12月19日，A股科技板块反弹修复，截至13:06，光模块CPO概念股权重超57%的创业板人工智能指数(970070)强势上涨1.07%，成分股新易盛(300502)上涨 3.80%，中科创达(300496)上涨3.26%，星宸科技(301536)上涨3.22%，首都在线(300846)，航宇微(300053)等个股跟涨。热门ETF中，同类费率最低的创业板 人工智能ETF华夏(159381)上涨1.00%，最新价报1.82元。拉长时间看，截至2025年12月18日，创业板人工智能ETF华夏近2周累计上涨6.58%，涨幅排名可比 基金1/7。（以上所列股票仅为指数成份股，无特定推荐之意） 创业板人工智能ETF华夏(159381)，场外联接(华夏创业板人工智能ETF发起式联接A：025505；华夏创业板人工智能ETF发起式联接C：025506)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 字节2025 火山引擎FORCE原动力大会召开，会上公司发布新的基座模型，创新模型服务的定价模式、推出"AI节省计划"，同时升级AI云原生全栈服务。中 金公司表示，此前，火山引擎已首创按输入长度区间 ...

Core Viewpoint - The A-share market is under pressure, particularly in the technology sector, with the AI-focused index experiencing a decline, while the AI ETF has seen significant inflows and growth in net value over recent months [1][2]. Group 1: Market Performance - As of December 16, 2025, the A-share market is adjusting, with the AI index down by 2.03% [1]. - The Huaxia AI ETF has decreased by 1.95% but has seen a cumulative increase of 5.65% over the past two weeks [1]. - The Huaxia AI ETF reached a new high in scale at 1.5 billion CNY, with a net inflow of 326 million CNY over the past week [1]. Group 2: Fund Inflows - The Huaxia AI ETF has experienced continuous net inflows over the past five days, with a peak single-day inflow of 12 million CNY [1]. - The ETF's net value has increased by 95.85% over the past six months, outperforming the benchmark with an annualized return of 2.65% over the last three months [1]. Group 3: Industry Growth Potential - The global AI industry is projected to grow rapidly, with a compound annual growth rate of 42% from 2022 to 2032, reaching a market size of 1.3 trillion USD by 2032 [1]. - Major global tech companies are investing heavily in AI infrastructure to maintain competitiveness, with significant cluster developments announced by firms like Meta, Microsoft, and OpenAI [1].

交银国际展望2026年表示，人工智能超级周期或继续，"十五五"科技替代或加速。 本轮人工智能 带来的技术进步浪潮范围大，影响深远且牵涉产业链环节众多。我们认为 AI 基础设施建设至少在 2026 年或继续强劲增长。 资料显示，创业板人工智能ETF华夏（159381）跟踪指数"创业板人工智能指数"，光模块CPO权重 占比56.7%，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 （26.62%）、新易盛（19.35%）、天孚通信（5.05%）。场内综合费率仅0.20%，位居同类最低。场外 联接（A类：025505；C类：025506）。 12月12日早盘，AI科技板块再度活跃，光模块CPO概念强势领涨，德科立涨超10%，联特科技、源 杰科技、新易盛、剑桥科技等多股走强。截至9点35分，光模块CPO概念股权重占比超56%且同类费率 最低的创业板人工智能ETF华夏（159381）涨超1%。近3日，该ETF获得连续资金净流入，合计"吸 金"1.73亿元。 12月10日至11日，中央经济工作会议在北京举行，为明年经济工作指明方向。业内认为，新旧动能 交替仍将是2026年的主要线索，科技板块如A ...

12月8日，光模块产业链领涨市场，光模块CPO概念股权重占比超56%且同类费率最低的的创业板人工 智能ETF华夏（159381）盘中一度涨超5%，截至发稿，成交额快速突破2.8亿元。持仓股天孚通信涨超 17%，联特科技、致尚科技、光库科技均涨超10%。值得注意的是，该ETF近期受到资金密集加仓，近 5日累计吸金超1.38亿元。 国盛证券指出，光模块行业整体景气度不变，海外光模块和光芯片厂商业绩持续超预期。Coherent公布 了最新财季财报，多项核心指标超出市场预期，当季营收达15.8亿美元，超出市场预期的15.4亿美元。 Lumentum最新财季营收达到5.34亿美元，超过5.26亿美元的一致预期，同比增长58.4%。光通信龙头 企业强劲表现反映了AI数据中心、数据中心互连对光学组件需求的增长，将从AI计算基础设施的持续 扩张中受益。 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。前三大权重股为中际旭创（26.62%）、新易盛（19.35%）、天孚通信（5.05%）。场内 综合费率仅0.20%，位居同类最低。场外联接（A类：025 ...

