Group 1 - The core viewpoint is that the domestic AI industry in China is rapidly catching up, with DeepSeek driving the rise of domestic large models, especially under the backdrop of chip sanctions, which raises higher demands for autonomous and controllable computing power [1] - By 2025, it is anticipated to be the year of commercialization for AI applications, with rapid growth in AI software revenue represented by large models, enhanced richness of vertical scenario agents, and improved multimodal capabilities [1] - Global demand for AI computing power is accelerating, with the combined capital expenditure of four major tech giants on AI expected to exceed $350 billion by 2025 [1] Group 2 - Domestic large models are focusing more on multimodal and lightweight approaches, avoiding excessive pursuit of intelligence levels, and emphasizing commercial implementation [1] - AI hardware is rapidly iterating, with companies like Tesla gradually applying robotaxi fleets and robots in consumer-level scenarios [1] - The financial and advertising sectors are identified as the first areas where AI software is making breakthroughs, with financial institutions actively investing in AI, particularly in research, investment, and risk control as core application scenarios [1] Group 3 - The Xinchuan ETF (159537) tracks the Guozhen Xinchuan Index (CN5075), which selects listed company securities in the information technology innovation theme, covering basic hardware, software, application software, and information security, reflecting the overall performance of growth-oriented and technologically innovative enterprises [1] - The index is primarily distributed in the computer and electronics sectors, focusing on market trends under the themes of technological autonomy and domestic substitution [1]

信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数聚焦于信息技术创新领域，从市 场中选取涉及信息安全、云计算、大数据等细分行业的代表性上市公司证券作为指数样本，以反映信息 技术创新主题相关上市公司证券的整体表现。行业配置上偏向科技和新兴信息技术服务领域。 国金证券指出，信创行业受益于大国竞合及十四五收官项目建设节奏影响，以AI+国产化算力中 心、数据中心为核心建设需求驱动下，中国政府采购网数据显示上半年信创相关中标金额突破1200亿 元，同比激增78%。二季度信创产业链呈现持续稳健向上态势，三季度作为招标采购重要窗口期，相关 产品采购有望加速，国产化软硬件基础设施需求持续旺盛。在政策持续加码支持下，行业整体维持稳健 向上发展态势。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】 ...

Group 1 - The core viewpoint of the article highlights the robust growth of the domestic innovation (信创) industry, driven by government procurement and the "14th Five-Year Plan" project construction, with a significant increase in related bidding amounts [1] - In the first half of the year, the bidding amount for the domestic innovation sector exceeded 120 billion yuan, marking a year-on-year increase of 78% [1] - The second quarter showed a steady upward trend in the domestic innovation industry chain, with the third quarter expected to be a crucial time window for bidding and procurement, indicating a continued strong demand for domestic software and hardware infrastructure [1] Group 2 - The 信创 ETF (159537) tracks the Guozheng Domestic Innovation Index (CN5075), which focuses on the information technology innovation sector, selecting listed companies involved in software development and IT services [1] - The index constituents are characterized by high growth potential and innovation capability, favoring investments in high-tech and growth-oriented securities [1] - Investors without stock accounts can consider the Guotai Guozheng Information Technology Innovation Theme ETF Initiated Link A (020278) and Link C (020279) [1]

Core Insights - The Xinchuang industry has entered a critical phase, with a flourishing domestic ecosystem expected to enhance customer loyalty and profitability [1] - Policy support is intensifying, with Document No. 79 setting a target for 100% replacement of central and state-owned enterprises' technology by 2027, covering hardware, software, operating systems, and middleware [1] - The geopolitical landscape and ongoing trade tensions are accelerating China's push for technological self-reliance, particularly in the Xinchuang sector [1] - The introduction of DeepSeek is expected to accelerate AI applications within the Xinchuang field, providing strong momentum for industry growth [1] - The Xinchuang industry is projected to experience explosive growth by 2025, driven by advancements in domestic operating systems, software penetration, and self-sufficiency in computing power [1] - The Xinchuang ETF tracks the Guozheng Xinchuang Index, which includes representative listed companies in the information technology innovation sector, reflecting the overall performance of domestic tech innovation firms [1] Industry Developments - The Xinchuang industry is witnessing a significant shift due to increasing domestic technological capabilities and policy-driven market expansion [1] - The focus on domestic operating systems and foundational software is becoming more pronounced, with a continuous rise in self-sufficiency in computing power [1] - The Guozheng Xinchuang Index emphasizes growth and innovation within the information technology sector, covering software, hardware, and IT services [1]

