消息面上，2025年7月8日至11日，人工智能向善全球峰会在瑞士日内瓦召开。中国移动展示了九天大模型平台等AI解决方案。该平台可实现云端、边缘 侧、端侧全场景灵活部署，已在客服、航空等多个领域落地。同时，还展示了"AI+高标准农田""AI+超脑平台"等应用，助力农业生产与城市治理。 华泰证券认为，多模态大模型和应用发展的奇点将至。判断依据包括：1）技术进步方面：原生多模态模型架构得到业界认可，OpenAI和Google的原生多模 态模型已经在性能、延时、部署上展现出优势。2）商业化进展方面：全球维度看，除了最头部的OpenAI和Anthropic依靠模型"智能"实现商业化，相当一部 分AI应用公司的商业化产品依赖多模态能力。国内维度看，国内公司在视频生成赛道已经实现了较成熟的全球化和商业化之路。与市场不同的观点在于， 1）更早认识到原生多模态架构将成为主流；2）AI商业化不能仅聚焦在二级公司，更要关注全球维度一级公司的进展。 规模方面，科创AIETF最新规模达44.48亿元，创成立以来新高，位居可比基金1/7。 份额方面，科创AIETF最新份额达79.33亿份，创成立以来新高，位居可比基金1/7。 资金流入方 ...

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 0.43% as of July 10, 2025 [3] - Among the constituent stocks, Lexin Technology (688018) led with a rise of 5.64%, while Zhongke Star Map (688568) fell by 2.55% [3] - The Sci-Tech AI ETF (588790) dropped by 0.71%, with the latest price at 0.56 yuan [3] Group 2: Fund Performance - The Sci-Tech AI ETF saw a significant increase in scale, growing by 25.88 million yuan over the past week, ranking first among comparable funds [5] - The fund experienced a net inflow of 59.58 million yuan, with an average daily net inflow of 26.08 million yuan over the last five trading days [5] - As of July 9, 2025, the fund's net value increased by 9.63% over the past six months, with a historical holding period profit probability of 100% [5] Group 3: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [6] - The fund's tracking error over the past six months is 0.030%, indicating the highest tracking accuracy among comparable funds [6] - The index tracked by the fund is currently at a historical low valuation, with a price-to-book ratio (PB) of 7.46, below 96.97% of the time since its inception [6] Group 4: Industry Developments - The 2025 World Artificial Intelligence Conference will be held in Shanghai from July 26 to 28, focusing on developing elements and enhancing the industrial ecosystem [4] - Significant growth in AI usage is evidenced by ChatGPT's weekly visits exceeding 1.26 billion and OpenAI's annual recurring revenue (ARR) surpassing 10 billion USD [4] - The AI application landscape is expanding in China, driving increased investment in related technologies and infrastructure [4] Group 5: Index Composition - The Sci-Tech Innovation Board Artificial Intelligence Index comprises 30 large-cap stocks that provide foundational resources, technology, and application support for AI [7] - As of June 30, 2025, the top ten weighted stocks in the index account for 68.03% of the total index weight [7]

消息面上，7月9日，飞书发布并升级了知识问答、AI会议、飞书Aily、飞书妙搭等多款AI产品。王牌产品飞书多维表格持续性能升级，月活已接近千万，这 也标志着多维表格迈入成熟工具产品品类。飞书CEO表示，"我们承诺为企业提供真能用、真落地的企业AI产品，真正帮助企业在AI时代实现智能化。" 业内机构指出，AI应用正进入高速发展期。AI原生应用和Agentic AI的崛起正在重塑行业生态。AI不再仅是辅助工具，而逐步成为业务流程和应用的核心驱 动力。在成本控制方面，无服务器和按量付费模式正成为主流趋势，平台将提供更精细的成本管理和优化工具，以确保长期运营的可持续性。此外， Data+AI能力的普及化也在加速，通过自然语言交互、低代码/无代码工具等方式，非技术用户也能快速获得数据洞察和AI赋能。可观测性能力则成为现代系 统稳定运行的关键组成部分，与实时分析紧密结合，保障AI应用和数据平台的高效运作。 规模方面，科创AIETF最新规模达44.29亿元，创成立以来新高，位居可比基金1/7。 份额方面，科创AIETF近1周份额增长1.26亿份，实现显著增长，新增份额位居可比基金1/7。 资金流入方面，科创AIETF最新资 ...

