□ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 □ 截至2025年12月31日，科创综指全年涨幅达到46.3%，显著跑赢市场主要宽基指数 □ 截至2025年12月31日，科创板相关ETF总规模约3000亿元，产品数量达106只，是2024年底的3倍。其 中，科创综指ETF规模合计超90亿元 ◎记者 何昕怡 自2025年1月20日正式发布以来，上证科创板综合指数（简称"科创综指"）已平稳运行近一年。作为刻 画科创板"全景图"的指数，科创综指在表征市场整体表现与引导长期资金配置方面的作用日益凸显。 2025年全年，科创综指走势呈现拾级而上的特征：截至2025年12月31日，全年涨幅达到46.3%，显著跑 赢市场主要宽基指数充分反映市场对科创板"硬科技"资产的价值重估，以及科创综指作为投资标的的可 配置价值。2026年1月5日，科创综指大涨3.61%，迎来"开门红"。 截至2025年12月30日，境内已有46家基金管理人推出共78只科创综指指数基金，场内外合计规模达274 亿元。上交所上市科创综指ETF共22只 ...

2025年12月29日，科创人工智能ETF（588730.SH）收涨0.71%，主力资金（单笔成交额100万元以上） 净流入2411.93万元，居可比基金第一。（数据来源：Wind） 拉长时间看，该基金近5个交易日有3天主力资金净流入，合计流入3575.74万元，居可比基金前3。（数 据来源：Wind） 科创人工智能ETF（588730.SH），场外联接(A类：023564；C类：023565）。 与此同时，该基金最新成交量为1.19亿份，最新成交额突破1.70亿元，居可比基金前3。 ...

Group 1 - The article discusses the financial value of a typical career path for a young graduate, estimating a starting salary of 250,000 with a 2% annual increase, leading to a retirement pension of 90% of the final salary at age 60, which also increases at 2% annually until age 90 [1][3][23] - The present value of this cash flow is calculated using different discount rates, resulting in a value of 8.778 million at a 4% discount rate and 4.559 million at an 8% discount rate [3][23] - The article suggests that having 10 million in cash, even when invested in stable indices, can lead to financial freedom [5][24] Group 2 - The article highlights the high-risk, high-reward nature of investing in technology stocks, emphasizing the volatility and potential for significant returns if investors can endure the market cycles [13][32] - It references the performance of notable investors and funds, such as David Swensen with a 13.7% annual return and the Bridgewater flagship fund with an 11.5% return, questioning if individual investors can match these results [34][36] - The article compares two artificial intelligence-themed ETFs, noting a significant difference in their annual returns: 105.43% for the ChiNext AI ETF and 16.53% for the Sci-Tech Innovation AI ETF, attributing this to their differing investment focuses [18][37]

今日（12月18日）A股三大指数走势分化，沪指微涨0.16%，深证成指、创业板指分别收跌1.29%、 2.17%，沪深两市成交额超1.6万亿元，较昨日缩量逾1500亿元。 盘面上，银行板块领涨两市，全市场规模最大的银行ETF（512800）场内价格拉升1.85%；国防军工板 块主力资金全天净流入额（95.6亿元）高居全行业首位，国防军工ETF（512810）场内价格盘中涨逾 2.1%价格触及近3个月高点；同样受益于商业航天题材爆发，通用航空ETF（159231）场内价格劲涨 2.03%，一举收复所有均线。 与此同时，资金正在密集加仓AI方向！摩尔线程、沐曦股份带动光模块景气度提升，重仓光模块龙头 的创业板人工智能ETF（159363）昨天单日吸金1.54亿元，今天场内再获资金净申购2亿份！字节火山 引擎FORCE原动力大会于12月18-19日举行，字节产业链含量超33%的科创人工智能ETF（589520）此 前3日连续吸金1346万元，今天场内频现溢价区间，显示买盘资金更为强势！ | 序号 代码 | | 名称 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 1 1 | 159231 ...

