Core Viewpoint - The investment value of the domestic AI sector is highlighted, with a shift in growth dynamics from "training" to "inference" in the intelligent computing center market, indicating a stable growth phase despite a slowdown in market growth [3]. Group 1: Market Performance - As of May 26, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 0.73%, with mixed performance among constituent stocks [2]. - The Sci-Tech AI ETF (588790) also fell by 0.70%, with a latest price of 0.57 yuan and a turnover rate of 3.37%, totaling a transaction volume of 1.03 billion yuan [2]. - Over the past year, the average daily transaction volume of the Sci-Tech AI ETF reached 2.78 billion yuan, ranking first among comparable funds [2]. Group 2: Company Developments - Kunlun Wanwei launched the Skywork SuperAgents product globally on May 22, 2025, which utilizes AI agent architecture and deep research technology to generate various types of content [2]. - The product ranks first on the GAIA list, showcasing its strong deep research capabilities [2]. Group 3: Fund Performance - The Sci-Tech AI ETF saw a significant increase in scale, growing by 1.50 million yuan over the past week, ranking first among comparable funds [3]. - The fund's shares increased by 3.15 million shares in the same period, also ranking first among comparable funds [3]. - The fund experienced a net outflow of 29.38 million yuan recently, but had a total inflow of 184 million yuan over the last five trading days [3]. Group 4: Leverage and Returns - Leveraged funds have been actively buying into the Sci-Tech AI ETF, with a net purchase of 12.64 million yuan on the highest single day, bringing the latest financing balance to 72.73 million yuan [4]. - Since its inception, the Sci-Tech AI ETF has achieved a maximum monthly return of 15.59%, with an average monthly return of 15.59% and a winning probability of 60.81% [4]. Group 5: Risk and Fees - The fund's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The tracking error of the Sci-Tech AI ETF over the past three months is 0.014%, indicating high tracking precision compared to similar funds [5]. Group 6: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the Sci-Tech AI ETF is 119.64, which is below 80.57% of the time over the past year, indicating a historical low valuation [5]. - The top ten weighted stocks in the index account for 70.68% of the total index weight, with notable companies including Lanqi Technology and Cambricon Technologies [5][7].

Group 1 - The A-share market is experiencing fluctuations, with a notable divergence in the artificial intelligence sector, highlighted by Kunlun Wanwei's stock hitting the daily limit and leading gains in holdings [1] - Kunlun Wanwei has launched the Skywork SuperAgents, an AI product that utilizes AI agent architecture and deep research technology to generate various types of content including documents, PPTs, spreadsheets, web pages, podcasts, and multimedia [1] - Huaxi Securities anticipates that policy guidance will drive the development of AI applications in China towards "industry standard leadership + deep scene adaptation," with industrial large models and vertical industry solutions becoming core drivers of traditional industry digital transformation [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, and others [2] Group 3 - Related products include the AI ETF (515070), Huaxia CSI Artificial Intelligence Theme ETF Link A (008585), and Huaxia CSI Artificial Intelligence Theme ETF Link C (008586) [3]