消息面上，隔夜美股市场大型科技股集体上涨，英伟达收涨1.8%，盘中一度涨超2%至164美元，总市值 一度突破4万亿美元。英伟达股价上涨或受益于其在算力领域的业绩爆发。 过去三年，受数据中心AIGPU需求爆发式增长拉动，英伟达营收激增，已从2024财年的约270亿美元飙 升至2025财年的1305亿美元，预计截至明年1月的2026财年的营收有望接近2000亿美元。 值得关注的是，中国光模块企业占据全球60%以上的市场份额，国内外算力资本高增都有利于A股市场 光通信板块业绩改善。 中原证券表示，光模块的可靠性要求提高、迭代周期缩短，带来行业技术门槛显著提升，光模块头部厂 商产品的优势将进一步凸显。头部云厂商2025年资本开支展望乐观，海外算力高速发展，英伟达GB300 正式出货，AI发展推动大型数据中心的建设，拉动光器件产品需求持续且稳定增长。 通信ETF（515880）跟踪通信设备指数，光模块占比近30%，位于市场同类产品中前列，有望深度受益 于海外映射逻辑。 创业板人工智能ETF国泰（159388）跟踪创业板人工智能指数，一键布局人工智能产业链上下游，把握 人工智能行情发展。另外，该ETF为20cm标的，弹性 ...

申万宏源证券指出，创业板人工智能行业当前处于中期调整阶段，主要受国内AI应用催化偏慢及 算力投资中期展望不确定性的影响。未来AI应用的突破需以基础层技术突破为前提，例如AI Agent产品 需大模型具备复杂任务拆解、多模态精确执行等能力，同时算力端需大幅降本增效。应用落地可能从标 准化场景（办公、医疗、客服）逐步延伸至复杂领域（教育、柔性制造），通用型AI Agent的成熟或需 5年以上。科技行情或呈数年分布，下一轮中级别上涨需基础层突破催化。此外，国内AI、具身智能等 领域具备成为结构牛核心产业趋势的潜力，但重磅催化前市场仍以震荡为主，建议关注高性价比区域的 反弹机会。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板人工智能ETF国泰（159388）跟踪创业板人工智能指数（970070），具有高弹性的特点，作 为投资创业板细分赛道的 ETF，单日涨跌幅可达 ...

Group 1 - The core viewpoint of the news highlights the strong performance of AI-related stocks and the significant investment plans in AI infrastructure in Liaoning Province, aiming for a scale of over 5000 PFLOPS by 2027 and a core industry size of 1000 billion yuan [1][2] - The report from Dongfang Securities emphasizes that AI is a key theme in the technology sector for the second half of the year, with global AI IT investment expected to reach $315.8 billion in 2024 and grow to $815.9 billion by 2028, reflecting a compound annual growth rate of 32.9% [1][2] - The generative AI market is projected to exceed $284.2 billion by 2028, with China's investment share in generative AI expected to rise from 18.9% in 2024 to 30.6% [1][2] Group 2 - The AI industry is currently in a growth phase, with the foundational layer facing technical bottlenecks, but China is narrowing the gap through substitution and open-source innovation; the application layer is entering a phase of large-scale implementation [2] - The market currently has doubts about the monetization capabilities of AI applications, but new models and product releases may provide upward momentum for the sector [2] - The Guotai AI ETF (159388) tracks the AI index composed of companies involved in AI technology development and application, primarily covering information technology and intelligent manufacturing sectors [2]

创业板人工智能ETF国泰（159388）跟踪创业板人工智能指数（970070），具有高弹性的特点，作为投 资创业板细分赛道的 ETF，单日涨跌幅可达 20%，值得关注。 注：提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未 来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构 成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹 配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 6月6日，创业板人工智能ETF国泰（159388）盘中涨超1%。 消息面上，杭州近日发布《加快建设人工智能创新高地方案（2025版）》，重点布局算力算法与产业应 用，加速区域AI生态建设。 西部证券指出，AI产业趋势向上，推理能力提升驱动复杂场景渗透。Claude 4系列发布，编程能力显著 增强，其中Claude Opus 4在编码基准测试中表现领先，能够处理长时间运行任务并扩展AI智能体功能； DeepSeek-R1-0528模型在复杂推理任务中准确率大幅提升，幻觉改善且支持工具调用。谷歌I/O 2025展 ...

