创业板人工智能ETF华夏（159381）：跟踪创业板人工智能指数，精准布局AI产业链龙头，光模块CPO 权重占比超50%，同时覆盖国产软件+AI应用企业，创业板实行20CM涨跌幅限制，高成长高弹性特征 显著，管理费率0.15%，托管费率0.05%，为同类产品场内最低水平，助力投资者低费率布局创AI。 天风证券表示，整体上我们积极看好 25 年或成为国内 AI 基础设施竞赛元年以及应用开花结果之年。 中美 AI 均进展不断，同时推理端持续推进。建议持续关注 AI 产业动态及 AI 应用的投资机会。 9月29日，沪指触底后拉升，三大指数集体上涨，截至10点58分，聚焦光模块CPO+国产软件+AI应用的 创业板人工智能ETF华夏（159381）涨幅1.64%，成交额达1.71亿元，持仓股协创数据、光库科技、新 易盛、东土科技、中际旭创、太辰光等股涨幅居前。 近日，人工智能巨头陆续公布重大进展，英伟达和OpenAI 宣布达成合作，阿里云和英伟达在 Physical AI（物理 AI）领域达成合作，AI产业链基本面强劲。 （文章来源：每日经济新闻） ...

来源：国证指数，统计区间2024年9月24日收盘至2025年9月24日收盘。创业板人工智能指数基日为2018 年12月28日，发布日期为2024年7月11日。创业板人工智能指数2020—2024年年度涨跌幅分别为： 20.1%、17.57%、-34.52%、47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测 历史业绩不预示指数未来表现。 创业板人工智能为何领涨本轮全球行情？ 凭借超高景气度与密集产业催化，AI成为本轮市场上行过程中最强主线之一，若以投资战略视角审 视，创业板人工智能领先表现源于汇聚了三大关键力量：拥抱AI爆发的时代β，聚焦算力硬件的产业 α，以及享受政策资金驱动的增量γ。 1、指数布局定位：精准卡位AI算力"心脏" 算力是AI时代的"新石油"，为人工智能的爆发式增长提供核心动力。创业板人工智能指数则深度聚焦AI 产业链上游的"卖铲人"环节——算力基础设施，且重点配置光模块CPO等核心环节。据统计，创业板人 工智能指数中算力基础设施含量超74%，光模块CPO含量超51%。 数据来源：国证指数、Wind，截至2025年8月31日，含量对比指数为光模块（CPO）指数 （88 ...

昨天下午，中信证券股价突然直线跳水。 别看跌幅只有不到1%，盘面却惊现31亿元压盘大单，仿佛一只无形的手死死按住了股价。 不仅中信证券，国泰君 安卖一压单7.6亿元，招商证券卖一压单2.2亿元，多家头部券商同时出现相似走势。 有投资者在股吧调侃："这大概是某些资金怕券商涨太快，一把将指数带飞吧？ "毕竟，券商板块突然启动带动大盘猛冲的情况在A股并不少见。 去 年"9·24"新政后，就是券商率先激活市场人气，中信证券甚至连续三天涨停。 但这次，剧情似乎反着来了。 这种走势往往让散户误以为是"洗盘"，实际上却是主力在零散派发。 当股价经过一段上涨后，出现"黄昏之星"K线组合，通常意味着趋势可能反转。 这个组合由三根K线组成：第一天是实体较大的阳线；第二天实体缩短，形成星的主体部分；第三天则是一根实体较长的阴线，它不仅吞没了前一天的星 体，甚至深入第一根阳线的实体内部。 这种形态表明空方力量已经占据上风。 "倾盆大雨"组合同样看跌。 如果你手中的股票某天突然快速拉升，五分钟内涨幅超过7%，随后却像没了力气一样缓慢下跌，分时均线根本跟不上，这时候就要高度警惕了。 这种形态叫做"钓鱼线"，是经典的出货信号。 主力快速拉 ...

Group 1 - The core viewpoint of the articles highlights the recent volatility in the optical module sector, particularly the performance of leading companies such as Xinyiseng, Zhongji Xuchuang, and Tianfu Communication, which experienced a decline after a significant surge [1] - The three major companies account for over 40% of the weight in the Huaxia AI ETF (159381), which tracks the ChiNext AI Index, with optical modules representing over 50% of the ETF's weight [1] - Goldman Sachs' research report indicates that despite the recent price increases of Xinyiseng and Zhongji Xuchuang, their valuations remain reasonable, with target prices being raised [1] Group 2 - The upstream computing power industry chain, represented by optical modules and PCBs, has seen an increase in overseas revenue, particularly from major tech companies like Nvidia and Microsoft [2] - There is a growing optimism regarding the A-share North American computing power industry chain due to increased capital expenditures from North American giants and ongoing technological advancements [2] - This positive sentiment is contributing to the sustained performance of the North American computing power market [2]

