截至2025年5月30日 10:48，上证科创板芯片指数下跌1.45%。成分股方面涨跌互现，峰岹科技领涨2.11%，富创精密上涨1.36%，睿创微纳上涨1.32%；思瑞 浦领跌，寒武纪、安路科技跟跌。科创芯片ETF(588200)回调整固。拉长时间看，截至2025年5月29日，科创芯片ETF近1年累计上涨65.59%，涨幅排名可比 基金前2。 流动性方面，科创芯片ETF盘中换手2%，成交4.93亿元。拉长时间看，截至5月29日，科创芯片ETF近1年日均成交22.47亿元，居可比基金第一。 规模方面，科创芯片ETF近1周规模增长5.85亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF近1周份额增长2.25亿份，实现显 著增长，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内有3日资金净流入，合计"吸金"4.36亿元。 数据显示，截至2025年4月30日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武纪、澜起科技、中微公司、芯原股份、恒玄科技、沪 硅产业、思特威、华润微，前十大权重股合计占比58.53%。 消息面上，5月27日中欧半导体上下游企 ...

Industry Insights - The Chinese government aims to improve the carbon emission rights and water rights trading systems by 2027, establishing a more active market for resource and environmental factors [2] - The U.S. has suspended the sale of certain key technologies, including jet engine technology, to China, which may accelerate China's domestic development of commercial aircraft power systems [4] - Zhejiang province has set a target for AI computing power to reach 60 EFlops by 2027, indicating a strong policy foundation for domestic AI computing infrastructure [11] Company Developments - Dell Technologies has reported that AI server orders have exceeded expectations, leading to a positive revenue outlook and a post-market increase of over 9% [9] - Tesla's Model Y autonomous driving vehicles are set to be delivered to customers in June, signaling a pivotal moment for the autonomous driving industry [10] - Pinggao Group has signed a contract worth 397 million yuan for computing power resource services, indicating growth in the tech services sector [14] - China State Construction has secured three major projects totaling 8.23 billion yuan, reflecting ongoing infrastructure investment [14]

Group 1 - The core viewpoint indicates that the global NAND Flash manufacturers are expected to reduce production by 10%-15% in Q2 2025, leading to a better-than-expected rebound in storage prices, with DRAM and NAND Flash contract prices projected to rise by 3%-8% [1] - The semiconductor sector shows internal market differentiation, with high valuations in semiconductor and optical electronics, while funds are focusing on domestic substitution, AI computing power, and consumer electronics [1] - The semiconductor industry is currently trading at a PE ratio of 80.25, which is at the 53.91 percentile of valuations over the past decade [1] Group 2 - ADI's performance in Q2 of fiscal year 2025 is highlighted, with revenue reaching $2.64 billion and double-digit year-on-year growth across all end markets, alongside a gross margin of 61.0% [1] - The overall PE ratio for the electronics industry stands at 48.80, placing it at the 63.73 percentile of valuations over the past decade [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which is compiled by the China Securities Index Co., Ltd., selecting listed companies involved in semiconductor materials, equipment, design, manufacturing, and packaging testing from the Sci-Tech Innovation Board [1]

截至2025年5月29日 13:44，上证科创板综合指数(000680)强势上涨2.06%，成分股概伦电子(688206)上涨20.01%，益方生物(688382)上涨20.00%，精进电动 (688280)上涨14.96%，中邮科技(688648)，华纳药厂(688799)等个股跟涨。科创综指ETF华夏(589000)上涨1.97%，最新价报0.93元。流动性方面，科创综指 ETF华夏盘中换手3.41%，成交9231.96万元。拉长时间看，截至5月28日，科创综指ETF华夏近1月日均成交1.42亿元，排名可比基金第一。 近日，中欧半导体上下游企业座谈会强调，支持中欧半导体企业充分发挥各自互补优势，依法合规深化经贸合作，坚决反对单边主义和霸凌行径，努力维护 全球半导体供应链安全与稳定。此外，商务部在座谈会上加强稀土出口管制政策宣讲，或预示放松对欧芯片企业的稀土出口管制。 山西证券指出，芯片出口限制趋严叠加国产芯片性能提升，两大下游互联网和智算中心的国产AI算力需求将持续高景气。在芯片端，看好新一代产品性能 有望大幅提升的第一梯队厂商;在服务器端，看好H20放量对传统服务器领军的业绩拉动，同时看好昇腾芯片份额提 ...

