2025 年 11 月 25 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/11/25 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 1、《ETF 及指数产品网格策略周报— 2025/11/18》2025-11-18 2、《ETF 及指数产品网格策略周报— 2025/11/11》2025-11-11 3、《ETF 及指数产品网格策略周报— 2025/11/5》2025-11-05 4、《ETF 及指数产品网格策略周报— 2025/10/28》2025-10-28 5、《ETF 及指数产品网格策略周报— 2025/10/21》2025-10-21 投资要点 分析师：程秉哲 ◆ ...

2025年11月22日，全球能源转型大会在北京未来科学城召开。本次大会由中国企业改革与发展研究会主办，国务 院国资委、 生态环境 部、国家能源局等部委领导， 中国石油 、 中国石化 、 中国海油 、国家管网、国家电网等 能源央企主要负责人，以及多家地方政府、地方国企和行业专家学者出席会议，共同探讨全球能源行业企业转型 现状与趋势。 海光信息 作为国内领先的芯片设计企业，携CPU+DCU全栈算力体系及与能源央企的联合创新成果 亮相大会。 海光信息副总裁吴宗友在主论坛发言中指出，当前能源行业正经历由数字化向智能化升级的关键阶段，构建自主 可控、多层次、高可用的算力架构，对保障国家能源安全和推动产业转型具有重要意义。海光通过覆盖数据中 心、区域中心及边缘节点的算力体系，为能源企业提供从核心业务到现场应用的全程算力支撑。 海光信息企业业务部负责人在演讲中重点介绍了公司在智能计算领域的技术布局。面对能源行业对大模型训练、 复杂工况仿真等智能计算需求的快速增长，海光DCU具备强大的并行计算能力和全精度支持特性，能够有效支撑 千亿参数大模型的训练与推理。基于CPU+DCU的协同计算架构，海光正在与能源企业合作构建新一代智能 ...

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The report highlights the significant advancements in NVIDIA's GPU architecture, particularly with the introduction of the Vera Rubin superchip, which represents a leap in computational power through heterogeneous collaboration between CPU and GPU [2][12] - NVIDIA's upcoming platforms, Vera Rubin NVL144 and Rubin Ultra NVL576, are expected to deliver substantial performance improvements, with the latter achieving up to 15 Exaflops for FP4 inference and 5 Exaflops for FP8 training, marking a 14-fold increase compared to previous generations [20][22] Summary by Sections Industry Overview - The electronic industry is experiencing growth driven by advancements in AI and high-performance computing, with NVIDIA leading the charge in GPU technology evolution [4][8] NVIDIA's Technological Evolution - NVIDIA has transitioned from specialized graphics hardware to general-purpose parallel computing engines through various architectures, including Tesla, Fermi, Kepler, and Maxwell, culminating in the current Vera Rubin architecture [5][9] Vera Rubin Superchip - The Vera Rubin superchip features a combination of Rubin GPU and Vera CPU, with performance metrics such as 50 PFLOPS and 100 PFLOPS for FP4 precision, and memory bandwidth reaching up to 32TB/s, significantly surpassing previous architectures [18][21] Future Platforms - The Vera Rubin NVL144 platform is set to launch in H2 2026, featuring enhanced specifications and performance metrics, while the Rubin Ultra NVL576 platform will follow in H2 2027, further pushing the boundaries of computational capabilities [20][22]

Core Insights - The cloud computing ETF Tianhong (517390) has seen a significant increase in trading volume and performance, with a 3.61% rise in the underlying index and notable gains in constituent stocks [1] - The computer ETF (159998) also experienced strong performance, with a 1.74% increase in its index and substantial growth in its scale over the past year [1][2] - Recent government initiatives in the U.S. and China are expected to further enhance the infrastructure and development of AI and computing technologies [6][7] Group 1: ETF Performance - The cloud computing ETF Tianhong (517390) recorded a trading turnover of 3.22% and a transaction volume of 12.44 million yuan, with a year-on-year scale growth of 328 million yuan [1] - The computer ETF (159998) had a trading turnover of 2.09% and a transaction volume of 52.55 million yuan, with a year-on-year scale growth of 442 million yuan and a weekly increase of 66 million shares [1][2] Group 2: Product Highlights - The cloud computing ETF Tianhong (517390) closely tracks the CSI Hong Kong-Shenzhen Cloud Computing Industry Index, covering major players like Alibaba and Tencent, thus capturing significant industry opportunities [3] - The computer ETF (159998) tracks the CSI Computer Theme Index, encompassing a wide range of sectors including IT services and hardware, featuring leaders in AI applications and hardware manufacturing [3] Group 3: Recent Developments - The U.S. government has launched the "Genesis Project" to leverage AI for scientific research, which includes creating an AI experimental platform to enhance scientific discovery [6] - The Chinese Ministry of Industry and Information Technology has issued guidelines to optimize computing infrastructure, promoting advancements in digital infrastructure and multi-dimensional computing applications [7] - Arm and NVIDIA have announced a partnership to advance NVLink technology, enhancing the performance of AI training and high-performance computing [8][9]

