记者丨黎雨辰；编辑丨姜诗蔷 ETF市场正式进入5万亿时代。 Wind数据显示，截至8月25日收盘，全市场ETF规模达到5.07万亿元。 自4月18日全市场ETF规模站上4万亿元以来，这一仅用4个月就完成的规模跨越，再一次刷新了ETF"万 亿里程"的新纪录。 从4万亿到5万亿的阶段性跨越，也是2025年以来ETF市场发展的缩影：A股市场回暖带动基金净值显著 上升，成为年内ETF规模增长的核心引擎；资金积极涌入行业主题ETF与港股ETF，反映出投资者借道 指数化工具捕捉轮动机会的策略倾向；债券ETF持续获青睐，则体现出市场中仍存在对稳健收益的大量 需求…… 1.分投资类型来看，股票型ETF最新规模为3.46万亿元，占全ETF市场规模的68.25%。 其中，宽基ETF依然有着"中流砥柱"的地位，其24442.57万亿元的最新总规模几乎撑起了ETF市场的半 边天。 最新数据显示，目前全市场共有101只ETF规模超百亿元，而其中7只规模超千亿元的ETF，均为宽基产 品：最新规模4128.8亿元的华泰柏瑞沪深300ETF，是全市场最大的指数基金，易方达沪深300ETF、华 夏沪深300ETF、嘉实沪深300ETF、华夏上 ...

Market Review - The AI and robotics sectors continued their upward trend, achieving a "three consecutive days" increase, with the Huaxia AI ETF (589010) closing up 0.98% and reaching a peak intraday increase of 2.62% [1] - Key holdings included Chipone Technology leading with a 13.39% increase, followed by CloudWalk Technology at 4.79%, and both Daotong Technology and Yuntian Lifeng rising over 3% [1] - The Robotics ETF (562500) closed up 0.71%, experiencing significant volatility with an intraday peak fluctuation of 3.67% [1] - Notable performers included Hechuan Technology leading with a 14.50% increase, followed by Fengli Intelligent at 13.30%, Huachen Equipment at 11.11%, and Xiasha Precision hitting a 10% limit-up [1] - Total trading volume reached 2.022 billion yuan, indicating robust market activity and sustained liquidity [1] - The latest scale of the Robotics ETF reached 17.35 billion yuan, setting a new record and significantly surpassing comparable funds [1] Hot News - DeepSeek announced the upgrade of its online model to version 3.1, featuring a longer context window and readiness for testing [2] - Yuzhu Technology teased a new humanoid robot with a height of 1.8 meters and 31 degrees of freedom, suggesting agility and elegance [2] - Shanghai's implementation plan for accelerating "AI + manufacturing" aims to promote intelligent applications in 3,000 manufacturing enterprises over three years, establish 10 industry benchmark models, and develop around 10 "AI + manufacturing" demonstration factories [2] Institutional Views - Guojin Securities expressed optimism regarding the domestic advantages in the integration of AI with software and hardware, particularly in consumer and overseas markets, as evidenced by the preliminary validation from Meitu and Kuaishou's ARR [3] - The firm also anticipates positive growth in the second half of the year, with expected increases in revenue contributions from AI applications in enterprise service software and manufacturing information systems [3] Popular ETFs - The Robotics ETF (562500) is noted as the only fund exceeding 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia AI ETF (589010) is characterized as the "brain" of robotics, with a 20% fluctuation limit and small to mid-cap elasticity, aimed at capturing pivotal moments in the AI industry [4]

Core Viewpoint - The article highlights the recent surge in stocks associated with analyst Sun Xiaoya, particularly following the release of a research report from Tianfeng Securities, which has led to significant price increases in several recommended stocks [1][3][7]. Group 1: Research Report Impact - On August 19, a research report titled "Robot Recommendations: Supply Chain Intensive Visits T, Counterattack Moment Begins - 0819" circulated in the market, authored by Sun Xiaoya and Zhang Tongtong from Tianfeng Securities [1][3]. - The report emphasizes the importance of AI and suggests focusing on low-position AI applications, particularly robots, indicating a favorable outlook for valuation expansion and future development [3][4]. Group 2: Recommended Stocks - The report identifies seven key stocks aligned with industry trends: - Zhejiang Rongtai: Recognized as a new Tier 1 supplier, with a new lower limb joint solution gaining T's approval, expected to enter mass production in Q4 [4]. - Anpeilong: Focused on the optical sensing industry, with plans for overseas expansion and significant revenue potential [4]. - Longxi Co.: Dominates the domestic market with a 75% share in joint bearings, projecting substantial revenue growth [5]. - Keda Li: Positioned for high-load, low-heat joint modules, with plans for North American manufacturing [5]. - Haoneng Co.: Targets planetary gear systems, with significant production plans and revenue expectations [5]. - Fuda Co.: Engaged in screw and cycloidal products, with existing orders from major domestic clients [5]. - Shuanglin Co.: Focuses on screw systems and has made progress in direct engagements with T [5]. Group 3: Analyst Recognition - Sun Xiaoya has gained significant recognition in the market, often leading to stocks reaching their daily limit up after her recommendations, earning her the title of "A-share's strongest influencer" [6][7]. - Her rapid career advancement and accolades, including top rankings in analyst competitions, have contributed to her growing influence in the investment community [7].

