Group 1 - The core viewpoint is that the AI computing power arms race is driving incremental demand that will continue to exceed expectations, with competition among large model vendors focusing on resource monopolization and advantage acquisition at the infrastructure level [1] - Global AI computing power investment is entering a deep-water phase, with demand for new technologies accelerating in areas such as optical modules, PCBs, and applications in large-scale clusters like DCI and AOC [1] - The communication industry is benefiting from the robust growth in AI computing power demand, leading to a resonance in the domestic and international computing power chains that promotes continuous industry development [1] Group 2 - The Communication ETF (515880) tracks the communication equipment index (931160), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in network infrastructure and communication terminal equipment from the A-share market to reflect the overall performance of related securities [1] - The industry allocation is primarily concentrated in the information technology sector, particularly companies related to advanced technologies such as 5G and the Internet of Things, which can effectively reflect the development trends of the communication equipment industry [1] - Investors without stock accounts can consider the Guotai Zhongzheng All Index Communication Equipment ETF Connect A (007817) and Guotai Zhongzheng All Index Communication Equipment ETF Connect C (007818) [1]

截至7月18日，ETF两市资金流入2109.37亿元，流出1951.64亿元，净流入157.73亿元。分类型来看，股 票型ETF资金净流入12.32亿元，债券型ETF资金净流入137.49亿元，货币型ETF资金净流入3594.93万 元，商品型ETF资金净流出3080.24万元，QDII型ETF资金净流入7.87亿元。其中，资金净流入最多的非 货币型ETF分别是易方达中证香港证券投资主题ETF(513090)、广发中证香港创新药(QDII-ETF) (513120)、酒ETF(512690)，资金净流入金额分别为7.66亿元、4.52亿元、3.00亿元。资金净流出最多的 非货币型ETF分别为易方达沪深300ETF发起式(510310)、国泰中证全指通信设备ETF(515880)、光伏 ETF(515790)，资金净流出金额为2.39亿元、1.81亿元、1.64亿元。 ...

Group 1 - The best-performing fund managed by manager Ai Xiaojun in the second quarter of 2025 is the Guotai Nasdaq 100 ETF (513100), with a quarterly net value increase of 17.15% [1] - Ai Xiaojun manages a total of 13 funds, with the Guotai Zhongzheng All Index Securities Company ETF (512880) having a scale of 29.795 billion yuan and a quarterly increase of 4.47% [2] - The Guotai Nasdaq 100 ETF has an annualized return of 18.77% and a scale of 15.446 billion yuan, with major holdings including Nvidia, which has a weight of 8.30% [2] Group 2 - During Ai Xiaojun's tenure as the manager of the Guotai Shanghai Stock Exchange 180 Financial ETF, the cumulative return is 176.97% with an average annualized return of 9.25% [2] - The number of adjustments in major holdings during this period is 86, with a profit rate of 60.47% [2] - Notable successful stock adjustments include Guizhou Moutai, which yielded an estimated return of 673.28% over a holding period of over four years [4][6] Group 3 - The Guotai CES Semiconductor Chip ETF (512760) has a scale of 11.474 billion yuan and a quarterly decrease of 0.27% [2] - The Guotai Zhongzheng All Index Communication Equipment ETF (515880) has a scale of 2.7 billion yuan and a quarterly increase of 14.87% [2] - The Guotai Standard & Poor's 500 (QDII-ETF) has an annualized return of 17.27% and a scale of 578 million yuan [2]

Group 1 - The communication industry is experiencing multiple catalysts, with ongoing support for the satellite internet sector and increasing policy backing, leading to deeper industry development [1] - Research on 5G-A and 6G standards is progressing, highlighting relevant investment opportunities [1] - Nvidia has launched several new products, further driving demand for computing power, which benefits the communication equipment supply chain [1] Group 2 - The communication ETF tracks the communication equipment index, which is compiled by China Securities Index Co., Ltd., selecting listed companies from the A-share market involved in communication network infrastructure and terminal equipment [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect C (007818) and Guotai CSI All-Share Communication Equipment ETF Connect A (007817) [1]

Core Viewpoint - The China Securities Index for Communication Equipment has shown significant growth, with a 18.77% increase over the past month and a 38.19% increase over the past three months, indicating a strong performance in the communication equipment sector [1][2]. Group 1: Index Performance - The China Securities Index for Communication Equipment opened at 7873.26 points with a trading volume of 73.569 billion yuan [1]. - Year-to-date, the index has risen by 14.73% [1]. - The index is based on companies involved in the communication equipment sector, reflecting the overall performance of these listed companies [1]. Group 2: Index Composition - The top ten weighted companies in the index include: - Xinyi Technology (15.08%) - Zhongji Xuchuang (13.59%) - ZTE Corporation (9.59%) - Industrial Fulian (9.5%) - Tianfu Communication (3.77%) - Zhongtian Technology (3.42%) - Chuan Yin Holdings (3.02%) - Hengtong Optic-Electric (2.71%) - Wentai Technology (2.69%) - Haige Communication (2.22%) [1]. - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (66.81%) and the Shanghai Stock Exchange (33.19%) [1]. Group 3: Industry Breakdown - The index sample shows that communication services account for 82.08% and information technology accounts for 17.92% [2]. - The index samples are adjusted biannually, with adjustments occurring on the second Friday of June and December [2]. - Public funds tracking the communication equipment index include various ETFs and index funds from Guotai, Bosera, and Tianhong [2].

