天风证券指出，Agent正实现类人替代，不再是传统软件辅助人，中国企业对于能直接快速降本、ROI 远大于1的Agent应用付费意愿有望更高，软件的商业模式也在变化，SaaS订阅有望成为主要模式。传统 软件核心是赋能员工提效，难以量化其实际业务价值，导致企业对软件付费的意愿不足。目前Agent商 业化落地已是大势所趋，大模型即Agent，容错率较低、可快速验证是场景落地的核心要素之一，C端 最快落地搜索/编程，B端聚焦法律金融等垂直领域，大中企业是主力客户。Agent总目标市场TAM约 3.61万亿元，未来有望加速向核心场景渗透。 云计算ETF沪港深（517390）紧密跟踪中证沪港深云计算产业指数（931470.CSI），同时布局港股的互 联网企业，A股算力企业和A股的计算机龙头。Wind数据显示，该指数前十大重仓股包括腾讯控股、中 际旭创、新易盛、中科曙光等。此外该ETF还配有场外联接基金（A类：019171/C类：019170）。 华创证券指出，计算机与软件开发行业当前价值高度集中于上游核心技术供应商，包括高精度伺服关节 等关键部件制造商，这些企业凭借高技术壁垒和定制化需求享有较高议价能力和利润空间。随着技 ...

Group 1 - The computer sector experienced a significant rise, with the Computer ETF (159998) increasing by over 2% and a trading volume exceeding 140 million yuan, while the Cloud Computing ETF (517390) rose nearly 4% with a turnover rate of over 11% [1] - Major stocks in the Computer ETF included Inspur Information, which hit the daily limit, along with other companies like Yonyou Network and Huqin Technology showing gains [1] - The Cloud Computing ETF closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes major holdings such as Tencent Holdings and Zhongke Shuguang [1] Group 2 - The Ministry of Industry and Information Technology and the National Development and Reform Commission issued guidelines to enhance new information infrastructure, promoting the deployment of 5G, gigabit optical networks, and industrial internet in parks [2] - Alibaba launched Qwen3-Max, its largest and most capable model to date, which has achieved a high ranking in the LMArena text leaderboard, surpassing GPT-5-Chat [2] - Continuous growth in demand for AI and cloud services in China is supported by recent industry events, indicating an upward trend in model capabilities and infrastructure optimization [3]

Group 1: ETF Performance - The Computer ETF (159998) rose by 3% and recorded a trading volume exceeding 99 million yuan, ranking first among similar products [1] - The Computer ETF has seen a net inflow of nearly 40 million yuan over the past two days [2] - The Cloud Computing ETF (517390) increased by 4.32% with a trading volume over 26 million yuan [3] Group 2: ETF Composition and Strategy - The Computer ETF tracks the CSI Computer Theme Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [4] - The Cloud Computing ETF closely follows the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes internet companies from Hong Kong and computing leaders from A-shares [4] Group 3: Policy and Market Developments - The Ministry of Commerce and other departments issued policies to promote service exports, supporting the establishment of international data service businesses in specific regions [5] - Alibaba Cloud announced a global infrastructure expansion plan, establishing new cloud computing nodes in Brazil, France, and the Netherlands, and expanding data centers in several countries [5] - Hubei Province is developing a multi-layered computing infrastructure system by 2027, integrating space-based computing services [5] Group 4: Industry Outlook - The computer industry is expected to continue its development under a "soft and hard" framework, with strong investment in AI hardware and benefits for domestic AI chip and server manufacturers [6] - The acceleration of enterprise-level AI applications is driving commercialization, although there are concerns about the variability in performance realization [6] - Focus is recommended on hardware infrastructure with strong performance certainty and software applications with practical scenarios, balancing innovation and profitability [6]

