截至2025年8月27日 09:31，上证科创板人工智能指数(950180)强势上涨2.31%，成分股金山办公(688111) 上涨6.91%，星环科技(688031)上涨6.74%，乐鑫科技(688018)上涨4.95%，云从科技(688327)，云天励飞 (688343)等个股跟涨。科创AIETF(588790)高开高走上涨2.14%，最新价报0.81元。拉长时间看，截至 2025年8月26日，科创AIETF近1周累计上涨13.41%。 消息面上，日前，国务院印发《关于深入实施行动的意见》。《意见》提出加快实施6大重点行动，包 括"人工智能+"科学技术、产业发展、消费提质、民生福祉、治理能力、全球合作。同时《意见》要求 强化8项基础支撑能力，并强调党的领导和统筹协调，确保"人工智能+"行动落地见效。 东莞证券认为，人工智能是科技行业成长的核心驱动力，也是世界各国科技竞争的主战场，以 DeepSeek为代表的国产大模型持续降本增效，有助于加速AI应用场景落地，而国家政策的大力支持， 也将推动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。 规模 ...

Core Viewpoint - The rapid development and investment in artificial intelligence (AI) by state-owned enterprises in China is creating significant opportunities in the AI sector, with notable advancements in technology research, application scenarios, and revenue growth [2][3]. Industry Developments - As of August 15, 2025, the Shanghai Stock Exchange's Sci-Tech Innovation Board AI Index (950180) has seen a strong increase of 1.82%, with key stocks like Stone Technology (688169) rising by 8.59% and Cambricon (688256) by 3.69% [2]. - Major state-owned enterprises, including China Mobile and the State Energy Group, have made substantial progress in AI, with China Mobile reporting AI-related revenues in the "tens of billions" and a total intelligent computing capacity of 61.3 EFLOPS as of June 30, 2025 [3]. - The central enterprises have established AI applications across 16 key industries and over 800 scenarios, focusing on sectors such as steel, shipping, energy, and public transportation [3]. Investment Opportunities - The Sci-Tech AI ETF (588790) has shown a significant increase in scale, growing by 6.22 billion yuan over the past two weeks, ranking first among comparable funds [5]. - The ETF has also seen a substantial increase in shares, with a growth of 4.71 million shares in the same period, indicating strong investor interest [6]. - The ETF's net value has risen by 8.92% over the past six months, outperforming comparable funds [6]. - The ETF closely tracks the AI index, which includes 30 major companies in the AI sector, with the top ten stocks accounting for 67.36% of the index [9]. Market Trends - The demand for domestic computing power and GPU manufacturers is increasing due to accelerated capital expenditures by state-owned enterprises [4]. - The AI sector is expected to see further growth in the next one to two years, particularly in smart manufacturing applications such as industrial quality inspection and energy consumption optimization [3].

Core Viewpoint - The artificial intelligence sector in China is experiencing significant growth, as evidenced by the performance of the Sci-Tech Innovation Board AI Index and related ETFs, indicating strong investor interest and potential opportunities in this field [2][3]. Group 1: Market Performance - As of August 15, 2025, the Sci-Tech Innovation Board AI Index (950180) rose by 1.05%, with notable increases in constituent stocks such as Stone Technology (688169) up 4.06% and Lanke Technology (688008) up 3.98% [2]. - The Sci-Tech AI ETF (588790) increased by 1.21%, with a latest price of 0.67 yuan, and has shown a cumulative increase of 1.85% over the past week [2]. - The Sci-Tech AI ETF has seen a significant scale growth of 7.54 million yuan over the past two weeks, ranking first among comparable funds [3]. Group 2: Fund Flows and Leverage - The latest net outflow for the Sci-Tech AI ETF was 1.08 million yuan, but over the past 10 trading days, there were net inflows on 7 days, totaling 5.21 million yuan [4]. - The latest margin buying amount for the Sci-Tech AI ETF reached 21.95 million yuan, with a margin balance of 827 million yuan [5]. Group 3: Performance Metrics - As of August 14, 2025, the Sci-Tech AI ETF has achieved a net value increase of 7.54% over the past six months, ranking first among comparable funds [5]. - The ETF's highest single-month return since inception was 15.59%, with an average monthly return of 9.25% during rising months [5]. - The Sharpe ratio for the Sci-Tech AI ETF over the past month was 1.21, indicating strong risk-adjusted returns [6]. Group 4: Tracking and Composition - The Sci-Tech AI ETF closely tracks the Sci-Tech Innovation Board AI Index, which includes 30 large-cap companies providing foundational resources, technology, and application support for the AI industry [7]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 67.36% of the total index weight, highlighting the concentration in key players within the AI sector [9].