Group 1: Core Insights - The report highlights a focus on enhancing industrial quality and efficiency, ensuring housing security, fostering a technology innovation ecosystem, and promoting financial connectivity to solidify the foundation for high-quality economic development [12][14][19] - The report indicates that the A-share market experienced a downward trend across major sectors, with the largest declines seen in industrial trade and comprehensive (-12.10%), electrical equipment (-9.54%), and daily consumer retail (-8.88%) [23][26] Group 2: Industry Policy Tracking - The Ministry of Commerce and six other departments have initiated the "East Silk West Solid" project to optimize the silk industry layout, aiming to establish around 10 leading enterprises with over 10 billion yuan in revenue by 2028 [13] - The China Chemical and Physical Power Industry Association is set to implement a cost disclosure system for lithium iron phosphate, addressing the industry's ongoing losses and promoting fair pricing practices [14] - The Ministry of Finance has announced early budget allocations for housing security projects, emphasizing the importance of effective fund management and oversight [15] Group 3: Sector Performance - In the automotive sector, sales of various types of truck-mounted cranes reached 1,907 units in October 2025, marking a year-on-year increase of 10.2%, with domestic sales growing by 2.41% [18] - The semiconductor design industry in China has maintained a compound annual growth rate of 19.6% from 2006 to 2025, indicating robust growth potential driven by advancements in artificial intelligence and electric vehicles [19] - The consumer market for collectible toys has seen significant growth, with retail sales projected to reach 55.83 billion yuan in 2024, highlighting a new economic growth point within the toy industry [20]

业内人士表示，相关产品的获批，一方面有利于为投资者提供更好的投资硬科技上市企业的工具，尤其是聚焦科创板创业板细分产业 链"一键直达"的投资工具；另一方面，也有利于提升相关先进产业的集聚效应和示范效应，为上市企业的发展注入蓬勃生机，引导资源进 一步向硬科技公司倾斜。 【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 硬科技产品矩阵再添新品。11月21日，包括易方达上证科创板芯片设计主题ETF在内的有16只硬科技产品同日迅速获批。该批产品预计将 于近期启动募集，有望吸引一批专注于科技领域投资的新增资金入市。 （数据来源：wind，截止2025.11.21，根据申万三级行业划分） 易方达上证科创板芯片设计主题ETF紧密跟踪上证科创板芯片设计主题指数，精准聚焦于芯片产业的上游设计环节，数字芯片设计行业占 比高达80.2%，模拟芯片设计占比达15.5%。 最新数据显示，上证科创板芯片设计主题指数前五大成分股为寒武纪、海 ...

| | 图形式值名市 | 1. 9. 2011 027 (1) = | 大庆元后来 (多粒寸角制图) | 中方法分析 【光源机】, 超风 .. | 本在文章書 | 高切电波电 | The First of the | | --- | --- | --- | --- | --- | --- | --- | --- | | 图书记 | 书馆书馆出 350152 SH | 20 2014 | 1551% | 085 | 033 | 0.44% | さ | | 新闻 - 新闻 207-2189 11 | 新闻 - 国际网站 50125SH | 055 | 095 | 11.01% | 2271% | 3.07% | 0% | | | 本保成片 (006853H | KIBOS | 6 90% | 1 7,5555 | 4,05% | 15,57% | 0.42% | | | THEATH SAOUTT 52 | 46.47% | 2.64% | 1 7.7335 | 1.833% | 1 8 5 86 | રજસ્ત્ર | | | 芯片产业 H80007. CSI | 50.064 | 5-1744 | 16.51 ...