Group 1 - The U.S. stock market experienced a broad rally, with the Dow Jones up 0.81% to 47,368.63 points, the S&P 500 rising 1.54% to 6,832.43 points, and the Nasdaq soaring 2.27% to 23,527.17 points, driven by a strong rebound in technology stocks [1] - Major tech stocks such as Nvidia and Microsoft led the gains, with Nvidia rising nearly 6% and Microsoft over 1%, while the Nasdaq's performance was notably boosted by the AI sector [1] - The U.S. government shutdown has lasted over 40 days, but a potential agreement to end it is being discussed in Congress, which analysts believe is contributing to a release of liquidity and a rebound in risk assets [1] Group 2 - North American cloud service providers like Google, Meta, Microsoft, and Amazon AWS reported strong quarterly earnings, with AI driving significant growth in their business segments [2] - Google and Meta have raised their full-year capital expenditure guidance, indicating a positive cycle between AI application deployment and capital spending, with a total capital expenditure of $112.5 billion for the three companies in Q3, reflecting a 18.4% quarter-over-quarter increase [2] - Investment in computing infrastructure remains robust, highlighting the ongoing demand for AI-related technologies [2]

Core Viewpoint - The A-share market experienced a decline, with the ChiNext index dropping over 1.5%, while sectors such as communication and electronics faced significant losses, and industries like media and biomedicine led the gains [1]. Group 1: Market Performance - The three major A-share indices all fell, with the ChiNext index down more than 1.5% [1]. - The mainstream ETF, the Sci-Tech Innovation 50 ETF (159783), dropped over 3% in the afternoon session, with major holdings like Stone Technology and Shenghong Technology seeing significant declines [1]. Group 2: Company Performance - Zhongji Xuchuang recently released its Q3 2025 report, showing a revenue of 25.005 billion yuan, a year-on-year increase of 44.43%, and a net profit attributable to shareholders of 7.132 billion yuan, up 90.05% year-on-year [1]. - In Q3 2025, Zhongji Xuchuang achieved a revenue of 10.216 billion yuan, reflecting a year-on-year growth of 56.83% and a quarter-on-quarter increase of 25.89%, with a net profit of 3.137 billion yuan, marking a year-on-year rise of 124.98% and a quarter-on-quarter growth of 30.04% [1]. Group 3: Industry Insights - According to Kaiyuan Securities, the growth in computing infrastructure and related capital expenditures has led to an increase in sales of high-end optical modules like 800G [1]. - The firm believes that as AI computing demand is released, high-speed products are expected to see further growth, enhancing the company's profitability and indicating a broad future growth space [1].

Group 1 - The Chinese asset market is experiencing a rebound, with both A-shares and H-shares continuing their strong upward trend from the previous day. The three major A-share indices collectively rose, with the ChiNext Index increasing by over 3% in the afternoon [1] - The optical module CPO concept is leading the market, with significant price increases observed in related stocks such as "Yizhongtian" [1] - The Hang Seng Technology Index opened high and continued to rise, with tech stocks, semiconductor stocks, and automotive stocks remaining active [1] Group 2 - Tianfeng Securities has indicated that domestic policies are entering a phase of intensive catalysis, with clearer measures expected from the U.S. following the implementation of domestic policy plans. The current U.S. government shutdown is a pressing issue that needs resolution [1] - There is a close and broad economic cooperation between China and the U.S., with market reactions becoming more rational. The marginal effects of tariff impacts are decreasing, and a video call between trade leaders from both countries has taken place ahead of the APEC meeting at the end of October [1] - The investment focus is being simplified into three directions: 1) Technology AI led by Deepseek breakthroughs and open-source initiatives, 2) Economic recovery and market liquidity leading to a "stronger gets stronger" bull market style, and 3) The continued rise of undervalued assets [2]

Group 1 - The A-share technology sector rebounded quickly after a significant decline, with the AI ETF Huaxia (159381) rising over 6.5% at one point, and closing up 4.43% [1] - Tianfu Communication and Zhongji Xuchuang led the gains in the market, with increases exceeding 8% [1] - The China Internet Network Information Center reported that by June 2025, the user base for generative AI in China is expected to reach 515 million, an increase of 266 million from December 2024, indicating a doubling of users in six months [1] Group 2 - Dongxing Securities stated that the "AI+" strategy is a crucial policy initiative for the large-scale promotion of the AI industry in China, aiming to enhance national competitiveness and secure a leading position in global AI competition [1] - The AI industry is experiencing a three-dimensional resonance of policy, technology, and demand, which is expected to solidify its position as a key investment theme in technology [1] - The domestic cloud computing leaders are gradually validating their performance, and ongoing capital expenditures from major companies are boosting the certainty of industry development [1] Group 3 - The Huaxia AI ETF (159381) tracks the ChiNext AI Index (970070.CNI) and focuses on companies in the AI sector, with a weight of 51.8% in optical module CPOs [2] - The top three weighted stocks in the ETF are Zhongji Xuchuang (20.95%), Xinyi Sheng (20.42%), and Tianfu Communication (5.39%) [2] - The ETF has a low overall fee rate of only 0.20%, making it competitive within its category [2]