云计算ETF沪港深（517390）紧密跟踪中证沪港深云计算产业指数（931470.CSI），同时布局港股的互 联网企业，A股算力企业和A股的计算机龙头。Wind数据显示，该指数前十大重仓股包括腾讯控股、中 际旭创、新易盛、中科曙光等。此外该ETF还配有场外联接基金（A类：019171/C类：019170）。 计算机ETF（159998）跟踪中证计算机主题指数（930651.CSI）。该指数以中证全指为样本空间，选取 涉及信息技术服务、应用软件、系统软件、电脑硬件等业务的上市公司股票作为成分股。计算机ETF （159998）配有场外联接基金（A类：001629/C类：001630）。 9月23日，云计算ETF沪港深（517390）开盘走强，截至发稿涨1.14%，成交额超1000万元。成分股中， 科华数据、东华软件涨超5%，中际旭创、新易盛等股跟涨。 资金流向上看，截至9月22日，云计算ETF沪港深（517390）近10个交易日中有8个交易日获资金净流 入，累计"吸金"超8400万元。 值得注意的是，云计算ETF沪港深（517390）年初至今份额变动率为467.65%，居同标的产品第一。 此外，计算机ETF（15 ...

Group 1 - A-shares indices opened higher on September 22, with strong performance in the storage chip sector, particularly the Computer ETF (159998) which rose by 2.17% with a trading volume exceeding 47 million yuan [1] - Key stocks in the Computer ETF included Jiangbolong, which increased by over 11%, and other notable gainers were Zhongke Shuguang, Xiechuang Data, and 360 [1] - The Cloud Computing ETF (517390) experienced a slight decline of 0.17%, but notable stocks like Donghua Software reached the daily limit up, with other gainers including Guanghuan New Network and Aofei Data [1] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes major stocks like Tencent Holdings and Zhongke Shuguang [2] - Recent developments include the establishment of the Shanghai Quantum Artificial Intelligence Joint Alliance and the release of ten application scenarios for quantum computing at the Pujiang Innovation Forum [2] - Huawei announced the "Tian Gong Plan" at the Huawei Connect 2025 conference, committing 1 billion yuan to support the Harmony AI ecosystem, focusing on AI agents as a key direction for development [2] Group 3 - CITIC Securities indicated that the third quarter is a traditional peak season for the electronics sector, with strong demand for AI computing-related products, including chips and servers, and an upward trend in both overseas and domestic computing chains [3] - The demand for storage is expected to increase, with enterprise-level demand remaining robust, and NAND and DRAM demand growth and price increases exceeding expectations since the second half of 2025 [3] - The semiconductor equipment chain is steadily advancing in domestic production, with a clear trend of mergers and acquisitions in the industry [3] Group 4 - CITIC Jinpu highlighted Huawei's upcoming product launches, including the Ascend 950 series, which will be released between 2026 and 2028, aimed at meeting the growing demand for AI computing power [4] - Huawei's Atlas 950 super node, supporting 8192 Ascend 950DT cards, is set to launch in the fourth quarter of 2026, significantly enhancing overall computing power [4] - The North American AI computing demand remains strong, with expectations of a rebound in domestic AI computing demand from September to October, and a recommendation to focus on domestic cloud service providers [4]

Group 1 - The Computer ETF (159998) showed strong performance with a 1.76% increase and a trading volume of 160 million yuan, leading in net subscriptions of 28.8 million shares and a premium trading rate of 0.04% [1] - Key stocks in the Computer ETF include Donghua Software, Dahua Technology, Tuobang Technology, Zhongke Shuguang, and Deep Technology, with Donghua Software hitting the daily limit [1] - The Cloud Computing ETF (517390) also performed well, rising 1.20% with a trading volume exceeding 29 million yuan and a turnover rate over 6%, indicating active trading [1] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes major stocks like Tencent Holdings and Zhongke Shuguang [2] - Huawei's recent announcement highlighted AGI as a transformative force for the next decade, emphasizing the evolution of AI from tools to decision-making partners [2] - China Mobile launched the "Wuji No. 1" ion trap quantum computing device and established an innovation consortium to promote quantum computing in Beijing [2] Group 3 - Global investment in computing power remains robust, with Oracle reporting $455 billion in orders and Microsoft signing a $17.4 billion agreement with Nebius [3] - There is an increasing trend towards outsourcing AI training and inference, indicating significant market potential for non-self-built cloud computing solutions [3] - The focus is on diverse supply trends in third-party AI infrastructure and the demand for upstream equipment, with a recommendation to monitor customer concentration and contract fulfillment [3]