Core Viewpoint - Moore Threads has successfully launched its IPO on the Sci-Tech Innovation Board, with an issue price of 114.28 yuan per share, resulting in a post-issue market capitalization of approximately 53.7 billion yuan, marking it as the largest IPO project on the Sci-Tech Innovation Board since 2025 [2][3][4]. Group 1: Financial Performance - The company achieved significant revenue growth, with 7.02 billion yuan in revenue for the first half of 2025, up from 4.38 billion yuan in 2024 and just over 40 million yuan in 2022 [6][12]. - Despite the rapid revenue increase, the company has incurred substantial losses, totaling 5.486 billion yuan over the past three and a half years, necessitating the 8 billion yuan raised from the IPO to support ongoing high-intensity technology iterations and to address liquidity needs [3][8]. - The company reported a net cash flow from operating activities of -1.164 billion yuan for the first half of 2025, leading to increased short-term borrowings from 0 at the end of 2022 to 1.217 billion yuan by mid-2025 [8][9]. Group 2: Customer Structure and Market Position - Moore Threads has a highly concentrated customer base, with the top five customers accounting for 98.29% of revenue in the first half of 2025, primarily from large B-end clients such as telecom operators and intelligent computing centers [11][12]. - The company’s revenue structure indicates that it earns not only from selling graphics cards but also from integrated computing devices, with significant contributions from major clients [7][12]. Group 3: Research and Development - The company has invested heavily in R&D, with cumulative expenditures reaching 3.81 billion yuan from 2022 to 2024, which exceeds its revenue during the same period [8]. - The company aims to achieve profitability by 2027, projecting revenues of 5.983 billion yuan and a gross margin of 61%, although this includes approximately 307 million yuan in government subsidies [14][15][16]. Group 4: Technology and Market Outlook - The founder emphasized the competitive advantages of the MUSA architecture, which integrates GPU hardware and software, offering superior versatility and market adaptability compared to other technologies like ASIC and GPGPU [18][20]. - The GPU market is expected to grow significantly, with forecasts predicting the Chinese GPU market to reach 1.363 trillion yuan by 2029, driven by increasing demand across various applications [28][30]. - The company plans to focus on six key areas for future development in computing services, including deep integration of hardware and software, expansion into international markets, and sustainable development initiatives [30][31]. Group 5: Market Valuation - At the IPO price of 114.28 yuan, Moore Threads has a market valuation exceeding 53.7 billion yuan, corresponding to a static price-to-sales ratio of 122.51 for 2024, raising questions about whether this valuation is sustainable [32]. - The funds raised from the IPO will primarily be allocated to three R&D projects: next-generation AI training and inference chips, new graphics chips, and AI SoC chips [32].

Group 1 - The core point of the article is the management reshuffle at Huida Technology, with Liu Yuping resigning as president and Ye Jinchun appointed as the new president, effective immediately after the board's approval [1][3] - Ye Jinchun has been with Huida Technology since 2007, holding various positions that demonstrate his technical and business expertise, which is expected to enhance the company's strategic planning and product development [3][4] - Liu Yuping will continue to play a significant role in the company as the assistant to the CEO, focusing on major operational matters, which is seen as a move to maintain stability within the core management team [3][4] Group 2 - For the first three quarters of 2025, Huida Technology reported a revenue of 3.521 billion yuan and a net profit of 677 million yuan, indicating a solid financial performance [4] - The company has established a strong customer base in the fields of human-computer interaction and IoT chip design, particularly in fingerprint recognition and touch control markets [4] - The appointment of a familiar executive from within the company is expected to improve the response speed in new product development, technology iteration, and market expansion amid increasing industry competition [4]

Core Viewpoint - The company, Moer Thread, has set its IPO price at 114.28 yuan per share, with a total issuance of 70 million shares, aiming to raise approximately 8 billion yuan [1]. Summary by Sections IPO Details - The online and offline subscription for Moer Thread will commence on November 24, 2025, with the subscription code 787795 [1][5]. - The maximum subscription requires a market value of 110,000 yuan in Shanghai, with a theoretical winning rate of only about 0.04%, indicating a need for approximately 12.5 million yuan in market value to secure 500 shares [1][6]. Subscription Mechanics - Investors must have opened the Sci-Tech Innovation Board trading permissions and also the Sci-Tech Growth Layer permissions due to the company's current unprofitability [6]. - The subscription quantity must be in multiples of 500 shares, with a maximum of 11,000 shares for top-tier subscriptions, requiring a market value of 110,000 yuan [8]. Market Interest and Allocation - The initial strategic allocation is 14 million shares, accounting for 20% of the total issuance, with only 1.12 million shares available for public investors, leading to a very low winning rate [11][13]. - If the subscription exceeds 100 times, a mechanism will be activated to increase the online issuance by 560,000 shares [12][13]. Company Performance - Moer Thread, established in 2020, has shown significant revenue growth, with revenues increasing from 46.09 million yuan in 2022 to 438 million yuan in 2024, representing a compound annual growth rate of 208.44% [17]. - The company has not yet achieved profitability, with net losses of 1.894 billion yuan in 2022, 1.703 billion yuan in 2023, and 1.618 billion yuan in 2024 [19][20]. Fundraising Purpose and Valuation - The IPO aims to raise 8 billion yuan, with net proceeds expected to be around 7.576 billion yuan after deducting issuance costs [22]. - The high issuance price reflects market expectations regarding the company's future growth potential and scarcity, as it is currently unprofitable [22].