（文章来源：每日经济新闻） 科技板块承压调整，但基本面仍然向好，短期急跌或提供更高性价比布局空间。英伟伟达周三盘后公布 的三季度业绩显示，公司营收同比飙升62%，达到570.1亿美元，远超华尔街预期。同时，公司给出强 于市场一致预期的第四季度销售指引，进一步强化了外界对其AI芯片需求持续走强的判断。 11月21日，受外围情绪扰动，A股低开回调，前期强势的锂电新能源、AI算力、光模块CPO盘中重挫， 源杰科技、工业富联、兆易创新、新易盛、东山精密多股跌超5%。热门ETF中，截至13：14，5G通信 ETF（515050）跌超4%，创业板人工智能ETF华夏（159381）、信息技术ETF（562560）跌超3%，云计 算50ETF（516630）跌超2%。 消息面上，美国9月非农就业报告出炉，新增就业人数达11.9万，明显高于预期，投资者对美联储12月 再次降息的希望显著降温，受此影响，当日美股大幅回调，纳斯达克指数大跌2.16%，经历了从早盘强 劲上扬到午后迅速下跌的戏剧性转折。 ...

11月17日早盘，A股科技板块快速反弹，光模块CPO、中芯国际、光刻机等概念表现活跃，中际旭 创涨超3%，新易盛、东山精密、光库科技、工业富联等纷纷走强。截至9：32，光模块CPO概念股权重 占比超54%的创业板人工智能ETF华夏（159381）涨1.75%，聚焦AI算力龙头的5G通信ETF （515050）涨超1%。 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 相关ETF： 创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数（970070.CNI），精准布局创业板 人工智能主业公司。光模块CPO权重占比超54%，同时覆盖国产软件+AI应用企业，具备较高弹性。其 中前三大权重股为中际旭创（24.78%）、新易盛（19.40%）、天孚通信（5.11%）。场内综合费率仅 0.2%，位居同类最低。场外联接（A类：025505；C类：025506） 5G通信 ...

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 11月19日，A股科技板块延续回暖，光模块CPO概念早盘领涨市场，联特科技涨超10%，长芯博 创、中际旭创、源杰科技、太辰光、新易盛、天孚通信等多股走强。热门ETF中，截至9：45，光模块 CPO概念股权重占比超54%的创业板人工智能ETF华夏（159381）、聚焦AI算力硬件龙头的5G通信 ETF（515050）均涨超1%。 当地时间周二，Alphabet旗下的谷歌宣布发布其最新的人工智能(AI)模型Gemini 3，在与OpenAI等 公司的竞赛中加快追赶步伐。Alphabet首席执行官桑达尔·皮查伊表示，新AI模型将针对更复杂的问题提 供更优答案。"用户只需更少的提示，即可获得所需结果。"据了解，新模型在编程、应用开发与图像生 成方面的能力也大幅增强。此外，Gemini 3将被整合进Gemini应用、谷歌的AI搜索 ...

Core Insights - The A-share AI industry chain has shown a strong rebound, particularly in the optical module sector, with the retail price of 1.6T optical modules rising significantly from approximately $1200 at launch to over $2000 currently, indicating a substantial price increase [1] Group 1: Market Performance - The ChiNext Index rose by 0.59% as of November 19, 2025, with notable increases in constituent stocks such as Zhongji Xuchuang (up 3.93%) and Hunan Youneng (up 2.94%) [1] - The ChiNext ETF (159908) increased by 0.56%, with a latest price of 2.87 yuan, and has seen a cumulative increase of 4.55% over the past month [1] - The latest scale of the ChiNext ETF reached 1.198 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [3] Group 2: Industry Dynamics - There is a limited number of manufacturers capable of mass-producing 1.6T optical modules, primarily concentrated among leading companies like Zhongji Xuchuang and Xinyi Sheng, resulting in a supply-demand imbalance due to rapidly increasing downstream computing power needs [2] - The high technical barriers and slow capacity ramp-up for 1.6T optical modules have led to a significant supply shortage, driving retail prices up quickly [2] - The shift in the multimodal industry towards "native multimodal" architectures is seen as a pivotal point for driving industry value, with implications for both foundational infrastructure and application layers [2]

