Core Viewpoint - The artificial intelligence (AI) sector is showing strong performance, with the China Securities Artificial Intelligence Industry Index (931071) and related ETFs reflecting positive trends in the market [1][4]. Group 1: Market Performance - As of July 3, 2025, the China Securities Artificial Intelligence Industry Index (931071) increased by 0.70%, with notable gains from stocks such as Xinyisheng (300502) up 2.95% and Shitou Technology (688169) up 2.52% [1]. - The AI ETF (515980) also saw an increase of 0.59%, indicating a positive sentiment in the AI investment space [1]. Group 2: Liquidity and Scale - The AI ETF recorded a turnover of 1.24% during the trading session, with a transaction volume of 43.44 million yuan, and an average daily transaction volume of 172 million yuan over the past week [3]. - The latest scale of the AI ETF reached 3.491 billion yuan, with leveraged funds continuing to invest, as evidenced by a net financing purchase of 16.65 million yuan on the previous trading day [3]. Group 3: Index Composition and Weighting - The China Securities Artificial Intelligence Industry Index is constructed from 50 representative listed companies based on their AI business proportion, growth level, and market capitalization, with the top ten weighted stocks accounting for 52.07% of the index [3]. - The top ten stocks in the index include companies like Zhongke Shuguang (603019) and Keda Xunfei (002230), with varying weightings that reflect their market significance [6]. Group 4: Investment Outlook - Fund manager Gao Zhe suggests that the current A-share market is in a volatile phase, but the AI sector remains a key area of growth, especially as the second quarter earnings reports approach [4]. - The AI industry is viewed as a high-certainty growth area, making it a focal point for investors seeking opportunities amidst market fluctuations [4].

报 告 摘 要 一、AI+ 浪潮来袭，人工智能应用时代加速到来 二、中证人工智能产业指数 投资价值分析 一 AI+ 浪潮来袭，人工智能应用时代加速到来 人工智能作为一项战略性技术，正引领着科技革命和产业变革，其发展态势备受瞩目。 大模型 LLM （ Large Language Model ，大规模预训练模型）是 人工智能领域近十年最具突破性的技术之一，其发展历程丰富且成果显著，以下是对主要阶段的简单梳理： 人工智能作为一项战略性技术，正引领着科技革命和产业变革，其发展态势 备受瞩目。大模型 LLM 从早期的感知机和反向传播算法，到 2017 年 Transformer 架构的诞生，再到 GPT 系列模型的不断升级，以及 2023 年以来开源和多模态模型（如 GPT-4o 、 DeepSeek-R1 等）的兴起。 2025 年 1 月 DeepSeek-R1 发布，其在数学、代码、自然语言推理等任 务上性能比肩 OpenAI - o1 正式版，且 API 价格极具竞争力，用户数量增 长迅速，在全球生成式 AI 应用排行榜上表现突出。 AI 应用技术逐渐渗透 到各个领域，企业对 AI 的重视度不断增加，中国算力 ...

2025 年 04 月 28 日 华富中证人工智能产业 ETF：三大 编制优势打造 AI 核心资产指数 ——指数基金产品研究系列报告之二百四十六 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 联系人 肖逸芳 (8621)23297818× xiaoyf@swsresearch.com 相关研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 证券分析师 请务必仔细阅读正文之后的各项信息披露与声明 指 数 研 究 告 - ⚫ 大模型正进入 AI Agent 爆发阶段，Agent 或全面带动端侧智能：人类与 AI 协同有三种 模式，未来有望过渡到 Agent 模式，即由人类设定目标并提供资源，AI 完成绝大部分工 作。随着 Agent 能力提升，AI 已经从语言/文本逐渐扩展到多模态、 ...

Group 1 - The core viewpoint of the article emphasizes that the artificial intelligence (AI) industry index has high returns but also high risks, with a cumulative return of 45.0% since 2015 and an annualized return of 3.8%, outperforming major broad-based indices [1][2][7] - The AI industry index has a higher volatility compared to broad-based indices, with an annualized volatility of 38.8% [2][3] - The introduction of DeepSeek is expected to shift companies in the AI industry from speculative trading to performance-driven phases, potentially enhancing the growth of technology stocks [1][4][17] Group 2 - The AI industry index has three main advantages: 1. Purity: It selects stocks based on the proportion of AI revenue, ensuring that companies with a higher focus on AI have greater weight in the index [8] 2. Growth: The index adjusts market capitalization based on growth indicators, focusing on companies with actual performance and better marginal prosperity trends [9] 3. Comprehensiveness: The index spans various sectors, balancing weights between computing (55%) and application (45%) to capture opportunities in both areas [10][11] Group 3 - Recent changes in China's monetary policy and fiscal measures are expected to enhance the attractiveness of Chinese assets in the global market, with a potential reversal of the trend of capital outflows [14][16] - The launch of DeepSeek is anticipated to support the AI industry, leading to a widening performance gap between growth and value stocks, similar to past technological shifts [17][18] Group 4 - The Huafu CSI Artificial Intelligence Industry ETF (code: 515980) is the first ETF tracking the AI industry index, allowing investors to easily access the entire AI industry chain in A-shares [20][21] - The ETF aims to maintain a low tracking error relative to the index, with a target daily tracking deviation of no more than 0.20% [22]