Group 1 - Foreign institutions, represented by Barclays and UBS, are heavily investing in A-shares and Hong Kong stocks across popular sectors such as gold, innovative pharmaceuticals, and semiconductors, while also extending their reach into niche areas like building materials and green energy [1][3] - As of the end of Q2, Barclays has become the largest holder in 31 ETFs, focusing on themes like gold stocks and Hong Kong technology [3] - The performance of ETFs such as the Ping An CSI Hong Kong and Shanghai Gold Industry ETF has exceeded 60% year-to-date, with Barclays emerging as a significant holder [3] Group 2 - The semiconductor sector has shown strong performance, with ETFs like the Guolian Anke Innovation Chip Design ETF and the Jiashi Shanghai Stock Exchange Innovation Board Chip ETF yielding returns of over 60% and 50% respectively this year [4] - UBS has been involved in over 100 ETFs, diversifying its investments into various sectors including building materials, traditional Chinese medicine, green energy, and agriculture [6] - Foreign institutions are optimistic about Chinese assets, viewing the market as an independent asset class, driven by global asset allocation and domestic policy support [8]

Core Insights - LeiKe Defense (002413.SZ) has introduced products such as the "ShanHai" intelligent computing module and the FT5000C/32 computing module, which are now applied in the computing power sector [1] - The company has received sales orders for these products, indicating initial market traction [1] - However, the business contribution from these products remains relatively small at this stage [1]

Group 1 - The AI industry chain experienced a collective pullback, with the 5G Communication ETF (515050) dropping by 3.85% and the AI ETF (159381) declining by 4.66% as of September 2 [1] - Despite the pullback, there is a strong capital inflow into the computing power sector, with the 5G Communication ETF attracting 378 million yuan over three consecutive days, bringing its total scale to over 9 billion yuan [1] - The recent issuance of the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" outlines goals for AI integration across six key areas by 2027, aiming for over 70% application penetration of new intelligent terminals and significant growth in the core industries of the intelligent economy [1] Group 2 - Citic Securities noted that both Alibaba and Nvidia's latest financial reports indicate robust growth in investment from domestic and international CSP manufacturers in computing power [1] - Alibaba's AI-related revenue continues to grow at triple-digit rates, providing a clearer path for AI commercialization and alleviating investor concerns regarding AI investment returns [1] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and has a current scale exceeding 9 billion yuan, focusing on key players in the Nvidia, Apple, and Huawei supply chains [2]

Group 1 - The computing sector experienced a significant pullback, with the communication ETF (515880) dropping over 5% and current trading volume exceeding 2 billion [1] - Huaxi Securities indicated that AI in the overseas computing chain continues to show high growth and elevated guidance, while there is short-term volatility pressure due to chip turnover; domestic computing chains are seeing a rebound driven by local demand [1] - The communication ETF (515880) has over 75% allocation in "optical modules + servers + optical fibers + copper connections," making it a key player in the computing core engine, presenting potential investment opportunities for interested investors [1] Group 2 - Investors without stock accounts can consider the communication ETF linked funds (Link A: 007817; Link C: 007818) [2]

格隆汇9月2日丨润建股份(002929.SZ)于近期投资者关系活动表示，公司与阿里在AI应用、算力等多个 领域开展了业务合作，业务拓展持续进行中，具体情况请关注公司公告或公众号。 ...

Core Viewpoint - The company is actively expanding its business in AI applications and computing power, while facing challenges such as declining net profit due to stock incentive costs and impairment losses [2][3]. Group 1: Financial and Operational Situation - The decline in net profit is primarily attributed to stock incentive costs and cautious impairment loss provisions. The company has a sufficient order backlog and will continue to focus on its main business to enhance profitability [2]. - The increase in liabilities during the first half of the year is due to strategic layout and business cycle impacts, with high initial investments in new business areas. The company expects to achieve a positive cash flow cycle as customer payments concentrate in the second half of the year [2]. - Accounts receivable are in a normal rolling state, with major clients being state-owned enterprises, which accounted for 84.85% of the client base as of June 2025, and payment collection is normal [2]. Group 2: Business Growth Highlights - The company's overseas business, primarily in Southeast Asia, experienced a year-on-year growth of 77.81% in the first half of the year. The company is fully transitioning towards AI, with industry models for communication and energy operations developed on the "Qushi" platform now operational [3]. - The company has developed over a hundred AI applications, indicating that AI technology will be a significant driver for sustained business growth [3]. Group 3: Other Business Related - In the computing power leasing sector, the company is promoting the construction of computing centers based on customer needs while ensuring legal compliance. The company is also actively pursuing research and development in cutting-edge technologies such as 6G [4]. - In the energy network sector, the company offers integrated services, with its renewable energy business covering wind, solar, and energy storage. The overseas renewable energy business has connected over 200 MW of renewable capacity [4].

