阿里巴巴资本开支大超预期，显示AI算力需求强劲，国产算力链又迎重磅催化。公开信息显示，云计 算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器件、 算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合计费 率最低的ETF。 （文章来源：每日经济新闻） 华泰证券指出，阿里Q2资本开支投入超出市场预期，国内互联网厂商资本开支增长已从Q2起呈现拐点 （市场此前预期需到Q3以后），下半年或维持高增趋势，建议关注国产算力链投资机会，板块包括交 换机、光模块、AIDC、液冷等。下半年随着国产GPU放量，国产算力链或迎来新一轮催化。中银国际 表示，阿里等国产云厂商的旺盛需求可能将转向国产算力，这对于国产算力景气度是重要催化，IDC、 算力租赁等产业链环节也有望受益。 9月2日午后，A股整体震荡下行，消费电子、算力、军工、信创等方向领跌，CPO光模块、高速铜连接 等概念板块重挫。近期，热度较高的云计算50ETF（516630）大幅回调，一度跌近6%，持仓个股多数 下跌，一度仅数据港、奇安信上涨，新易盛、润泽科技、拓维信息、润和 ...

Group 1 - The national electricity market is accelerating, with significant benefits expected for equipment manufacturers in the ultra-high voltage sector [1] - It is anticipated that 5-6 ultra-high voltage direct current lines, 3-4 ultra-high voltage alternating current lines, and 5-6 back-to-back projects will be approved within the year [1] - During the 14th Five-Year Plan period, an average of 6-7 ultra-high voltage projects is expected to commence annually, leading to a substantial increase in orders for core equipment manufacturers [1] Group 2 - The report emphasizes the importance of focusing on investment opportunities in "AI + overseas expansion + satellites" in the medium to long term [2] - Key areas of interest include AI core directions such as optical modules and devices, as well as liquid cooling technologies [2] - The domestic recovery of the marine cable industry and favorable overseas expansion opportunities are highlighted, with a recommendation to actively monitor leading marine cable manufacturers [2] Group 3 - The white liquor industry is expected to show signs of improvement in performance starting from the third quarter of 2025, following a narrowing decline in sales during the recent Spring Festival [3] - Major white liquor companies are enhancing shareholder returns through increased dividends, buybacks, and shareholdings, which adds to investment safety margins [3] - Anticipated consumer stimulus policies and macroeconomic recovery are expected to support continued investment in leading liquor brands [3]