国金证券研报称，认为当前AI发展并无明显泡沫，北美四大CSP（谷歌、meta、微软、亚马逊）高资本 开支具备可持续性，且有进一步提升空间。OpenAI、英伟达、AMD等企业的供应链金融仍然较为初 期，且采用股权投资形式，较互联网泡沫时期的债权形式的供应链金融风险有所降低。股价层面，相较 于互联网泡沫时期，当前主要AI企业的股价增长主要来自EPS驱动，AI to B商业模式的逐渐闭环以及融 资环境的友好，有望继续支持AI高速发展，继续看好AI核心硬件标的。 中信证券研报指出，2025年11月25日晚间，阿里巴巴发布2026财年第二季度财报，云收入同比+34%， AI相关产品收入连续9个季度实现三位数同比增长；本季度资本开支为315亿元，过去四个季度在AI+云 基础设施的资本开支约1200亿元。阿里持续坚定投入AI基础设施，我们认为这标志着国产算力的自主 可控进程正在稳步推进，国产算力有望迎来行业拐点。我们建议关注国产算力投资机遇，聚焦卡位精 准、长期竞争力凸显的龙头。 消息面上，据21世纪经济报道，消息面上，谷歌近期达成一项重要合作——Meta计划从2026年起通过 谷歌云租用TPU算力，并于2027年在自有数 ...

Group 1 - The A-share market saw all three major indices rise in early trading on November 25, with the Sci-Tech Innovation Board AI ETF (588930) increasing by over 2% and trading at a premium [1] - The Sci-Tech Innovation Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap companies involved in providing foundational resources, technology, and application support for AI [1] - Notable gainers among the ETF's constituent stocks included Lingyun Guang, which rose over 8%, and Haitan Ruisheng, which increased by over 7% [1] Group 2 - Recent iterations of AI large model products by leading companies such as Baidu, Alibaba, and Google indicate a heated global competition in the large model sector, likely accelerating technological innovation and application [2] - Domestic large models in China have made significant breakthroughs in technology iteration, successfully entering the global first tier, with improved compatibility with domestic accelerated computing chips [2] - The global AI infrastructure is experiencing strong growth, as evidenced by Nvidia's impressive performance in Q3 of its 2026 fiscal year, providing ongoing momentum for the global AI sector [2]

Core Viewpoint - The A-share market is experiencing a collective rise, particularly in the AI sector, driven by significant developments in AI applications and investments from major companies [1] Group 1: Market Performance - On November 24, the three major A-share indices rose collectively in early trading [1] - The Sci-Tech Innovation Board AI ETF (588930) increased by 0.35% with a premium trading rate of 0.13% [1] - Leading stocks in the ETF include Lingyun Optics, Jingchen Technology, and Sikan Technology, which showed significant gains [1] Group 2: AI Sector Developments - The Sci-Tech Innovation Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap companies involved in providing resources, technology, and application support for AI [1] - The OmniScientist system, aimed at enhancing the full-process training of research talents, was officially launched at the ICAIS 2025 conference [1] Group 3: Company Initiatives - Major companies are accelerating AI application deployment, with Alibaba advancing the "Qianwen" project, Tencent planning to introduce an AI assistant in WeChat, and ByteDance releasing the Doubao programming model optimized for Agentic [1] - Companies are advised to focus on the progress of AI applications and consider related investment opportunities [1] Group 4: Investment Recommendations - CITIC Construction emphasizes the importance of monitoring the AI computing power sector, including core companies in both North American and domestic computing power supply chains [2] - There is a recommendation to pay attention to advancements in edge AI applications [2]

