来源：新浪基金 12月12日午后，港股芯片产业链震荡走强，阜博集团涨超6%，天岳先进涨超5%，商汤-W、美图公司、 鸿腾精密涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）场内价格震荡拉 升，现涨1.42%，实时成交额超5700万元。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的 港股信息技术ETF（159131），标的指数由"70%硬件+30%软件"构成，重仓港股"半导体+电子+计算机 软件"，涵盖42只港股硬科技公司，其中中芯国际权重达20.48%，小米集团-W权重9.53%，华虹半导体 权重5.80%；不含阿里巴巴、腾讯、美团等大市值互联网企业，锐度更高，更易捕捉港股AI硬科技行 情。（截至2025.11.30） | | | 分野 SH 1分 5分 15分 30分 60分 日 周 月 · | | | | | F9 盘帕盘后 赣加 九城 画线 工具 @ 1 > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

近日，海光信息宣布终止吸收合并曙光股份，一度引发业内关注。那么问题来了，国内算力体系中关系最紧密的两家核心企业为何在此时选择终止吸收合 并？其背后究竟是技术协同失败、利益分歧加剧，还是产业周期发生了更深层次的变化？ 终止并购：从"意料之外"到"情理之中" 对于近日海光信息与中科曙光宣布终止重大资产重组，业内普遍的反应是"突然"、"反常"等。但如果对国产算力产业与资本市场两条线的趋势有所了解，就 会发现虽然此决定让人感觉意外，但却在情理之中。原因何在？ 众所周知，今年以来，中国AI芯片与算力产业进入了难得的估值抬升期。从寒武纪、摩尔线程到一些GPU初创企业，二级市场与一级市场上形成了罕见 的"AI硬科技集体溢价"现象，并表现为，股价上涨快，市值冲得高，叙事空间大。 以寒武纪为例，作为国产AI芯片"第一股"，其2025年前三季度营收46.07亿元（同比暴增2386%），净利润16.05亿元（连续四季度盈利），扭亏为盈。截至 今年12月9日，股价约为1436元，今年以来的回报率超过118%，年内涨幅超10%（从年初约1200元/股起步）。而这得益于AI大模型需求爆发，其思元系列芯 片渗透率超40%，市场对其"中国英 ...

Group 1: North American Computing Power - North American cloud vendors are expected to increase capital expenditure to over $600 billion by 2026, indicating a strong growth trajectory for computing power investments and infrastructure development [1] - The demand for AI commercial realization is being driven by open interconnectivity and power cost reduction, validating the rationale for computing power investments [1] - The rise in power consumption per card/cabinet in North America highlights the importance of power supply assurance for cloud computing capacity [1] Group 2: Domestic Computing Power - Domestic AI infrastructure is anticipated to grow rapidly by 2026, driven by continuous upgrades in models and increased capital expenditure from leading cloud vendors and telecom operators [2] - The IDC industry is expected to enter a cyclical turning point due to high demand and improved supply quality, presenting long-term investment value [2] - Structural alpha opportunities are emerging in the industry chain due to the upgrade of network architecture and computing power chips, benefiting segments like optical modules, liquid cooling, switches, and power supplies [2] Group 3: Edge AI - The edge AI market is on the verge of large-scale deployment, supported by policy initiatives and collaboration within the industry chain [3] - The introduction of innovative products, such as MetaAI glasses, is expected to accelerate market growth for edge AI [3] - The combination of policy guidance, ecosystem improvement, and demand growth is likely to create a solid foundation for edge AI, transitioning the industry from thematic catalysts to performance realization [3] Group 4: Telecom Operators - Telecom operators are experiencing a phase of capital expenditure reduction, business structure transformation, and increasing dividend ratios, which enhances their investment appeal [4] - The mature basic telecom business continues to serve as a revenue stabilizer, while cost management and AI integration support profit growth [4] - The rising dividend ratio in a low-interest-rate environment further highlights the value of telecom operators, with potential for continued valuation improvement [4]

