8月首个交易日，A股震荡走低，算力产业链回调较深，光模块龙头均下挫，创业板人工智能跌超2%。 成份股大面积飘绿，新易盛、联特科技、润泽科技、中际旭创领跌超4%，奥飞数据、太辰光、光环新 网、长芯博创等多股跌超3%。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-08-01 事件落地，资⾦拥挤度释放 股指期货：事件落地，资⾦拥挤度释放 股指期权：领⼝策略强化波动率结构 国债期货：市场继续消化政治局会议信息 股指期货方面，周四沪指低开低走，两市放量至1.96万亿元，前期主 线全面回落，仅有科技成长补涨。展望后市，中报季、阅兵前时点值得关 注，仍有事件交易机会，短期靴子落地式资金释放，我们建议看长做短， 配置型投资者继续持有IM多单，回撤反而成为加仓良机。 股指期权方面，尽管昨日升波下跌，但期权市场流动性并无显著提 升，成交量提升10%，而成交金额仅增加2.4%。波动率方面，IO、MO昨日 小幅抬升，但变化逻辑相异，MO的波动率微笑结构反映领口策略的强化， 即认沽波动率升，而认购波动率降；而IO波动率微笑结构相反，或反映市 场短期对成长风格更加谨慎，而对价值风格相对积极。综上，短线仍是双 卖为主，把握波动率回落，中期备兑思路不变。 国债期货方面，昨日国债期货主力合约继续上涨。昨日，国债期货高 开后震荡上行，市场继续消化政治局会议信息，债市情绪延续好转； 另外，7月PMI数据公布，制 ...

8月1日，上海市通信管理局发布关于开展"算力浦江"2025年算力基础设施高质量发展专项行动的通知。 其中，将持续优化算力中心布局。加快已获得能耗指标的算力中心建设，至2025年底，本年度新建成的 大型以上算力中心不少于5个，全市算力中心智算规模争取达到100EFLOPS(FP16)以上。 银河证券认为，人工智能推动通信行业相关企业再发展，看好硬件端发展高增长。结合供给以及需求， 当下时点，算力板块仍处于快速发展周期中，且各家对于大模型的投入也将持续发展，在流量入口争夺 以及广阔应用市场想象空间的驱动下，并不会因为一家流量入口独大而有所下调，作为其最重要的算力 底座需求端也将日趋旺盛。 第一上海证券认为，看好AI应用驱动的算力需求持续高增长，海内外AI应用进入普及的拐点时刻，国 内外算力产业链共振。国产算力产业链在沉寂数月后重新赢得市场关注。国内算力紧平衡的状态将持 续，国产算力的卡脖子环节如先进制程产能、先进封装产能、大模型适配等，随着时间推移均将被逐步 攻克，产业链好消息预计将持续不断催化市场，看好2025年下半年乃至2026年国产算力的投资机会。 ...

每经编辑｜彭水萍 光模块为代表的AI硬件板块7月31日逆势上涨，创业板人工智能ETF国泰7月31日收涨0.95%，近60日涨幅32.57%。通信 ETF（515880）7月31日收涨0.57%，近60日涨幅45.11%。 来源：Wind 消息面上，受海外公司业绩超预期及上调资本支出的积极影响，A股光模块、算力和AI硬件板块逆势上涨。当地时间7 月30日，Meta公布截至2025年6月30日的2025财年第二财季业绩，公司第二财季营收475.16亿美元，较去年同期增长 22%，高于市场预期的448亿美元；净利润同比增长36%至183.37亿美元。微软发布截至2025年6月30日的2025财年第四 财季业绩。微软第四财季营收为764亿美元，同比增长18%；净利润为272亿美元，同比增长24%。 资本支出方面，Meta将全年资本支出的最低水平从上季度的640亿美元上调至660亿美元，资本支出范围在660亿美元 至720亿美元之间。微软表示，考虑到对云和人工智能产品的强劲需求以及大量合同积压，公司将继续在资本支出和运 营费用方面进行投资，预计2026财年第一财季的资本支出将超过300亿美元。 通信ETF（515880 ...

