今日（8月29日）聚焦信息技术自主可控领域的信创ETF基金（562030）在水面下盘整，场内价格现跌 2．19%。 成份股走势分化，奇安信跌超8%，天融信跌近7%，海光信息、中科曙光跌超5%，跌幅居前；信安世 纪涨超15%，福昕软件涨逾7%，云天励飞涨超4%，涨幅居前。 心环节，指数具备高成长、高弹性特征，当前形势下，重点关注信创产业的四重投资逻辑： 1、国际形势：地缘政治扰动，逆全球化趋势加剧，自主可控需求迫切，从国家安全、信息安全、产业 安全的角度来讲，信创领域，均有国家大力扶持和企业加速发展的必要性； 消息面上，中国国际大数据产业博览会开幕式上，华为云计算表示，华为云的整体算力规模相比去年同 期增长率接近250%，使用昇腾AI云服务的客户从去年的321家增长到今年的1714家。 国信证券指出，在大模型军备竞赛的背景下，各大厂加速万卡甚至十万卡集群建设。Meta、微软 &OpenAI、xAI等多家AI巨头陆续宣布或者完成10万卡集群建设，国内通信运营商、头部互联网、大型 AI研发企业等均发力超万卡集群的布局。然而在全球高端AI芯片供给紧缺背景下，租赁模式因地制宜 且性价比更高。AI算力景气度持续，短期看， ...

8月29日，市场早盘震荡反弹，创业板领涨，截止午间收盘，创业板50ETF（159949）涨2.67%，报 1.344元，换手率8.37%，成交额20.82亿元，显示市场关注度较高。 资金面数据显示，近期创业板50ETF出现一定资金流出。近5个交易日内，资金净流出34.98亿元；近20 个交易日累计净流出58.07亿元。截至2025年8月28日，该基金流通规模为243.87亿元。 | | 1.344 +0.035 +2.67% | | | 创业板50ETF 流 | | | --- | --- | --- | --- | --- | --- | | | | | | 159949 | | | SZSE CNY 11:30:00 休市 | | | | | 通融/ ● + | | 净值走势 | | 华安创业板50ETF | 文年 | 39.85% 120日 | 38.84% | | 要比 | 25.92% 委差 | 42930 | 5日 | 9.09% 250日 | 95.92% | | 河市 | 1.348 | 3604 | 20日 | 28.37% 52周高 | 1.31 | | 英国 | 1.347 | 8304 ...

8月29日，A股光模块CPO等AI算力产业链集体回调，截至10点07，聚焦光模块、AI软件&应用等环节的创业板人工智能指数回调超2%，成分股天孚通 信、太辰光、深信服等逆市上涨，长芯博创跌超14%。 热门ETF中，同类费率最低的创业板人工智能ETF华夏（159381）盘中成交额已快速突破1.7亿元，实时数据显示，该ETF获得超千万资金净申购，显示 资金看好情绪。拉长时间看，近5个交易日，该ETF获得资金净流入超1.3亿元。 创业板人工智能ETF华夏（159381）：跟踪创业板人工智能指数（970070.CNI），精准布局AI产业链龙头，聚焦高景气AI算力（光模块CPO权重占比超 40%）+AI中游软件+应用，高效地捕捉AI主题行情，目前该ETF场内综合费率仅0.20%，位居同类最低。值得注意的是，今年以来，其跟踪的创业板人工智 能年内累计上涨超80%，显著跑赢CS人工智、科创AI等同类AI指数。 相关产品：创业板人工智能ETF华夏（159381）、5G通信ETF（515050）、人工智能AIETF（515070）。 （责任编辑：王治强 HF013） 近期AI板块催化众多，引燃资金积极加仓情绪。2025年8月2 ...

