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 ...

11月18日，大盘延续震荡下跌，三大指数低开低走，沪指收跌0.81%报3939.81点，创业板指跌逾1%， 两市成交额1.93万亿元。 | 序号 代码 | | 两日图 现价 涨跌 涨跌幅 ▼ 名称 | | --- | --- | --- | | 1 562030 | | 1 0.547 0.005 0.92% 信创ETF基金 | | 2 | 589520 | 科创人工智能ETF华宝 www 0.570 0.005 0.88% | | 3 | 159851 | Jur 0.844 0.006 0.72% 金融科技ETF | | 4 | 515000 | W/ 0.938 0.003 0.32% 科技ETF | | ત | 159363 | 创业板人工智能ETF华宇 Ax.zf V 0.838 0.002 0.24% | | 6 | 512000 | W. J. 0.583 0.001 0.17% 券商ETF | AI应用再度逆市走强，阿里旗下C端AI助手千问人气火爆，公测上线次日便冲入苹果App Store免费应用 总榜第五位，排名超越DeepSeek；蚂蚁集团今日发布首个全代码生成多模态内容的AI助手灵光，在 ...

Group 1: Market Performance - The domestic AI application sector continues to show strength, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) rising against market trends, gaining 0.88% and recovering its 5-day moving average [1] - Over the past 10 trading days, the ETF has seen net inflows on 7 occasions, totaling 49.26 million yuan, indicating investor confidence in the future performance of domestic AI [1] Group 2: Key Stocks and Trends - Notable stocks within the ETF include Changchen Wanfeng, which surged by 11.90%, and several others like Foxit Software and Haotian Rui Sheng, which increased by over 3% [3] - The ETF's top ten holdings account for over 70% of its weight, with semiconductors representing more than half of the portfolio, showcasing a high concentration and aggressive positioning [4] Group 3: Industry Developments - Alibaba has launched the "Qianwen" project, while other major players like Tencent and ByteDance are also entering the AI application space, indicating a competitive landscape for AI applications [2] - The upcoming China International Semiconductor Expo aligns with the "14th Five-Year Plan," emphasizing the importance of technological innovation and supply chain security [2] Group 4: Future Outlook - CITIC Securities suggests that domestic AI applications are poised for a turning point, with significant potential for growth in the context of national security and technological independence [2] - The emphasis on domestic AI and computing power indicates a potential for localized growth and innovation in the sector [2]

【国产替代之光，科创自立自强】 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业链、 具备较强国产替代特点，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。相较直接投资科创板个股，ETF能够低门槛布局，并且20%涨跌幅限制，在行情爆发时效率 更高。前十大重仓股权重占比超七成，第一大重仓行业半导体占比超一半，集中度高，具备较强进攻 性。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金 ...

Core Viewpoint - The domestic AI industry chain is experiencing significant investment opportunities driven by strong policy support, continuous technological breakthroughs, and improving performance metrics [3][4]. Group 1: Investment Trends - The AI-focused ETF (589520) attracted 15.58 million yuan in a single day and has accumulated 43.99 million yuan over the past 10 days, indicating strong investor interest in the domestic AI sector [1]. - Key stocks in the AI sector, such as Cambricon, Lattice Semiconductor, and Foxit Software, have seen gains of over 1% despite market fluctuations [1]. Group 2: Technological Breakthroughs - Domestic AI technology is transitioning from conceptual discussions to practical applications, with significant advancements in large model training using "Chinese chips" [3]. - The year 2025 is anticipated to be a pivotal year for AI Agent commercialization, marking a shift from AI as a supplementary tool to a core productivity driver [3]. Group 3: Performance Validation - Among the 30 stocks in the AI ETF, 20 reported profits, and 22 showed year-on-year growth in net profit, with Cambricon's net profit soaring by 321% year-on-year, highlighting the sector's profitability [3]. Group 4: Policy Support - The new five-year plan emphasizes enhancing "self-reliance in technology" as a core objective, with a focus on "AI+" initiatives, providing robust long-term support for AI and domestic alternatives [3]. Group 5: External Pressures - The geopolitical landscape underscores the importance of technological security, with domestic AI companies accelerating their development to ensure a secure and controllable AI industry [4]. - The release of the Kimi K2 Thinking model by a domestic AI company has outperformed major international models, showcasing the competitive edge of local innovations [4]. Group 6: ETF Characteristics - The AI-focused ETF and its linked funds are strategically positioned to capitalize on the domestic AI industry, with a high concentration in semiconductor stocks, which account for over half of the top holdings [5]. - The ETF offers a lower entry barrier for investors and has a 20% price fluctuation limit, enhancing efficiency during market surges [5].