Core Viewpoint - The domestic innovation industry is benefiting from national competition and the "14th Five-Year Plan" policies, leading to a strong demand for domestic computing centers, with a steady upward trend observed in Q2 [1] Industry Summary - The sub-sectors of domestic innovation, software outsourcing, and financial IT are expected to show steady growth by 2025 [1] - The industry is currently in a fundamental chaos period, where user willingness to adopt new technologies is increasing, but their payment capabilities remain limited [1] - Investment is primarily driven by risk appetite, indicating a thematic investment phase, but there is potential for a shift towards a more favorable investment environment [1] - As the earnings disclosure period approaches in June and July, attention to the fundamentals is expected to increase [1] - The second half of the year may see better operational performance due to base effects, the implementation of new technologies, and supportive policies [1] Competitive Landscape - The industry faces intensified competition and risks related to technology development falling short of expectations [1] - There is a need to monitor the diversion effects from other technology sectors [1] Index Information - The Guozheng Domestic Innovation Index, tracked by the Domestic Innovation ETF, focuses on the information technology innovation sector [1] - This index includes representative A-shares from industries related to information security, cloud computing, and big data, reflecting the overall performance of listed companies in the information technology innovation field [1] - The constituent stocks cover various sub-sectors, showcasing market trends and development levels in China's information technology innovation sector [1]

Group 1 - The core viewpoint is that the computer industry is expected to experience dual improvements in performance and valuation due to the accelerated recovery of demand and its role as an important component of new productivity [1] - The development potential of the Xinchuang (信创) industry, a significant segment of the computer sector, is noteworthy, but there are concerns regarding the adaptation progress of basic software and hardware to industry client business systems, which could impact the expansion of Xinchuang into business systems [1] - The Xinchuang ETF (code: 159537) tracks the Guozhen Xinchuang Index (code: CN5075), which is compiled by Shenzhen Securities Information Co., Ltd., selecting listed companies in the software development and computer equipment sectors to reflect the overall performance of high-growth and technologically innovative companies in the Xinchuang industry [1] Group 2 - Investors without stock accounts can consider the Guotai Guozhen Information Technology Innovation Theme ETF Initiated Link C (020279) and the Guotai Guozhen Information Technology Innovation Theme ETF Initiated Link A (020278) [1]

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Xinchang ETF managed by E Fund, indicating strong market interest and performance [1] - As of June 9, the Xinchang ETF has reached a new high in scale at 709 million yuan and a total of 590 million shares, reflecting robust growth since its inception [1] - The Xinchang ETF has seen a continuous net inflow of funds totaling 545 million yuan over the past 10 days, showcasing its attractiveness to investors [1] Group 2 - The announcement of a major asset restructuring by Haiguang Information, which plans to issue A-shares to exchange for shares held by all shareholders of Zhongke Shuguang, marks a significant development in the domestic computing sector [1] - The exchange price for the absorbing party is set at 143.46 yuan per share, while the absorbed party's price is 79.26 yuan per share, indicating a strategic valuation in the merger [1] - Tianfeng Securities emphasizes that the ongoing economic negotiations and the focus on self-sufficiency remain a long-term logic, with the Xinchang sector expected to benefit from policy support and technological advancements [1]

Core Viewpoint - The recent performance of the Xinchang 50 ETF (159539) reflects significant investor interest, particularly due to the planned major asset restructuring of key component stocks, Haiguang Information and Zhongke Shuguang, which has led to increased capital inflow and trading activity [1][2]. Group 1: ETF Performance - As of June 6, 2025, the Xinchang 50 ETF (159539) has seen a trading volume of 77.08 million yuan, with a turnover rate of 36.53% [1]. - The ETF has experienced continuous net inflows over the past eight days, with a peak single-day net inflow of 103 million yuan, totaling 225 million yuan [1]. - The latest scale of the Xinchang 50 ETF has reached 301 million yuan, marking a one-year high, with shares totaling 261 million, also a one-year high [1]. Group 2: Index Composition and Market Dynamics - The Xinchang 50 ETF closely tracks the Guozheng Information Technology Innovation Theme Index, covering 50 listed companies in the information technology innovation sector, including hardware, software, and information security [2]. - Haiguang Information and Zhongke Shuguang are the top two weighted stocks in the index, collectively accounting for 13.57% of the total weight [2]. - Recent reports suggest that the integration of Zhongke Shuguang and Haiguang Information will optimize the industry layout and enhance resource allocation across the information industry chain [2]. Group 3: Industry Outlook - The computer information innovation sector in China is expected to benefit from ongoing pilot promotions, with advancements in products transitioning from usable to highly effective [2]. - The AI sector is identified as a new growth direction for information innovation, with significant potential for market expansion from industry to commercial applications [2].

Group 1 - The recent surge in the popularity of the Xinchuang sector is highlighted, with the E Fund Xinchuang ETF (159540) experiencing a continuous rise before a slight pullback today [1] - Analysts emphasize the importance of seizing opportunities from the new wave of artificial intelligence technology and industry revolution, while also focusing on policy-driven opportunities in the short term [1] - The integration of leading computing companies Haiguang Information and Zhongke Shuguang is anticipated to optimize industry layout and enhance the overall resource allocation within the information industry chain [1] Group 2 - The Guozheng Information Technology Innovation Theme Index selects companies from the basic hardware, basic software, application software, and information security sectors to reflect the price changes of securities in the information technology innovation theme [2] - Investors can also access investment opportunities in the Xinchuang sector through the E Fund Guozheng Information Technology Innovation Theme ETF linked fund (A/C: 020403/020404) [2]