今日（12月18日）字节产业链含量超33%的科创人工智能ETF（589520）逆市活跃，场内价格现涨 0.53%，上交所数据显示，该ETF此前3日连续获资金净流入，合计金额1346万元，反映资金看好国产AI 产业链后市表现，逐步进场布局！ 消息面上，字节火山引擎FORCE原动力大会于12月18-19日举行。开源证券表示，大会将发布豆包大模 型全新成员，有望实现性能提升与成本降低，特别是视频生成模型有望进一步升级。同时，大会将重点 关注Agent开发工具（如TRAE、MCP服务等）的升级与Agent生态的扩容，推动AI在企业生产场景中的 落地应用。关注字节产业链及AI应用投资机会。 业内人士指出，AI投资逻辑逐步迭代，从"卖铲子"（硬件和基础设施）转向"挖金子"（实际应用和商 业化）。相比算力，AI应用似乎更具有想象空间。算力层的"价值底座"已趋于稳固，估值变得"有迹可 循"；应用层的爆发才刚刚开始，其重塑各行各业、创造全新商业模式的"想象空间"显然更大。 值得关注的是，科创人工智能ETF（589520）标的指数囊括热门概念，截至11月底，AI应用概念股权重 占比达30.94%，字节跳动产业链权重占比达33.6 ...

A股三大指数今日（12月12日）集体上涨，截至收盘，沪指涨0.41%，深证成指涨0.84%，创业板指涨0.97%。沪深两市全天成交额达到2.09万亿元，较昨日 放量超2300亿元。 盘面上，AI产业链重拾攻势，重点布局国产AI产业链的科创人工智能ETF（589520）、光模块CPO含量超56%的创业板人工智能ETF（159363）盘中场内价 格双双涨超2%；商业航天、可控核聚变、超导等多题材联袂带动，一键布局低空经济+大飞机+军民融合+商业航天的通用航空ETF华宝（159231）场内价格 收涨1.69%，高人气国防军工ETF（512810）收盘价再创逾1个月新高。 港股方面，港股科技股大面积爆发，A+H芯片产业链再度走强，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）全天震荡走强，放量收涨 2.07%；重仓互联网龙头的港股互联网ETF（513770）场内价格大涨1.86%，一举收复5日、10日线。 | | 159131 | 港股信息技术ETF T+0 | 2.07% | | --- | --- | --- | --- | | | 513770 | ** | 1 86% | | | | 1 ...

Group 1 - Alibaba has officially launched the "Qianwen" project, viewing it as a "future battle in the AI era" [1] - Huazhong Securities indicates that Alibaba's move to target the C-end market is a further expansion of its AI strategy, aiming for a vast market scale and developing an international version of the Qianwen app to compete with ChatGPT for overseas users [1] - The upcoming release of Huawei's breakthrough technology in AI is expected to increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, addressing efficiency issues in computing resource utilization [1] Group 2 - Open Source Securities notes that domestic AI has made significant progress in computing power, large models, and applications, reshaping the global competitive landscape and maintaining a positive outlook on domestic AI investment opportunities [2] - CITIC Construction Investment emphasizes that the world is undergoing an AI industrial revolution, which should be observed from a long-term perspective, highlighting the optimistic outlook on computing power demand and applications driven by AI [2] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) experienced a price drop of 0.71% on November 20, but saw a net inflow of 1.71 million yuan the previous day, indicating investor confidence in the future performance of domestic AI [2] Group 3 - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its linked funds focus on the domestic AI industry chain, featuring strong domestic substitution characteristics, with constituent stocks benefiting from the acceleration of AI integration in edge-side chips and software [4] - Compared to direct investments in Sci-Tech Innovation Board stocks, the ETF offers a lower entry barrier and higher efficiency during market surges due to its 20% price fluctuation limit [4] - The top ten holdings of the ETF account for over 70% of its weight, with the semiconductor sector representing more than half, indicating a high concentration and strong offensive potential [4]