中信建投分析，国家"十五五"规划明确，新一轮科技革命和产业变革加速突破，要全面实施"人工智能 +"行动。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。因此，我们对AI带动的算力需求以及应用非常 乐观。 科创人工智能ETF（589520）及其联接基金（024560）则重点布局国产AI产业链，具备较强国产替代特 点，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。相较直 接投资科创板个股，ETF能够低门槛布局，并且20%涨跌幅限制，在行情爆发时效率更高。前十大重仓 股权重占比超七成，第一大重仓行业半导体占比超一半，集中度高，具备较强进攻性。 （文章来源：每日经济新闻） 11月11日，算力高开低走，光模块巨头天孚通信领跌超7%，中际旭创跌超4%，重仓光模块龙头的创业 板人工智能ETF（159363）场内价格一度跌逾2%，实时成交额超4.3亿元，盘中实时资金逢跌抢筹已超 7000万份。此外，重点布局国产AI产业链的科创人工智能ETF（589520）场内现跌0.86%，频现溢价交 易，显示买盘资金更为强 ...

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 domestic AI industry chain is experiencing a market correction, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) seeing a price drop of over 2.6% at one point, currently down 1.47% [1] - The ETF attracted 3.68 million yuan in a single day last Friday, indicating potential investor interest during market dips [1] - As of October 31, all 30 constituent stocks of the ETF have reported Q3 earnings, with 20 companies profitable and 22 showing year-on-year net profit growth, led by Cambricon with a staggering 321% increase [3] Policy and Market Trends - The new five-year plan emphasizes the implementation of "AI+" actions to empower various industries, with a goal of establishing over 50 fully digital transformation cities by the end of 2027 [3] - The importance of technological self-reliance is highlighted amid complex international circumstances, accelerating the domestic AI industry chain's localization process [4] Investment Highlights - The ETF is positioned to benefit from top-level policies that could ignite AI sector growth, with constituent stocks being key players in their respective segments [6] - The ETF offers a low-threshold investment opportunity with a 20% price fluctuation limit, enhancing efficiency during market surges [6] - Since its low point on April 8, the ETF has risen by 60.36%, outperforming other indices like the Sci-Tech Composite Index and Sci-Tech 50 [6][7]

Group 1 - Nvidia has become the first publicly traded company to surpass a market capitalization of $5 trillion, driven by its central role in the AI revolution and a stock price increase of approximately 11 times since the launch of ChatGPT in November 2022 [1] - OpenAI plans to submit an IPO application with a valuation of $1 trillion, transitioning from model development to ecosystem building, which is expected to enhance its commercialization capabilities [1] - A strategic emerging industries development fund initiated by state-owned enterprises has launched with an initial scale of 51 billion yuan, focusing on supporting AI and other strategic emerging industries [1] Group 2 - The domestic AI industry chain is experiencing significant growth, with a complete integration from upstream advanced processes to downstream model acceleration by major companies like ByteDance, Alibaba, and Tencent [1] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) has seen a cumulative increase of 65.99% since its low point on April 8, outperforming other indices such as the Sci-Tech Comprehensive Index and Sci-Tech 50 [4][5] - The ETF's focus on domestic AI industry chain stocks is bolstered by top-level policies that emphasize the importance of information security and self-sufficiency in technology amidst international tensions [4]