8月25日，市场早盘冲高回落，创业板指领涨，两市成交额放量明显，沪深两市半日成交额2.08万亿， 较上个交易日放量5678亿。 主流宽基ETF中，创业板ETF天弘（159977）早盘收涨2.26%，盘中价格再创阶段新高，且溢价交易明 显；成分股中，金力永磁盘中涨停，乐普医疗、中际旭创、协创数据等多股大涨。 此外，科创综指ETF天弘（589860）早盘收涨1.65%，成分股中，开普云20CM涨停，航天宏图冲击涨 停；中证A500ETF天弘（159360）收涨1.29%，罗博特科20CM涨停。 对于后市，华泰证券认为，充裕流动性仍是行情的主要基底，短期来看，判断市场顶部的意义和胜率都 不算高，配置上应保持仓位、顺势择线、适度内部高低切换；节奏上后续即便出现调整，幅度也不会太 深，市场进入上行趋势的共识在逐步增强。过往看国内基本面、国内流动性、海外流动性三者改善是市 场步入上行趋势的关键三支柱，当前三个因素都在汇聚积极变化，从量变到质变需要时间，蓄势充分后 期行情才有望走的更远。配置上，AI链、创新药、大金融仍是战略配置重点，内部适度高切低。 华宝证券认为，市场热情高涨，A股顺势而为。当前市场情绪保持高涨，增量资金 ...

创业板ETF天弘（159977）紧密跟踪创业板指数，该指数是深交所多层次资本市场的核心指数之一，由 最具代表性的100家创业板上市企业股票组成，反映创业板市场层次的运行情况。创业板指数新兴产 业、高新技术企业占比高，成长性突出。 消息面上，据央视新闻，鲍威尔暗示美联储可能降息。当地时间8月22日，美联储主席鲍威尔在杰克逊 霍尔全球央行年会上表示，当前形势暗示就业增长面临下行风险，风险平衡点的变化可能要求调整政 策。鲍威尔称，美联储对降息持开放态度。 中银证券表示，鲍威尔的讲话被市场解读为鸽派转向，会后市场对于美联储9月降息预期显著提升，鲍 威尔讲话后，降息确定性加大，而9月降息为预防式降息，市场风险偏好有望迎来短期修复。目前来 看，增量资金的来源及持续性是判断行情持续性的关键。而近年来随着地产财富效应的消退，国内投资 者面临一定程度的"资产荒"，随着"924"以来政策积极转向，A股赚钱效应的预期开始逐渐修复。此外， 目前来看，只要基本面能够止跌企稳，市场短期赚钱效应大概率得以延续。配置方向上，内外双宽松阶 段，科技资产有望受益于本轮全球流动性转向与国内盈利拐点的双重催化。 东吴证券指出，融资余额超过2万亿创历 ...

科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长属性。其较高 的"含科技量"，"更全更广"的编制特点，决定了天然具有弹性优势。 消息面上，据DeepSeek官方公众号，DeepSeek-V3.1正式发布。在官宣发布DeepSeek-V3.1的文章中提 到，DeepSeek-V3.1使用了UE8M0 FP8 Scale的参数精度。另外，V3.1对分词器及chat template进行了较 大调整，与DeepSeek-V3存在明显差异。DeepSeek官微在置顶留言里表示，UE8M0 FP8是针对即将发布 的下一代国产芯片设计。 中信建投表示，国产算力板块迎来密集催化。腾讯业绩会表示推理芯片的供应渠道侧具备多种选择，国 际供应链波动背景下国产推理算力芯片有望提供助力。DeepSeek更新模型，DeepSeek V3.1发布，明确 支持FP8精度与将发布的下一代国产芯片，头部国产开源模型对国产芯片的支持有望推动国产算力生态 加速落地，国产芯片竞争力持续提升。 8月22日，A股三大指数走强， ...