Group 1 - Alibaba has officially launched the "Qianwen" project, viewing it as a "future battle in the AI era" [1] - Huazhong Securities indicates that Alibaba's move to target the C-end market is an expansion of its AI strategy, aiming for a significant market scale and developing an international version of the Qianwen app to compete with ChatGPT for overseas users [1] - The upcoming release of Huawei's breakthrough technology in AI is expected to increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70%, addressing efficiency issues in computing resource utilization [1] Group 2 - Open Source Securities notes that domestic AI has made significant progress in computing power, large models, and applications, reshaping the global competitive landscape and maintaining a positive outlook on domestic AI investment opportunities [2] - CITIC Construction Investment emphasizes that the world is undergoing an AI industrial revolution, which has far-reaching impacts and should be observed from a long-term perspective, particularly regarding the demand for computing power and applications driven by AI [2] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) experienced a price drop of 0.71% on November 20, but saw a net inflow of 1.71 million yuan the previous day, indicating investor confidence in the future performance of domestic AI [2] Group 3 - The Sci-Tech Innovation Artificial Intelligence ETF and its linked funds focus on the domestic AI industry chain, emphasizing strong domestic substitution characteristics, with constituent stocks being the largest revenue generators or best-positioned companies in their segments [4] - Compared to direct investments in Sci-Tech board stocks, the ETF offers a lower entry barrier and higher efficiency during market surges due to its 20% price fluctuation limit [4] - The top ten holdings of the ETF account for over 70% of its weight, with the semiconductor sector representing more than half, indicating a high concentration and strong offensive potential [4]

Market Overview - A-shares indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, and trading volume exceeding 2 trillion yuan, an increase of 969 billion yuan from the previous period [1] - The technology sector, particularly the domestic AI industry chain, saw significant gains, with the AI-focused ETF (589520) rising nearly 2% and attracting 31.59 million yuan in five days [1] Sector Performance Technology Sector - Alibaba's secret "Qianwen" project aims to compete with ChatGPT, enhancing the global AI application landscape [1] Chemical Sector - The chemical ETF (516020) surged by 3.95%, reaching its highest closing price since March 2023, driven by rising prices of lithium hexafluorophosphate and favorable government policies [1][10] - The National Energy Administration's guidance on promoting the integration of new energy is expected to drive direct project investments of approximately 250 billion yuan [1] New Energy and Electric Vehicles - The smart electric vehicle ETF (516380) and green energy ETF (562010) also saw significant gains, rising by 3.83% and 3.41% respectively [1] Hong Kong Market - The Hong Kong innovation drug ETF (520880) experienced a substantial increase of 4.6%, indicating a potential second wave of the innovation drug market [2][4] - The newly launched Hong Kong information technology ETF (159131) focusing on the chip industry rose by 1.11%, with a trading volume exceeding 80 million yuan [2] Future Outlook - CITIC Securities anticipates 2026 to be a pivotal year for China's development, with a focus on new industries and consumption growth [4] - The chemical sector is expected to benefit from increased demand in the lithium battery supply chain, with significant price fluctuations noted [14] - The outlook for the non-ferrous metals sector remains strong, with a year-to-date increase of 75.9%, driven by robust earnings and strategic resource policies [18][20]

Group 1 - The core viewpoint of the articles highlights the volatility in the AI and semiconductor sectors, with significant movements in the stock prices of key players like Tianfu Communication and Zhongji Xuchuang, indicating market fluctuations and investor sentiment [1][2] - The first AI ETF on the ChiNext market has a focus on leading companies in the optical module sector, with over 54% of its holdings in this area, and has seen a recent increase in trading volume and market capitalization, reflecting strong investor interest [1] - The Science and Technology Innovation AI ETF is strategically positioned in the domestic AI industry chain, benefiting from the acceleration of AI integration in edge-side chips and software, with a high concentration in semiconductor stocks [2] Group 2 - Analysts suggest that short-term market fluctuations should not overshadow the long-term growth prospects for computing hardware, driven by key indicators such as CAPEX, token consumption, and ARR, indicating a robust demand for computing power in the AI sector [2] - The national "14th Five-Year Plan" emphasizes the acceleration of technological revolutions and industrial transformations, positioning AI as a critical driver of future economic growth, comparable to the industrial revolution [2] - The AI sector is expected to experience sustained high growth in computing demand, as the industry reaches a commercialization inflection point, with optimistic forecasts for AI applications driving this demand [2]