Core Viewpoint - The A-share market shows a positive trend with major indices opening higher, particularly in the technology sector, driven by strong performances from companies like Lexin Technology, Chip Origin, and Jingchen Technology [1] Group 1: Market Performance - The three major A-share indices opened collectively higher, with notable gains in the technology sector [1] - The STAR Market's AI ETF (588930) opened over 1% higher, reflecting positive market sentiment [2] Group 2: Company Earnings - NVIDIA reported a significant revenue of $57.01 billion for Q3 of the 2026 fiscal year, marking a 62% year-on-year increase, surpassing analyst expectations of $55.19 billion [2] - NVIDIA's guidance for Q4 also exceeded market expectations, indicating strong ongoing demand for AI chips [2] Group 3: Industry Insights - Analysts suggest that the concerns surrounding the "AI bubble" may ease following NVIDIA's earnings report, as demand for AI technology remains robust [2] - Artificial intelligence is viewed as a core driver of a new technological revolution, with potential to create new possibilities across various industries [2] - The development of large model technology is expected to reshape the global industrial landscape, potentially generating trillions in new commercial value for the financial sector [2] - Challenges such as technological bottlenecks, high investment costs, and regulatory balance need to be addressed for the continued evolution of large models [2] Group 4: Investment Opportunities - Investors can access the AI sector through the STAR Market AI ETF and its linked funds, which provide a streamlined way to invest in the upward potential of the AI segment [3]

Group 1 - A-shares opened lower on November 18, with the popular ETF, the Sci-Tech Innovation Board Artificial Intelligence ETF (588930), rising by 0.14% at the time of reporting, with a premium/discount rate of 0.07% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180.CSI), which selects 30 large-cap companies involved in providing foundational resources, technology, and application support for artificial intelligence [1] - Ant Group launched a multimodal general AI assistant named "Lingguang," capable of generating small applications in natural language within 30 seconds on mobile devices, marking it as the first AI assistant to generate multimodal content entirely through code [1] Group 2 - CITIC Construction Investment noted that the AI computing power sector is expected to perform well by Q3 2025, despite some adjustments following the third-quarter reports, and emphasizes the importance of monitoring both North American and domestic computing power industry chains [2] - Continuous attention is recommended for the AI application sector, particularly the advancements in edge AI [2]

Group 1 - A-shares opened lower on November 17, with the Sci-Tech Innovation Board AI ETF (588930) showing strength, rising 1.19% and exceeding a trading volume of 13 million yuan [1] - The Sci-Tech Innovation Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index (950180.CSI), which selects 30 large-cap companies involved in providing resources, technology, and application support for AI [1] - Zhejiang Province has achieved a "grand slam" in five lists of private economy for two consecutive years, focusing on stimulating private investment and lowering barriers for participation in sectors like new energy, AI, and urban renewal [1] Group 2 - Major domestic companies are accelerating the application of AI, with Alibaba advancing the "Qianwen" project, Tencent planning to launch an AI assistant in WeChat, and ByteDance releasing the Doubao programming model [2] - There is a recommendation to focus on the progress of AI applications and to explore related investment opportunities [2]

开源证券认为，我国在人工智能等新技术侧已经取得长足的进步，国家政策支持有望进一步推动应用侧 的发展，AI应用有望加速落地。 招商证券指出，2025Q3信创、AI等高景气产业趋势对计算机业绩拉动明显，其中国产AI算力迈入放量 阶段、AI对应用软件业绩拉动效果显现，建议关注相关产业链核心标的。 11月13日，A股早盘低开高走，部分科技股表现活跃。相关ETF中，科创板人工智能ETF（588930）拉 升翻红，截至发稿涨0.68%，成交额已超1500万元。成分股中，合合信息涨超5%，福昕软件、奇安信- U、石头科技等多股跟涨。 Wind数据显示，该ETF近期持续获资金布局明显，近5个交易日有4日获资金净流入，累计"吸金"近5000 万元。 科创板人工智能ETF（588930）紧密跟踪上证科创板人工智能指数（950180.CSI）。该指数从科创板市 场中选取30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指 数样本，以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 消息面上，据中国政府网消息，国务院办公厅印发《关于加快场景培育和开放推动新场景大规模应用的 实施意见》。其中提到 ...

