国新证券指出，6G将不再是传统通信能力的线性延伸，而是以"AI原生"为核心范式的智能网络革 命，标志着通信网络从"连接管道"向"智能服务平台"根本性转变。6G发展的三大主线为AI原生化、通 感一体化和绿色智能化，通过深度融合AI、通感算智等新兴能力，支撑工业互联网、智能交通等垂直 场景。中国在6G布局上已从"跟跑"转向"并跑"甚至局部"领跑"，未来3-5年是技术定型与生态构建的关 键窗口期，需强化基础研究、推进行业示范并主导国际标准。通信行业传统业务稳健发展，创新应用积 极布局，企业正探索新增长点，但需应对技术不确定性、标准碎片化等挑战。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达 20%，该指数从创业板市场中选取涉及人工智能技术及相关应用领域的上市公司证券作为指数样本，覆 盖从硬件制造到软件开发等多个环节，以反映创业板市场内人工智能相关上市公司证券的整体表现，具 有突出的科技创新和成长性特征。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境 ...

Group 1 - The overseas computing power industry chain remains highly prosperous, with continuous reflection of AI-related demand in company financial reports, indicating stronger resonance in the industry chain fundamentals [1] - In China, the ongoing development of domestic computing power and continuous investment in AI by major companies like Alibaba and ByteDance are expected to sustain high prosperity in the AI industry and the AIDC industry chain, with 2025 anticipated to be a pivotal year for domestic AI infrastructure competition and application results [1] - Key areas to watch include optical modules & devices and liquid cooling, with silicon photonics technology emerging as the most popular optical technology, leading to rapid growth in sales of optical modules and accelerated development of CPO [1] Group 2 - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which has a daily fluctuation of 20%, selecting listed companies involved in AI technology and related applications from the ChiNext market, covering various segments from hardware manufacturing to software development, reflecting the overall performance of AI-related listed companies in the ChiNext market with notable technological innovation and growth characteristics [1]

Group 1 - The communication industry is experiencing structural opportunities driven by the demand for AI computing power, with liquid cooling technology gaining traction due to its efficient heat dissipation capabilities [1] - Traditional air cooling is facing thermal bottlenecks as AI server power consumption rapidly increases, prompting multiple manufacturers to introduce innovative liquid cooling solutions [1] - The AI computing supply chain, including liquid cooling, optical modules, and switches, is becoming a focal point in the communication equipment sector, with industry technology upgrades and ecological collaboration expected to drive long-term growth [1] Group 2 - The Guotai Artificial Intelligence ETF (159388) tracks the ChiNext Artificial Intelligence Index (970070), which has a daily fluctuation of 20%, reflecting the overall performance of listed companies in the AI sector within the ChiNext market [1] - This index focuses on the innovation capabilities and growth potential of China's emerging technology industry, encompassing representative enterprises in the artificial intelligence field [1]

Group 1 - The overseas computing power industry chain remains highly prosperous, with stronger resonance in the fundamentals of the related industry chain [1] - In China, the AI industry and AIDC industry chain are expected to maintain high prosperity due to advancements in AI technology and multimodal progress, with 2025 anticipated to be a pivotal year for AI infrastructure competition and application implementation [1] - Huawei has deployed over 300 sets of the Atlas series supernodes, with plans to launch the Atlas 950 SuperPoD supporting 8192 Ascend cards, achieving a computing power of 8 EFLOPS FP8, and the Atlas 960 SuperPoD with a planned 15488 cards [1] Group 2 - The satellite internet industry is experiencing dynamic developments, which are expected to have a catalytic effect [1] - The artificial intelligence ETF from Guotai (159388) tracks the entrepreneurial board AI index (970070), which has a fluctuation of 20%, reflecting the overall performance of listed companies in the AI sector within the entrepreneurial board market [1] - The index focuses on the innovation capability and growth potential of China's emerging technology industry, covering representative enterprises in the AI field [1]

Group 1 - The State Council has issued an opinion on the implementation of the "Artificial Intelligence +" initiative, aiming to promote the deep integration of AI technology across various industries and fields [1] - By 2027, the goal is to achieve widespread integration of AI in six key areas, with the application penetration rate of new intelligent terminals and intelligent agents exceeding 70% [1] - By 2030, the penetration rate of new intelligent terminals and intelligent agents is expected to exceed 90%, making the intelligent economy a significant growth driver for China's economic development [1] - By 2035, China aims to fully enter a new stage of development in the intelligent economy and society [1] Group 2 - Guotai Junan indicates that with improvements in domestic AI chip design technology and manufacturing processes, along with the continuous development of domestic large models, the market share of domestic computing power is expected to continue to rise [1] - The Guotai Hai Tong Artificial Intelligence ETF (159388) tracks the ChiNext Artificial Intelligence Index (970070), which has seen a 20% fluctuation, reflecting the overall performance of listed companies in the AI sector within the ChiNext market [1] - The index focuses on the innovation capability and growth potential of China's emerging technology industries, covering representative enterprises in the AI field [1]

