交银国际展望2026年表示，人工智能超级周期或继续，"十五五"科技替代或加速。 本轮人工智能 带来的技术进步浪潮范围大，影响深远且牵涉产业链环节众多。我们认为 AI 基础设施建设至少在 2026 年或继续强劲增长。 资料显示，创业板人工智能ETF华夏（159381）跟踪指数"创业板人工智能指数"，光模块CPO权重 占比56.7%，同时覆盖国产软件+AI应用企业，具备较高弹性。其中前三大权重股为中际旭创 （26.62%）、新易盛（19.35%）、天孚通信（5.05%）。场内综合费率仅0.20%，位居同类最低。场外 联接（A类：025505；C类：025506）。 12月12日早盘，AI科技板块再度活跃，光模块CPO概念强势领涨，德科立涨超10%，联特科技、源 杰科技、新易盛、剑桥科技等多股走强。截至9点35分，光模块CPO概念股权重占比超56%且同类费率 最低的创业板人工智能ETF华夏（159381）涨超1%。近3日，该ETF获得连续资金净流入，合计"吸 金"1.73亿元。 12月10日至11日，中央经济工作会议在北京举行，为明年经济工作指明方向。业内认为，新旧动能 交替仍将是2026年的主要线索，科技板块如A ...

Core Viewpoint - The strong performance of the A-share technology sector, particularly in AI and computing power stocks, is driven by Nvidia's better-than-expected financial results, indicating a high demand for AI computing power and a robust growth trajectory in the AI ecosystem [1][2]. Group 1: Nvidia's Financial Performance - Nvidia reported Q3 revenue of $57.01 billion, exceeding market expectations of $55.19 billion [1] - Data center revenue reached $51.2 billion, surpassing the anticipated $49.34 billion [1] - Nvidia's adjusted earnings per share were $1.30, above the expected $1.25 [1] - The company forecasts Q4 revenue of approximately $65 billion, higher than the analyst expectation of $61.66 billion [1] Group 2: AI Ecosystem and Market Dynamics - Nvidia's CEO highlighted the exceptional sales of Blackwell and noted that cloud GPUs are sold out, indicating strong demand [2] - Goldman Sachs reported that computing demand is accelerating in both training and inference, suggesting exponential growth in these areas [2] - The AI ecosystem is rapidly expanding, with more foundational model manufacturers and AI startups emerging across various industries and countries [2] Group 3: Investment Opportunities in ETFs - The Huaxia AI ETF (159381) tracks the AI index and has a significant allocation to CPO concept stocks, providing high elasticity [3] - The 5G Communication ETF (515050) focuses on the 5G communication theme and has a scale exceeding 9 billion [3] - The Cloud Computing 50 ETF (516630) tracks a cloud computing index with a high AI computing power content, covering various hot concepts in computing power [3]

Group 1 - The AI computing hardware sector experienced a majority pullback, with semiconductor equipment, lithography machines, memory, and optical module CPOs leading the adjustments, as the AI index focusing on optical module CPO and cloud computing fell by 1.41% [1] - Despite the overall decline, several component stocks such as Runze Technology, Jinxinno, Shenzhou Taiyue, Ruijie Networks, and others showed resilience and gained strength [1] - The Huaxia ETF (159381), which tracks the AI index, saw a rapid transaction volume exceeding 565 million yuan, indicating active capital allocation, with a net inflow of over 120 million yuan in the past 20 trading days [1] Group 2 - The optical module and PCB sectors, representing the upstream computing power supply chain, have been exporting significantly to overseas tech companies like Nvidia and Microsoft, with the proportion of overseas revenue steadily increasing [1] - As domestic computing power accelerates, demand growth is expected to rise, supported by the continuous upgrade of capital expenditures by North American giants and ongoing technological iterations within the industry [1] - The market's positive outlook on the A-share North American computing power supply chain has been bolstered, leading to sustained performance in the North American computing power market [1]

Core Insights - The A-share market experienced a decline, with all three major indices dropping over 1%, while the AI computing and technology sectors initially opened strong but followed the overall market trend downwards [1] - Nvidia and OpenAI announced a strategic partnership to build and deploy at least 10 gigawatts of AI data centers, which will involve an investment of up to $100 billion from Nvidia [1] - The AI computing industry is expected to continue its growth trajectory, with significant performance releases anticipated in the coming years, indicating a high level of industry vitality and visibility [2] Market Performance - The AI computing sector, particularly the light module CPO concept stocks, saw significant declines, with the ChiNext AI index dropping over 2% and individual stocks like Guangku Technology falling nearly 8% [1] - The trading volume for popular ETFs was high, with the lowest fee ChiNext AI ETF (159381) exceeding 170 million yuan in trading volume, and the largest 5G communication ETF (515050) surpassing 900 million yuan [1] Industry Outlook - The capital expenditure for computing power remains in a high growth phase, with the domestic market accelerating in line with global AI development [2] - Nvidia is expected to continue upgrading its GPU capabilities, and North American cloud computing giants are increasing their investments, which will benefit companies closely related to the overseas AI industry chain [2] - By 2025, the AI computing industry chain is projected to accelerate further, driven by evolving demand in inference, creating broader growth opportunities [2] ETF Selection - The ChiNext AI ETF (159381) tracks the ChiNext AI index, with over 50% weight in light module CPO stocks, and has a low fee rate of 0.20% [3] - The 5G communication ETF (515050) focuses on the Nvidia, Apple, and Huawei supply chains, with a weight of 38% in light module CPO stocks and 14% in PCB circuit board stocks [3]