Core Viewpoint - The AI sector is experiencing significant growth, driven by advancements in technology and increasing demand for AI applications across various industries, as evidenced by the performance of the Sci-Tech AI ETF and the upcoming launch of the Grok4 model by xAI [3][4][5]. Group 1: Market Performance - As of July 8, 2025, the Sci-Tech AI Index (950180) rose by 1.77%, with notable increases in constituent stocks such as Lexin Technology (688018) up 8.25% and Hehe Information (688615) up 4.07% [3]. - The Sci-Tech AI ETF (588790) has seen a recent price increase of 1.61%, with a current price of 0.57 yuan, and a two-week cumulative increase of 1.63%, ranking 3rd among comparable funds [3]. - The total scale of the Sci-Tech AI ETF reached a new high of 44.00 billion yuan, ranking 1st among comparable funds [4]. Group 2: Fund Flows and Investment Trends - The Sci-Tech AI ETF has experienced continuous net inflows over the past five days, with a maximum single-day net inflow of 118 million yuan, totaling 343 million yuan, averaging 6.85 million yuan per day [4]. - Leveraged funds are increasingly being allocated to the Sci-Tech AI ETF, with the latest margin buying amounting to 772,810 yuan and a margin balance of 24.8 million yuan [4]. Group 3: Performance Metrics - The Sci-Tech AI ETF has achieved a net value increase of 13.29% over the past six months, ranking 677th out of 3,432 index stock funds, placing it in the top 19.73% [5]. - Since its inception, the ETF's highest monthly return was 15.59%, with an average monthly return of 9.71% during rising months [5]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are relatively low compared to comparable funds [6]. Group 4: Index Composition and Valuation - The Sci-Tech AI Index is composed of 30 large-cap stocks that provide foundational resources, technology, and application support for the AI industry, with the top ten stocks accounting for 68.03% of the index [7]. - The index's valuation is currently at a historical low, with a price-to-book ratio (PB) of 7.41, which is below 97.69% of the time since its inception, indicating strong valuation attractiveness [6].

今日（7月3日），A股三大指数涨跌不一，沪指走低翻绿，深证成指涨0.45%，创业板指涨超1%，创新药概念股活跃，聚焦"硬科技"、医药生物占比 高的科创100指数震荡走强，成分股多数上涨，神州细胞触及20CM涨停，莱斯信息涨超7%，道通科技、荣昌生物、百奥泰、泽璟制药-U等股票跟 涨。科创100指数ETF(588030)震荡飘红，成交额超9400万元。拉长时间看，截至7月2日，科创100指数ETF近1年累计涨幅超40%，今年以来累计涨幅 超11%。 其他科创系列ETF中，科创AIETF(588790)成交额超6800万元，今年以来累计涨幅超13%。 一、科创100指数：硬科技时代的成长风格代表 科创100指数作为科创板第二只宽基指数，与科创50形成显著互补，聚焦中小市值成长型科技企业，成为布局"新质生产力"的核心工具。该指数从科 创板中选取市值中等且流动性较好的（剔除科创50成分股后市值前100）100只证券作为样本，市值分布具有鲜明特点：70%成分股市值低于200亿 元，中位数约154亿元，与科创50成分股普遍超过500亿元的市值形成差异化定位。这种中小盘定位赋予指数更强的业绩弹性，在反弹行情中表现尤 为突出 ...

广发证券认为，AI推理需求提速，超级应用出现，在Coding Agent推理需求提速且ChatGPT用户数加速 明显的背景下，海内外CSPAITokens消耗量均呈现急剧增长，海外CSPs大力推进ASIC，产业内多环节 上调指引，为供应链带来进一步增长弹性。AIPCB行业蓬勃发展，随着算力需求提速以及AIPCB阶数、 层数、材料等级的持续提升，AIPCB行业规模持续提升，同时ASIC加速起量打开行业成长空间，预计 AIPCB厂商有望通过海外基地建设以及国内产能技改及扩产实现较高的增长弹性。 华泰证券指出，大模型迭代叠加推理需求增长，有望延续算力链高景气；国内制造端先进工艺产能推 进，将提升国产设备商国产化率；AI端侧方面，AI眼镜或迎来拐点，智驾领域产业趋势有望加速。 西部证券指出，重视推理需求增长趋势，代理式AI有望成为推动AI发展新阶段的核心驱动，在探索规 模化AI商业化应用的道路上，算力资源仍然是AI创新的主要瓶颈，大厂自研Asic芯片成为算力芯片供给 的重要补充。AI基础设施需要计算、存储和网络的同步系统创新，算力投资和升级是确定性的主旋 律。 综上，当前建议重点关注： 今日（7月2日），A股三大指数 ...

