中证网讯近期，OpenAI正式发布GPT-5，其API价格体系成为重要看点。近年来AI大模型的降本趋势已 十分显著，综合来看，技术进步、规模效应、市场竞争三大因素相互作用推动大模型降价：技术进步优 化成本，规模效应摊薄边际成本，市场竞争则促使企业将成本优势转化为价格优势以吸引用户。 有机构认为，国产大模型持续降本增效，叠加国家政策的大力支持，将推动AI手机与PC、智能网联新 能源汽车与智能机器人等新一代智能终端加速普及，上游算力、下游终端与应用公司有望受益。 当前，我国人工智能产业蓬勃发展，AI+应用产品百花齐放。以生成式AI为例，2024年新公开的4.5万条 生成式AI专利中，产生自中国的数量达到2.7万条，占比61.5%，位列第一。此外，截至2025年4月，我 国人工智能专利申请量达157.6万件，占全球申请量的38.58%，位居全球首位。 AI作为第四次科技革命的主力军，长期增长空间值得期待。根据《中国互联网络发展状况统计报 告》，2024年我国人工智能产业规模突破7000亿元，连续多年保持20%以上的增长率。艾瑞咨询研究院 测算，2028年，中国人工智能市场规模将增长至8110亿元。 对AI投资主线感 ...

Group 1 - The Hang Seng Consumption ETF (159699) decreased by 0.10% [1] - The E Fund Hang Seng Technology ETF (513010) increased by 0.40% [1] - The Hong Kong Innovative Drug ETF (513120) rose by 0.44% [1] - The STAR Market Artificial Intelligence ETF (588930) fell by 0.26% [1] - The Gold ETF (518680) declined by 0.54% [1] Group 2 - A-shares accounts can conduct T+0 trading for Hong Kong stocks without the need for Hong Kong Stock Connect [1]

Group 1 - The Hang Seng Consumption ETF (159699) increased by 0.10% [1] - The Hong Kong Innovative Drug ETF (513120) rose by 0.97% [1] - The Hang Seng Technology ETF by E Fund (513010) decreased by 0.14% [1] - The STAR Market Artificial Intelligence ETF (588930) opened flat [1] - The Gold ETF (518680) gained 0.10% [1] Group 2 - No need for Hong Kong Stock Connect, A-share accounts can conduct T+0 trading for Hong Kong stocks [1]

Group 1 - The Hang Seng Consumption ETF (159699) opened down by 0.10% [1] - The Hong Kong Innovative Drug ETF (513120) decreased by 0.21% [1] - The STAR Market Artificial Intelligence ETF (588930) opened flat [1] - The Hang Seng Technology ETF by E Fund (513010) fell by 0.70% [1] Group 2 - A-share accounts can now buy Hong Kong stocks with T+0 trading without the need for Hong Kong Stock Connect [1]

Group 1 - The Hong Kong innovative drug ETF (513120) increased by 1.03% [1] - The Hang Seng Consumer ETF (159699) decreased by 0.20% [1] - The STAR Market Artificial Intelligence ETF (588930) opened flat [1] - The E Fund Robotics ETF (159530) opened flat [1] - The New Economy ETF (159822) rose by 0.71% [1] Group 2 - A-share accounts can buy Hong Kong stocks on a T+0 basis without the need for Hong Kong Stock Connect [1]

Group 1 - The Hang Seng Consumption ETF (159699) opened with a gain of 0.10% [1] - The Artificial Intelligence ETF on the Sci-Tech Innovation Board (588760) experienced a decline of 0.18% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) increased by 0.17% [1] - The Gold ETF (518680) saw a rise of 2.24% [1] Group 2 - A-share accounts can now trade Hong Kong stocks on a T+0 basis without the need for a Hong Kong Stock Connect [1]