Group 1 - The computer sector stocks showed strong performance in the morning, with Weining Health rising over 10% and Guanghuan Xinwang and Jiangbolong increasing over 4% [1] - The Computer ETF (159998) rose over 1.6% in the morning, with a cumulative increase of 7.66% for the week, driven by the rise of heavy-weight stocks [1] - The Computer ETF (159998) attracted significant capital, with a net subscription of approximately 140 million shares over the past five trading days [1] Group 2 - The electronic ETF (159997) increased by 1.62%, and the Tianhong Sci-Tech Innovation Index ETF (589860) rose by 0.84% [2] - The People's Bank of China plans to develop a new stage financial technology development plan and will collaborate with the National Data Bureau on pilot projects to enhance data capabilities in financial institutions [2] - Since 2025, the computer industry has outperformed the Shanghai Composite Index and CSI 300, with this year's growth rate being in the mid-range among all industries, although institutional holdings remain at historical lows [2] Group 3 - Current domestic AI investments show a mismatch between short and long-term strategies, with the second half of the year seen as an opportune time for positioning [2] - The anticipated release of the DeepSeek R2 version in the second half of the year is expected to enhance the benefits across the entire domestic AI industry chain [2] - Market expectations suggest that the DeepSeek R2 version will achieve significant advancements in multi-modal integration, real-time decision-making capabilities, and versatility in vertical scenarios, benefiting AI applications and computing power [2]

Group 1 - The A-share market opened with mixed performance on June 24, with the Sci-Tech Innovation Index showing a strong opening [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) rose by 0.86% as of the report, with constituent stocks like Zhongyou Technology increasing over 8% [1] - The Tianhong ETF has seen net inflows for two consecutive days, leading in net inflow days among similar products [1] Group 2 - The Sci-Tech Innovation Index ETF closely tracks the Sci-Tech Innovation Index (000680.SH), covering approximately 97% of the market capitalization in the Sci-Tech Innovation Board [1] - The index includes small-cap hard technology companies, showcasing strong representativeness and growth attributes [1] - Minsheng Securities highlights that the software revolution led by AI agents is at a pivotal point, with AI applications being a core theme for the future [1] Group 3 - Citic Securities notes that the external environment remains turbulent, leading to a preference for higher certainty in market investments [2] - The market is currently experiencing high emotional fluctuations, with a focus on sectors with potential earnings surprises and those at lower levels [2] - Recommended sectors include consumer electronics and semiconductor materials, which are expected to show potential earnings exceeding expectations [2]

5月29日，市场早盘震荡反弹，创业板指领涨。科创综指截至午间收盘涨1.68%，成分股中，概伦电子 20CM涨停，益方生物-U涨超15%。 华泰证券表示，科技创新是实现我国新旧动能转换、推进中国式现代化的重要手段。自2024年4月新"国 九条"发布以来，科创投资一系列政策逐渐加码，引导更多资源向新质生产力聚集，A股硬科技含量持 续提升，但全球视角下，我国硬科技"含量"仍有提升空间。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 值得注意的是，Wind数据显示，该ETF成交额暂居同标的产品前三。 科创综指ETF天弘（589860）紧密跟踪科创综指（000680.SH），该指数于定位于科创板市场综合指 数，对科创板的市值覆盖度约为97%，成分股覆盖小市值硬科技企业，具有极强的表征性和突出的成长 属性。其较高的"含科技量"，"更全更广"的编制特点，决定了天然具有弹性优势。 消息面上，5月29日全球人工智能巨头英伟达发布了新的财报，一季度营收为440.62亿美元，与上年同 期的260.44亿美元相比增长69%；净利润为187.75亿美 ...

Group 1 - The Shanghai Composite Index turned positive on May 26, with the Sci-Tech Innovation Index rising by 0.28%, driven by stocks like Kejie Intelligent and Zhongyou Technology, which saw significant gains [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) reported a trading volume exceeding 48 million yuan and a turnover rate of over 5.7%, indicating active trading [1] - The Tianhong ETF experienced a net inflow of 14.73 million yuan on May 23, reflecting investor interest in the Sci-Tech Innovation Index [1] Group 2 - The overall profitability of companies listed on the Sci-Tech Innovation Board is continuously improving, with over 80% of these companies concentrated in high-tech and strategic emerging industries [2] - The average R&D investment of Sci-Tech Innovation Board companies reached 12.64% of their operating income in 2022, totaling 168.08 billion yuan, which is 2.5 times their net profit [2] - Companies with high R&D investment ratios are primarily found in sectors with high technical barriers and long R&D cycles, such as biomedicine, semiconductors, and artificial intelligence [2]