Core Viewpoint - The AI computing power sector, represented by optical modules CPO, has been a significant driver of stock market performance in 2023, with the optical module CPO index rising over 100% this year, but recent market corrections indicate increasing divergence in investor sentiment [2][3][4]. Group 1: Market Performance - Since April, the A-share market has shown a gradual upward trend after a phase of bottoming out, with optical module CPO stocks leading the gains [2]. - Major companies in the optical module sector, such as Tianfu Communication, Xinyi Sheng, and Zhongji Xuchuang, have experienced significant stock price fluctuations, with recent declines following a period of strong performance [2][3]. Group 2: Company Performance - Companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication have heavily relied on overseas markets, with their overseas revenue shares being approximately 94%, 86%, and 78% respectively, primarily from North American clients like Nvidia, Amazon, and Google [3][4]. - In the first half of the year, Xinyi Sheng's net profit surged 3.6 times to 3.9 billion yuan, while Zhongji Xuchuang led with a revenue scale of 23.8 billion yuan and a net profit nearing 4 billion yuan [3][4]. Group 3: Industry Dynamics - The optical module CPO technology is crucial for AI computing, enabling high-speed data transmission essential for AI server efficiency [2][3]. - Recent announcements from major clients, such as Google Cloud, indicate strong future capital expenditures, particularly for 800G optical modules, suggesting continued demand growth in the sector [4]. Group 4: Risks and Market Sentiment - The optical module CPO sector is facing signals of high valuation, crowded positions, and reduced media enthusiasm, leading to a declining risk-reward ratio [4][5]. - The low technical barriers to entry in the optical module market may invite new competitors, potentially leading to price competition and overcapacity issues [4][5]. - Diverging market opinions exist, with some analysts projecting optimistic profit growth for companies like Zhongji Xuchuang, while others caution against overly idealistic forecasts that overlook cyclical risks [5][6]. Group 5: Future Outlook - The demand for optical modules is expected to grow alongside global AI computing expansion, but the era of high profits may not be sustainable due to increasing competition and standardization [6]. - Investors are advised to maintain realistic expectations regarding returns and to be aware of the cyclical nature of the industry, which can lead to significant market fluctuations [6].

Core Viewpoint - The A-share market continues its upward trend, with the Shanghai Composite Index surpassing 3,800 points, marking a 10-year high, and a significant increase of over 37% since the low of 2,771 points [1] Market Performance - Most industries have seen gains this year, with notable increases in sectors such as telecommunications, non-ferrous metals, pharmaceuticals, electronics, and defense, while coal and food & beverage sectors have recorded losses [3] Market Drivers - The primary drivers of the current market rally include a low interest rate environment leading to ample liquidity, steady inflow of long-term funds, and a rebound in investor risk appetite, which has enhanced the market's profitability effect [5] - The technology sector has been particularly active, with strong performance in areas like optical modules, AI computing power, and semiconductors, supported by favorable policies and market demand [5] - Retail investor participation has increased, with margin trading balances rising to 2.15 trillion yuan, reflecting a significant inflow of over 100 billion yuan for five consecutive weeks [5] Institutional Activity - Although the growth in new retail investor accounts has been relatively slow compared to previous market rallies, institutional investor accounts have surged to historical highs, indicating a strong interest in equity funds [7][9] - The correlation between the increase in institutional accounts and the issuance of equity funds suggests a potential improvement in the market for new fund launches [9] Market Outlook - Despite the index reaching new highs, many industries remain at moderate levels of congestion, indicating that the market is not overheated overall, with some sectors still positioned for growth [10] - The current economic policies aimed at debt resolution and expanding domestic demand are expected to benefit quality listed companies, facilitating mergers and acquisitions of promising tech assets, which could lead to rapid growth in stock prices [10] - The market is transitioning from valuation-driven to profit-driven dynamics, with emerging trends in sectors like TMT and innovative pharmaceuticals beginning to show sustainable profitability [11]

Group 1 - The core viewpoint of the articles highlights the strong performance and recovery of the optical module CPO concept stocks amidst a high demand for computing power driven by AI model training and inference [1] - The 5G Communication ETF (515050) has a scale exceeding 6 billion yuan, focusing on key players in the AI computing hardware and 6G industry, with optical module CPO stocks accounting for 31% of its weight [2] - The overall market for optical modules is expected to maintain a high level of prosperity due to continuous investment in computing infrastructure and the rapid advancement of the overseas computing power industry chain [1] Group 2 - The top ten weighted stocks in the 5G Communication ETF include major companies such as Zhongji Xuchuang, Xinyi Sheng, and Luxshare Precision, indicating a strong focus on leading firms in the optical module and PCB sectors [2] - The entrepreneurial board artificial intelligence ETF (159381) has a weight of over 41% in optical modules, with its top three constituent stocks being Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [2] - The management fee rate for the entrepreneurial board artificial intelligence ETF is 0.15%, with a custody fee rate of 0.05%, making it one of the lowest in its category [2]