Core Viewpoint - The market is showing signs of recovery due to the U.S. International Trade Court blocking President Trump's tariff policy and NVIDIA's strong earnings report, indicating robust demand for GPUs and a positive outlook for AI-related sectors [1][3]. Market Reaction - On May 29, the AI-related sector saw active trading, with the Guotai AI ETF (159388) rising by 2.79% and the Communication ETF (515880) increasing by 2.55% [2][3]. NVIDIA Earnings Report - NVIDIA reported a revenue of $44.1 billion for FY26 Q1, exceeding market expectations with a year-over-year increase of 69% and a quarter-over-quarter increase of 12%. Data center revenue reached $39.1 billion, up 73% year-over-year and 10% quarter-over-quarter [3]. AI Infrastructure Demand - Despite anticipated losses of approximately $8 billion in H20 revenue due to policy restrictions, NVIDIA's overall performance remains strong, reflecting ongoing robust demand for AI servers and computing power [3][6]. Industry Trends - The AI industry continues to grow, driven by increasing spending on AI infrastructure from cloud providers and the continuous release of software applications. Domestic companies like DeepSeek, Alibaba, and ByteDance are also making significant advancements in AI technology [6]. Investment Recommendations - The Guotai AI ETF (159388) and Communication ETF (515880) are closely linked to the development of AI, with several constituent stocks showing promising growth in AI-related businesses. Investors are encouraged to keep an eye on these ETFs [1][6].

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面上，2025年5月23日，深交所举办人工智能领域上市公司集体业绩说明会，聚焦"智脑赋能·逐梦 新蓝海"主题，多家企业展示AI技术如何重塑业务生态并驱动业绩增长。 东北证券指出，AI行业正迎来商业化落地加速期，2025年有望成为AI一体机商业化元年。随着国产开 源模型的崛起，AI技术正加速渗透千行万业。AI应用优先落地场景集中在医疗、教育、政务及工业领 域，其中医疗AI预计长期市场规模可达2250-4500亿美元，覆盖"预防-诊断-治疗-康复"全流程；教育领 域通过智能体实现个性化学习；工业AI通过边缘计算实现分布式智能体网络。AI算力需求持续高增， 国内外大厂Capex同比增速达67.5%，国产算力生态及AIDC产业链景气度维持高位。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（9 ...

Group 1 - The core viewpoint is that the AI industry in the ChiNext market is expected to experience a dual drive of technological breakthroughs and application explosions by 2025 [1] - Continuous iteration of model capabilities, advancements in multimodal, low-cost deployment, improved reasoning abilities, and long context are identified as key progress areas [1] - AI applications are entering a realization phase, with overseas leading companies exceeding performance expectations, validating commercial potential [1] Group 2 - Significant growth in demand is observed across various sectors such as advertising, programming, search, office, and education, with AI reshaping industry logic by enhancing ROI and reducing costs [1] - The evolution of agent technology from generative to interactive is accelerating the implementation of "human-machine collaboration" models [1] - The AI procurement budget is shifting from IT to human resources, indicating a potential doubling of market space [1] Group 3 - The Guotai ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which is compiled by Shenzhen Securities Information Co., Ltd., selecting listed companies in the AI field from the ChiNext market [1] - The index reflects the overall performance of listed companies related to AI, showcasing significant growth and technological innovation characteristics [1] - The focus is on core segments of the AI industry chain [1]