联合研究丨公司点评丨华丰科技（688629.SH） [Table_Title] 破浪：高速连接器起量，盈利能力显现 报告要点 [Table_Summary] AI 应用逐步落地，自主可控需求强烈，国内算力景气度高。高速连接器为高性价比的短距通信 方案，有望在 AI 算力集群加速渗透，公司高速线模组产品有望受益。预计 2025-2027 年归母 净利润为 3.53、6.68、8.73 亿元，维持"买入"评级。 分析师及联系人 [Table_Author] 于海宁 王贺嘉 刘泽龙 SAC：S0490517110002 SAC：S0490520110004 SAC：S0490525040002 SFC：BUX641 SFC：BUX462 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华丰科技（688629.SH） cjzqdt11111 [Table_Title2] 破浪：高速连接器起量，盈利能力显现 [Table_Summary2] 事件描述 2025-08-29 联合研究丨公司点评 [Table_Rank]投资评级 买入丨维持 公司基础数据 [ ...

Group 1 - The three major indices opened mixed on August 29, with the Computer ETF (159998) down by 1.00% and a trading volume exceeding 100 million yuan, leading its category [1] - As of August 28, the latest circulating scale of the Computer ETF (159998) was 3.663 billion yuan, ranking first among its peers [1] - The Cloud Computing ETF (517390) was down 1.65% with a premium rate of 0.19%, and it has seen a net inflow of over 14 million yuan in the past four days [1][2] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes internet companies from Hong Kong and leading A-share computing firms [2] - Huawei's cloud computing CEO reported a nearly 250% year-on-year growth in overall computing power, with clients using Ascend AI cloud services increasing from 321 to 1714 [2] - Major AI companies are rapidly building large-scale GPU clusters, with a focus on rental models due to the global shortage of high-end AI chips, indicating a sustained demand for GPU cloud services [2] Group 3 - Industrial profits in July showed a narrowing year-on-year decline, driven by policies aimed at boosting domestic demand, with notable improvements in the computer manufacturing sector [3] - The semiconductor and communication equipment industries are highlighted for their resilient performance and potential for profit recovery [3]

Industry Trends - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product at HotChip 2025, aimed at connecting geographically dispersed data centers to create a 1 billion watt AI super factory, which implies over 660,000 GPUs assuming a single GPU power of 1.5 kW [2][3] - The Spectrum-XGS product addresses the limitations of traditional scale-up and scale-out approaches due to power and physical space constraints in data centers, utilizing core algorithms, hardware collaboration, and software optimization to solve communication delays, congestion, and synchronization issues in cross-regional GPU clusters [2][3] - Initial users of the Spectrum-XGS will include CoreWeave, with potential support for Oracle and SoftBank's Stargate project, indicating a significant acceleration in DCI construction [2][3] Product Developments - The release of DeepSeek V3.1 on August 21 brings enhancements in hybrid inference architecture, improved reasoning efficiency, and better performance in tool usage and agent tasks compared to the previous version [3] - DeepSeek V3.1 is optimized for the next generation of domestic chips, particularly focusing on the FP8 precision, showcasing a significant performance improvement in programming and search agents [3] - The market anticipates advancements in chip performance under chiplet architecture and enhanced soft-hard collaboration, suggesting that domestic chips may evolve from being merely functional to being highly efficient [3] Market Performance - The overall market showed mixed results during the week of August 18-22, 2025, with the Sci-Tech Innovation Board index rising by 13.31%, the Shenwan Communication index by 10.84%, and the ChiNext index by 5.85% [4] - The top three performing sectors were the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%) [4] - Notable individual stock performances included ZTE Corporation, Gaolan Co., Cambridge Technology, and Heertai, with increases of +32.21%, +24.75%, +23.65%, +20.55%, and +17.41% respectively [4]