Core Insights - The annual World Artificial Intelligence Conference has concluded, but discussions on industry development continue, highlighting the critical role of computing power in the AI sector [1] - The CEO of Wunwen Chip, Xia Lixue, emphasized that the competition in AI has shifted from merely having more GPUs to effectively and economically utilizing existing computing power [1] - Wunwen Chip has achieved a resource utilization rate of 97.6% through heterogeneous integration technology, establishing a comprehensive computing power ecosystem from models to chips to application scenarios [1] Industry Challenges - The global AI industry faces significant challenges, including a shortage of top-tier chip production capacity, fragmentation of domestic chip ecosystems, and underutilization of computing power clusters, which currently operate at less than 35% efficiency [1] - The domestic chip and computing power landscape is diverse, but developers must adapt to various chip types, which can be cumbersome [3] Company Development - Since its establishment in May 2023, Wunwen Chip has raised nearly 1 billion yuan and expanded its team to nearly 200, positioning itself as a representative enterprise in the AI infrastructure sector [2] - The company aims to address the prevalent issues of "coexisting multi-source chips," "surging computing demands," and "fragmented existing solutions" in the AI industry [2] Business Model Innovation - Wunwen Chip's business model focuses on providing flexible computing power services to support the early growth of small and medium-sized enterprises, with a pay-per-use structure based on computing effectiveness [4] - The company believes that domestic chips can support model application scenarios and commercial returns, with domestic chip usage approaching 50% in the macro view [5] Supply Chain and Integration - The AI industry's computing power remains tight, making domestic computing resources crucial for alleviating supply chain risks [6] - Wunwen Chip plays a bridging role in optimizing the integration of domestic chips, which requires significant engineering efforts for application-specific adjustments [8] Ecosystem Integration - The integration of AI and hardware is essential, and Wunwen Chip aims to enhance efficiency by optimizing the collaboration between algorithms and hardware [9] - The company seeks to create a closed-loop ecosystem for domestic models, ensuring that hardware development aligns with the needs of software developers [11] Technical and Collaborative Challenges - The integration process faces technical challenges, such as ensuring seamless communication between different chips and standardizing services for scattered computing power [12] - Wunwen Chip is focused on upgrading soft and hardware collaboration to unlock the value of ordinary computing power, achieving high stability, low latency, and high throughput [12]

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating a positive outlook for the sector's performance relative to the benchmark index [3]. Core Insights - The rapid development of artificial intelligence (AI) is intensifying competition for traffic entry points, with significant investments in hardware driving further efficiency in AI applications. Major cloud service providers are increasing their investments in computing power, driven by the competition for massive traffic and advertising revenue [1]. - Meta's Q2 2025 revenue reached $47.52 billion, a 22% year-over-year increase, with earnings per share of $7.14, up 38%. Microsoft reported Q4 FY2025 adjusted earnings per share of $3.65, exceeding expectations, with quarterly revenue of $76.44 billion, an 18% increase [1]. - The report highlights that both Meta and Microsoft attribute their performance improvements primarily to growth in cloud services, with significant increases in advertising impressions and prices contributing to revenue growth [1]. Summary by Sections AI and Cloud Services - The report emphasizes that the AI-driven growth in cloud services is a key factor behind the strong performance of major tech companies. Microsoft's Azure cloud computing revenue exceeded $75 billion, reflecting a 34% year-over-year increase, with capital expenditures projected at $30 billion for Q1 FY2026 [1]. - The ongoing investments in AI by cloud providers are expected to yield substantial returns, as the demand for computing power continues to outstrip supply [1]. Hardware and Infrastructure - The report suggests that the current phase of rapid development in the computing power sector is driven by the competition for traffic entry points and the expansive market potential for AI applications. The demand for computing infrastructure is anticipated to grow steadily as companies invest in AI models and customized services [2]. - Recommended companies to watch include those in fiber optics, optical modules, and copper cables, indicating a focus on hardware growth in the communication sector [2].