点击蓝字，关注我们 AI算力堪称"终极阿尔法"!英伟达CEO黄仁勋乐观预测营收激增，并且预计Blackwell将加速 全球经济变革。 有着"皮衣刀客"称号的英伟达首席执行官黄仁勋通过发布比市场普遍预期更加稳健的Blackwell系列 AI芯片产品销售预期，可谓缓解了投资者们对英伟达中国市场份额大幅下滑的担忧， 并极度乐观地 预测Blackwell系列将创下史上最强劲AI芯片销售纪录，推动人工智能算力基础设施市场"呈现出指 数级别增长"。 在华尔街大行摩根士丹利、美国银行以及全球资管巨头贝莱德看来， 台积电、阿斯麦以及安费诺与 英伟达业绩共同显示出， 需求持续呈现井喷式扩张的AI算力投资主题堪称股票市场的"最强阿尔法" ——即使美国政府强行施加的出口至中国限制规则以及特朗普掀起的新一轮关税战役也未能阻止亚 马逊、微软、阿里巴巴以及谷歌所主导的全球AI算力需求激增。 来自贝莱德以及摩根士丹利的分析师团队近期均敦促投资者们仍应保持对于人工智能驱动型股票(AI- driven)的适度配置敞口(若无敞口则应选择逢低布局)，尽管面临近期的全球范围内贸易政策剧烈波 动，但贝莱德仍然强调， 特朗普政府掀起新一轮面向全球范围的 ...

Core Viewpoint - The newly approved floating rate fund, Dachen Zhi Zhen Return Mixed Fund, will start issuing on June 3, with a focus on active equity investment and managed by Du Cong, who has demonstrated strong performance in technology growth investments [1][2]. Group 1: Fund Overview - The Dachen Zhi Zhen Return Mixed Fund is set to be issued on June 3, with Du Cong as the proposed fund manager and ICBC as the custodian [1]. - Dachen Fund is known for its active equity investment capabilities, with notable fund managers like Xu Yan, Liu Xu, and Han Chuang [1]. - Du Cong has shown a significant excess return of 18.7% relative to the performance benchmark since managing Dachen Growth Progress Fund [1]. Group 2: Investment Strategy - Du Cong's investment framework focuses on identifying "key variables" to determine investment weight through expected return rates and curvature [2]. - The investment process consists of two main steps: assessing long-term performance potential and understanding company quality and future valuation [2]. - "Curvature" is a key concept in Du Cong's strategy, representing the acceleration of growth, which influences company pricing during market turning points [2]. Group 3: Performance Metrics - Since Du Cong took over Dachen Growth Progress Fund, it has achieved a cumulative return of 20.74%, ranking in the top 15% of its category [3]. - The fund's net asset value curve has shown steep growth, indicating strong performance during various bull markets in the technology sector [3]. - The fund's turnover rate reached 1,076.12%, reflecting Du Cong's active management and responsiveness to market changes [3]. Group 4: Market Opportunities - Du Cong highlighted several investment opportunities in the 2024 annual report, including AI computing power, domestic substitution industries, and the Apple supply chain [6][7]. - The fund achieved a quarterly return of 11.2% in Q1 2025, with an excess return of 8.27% relative to its benchmark [6]. - The ongoing U.S.-China trade tensions are seen as a catalyst for investment opportunities in semiconductor and software sectors [6].

截至2025年5月29日 09点30分，中证大数据产业指数上涨0.06%，成分股千方科技上涨1.74%，新点软件上涨0.76%，紫光股份上涨0.55%，拓维信息上涨 0.51%，中国软件上涨0.45%。数据ETF（516000）上涨0.34%，最新价报0.88元。拉长时间看，截至2025年5月28日，数据ETF近1年累计上涨31.98%，领 涨同类。 数据ETF（516000）及其联接基金（A类：020335；C类：020336；D类：023779）紧密跟踪中证大数据产业指数，成分股主要聚焦DeepSeek、AI算力、 鸿蒙产业链等热门概念板块，覆盖科大讯飞、中科曙光、浪潮信息、恒生电子等热门个股，为投资者把握算力领域投资机会。 流动性方面，数据ETF盘中换手3.04%，成交1264.11万元。拉长时间看，截至5月28日，数据ETF近1年日均成交1707.12万元。 份额方面，数据ETF最新份额达4.72亿份，创近1月新高。 资金流入方面，数据ETF最新资金净流入352.48万元。拉长时间看，近10个交易日内有6日资金净流入，合计"吸金"1986.37万元，日均净流入达198.64万 元。 消息面上，工信部、 ...

