华泰证券指出，不同于OpenAI严重依赖外部算力（英伟达）和云设施（微软），谷歌正在构建从芯片 （TPU v7p）到模型（Gemini 3.0）再到应用（搜索+Waymo）的完全自给自足的生态闭环。看好谷歌自 给自足"全栈式"AI 生态和能力，抢回主导权正当时。报告指出，这一闭环正在转化为实打实的财务回 报：TPU部署大幅降低推理成本，搜索市场份额企稳回升至90%以上，充沛的广告现金流为高强度的资 本开支（Capex）提供了充足弹药。长江证券也指出，同等算力规模的情况下，ASIC的光模块用量远超 GPU。若只对比谷歌和英伟达算力卡的数字：TPU v7的FP8精度算力估算为4614 TFLOPS，vs Rubin （2die）约16667 TFLOPS，推测TPU v7的1.6T模块配比约1:4.5，vs Rubin（2die）的1:5，换算一下，在 纸面算力相等的情况下TPU v7光模块用量是Rubin（2die）的3.3倍。换言之，若英伟达份额有所下降， 则ASIC或将取得更多份额，光模块板块增速更快，占整体Capex比例或将进一步提升。 数据显示，截至2025年10月31日，上证科创板100指数(0006 ...

科创100ETF基金（588220）成立日期2023年9月6日，最新规模75.52亿。今年以来收益44.07%，同类排 名648/4208；近一年收益38.48%，同类排名717/3971；成立以来收益29.19%。 科创100ETF基金（588220）基金经理为苏俊杰。 截至发稿，苏俊杰累计任职时间7年296天，现任基金资产总规模249.24亿元，任职期间最佳基金回报 81.69%， 任职期间最差基金回报-21.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月20日，微导纳米跌5.02%，截至发稿，报57.08元/股，成交4.60亿元，换手率7.74%，总市值263.23 亿元。 资料显示，江苏微导纳米科技股份有限公司位于江苏省无锡市新吴区长江南路27号，成立日期2015年12 月25日，上市日期2022年12月23日，公司主营业务涉及以ALD技术为核心,致力于先进微、纳米级薄膜 沉积技术和设备的研究与产业化应用,为光伏、集成电路、柔性 ...

Core Insights - Huaxing Yuanchuang (688001.SH) reported its Q3 2025 results on October 31, 2025, indicating a total of 6 institutional investors holding shares, amounting to 299 million shares, which represents 67.19% of the total share capital [1] - The institutional holding percentage decreased by 0.56 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Suzhou Yuanhua Chuangxing Investment Management Co., Ltd., Suzhou Yuanke Enterprise Management Partnership (Limited Partnership), Suzhou Yuanfen Enterprise Management Partnership (Limited Partnership), Hong Kong Central Clearing Limited, Suzhou Huaxing Yuanchuang Technology Co., Ltd. - 2024 Employee Stock Ownership Plan, and China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF [1] - The total institutional holding percentage is 67.19% [1] Public Funds - There were 150 public funds disclosed this period, including Southern CSI 1000 ETF, Bosera Science and Technology Innovation 100 ETF, Science and Technology Innovation 100 ETF Fund, Huaxia CSI 1000 ETF, and Wanji CSI 1000 Index Enhanced A [1] Social Security Funds - One social security fund was disclosed this period, specifically the National Social Security Fund 414 Portfolio [1]

Group 1 - The core viewpoint of the news is that Daotong Technology (688208.SH) reported a decrease in institutional holdings in its third-quarter report for 2025, with a total of 6 institutional investors holding 73.52 million shares, accounting for 10.97% of the total share capital, which is a decline of 2.95 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, Bosera Sci-Tech Board Artificial Intelligence ETF, with an increase ratio of 0.12%, while one public fund, Southern CSI 1000 ETF, saw a slight decrease in holdings [2] - There was one social security fund that was not disclosed in the previous quarter, which is the Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Portfolio [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.37% compared to the previous quarter [2]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) has shown strong performance, with significant increases in constituent stocks such as Huahong Semiconductor (688347) up 15.16%, Zhongjuxin (688549) up 11.18%, and Zhuhai Guanyu (688772) up 9.27% [1] - The Ministry of Science and Technology has emphasized accelerating innovation in artificial intelligence and digital technologies, implementing the "AI+" initiative to empower various industries [1] - Guotai Junan Securities highlighted a strategic deployment for the 14th Five-Year Plan period, indicating a shift from "catching up" to "leading" in technology goals, with a focus on advanced manufacturing and quality services [1] Company and Industry Summary - The Sci-Tech Innovation Board 100 Index is composed of 100 medium-sized and liquid securities selected from the Sci-Tech Innovation Board, reflecting the overall performance of different market capitalization companies [2] - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index accounted for 24.32% of the index, including Huahong Semiconductor (688347), BeiGene (688235), and Dongxin Technology (688110) [2] - The Sci-Tech 100 ETF (588220) closely tracks the performance of the Sci-Tech Innovation Board 100 Index, along with other ETFs such as the Sci-Tech 50 ETF (588040) and the Sci-Tech 200 ETF (588240) [2]

