截至2025年5月15日 10:01，中证大数据产业指数下跌2.40%。成分股方面，科华数据领跌7.43%，奥飞数据下跌6.55%，创业慧康下跌5.55%，用友网络下 跌4.16%，光环新网下跌4.09%。数据ETF(516000)下跌2.33%，最新报价0.92元。拉长时间看，截至2025年5月14日，数据ETF近2周累计上涨1.84%，涨幅 排名可比基金1/3。 资金流入方面，数据ETF最新资金净流入565.44万元。拉长时间看，近7个交易日内，合计"吸金"1351.86万元。 消息面上，腾讯控股发布财报，Q1收入1800.22亿元，同比增长13%；经调整净利润613.29亿元，同比增长22%。财报显示，集团经营活动所产生的现金 流量净额人民币769亿元，部分被资本开支付款人民币230亿元（主要用于支持AI相关的业务发展），以及媒体内容付款人民币53亿元及租赁负债付款人 民币15亿元所抵销。 马化腾表示："2025年第一季，我们的高质量收入保持坚实的增长态势。AI能力已经对效果广告与长青游戏等业务产生了实质性的贡献。我们亦加大了 对元宝应用与微信内的AI等新AI机遇的投入。我们相信，在AI战略投入阶段，现 ...

流动性方面，创业板50ETF嘉实盘中换手4.71%，成交1799.59万元。拉长时间看，截至5月9日，创业板 50ETF嘉实近1年日均成交3670.87万元。 规模方面，创业板50ETF嘉实近3月规模增长2287.94万元，实现显著增长。份额方面，创业板50ETF嘉 实近3月份额增长5700.00万份，实现显著增长。 值得注意的是，该基金跟踪的创业板50指数估值处于历史低位，最新市净率PB为4.56倍，低于指数近5 年84.1%以上的时间，估值性价比突出。 数据显示，截至2025年4月30日，创业板50指数前十大权重股分别为宁德时代、东方财富、汇川技术、 迈瑞医疗、阳光电源、中际旭创、新易盛、爱尔眼科、亿纬锂能、同花顺，前十大权重股合计占比 64.53%。 截至2025年5月12日 13:42，创业板50指数强势上涨2.42%，成分股中航成飞上涨18.95%，蓝思科技上涨 7.53%，阳光电源上涨6.53%，景嘉微、指南针等个股跟涨。创业板50ETF嘉实(159373)上涨2.33%。 创业板50ETF嘉实(159373)，场外联接(A：023429；C：023430)。 中信建投证券策略研究复盘认为，年初市 ...

Group 1 - The China Securities Big Data Industry Index has seen a strong increase of 1.09% as of May 12, with notable gains in constituent stocks such as Aerospace Hongtu (up 5.33%), Zhongke Xingtong (up 3.49%), and Shiji Information (up 3.40%) [1] - The Data ETF (516000) rose by 0.96%, with the latest price reported at 0.94 yuan. Over the past week, the Data ETF has accumulated a rise of 0.76%, leading its peers [1] - The trading volume for the Data ETF reached 5.0882 million yuan, with a turnover rate of 1.21%. The average daily trading volume over the past week was 23.8212 million yuan [1] Group 2 - Tianfeng Securities' research report anticipates that the core logic for Q2 and the second half of the year will revolve around "Alibaba Chain Ecosystem + Domestic Substitution + AI Application Expansion" [1] - The Alibaba Chain ecosystem is expected to leverage its strong foundation in traffic entry, model capabilities, cloud, and self-owned hardware, along with Tongyi Qianwen's layout in vertical ecosystems in finance and government sectors, potentially becoming the "chain master" for B-end agents in China [1] - The domestic computing power and Xinchuang sector are expected to benefit from policy support for self-control and technological iteration, with a sustained upward trend in prosperity anticipated [1] Group 3 - The Data ETF (516000) and its linked funds closely track the China Securities Big Data Industry Index, focusing on popular concept sectors such as DeepSeek, AI computing power, and the Hongmeng industrial chain, covering well-known stocks like iFlytek, Zhongke Shuguang, Inspur Information, and Hengsheng Electronics [2]

