Group 1 - The core viewpoint of the article highlights the significant divergence in market performance between traditional value stocks ("老登股") and emerging technology stocks ("小登股") in the current investment landscape [8][9][10] - The term "老登股" refers to established sectors such as liquor, real estate, and coal, while "小登股" encompasses high-growth areas like AI, computing, and semiconductors [4][9] - As of September 25, 2023, the performance of various sectors shows a stark contrast, with communication and electronic sectors rising by 67.91% and 53.58% respectively, while traditional sectors like coal and food & beverage have declined by 6.70% and 5.64% [5] Group 2 - The article discusses the rise of various ETFs, with the Hong Kong Innovation Drug ETF and Communication ETF both exceeding 100% growth year-to-date, indicating strong investor interest in innovative sectors [5][6] - The commentary from industry experts suggests a shift in investment strategies, emphasizing the need to focus on high-tech sectors for future growth, as traditional sectors may not sustain long-term market leadership [11][12] - The ongoing market dynamics reflect a fundamental change in investor sentiment, with a growing preference for technology-driven investments over traditional value stocks [10][12]

本文来自格隆汇专栏：虎嗅，作者：董必政 随着股市持续上涨，大A"恐高症"来了。 说到当下的A股，"易中天"（新易胜、中际旭创、天孚通信）、"纪连海"（寒武纪、工业富联、海光信息）均属于AI算力概念股，因涨幅巨大 而被股民津津乐道。他们会调侃："易中天"调整，"纪连海"接下所有。 其中，新易胜、中际旭创、天孚通信自2025年以来分别上涨了320%、231%、174%；寒武纪、工业富联、海光信息自2025年分别上涨了 118%、182%、63%。 就在"易中天"屡创新高之际，知名金融机构摩根士丹利开始看空了。 摩根士丹利认为，光模块行业的基本面利好已基本反应在股价中。 新易盛和天孚通信的估值已飙升至历史+1标准差以上。其中， 新易盛的前 瞻市盈率从年初的8倍跃升至20倍，中际旭创也从14倍涨到24倍。 摩根士丹利对多只光模块相关股票进行了评级调整，将新易盛、天孚通信的评级下调至减持。 打个比方：GPU是"一秒能削100个苹果的顶级厨师"，而带宽瓶颈就是"每秒只能递1个苹果的服务员"——厨师再厉害，也只能站在原地等苹 果，一身本事全白费。 而光模块的作用，就是把"服务员"换成"每秒能递200个苹果的自动传菜机"，让 ...

随着股市持续上涨，大A"恐高症"来了。 说到当下的A股，"易中天"（新易胜、中际旭创、天孚通信）、"纪连海"（寒武纪、工业富联、海光 信息）均属于AI算力概念股，因涨幅巨大而被股民津津乐道。他们会调侃："易中天"调整，"纪连 海"接下所有。 其中，新易胜、中际旭创、天孚通信自2025年以来分别上涨了320%、231%、174%；寒武纪、工业 富联、海光信息自2025年分别上涨了118%、182%、63%。 出品 | 妙投APP 作者 | 董必政 编辑 | 关雪菁 头图 | 视觉中国 （图片来源：雪球） 就在"易中天"屡创新高之际，知名金融机构摩根士丹利开始看空了。 摩根士丹利认为，光模块行业的基本面利好已基本反应在股价中。 新易盛和天孚通信的估值已飙升 至历史+1标准差以上。其中， 新易盛的前瞻市盈率从年初的8倍跃升至20倍，中际旭创也从14倍涨 到24倍。 摩根士丹利对多只光模块相关股票进行了评级调整，将新易盛、天孚通信的评级下调至减持。 所以，"易中天"们到底是有泡沫还是被低估？面对这样的高位股，投资者又该如何应对呢？ 妙投认为，判断"易中天"为代表的光模块是否存在泡沫，要从行业趋势、业绩表现、流动性、宏 ...

