成份股方面，晶晨股份领涨超3%，凌云光涨逾2%，福昕软件、乐鑫科技涨超1%，寒武纪、奥比中 光、金山办公等个股跟涨。 【国产替代之光，科创自立自强】 11月18日，工业和信息化部办公厅印发《高标准数字园区建设指南》，其中指出，健全数字化基础设 施。升级网络基础设施，推动5G-A、万兆光网等网络基础设施建设和演进升级，推进标识解析体系广 泛应用，打造高速泛在、敏捷可靠的网络通道。优化算力基础设施，科学合理统筹通算、智算、超算等 多元算力应用，提高算力资源利用效率。 中信建投表示，近期，算力板块波动加大。复盘2023年以来的算力板块，三季报后调整比较常见，考虑 到AI带动的算力需求依然非常旺盛，调整是机会。目前，世界正处于AI产业革命中，类比工业革命， 影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观察。 华泰证券指出，近期市场持续震荡，AI产业链拥挤度回落至7月以来低位，结合基本面与拥挤度交叉验 证，国产算力、AI端侧和应用等方向值得重点关注。 华龙证券指出，国产AI产业链的核心价值在于满足中国在Al技术浪潮中对全产业链自主可控的迫切需 求。从中长期视角看，国产算力产业链已展现 ...

Core Viewpoint - The domestic AI industry chain is experiencing significant investment opportunities driven by policy support, technological breakthroughs, and improving performance metrics. Group 1: Investment Opportunities - The domestic AI technology is transitioning from conceptual discussions to practical applications, with domestic large models making breakthroughs and internet companies increasingly using "Chinese chips" for model training [3] - The performance of the companies within the Sci-Tech Innovation AI ETF (589520) is validating the industry's potential, with 20 out of 30 constituent stocks reporting profits and 22 showing year-on-year net profit growth, including a remarkable 321% increase in net profit for Cambrian [3] - The new five-year plan emphasizes enhancing "self-reliance in technology," which includes a strong focus on AI, indicating long-term support for the AI and domestic substitution sectors [3] Group 2: Market Dynamics - External pressures, such as geopolitical tensions, are driving the importance of technological security, which in turn accelerates the domestic AI industry chain's localization process [4] - The Sci-Tech Innovation AI ETF (589520) and its associated funds are strategically positioned to capitalize on the domestic AI industry, focusing on companies that dominate their respective segments [5] - The ETF structure allows for lower entry barriers for investors and offers higher efficiency during market surges due to its concentrated holdings, with over 70% of the top ten stocks and more than half of the weight in the semiconductor sector [5]

隔夜，美股三大指数集体重挫，亚太股市也全线出现跳水。业内人士分析，全球市场波动主要源于流动 性层面的短期恐慌：美国准备金担忧、政府停摆风险、加密货币暴跌等多重因素叠加。但历史经验表 明，这类流动性驱动的市场调整，往往会在情绪平复后迎来快速修复，整体而言或是机会多于风险。 瑞银证券看好中国股市：近期市场波动加剧，但中期展望依然向好，因为整体盈利逐步复苏、各类场外 资金持续净流入市场、科技叙事助力估值重构以及以投资者为本的资本市场建设等中期股市上行驱动力 未变。 业内人士指出，科创人工智能ETF（589520）标的指数是从科创板里选30家纯正、有实力的AI公司，是 真正为人工智能提供基础资源、技术和应用支持的硬核企业，重点关注，当前迎来的三大机遇： 【国产替代之光，科创自立自强】 站在当前时点，关注科创人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561） 的三大亮点： 1、政策点火，AI腾飞：顶层政策引爆，AI或成为贯穿本轮行情的引领板块。端云融合是AI发展的核心 趋势，成份股均为细分环节收入最大或卡位最好的公司，受益于端侧芯片/软件AI化进程提速。 2、国产替代，自主可控：科 ...

Core Insights - The technology sector, particularly the domestic AI industry chain, is experiencing significant growth, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) seeing a jump of over 2.8% in intraday trading, currently up by 2.66% [1] - Key stocks driving this growth include Lanke Technology, which rose over 5%, and other companies like Hengxuan Technology and Hongsoft Technology, which increased by more than 4% [1] Policy and Market Trends - A recent major conference has highlighted the importance of high-quality development and the acceleration of self-reliance in technology, which is expected to be a central theme in upcoming policies [2] - The urgency for domestic computing power replacement is increasing due to U.S. restrictions on advanced chip exports to China, with expectations for continued breakthroughs in domestic computing capabilities [3] Investment Highlights - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its linked funds are positioned to benefit from several key factors: 1. Policy support is igniting AI growth, with the sector expected to lead the current market rally [4] 2. The focus on domestic alternatives and self-control in technology is becoming increasingly important amid rising tech tensions [4] 3. The ETF offers high elasticity with a 20% price fluctuation limit, allowing for efficient investment during market surges [4] Top Holdings - As of September 30, 2025, the top ten holdings of the Sci-Tech Innovation Artificial Intelligence Index account for over 71.90% of the total weight, with the semiconductor sector being the largest, comprising 52.6% [5]