Group 1 - The China Securities Big Data Industry Index (930902) decreased by 2.07% as of May 9, with mixed performance among constituent stocks [1] - Zhongke Xingtou led the gains with an increase of 1.58%, while Donghua Software experienced the largest decline at 5.62% [1] - The Data ETF (516000) fell by 1.99%, with the latest price at 0.93 yuan, but has seen a cumulative increase of 6.84% over the past two weeks [1] Group 2 - On May 6, the LiveBench ranking announced that Alibaba's open-source model Qwen3 achieved the top position globally, surpassing several leading closed-source models in instruction-following capabilities [2] - The LiveBench list is developed by Turing Award winner Yann LeCun and evaluates large models across various complex dimensions [2] - The Data ETF and its linked funds closely track the China Securities Big Data Industry Index, focusing on popular sectors such as DeepSeek, AI computing power, and the Hongmeng industrial chain [2]

Group 1: AI Industry - The CSI Artificial Intelligence Theme Index (930713) decreased by 1.97% as of May 9, 2025, with mixed performance among constituent stocks [1] - The AI Artificial Intelligence ETF (512930) fell by 2.01%, with a latest price of 1.32 yuan, but saw a cumulative increase of 7.00% over the past two weeks [1] - Leveraged funds have been actively investing, with the AI Artificial Intelligence ETF experiencing net purchases for three consecutive days, reaching a maximum single-day net purchase of 488.18 thousand yuan [1] Group 2: Consumer Electronics Industry - The CSI Consumer Electronics Theme Index (931494) declined by 2.23% as of May 9, 2025, with significant drops in stocks like Chipone (688521) and SMIC (688981) [4] - The Consumer Electronics ETF (561600) decreased by 2.49%, with a latest price of 0.78 yuan, but had a cumulative increase of 4.56% over the past two weeks [4] - The Consumer Electronics ETF saw a notable increase in shares, growing by 10 million shares in the past month, ranking first among comparable funds [4] Group 3: Online Consumption Industry - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 1.45% as of May 9, 2025, with stocks like Miniso (09896) and Alibaba-W (09988) showing mixed results [6] - The Online Consumption ETF (159793) decreased by 1.43%, with a latest price of 0.9 yuan, but had a cumulative increase of 5.57% over the past two weeks [6] - The Online Consumption ETF had a low turnover rate of 0.65%, with a trading volume of 23.55 thousand yuan [6] Group 4: Data and AI Development - The State-owned Assets Supervision and Administration Commission (SASAC) has launched the first batch of high-quality data sets for the AI industry, focusing on sectors like transportation logistics and green low-carbon initiatives [8] - SASAC aims to promote the "AI+" initiative among state-owned enterprises, enhancing AI technology innovation and industry development [8] - The initiative will leverage the vast data resources of state-owned enterprises to create reliable data circulation infrastructure and explore compliant data asset trading models [8] Group 5: Technology Sector Outlook - Analysts indicate that the domestic technology industry is rapidly rising, with key technological breakthroughs driving strong performance in tech stocks [9] - The CSI Artificial Intelligence Theme Index includes 50 stocks related to AI, with the top ten stocks accounting for 50.64% of the index [9][11] - The CSI Consumer Electronics Theme Index also comprises 50 stocks, with the top ten stocks representing 53.78% of the index [12][14] - The CSI Hong Kong-Shanghai Online Consumption Theme Index features 50 stocks, with the top ten stocks making up 56.94% of the index [15][17]

降息降准一揽子强有力政策陆续出来，市场信心倍增，但是假期迎来开门红的算力却短暂陷入了回调。 但股市有政策托底，所有的行业都会受益，而AI链作为市场资金最为集中的方向之一，一旦有预期就很有可能爆发，而AI投资的核心又在算力 底层，所以等待算力消化前期过高的涨幅后，后续表现就值得期待。 华为鸿蒙登场，算力链弹性凸显 比如，5月8日盘中，华为鸿蒙电脑亮相的消息一出，数据ETF（516000）标的指数中证数据产业指数就出现快速拉涨。资料显示，鸿蒙PC的分 布式软总线技术和端云协同能力，将推动AIoT、边缘计算等领域的创新，中证数据产业指数覆盖的AI算法企业（如科大讯飞、拓维信息）可通 过端侧大模型优化与鸿蒙生态深度融合。（以上个股仅作为举例，不作为推荐。） 而中证数据产业指数成分股中不仅有和华为链相关的个股，也是DeepSeek和算力含量较高的指数。Wind数据显示，中证数据产业指数DeepSeek 概念股权重占比 42.34%；AI算力概念股权重占比 41.93%。因此，指数在今年以来表现较为亮眼，自低点反弹幅度超过50%，远超主流大小盘 宽基。 数据来源：Wind，数据区间：2025.1.1-2025.5.7。中 ...