Market Overview - The three major A-share indices showed mixed performance, with the Shanghai Composite Index down 0.01% at 3853.30 points, while the Shenzhen Component Index rose 0.67% to 13445.90 points, and the ChiNext Index increased by 1.58% to 3235.76 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 23.711 billion, an increase of 44.3 billion compared to the previous day [1] Sector Performance - The majority of industry sectors experienced declines, with notable gains in new energy, energy metals, and wind power equipment sectors, while precious metals, shipping ports, jewelry, gas, engineering machinery, and automotive services sectors saw significant declines [1] - The communication ETF (515880) rose by 2.32%, while the AI ETF (159388) increased by 2.50%, indicating strong performance in the AI and communication sectors [3] AI and Communication Developments - Alibaba announced significant advancements in AI, including a partnership with NVIDIA for Physical AI and the launch of seven large model products, with a commitment to invest 380 billion in AI infrastructure [4] - The communication ETF, which has a 50% allocation to optical modules, has gained over 103% year-to-date, highlighting its strong market performance [5][6] New Energy Sector Insights - The leading company in the new energy sector, CATL, reached a historical high in market capitalization, surpassing Kweichow Moutai, marking a significant shift in the capital market [7] - The solid-state battery technology is expected to see rapid development, with companies like EVE Energy planning to achieve mass production of solid-state batteries by the end of the year [7][8] - Recent government policies have emphasized the importance of solid-state battery technology, further accelerating its commercialization and attracting capital interest [7][8]

1、资本开支催化：北美方面，结合各家厂商定性与定量指引，机构预计北美四大CSP（云厂商）2026 年合计资本开支为4613亿美元，同比2025年+20%；国内方面，阿里巴巴近期在云栖大会上表示，将积 极推进3800亿的AI基础设施建设，到2032年阿里云全球数据中心的能耗规模将提升10倍。 2、AI商业闭环初现：从海外看，Google、Oracle等海外厂商逐步实现AI应用商业闭环，推理需求爆发 +资本开支长期展望乐观背景下，算力基础设施投入进一步释放，成长趋势持续向好，光模块相关公司 有望深度受益。 周四（9月25日），创业板续创3年多新高，人工智能赛道带头冲锋，创业板人工智能指数收涨2.5%直 逼前高！算力+AI应用双双活跃，成份股大面积飘红。算力方面，光模块龙头新易盛领涨超6%，润泽科 技、光环新网、中际旭创等多股跟涨超2%；AI应用，芒果超媒、昆仑万维领涨超7%，拓尔思、易点天 下、华策影视等跟涨。 热门ETF方面，同类规模最大、流动性突出的创业板人工智能ETF（159363）开盘一度下探2%，随后快 速逆转反弹，场内收涨2.49%逼近前期高点，日线连涨五日！全天放量成交超17亿元，量能环比翻倍激 增 ...

Group 1 - The market experienced a volatile upward trend on September 25, with the ChiNext Index rising 2.22%, reaching a three-year high [1] - Leading lithium battery manufacturer CATL saw its A-shares rise nearly 5% and H-shares over 4%, with a total market capitalization exceeding 1.82 trillion yuan, surpassing Kweichow Moutai's 1.80 trillion yuan [1] - The Tianhong ChiNext ETF (159977) was actively traded, increasing by 2.06% with a transaction volume exceeding 233 million yuan [1] Group 2 - CITIC Securities forecasts that the AI innovation trend will continue into the second half of 2025, accelerating growth in the industry chain [2] - Industrial growth in the optical module sector is expected to maintain high year-on-year increases due to ongoing AI demand and advancements in silicon photonics technology [2] - Dongguan Securities notes that the A-share market is showing a steady upward trend, with technology growth sectors performing well, and anticipates new investment opportunities emerging post-holiday [2]

