国泰海通指出，GEO出现的根本原因，在于AI带来流量入口的转移，从而营销入口及方式也随之迁移。用户信息获取渠道由谷歌百度等传统搜索引擎，迁 移至抖音小红书等社媒平台，再到DeepSeek、豆包、Kimi等AI平台。搜索框不再是通往网页列表的入口，而是通往即时知识合成的界面。营销角度自然希 望品牌和内容能在生成式引擎的对话结果中露出，GEO随之诞生。 业内人士认为，GEO的兴起不仅是一个营销热点的切换，更标志着AI发展进入新阶段。它通过将生成式AI深度融入信息检索流程，从而为AI应用开辟全新 的商业化路径。 华鑫证券表示，2026年AI应用将迎来"黄金元年"，这主要得益于三大拐点：第一，技术的逐步成熟，2025年GPT-5、Gemini 3、Qwen-Max等模型已具备强工 具调用、多模态理解、自主规划能力；第二，政策持续护航，提出深入实施"人工智能+"行动的意见并指出形成商业化应用；第三，市场需求共振，从B端 降本增效到C端普及。 倒车接人？今日（1月13日）重点布局国产AI产业链的科创人工智能ETF华宝（589520）早盘再创上市新高后回调，场内价格现跌2.39%，实时成交额超1.2 亿元，交投火热！ 值得 ...

Core Viewpoint - The AI application sector continues to show strong momentum, with significant gains in the domestic AI industry chain, particularly highlighted by the performance of the Huabao AI ETF (589520) which surged by 4.55% [1][4]. Group 1: Market Performance - The Huabao AI ETF experienced a jump of 5% during intraday trading, marking its third consecutive day of gains [1]. - Key stocks in the AI sector saw substantial increases, with Zhongke Xingtou rising by 16.07%, Hehe Information by 15.32%, and others like Haitaian Ruisheng and Xinghuan Technology also showing strong performance [2][7]. Group 2: Industry Dynamics - The AI industry is witnessing a surge in activity, with significant financing rounds for overseas companies like xAI and Anthropic, and the introduction of domestic policies promoting "AI + manufacturing" [2][3]. - The upcoming release of DeepSeek's next-generation V4 model is anticipated to enhance programming capabilities and improve data pattern understanding, potentially reshaping the global AI competitive landscape [3]. Group 3: Future Outlook - Analysts predict that 2026 will be a "golden year" for AI applications, driven by technological maturity, supportive policies, and market demand [4]. - The domestic large model industry is transitioning from a phase of technological catch-up to systematic layout and ecosystem construction, with expectations of achieving leadership in certain areas by 2026 [4]. Group 4: Investment Opportunities - The Huabao AI ETF focuses on a balanced allocation across application software, terminal applications, terminal chips, and cloud chips, reflecting a shift from reliance on foreign technology to self-sufficiency [4][5]. - The ETF is positioned as an efficient tool for investing in domestic computing power, with a high concentration in semiconductor stocks [5].

今日（1月12日）AI应用端延续猛烈攻势！重点布局国产AI产业链的科创人工智能ETF华宝（589520） 跳空大涨，场内价格盘中猛拉5%，现涨4.55%，冲击日线3连阳！ 成份股方面，中科星图领涨超16%，合合信息涨超15%，海天瑞声涨近15%，星环科技、复旦微电、福 昕软件等个股跟涨。权重股方面，金山办公涨超7%，寒武纪涨逾2%。 | 序号 | 名称 | ж映福 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三数行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中科品图 | 16.07% | Mar | 计算机 | IT服务II | IT服务Ⅲ | 618亿 | 24.03亿 | | 2 | 合合信息 | 15.32% | 1 - 1 | 计算机 | 软件开发 | 垂直应用软件 | 427亿 | 14.56亿 | | 3 | 海天鵝声 | 14.97% | 1 | 计算机 | IT服务II | IT服务Ⅲ | 926 | 6.63亿 | | 4 | 量环科技-U | 14.70% | 8 ...