Group 1 - The core viewpoint of the news is the release of the August "Golden Stock" list by various brokerages, highlighting stocks with high investment potential, including Oriental Fortune, which has received multiple recommendations despite recent price corrections [1][2] - As of July 31, 109 A-shares and Hong Kong stocks have been included in the August "Golden Stock" list, with Oriental Fortune being the most frequently recommended stock by three brokerages [1] - The stock market has shown a trend of rising volatility, with major indices experiencing fluctuations while maintaining relatively high trading volumes [2] Group 2 - The performance of the July "Golden Stocks" was reviewed, with the Wind index showing a cumulative increase of 15.07% for the best-performing stocks, indicating strong market interest [2] - Looking ahead to August, the market is expected to experience a mixed trend influenced by favorable policy expectations, moderate economic recovery, and the verification of semi-annual reports [2] - Specific investment themes recommended by Huazheng Securities include high-growth technology sectors, areas with strong support or exceeding performance expectations, and consumer services and real estate sectors [2]

Core Viewpoint - The company, Invec (002837.SZ), has experienced a significant stock price fluctuation, with a cumulative increase of over 20% in the closing prices on July 30 and July 31, 2025, indicating abnormal trading activity [1] Group 1: Stock Performance - The stock price of Invec has shown a cumulative increase of over 20% over two consecutive trading days, which is classified as abnormal trading behavior [1] - The company has confirmed that there are no undisclosed significant information affecting the stock price, despite the market's heightened interest in AI, computing power equipment, and data centers [1] Group 2: Business Focus - Invec aims to leverage its technological innovation in both air cooling and liquid cooling to expand its customer base in the domestic and international data center and computing power equipment sectors [1] - The company has established a relatively complete liquid cooling technology, product, and solution capability, positioning itself to capitalize on the ongoing development of AI computing power [1]

格隆汇7月31日丨舜禹股份(301519.SZ)在互动平台表示，公司业务涉及算力领域。公司研发的节能错峰 智慧供水系统入选 2023 年度先进计算典型应用案例。该系统的算力有效解决了区域用水高峰期供水能 力不足，城市整体供水系统在二次供水泵房层面精准调控缺失，以及智能化区域停水突发事件预警和缓 冲保障机制尚未建立等痛点问题。未来，公司也将持续在相关业务中探索和深化算力应用，不断提升产 品与服务的智能化水平。 ...

Group 1 - Microsoft and Meta reported strong earnings, with Microsoft revenue growth accelerating by 18% and Azure and other cloud services revenue increasing by 39% [1] - Meta's revenue grew by 22% year-on-year, with a net profit of $18.3 billion, representing a 36% increase, and it is expected to exceed $100 billion in capital expenditures by 2026, up 46% year-on-year, significantly surpassing market expectations [1] - The overseas computing power industry chain has boosted the performance of computing power concept stocks, with the Communication ETF (515880) reaching a peak increase of 4% today and a continuous net inflow of over 420 million yuan for five consecutive days [1] Group 2 - The ongoing AI arms race is driving high capital expenditure growth among domestic and foreign cloud vendors, with Google raising its full-year capital expenditure forecast from $75 billion to $85 billion, with Q2 spending up over 70% year-on-year [2] - The demand for AI infrastructure is rapidly expanding, with a predicted global market size for optical modules expected to grow at a CAGR of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [2] Group 3 - Some optical module companies have reported strong performance in their semi-annual earnings forecasts, coupled with previous capacity expansion actions, indicating a high level of industry prosperity [4] - NVIDIA's announcement of H20 sales recovery is expected to enhance the certainty of computing power supply, accelerating the layout of AI infrastructure by domestic internet giants in the second half of 2025, which may drive demand for upstream optical modules [5] - NVIDIA's new generation Blackwell GPU is experiencing rapid deployment, further expanding the demand for optical modules [5] Group 4 - The Communication ETF (515880) tracks the CSI Communication Equipment Index, with optical modules accounting for over 40%, benefiting from the ongoing development of the computing power industry [6] - The top ten constituent stocks of the CSI Communication Equipment Index include leading companies in the optical module sector, indicating strong market positioning [7]