一、计算侧：英伟达系列算力服务器需求或重启，AI服务器、超节点服务器、服务器电源板块需求有 望提升； 据报道，英伟达或将被允许向中国出口H200人工智能芯片。受此消息提振，12月10日，算力产业链全 天表现强势，光模块环节大涨，中际旭创、新易盛等接连走强，"CPO双雄"含量超30%的云计算ETF （159890）收涨1.31%、日K录得四连阳。 业内分析指出，若H200对华出口放开，预计将从三方面产生影响：一是直接利好英伟达产业链，包括 光模块、PCB等环节；二是若带动国内算力建设投入提升，有望推动国产服务器厂商受益；三是对国产 算力芯片或有短期情绪影响，但自主可控仍是长期主线。 云计算ETF（159890）跟踪中证云计算与大数据主题指数，权重股覆盖中际旭创、新易盛两大光模块龙 头，中科曙光、浪潮信息等电子终端及组件龙头，以及科大讯飞、金山办公等软件开发龙头等，从上游 AI基建到下游AI应用均有布局，较为全面。 目前市场对光模块等高位成长板块信心较强，表现为板块估值持续上修。云计算ETF（159890）近日连 续上涨，也反映市场对算力基础设施方向的持续关注。整体来看，H200芯片若放开，或将进一步催化 国内A ...

Group 1 - The cloud computing ETF (159890) saw a significant increase, rising by 4.02% during trading, with major holdings like Zhongji Xuchuang and Xinyi Sheng gaining over 10% [1] - The AI application competition is entering a new phase, highlighted by recent launches from Alibaba and Ant Group, indicating a strong demand for AI capabilities [1] - Major internet companies in China, including Alibaba, Baidu, Douyin, and Tencent, have completed 182 model releases/updates from January to September 2025, reflecting robust AI development [1] Group 2 - Nvidia reported record revenue of $57 billion for Q3 of fiscal year 2026, a 62% year-over-year increase, with net profit reaching approximately $31.9 billion, up 65% year-over-year [2] - Google's launch of the Gemini 3 AI model, described as the "most intelligent" and "most factually accurate" AI system to date, further emphasizes the advancements in AI technology [2] - The outlook for the AI industry remains optimistic, with expectations of sustained growth driven by demand for computing power, particularly in AI hardware sectors [2]