Market Overview - The Shanghai Composite Index achieved an "11 consecutive days of gains" milestone, marking the longest streak of the year, while the Shenzhen Component Index and ChiNext Index fell by 0.58% and 1.23% respectively [1] - The A-share market's total trading volume reached 42.021 trillion yuan in 2025, setting a historical record [3] Industry Performance Non-ferrous Metals - The non-ferrous metals sector topped the annual industry performance chart, with the non-ferrous ETF (Huabao 159876) index rising by 91.67%, significantly outperforming major indices like the Shanghai Composite Index (18.41%) and CSI 300 (17.66%) [5][17] - Key stocks in the sector saw substantial gains, with Zijin Mining up 133.09%, Luoyang Molybdenum up 210.27%, and Jiangxi Copper up 176.92% [5] - The sector's strong performance is attributed to a combination of global capital expenditure cycles, manufacturing recovery, and improved domestic macroeconomic expectations [7] Military Industry - The military industry, particularly the commercial aerospace segment, saw significant gains, with the military ETF (Huabao 512810) rising over 32% in 2025 [10] - The sector experienced a surge in trading volume, with net purchases reaching 16.088 billion yuan, the highest in the industry [10] - Key stocks in the military ETF included Guobang Electronics and China Aerospace, both of which saw gains exceeding 10% [10] Chemical Industry - The chemical sector, represented by the chemical ETF (Huabao 516020), recorded a 41.09% increase in 2025, outperforming major indices [17] - The lithium battery supply chain showed a significant increase in both volume and price, with industrial-grade lithium carbonate prices rising to 116,000 yuan per ton [19] - The sector is expected to benefit from macroeconomic recovery and supply-side policy advancements, leading to improved profitability [19] Investment Opportunities - The non-ferrous ETF (Huabao 159876) is recommended for investors looking to gain exposure to the non-ferrous metals sector, as it covers a wide range of metals including copper, aluminum, and lithium [8] - The military ETF (Huabao 512810) is positioned as an efficient tool for investing in core military assets, covering various themes such as commercial aerospace and military AI [13] - The chemical ETF (Huabao 516020) offers a diversified investment approach across different segments of the chemical industry, including leading companies in lithium battery materials and agricultural chemicals [20]

Market Overview - The market experienced a day of low trading volume with major indices closing down, as total trading volume reached 2.35 trillion yuan, significantly lower than the previous day's 3.17 trillion yuan [1] - The Shanghai Composite Index fell by 1.3% for the week, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%, marking a seven-week consecutive rise [1] Sector Performance - The defense and military sector saw a notable rise, with Guorui Technology hitting the daily limit, and the Defense and Military ETF (512810) reaching a peak of 2% [1] - Real estate stocks showed volatility in the afternoon, with the real estate ETF (159707) rising by 2%, potentially driven by policy adjustments regarding property tax trials in Shanghai [1] - The non-ferrous metals sector rebounded significantly, with Ganfeng Lithium hitting the daily limit and the Non-ferrous Metals Leader ETF (159876) peaking at 1.7% [1] - Technology stocks displayed increased divergence, with the AI-focused ETFs showing mixed results; the Huabao ChiNext AI ETF (159363) rose by 0.58%, while the Huabao Sci-Tech AI ETF (589520) fell by 1.76% [1] Fund Flows - The top-tier brokerage ETF (512000) and the fintech ETF (159851) continued to decline, with respective decreases of 0.68% and 1.81%, despite strong fund inflows in previous days [2] - The top-tier brokerage ETF attracted 12.62 billion yuan in net inflows over the last 16 days, totaling 64.5 billion yuan [2] Hong Kong Market Dynamics - The Hong Kong market showed mixed performance, with the Hang Seng Index closing flat and the Hang Seng Tech Index slightly up by 0.37% [3] - The Hong Kong Internet ETF (513770) experienced volatility, initially rising by over 2% before closing up by 0.63% with a trading volume of 8.9 billion yuan [5] AI and Technology Sector Insights - The AI-driven technology sector remains a focal point, with significant growth potential as companies like Alibaba and Tencent continue to advance their AI capabilities [9] - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index, with a cumulative increase of over 15 percentage points [11] - The demand for AI computing power is expected to grow exponentially, with the global AI server market projected to reach 125.1 billion USD by 2024 [16] Innovation and Drug Development - The Hong Kong Innovation Drug ETF (520880) faced a decline, with a drop of 1.58% amid a broader market adjustment, but it has seen consistent inflows, totaling over 6.7 billion yuan in the past 13 days [22][23] - The ETF has been restructured to focus solely on innovative drug development, excluding CXO companies, which is expected to enhance its performance in the long run [23][24]