Core Insights - The rapid expansion of AI computing power in China is highlighted, with the current capacity reaching 3000P for training and 1000P for inference, and over 250 innovative solutions developed across various sectors [1] - The integration of computing power and network technology, referred to as "算网融合" (computing-network integration), is identified as a critical path for addressing the growing demand for AI computing resources and enhancing computational efficiency [3][6] - The Chinese intelligent computing power market is projected to grow significantly, with estimates indicating a market size of $25.9 billion by 2025, reflecting a 36.2% increase from 2024 [2] Industry Growth and Trends - The intelligent computing power scale in China is expected to reach 1037.3 EFLOPS by 2025, representing a 43% increase from 2024, and is projected to double by 2026 [2] - The compound annual growth rate (CAGR) for China's intelligent computing scale from 2023 to 2028 is forecasted at 46.2%, indicating a strong trend towards large and super-large intelligent computing centers [2] - The demand for AI models is driving a significant increase in computing power requirements, with current needs exceeding hardware supply by over 200 times [3] Technological Developments - Companies are focusing on transforming data centers into intelligent computing centers, emphasizing the need for efficient, green, and high-performance solutions [4][5] - Huawei is leveraging advanced technologies such as zero-loss networking and intelligent computing network scheduling to enhance computing resource utilization from 40% to 75% [5] - The integration of distributed computing architecture, low-latency networks, and virtualization technologies is essential for achieving high-quality development in computing power [6] Market Dynamics - The competition among enterprises for intelligent computing resources is intensifying, with a focus on optimizing computing infrastructure and enhancing service capabilities [5] - The shift from hardware-centric approaches to efficiency-driven models in AI computing is becoming evident, necessitating a demand-oriented and benefit-oriented approach in intelligent computing center construction [6]

Core Insights - The Chinese data center accelerator card market is experiencing a significant shift, with domestic computing power expected to exceed 40% in the first half of 2024, up from approximately 30% last year [1][2] - NVIDIA's CEO highlighted the ongoing AI investment trend, indicating that the demand for AI computing power is evolving, particularly with the rise of inference chips [1][8] - The introduction of DeepSeek has led to a notable increase in the demand for inference chips, which are expected to constitute over 57.6% of the market by 2024 [8][11] Market Dynamics - The construction of data centers is accelerating, with a projected 97.3% year-on-year growth in China's accelerated computing server market in 2024 [4] - The number of successful bids for intelligent computing centers in China has increased significantly, indicating a robust demand for computing resources [4] - Universities and enterprises are increasingly seeking computing power, with many opting for cloud solutions or purchasing their own computing cards [5][6] Technological Shifts - The demand for inference capabilities is reshaping the chip composition in the market, allowing domestic chips to gain traction as they are suitable for inference tasks [11][12] - The performance requirements for inference chips are lower, enabling a broader range of domestic chips to compete effectively against NVIDIA [10][11] - Companies like Tencent are adapting to the changing landscape by increasing their focus on inference needs, indicating a shift in AI application strategies [9][13] Competitive Landscape - NVIDIA's market share in China's data center accelerator card market has decreased from 95% to around 65.2%, while domestic chip manufacturers are gaining ground [11][13] - The introduction of export controls on NVIDIA's chips has prompted the company to consider launching a new AI chip tailored for the Chinese market [13] - Domestic AI chip manufacturers, such as Cambricon, are beginning to report profitability, reflecting a positive trend in the domestic chip market [12]

Group 1 - A-shares showed mixed performance with major indices declining, while sectors like gold jewelry, dairy, nuclear power, and optical communication were active [1] - The AI application sector is still in its early stages, with potential for growth driven by increasing application scenarios and token consumption, supported by advancements in domestic AI chip capabilities [1] - The domestic CPU market is expected to see new growth opportunities due to the implementation of domestic innovation policies in government and industry sectors [1] Group 2 - The cloud computing 50 ETF has a high AI computing content, covering sectors such as optical modules, data storage, and liquid cooling, with a significant portion of DeepSeek concept stocks [2] - The management and custody fees for the cloud computing 50 ETF are among the lowest in the market at a combined rate of 0.2% [2]