每日经济新闻 （责任编辑：董萍萍 ） 【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 8月12日早盘，A股三大指数高开高走。盘面上，光模块CPO、医疗器械、煤炭开采、GPU等概念 板块盘中大幅活跃。近期热度较高的云计算50ETF（516630）涨超0.5%，持仓股中，神州泰岳、曙光数 创、新易盛、中际旭创等领涨。 中信证券指出，2025Q2，科技巨头整体经营状况均显著好于市场此前偏谨慎的预期，云业务增速 上行势头亦更加显著，同时随着AI应用渗透率提升，算力需求大于供给的趋势延续，叠加美国税收改 革法案"大而美"法案带来的自由现金流增量，共同推动2025年整体资本性支出（CAPEX）指引上修， 对于2026年CAPEX的展望也更加积极，该机构估算2025/2026年全球AI CAPEX规模同比增速分别为 +64%/50%。 北美云厂商资本开支持续扩张，显示AI算力需求强劲，国产算力产业链有望深度受益于海外映 ...

Core Viewpoint - The A-share computing power sector is experiencing a positive trend, driven by increased capital expenditure from global AI technology giants, indicating a long-term high demand for computing infrastructure [1] Group 1: Market Performance - The A-share computing power sector opened high on August 5, with notable stocks like Taicheng Light, Industrial Fulian, and others showing significant gains [1] - Overnight, US stock indices rose collectively, with AI leader Nvidia increasing by 3.62% to $180 per share [1] Group 2: Capital Expenditure Increases - Major global AI companies have raised their annual capital expenditure forecasts: Google by 13.3% to $85 billion, Meta's lower limit to $66 billion, Microsoft's Q2 expenditure up 27% to $24.2 billion, and Amazon's Q2 expenditure up 90% to $31.4 billion, with an annual guidance of $110 billion to $120 billion [1] Group 3: ETF Insights - The 5G Communication ETF (515050) has a scale exceeding 6 billion yuan, focusing on Nvidia, Apple, and Huawei's supply chains, with over 30% weight in AI computing stocks [2] - The top ten weighted stocks in the 5G Communication ETF include Zhongji Xuchuang, Xinyi Sheng, and others, with significant representation from optical module and PCB circuit board sectors [2] - The Entrepreneurial Board AI ETF (159381) tracks the entrepreneurial board AI index, with a daily fluctuation limit of ±20%, and has over 41% weight in optical modules [2]

东莞证券表示，海内外科技巨头AI商业化进程加快，资本开支增速维持高位，近期AI扩散规则取消 后，主权AI需求加速释放，为算力基建提供有力支撑。目前GB200NVL72出货节奏加快，台系ODM厂 月度营收高增，后续出货动能充足。作为AI服务器的关键零部件PCB有望迎来量价齐升，特别是HDI具 备高密度互联、高频高速、高可靠性稳定性、散热性能好等优势，需求有望井喷，目前多家陆系厂商加 快相关产品布局。 （文章来源：每日经济新闻） 7月31日早盘，A股三大指数分化，沪指走低。光模块、光芯片、光通信等概念集体高开。开盘来看， 5G通信ETF（515050）高开1.67%，持仓股东山精密、中际旭创涨超5%，太辰光、新易盛、沪电股份均 拉涨超4%。创业板人工智能ETF华夏（159381）直线拉涨2%，持仓股联特科技涨超7%。 创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数，选取创业板上市的AI主业公司，场内综 合费率在可比基金中最低。行业分布上，光模块CPO概念股权重超26.6%，是目前"光"含量较高的AI类 指数。前5大成分股囊括新易盛、中际旭创、天孚通信三大光模块龙头。 5G通信ETF（515050） ...

Group 1 - A-shares showed mixed performance on July 29, with active sectors including CRO, optical modules, optical chips, and innovative drugs [1] - The cloud computing 50 ETF (516630) rose over 1%, with leading stocks including Guotou Intelligent (300188), Hengsheng Electronics (600570), Zhongji Xuchuang (300308), Xinyi Sheng (300502), Wanxing Technology (300624), and Yonyou Network (600588) [1] - CITIC Securities reported that by Q2 2025, the market value of public fund holdings in the telecommunications sector reached 101.75 billion yuan, accounting for 3.90%, a record high [1] Group 2 - In Q2 2025, public funds significantly increased their holdings in the optical module/device sector while reducing positions in IDC and telecom operators [2] - The top ten stocks with increased holdings in the telecommunications sector included Xinyi Sheng, Zhongji Xuchuang, Changxin Bochuang, Shijia Photon, and Huace Navigation [2] - The cloud computing 50 ETF (516630) tracks an index with a high AI computing power content, covering popular concepts such as optical modules, computing leasing, data centers, AI servers, and liquid cooling [2]

上周，以工业富联（601138）、沪电股份（002463）、华工科技（000988）、光迅科技（002281）、锐 捷网络（301165）等为代表的算力链公司相继发布业绩预告，均实现较快增长，反映出算力行业景气度 依然较高。当前，中信建投（601066）认为大模型的竞争与迭代仍在持续，意味着算力投资大概率维持 较高强度，继续推荐算力板块：一是业绩持续高增且估值仍处历史较低水平的北美算力链核心标的；二 是有望享受外溢需求、取得客户或份额突破的公司；三是上游紧缺的环节；四是1.6T光模块及CPO产业 链。 英伟达近期股价飙涨，国产算力产业链有望深度受益于海外映射逻辑。公开信息显示，云计算50ETF （516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器件、算力租 赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合计费率最低 的ETF。 7月15日早盘，A股整体小幅高开。上证指数开盘报3519.81点，涨0.00%。深证成指开盘报10700.37点， 涨0.15%。创业板指开盘报2211.40点，涨0.65%。盘面上，通信、电子、汽车等 ...