Group 1: AI Hard Technology Sector - Zhaoyi Innovation is positioned in the HBM (High Bandwidth Memory) industry chain, benefiting from the rising prices of HBM and the recovery of the storage chip market, with revenue growth driven by AI server storage demand [3][4] - Zhongji Xuchuang leads in optical modules for computing, with strong order volumes from overseas clients and a focus on the ramp-up of 1.6T optical modules, indicating strong future performance [4] - Sungrow Power Supply, a leader in energy storage and power equipment, is capitalizing on the growing demand for energy storage driven by AI, with a high global market share and stable cash flow from its photovoltaic inverter business [5] - Industrial Fulian is the largest AI server foundry globally, supplying major clients like NVIDIA and Microsoft, with over 30% of global AI server shipments, benefiting from increased capacity utilization [6] Group 2: Export Beneficiary Sector - Midea Group, a leader in home appliance exports, benefits from over 40% overseas revenue and a well-established factory layout in Southeast Asia and Europe, positively impacted by US-China tariff adjustments [7] - Fuyao Glass, a leader in automotive glass exports, holds over 25% global market share, with reduced export costs due to tariff relief and increasing demand for high-end glass from the growing penetration of electric vehicles [8][9] - Kuka Home, a leader in light industry exports, has nearly 50% overseas revenue, primarily from the US and Europe, with tariff reductions enhancing net profits and rapid expansion of cross-border e-commerce [10] Group 3: High Dividend Core Assets - Kweichow Moutai, an industry leader with strong brand barriers, shows stable revenue and profit growth, with a high cash dividend rate exceeding 3%, demonstrating strong risk resilience [11] - Yangtze Power, the largest publicly listed hydropower company globally, has stable and predictable cash flow, with a dividend rate exceeding 60% over the past decade, aligning with clean energy policies [12] - China Shenhua Energy, with a strong integrated layout in coal, electricity, and transportation, maintains a high dividend rate above 70% over the past five years, ensuring profitability amid stable coal prices [13]

Group 1 - The first Hong Kong ETF focused on "hard" technology, specifically semiconductor chips, electronics, and computer software, is set to launch on October 27 [1][2] - The Hong Kong Automotive 50 ETF, which focuses on leading car manufacturers, is expected to be launched soon [1][2] - The Hong Kong Internet ETF is designed to invest in major internet giants in the region [1][2] Group 2 - The Hong Kong Innovation Drug ETF is 100% focused on innovative pharmaceuticals [1][3] - The Hong Kong Large Cap 30 ETF combines technology and dividend strategies [1][3] - The Hong Kong Dividend ETF offers high dividend yields with low volatility [1][3] Group 3 - The Hong Kong Small Cap LOF targets small and mid-cap assets [1][3] - The Value Fund LOF focuses on A+H shares with dividend characteristics [1][3] - The new consumption wave driven by Generation Z is highlighted through the Huabao CSI Shanghai-Hong Kong-Shenzhen New Consumption Index [1][3]

Group 1 - The index composition consists of 70% hardware and 30% software, focusing on Hong Kong stocks in the semiconductor, electronics, and computer software sectors, excluding major internet companies like Alibaba, Tencent, and Meituan, which enhances the ability to capture AI and hard technology trends in Hong Kong stocks [2] - The sector breakdown shows that electronics consume 41.53%, computer software accounts for 27.79%, and semiconductors make up 29.79% of the index [2] - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Core Viewpoint - The Hong Kong Stock Information Technology ETF (159131), focusing on the semiconductor and hard technology sectors, will be launched on October 27, 2023, tracking the CSI Hong Kong Stock Connect Information Technology Composite Index, which consists of 70% hardware and 30% software [1][3]. Group 1: ETF Composition and Strategy - The ETF is heavily weighted in Hong Kong stocks related to semiconductors, electronics, and computer software, excluding major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on AI hard technology trends [1][3]. - The index includes 41 Hong Kong hard technology companies, with the largest holding, SMIC, accounting for 19% of the index. The top five stocks make up 51% of the index, and the top ten stocks account for 72%, indicating a high concentration in leading companies [5][6]. Group 2: Performance Metrics - From the end of 2022 to the present, the index has achieved a cumulative increase of 110.93%, with an annualized return of 31.63%, outperforming other Hong Kong technology indices such as the Hong Kong Stock Connect Technology Index (21.20% annualized return), Hang Seng Technology Index (18.30%), and Hong Kong Stock Connect Internet Index (14.63%) [7][8]. - The index also shows a smaller maximum drawdown compared to its peers, indicating better risk management [7][8].