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《OpenAI 发布 GPT-5，Claude Opus 4.1 上线——AI 动态汇总 20250811》 - 2025.08.12 《融资余额新高，创新药光通信调整， 指数预期仍将震荡上行挑战前高—— 行业轮动周报 20250810》 - 2025.8.11 《ETF 资金偏谨慎流入消费红利防守， 银行提前调整使指数回调空间可控— — 行 业 轮 动 周 报 20250803 》 - 2025.08.04 《ETF 资金持续净流出医药，雅下水电 站成短线情绪突破口——行业轮动周 报 20250727》 – 2025.07.28 《ETF 资金净流入红利流出高位医药， 指数与大金融回调有明显托底——行 业轮动周报 20250720》 – 2025.07.21 《大金融表现居前助指数突破，GRU 行 业轮动调入非银行金融—— ...

Group 1 - The article highlights the influx of new retail investors into the stock market, with a significant increase in new accounts opened, reaching 1.96 million in July, a 71% year-on-year growth [1] - The market experienced volatility, with the Shanghai Composite Index dropping from around 3600 to approximately 3550 points at the end of July, causing panic among new investors [1][2] - By mid-August, the index rebounded, surpassing the previous year's high of 3674.40 points and briefly exceeding 3700 points, reigniting bullish sentiment [1] Group 2 - New investors, like "Budding," often rely on social media for stock information and exhibit impulsive trading behavior, frequently buying and selling within days [5][6] - Emotional responses to market fluctuations are common among new investors, with feelings of excitement during gains and despair during losses [2][7] - The article features various new investors' experiences, illustrating their journey from initial excitement to facing market realities and emotional challenges [3][10][11] Group 3 - The narrative includes specific cases of new investors, such as "Liu Ming," who initially faced losses but later experienced gains, leading to a more balanced perspective on market fluctuations [10] - "Wang Xiaowei," another investor, transitioned from mutual funds to stocks, experiencing significant losses before eventually recovering and profiting from the market rebound [11][14] - The article emphasizes the psychological impact of trading on new investors, with many expressing a shift in priorities and emotional states due to their stock market experiences [11][14]

【机构观点】 中金公司认为，展望2025年下半年，随着大模型能力不断增强、越来越多形态的应用场景有望推升AI 推理的算力需求持续爆发，带动AI硬件的需求成长。以下趋势值得关注：1、国内外算力链需求增长确 定性提升；2、网络在AIDC中的重要性有望提高；3、Agent等AI应用加速落地。此外，"十五五"政策吹 风，数字基建、海洋经济等方向值得关注。 【热门ETF】 【市场复盘】 本周三（8月13日），沪指放量上涨0.48%收于3683.46点，突破去年10月8日高点，创近4年新高；同时 沪深两市全天成交额2.15万亿，近4个月首次回到2万亿上方。AI产业链全线走强，光模块领涨市场，科 创人工智能ETF华夏（589010）收涨0.86%，盘中震荡走高。持仓股方面，晶晨股份暴涨8.01%，乐鑫科 技上涨5.15%，优刻得、芯海科技等跟涨。机器人ETF（562500）收涨0.96%，全天低开高走，午后强势 拉升突破五日均线，未来有望承接大盘上涨的"接力棒"。持仓股方面，东杰智能领涨10.77%，博杰股份 喜提10%涨停，中大力德上涨5.94%，燕麦科技、博众精工等涨幅超3%。流动性方面，当日成交总额 11.83亿元， ...

Market Overview - The AI and robotics sectors experienced significant gains, with the Huaxia AI ETF (589010) rising by 2.23% and stocks like Aobo Zhongguang surging by 14.49% [1] - The Robotics ETF (562500) increased by 3.16%, marking a three-day upward trend, with a total trading volume of 1.671 billion yuan, indicating a potential upward momentum in the sector [1] - Nearly 70 component stocks in the robotics sector saw gains, with several stocks hitting the 10% daily limit [1] Key Events - The 2025 World Robot Conference will be held in Beijing from August 8-12, featuring over 200 domestic and international robotics companies and more than 1,500 exhibits, including over 100 new product launches [2] - On August 6, U.S. President Trump announced a 100% tariff on chips and semiconductors, which led to a rise in stock prices for companies like Apple and TSMC [2] - Fourier launched its first interactive humanoid robot, the Care-bot GR-3, which features advanced capabilities and a battery system allowing for continuous operation [2] Institutional Insights - China Galaxy Securities reported that the transaction volume for the AI sector in July reached 1.365696 trillion yuan, a month-on-month increase of 38.81%, continuing the upward trend from June [3] - The firm expressed optimism about the future of the AI industry, attributing the sector's growth to favorable policies and various external factors [3] Popular ETFs - The Robotics ETF (562500) is noted for being the only fund with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia AI ETF (589010) is characterized as the "brain" of robotics, with a 20% fluctuation range and the ability to capture significant moments in the AI industry [4]