Core Insights - The communication industry is experiencing strong performance, with a focus on the deep integration of AI and hardware, particularly highlighted by the launch of the DeepSeek-V3.1 model [1] - The model's UE8M0 FP8 precision mode is designed for next-generation domestic chip development, aiming to address compatibility issues between chips and AI models in the domestic computing power supply chain [1] - The AI industry is expected to transition from "application catching up" to "ecosystem leading" [1] Industry Trends - Continued market interest in sub-sectors such as operators, optical modules, and satellite communications [1] - Key recommendations include optical modules, optical devices, optical chips, military/satellite communications, and equipment manufacturers [1] Investment Opportunities - The Growth Enterprise Market Artificial Intelligence ETF (国泰, 159388) rose over 4.6% in a single day, tracking the Growth Enterprise Market Artificial Intelligence Index (970070) [1] - This index focuses on companies listed on the Growth Enterprise Market that are involved in AI technology and applications, covering sectors such as software and hardware development, smart products, and services [1] - The index reflects high growth and innovation characteristics, with a sector allocation leaning towards information technology and high-end manufacturing to represent the overall trend of AI industry development [1]

Group 1 - The AI computing power sector is experiencing sustained high prosperity, becoming a significant market focus, with strong fundamentals in the overseas computing power industry chain [1] - The domestic AIDC industry chain maintains high prosperity, with expectations that 2025 will be a pivotal year for AI infrastructure competition and application implementation in China [1] - Recent advancements in satellite internet are noteworthy, representing a promising future direction [1] Group 2 - Core segments of AI computing power, such as optical modules/devices, liquid cooling, and domestic servers/switches, continue to benefit, with data center demand expected to grow significantly driven by computing power [1] - The domestic offshore wind industry is accelerating its recovery, with emerging overseas opportunities for leading submarine cable manufacturers [1] - Breakthroughs in hollow core fiber technology have reduced attenuation to 0.2 dB/km, providing new pathways for ultra-high-speed communication [1] Group 3 - The low-orbit satellite network is advancing rapidly, with China's GW constellation plan aiming to launch 12,992 satellites to build an integrated 6G network [1] - Emerging directions such as information technology and low-altitude economy are also showing positive dynamics [1] - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20%, reflecting the overall performance of AI-related listed companies in the ChiNext market [1]

Group 1 - The communication industry is experiencing high prosperity in the first half of 2025, with significant differentiation across different sectors [1] - The computing power sector is performing exceptionally well, driven by accelerated global infrastructure construction and strong demand for 800G high-speed optical modules [1] - Leading companies in optical modules, optical devices, and optical chips are achieving both revenue and profit growth [1] Group 2 - High-end communication equipment categories, such as data center main equipment, servers, and switches, are experiencing rapid growth due to concentrated procurement from internet clients and recovery in overseas demand [1] - The operator sector maintains steady growth, with an increasing proportion of revenue from digital transformation contributing significantly to profitability [1] - The satellite sector continues to grow steadily, with emerging businesses like Beidou navigation and expansion into overseas markets serving as long-term drivers [1] Group 3 - In the Internet of Things (IoT) sector, high-performance modules and overseas IoT demand are boosting profits for leading companies [1] - Some companies in the optical fiber and cable sector are experiencing moderate performance recovery, driven by high-margin products and prominent optical devices [1] - Overall, the high prosperity in the communication industry is concentrated in core areas driven by computing power and AI, while traditional businesses are still undergoing structural adjustments, leading to a deepening differentiation pattern [1]

Group 1 - The core viewpoint is that the Chinese government is increasingly prioritizing "Artificial Intelligence+" in its policy framework, with significant implications for the TMT sector from March 2024 to July 2025 [1] - The TMT sector is expected to see substantial growth, particularly in hardware, with overseas computing-related components like PCBs and optical modules leading the market [1] - The application side of AI is currently lagging, but there are low fund positions in IT services and software development, indicating potential investment opportunities [1] Group 2 - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - The index includes companies involved in AI technology development and application, covering sectors such as software and hardware R&D, and aims to reflect the overall development level and market performance of emerging tech companies in China [1] - The industry allocation of the index is primarily concentrated in information technology and high-end manufacturing sectors [1]

Core Viewpoint - The recent performance of the ChiNext AI ETF (159388) indicates a positive outlook for the AI industry, with expectations of significant marginal changes in the coming months due to the launch of new models and ongoing policy support for domestic computing power [1] Group 1: AI Industry Outlook - The AI sector is anticipated to experience substantial growth driven by the introduction of new models, which will likely enhance the sustainability of its upward trend [1] - Domestic computing power is viewed as a cornerstone for national development, expected to receive continuous policy support, including procurement by central state-owned enterprises and backing for major technology projects [1] - The AI application sector has seen relatively modest gains previously, but with the release of new models and the proliferation of technology, a qualitative change is expected to emerge from the accumulated quantitative growth [1] Group 2: Investment Focus Areas - Robotics, as a significant application area of AI, is projected to accelerate in growth [1] - The technology sector is expected to become the main focus of future market trends, while interest in cyclical sectors is anticipated to decline [1] - The overall rise in the AI industry chain is particularly optimistic for domestic computing power, AI applications, PCB-related sectors, and specific areas within robotics [1] Group 3: ETF and Index Information - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - The index comprises securities from companies involved in the development and application of AI technologies, covering various fields such as software and hardware R&D, and intelligent services [1] - The index aims to reflect the overall performance of publicly listed companies related to AI and highlights the potential for technological innovation and growth, especially in the information technology and high-end manufacturing sectors [1]