本报讯(记者刘晓一)8月28日，深南电路（002916）股份有限公司(以下简称"深南电路")发布的2025年上 半年度报告显示，上半年公司营业总收入达104.53亿元，同比增长25.63%，归属于上市公司股东的净利 润为13.60亿元，同比增长37.75%。业绩增长主要得益于公司成功把握了AI算力升级、存储市场回暖以 及汽车电动智能化的机遇。 上半年，公司PCB业务因AI算力及汽车电子市场需求，综合产能利用率处于相对高位，为业绩增长提供 强力支撑。在原材料方面，2025年上半年部分原材料如金盐价格同比、环比有涨幅，公司表示将持续关 注价格变化并与供应商及客户沟通。 中报显示，公司高度重视研发投入，2025年上半年公司研发投入约6.72亿元，占营收比重6.43%。报告 期内，公司下一代通信、数据中心及汽车电子相关PCB技术研发，FC-BGA基板产品能力建设，FC-CSP 精细线路基板和射频基板技术能力提升等各项研发项目进展顺利，为公司未来持续发展奠定技术基础。 分业务来看，上半年，PCB(印制电路板)业务作为公司收入支柱表现突出，实现收入62.74亿元，同比增 长29.21%，业务毛利率34.42%，同比提高3 ...

华宝基金 规模索时 INNEW ... 011-01-1 00 今年以来规模涨幅 规模 · 流动性 单日成交创天量 MACD金叉信号形成，这些股涨势不错！ 责任编辑：张恒星 创业版人工智能sTF线宝 联接A 023407 联接c 023408 聚焦AI算力，光模块含量超41% ...

事件：公司2025上半年营业收入为90.31亿元，同比增长86.00%；归母净利润、扣非后归母净利润分别 为21.43和21.49亿元，同比分别大幅增长366.89%和365.69%。其中Q2单季度营业收入为47.19亿元，同 比增长91.51%、环比增长9.42%，归母净利润为12.22亿元，同比大幅增长390.14%、环比增长32.78%， 扣非后归母净利润为12.25亿元，同比大幅增长380.68%、环比增长32.61%。 点评： 投资建议：预计公司2025-2026年EPS分别为5.95和8.25元，对应PE分别为36和26倍。 风险提示：下游需求不及预期；技术推进不及预期；行业竞争加剧；原材料涨幅超预期。 把握AI算力机遇，业绩实现大幅增长。公司2025上半年营业收入为90.31亿元，同比增长86.00%；归母 净利润、扣非后归母净利润分别为21.43和21.49亿元，同比分别大幅增长366.89%和365.69%。业绩快速 增长，主要得益于公司深耕国际头部大客户，AI算力、数据中心等领域的高端PCB产品大规模量产。盈 利能力方面，公司上半年毛利率为36.22%，同比大幅提升15.61个百分点，主要 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by significant growth in its active optical products and increasing demand for 1.6T solutions, particularly from overseas customers [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.46 billion yuan, a year-on-year increase of 57.8%, and a net profit attributable to shareholders of 900 million yuan, up 37.5% year-on-year [1]. - For Q2 2025, the company reported revenue of 1.51 billion yuan, representing an 83.3% year-on-year increase and a 60.0% quarter-on-quarter increase, with a net profit of 560 million yuan, up 49.6% year-on-year and 66.3% quarter-on-quarter [1]. Product and Market Development - The company’s revenue from optical active devices reached 1.57 billion yuan in the first half of 2025, marking a 91.0% year-on-year increase and an 87.6% quarter-on-quarter increase, primarily driven by high growth in overseas computing interconnect demand [1]. - The company is expanding its overseas production capabilities with the operational launch of its Singapore headquarters and Thailand production base, which is expected to enhance global resource allocation and international talent capabilities [2]. R&D and Future Outlook - The company is increasing its R&D investment, which rose by 12.0% year-on-year to 130 million yuan in the first half of 2025, focusing on cutting-edge technologies such as silicon photonics and CPO [2]. - The company is well-positioned to benefit from the ongoing surge in AI computing demand, with significant capital expenditures expected from major cloud providers for AI data center construction and accelerator procurement [3]. Profit Forecast and Investment Rating - The company's net profit forecasts for 2025, 2026, and 2027 have been revised upward to 2.35 billion yuan, 3.22 billion yuan, and 4.03 billion yuan, respectively, reflecting the anticipated benefits from new products and demand [3]. - The company maintains a "buy" rating, with projected price-to-earnings ratios of 60, 43, and 35 for 2025, 2026, and 2027, respectively, based on the closing price on August 28, 2025 [3].