Market Overview - The market has returned to previous highs, with the Hang Seng Index reaching a new high for the year, while the Hang Seng Tech Index has not yet surpassed its previous high [1] - Both Chinese and US markets are currently stable, awaiting significant trading events in the coming week [2] - The 10-year treasury yield at 1.8% has seen increased institutional buying, indicating ongoing liquidity pressure [1] Investment Strategy - The overall judgment of "stock market oscillation upward" continues, with a focus on marginal funds and pricing direction this week [1] - Three key investment directions are suggested: 1. Small-cap growth manufacturing sectors benefiting from easing policies (robotics, new energy, machinery) [1] 2. Cyclical sectors such as real estate and dividends [1] 3. Undervalued sectors like pharmaceuticals that continue to attract active funds [1] Hot Topics - Various ETFs are highlighted for different investment strategies, including: - High-tech ETFs focused on artificial intelligence and innovation [2] - Financial technology ETFs and brokerage ETFs as part of a bull market strategy [2] - ETFs related to food and internet sectors for recovery plays [2] - The market's structural expectations are anticipated to clarify during the upcoming trading week [2] Global Context - The upcoming Federal Reserve meeting and new rounds of negotiations between China and the US are key global focus points [2] - There is a notable contrast between global easing expectations and domestic liquidity conditions [2]

Group 1: Stock Performance - Fudan Microelectronics, Cambricon, and Amlogic showed the best performance with daily increases of 5.7%, 5.31%, and 4.45% respectively [1] - Lattice Semiconductor, Hehe Information, and Newpoint Software had weaker performances with daily declines of 0.84%, 0.18%, and 0.1% respectively [1] - The Huabao Sci-Tech AI ETF (589520) passively tracks the Sci-Tech AI Index (950180), which saw a daily increase of 2.76% [1] Group 2: Industry Developments - On August 25, 2025, a trillion-yuan industrial mother fund launched 26 sub-funds focusing on supporting the development of integrated circuits [2] - On August 26, new companies in the integrated circuit sector were established by New Unisplendour Group, Sinda Semiconductor, and Cambricon to promote collaborative innovation in the industry chain [2] - On August 27, SK Hynix announced the mass production of the world's first 321-layer QLC NAND flash memory, marking a breakthrough in storage technology [2] Group 3: Semiconductor Industry Trends - The semiconductor industry is experiencing growth driven by new technologies in automotive electronics, renewable energy, IoT, big data, and AI [2] - The push for domestic production is increasing due to US-China trade tensions, highlighting the importance of supply chain security and self-sufficiency in semiconductor manufacturing [2] - The domestic wafer manufacturing and supporting industries are accelerating their development, with expectations for significant breakthroughs in domestic chip supply [2] Group 4: ETF Insights - The Huabao Sci-Tech AI ETF (589520) saw a price increase of over 3.9% on August 28, with a trading volume exceeding 100 million yuan and a total fund size of 594 million yuan [3] - The ETF is characterized by high elasticity, with a 20% fluctuation limit and a strong offensive nature, as nearly 70% of its top ten holdings are in the semiconductor sector [5] - The ETF's holdings are positioned to benefit from the acceleration of AI integration in edge computing and software [5]

Core Viewpoint - Cambricon Technologies, a leading domestic AI chip manufacturer, has seen its stock price hit a new high, with a market capitalization exceeding 520 billion yuan, making it the second highest in A-shares after Kweichow Moutai [1] Group 1: Catalysts for Growth - Key events driving growth include the potential discontinuation of Nvidia's H20 chip and the open-sourcing of the DeepSeek large model, which is compatible with domestic AI chips [2] - In Q1 2025, Cambricon reported a staggering 42-fold year-on-year revenue increase and a return to profitability [2] - The Siyuan 590 chip has shown excellent performance in mainstream large model tasks, positioning it as a promising domestic alternative [2] Group 2: Market Dynamics - The approval of a private placement plan and a surge in stock price have attracted significant capital market attention [3] - The intensifying global tech competition has made semiconductor self-sufficiency a national strategic priority, with Cambricon being viewed as a core player in domestic substitution efforts [3] - Analysts suggest that Cambricon's stock price surpassing 1,000 yuan reflects both a victory for domestic substitution policies and market confidence in the AI computing revolution [3] Group 3: Fund Holdings and Market Performance - According to the second-quarter report, Cambricon is the largest holding in the Huabao Science and Technology Innovation Artificial Intelligence ETF (589520), accounting for 9.76% of the fund's net asset value [4] - The semiconductor and AI-related indices saw significant gains, with the Science and Technology Innovation Artificial Intelligence Index rising by 16.7%, the highest in the market [5] - The ETF experienced a strong performance on August 22, with an intraday high increase of 8.44% and a closing rise of 8.26%, reaching a new listing high [8] Group 4: Industry Trends - The release of the DeepSeek-V3.1 model, which supports upcoming domestic chip designs, is expected to accelerate the overall ecosystem for domestic computing power [8] - Reports indicate that Nvidia has instructed key suppliers to halt production related to the H20 chip, which may benefit domestic competitors [8] - The focus on domestic AI industry chains and the strong characteristics of domestic substitution are expected to drive growth in the sector [9]

