Group 1 - The article emphasizes the rapid advancement of artificial intelligence (AI) as a strategic technology leading technological revolutions and industrial transformations, particularly highlighting the development of large language models (LLMs) and their significant breakthroughs over the past decade [5][60]. - The DeepSeek-R1 model, launched in January 2025, has shown competitive performance in various tasks and has rapidly gained user adoption, reaching 1 million users within 14 days and 10 million users in 20 days [8][13][16]. - The Chinese government's commitment to AI development is evident through its "three-step" strategic goals, aiming for significant advancements in AI technology and applications by 2030 [24][25]. Group 2 - The China Securities Artificial Intelligence Industry Index (CSI 931071) was established to reflect the performance of companies providing foundational resources, technology, and application support for AI, selecting 50 representative listed companies based on AI business proportion, growth level, and market capitalization [3][61]. - The index is characterized by its comprehensiveness, growth potential, and purity, focusing on companies with substantial AI revenue and avoiding speculative investments [30][39]. - As of March 21, 2025, the average market capitalization of the index's constituent stocks is 63 billion yuan, with a significant concentration in the computer (47.63%) and electronics (30.79%) sectors [41][62]. Group 3 - The index has demonstrated high growth potential, with a net profit growth rate of 16.41% in 2023 and projected growth rates of 24.24%, 41.10%, and 24.18% for 2024, 2025, and 2026, respectively [48][62]. - The index has shown high elasticity and volatility, with a return of 68.57% since February 2024, outperforming major broad-based indices [51][62]. - The index's top ten holdings account for 48.89% of its total weight, indicating a moderate concentration, with significant representation from semiconductor and computer equipment sectors [46][36]. Group 4 - The Huafu Artificial Intelligence ETF (515980) aims to track the performance of the China Securities Artificial Intelligence Industry Index and was launched on December 24, 2019 [4][63]. - The fund employs an index investment strategy, investing at least 90% of its net asset value in the index's constituent stocks [56][57]. - The fund management team consists of experienced professionals with backgrounds in finance and investment management [58][59].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Big models are entering the AI Agent explosion stage, and Agents may comprehensively drive edge-side intelligence. Human - AI collaboration may transition to the Agent mode, and currently, Agent capabilities are in a stage similar to the transition from GPT3 to ChatGPT, potentially driving edge - side intelligence [2][7]. - More powerful open - source models are emerging, which are expected to trigger an AI application boom. Domestic large models have comparable language abilities to overseas ones, and the inference side has witnessed rapid iteration in 2025. Open - source models are more suitable for enterprise - level applications and may drive an AI application upsurge [2][17]. - The CSI Artificial Intelligence Industry Index selects 50 representative companies as sample stocks, reflecting the overall performance of AI industry companies. It has features such as focusing on AI revenue ratio in component stock selection, scientific weight distribution, balanced industry distribution, and strong performance in capturing industry changes [2]. - The Huafu CSI Artificial Intelligence Industry ETF is a fund benchmarked against the CSI Artificial Intelligence Industry Index, aiming to closely track the target index with controlled tracking deviations and errors [2][52]. 3. Summary According to the Directory 3.1 Big models are entering the AI Agent explosion stage, and Agents may comprehensively drive edge - side intelligence - **Three modes of human - AI collaboration**: Embedding mode (e.g., ChatGPT), Copilot mode (e.g., Microsoft 365 Copilot), and the future Agent mode where humans set goals and provide resources while AI does most of the work [7]. - **Current stage of AI development**: Currently in the reasoning stage, approaching the AI Agent stage. As Agent capabilities improve, AI has expanded from language/text to multi - modality and tool use [10]. - **Driving edge - side intelligence**: In the Agent era, the demand for reasoning - side computing power will increase. Mobile phone manufacturers with their own hardware and operating systems, and Internet giants with operating systems/APP application ecosystems have advantages in developing AI Agents [14]. 3.2 More powerful open - source models are emerging, which are expected to trigger an AI application boom - **Domestic large - model capabilities**: Domestic large models have comparable language abilities to overseas ones, and the inference side has developed rapidly in 2025. For example, DeepSeek R1 represents comparable reasoning capabilities to overseas models [17]. - **Advantages of open - source models**: Open - source models like Deepseek and Llama4 are comparable to closed - source models in terms of capabilities. Their transparency and customizability are more suitable for the diverse needs of enterprise - level applications, potentially driving an AI application boom [17]. 3.3 CSI Artificial Intelligence Industry Index: One - click investment in core AI assets - **Compilation scheme**: Published on 2018/11/21, it selects 50 sample stocks based on AI business proportion and total market value. It focuses on AI revenue ratio to avoid concept speculation and has a unique weight distribution mechanism [19][21]. - **Component stock distribution**: It uses an AI revenue ratio and growth indicator - adjusted market - value weighted method. The top ten component stocks mostly have free - floating market values between 40 billion and 100 billion, and the index has a high concentration, amplifying the growth potential of core targets [23][25]. - **Industry distribution**: With a comprehensive and balanced industry distribution, it has a "hardware - software collaboration, scenario - connected" ecological investment portfolio. It can automatically adjust weights in emerging fields and cover the entire AI industry chain [32][33]. - **Fundamental characteristics**: It has a high - purity investment portfolio through a "two - dimensional screening mechanism", with significant R & D investment and strong growth potential in financial indicators [37][39]. - **Investment value**: It has a leading ability to capture industry changes compared to traditional AI indexes. In early 2025, it outperformed traditional AI indexes and broad - based indexes [45]. 3.4 Huafu CSI Artificial Intelligence Industry ETF Fund Introduction - The Huafu CSI Artificial Intelligence Industry ETF (515980.SH) is issued by Huafu Fund, benchmarked against the CSI Artificial Intelligence Industry Index. It aims to control the daily average tracking deviation and annual tracking error, with current management and custody fees of 0.50% and 0.10% respectively [52]. 3.5 Fund Manager Information - **Fund manager introduction**: Huafu Fund Management Co., Ltd. was established in 2004, with a clear development strategy, a rich product system, and an experienced investment and research team [56]. - **Fund manager profiles**: Zhang Ya, Gao Zhe, and Li Xiaohua have rich experience in fund management, with multiple products under their management and a certain scale [57][58][60].