Core Viewpoint - The A-share market experienced a collective decline on November 7, with the AI-focused ETF showing a slight drop but attracting significant capital inflow, indicating ongoing investor interest in the AI sector [1]. Group 1: Market Performance - The three major A-share indices opened lower on November 7 [1]. - The AI ETF (588930) fell by 1.92% with a trading volume exceeding 7 million yuan and a premium/discount rate of 0.05% [1]. - Despite the decline, the ETF has seen a net inflow of over 95 million yuan over the past three days [1]. Group 2: ETF and Index Details - The AI ETF closely tracks the Shanghai Stock Exchange's AI Index (950180.CSI), which includes 30 large-cap companies involved in providing foundational resources, technology, and application support for AI [1]. - Key stocks within the ETF include Star Ring Technology-U, which rose, while others like Chip Original Co., and Cloud Sky Flying-U saw significant declines [1]. Group 3: Industry Insights - Intel's Vice President highlighted the growing adoption of AI PCs, predicting that approximately 100 million AI PCs will be shipped by the end of the year [1]. - CITIC Securities noted that the AI computing power sector is expected to perform well by Q3 2025, despite recent adjustments following quarterly reports [1]. - The AI application sector, particularly edge AI developments, is recommended for continued monitoring [1]. Group 4: Broader Industry Trends - Changjiang Securities indicated that the AI industry is evolving, with high demand for computing infrastructure expected to persist [2]. - The ongoing AI wave is driving rapid growth in cloud services for domestic and international cloud vendors, leading to increased capital expenditures in computing power [2].

Group 1 - A-shares opened higher on November 5, with the artificial intelligence sector showing strong performance, particularly the STAR Market AI ETF (588930) which rose by 1.18% [1] - The STAR Market AI ETF (588930) experienced a net inflow of over 55 million yuan in the last two trading days (November 4-5) [1] - The index tracked by the STAR Market AI ETF (950180.CSI) includes 30 large-cap companies involved in providing foundational resources, technology, and application support for artificial intelligence [1] Group 2 - CITIC Securities highlighted the strong performance of the AI computing power sector expected in Q3 2025, recommending continued investment in both North American and domestic computing power industry leaders [2] - Open Source Securities noted robust growth in global CSP capital expenditures, with companies like NVIDIA and Broadcom experiencing sustained high growth in their AI chip businesses [2] - OpenAI has significantly increased its computing power expenditure plans for the coming years, indicating a persistent strong demand for AI computing power [2]

Group 1 - The three major indices opened lower on November 3, with the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index down 0.81%. Among the constituent stocks, Foxit Software rose over 5%, while companies like Hehe Information, Aobi Zhongguang-UW, and Haitan Ruisheng also saw gains, whereas Stone Technology and Hengxuan Technology dropped over 4% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell 1.07% with a trading volume exceeding 20 million yuan and a premium rate of 0.04%, indicating frequent premium trading during the session [1] - The ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which selects 30 large-cap stocks involved in providing foundational resources, technology, and application support for artificial intelligence [1] Group 2 - The National Development and Reform Commission, in collaboration with other financial and regulatory bodies, has accelerated the deployment of new policy financial tools, successfully investing 500 billion yuan to support over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [2] - NVIDIA has reached an agreement with major South Korean companies, including Samsung Electronics, Hyundai Motor Group, and SK Group, to supply over 260,000 accelerated chips to support AI projects in Korea, although financial terms were not disclosed [2] Group 3 - Dongwu Securities indicated that the current AI market's stagnation in downstream applications is primarily due to insufficient short-term certainty, as no breakout products or smooth business models have emerged, leading to a lack of visibility in company performance [3] - The long-term perspective suggests that AI's empowerment of various sectors will ultimately be realized through application-level breakthroughs, which are expected to have mid-term certainty and broader potential compared to upstream hardware, as validated by past trends during the "Internet+" wave [3]