- Model Name: Diffusion Index Model; Model Construction Idea: The model is based on the principle of price momentum; Model Construction Process: The model tracks the weekly and monthly changes in the diffusion index of various industries, ranking them accordingly. The formula used is $ \text{Diffusion Index} = \frac{\text{Number of Upward Trends}}{\text{Total Number of Trends}} $; Model Evaluation: The model has shown varying performance over the years, with significant returns in some periods and notable drawdowns in others[27][28][31] - Model Name: GRU Factor Model; Model Construction Idea: The model utilizes GRU deep learning networks to analyze minute-level volume and price data; Model Construction Process: The model ranks industries based on GRU factors, which are derived from deep learning algorithms processing historical trading data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Model Evaluation: The model performs well in short cycles but has mixed results in longer cycles[33][34][36] - Diffusion Index Model, Average Weekly Return: 2.06%, Excess Return: -0.00%, August Excess Return: -0.45%, Year-to-Date Excess Return: -0.41%[31] - GRU Factor Model, Average Weekly Return: 2.71%, Excess Return: 0.65%, August Excess Return: 0.32%, Year-to-Date Excess Return: -4.35%[36] - Factor Name: GRU Industry Factor; Factor Construction Idea: The factor is derived from GRU deep learning networks analyzing minute-level trading data; Factor Construction Process: The factor ranks industries based on GRU network outputs, which are calculated from historical volume and price data. The formula used is $ \text{GRU Factor} = \text{GRU Network Output} $; Factor Evaluation: The factor has shown significant changes in rankings, indicating its sensitivity to market conditions[6][14][34] - GRU Industry Factor, Steel: 2.82, Building Materials: 1.72, Transportation: 1.3, Oil & Petrochemicals: 0.27, Construction: -0.46, Comprehensive: -1.87[6][14][34]

Group 1 - The artificial intelligence sector in the Sci-Tech Innovation Board is experiencing positive growth, with the Sci-Tech AI Index slightly up by 0.05% as of August 7, 2025 [1] - Notable stock performances include Anlu Technology rising by 2.82%, Cambricon Technologies increasing by 0.89%, and Foxit Software growing by 0.79% [1] - The Sci-Tech AI ETF has reached a historical high in scale at 6.734 billion yuan, with a recent net inflow of 1.434 billion yuan over nine days [3][4] Group 2 - Huawei announced significant initiatives at the Ascend Computing Industry Development Summit, including the full open-sourcing of CANN and the Mind series application tools [3] - The overall market liquidity has remained loose since July, contributing to increased trading volumes in AI-related sectors [3] - The top ten weighted stocks in the Sci-Tech AI Index account for 67.36% of the index, including Cambricon Technologies and Kingsoft Office [4] Group 3 - The Sci-Tech AI ETF has shown strong performance since its inception, with a maximum monthly return of 15.59% and a historical holding period profit probability of 100% [4] - The ETF has a low management fee of 0.50% and a custody fee of 0.10%, positioning it competitively among similar funds [4] - The ETF closely tracks the Sci-Tech Innovation Board AI Index, which selects 30 large-cap stocks providing foundational resources and technology for AI [4]

截至2025年8月1日 13:25，上证科创板人工智能指数(950180)下跌2.22%。成分股方面涨跌互现，星环科 技(688031)领涨1.30%，道通科技(688208)上涨0.80%，新点软件(688232)上涨0.68%；优刻得(688158)领 跌4.78%，芯原股份(688521)下跌4.66%，寒武纪(688256)下跌3.59%。科创AIETF(588790)下跌2.21%， 最新报价0.62元。拉长时间看，截至2025年7月31日，科创AIETF近1周累计上涨6.38%，涨幅排名可比 基金3/7。 费率方面，科创AIETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中处于较低水平。 跟踪精度方面，截至2025年7月31日，科创AIETF近1月跟踪误差为0.013%，在可比基金中跟踪精度最 高。 科创AIETF紧密跟踪上证科创板人工智能指数，上证科创板人工智能指数从科创板市场中选取30只市值 较大的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。 光大证券指出，2Q25以来美股AI板块持续强势，AI ...

7月30日，上海市政府常务会议提出，要求按照市委部署，实施"AI+制造"行动，加快推动制造业智能化发展；优化提升上海航空口岸物流通关效率；促进 高端医疗器械产业全链条发展。 2025年WAIC大会期间，中国AI算力产业展现出从"参数竞赛"向"场景深耕"的转变趋势。华为昇腾适配超80个大模型，深入运营商、金融、医疗等行业；摩 尔线程聚焦视频超分等细分场景，致力于打通算力应用的"最后一公里"。海通国际指出，中国AI算力产业正从"秀肌肉"转向"解难题"，真正竞争力在于将算 力转化为千行百业的实际生产力，标志着中国AI基础设施迈入全新阶段。 规模方面，科创AIETF最新规模达58.61亿元，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92.92亿份，创成立以来新高，位居可比基金1/7。 从资金净流入方面来看，科创AIETF近4天获得连续资金净流入，最高单日获得2.60亿元净流入，合计"吸金"7.71亿元，日均净流入达1.93亿元。 数据显示，杠杆资金持续布局中。科创AIETF本月以来融资净买额达1557.85万元，最新融资余额达5.40亿元。 截至7月30日，科创AIETF近6月净值上涨1 ...