Group 1 - A-shares opened lower but quickly turned positive, with strong performance in optical module CPO and optical communication sectors, particularly Longxin Bochuang which rose over 13% [1] - Nvidia's stock reached a historic high, with a market cap exceeding $4 trillion, making it the first company to achieve this milestone, surpassing the total market cap of countries like the UK, France, and Germany [1] - Since April's low, Nvidia's stock has increased nearly 90%, with projections from Wedbush analyst Dan Ives suggesting a potential market cap of $5 trillion in the next 18 months [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, focusing on Nvidia, Apple, and Huawei's supply chains, covering various sectors including AI computing, 6G, consumer electronics, PCB, communication equipment, servers, optical modules, and IoT [2] - The ETF has seen a nearly 20% increase since June, while the AI-focused ETF (159381) has risen nearly 17%, indicating strong market interest in these sectors [1][2] - The AI ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the lowest in its category, with over 33% weight in optical modules among its constituents [2]

Group 1 - The core viewpoint highlights that sectors such as telecommunications, building materials, electronics, and power equipment are leading the A-share market, with significant activity in photovoltaic-related concepts [1] - CoreWeave has become the first cloud service provider to deploy NVIDIA's GB300NVL72 system, indicating a strong demand for computing power driven by AI advancements [1] - Oracle has signed multiple large cloud agreements, with one expected to contribute over $30 billion annually starting from the 2028 fiscal year, showcasing the financial potential of cloud services [1] Group 2 - The cloud computing 50 ETF (516630) is tracking a cloud computing index that has a high AI computing power content, covering popular concepts such as optical modules, computing leasing, data centers, and AI servers [2] - NVIDIA's recent stock price surge is expected to benefit the domestic computing power industry chain, reflecting a positive outlook for companies involved in this sector [2]

Group 1 - The A-share market is experiencing an upward trend, with the Shanghai Composite Index challenging the 3500-point mark and major indices rising [1] - Active sectors include circuit boards, high-speed copper connections, optical modules, online gaming, CRO, and HBM [1] - The recent surge in the cloud computing 50 ETF (516630) is attributed to the rise of large models and generative AI applications, which are significantly expanding the AI server market [1] Group 2 - Lightcounting predicts that the market size for 800G Ethernet optical modules will exceed that of 400G by 2025, with the overall market for 800G and 1.6T optical modules expected to surpass $16 billion by 2029 [1] - Chinese optical module manufacturers are increasing their global market share, with the latest 2024 global optical module top 10 list showing that Chinese firms occupy 7 positions [1] - The demand for high-speed optical modules is expected to enhance the industry's profitability [1] Group 3 - Nvidia's recent stock price surge is likely to benefit the domestic computing power industry chain due to overseas mapping logic [2] - The cloud computing 50 ETF (516630) tracks a cloud computing index (930851) that has a high AI computing power content, covering popular concepts such as optical modules, computing power leasing, data centers, AI servers, and liquid cooling [2] - The cloud computing 50 ETF (516630) is noted for having the lowest total expense ratio among ETFs tracking this index [2]

Group 1 - The A-share market is seeing strong performance in sectors such as media, communications, and electronics, with significant activity in concepts like large aircraft, low-altitude economy, and optical module CPO [1] - The cloud computing 50 ETF (516630) has shown volatility but rose over 1.5% in the afternoon session, with notable gains in stocks like Zhongji Xuchuang and Shenzhou Taiyue, the former rising nearly 6% [1] - Dongwu Securities highlights breakthroughs in domestic accelerator architecture and heterogeneous inference solutions, suggesting that the domestic computing power market is poised for growth driven by terminal computing demand [1] Group 2 - Nvidia's stock has surged recently, indicating that the domestic computing power industry chain may benefit significantly from overseas mapping logic [2] - The cloud computing 50 ETF (516630) tracks a cloud computing index (930851) that has a high AI computing power content, covering popular concepts such as optical modules, computing power leasing (IDC), data storage, servers, and liquid cooling [2] - The cloud computing 50 ETF (516630) is noted for having the lowest total expense ratio among ETFs tracking this index [2]

Group 1 - The A-share market saw a strong performance in early trading on June 30, with major indices rising, particularly in the media, electronics, and communications sectors [1] - The AI ETF on the ChiNext, Huaxia (159381), surged over 1.8%, marking its sixth consecutive increase, with leading stocks including Bochuang Technology, Shenzhou Taiyue, Taicheng Light, and others [1] - Nvidia's stock reached a historic high, closing at $157.8 with a weekly increase of 9.7%, pushing its market capitalization close to $3.85 trillion, which positively influenced the domestic computing power sector [1] Group 2 - The Huaxia AI ETF tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext, with a daily price fluctuation limit of ±20% [2] - The fund has a low annual management fee rate of 0.15% and a custody fee rate of 0.05%, making its overall fee structure competitive among comparable funds [2] - The index has a significant weight in optical module CPO stocks, exceeding 26.6%, indicating a high "light" content in the AI index, with major constituents including Xinyi Technology, Zhongji Xuchuang, and others [2]