Market Overview - The Shanghai Composite Index briefly surpassed 3700 points, reaching a new high for the period, with significant gains in sectors such as digital currency, semiconductors, insurance, and brokerage [1] - As of the latest data, the Shanghai Composite Index was at 3690.88, up 0.20%, with a trading volume of 3.92 billion shares and a total transaction value of 597.99 billion [2] Company Performance - Cambrian Biologics saw a substantial increase of over 12%, with its stock price surpassing 940 yuan, approaching a market capitalization of nearly 400 billion yuan, making it the second-largest company by market cap on the STAR Market, following SMIC [2] Market Sentiment - There is a noticeable divergence in market sentiment, with some investors feeling left out as the index rises, while others express optimism about the market's potential [4][5] - Short-term outlook suggests that after the recent breakthrough, the Shanghai Composite Index may need to consolidate before further upward movement, as the influx of new capital may not be sufficient to drive the index higher immediately [6] Economic Indicators - Recent economic data, including July's import and export figures, CPI, and PPI, remained within expected ranges, indicating no significant surprises [7] - The global AI sector's capital expenditure is expected to grow, albeit modestly, amidst a broader trend of reduced spending across industries [7] Investment Strategies - The domestic economic data suggests resilience despite a slowdown, which may support continued risk appetite in the stock market [7] - The probability of a Federal Reserve rate cut in September has risen to over 90%, driven by weak U.S. economic data, which could enhance global liquidity and positively impact technology stocks in Hong Kong [10] Sector Focus - Investment strategies are focusing on sectors such as AI and financial technology, with specific ETFs highlighted for their potential in the current market environment [13] - The semiconductor sector is expected to benefit from ongoing demand for AI applications, with domestic manufacturers likely to gain from the industry's growth [16]

Group 1 - The core viewpoint of the news highlights the strong performance of the A-share "chip giant" Cambricon, which saw its stock price rise over 14% to 985 yuan, with a market capitalization exceeding 395 billion yuan and a trading volume of over 10.9 billion yuan, making it the second highest in A-share trading [1] - The Huabao Science and Technology Artificial Intelligence ETF (589520), which has Cambricon as its top holding, experienced active trading with a price increase of 1.5% in the morning session, although it later fell by 0.2%, with a trading volume exceeding 25 million yuan [1] - The Huabao ETF has shown frequent premium ranges in the market, indicating strong buying interest, and it attracted 17.85 million yuan in a single day, with a total of 82.17 million yuan in the last 60 days, reflecting positive sentiment towards the AI sector [1] Group 2 - The competitive landscape of large models is intensifying, with the latest trends showing that nine out of the top ten models are domestic, led by Zhipu's GLM-4.5, followed by Alibaba's Qwen3 and Tencent's 3D model [3] - Despite DeepSeek R1 not ranking high on the Hugging Face trend list, it has received the most likes among domestic large models, indicating a strong user preference [3] - The trend towards self-sufficient computing chips is seen as inevitable, with domestic cloud providers likely to adapt to domestic computing chips due to security vulnerabilities in Nvidia's chips, suggesting a promising future for domestic alternatives [3] Group 3 - Tianfeng Securities notes that historical single-sided upward trends often lead to a second wave of increases for early starters that have completed an adjustment phase, with AI meeting the conditions for re-emergence as a main theme [4] - The AI sector has experienced a 3-5 month adjustment followed by a gradual rise over the past two months, indicating a potential for renewed investment interest [4] Group 4 - The Huabao Science and Technology Artificial Intelligence ETF (589520) is positioned as a key player in the domestic AI industry chain, with a significant focus on semiconductor stocks, which account for nearly half of its top ten holdings [5] - The ETF is designed to benefit from the integration of edge and cloud computing, with a balanced allocation across application software, terminal applications, terminal chips, and cloud chips, positioning it well for the accelerating AI process [5]