocks and internal challenges [1]. - The overall economic operation remains stable, with steady growth across various industries [1]. - Corporate earnings are at the tail end of a downward cycle, with policies aimed at reducing competition expected to improve profitability in the future [1]. Market Liquidity and Risk Appetite - Current market liquidity is described as ample and loose, with a significant improvement in risk appetite, which is likely to support further upward movement in A-shares [1]. - Mid-term focus should be on sectors showing recovery from the bottom of the earnings cycle, particularly TMT (Technology, Media, and Telecommunications), cyclical sectors, and strong consumer characteristics [1]. - Short-term attention is recommended for brokerage sectors that may benefit from index rises and increased trading volume [1].