【导读】海南、福建板块领涨、银行股走强，工行农行股价创新高；泛科技、有色金属板块低迷 大家好，基金君和你一起关注今天上午的市场行情！ 11月14日上午，A股三大股指低开低走，北证50指数和红利指数逆市上涨。 截至午间收盘，沪指报4022.89点，跌0.16%，深证成指跌1.1%，创业板指跌1.74%。 沪深两市半日成交额为1.23万亿元。至此，沪深两市成交额已连续第116个交易日突破1万亿元。个股涨多跌少，市场共 2856只个股上涨，79只个股涨停，2423只个股下跌。 从板块看，银行板块全线飘红，海南、福建板块反复活跃，燃气股、商业医药股走强；而半导体、电脑硬件、有色金属板 块走弱，存储芯片、算力硬件、光模块等概念板块集体回调。 福建板块个股方面，三木集团（000632）录得6连板。 来看具体情况—— 银行股全线飘红！ 上午，银行板块逆市走强，相关个股全线飘红。 个股方面，工商银行和农业银行股价再创新高。截至午盘，工商银行股价报8.34元/股，最新市值为27726亿元。 农业银行股价报8.61元/股，最新市值为29233亿元。 涨幅方面，上午中国银行、兴业银行涨超2%，农业银行涨0.58%，工商银行、建设银 ...

Core Viewpoint - The A-share market showed mixed performance with the banking sector gaining strength, particularly in Hainan and Fujian, while the technology and metals sectors faced declines [2][5][23]. Banking Sector - The banking sector experienced a strong performance with all major banks seeing price increases, including Industrial and Agricultural Banks reaching new highs at 8.34 CNY and 8.61 CNY per share, respectively [8][10]. - The total market capitalization for Industrial Bank is 27,726 billion CNY, while Agricultural Bank stands at 29,233 billion CNY [10][12]. - Year-to-date performance shows Agricultural Bank up 68.48% and Industrial Bank up 25.58% [13]. Hainan and Fujian Sectors - Hainan and Fujian sectors continued to show strength, with the cross-strait integration index leading the market [14]. - Notable stocks include Sanmu Group with six consecutive trading limits and Pingtan Development with two consecutive limits [14][16]. - The new duty-free shopping policy in Hainan has led to a significant increase in shopping amounts and participants, with 506 million CNY in sales and 72,900 shoppers in the first week [18]. Gas Sector - The gas sector saw a rise in stock prices, with companies like Guo Xin Energy and Changchun Gas hitting their daily limits [20]. - The demand for gas is expected to increase due to a cold wave forecasted to impact most regions of China [21]. Technology Sector - The technology sector faced a collective downturn, particularly in computing, storage chips, and semiconductors, with stocks like Zhaoyi Innovation and Jiangbolong dropping nearly 8% and 9% respectively [24][25]. - The optical module CPO sector also experienced declines, with stocks like Changguang Huaxin falling over 8% [26].

Core Viewpoint - The A-share market showed mixed performance with the ChiNext index experiencing a decline of over 1.5%, while sectors such as beauty care, retail, and food and beverage saw gains. The report highlights the ongoing volatility in the market and emphasizes the investment opportunities within the computing power industry chain, particularly in AI-related sectors [1]. Market Performance - On November 10, the three major A-share indices exhibited varied movements, with the ChiNext index dropping more than 1.5% [1]. - The communication and electronics sectors led the decline, while beauty care, retail, and food and beverage sectors were among the top gainers [1]. - The mainstream ETF, Kexin Chuangye 50 ETF (159783), fell nearly 2.5%, with significant declines in holdings such as Xinyisheng, Shenghong Technology, and others [1]. Industry Insights - Tianfeng Securities maintains a positive outlook on the investment opportunities within the core targets of the computing power industry chain, citing high demand for AI-related services reflected in overseas company earnings reports [1]. - The report indicates that the domestic computing power sector is expected to grow, driven by continued investments from major companies like Alibaba and ByteDance in AI [1]. - The overall sentiment suggests that 2025 may mark a pivotal year for domestic AI infrastructure competition and application development [1]. Investment Recommendations - Continuous monitoring of AI industry dynamics and investment opportunities related to AI applications is advised, as both China and the U.S. are making significant advancements in AI technologies [1].