截至2025年7月2日 13:05，上证科创板人工智能指数(950180)下跌1.52%。成分股方面涨跌互现，奥比中光(688322)领涨2.22%，石头科技(688169)上涨 1.62%，萤石网络(688475)上涨0.82%；恒玄科技(688608)领跌3.84%，寒武纪(688256)下跌3.27%，乐鑫科技(688018)下跌3.15%。科创AIETF(588790)下跌 1.39%，最新报价0.57元。拉长时间看，截至2025年7月1日，科创AIETF近1周累计上涨2.12%。 流动性方面，科创AIETF盘中换手2.74%，成交1.17亿元。拉长时间看，截至7月1日，科创AIETF近1周日均成交3.43亿元，排名可比基金第一。 小米近期发布首款AI智能眼镜，定位为"面向下一代的个人智能设备"。五矿证券指出，这款产品通过轻量化设计、双芯架构和电致变色技术等多项创新，显 著提升了用户体验。其中，镜架仅40g重，并采用高韧性尼龙与航空级钛合金材质，适配亚洲人脸型；双芯协同驱动实现高效续航，支持8.6小时典型使用时 长；电致变色技术支持0.2秒快速切换，满足多场景需求。分析师认为，小米AI眼镜以高性能硬件 ...

今日（7月1日），A股三大指数涨跌不一，科创板人工智能指数回调超1%，成分股多数下跌，寒武纪- U跌超6%，亚信安全、恒玄科技、奇安信-U、优刻得-W等股票跟跌。科创AIETF(588790)成交额超1亿 元，盘中交易溢价。拉长时间看，截至6月30日，科创AIETF今年以来累计涨超17%。 AI未来的产业逻辑趋势已明朗，如果择股把握不佳怎么办？可以借道ETF布局核心资产，相关产品：科 创AIETF（588790）。该ETF紧密跟踪科创板人工智能指数，覆盖AI芯片、算法框架、智能终端等核心 赛道： ①选取科创板中市值较大、业务涉及人工智能基础资源、技术及应用支持的30家企业，覆盖AI芯片 （如寒武纪、澜起科技）、算法框架（如云从科技、虹软科技）、智能终端（如中科星图、奥普特）、 数据服务（如格灵深瞳）等全产业链环节。前十大权重股合计占比70.57%，包括寒武纪（6.8%）、石 头科技（5.2%）、金山办公（4.7%）等细分领域龙头，分散度较高。 ②成分股平均研发投入占比超23.6%，显著高于A股全市场（约 5%）；2025年Q1营收增速中位数61%， 净利润增速中位数45%，远超沪深300的5%和3%。 ③成分 ...

证券研究报告：金融工程报告 研究所 金工周报 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《基于相对强弱视角下的扩散指数择 时模型》 - 2025.06.25 《ETF 资金大幅净流入金融地产，石油 油气扩散指数环比提升靠前——行业 轮动周报 20250629》 – 2025.06.23 《OpenAI 发布 o3-pro，Mistral 推出推 理模型 Magistral ——AI 动态汇总 20250616【中邮金工】》 - 2025.06.16 《融资资金持续大幅净流入医药，GRU 行业轮动调出银行——行业轮动周报 20250615》 – 2025.6.16 《资金博弈停牌个股大幅流入信创 ETF，概念轮动速度较快——行业轮动 周报 20250608》 - 2025.06.09 《综合金融受益于稳定币表现突出， ETF 资金逢高净流出医药和消费——行 业轮动周报 20250601》 – 2025. ...

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) increased by 0.30% as of June 26, 2025, with notable gains from companies such as Fang Technology (688159) up 3.88% and Stone Technology (688169) up 3.20% [3] - The latest scale of the Sci-Tech AI ETF reached 40.81 billion yuan, marking a new high since its inception, ranking it 1/6 among comparable funds [4] - The number of shares for the Sci-Tech AI ETF also hit a new high at 70.18 billion shares, ranking it 1/6 among comparable funds [4] Group 2: Fund Inflows and Performance - The Sci-Tech AI ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 400 million yuan, totaling 550 million yuan in net inflows [4] - The fund has seen a daily average net inflow of 137 million yuan [4] - The highest monthly return since inception for the Sci-Tech AI ETF was 15.59%, with an average return of 15.59% during the months it increased [4] Group 3: Robotaxi Market Development - Tesla officially launched its Robotaxi pilot service in Austin, Texas, on June 22, 2025, with an initial fleet of 10 to 20 modified Model Y vehicles [3] - Huachuang Securities believes that as technology matures and the market expands, Robotaxi is likely to become a mainstream transportation method, intensifying competition and prompting technological advancements among competitors [3] Group 4: Index Composition - The Sci-Tech Innovation Board Artificial Intelligence Index comprises 30 large-cap companies that provide foundational resources, technology, and application support for artificial intelligence [5] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 70.6% of the total index weight, including companies like Lanke Technology (688008) and Cambricon (688256) [5]