Group 1 - The Ministry of Science and Technology and six other departments have issued policies to accelerate the construction of a technology finance system, introducing 15 measures to channel more financial resources into technological innovation [1] - Key highlights of the 15 policy measures include top-level design for a new technology finance ecosystem, establishment of a "National Venture Capital Guiding Fund" to promote the transformation of major technological achievements into productive forces, and optimization of state-owned venture capital assessments to unleash investment vitality [1] - AI is increasingly recognized as a strategic focal point in global technological competition, with the potential for multiple catalysts in the AI sector as policies and regulations are implemented [1] Group 2 - The Sci-Tech Innovation Board Artificial Intelligence ETF closely tracks the Sci-Tech AI Index, which selects large market capitalization companies from the Sci-Tech Innovation Board, covering sectors such as computers, chips, software, and services [2] - The Robotics ETF Fund tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and related companies to reflect the performance of the robotics industry [2] - The Hong Kong Technology 30 ETF tracks the Hang Seng Hong Kong Stock Connect China Technology Index, with significant representation from the information technology, discretionary consumption, industrial, and telecommunications sectors, indicating a high technology content [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has weakened as of May 19, 2025, with mixed performance among constituent stocks [1] - Zhongyou Technology (688648) led the gains with an increase of 7.19%, while Tianzhun Technology (688003) experienced the largest decline at 4.66% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell by 1.57%, with the latest price at 1.13 yuan, but has seen a cumulative increase of 3.52% over the past month as of May 16, 2025 [1] Group 2 - The liquidity of the Sci-Tech Innovation Board Artificial Intelligence ETF was 2.6% during intraday trading, with a transaction volume of 20.98 million yuan [1] - The average daily transaction volume of the Sci-Tech Innovation Board Artificial Intelligence ETF over the past year was 82.25 million yuan [1] - The latest share count for the Sci-Tech Innovation Board Artificial Intelligence ETF reached 713 million, marking a new high since its inception [1] Group 3 - Minsheng Securities indicates that AI Agents are key to the software revolution, addressing the application limitations of generative AI models and advancing AI technology towards practical and intelligent applications [2] - AI Agents consist of a model, tools, and an orchestration layer, enabling autonomous goal achievement [2] - The commercialization path for AI Agents emphasizes different payment models for C-end (consumer) and B-end (business) applications, focusing on generality and extensibility for C-end, and task completion and accuracy for B-end [2] Group 4 - The future outlook suggests that the task length of AI Agents may double approximately every seven months, leading to a closed-loop development cycle where Agents can develop other Agents [2]

Group 1 - The three major indices opened lower on May 16, with the ChiNext and Shenzhen indices turning positive during the day, while the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index rebounded [1] - The AI ETF (588930) closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap stocks that provide resources, technology, and application support for AI [1] - Alibaba's CEO stated that the "user-first, AI-driven" strategy has yielded results, with core business growth accelerating and significant investments in AI infrastructure and technology to maintain global competitiveness [1] Group 2 - Tencent's Q1 2025 earnings forecast indicated solid growth in high-quality revenue, with AI capabilities contributing significantly to advertising and gaming businesses [2] - Long-term prospects for domestic AI development require substantial investment and time to catch up with advanced domestic processes, according to a report from Industrial Securities [2]

Group 1 - The core viewpoint highlights the strong performance of AI-related stocks and ETFs, particularly the STAR Market AI ETF, which opened with a gain of over 0.4% on May 14, driven by significant inflows and positive market sentiment [1] - The STAR Market AI ETF (588930) has seen a net inflow of 0.54 billion yuan over the past five trading days, indicating strong investor interest in AI-related investments [1] - A strategic partnership between Saudi Arabia's HUMAIN and NVIDIA aims to establish an AI factory in Saudi Arabia, leveraging NVIDIA's expertise to position the country as a global leader in AI and GPU cloud computing [1] Group 2 - The electronic industry report indicates that AI infrastructure development is driving high growth in related hardware sectors such as AI computing power and SoC, suggesting a positive outlook for the electronic industry [2] - Consumer electronics are experiencing stable growth due to government subsidies, with Apple's supply chain showing resilience and potential for innovation in areas like AI glasses and optical technologies [2] - The overall net profit growth for the A-share market has rebounded to +4.7% in Q1 2025, driven by domestic AI technology iterations and accelerated capital expenditures, indicating a favorable environment for technology sectors [2]