Group 1 - The three major indices opened mixed, with the computer sector showing a strong upward trend, as evidenced by the Computer ETF (159998) rising by 1.73% and trading volume exceeding 30 million yuan [1] - The Computer ETF (159998) has a latest scale of 3.092 billion yuan and tracks the CSI Computer Theme Index, which reflects the overall performance of the computer industry with a weight of nearly 93.22% in software development, computer equipment, and IT services [1] - The Cloud Computing ETF (517390) has seen a net inflow of over 70 million yuan in the past four days, indicating strong investor interest [1] Group 2 - The Cloud Computing ETF (517390) has a high AI computing power content and covers popular concepts such as optical modules, computing power leasing, data centers, and AI servers [2] - The National Development and Reform Commission emphasized the importance of enhancing the innovation development environment for AI applications, which includes increasing financial and fiscal support in the AI sector [2] - The policy support for the "Artificial Intelligence +" initiative is expected to strengthen the promotion of AI industry scale, with state-owned enterprises and government-led funds playing a crucial role in infrastructure development and commercialization of AI applications [3]

此外，据创新南山公众号，近日，国内量子计算领军企业——北京玻色量子科技有限公司自建的"专用 光量子计算机制造工厂"正式落地深圳南山区，同时在南山智城注册成立两家子公司。此次玻色量子自 建的国内首个规模化专用光量子计算机制造工厂，建成后预计年产光量子计算机可达数十台/套，可形 成专用光量子计算机的批量生产产能。 国金证券指出，在低基数和新技术落地加快背景下，预计计算机板块下半年总体经营强度会好于上半 年。预计大的主线预计还是集中在AI产业链相关方向，宏观背景上，有人工智能+行动鼓励AI与科学技 术、产业、社会治理等结合落地，中观角度，三季度进入国内外头部大模型厂商密集更新迭代周期， AI落地应用进展持续，微观角度，今年半年度相关上市公司AI落地陆续披露相关进展，进展喜人，下 半年预计环比有积极增长，明后年预期收入占比进一步提高，有望提供更多的业绩和估值弹性。看好三 个方向，第一是AI+软硬结合落地；第二是软件端，AI在C端和出海方向落地；第三是AI在B端与企业 服务软件、制造业信息化等环节的结合和Agent落地。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） ...

Group 1 - The cloud computing ETF (517390) experienced a significant increase, rising over 4.5% at one point and closing with a gain of 1.55%, with a trading volume exceeding 19 million yuan and a premium rate of 0.13% [1] - Key stocks within the cloud computing ETF included Alibaba, which rose over 15%, and other companies like Data Harbor and Zhongji Xuchuang also saw gains [1] - The computer ETF (159998) reported a slight increase of 0.09% with a trading volume over 22 million yuan, and it had a net inflow of over 36 million yuan in the previous trading day [1][2] Group 2 - The computer ETF (159998) tracks the CSI Computer Theme Index, which includes companies involved in IT services, application software, system software, and computer hardware [2] - Alibaba's recent financial report indicated a record capital expenditure of 38.6 billion yuan in AI and cloud investments, with cloud revenue growth accelerating to 26%, marking a three-year high [2] - The computer industry is showing signs of recovery, with median revenue growth rates projected at 3.17% and profit growth at 7.6% for the first half of 2025, indicating a sustained upward trend [3]

Group 1 - The three major indices opened mixed on August 29, with the Computer ETF (159998) down by 1.00% and a trading volume exceeding 100 million yuan, leading its category [1] - As of August 28, the latest circulating scale of the Computer ETF (159998) was 3.663 billion yuan, ranking first among its peers [1] - The Cloud Computing ETF (517390) was down 1.65% with a premium rate of 0.19%, and it has seen a net inflow of over 14 million yuan in the past four days [1][2] Group 2 - The Cloud Computing ETF (517390) closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes internet companies from Hong Kong and leading A-share computing firms [2] - Huawei's cloud computing CEO reported a nearly 250% year-on-year growth in overall computing power, with clients using Ascend AI cloud services increasing from 321 to 1714 [2] - Major AI companies are rapidly building large-scale GPU clusters, with a focus on rental models due to the global shortage of high-end AI chips, indicating a sustained demand for GPU cloud services [2] Group 3 - Industrial profits in July showed a narrowing year-on-year decline, driven by policies aimed at boosting domestic demand, with notable improvements in the computer manufacturing sector [3] - The semiconductor and communication equipment industries are highlighted for their resilient performance and potential for profit recovery [3]