Market Overview - The A-share market saw a positive start after the May Day holiday, with the Shanghai Composite Index rising by 1.13% to 3,316.11 points, and the Shenzhen Component Index increasing by 1.84% to 10,082.34 points[16] - The international oil price rebounded over 3% from a four-year low, with NYMEX crude oil rising 3.43% to $59.09 per barrel, driven by signs of a potential decline in U.S. production[27] Economic Indicators - During the May Day holiday, 314 million domestic trips were made in China, with total spending exceeding 180 billion RMB, reflecting an 8.0% year-on-year increase[16] - The U.S. trade deficit reached a record high in March, raising concerns about economic stability[6] Stock Market Performance - U.S. stock markets experienced declines, with the Dow Jones falling 389 points (0.95%) to 40,829 points, and the S&P 500 dropping 0.77% to 5,606 points[9] - European markets showed mixed results, with the UK FTSE 100 index rising for the 16th consecutive day, closing at 8,597 points, while the German DAX index fell 0.41% to 23,249 points[9] Commodity Trends - The commodity market outlook remains weak, with expectations of "oversupply" if OPEC+ continues to increase production, potentially leading to downward pressure on oil prices[6] - Gold is expected to outperform copper and oil in the commodity market, maintaining a strong position amid economic uncertainties[6] Currency Movements - The U.S. dollar index fell by 0.59% to 99.238, influenced by low U.S. Treasury yields and market expectations of a slower pace of interest rate cuts by the Federal Reserve[27] - The euro appreciated against the dollar, with the exchange rate at 1.137, reflecting a 0.5% increase[26] Fixed Income Market - The U.S. Treasury market showed strong demand, particularly for the 10-year Treasury auction, which had an indirect bid ratio of 91.1%, the highest since February 2023[29] - The yield on the 10-year U.S. Treasury note was reported at 4.29%, down 4.9 basis points from the previous day[29]

Core Viewpoint - The company is actively engaging in research and development, focusing on integrating advanced technologies such as DeepSeek into its products, while also navigating challenges such as rising costs and international trade issues. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 80.79 million yuan, an increase of 7.01% year-on-year, while the net profit attributable to shareholders decreased by 48.44% to 7.97 million yuan [7] - The company's gross profit margin stands at 60.18%, with a debt ratio of 15.37% [7] Group 2: Cost Management - The increase in expenses for 2024 is attributed to enhanced R&D, sales team development, and market expansion, leading to higher personnel costs, business entertainment, and travel expenses [2] - The company has implemented a comprehensive budget management mechanism to align resources with strategic goals and performance targets [2] Group 3: Technological Integration - The company has successfully integrated its edge gateway with the DeepSeek model, enabling real-time semantic understanding and inference of heterogeneous data [3] - This integration allows for automatic identification of equipment anomalies and enhances operational efficiency in industrial scenarios [3] Group 4: Industry Outlook - The coal mining industry is expected to see stable growth, driven by national policies aimed at achieving full automation and smart systems by 2035 [4] - The company anticipates significant opportunities in the coal mining sector as the government pushes for intelligent mining solutions [4] Group 5: International Trade Impact - The company assesses that the impact of the US-China tariff situation is manageable, as overseas revenue is not significantly high, and strategic reserves for chips have been established [5] - Potential indirect effects on clients due to tariffs are acknowledged, but overall, the impact is considered controllable [5] Group 6: Market Expansion - The company plans to strengthen its presence in emerging markets like Southeast Asia and the Middle East while also increasing efforts in mature markets such as Europe and the US [6] - Localized sales and service teams will be established to better understand and meet local market demands [6]