Core Insights - The Kexin 100 ETF fund (588220) experienced a net financing inflow of 405,000 yuan on October 13, 2025, with a total financing balance of 103 million yuan [1][2][3] - Over the past three trading days, the fund has seen a cumulative net inflow of 1.5326 million yuan, indicating a positive trend in investor sentiment [1] - In the last 20 trading days, there have been 11 days with net financing inflows, suggesting sustained interest from investors [1] Financing Activity Summary - On October 13, 2025, the financing buy-in was 12.8579 million yuan, while financing repayment was 12.453 million yuan, resulting in a net buy of 405,000 yuan [1][2] - The financing balance on October 13 was 103 million yuan, reflecting a 0.39% increase from the previous day [3] - The financing balance has fluctuated in recent days, with notable changes including a 1.03157 million yuan increase on October 10 (11.16% rise) and a decrease of 1.76705 million yuan on September 30 (-16.77% drop) [3]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) has seen a strong increase of 2.39% as of October 9, 2025, with notable gains in constituent stocks such as Huahong Semiconductor (688347) rising by 20.00% and Guodun Quantum (688027) by 14.14% [1] - CITIC Securities suggests that ongoing restrictions from the U.S. on China are driving the domestic semiconductor equipment and components industry towards self-sufficiency, benefiting local companies in this sector [1] - The Sci-Tech 100 ETF Fund (588220) closely tracks the performance of the Sci-Tech Innovation Board 100 Index and has reached a scale of 7.552 billion yuan, ranking first among its peers [1] Company and Industry Summary - The top ten weighted stocks in the Sci-Tech Innovation Board 100 Index as of August 29, 2025, include Dongxin Technology (688110), Huahong Semiconductor (688347), and BeiGene (688235), collectively accounting for 23.82% of the index [2] - The Sci-Tech 100 ETF Fund has various share classes available for investment, including A, C, and I classes [3]

Group 1 - The technology sector is experiencing multiple positive developments, including the release of DeepSeek-V3.2-Exp, which significantly improves long text training and inference efficiency while reducing input costs by 50% and output costs by 75% [1] - Following the holiday, more positive catalysts are expected, such as the upcoming release of Zhiyu GLM4.6 and the announcement of OpenAI's annual developer conference on October 6, 2025, in San Francisco [1] - Major Chinese companies, represented by Alibaba, are accelerating capital expenditures in AI infrastructure, which is expected to establish a solid foundation for AI application development [1] Group 2 - As of September 30, 2025, the STAR Market 100 Index (000698) rose by 2.70%, with notable increases in stocks such as Pioneer's Technology (688063) up by 19.99% and Huahong Semiconductor (688347) up by 15.76% [2] - The STAR Market 100 Index consists of 100 securities selected from the STAR Market based on market capitalization and liquidity, reflecting the overall performance of different market capitalization companies [2] - The top ten weighted stocks in the STAR Market 100 Index account for 23.82% of the index, with companies like Dongxin Technology (688110) and Huahong Semiconductor (688347) among the leaders [2]

Core Points - The total trading volume of the Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index ETF reached 2.316 billion yuan today, an increase of 822 million yuan from the previous trading day, representing a growth rate of 55.03% [1] Trading Volume Summary - The trading volume of Bosera Sci-Tech 100 ETF (588030) was 916 million yuan, an increase of 504 million yuan from the previous trading day, with a growth rate of 122.47% [1] - The trading volume of Sci-Tech 100 ETF Fund (588220) was 747 million yuan, an increase of 275 million yuan from the previous trading day, with a growth rate of 58.21% [1] - The trading volume of Sci-Tech 100 (588190) was 308 million yuan, an increase of 69.54 million yuan from the previous trading day, with a growth rate of 29.18% [1] - The trading volume increases were led by Bosera Sci-Tech 100 ETF (588030) and GF Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF (588980), with increases of 122.47% and 60.31% respectively [1] Market Performance Summary - As of market close, the Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) rose by 2.06%, while the average increase of related ETFs tracking the index was 1.71% [1] - The top performers among the ETFs included Southern Shanghai Stock Exchange Sci-Tech Innovation Board 100 ETF (588900) and Bosera Sci-Tech 100 ETF (588030), which rose by 2.04% and 1.91% respectively [1]

Core Viewpoint - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) has shown strong performance, with a notable increase in constituent stocks, driven by favorable policies and high industry activity in the semiconductor sector [1] Group 1: Index Performance - As of September 24, 2025, the Sci-Tech Innovation Board 100 Index rose by 2.79%, with significant gains in stocks such as Micro導納米 (688147) up 16.40%, and Anji Technology (688019) up 14.06% [1] - The Sci-Tech 100 ETF Fund (588220) increased by 2.83%, with the latest price at 1.38 yuan and a total scale of 6.895 billion yuan, ranking first among similar funds [1] Group 2: Industry Insights - The semiconductor industry chain has collectively surged, with institutions noting a resonance between ongoing policy support, high industry prosperity (recovery of the semiconductor cycle, overseas expansion of innovative drugs), and capital inflow [1] - In the medium to long term, attention should be paid to the third-quarter earnings reports, particularly focusing on the performance of semiconductor equipment and the R&D conversion efficiency of innovative pharmaceutical companies [1] Group 3: Index Composition - The top ten weighted stocks in the Sci-Tech Innovation Board 100 Index as of August 29, 2025, include Dongxin Co. (688110), Huahong Semiconductor (688347), and BeiGene (688235), collectively accounting for 23.82% of the index [2]