Group 1 - Nvidia's supply chain performance forecast significantly exceeds expectations, with New Yisheng expecting a net profit of 3.7 billion to 4.2 billion yuan for the first half of the year, representing a year-on-year increase of 328%-385%, driving a collective surge in the CPO sector [1] - The Communication ETF (515880) deeply covers Nvidia's supply chain, with optical modules accounting for nearly 30% of the index, leading the market today [1] - According to Industrial Securities, since June, despite an overall recovery in the AI sector, there has been a clear internal differentiation, with upstream computing hardware, represented by PCB and optical modules, outperforming midstream software services and downstream applications [1] Group 2 - The North American computing chain, represented by "Yizhongtian," has significantly outperformed domestic computing chains such as SMIC and Cambrian, driven by performance as a core factor [1] - North American cloud vendors have reiterated their commitment to increasing AI capital expenditures, and the demand guidance for overseas optical modules is gradually becoming clearer for next year, enhancing the earnings certainty of optical modules and PCBs in the North American computing chain [1] - The Communication ETF (515880) tracks the communication equipment index, selecting listed companies involved in communication equipment manufacturing and technology services to reflect the overall performance of the communication equipment industry [1]

Group 1 - The communication sector experienced a significant increase, with the communication ETF (515880) rising over 4.6% on July 8 [1] - The demand for high-speed optical modules is expected to enhance the industry's profitability, driven by the rise of large models and generative AI applications, which are expanding the AI server market [1] - According to Lightcounting's forecast, the market size for 800G Ethernet optical modules is projected to exceed $40 billion by 2025, with the overall market for 800G and 1.6T optical modules expected to surpass $16 billion by 2029 [1] Group 2 - Chinese optical module manufacturers have been increasing their global market share, with the latest 2024 global optical module TOP10 list showing Chinese firms occupying 7 out of 10 positions [1] - The communication ETF (515880) tracks the communication equipment index and includes listed companies involved in communication equipment manufacturing and technology services, reflecting the overall performance of the sector [1] - The optical module weight in the communication ETF (515880) is nearly 30%, positioning it to benefit significantly from the current AI wave [1]

Group 1 - The core viewpoint is that the development space for edge AI is vast, with the Volcano Engine showcasing various smart hardware products like AI alarm clocks and AI learning machines, indicating a continuous increase in the categories of large models being implemented on hardware [1] - The Doubao large model family has been fully launched, covering various types such as language, video, and voice, demonstrating outstanding performance and cost advantages, and has been widely applied in industries like mobile, automotive, and finance, accelerating the process of industrial intelligence [1] - Multi-modal vertical upgrades are becoming an important path for the implementation of AI, with edge AI accelerating penetration in IoT and other fields, and technological advancements expected to show exponential growth with improvements in computing power and model optimization [1] Group 2 - The communication industry is performing steadily, with edge AI emerging as a significant growth point [1] - The Communication ETF (515880) tracks the communication equipment index (931160), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in communication network equipment, terminal devices, and related services from the A-share market to reflect the overall performance of the communication equipment industry [1] - Investors without stock accounts can consider the Guotai Zhongzheng All Index Communication Equipment ETF Connect A (007817) and Guotai Zhongzheng All Index Communication Equipment ETF Connect C (007818) [1]

金融工程 证 券 研 究 报 告 【金工周报】（20250603-20250606） 指数择时互有多空，后市或偏向震荡 ❖ 本周回顾 本周市场普遍上涨，上证指数单周上涨 1.13%，创业板指单周上涨 2.32%。 A 股模型： 短期：成交量模型中性。低波动率模型中性。特征龙虎榜机构模型看空。特征 成交量模型看空。智能沪深 300 模型看多，智能中证 500 模型看空。 中期：涨跌停模型看多。月历效应模型中性。 长期：长期动量模型所有宽基指数中性。 综合：A 股综合兵器 V3 模型看空。A 股综合国证 2000 模型中性。 港股模型： 中期：成交额倒波幅模型看多。 本周行业指数普遍上涨，涨幅前五的行业为：通信、有色金属、电子、计算机、 综合金融，跌幅前五的行业为：家电、食品饮料、交通运输、煤炭、钢铁。从 资金流向角度来说，通信、电子、煤炭、家电、钢铁主力资金净流入居前，医 药、机械、汽车、基础化工、国防军工主力资金净流出居前。 本周股票型基金总仓位为 89.73%，相较于上周减少了 39 个 bps，混合型基金 总仓位 77.53%，相较于上周增加了 183 个 bps。 本周汽车与有色金属获得最大机构加仓，电 ...

Group 1 - The core viewpoint highlights the contradiction between the short-term uncertainty of AI computing power investment and the rapid development of AI large model capabilities, alongside the strong commitment from major players in the industry [1] - NVIDIA has reported impressive performance and guidance despite export restrictions in H20, indicating innovation in the AI industry across multiple dimensions [1] - More countries and regions globally are increasing investments in AI infrastructure, emphasizing the need for synchronized system innovations in computing, storage, and networking to overcome the bottleneck in AI innovation [1] Group 2 - The communication sector may benefit from the ongoing investment and upgrades in computing power, as it is a key theme in AI infrastructure development [1] - The Communication ETF (515880) tracks the communication equipment index (931160), which includes A-share listed companies in communication equipment manufacturing and related services, reflecting the performance of core enterprises in the communication technology industry [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect A (007817) and Connect C (007818) for exposure to this sector [1]