Group 1 - The A-share market is experiencing a strong surge in computing power, with the 5G Communication ETF (515050) rising over 5% recently, reaching a historical high in the secondary market [1] - The 5G Communication ETF is heavily concentrated on key players in the industry, including Nvidia, Apple, and Huawei, with significant weightings in optical modules (31%), PCB circuit boards (15.95%), and high-speed copper connections (11.37%) [1] - China's high-end optical modules hold a global market share of 70%, benefiting from the current wave of AI computing power construction [1] Group 2 - Major cloud service providers are showing strong financial performance driven by AI, with Google reporting Q2 revenue of $96.43 billion, exceeding expectations, and a 32% year-on-year growth in cloud revenue [2] - Meta's Q2 revenue reached $47.5 billion, a 22% increase year-on-year, while Microsoft reported Q2 revenue of $76.4 billion, an 18% increase, with Azure cloud services seeing a 34% year-on-year revenue growth [2] Group 3 - The demand for AI is experiencing explosive growth, with Google's platform processing over 980 trillion tokens monthly, doubling in just two months [3] - The rise of AI products, agent-type AI, and multi-modal AI evolution are driving the increase in token consumption, indicating that AI computing power demand is still in its early explosive phase [3] Group 4 - The competition for AI infrastructure investment is intensifying, with major tech companies significantly increasing their capital expenditures, such as Meta raising its annual capital expenditure forecast to $66-72 billion, a year-on-year increase of 68%-84% [4][5] - Microsoft plans to exceed $30 billion in capital expenditure in the next quarter, while Google anticipates a capital expenditure of approximately $85 billion by 2025, a 13% increase from previous estimates [5] Group 5 - Domestic companies in optical modules and PCBs are well-positioned to benefit from the global AI infrastructure investment wave, with strong competitiveness in the AI computing power supply chain [5] - The Entrepreneurial Board AI ETF (159381) has a concentrated weighting in optical module CPO stocks, with the top three components being Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [6]

Group 1 - The core viewpoint of the article highlights the strong performance of optical modules and the 5G communication ETF, indicating a positive market trend in the AI computing infrastructure sector [1] - The overseas AI computing infrastructure is transitioning from an "investment phase" to a "harvest phase," with the market currently underestimating its long-term growth potential and certainty [1] - The overseas AI computing industry chain possesses significant advantages in technological ecology, business closure, and sustainable capital investment [1] Group 2 - The 5G communication ETF (515050) tracks the CSI 5G communication theme index, with a latest scale exceeding 6 billion yuan, focusing on key players in the Nvidia, Apple, and Huawei supply chains [1] - AI computing concept stocks account for over 30% of the ETF's weight, while optical module CPO concept stocks represent 31% and PCB circuit board concept stocks account for 15.95% [1] - The top ten weighted stocks in the ETF include major companies such as Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision [1] Group 3 - For higher volatility, the company suggests considering the ChiNext AI ETF (159381), which tracks the ChiNext AI index and selects AI-focused companies listed on the ChiNext board [1] - The optical module weight in the ChiNext AI ETF exceeds 41%, with the top three constituent stocks being Zhongji Xuchuang (15.89%), Xinyi Sheng (14.86%), and Tianfu Communication (4.77%) [1] - The annual management fee rate for the ChiNext AI ETF is 0.15%, and the custody fee rate is 0.05%, making it the lowest comprehensive fee rate among comparable funds [1]

Core Viewpoint - The A-share market is experiencing fluctuations after breaking through the 3500-point mark, with analysts suggesting that while there may be short-term corrections, the long-term outlook remains positive, with potential for a bull market in the second half of the year [2][5][12]. Market Overview - A-shares showed a slight decline today, with more stocks rising than falling, particularly in the pharmaceutical and automotive sectors, while financial sectors like insurance and banking faced corrections [1][4]. - The total trading volume in the two markets reached 1.44 trillion [4]. Reasons for Market Fluctuations - The ongoing fluctuations in the A-share market are attributed to profit-taking in previously high-performing sectors such as banking, steel, and non-ferrous metals, which have seen significant gains [6][7]. - Despite these corrections, the current valuation of A-shares is considered to be at a historical average level, still lower compared to mature overseas markets, indicating a favorable investment environment [6]. Future Market Trends - Analysts predict a potential bull market in the second half of the year, driven by macroeconomic synchronization among China, the US, and Europe, which could enhance market resilience [12][13]. - The second half of the year is expected to see a focus on sectors benefiting from policy support and supply-side reforms, particularly in technology and essential consumer goods [16][17]. Investment Strategies - Investment strategies should adopt a "barbell" approach, balancing defensive assets with high-growth sectors, such as AI and robotics, while also considering dividend-paying stocks for stability [19][20]. - Investors are advised to maintain a balanced portfolio and avoid excessive trading to mitigate risks associated with market volatility [21][22].