Core Viewpoint - The launch of the CSI A500 Index, referred to as the "Chinese version of the S&P 500," has garnered significant attention in the capital market, marking a historic transformation in the A-share market from a low point to a peak in 2024 [2][4]. Market Performance and Trends - The A-share market experienced a remarkable turnaround in 2024, driven by a series of unexpected policy measures, including interest rate cuts and support tools for the stock market, leading to a rapid recovery and significant index gains [4]. - The CSI A500 Index recorded a cumulative increase of 47.76%, outperforming major indices such as the CSI 300 (+42.17%) and the Shanghai Composite Index (+41.64%) during the same period [4]. - The number of new A-share investors reached 6.8468 million in October 2024, and the margin financing balance exceeded 2 trillion yuan in August 2025, indicating strong market participation [4]. ETF Development - The A500 ETF (512050) has attracted over 12 billion yuan since its launch, highlighting the growing interest in this index fund [5]. Valuation and Market Sentiment - As of September 17, 2024, the PB ratio of the CSI A500 Index was 1.69, placing it at the 39.7% historical percentile, suggesting it is not overvalued despite the market's upward trend [6]. - The current market phase is characterized as a "bull market not afraid to wait," indicating potential for future upward momentum despite short-term fluctuations [7]. Fundamental, Policy, and Financial Factors - The manufacturing PMI in August 2025 showed a slight recovery to 49.4%, and the PPI's negative growth rate improved, reflecting the effectiveness of recent policies aimed at economic stabilization [8]. - The fourth quarter is crucial for the implementation of the 14th Five-Year Plan, with policies focused on consumption, AI, and anti-involution being rolled out to support economic growth [9]. - There is a notable trend of increased leverage in the stock market, with non-bank deposits reaching a historical high, indicating a strong influx of funds into equities [9]. Index Composition and Characteristics - The CSI A500 Index features a balanced industry representation with a higher weight in emerging sectors compared to the CSI 300, focusing on industry leaders and a broader market capitalization distribution [11]. - The index aligns well with current market trends, with significant weights in high-growth sectors such as AI, power equipment, and pharmaceuticals, which are expected to benefit from ongoing market dynamics [11]. - The selection criteria for the CSI A500 Index prioritize innovative companies in high-growth sectors, capturing rapid industry growth and generating stronger alpha [11]. Conclusion - The CSI A500 Index has emerged as a significant player in the market, reflecting a new narrative in the investment landscape as it approaches its one-year anniversary [13].

Group 1 - The A-share market showed a recovery in sentiment on September 5, with strong performances in sectors such as new energy and optical module CPO [1] - The A500 ETF fund (512050) tracking the CSI A500 index rose by 1.47%, with a trading volume exceeding 4 billion yuan, leading its category [1] - Key stocks like Tianhua New Energy hit the daily limit, while others such as Xian Dao Intelligent, Jinlang Technology, and Jing Sheng Machinery saw increases of over 10% [1] Group 2 - Recent market volatility is viewed as a necessary adjustment within a "healthy bull" environment, allowing for digestion of previous rapid gains and structural differentiation [1] - The core logic supporting the current market trend remains unchanged, indicating that the overall upward direction of the index is still intact, with a focus on structural over timing considerations [1] - The new generation core A500 ETF (512050) aids investors in capturing market opportunities by providing a one-click access to core A-share assets, covering all 35 sub-industries [1]

Core Viewpoint - The A-shares market is experiencing a strong upward trend, with the CSI A500 index rising significantly, driven by the technology sector and specific stocks reaching their daily limit [1][4]. Group 1: Market Performance - As of August 22, 2025, the Shanghai Composite Index has surpassed 3800 points, marking a new high for the period [1]. - The CSI A500 index has increased by 1.73%, with notable performances from stocks such as Kunlun Wanwei and Haiguang Information, which hit the daily limit, and Cambrian Technology, which rose by 17.38% [1]. - The A500 ETF managed by Jiashi has seen a rise of 1.74%, achieving three consecutive days of gains [1]. Group 2: Liquidity and Trading Activity - The A500 ETF Jiashi recorded a turnover rate of 25.28% during the trading session, with a total transaction volume of 3.209 billion yuan, indicating active market trading [4]. - Over the past week, the average daily trading volume for the A500 ETF Jiashi was 3.372 billion yuan [4]. - The latest scale of the A500 ETF Jiashi has reached 12.549 billion yuan [4]. Group 3: Performance Metrics - As of August 21, 2025, the A500 ETF Jiashi has seen a net value increase of 9.18% over the past six months [4]. - The highest monthly return since inception for the A500 ETF Jiashi was 4.48%, with the longest consecutive monthly gains being three months and the maximum gain during that period being 10.04% [4]. - The A500 ETF Jiashi has outperformed its benchmark with an annualized excess return of 8.21% over the last three months [4]. Group 4: Top Holdings - As of July 31, 2025, the top ten weighted stocks in the CSI A500 index include Kweichow Moutai, CATL, Ping An Insurance, and others, collectively accounting for 19.83% of the index [4].