在年初近 40% 的回撤之后， AI 算力龙头英伟达很快一扫阴霾，股价在持续突破新高后，重回全球市 值第一的宝座。 身处全球算力需求飙升的黄金年代，以英伟达为代表的一众 AI 企业正光速前行，而光模块作为 AI 算 力的核心部件，也正成为全球一二级资本市场争相抢占的沃土。 在这场光模块角力中，中国企业站稳了一席之地——据 Light Counting 数据显示， 2024 年前十中中 国企业占据半壁江山，其中中际旭创的光模块出货量更是占全球市场 30% ，市占率排名全球第一。 8 年前一场备受质疑的跨界收购，让中际旭创完成从传统制造到高科技龙头的跨越，从" ST "一越成为 A 股光模块第一股，已然成为"中国名片"： 2018 年，其 400G 光模块通过谷歌认证； 2020 年，领 先友商推出业内首个 800G 可插拔光模块，现为英伟达、微软、谷歌等全球 AI 巨头供货。 去年一季度，中际旭创更是成功完成了 1.6T （每秒传输 1.6 万亿比特数据）光模块的研发，并于年底 开始小批量供货，正式开启全球光模块 1.6T 元年。 目前订单已排至明年。 1.6T 未来难以量化的发展空间，叠加全球愈加庞大的算力需 ...

Group 1 - The semiconductor equipment ETF (159516) has seen a net inflow of 37 million units, indicating strong demand for semiconductor equipment assets [1] - Nvidia is optimistic about the future market space and growth rate of computing power, predicting that the AI infrastructure market will reach $3 trillion to $4 trillion in the next five years, with China's computing power market growing at an annual rate of approximately 50% [1] - Global semiconductor revenue is expected to double from 2024 to 2030, exceeding $1 trillion, driven by rapid growth in computing power demand and the importance of domestic chip performance upgrades [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), focusing on the upstream materials and equipment sectors of the semiconductor industry [2] - The index includes companies engaged in semiconductor material R&D, precision processing, and equipment manufacturing, reflecting the overall performance of the core foundational aspects of the semiconductor industry [2] - As of September 1, 2025, the scale of the semiconductor equipment ETF is 3.362 billion yuan, ranking first among six similar products [2]

Group 1 - The A-share market experienced a volatile pullback on September 2, with AI computing sectors, particularly optical modules, leading the decline. The ChiNext AI ETF (159381) fell over 5.5%, with major holdings like Ruijie Networks (301165), Taicheng Light (300570), Tianfu Communication (300394), and Runze Technology (300442) dropping more than 8% [1] - Institutional funds continue to focus on the high-growth computing sector. CITIC Securities reported that public funds significantly increased their holdings in the optical module/device sector in Q2 2025, while reducing positions in IDC and telecom sectors. The top ten stocks with increased holdings included Xinyi Sheng (300502), Zhongji Xuchuang (300308), and Changxin Bochuang (300548) [2] - The ChiNext AI ETF (159381) tracks the ChiNext AI Index (970070.CNI) and focuses on leading companies in the AI industry chain, with over 50% weight in optical modules. The top three weighted stocks are Xinyi Sheng (20.3%), Zhongji Xuchuang (18.8%), and Tianfu Communication (6.5%). The ETF has seen an over 80% increase year-to-date, outperforming similar AI indices [3] Group 2 - The Food and Beverage ETF (product code: 515170) tracks the CSI Sub-Industry Food and Beverage Theme Index, with a recent five-day decline of 0.65% and a PE ratio of 21.23 times. The latest share count is 6.92 billion, down by 7.5 million shares, with a net outflow of 30.86 million [6] - The Gaming ETF (product code: 159869) tracks the CSI Animation and Gaming Index, with a recent five-day increase of 1.72% and a PE ratio of 42.95 times. The latest share count is 5.39 billion, up by 14 million shares, with a net outflow of 64.36 million [6] - The Sci-Tech Semiconductor ETF (product code: 588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Theme Index, with a recent five-day increase of 3.70%. The latest share count is 400 million, up by 34 million shares, with a net inflow of 5.4 million [6] - The Cloud Computing 50 ETF (product code: 516630) tracks the CSI Cloud Computing and Big Data Theme Index, with a recent five-day increase of 5.37% and a PE ratio of 126.28 times. The latest share count is 410 million, up by 11 million shares, with a net outflow of 7.44 million [7]

Group 1 - The core viewpoint is that AI is expected to be the largest industrial opportunity since cloud computing, with significant growth potential in both hardware and demand sectors [1] - From the hardware perspective, GPU continues to grow rapidly, while ASIC is anticipated to become the second growth engine next year, indicating a strong performance in the North American computing power industry chain in the coming quarters [1] - On the demand side, North American cloud vendors are experiencing revenue growth and capital expenditure investment, creating a positive feedback loop for AI development, which is still in an upward trajectory [1] Group 2 - In the domestic market, AI is beginning to positively impact cloud revenue, with a large market space for domestic GPUs and accelerated development of domestic computing power [1] - Sovereign AI is expected to contribute additional growth, suggesting a diversified growth strategy [1] - The communication ETF has surpassed 10 billion yuan in scale, with "optical modules + servers + copper connections + optical fibers" accounting for over 77% of the total, indicating a strong fundamental outlook for computing hardware [2][1]