Core Viewpoint - The domestic AI industry chain, particularly the Sci-Tech Innovation Artificial Intelligence ETF (589520), is experiencing a market correction, with significant fluctuations in component stocks, reflecting both market dynamics and investor sentiment towards AI domestic alternatives [1][3][4]. Group 1: Market Performance - On August 26, the Sci-Tech Innovation Artificial Intelligence ETF (589520) saw a decline of 1.96%, with major component stocks like Chipone Technology dropping over 8% and Cambricon Technologies falling more than 3% [1]. - Despite the market downturn, the ETF attracted significant capital inflow, with 45.62 million yuan on August 25 and a total of 150 million yuan over the past 60 days, indicating strong investor interest in AI domestic alternatives [1][3]. Group 2: Stock Dynamics - The decline in the ETF is attributed to the performance of major weighted stocks, particularly Cambricon Technologies and Chipone Technology, which faced sell-offs due to shareholder actions rather than fundamental business deterioration [3]. - Analysts emphasize that the reduction in shareholding does not equate to a decline in business fundamentals, as Chipone Technology maintains competitive strength in the AI chip sector [3]. Group 3: Industry Trends - The development of domestic computing chips is characterized by two main technological routes: one focusing on GPGPU compatibility with NVIDIA's CUDA, and the other aiming to establish an independent ecosystem outside of NVIDIA's influence [3]. - The growth of the domestic computing market share is driven by product advancements and the narrowing gap with NVIDIA, alongside improvements in the domestic computing ecosystem [3]. Group 4: Future Outlook - First Shanghai Securities projects that the market size for NVIDIA's graphics cards in China will exceed 10 billion USD by 2024, capturing 70-80% of the market share, while domestic computing demand is expected to double by 2025 [4]. - Donghai Securities anticipates that the demand for AI chips will surge, with local brands like Cambricon expected to capture 40% of the market share by 2025 due to increased R&D and supportive industry policies [4]. - The emphasis on self-sufficiency in AI technology is crucial, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) positioned to benefit from the acceleration of domestic AI industry development [4].

Group 1 - DingTalk launched its next-generation AI office application DingTalk ONE, designed as a unified entry point for natural language dialogue between humans and AI, creating an Agent-driven workflow [1] - Recent advancements in models from companies like DeepSeek and OpenAI are favorable for the implementation of Agents, which are a key direction in the large model industry [1] - DeepSeek's new V3.1 version is expected to boost domestic computing power demand and accelerate the development of the domestic computing ecosystem, benefiting the commercialization of AI Agents [1] Group 2 - On August 25, the domestic AI-focused ETF (589520) surged by 3.98%, with a single-day trading volume exceeding 1 billion yuan for the first time, indicating strong market interest [2] - The ETF attracted 45.62 million yuan in a single day and has accumulated 150 million yuan over the past 60 days, with its latest scale surpassing 500 million yuan [2] Group 3 - Four key investment logic driving the interest in the AI ETF include: 1. Market mainline logic, with AI showing signs of recovery after a period of adjustment, supported by low crowding and ongoing capital expenditure trends [4] 2. The potential for a rebound in the Sci-Tech Innovation Board, which has lagged since April, as it is expected to benefit from policies supporting AI and other frontier technologies [4] 3. Domestic substitution logic, as concerns over security vulnerabilities in NVIDIA chips lead domestic clients to reconsider their purchasing decisions [4] 4. The significant growth potential of edge AI, which is anticipated to replicate the smartphone boom of the 2010s, driving up valuations across the industry chain by 30-50% [4] Group 4 - The Sci-Tech Innovation AI ETF (589520) has a strong focus on domestic AI industry chains, with over 67% of its top ten holdings concentrated in semiconductor-related sectors, indicating a high-risk, high-reward profile [8] - The ETF's performance is bolstered by the trend of integrating edge and cloud computing, with its constituent stocks positioned to benefit from the acceleration of AI chip and software development [8]

科创板人工智能方向，为何接连狂飙？或是由于两大重磅事件集中来袭：①国产AI大模型DeepSeek- V3.1采用UE8M0 FP8技术，为国产芯片发展注入新的动力；②美国科技媒体The Information报道，英伟 达指示供应商暂停H20芯片生产，国产替代预期升温。 8月25日，国产AI产业链继续强攻！云天励飞涨超14%，航天宏图涨逾12%，奥比中光、芯原股份等个 股大幅跟涨。第一大权重股寒武纪涨超4%，重点布局国产AI产业链的科创人工智能ETF（589520）场 内价格一度飙涨超6．7%，现涨3.64%，继续刷新上市高点！实时成交额超3200万元，交投较为活跃！ 上交所数据显示，科创人工智能ETF（589520）近60日获资金净流入1．05亿元，显示资金长期看好板 块后市，逐步进场布局！ 值得关注的是，上周（8月18日-8月22日），半导体、AI相关指数大涨，科创人工智能指数周涨幅为 16.7%，居全市场第一。 【国产替代之光，科创自立自强】人工智能作为关键核心技术，实现自主可控至关重要。重点布局在国 产AI产业链、具备较强国产替代特点的科创人工智能ETF（589520），涨跌幅限制20%，具备高弹性特 ...