Core Insights - The industry is expected to experience accelerated development in AI inference driven by DeepSeek, with over a hundred intelligent computing integrated machines already in the market, although challenges in practical applications remain [2][6] - ZTE Corporation outlined its strategic plans in AI, focusing on infrastructure, enterprise business development, and the application of intelligent computing capabilities during the 2025 ZTE China Ecosystem Partner Conference [2] AI Market Growth - According to IDC, the global AI market is projected to exceed $800 billion by 2028, with a compound annual growth rate (CAGR) of over 32% over the next five years [2] - Domestic operators have indicated that computing power investments will maintain growth of over 20% by 2025, with leading internet companies expected to invest over 500 billion yuan in AI over the next three years, indicating significant growth potential for ICT infrastructure [2] ZTE's AI Strategy - ZTE's strategy in AI focuses on three main areas: infrastructure, edge deployment, and application innovation [4] - The company is advancing ICT infrastructure solutions through innovations in 5G-A, 6G, and optical network technologies, integrating heterogeneous computing power with large model technologies [4] - ZTE has introduced a series of intelligent computing servers and energy solutions, along with a self-developed unified cloud management platform for efficient scheduling of heterogeneous computing resources [4] Enterprise Business Development - ZTE's enterprise business, viewed as its "second curve," is driven by the dual forces of digital transformation across industries and domestic policies promoting localization [5] - The company aims for a nearly 60% year-on-year growth in its domestic enterprise business by 2024, with a projected doubling of revenue in the first quarter of 2025 [5] - ZTE is focusing on key sectors such as internet, finance, and energy, leveraging agile models to enhance its market presence [5] AI Application Demand - This year is considered a significant year for AI applications, with over a hundred intelligent computing integrated machines launched, driven by DeepSeek's deployment in various vertical industries [6] - DeepSeek has significantly lowered the barriers to AI application, allowing users to train models using intelligent computing integrated machines [6] - The demand for AI inference capabilities has surged, with DeepSeek's models being comparable to those released by OpenAI, indicating a rapid evolution in AI applications [6] Challenges in AI Implementation - Despite the growth, industry clients face challenges such as severe internet data pollution, difficulties in data sharing, and high costs of data collection [7] - ZTE has upgraded its digital cloud platform to address these challenges, enhancing data management and utilization through digital matrices and intelligent platforms [7] - The upgraded platform aims to bridge the "last mile" in AI implementation, ensuring that AI solutions are effectively integrated into business operations [7]

Core Viewpoint - The artificial intelligence (AI) edge application sector is gaining market attention due to various factors including policy support and strong performance from companies in the industry, with the Wind AI concept index rising by 13.44% since April 8 [1] Industry Developments - The AI terminal industry development seminar highlighted the importance of AI terminals as key carriers for the application of AI technology, emphasizing the need for inter-departmental collaboration and industry synergy [1] - The launch of the AI terminal benchmark and intelligent grading plan aims to establish evaluation methods for various AI terminals, fostering industry consensus and supporting policy implementation [1] Product Innovations - In Q1 2025, Edge AI chips are expected to undergo dual innovations in integrated storage-computation architecture and heterogeneous computing, with companies like Rockchip achieving a threefold increase in AI inference energy efficiency in low-power scenarios [2] - Edge AI allows for localized data processing on smart devices, offering advantages such as security, independence, low latency, and high reliability compared to cloud-based AI [2] Company Performance - In Q1 2025, companies in the AI sector reported impressive earnings, with Cambricon Technologies achieving a total revenue of 1.111 billion yuan, a year-on-year increase of 4230.22%, and a net profit of 355 million yuan, up 256.82% [2] - Rockchip reported a total revenue of 885 million yuan, a 62.95% increase year-on-year, with a net profit of 209 million yuan, reflecting a growth of 209.65% [3] - Other companies such as Aibee, Pingzhi Information, and Jiadu Technology also reported net profit increases exceeding 150% year-on-year, with Jiadu Technology turning a profit due to successful project completions in smart transportation [3] Investment Outlook - The AI edge sector is transitioning from a technical concept to large-scale application, driven by improvements in terminal chip computing power and lightweight model optimization [3] - Analysts predict a new wave of innovation in smart terminals such as intelligent connected new energy vehicles, AI smartphones, and smart manufacturing equipment, driven by the lightweight model trends initiated by DeepSeek [4] - The penetration of AI edge products is expected to boost demand for consumer-grade storage, with open-source models like DeepSeek facilitating rapid deployment in devices such as smartphones and PCs [4]