Group 1 - The core viewpoint is that major domestic companies in China are significantly increasing their capital expenditures, particularly in AI and cloud infrastructure [1] - Alibaba's capital expenditure for Q4 2024 is reported at 31.775 billion RMB, showing a year-on-year increase of 259% and a quarter-on-quarter increase of 82% [1] - Alibaba plans to invest over 380 billion RMB in the next three years for building cloud and AI hardware infrastructure, which exceeds the total investment of the past decade [1] Group 2 - Tencent's capital expenditure for Q4 2024 is reported at 36.578 billion RMB, reflecting a year-on-year increase of 386% and a quarter-on-quarter increase of 114% [1] - The expected continued rise in capital expenditures for 2025 is primarily driven by the demand for AI-related infrastructure [1] - The overall trend indicates that internet giants are likely to expand their capital expenditures in 2025 due to the rapid increase in demand for AI infrastructure, either through self-built or leased solutions [1] Group 3 - The Guotai Artificial Intelligence ETF (159388) tracks the ChiNext AI Index (970070) and is noted for its high volatility, with daily price fluctuations potentially reaching 20% [1]

近日，半导体板块传来重磅消息。芯片ETF（512760）权重股海光信息发布公告，拟向中科曙光全体A 股股东发行新股完成换股吸收合并。这也是5月16日《上市公司重大资产重组管理办法》正式修订发布 后首单上市公司之间吸收合并交易。 受此消息提振，半导体板块表现活跃。科创芯片ETF国泰（589100）涨超0.3%、芯片ETF（512760）涨 超0.5%，半导体设备ETF（159516）上涨1.3%、创业板人工智能ETF国泰（159388）涨超1.2%。 wind数据显示，截至5月23日，海光信息是芯片ETF（512760）标的指数第四大重仓股，占比达7.32%， 是科创芯片ETF国泰（589100）标的指数的第三大中参股，占比9.79%。（文中提及上市公司仅供分析 参考使用，不构成个股推荐） 半导体产业"强链补链"加速 公开资料显示，中科曙光在高端计算、存储、云计算等领域具有深厚积累，海光信息专注于国产架构 CPU、DCU等核心芯片设计。从产业链角度，海光信息是中科曙光业务的上游。 机构指出，此次整合，将优化从芯片到软件、系统的产业布局，汇聚信息产业链上下游优质资源，全面 发挥龙头企业引领带动作用，实现产业链"强 ...

Market Overview - The Shanghai Composite Index closed up 9.33 points, a rise of 0.28%, at 3352.0 points, with a trading volume of 501.61 billion yuan [1] - The Shenzhen Component Index rose by 93.53 points, an increase of 0.93%, closing at 10197.66 points, with a trading volume of 791.79 billion yuan [1] - The ChiNext Index increased by 32.94 points, a rise of 1.65%, closing at 2029.45 points, with a trading volume of 375.82 billion yuan [1] - The total trading volume of both markets was approximately 1.3 trillion yuan, a decrease of about 180 billion yuan compared to the previous day [1] Sector Performance - The aerospace, transportation equipment, communication equipment, general equipment, and photovoltaic equipment sectors led the market gains, while the gold and jewelry sector saw significant declines [1] - The optical communication sector was highlighted as the best-performing sector, with the communication ETF (515880) rising by 3.90% and the AI ETF rising by 2.39% [1] Key Companies - NewEase (300502.SZ) had the highest trading volume at 10.03 billion yuan, followed by Zhongji Xuchuang (300308.SZ) at 9.31 billion yuan, and CATL (300750.SZ) at 7.67 billion yuan [2] - Zhongji Xuchuang reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [4] Policy Impact - The U.S. Department of Commerce indicated that the Trump administration plans to lift restrictions on AI chip exports established during the Biden era, which may benefit the optical communication sector in the A-share market [2] Industry Trends - Strong demand for AI computing power is driving the growth of optical module shipments, with significant revenue and profit increases expected [4] - Major companies like Microsoft, Meta, Google, and Amazon are projected to increase capital expenditures significantly, indicating robust growth in the cloud service provider (CSP) sector [4] - The optical communication sector is expected to see continued growth, with 800G and 1.6T optical modules anticipated to become mainstream products in the next five years [4] Military Industry Insights - The military industry is experiencing increased attention due to rising tensions in the India-Pakistan region, which may support near-term performance and valuation levels [7] - China's military trade exports accounted for 5.80% of the global market share from 2019 to 2023, with approximately 60% directed towards Pakistan [7] - The military ETF (512660) has shown strong performance, reflecting investor interest in the sector [5][8]