Core Viewpoint - A-shares experienced a volatile trading session with major indices opening high but subsequently retreating, while sectors like lithium batteries and AI computing saw increased activity, indicating a potential spring market rally driven by growth-oriented technology sectors [1] Market Performance - Major A-share indices opened high but faced a pullback, with sectors such as lithium batteries and AI computing showing activity, while previously strong sectors like optical modules and robotics led the decline [1] - Notable stocks such as New Yisheng, Industrial Fulian, and Jingwang Electronics fell over 3% [1] - The 5G Communication ETF (515050) dropped nearly 3%, and the ChiNext AI ETF (159381) fell over 2% [1] Fund Flows - The AI computing sector has seen a consolidation phase, with significant capital inflows; in the last 10 trading days, the 5G Communication ETF (515050) attracted a net subscription of 450 million yuan, while the ChiNext AI ETF (159381) accumulated 250 million yuan [1] Future Outlook - Institutions are optimistic about the upcoming spring market, particularly for high-growth technology sectors [1] - Dongwu Securities predicts that the spring market will primarily focus on growth-oriented industrial trends, particularly those represented by AI [1] - The global technology industry is expected to experience a trend-driven growth, supported by China's unique advantages such as a large user base and manufacturing capabilities, which will facilitate deeper participation in global tech transformations [1] - The long-term logic of industrial development remains unchanged, with core global industry segments expected to build momentum for future growth after recent adjustments [1]

Group 1 - A-shares indices declined on October 30, with the ChiNext index dropping over 1%, led by sectors such as telecommunications, media, and electronics [1] - New Yi Sheng reported a Q3 2025 revenue of 16.505 billion yuan, a year-on-year increase of 221.70%, and a net profit of 6.327 billion yuan, up 284.38% year-on-year [1] - The Q3 revenue showed a quarter-on-quarter decline of 4.97%, while net profit increased by 0.63% quarter-on-quarter, attributed to the impact of major customer delivery schedules and material shortages [1] Group 2 - Dongxing Securities noted that the "14th Five-Year Plan" draft suggests a shift in national investment towards efficient development of communication and computing networks, indicating continued expansion in related markets [2] - The cloud computing 50 ETF tracks an index with a high AI computing content, covering popular concepts such as optical modules, computing leasing, and data centers [2]

Core Viewpoint - The A-share market is experiencing a strong performance, particularly in sectors related to AI computing power, with significant capital inflows into related ETFs and stocks [1] Group 1: Market Performance - On October 29, the A-share market opened high, with the Shanghai Composite Index making another push towards the 4000-point mark [1] - Key sectors such as Hainan Free Trade Zone, quantum technology, memory, GPU, and optical module CPO are showing active performance [1] - Technology stocks like Industrial Fulian, Putian Technology, Guangke Technology, Huanxu Electronics, Luxshare Precision, and Huagong Technology are trading positively [1] Group 2: ETF and Capital Inflows - The Huaxia ChiNext AI ETF (159381) and the 5G Communication ETF (515050) saw gains exceeding 2% at one point [1] - Over the past 20 days, the Huaxia ChiNext AI ETF (159381) has received a net inflow of over 110 million yuan, while the 5G Communication ETF (515050) has attracted over 100 million yuan for four consecutive days [1] Group 3: Industry Outlook - CITIC Securities indicates that the latest "14th Five-Year Plan" emphasizes accelerating innovation in AI and digital technologies, enhancing the efficient supply of computing power, algorithms, and data [1] - The penetration rate of AI large models remains low, and the development of large models is still in its early to mid-stages, suggesting a long industrialization cycle ahead [1] - Investment in computing power is expected to grow alongside the revenue from large models, indicating a high potential ceiling for investments in this area [1]