Market Overview - On October 16, the A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index up 0.1%, the Shenzhen Component down 0.25%, and the ChiNext Index up 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.93 trillion, a decrease of 141.7 billion from the previous trading day, marking a return below 2 trillion for the first time since September 10 [1] Sector Performance - The coal sector continued its strong performance, with Dayou Energy (600403) hitting the daily limit for the fifth time in six days [2] - The port and shipping sector was active, with multiple stocks, including Haitong Development (603162), reaching their daily limit [2] - The pharmaceutical sector showed localized strength, with Guizhou Bailing and Luoxin Pharmaceutical (002793) both hitting the daily limit [2] - The banking sector collectively rose, with Agricultural Bank nearing historical highs [2] - In contrast, the controlled nuclear fusion concept stocks saw significant declines, with Hezhu Intelligent (603011) hitting the daily limit down [2] Specific Stock Movements - The zodiac speculation saw a resurgence, with Haima Automobile (000572) hitting the daily limit and Wanma Technology (300698) rising over 10% [3] - The storage chip concept regained momentum, with Demingli (001309) hitting the daily limit and Xiangnong Chip rising over 16%, bringing its market value to 49.5 billion [3] - The optical module CPO concept sector showed collective recovery, with key leaders like Zhongji Xuchuang (300308) and Xinyi Sheng (300502) turning positive during the trading session [3] News Impact - OpenAI is reportedly developing a five-year business plan to fulfill a $1 trillion spending commitment and has signed a letter of intent with SurEnergy to build a data center hub in Argentina, with an investment of up to $25 billion [3] - The optical module industry remains robust, with predictions from Light Counting indicating that the market for 800G Ethernet optical modules will exceed that of 400G by 2025, and the overall market for 800G and 1.6T modules expected to surpass $16 billion by 2029 [4] Hong Kong Market - In the Hong Kong market, the three major indices showed mixed results, with the Hang Seng Index down 0.05%, the Hang Seng China Enterprises Index up 0.17%, and the Hang Seng Tech Index down 1.07% [4] - The Hong Kong electric vehicle stocks continued to decline, with NIO-SW dropping over 13% at one point and closing down over 6% [4] Legal Issues - Reports indicate that the Singapore sovereign wealth fund, GIC, has filed a lawsuit against NIO and its executives in a U.S. court, which has contributed to market reactions [6]

Market Overview - On October 16, the A-share market experienced a rise and then a decline, with the Shanghai Composite Index closing up 0.1% and the Shenzhen Component Index down 0.25% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.93 trillion, a decrease of 141.7 billion from the previous trading day, marking a return below 2 trillion since September 10 [1][2] Sector Performance - The coal sector continued its strong performance, with major energy stocks hitting the daily limit for the fourth time in five days [3] - The port and shipping sector was active, with multiple stocks, including Haitong Development, reaching the daily limit [3] - The pharmaceutical sector showed strength in specific stocks, with Guizhou BaiLing and LuoXin Pharmaceutical both hitting the daily limit [3] - The banking sector collectively rose, with Agricultural Bank nearing historical highs [3] Declining Sectors - The controlled nuclear fusion concept stocks experienced significant declines, with Hezhan Intelligent hitting the daily limit down [3] - Sectors such as precious metals, semiconductors, and wind power saw notable declines [3] Concept Indices - The storage chip concept saw a resurgence, with stocks like Demingli hitting the daily limit and Xiangnan Chip rising over 16%, reaching a market value of 49.5 billion [5] - The optical module CPO concept also rebounded, with key stocks like Zhongji Xuchuang and Xinyi Sheng showing positive performance [5] Hong Kong Market - In the Hong Kong market, the three major indices showed mixed results, with the Hang Seng Index down 0.05% and the Hang Seng Technology Index down 1.07% [9] - The decline in Hong Kong's new energy vehicle stocks was notable, with NIO experiencing a drop of over 13% at one point [8][9] News Impact - OpenAI is reportedly developing a five-year business plan to fulfill a $1 trillion spending commitment and has signed a letter of intent with SurEnergy to build a data center hub in Argentina, with an investment of up to $25 billion [8] - The market logic supporting the optical module industry remains strong, with predictions indicating that the market size for 800G Ethernet optical modules will exceed $16 billion by 2029 [8]