华龙证券指出，"十四五"时期，我国数字基础设施、数字技术创新、数字经济等发展迅速，处于世界领 先地位。截至2025年6月底，我国算力总规模位居全球第二，带动相关产业链需求快速发展。卫星互联 网方面，我国卫星互联网低轨08组卫星发射成功，同时以一箭11星方式成功将吉利星座04组卫星发射升 空，标志着我国互联网快速发展。低空经济作为数字经济与制造业融合发展的典型场景，正带动新一轮 基础设施建设热潮，通信运营商凭借在网络连接领域的天然优势，已率先进入多个低空经济试验区和先 行示范区。我国算力快速发展带动相关产业链需求持续提升，同时卫星互联网蓬勃兴起，通信行业迎来 新的发展机遇。 没有股票账户的投资者可关注国泰中证全指通信设备ETF联接A（007817），国泰中证全指通信设备 ETF联接C（007818）。 注：如提及个股仅供参考，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。 ...

没有股票账户的投资者可关注国泰中证全指通信设备ETF联接A（007817），国泰中证全指通信设 备ETF联接C（007818）。 注：如提及个股仅供参考，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。 每日经济新闻 华龙证券指出，"十四五"期间我国数字基础设施、数字技术创新、数字经济等发展迅速，处于世界 领先地位。截至2025年6月底，我国算力总规模位居全球第二，带动相关产业链需求快速发展。卫星互 联网方面，我国卫星互联网低轨08组卫星发射成功，同时以一箭11星方式成功将吉利星座04组卫星发射 升空，标志着我国互联网快速发展。低空经济作为数字经济与制造业融合发展的典型场景，正带动新一 轮基础设施建设热潮，通信运营商凭借在网络连接领域的天然优势，已率先进入多个低空经济试验区和 先行示范区。我国算力快速发展带动相关产业链需求持续提升，同时卫星互联网蓬勃兴起，通信行业迎 来发展 ...

Group 1 - The overseas computing power industry chain remains highly prosperous, with stronger resonance in the fundamentals of the related industry chain, and continued optimism for overseas computing power investment opportunities [1] - The AI industry is a key theme for the year, with advancements in DeepSeek R2/V4 and Agent, as well as multimodal progress, sustaining the prosperity of the AI and AIDC industry chain [1] - 2025 is expected to be a pivotal year for domestic AI infrastructure competition and application implementation, with synchronized advancements in AI inference between China and the US [1] Group 2 - The government work report has included "deep-sea technology" for the first time, indicating a clear improvement trend in the offshore wind industry starting from 2025 [1] - Key overseas AI directions include optical modules & devices and liquid cooling, while domestic computing power sectors such as servers, switches, and AIDC are worth attention [1] - The satellite internet industry is experiencing dynamic developments, with active promotion of low-orbit satellites and low-altitude economy, accelerating information construction [1] Group 3 - The communication ETF (515880) tracks the communication equipment index (931160), which selects listed company securities involved in communication network infrastructure, terminal equipment, and related products to reflect the overall performance of the communication industry [1] - The constituent stocks of the index have high technical content and R&D investment, representing the core competitiveness and development direction of the communication industry [1] - The index focuses on allocation in cutting-edge technology fields such as 5G and optical communication [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].

Core Viewpoint - The A-share market continues to experience fluctuations, with the consumer and pharmaceutical sectors showing resilience, while external disturbances and policy dynamics contribute to ongoing market adjustments [1][2][6]. Market Analysis - The A-share market is currently in a state of rotation, with sectors such as innovative pharmaceuticals and food and beverages performing well, while technology sectors like precious metals, consumer electronics, and semiconductors are experiencing pullbacks [2][6]. - Analysts predict that the current state of market fluctuations may persist until mid-June, influenced by external risks and domestic policy measures [5][6]. - The market is characterized by a cautious sentiment due to external trade tensions and a lack of significant domestic policy surprises, leading to a concentration of funds in high-dividend, low-valuation assets [6]. Structural Opportunities - Analysts from Xingye Securities highlight three key areas for potential investment opportunities: 1. Technology sector, particularly high-tech manufacturing [8]. 2. Domestic demand sector, represented by services [8]. 3. Dividend-focused investments to mitigate market uncertainties [9]. Fund Launch and Features - A new batch of floating fee rate funds has been launched, which ties management fees to performance metrics and holding periods, offering a more dynamic fee structure compared to traditional funds [12][14]. - The floating fee structure allows for varying management fees based on whether the fund outperforms or underperforms its benchmark, providing a more performance-aligned investment approach [14][15][16]. Investment Considerations - Investors are advised to consider various factors beyond fee structures when selecting funds, including the fund's investment style, strategy, and the track record of fund managers [18][19]. - Floating fee rate funds may be particularly suitable for long-term investors and those sensitive to fee structures, as they align management incentives with investor performance [20].