Core Insights - The ultimate mission of AI education is to ignite curiosity rather than merely filling knowledge pools [2][3] - The emergence of "The University of Everywhere" is proposed as a solution to the limitations of traditional education, emphasizing personalized learning through AI technology [4][5] - The company, TaoWhale, aims to transform education by integrating AI to create a more inclusive and effective learning environment [6][25] Group 1: AI Education Transformation - The traditional university model is facing disruption due to technological advancements, necessitating a shift towards personalized and practical learning experiences [4][5] - AI technology is positioned as a core driver for redefining educational paradigms, moving from content-centric to feedback-driven learning [11][14] - The Omni-Learning AI model is introduced as a comprehensive framework that enhances the interaction between teaching and learning, promoting a more effective educational ecosystem [11][14] Group 2: Market Impact and Reach - TaoWhale has successfully built a significant online presence, with over 3 million followers on Bilibili and reaching more than 110 million users through various educational content [6][9] - The company has established partnerships with institutions like Xiamen University to further research and develop AI education technologies [13] - The initiative has garnered attention from major media outlets, highlighting its impact on the AI education landscape [9][25] Group 3: Business Model and Strategy - The company employs a "four-layer engine" dynamic model to address the structural imbalance in the education market, targeting individual learners, organizations, and public education standards [11][15] - TaoWhale's approach includes creating a dual-channel matching system between talent and job opportunities, integrating real business scenarios into the learning process [16][24] - The company has developed a comprehensive product matrix and knowledge supply model aimed at achieving widespread access to AI education [15][16] Group 4: Future Aspirations - TaoWhale aims to evolve from a purely educational platform to a broader ecosystem that includes AI hard technology and e-commerce opportunities [25][26] - The company emphasizes the importance of fostering curiosity and potential in learners, aligning with the timeless principles of education [27][28] - The vision is to provide every individual with the tools and knowledge necessary to thrive in an ever-changing technological landscape [28]

Group 1 - The core viewpoint of the articles highlights Jiangxi Province's efforts to accelerate the transformation and upgrading of its manufacturing industry, focusing on enhancing core competitiveness through the "1269" action plan, resulting in a year-on-year industrial added value growth of 8.3% in the first half of the year [1][2] - Ganzhou Haopeng Technology Co., Ltd. received a significant order from Kazakhstan's national strategic mineral operator, showcasing the global impact of China's AI technology in mineral development along the Belt and Road Initiative, with the company reporting a 50% increase in sales revenue and a 160% increase in exports year-on-year [1] - Jiangxi Province is concentrating on traditional advantageous industrial chains and implementing technological upgrades, which has revitalized traditional industries and promoted the integration of strategic emerging industries such as new energy and new materials [1] Group 2 - Jiangxi has strengthened policy support for the "1269" action plan, introducing measures to enhance quality and standards, and has developed policies around hydrogen energy and energy storage to support future industrial development [2] - The province's key industrial chains, including electronic information, non-ferrous metals, and equipment manufacturing, have attracted over 70% of project funding from outside the province, contributing to a stable industrial added value of over 1.1 trillion yuan [2] - Future initiatives include the establishment of pilot zones for future industries, a manufacturing enterprise loan subsidy mechanism, and measures to promote green and low-carbon development in the manufacturing sector [2]