15日早盘，AI题材集体回调，创业板人工智能早盘下探逾3%。其中，利空突袭，AI应用概念股纷纷大跌，8天翻倍大牛股易点天下停牌核查，易华录跌停， 蓝色光标、拓尔思大跌超10%。但算力方向局部活跃，兆龙互连、联特科技等多股涨超5%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内价格大跌3%，成交额超5亿元，资金继续进场抢筹，实时净申购1.4亿份，此 前3日已累计加码9.7亿元。 | | 多日 1分 5分 - | | | | | 19 益則溫后 肇加 九转 圖线 上具 (2) > | | | | | | 印度版人 智能ETP | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1.63 | | | 159363[创业板人工智能ETF华宝] 11:02 价 1.088 涨跌 | | | -0.036(-3.20%) | | 1.088 | -0.036 -3.20% SZSE CNY 11:02:12 交易中 查看L2全导 | | | | 159 ...

15日早盘，AI题材集体回调，创业板人工智能早盘下探逾3%。其中，利空突袭，AI应用概念股纷纷大 跌，8天翻倍大牛股易点天下停牌核查，易华录跌停，蓝色光标、拓尔思大跌超10%。但算力方向局部 活跃，兆龙互连、联特科技等多股涨超5%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内价格大跌3%，成交额超5 亿元，资金继续进场抢筹，实时净申购1.4亿份，此前3日已累计加码9.7亿元。 立足当下，创业板人工智能板块仍有多重催化：AI应用加速商业化，有望持续兑现；算力板块同步迎 来价值重估：IDC受益于需求复苏与估值修复，光模块产能释放驱动业绩增长。AI与算力产业正进入协 同发展新阶段，创业板人工智能配置价值凸显。 当前AI产业动态密集，海外xAI、Anthropic陆续融资，国内"人工智能+制造政策"推出，智谱和MiniMax 上市大涨，后续DeepSeek-V4推出有望引发新一轮AI应用热潮。中信建投表示，随着模型能力不断提 升，尤其是推理与长窗口成本的显著下降，AI下游应用场景正加速进入商业化验证阶段。* IDC（数据中心）这一低位算力板块明显异动，有望迎重新定价。国盛证券 ...

Market Overview - China's blue-chip CSI300 Index increased by 2.3%, reaching its highest level since March 2022, while the Shanghai Composite Index rose by 1.7% [6] - The STAR50 Index, which focuses on technology and artificial intelligence stocks, has gained 34% year-to-date, indicating strong market performance in these sectors [6] AI and Technology Sector - Onshore AI shares experienced a significant jump of 6.8%, marking the largest single-day gain since October 18, 2024, with Cambricon Technologies leading the surge at 9% [6] - Shares of optical module companies Zhongji Innolight and Eoptolink Technology rose by 14% and 13%, respectively, reflecting investor confidence in the optical technology segment [6] Biotech Sector - Biotech shares faced initial declines due to reports of potential U.S. restrictions on Chinese drug imports, but losses were mitigated by market close, with the CSI Brand Name Drug Index down only 0.8% [4][6] - Analysts from Orient Securities suggested that the proposed draft targeting Chinese innovative drugs is unlikely to be effectively implemented, citing challenges in patient access to treatments [5][6] Hong Kong Market - Technology shares in Hong Kong opened lower but stabilized by market close, with Alibaba's stock slightly increasing after announcing plans to raise $3.2 billion through a zero-coupon convertible bond [5][6] Agriculture Sector - Shares of pig producers, particularly Muyuan, rose by 5.6% following reports that the Chinese government is engaging with major pig breeders to discuss production cuts [6]

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses the **China/Hong Kong equity market**, focusing on the **MXCN** and **CSI300** indices, along with sector performance and macroeconomic forecasts. Core Insights and Arguments 1. **Investment Thesis**: MXCN and CSI300 have returned **27%** and **17%** YTD in USD terms. The narrative has shifted towards stabilizing geopolitical tensions and strong themes in AI, biotech, and new consumption, despite weak macro trends [5][6][15]. 2. **Earnings Performance**: As of August 30, 2025, **98.3%** of MXCN index market cap reported 2Q25 results, showing a **-0.3%** y-y EPS decline, while CSI300 reported a **+3.1%** y-y EPS increase [8][15]. 3. **Market Dynamics**: The onshore equity market is becoming more institutional, with significant inflows from national teams and insurance money, while retail investors are catching up with inflows [7][15]. 4. **Sector Performance**: Materials, IT, and Consumer Staples sectors showed strong returns, while Real Estate, Energy, and Utilities lagged [12][16]. 5. **Consensus EPS Growth**: Consensus estimates for MXCN's 2025/2026 EPS growth are **4.8%** and **12.6%**, while CSI300's are **14.4%** and **13.2%** [8][15]. Additional Important Content 1. **Market Calls**: Short-term preferred sectors include Media & Entertainment, E-Commerce, and Materials, while Utilities remain underweight [9][41]. 2. **Macro Forecasts**: The forecast for China's GDP growth is **4.7%** for 3Q25, with a slight downward adjustment from previous estimates [19][20]. 3. **Index Targets**: The 2025 target for MXCN is set at **HK$82**, with a potential upside of **8%** in a bull case scenario [22]. The CSI300 target is **Rmb4,497**, indicating a downside risk of **8%** [25]. 4. **Inflation and Interest Rates**: Consensus CPI forecasts for China indicate low inflation, with expectations of **0.0%** in 3Q25, while the DXY is projected to decline [21][19]. 5. **Flow Trends**: China attracted significant net inflows, reaching **US$8.4 billion** over the past six months, reversing previous outflows [17]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and outlook of the China/Hong Kong equity market.

Core Viewpoint - The computing power sector has experienced a significant surge, becoming one of the most attractive investment themes in the A-share market, particularly driven by AI chips, AI servers, optical modules, and liquid cooling technologies [1][4]. Group 1: Market Performance - The computing power sector saw multiple stocks with market capitalizations exceeding 100 billion reach new highs, including Cambricon, Industrial Fulian, and leading optical module companies like Zhongji Xuchuang and Xinyi Sheng [1]. - On August 13, the optical module index rose by 6.24%, while the copper industry index increased by 4.84%, indicating strong market interest in these sectors [2]. - Cambricon's stock price reached a peak of 868 CNY, closing at 860 CNY with a market cap of 359.8 billion CNY, reflecting investor enthusiasm despite rumors being denied [4]. Group 2: Key Drivers - Four main factors are driving the surge in the computing power sector: 1. Nvidia's potential easing of sales policies to China, which has injected confidence into the sector [7]. 2. Explosive growth in capital expenditures from North American cloud providers, with a total of 159.384 billion USD expected in the first half of 2025, a 24.4% year-on-year increase [8]. 3. The release of major AI models, such as OpenAI's GPT-5, which has significantly increased demand for computing power [8][9]. 4. Breakthroughs in the domestic computing power supply chain, with companies like Huawei and domestic liquid cooling firms achieving significant technological advancements [9]. Group 3: Sector Trends - The liquid cooling market is projected to exceed 200 billion CNY by 2025, with a current global market size surpassing 50 billion CNY, and China accounting for 35% of this market [6]. - The shift from air cooling to liquid cooling systems is becoming increasingly clear, driven by the need for efficient cooling solutions for high-power chips [6]. - Analysts predict substantial growth in earnings for several companies in the computing power hardware sector, with projected profit increases of up to 1479% for Huafeng Technology and 897% for Hailanxin [9].