国投证券表示，国产算力从供给侧和需求侧均迎来新的变化，一方面以华为昇腾为代表的国产算力芯片 持续迭代，性能稳步提升，为国内人工智能产业带来供给支撑。另一方面，国内互联网大厂逐步适配国 产芯片，资本开支有望持续增长，为国内算力产业带来需求支撑。 （文章来源：每日经济新闻） AI走强叠加美联储降息持续，20cm标的科创人工智能ETF国泰（589110）具备配置价值。科创人工智 能ETF国泰跟踪科创AI指数，覆盖从上游算力基础、中游技术支撑到下游应用场景的人工智能全产业 链，纳入标的既包含算力相关龙头，也涵盖应用端优质企业，能有效分散单一赛道风险，且指数涨跌幅 限制为20%，标的以中盘股为主，相比大盘指数具备更强的涨跌弹性。 ...

Core Insights - The core viewpoint of the article emphasizes the dual engines of "chips + applications" driving the performance of the Sci-Tech Innovation AI Index, which consists of 30 major companies in the AI sector listed on the Sci-Tech Innovation Board [1][5]. Group 1: Index Characteristics - The Sci-Tech AI Index holds 52.62% in semiconductors, all of which are in digital chip design, while the remaining 47.38% is distributed across optical components, software development, and various end-side devices [3][4]. - The index's holdings can be categorized into two main segments: "chips" and "applications," reflecting a strong focus on semiconductor components and their applications in AI [6][7]. Group 2: Comparative Analysis - Compared to other mainstream AI indices, the Sci-Tech AI Index has a significantly higher semiconductor component at 52.62%, which is much greater than that of its peers [5][6]. - The index also has a higher allocation in software development, IT services, and small household appliances compared to similar indices, indicating a broader exposure to the AI ecosystem [5][6]. Group 3: Performance and Trends - From September 24, 2024, to October 14, 2025, the Sci-Tech AI Index achieved a cumulative increase of 164.94%, outperforming other indices [7][10]. - The application engine of the index adds a second layer of growth potential, allowing it to consistently outperform the digital chip design index since the AI boom began in 2023 [10][12]. Group 4: Market Outlook - The domestic AI computing market is expected to grow significantly, with Nvidia projecting the Chinese AI market to reach $50 billion, growing at over 50% annually [12][13]. - The semiconductor industry is poised for a new upward cycle, driven by increasing demand for domestic AI computing capabilities and improvements in chip design and manufacturing [13][15]. - The rapid development of AI applications is anticipated to create substantial growth opportunities across various sectors, including AI glasses, humanoid robots, and smart driving [15][17].