Core Viewpoint - The article discusses the potential investment opportunities in various ETFs, particularly focusing on technology, robotics, chips, and infrastructure sectors, driven by favorable market conditions and government policies [3][4][10][12]. Group 1: Technology Sector - The Hang Seng Technology ETF (513010.SH) is highlighted, with a projected net inflow of HKD 731.2 billion from southbound funds in the first half of 2025, which is 91% of last year's total net purchases [3]. - The Hang Seng Technology Index has a PE-TTM of 21.19 as of August 4, 2025, indicating a valuation at the 15.86% percentile of its historical range, suggesting a favorable investment opportunity [4]. Group 2: Robotics Sector - The Robotics ETF (562500.SH) is positioned to benefit from government initiatives to develop intelligent robotics and new manufacturing equipment, with policies aimed at enhancing financing support for strategic sectors [6][7]. - The World Artificial Intelligence Conference showcased over 60 humanoid robots, indicating significant innovation and potential for commercialization in the robotics field [6]. Group 3: Chip Sector - The Chip ETF (159995.SZ) is influenced by the recent approval of H20 chip exports to China, signaling a temporary easing of U.S. export restrictions, although long-term challenges remain due to ongoing technology sanctions [9][10]. - The establishment of the National Integrated Circuit Industry Investment Fund with a registered capital of CNY 344 billion aims to bolster domestic chip manufacturing and reduce reliance on foreign technology [10]. Group 4: Infrastructure Sector - The Infrastructure ETF (516950.SH) is set to benefit from the government's plan to issue CNY 1.3 trillion in special bonds and CNY 4.4 trillion in project financing, focusing on infrastructure and equipment upgrades [11]. - The commencement of the Yaxia Hydropower Station project, with a total investment of CNY 1.2 trillion, is expected to drive demand across the entire infrastructure supply chain [11].

Core Viewpoint - The robotics sector is experiencing significant growth, driven by favorable government policies, innovative product launches, and upcoming industry events, leading to substantial stock price increases in related companies [1][4][7]. Group 1: Government Support and Policies - The Shanghai Municipal Government has issued the "Implementation Plan for the Development of Embodied Intelligence Industry," which includes support for key technologies with a maximum investment of 30% up to 50 million yuan [2][6]. - The plan aims to achieve breakthroughs in core algorithms and technologies, with a target of over 20 breakthroughs by 2027 and a core industry scale exceeding 50 billion yuan [6]. Group 2: Product Innovations - Yushutech has launched a new quadruped robot dog, Unitree A2, weighing approximately 37 kg with a range of 20 km, which has generated significant online interest [2][8]. - The robot can run at a maximum speed of 5 m/s and can carry a 100 kg adult, showcasing advanced capabilities in various terrains [8]. Group 3: Upcoming Industry Events - The 2025 World Robot Conference will be held in Beijing from August 8 to 12, featuring over 200 domestic and international robotics companies and more than 1,500 exhibits, including over 100 new product launches [3][8]. Group 4: Market Performance - The robotics ETF (159530) surged over 3%, with multiple stocks in the robotics sector experiencing gains of over 10%, indicating strong market sentiment [1][4]. - Notable stock performances include Huami New Materials rising nearly 21%, and several other companies like Haosen Intelligent and Guorui Technology also seeing significant increases [7]. Group 5: Market Trends and Projections - According to IDC, the global robotics market is projected to exceed $400 billion by 2029, with China expected to account for nearly half of this market [8]. - The commercial service robot market is rapidly expanding, with over 100,000 units expected to be shipped in 2024, led by Chinese manufacturers with an 84.7% market share [8]. Group 6: Application Scenarios - The application of embodied intelligence in various sectors, including logistics, industrial manufacturing, and healthcare, is seen as a key driver for industry growth, with companies that can effectively implement these technologies likely to lead the market [9].

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell trading strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [3][12] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][12] Group 2: ETF Grid Strategy Target Analysis - The Hang Seng Technology ETF (513010.SH) benefits from improved liquidity in the Hong Kong stock market and the return of quality listed companies, making it a cost-effective investment tool in a low-interest-rate environment. In the first half of 2025, net inflows from southbound funds into Hong Kong stocks reached HKD 731.2 billion, equivalent to 91% of last year's total net purchases [3][13] - The Robotics ETF (562500.SH) is positioned in a strategic core area of China's technological innovation and high-end manufacturing, supported by government policies aimed at accelerating technological autonomy and industrial cluster breakthroughs [4][16] - The Chip ETF (159995.SZ) sees a temporary easing of overseas suppression factors, while "domestic substitution" remains the long-term development theme, with significant investments planned in critical areas of the semiconductor industry [5][17] - The Infrastructure ETF (516950.SH) is expected to benefit from fiscal expansion and the implementation of major projects, with the government planning to issue special bonds totaling CNY 1.3 trillion and project lists supporting 1,459 projects in key areas [6][18]