Core Viewpoint - The domestic AI industry chain is experiencing a significant surge, particularly in the Sci-Tech Innovation Board, with key stocks reaching new highs and strong ETF performance indicating potential investment opportunities [1][3]. Group 1: Market Performance - The Sci-Tech Innovation Board has shown signs of a rebound, with major AI stocks like Cambricon Technologies hitting a 20% limit-up and a total market value exceeding 520 billion yuan [1]. - The Sci-Tech Artificial Intelligence ETF (589520) saw a strong performance, with an intraday increase of up to 8.44% and a closing increase of 8.26%, marking a new high since its listing [1]. - The ETF's trading volume increased by 19% compared to the previous period, indicating a strong buying signal from investors [1]. Group 2: Key Events Driving Growth - Three major events are driving the surge in the AI sector: the launch of the DeepSeek-V3.1 model utilizing UE8M0 FP8 technology, rumors of a new 500 billion yuan policy financial tool, and reports of Nvidia halting H20 chip production, which raises expectations for domestic alternatives [3][4]. - The continuous investment in computing infrastructure is expected to lead to breakthroughs in domestic computing capabilities, potentially outpacing international growth [3]. Group 3: Investment Logic - The investment logic for the Sci-Tech Artificial Intelligence ETF includes: 1. Market mainline logic indicating a favorable environment for AI stocks after a period of adjustment [3]. 2. The potential for a rebound in the Sci-Tech Innovation Board, which has been stagnant since April [3]. 3. The domestic substitution logic driven by concerns over Nvidia chip security vulnerabilities, prompting a shift towards domestic chip manufacturers [4]. 4. The anticipated growth in AI terminal devices, which could replicate the smartphone boom of the 2010s, leading to a significant increase in industry valuations [4]. Group 4: ETF Characteristics - The Sci-Tech Artificial Intelligence ETF (589520) is characterized by high elasticity, with a 20% price limit and a significant concentration in semiconductor stocks, which account for nearly half of its top holdings [4]. - The ETF is positioned to benefit from the acceleration of AI integration in both hardware and software, with its constituent companies being leaders in their respective segments [4].

2、科创板补涨逻辑：2025陆家嘴论坛上，高层提出在科创板设置科创成长层，重点服务AI等前沿科技 企业。中信证券指出，自今年4月以来明显滞涨的科创板有望迎来补涨行情。 3、国产替代逻辑：招商证券表示，出于对英伟达芯片安全漏洞的担忧，国内部分客户对于未来购买英 伟达芯片还会反复权衡。建议长期持续关注华为昇腾、寒武纪和海光信息等国产算力芯片体系。 4、端侧AI大发展逻辑：人形机器人、智能驾驶等终端落地在即，2025年或成为端侧AI硬件换机元年。 申万宏源类比消费电子发展路径，指出AI终端（如AI手机、具身机器人）换机潮有望复制2010年代智 能手机行情，带动产业链估值中枢上移30-50%。 8月21日，DeepSeek-V3.1正式发布。本次升级主要体现为三方面：①混合推理架构：一个模型同时支持 思考模式与非思考模式；②更高的思考效率：相比此前版本，DeepSeek-V3.1-Think能在更短时间内给 出答案；③更强的Agent能力：在工具使用与智能体任务中的表现，有较大提升。 业内人士指出，此前，国产大模型DeepSeek-R1弯道超车，打破海外高端算力封锁，奠定了国产AI企业 后来居上的基石。此次，Deep ...

隔夜，英伟达大跌3.5%创近四个月以来最大跌幅，Meta下跌逾2%，特斯拉、亚马逊、微软等均下跌。大型科技股普跌，拖累纳指表现。 然而聚焦A股，国 产AI走出独立行情！8月20日，重点布局国产AI产业链的科创人工智能ETF（ 589520）场内涨幅盘中猛拉3%，冲击日线4连阳！值得关注的是，该ETF场内 频现溢价区间，显示买盘资金更为强势！事实上，上交所数据显示，科创人工智能ETF（589520）昨日吸金634万元。 成份股方面， 芯原股份涨超17%再创 新高， 寒武纪涨逾6%， 恒玄科技、 奥普特、 乐鑫科技等个股跟涨。 消息面上，8月19日，上海市经济和信息化委员会等三部门联合发布《上海市加快推 动"AI+制造"发展的实施方案》。其中提出，开展云端模型端侧部署，提升终端的模型应用能力，推动终端智能化操作创新。 第一大权重股方面，本土 AI 芯片"扛旗者"——寒武纪8月19日股价一度突破1000元，或将成为A股市场第二只千元股（当前股价仅次于茅台）。 国泰海通认为， 算力芯片自主可控是必 然发展趋势，英伟达芯片安全漏洞将加速国内云厂商适配国产算力芯片，国产替代未来可期。 招商证券表示，国内部分客户对于未来购 ...