Group 1 - The AI industry chain continues to show strong performance, with the "AI Twins" ETFs experiencing significant gains, including the ChiNext AI ETF (159363) rising over 4% and the Sci-Tech AI ETF (589520) increasing over 2% [1] - CITIC Securities predicts that the AI mainline innovation will accelerate in the second half of 2025, driving growth in the industry and suggesting continued investment in the "AI mainline" focusing on AI applications and computing power sectors [1] - Industrial revenue and profits in the optical module and related supply chain are expected to maintain high year-on-year growth due to the ongoing demand for AI and advancements in silicon photonics technology [1] Group 2 - The ChiNext AI ETF (159363) has over 70% of its portfolio allocated to computing power and more than 20% to AI applications, with a focus on leading optical module company "Yizhongtian," which constitutes over 51% of its holdings [2] - As of September 23, the ChiNext AI ETF (159363) has a total scale exceeding 4.5 billion, with an average daily trading volume of over 1.1 billion in the past month, ranking first among six ETFs tracking the ChiNext AI index [2] - The Sci-Tech AI ETF (589520) emphasizes domestic AI industry chains with strong domestic substitution characteristics, having over 71.66% of its top ten holdings concentrated in semiconductor-related sectors, indicating a strong offensive potential [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext Composite Index, which has reached a nearly 10-year high, with a cumulative increase of over 101% since September 2022 [3] - The ChiNext Composite Index is seen as a key player in China's emerging industries, with high valuation attractiveness, making it a potential core stage for new capital inflows [3] - The index covers high-growth sectors such as renewable energy, pharmaceuticals, AI, and semiconductors, making it an ideal target for diversified investment in technology growth [3][5] Group 2 - The ChiNext Enhanced ETF Huabao (159292) has advantages including exposure to high-growth sectors, with the top five industries being power equipment, electronics, biomedicine, computers, and communications, accounting for 64.5% of the index [5][6] - The ChiNext Composite Index has outperformed mainstream broad-based indices in recent bull markets, indicating its role as a market leader [6] - The ETF allows for lower investment thresholds compared to direct stock investments, making it accessible for investors starting with as little as 100 yuan [6]

Group 1 - The "computing power + AI applications" sector is experiencing a significant rebound, with the ChiNext AI index rising nearly 3% and several constituent stocks seeing gains of over 5% [1] - Among the notable performers, Kunlun Wanwei surged over 18%, while other companies like Wanxing Technology, Runze Technology, and others also saw increases exceeding 5% [1] - The largest and most liquid ChiNext AI ETF (159363) experienced a price drop of 2% before quickly rebounding over 3%, with a trading volume close to 600 million CNY [1] Group 2 - Alibaba announced plans to invest 380 billion CNY in AI infrastructure, aiming to increase the energy consumption of its global data centers by tenfold by 2032 [2] - Alibaba also launched Qwen3-Max, its largest and most powerful AI model to date, which currently ranks third on the LMArena text leaderboard, surpassing GPT-5-Chat [2] - CITIC Securities predicts continued innovation in the AI sector into the second half of 2025, driving growth across the industry [3] Group 3 - Industrial growth in the optical module and related supply chain is expected to maintain high year-on-year growth due to ongoing AI demand and advancements in silicon photonics technology [3] - The first ChiNext AI ETF (159363) has over 45 billion CNY in assets and an average daily trading volume exceeding 1.1 billion CNY, leading among six ETFs tracking the ChiNext AI index [3]

谷歌链未来值得高度重视。谷歌不仅可以对外开放其 TPU，同时微软、 OpenAI、Meta 甚至苹果都有意愿采购谷歌 TPU。谷歌在大模型方面实力强劲， Q&A AI 在当前市场中的发展趋势如何？尤其是三季度的业绩预期？ AI 目前进入了一个再进攻的状态。此前经历了一段时间的震荡，现在正值三季 报窗口期，预计会像二季度一样出现板块性全面超预期的情况。例如，工业富 联在业绩预告中表现领先，随后互电等公司创新一胜天符。在三季度，GB200 和低价产品拉货量非常大，包括谷歌 TPU 的拉货量也很可观。因此，对于一线 龙头标如易中天、PCB 领域中的沪电、胜宏、深南等公司的同比业绩非常值得 期待。此外，Oracle、英伟达、CPX 以及英伟达投资 OpenAI 等事件密集发生， 对市场产生了很大的催化作用。龙头标如旭创，其合理估值在 20 倍以上，如 果牛市持续，其估值可能达到 30 倍甚至更高。 谷歌链和其他科技巨头在 AI 领域的发展前景如何？ Al 之光一新架构.新技术.新时代：光模块更新 20250923 摘要 三季度 GB200 和低价产品拉货量巨大，谷歌 TPU 需求可观，预计易中 天、沪电、胜宏、深南等 ...