Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The AI industry is experiencing continuous growth, driven by the 2025 World Artificial Intelligence Conference (WAIC) and the upcoming releases of GPT-5 and DeepSeek-R2 models. Key breakthroughs are expected in edge computing and agent applications, enhancing the performance of related ETFs [3][11] - The report recommends focusing on AI ETFs, highlighting their strong growth potential and favorable valuation relative to their growth prospects. The report suggests specific ETFs such as Huafu CSI Artificial Intelligence Industry ETF (515980) and E Fund CSI Artificial Intelligence ETF (159819) [3][11] Summary by Sections Market Review - Recent performance shows that cloud computing ETFs and AI ETFs have led the sector, with notable increases: cloud computing ETF (517390) up 11.43%, AI ETF (515980) up 9.63%, while gaming ETFs have seen declines [11][23] - The market is experiencing a significant divergence in performance, with AI and cloud computing benefiting from recent events, while gaming and fintech sectors are under pressure due to profit-taking and market preference shifts [11][23] Industry Dynamics - In July, 134 games were approved for release, with the game "Kingshot" achieving significant revenue growth, indicating a robust gaming market [2][23] - The summer box office has surpassed 5.2 billion, with the film "Nanjing Photo Studio" achieving both critical and commercial success, reflecting a strong performance in the film industry [2][23] Investment Recommendations - The report emphasizes the importance of AI ETFs, citing the accelerating application deployment and technological advancements as key drivers for growth. The report lists several recommended ETFs for investment [3][11]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation

Group 1 - The A-share market experienced a rebound on June 5, with the ChiNext Index leading the gains, particularly in computing power concept stocks [1] - The Hang Seng Technology Index rose by 1.69% as of the report, while the CSI Cloud Computing Industry Index increased by 2.8% [1] - Notable performers included UCloud Technology, which surged over 12%, and Kehua Data, which hit the daily limit [1] Group 2 - The Cloud Computing ETF (517390) closed up 2.97% with a trading volume exceeding 18.67 million yuan and a turnover rate of 5.91% [2] - Year-to-date, the ETF has gained 10.35%, ranking first among similar products, with a share change rate of 498.83% [2] - The ETF closely tracks the CSI Cloud Computing Industry Index and invests in internet companies in Hong Kong, computing power firms in A-shares, and leading computer companies in A-shares [2] Group 3 - Xiangcai Securities anticipates a continued recovery in consumer electronics from 2025, driven by advancements in AI technology that sustain high demand for AI infrastructure [3] - The implementation of AI technology at the terminal level is expected to drive upgrades in end-side hardware, enhancing the market for components like SOCs and thermal materials [3]

Core Viewpoint - Major public fund institutions are increasingly renaming their ETFs to enhance brand differentiation and improve investor recognition of product characteristics [1][4]. Group 1: ETF Renaming - Tianhong Fund announced that starting from May 12, 2025, it will change the trading names of several ETFs, including its large-scale CSI 300 ETF and specialized ETFs like the Internet of Things ETF and Cloud Computing ETF [1]. - The renaming strategy aims to clarify the underlying asset categories and improve the investment experience by aligning with investor search habits [1][2]. Group 2: Industry Trends - The trend of renaming ETFs is not isolated to Tianhong Fund; other major players like E Fund, Southern Fund, and Huaxia have also adjusted their ETF trading names recently [3]. - This shift indicates that the competition in the ETF market has entered a new phase, with firms focusing on brand identity rather than just competing for core product names [4].