Core Insights - A total of 241 ETF funds experienced net inflows from financing, while 28 funds saw net outflows from securities lending [1] - Significant inflows were observed in specific ETFs, including the Government Bond ETF (511520.SH) and the National Debt ETF (511010.SH), with net inflows of 8.29 billion and 3.17 billion respectively [1][3] - Conversely, notable outflows were recorded in ETFs such as the CSI 500 ETF (510500.SH) and the CSI 1000 ETF (512100.SH), with net outflows of 1.24 billion and 1.05 billion respectively [1][5] Financing Inflows - 62 ETFs had financing net inflows exceeding 5 million, with the top five being: - Government Bond ETF: 8.29 billion - National Debt ETF: 3.17 billion - City Investment Bond ETF: 2.76 billion - Short-term Bond ETF: 1.50 billion - Sci-Tech 50 ETF: 1.37 billion [1][3][10] Securities Lending Outflows - 6 ETFs had securities lending net outflows exceeding 5 million, with the top five being: - CSI 500 ETF: 1.24 billion - CSI 1000 ETF: 1.05 billion - CSI 300 ETF: 1.055 billion - Shanghai Stock Exchange 50 ETF: 801.58 million - CSI 2000 ETF: 526.18 million [1][5][12] Recent Trends - 91 ETFs have seen continuous financing net inflows, with the Hong Kong Securities ETF leading with a net inflow of 6.11 billion over the past 7 days [1][7] - In terms of continuous securities lending net outflows, 4 ETFs were noted, with the Innovation Drug ETF experiencing a net outflow of 45.47 million over 3 days [1][8] Long-term Observations - Over the past 5 days, significant financing net inflows were recorded in: - Government Bond ETF: 4.48 billion - Hong Kong Securities ETF: 4.43 billion - Hang Seng Technology ETF: 2.12 billion [1][8][10] - Conversely, the top 5 ETFs with net outflows over the same period included: - CSI 500 ETF: 1.34 billion - CSI 1000 ETF: 1.22 billion [1][10][12]

ETF Industry News Summary Core Viewpoint - The ETF market is experiencing significant activity, particularly in the technology and innovation sectors, with several ETFs showing strong performance despite overall market declines [1][3]. Group 1: Market Performance - Major indices experienced declines today, with the Shanghai Composite Index down 0.33%, Shenzhen Component down 0.22%, and ChiNext down 0.23 [1][4]. - Despite the overall market downturn, several electronic sector ETFs saw gains, including the Huabao AI ETF (589520.SH) up 4.81%, the AI ETF (588790.SH) up 4.70%, and another AI ETF (588730.SH) up 4.60% [1][13]. - The overall ETF market has surpassed 4.6 trillion yuan, with over 90 ETFs reaching a scale of over 10 billion yuan [3]. Group 2: Bond ETFs - The first batch of Sci-Tech Bond ETFs has become one of the most active categories, with 10 ETFs surpassing 100 billion yuan in scale, reaching a total of 1010.86 billion yuan [2]. - The top three bond ETFs by scale are the Huaxia Sci-Tech Bond ETF at 153 billion yuan, followed by the Jiashi and Fuguo Sci-Tech Bond ETFs at 147.46 billion yuan and 145.11 billion yuan, respectively [2]. Group 3: Sector Performance - In terms of sector performance, the electronic, computer, and real estate sectors ranked highest today, with daily gains of 1.37%, 1.26%, and 0.63%, respectively [7]. - Conversely, the construction decoration, building materials, and food and beverage sectors saw declines, with daily losses of -2.06%, -1.69%, and -1.65% [7]. Group 4: ETF Categories - The average performance of different ETF categories shows that thematic stock ETFs performed the best today with an average gain of 0.17%, while cross-border ETFs had the worst performance with an average loss of -0.65% [10]. - The top-performing ETFs today included the Huabao AI ETF (589520.SH), the AI ETF (588790.SH), and another AI ETF (588730.SH) [13]. Group 5: Trading Volume - The top three ETFs by trading volume today were the Sci-Tech 50 ETF (588000.SH) with 5.301 billion yuan, the A500 ETF Fund (512050.SH) with 4.357 billion yuan, and the A500 ETF Southern (159352.SZ) with 3.645 billion yuan [17].

Core Viewpoint - The ETF market experienced mixed performance, with significant gains in technology-focused ETFs while infrastructure-related ETFs faced declines [1] Group 1: ETF Performance - The Science and Technology Innovation Index ETF by Jiashi (589300) led the gains with an increase of 20.04% [1] - The Huabao AI ETF (589520) rose by 4.81%, and the Science and Technology AI ETF (588790) increased by 4.70% [1] - Conversely, the Infrastructure ETF (516950) was the biggest loser, declining by 3.06%, followed by another Infrastructure ETF (159619) which fell by 2.89%, and the Yifangda Building Materials ETF (159787) which decreased by 2.63% [1] Group 2: Market Sentiment - The market is undergoing adjustments, suggesting that investors may consider broad-based indices for bottom-fishing opportunities [1]