Group 1 - The A-share market saw a collective decline on January 8, with the computer ETF (159998) achieving a trading volume exceeding 120 million yuan, and stocks like Baoxin Software, Weining Health, and Zhongke Xingtu leading in gains [1] - The computer ETF has experienced a net inflow of nearly 160 million yuan over the past five days, indicating strong investor interest [1] - The ETF tracks the CSI Computer Theme Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [1] Group 2 - Zhongtai Securities forecasts an improvement in the computer sector's fundamentals due to macroeconomic recovery, AI application implementation, and personnel adjustments, with institutional holdings at historical lows suggesting potential future growth [2] - Huatai Securities anticipates a significant increase in AI computing power demand by 2026, highlighting investment opportunities in both domestic and overseas computing supply chains [2] - In the optical communication sector, demand for 800G and 1.6T optical modules is expected to rise rapidly by 2026, benefiting leading manufacturers and upstream core material segments like optical chips [2]

计算机ETF（159998，场外联接基金C类001630）跟踪的中证计算机主题指数，软硬件兼备，软件开 发、计算机设备、IT服务行业，能全面反映计算机行业整体表现。确定性较高的AI落地方向包括：软硬 结合的端侧AI硬件、C端出海软件、B端企业服务与制造业信息化、G端大模型私有化部署等。 招商证券表示，2025Q3计算机板块基本面触底、人效拐点出现，展望2026行情向上具备更强支撑。重 点看好产业趋势最为明确的AI、政策驱动最为确定的信创以及最为受益"牛市"Beta的金融科技。 12月26日，中证计算机主题指数震荡走强，截至发稿涨1.07%，成分股中，江波龙涨超4%，和而泰、指 南针、奇安信-U、深信服等股涨超3%。 相关ETF方面，计算机ETF（159998）盘中上涨，截至发稿成交额超4500万元，居深市同类ETF中第 一。Wind数据显示，盘中获净申购960万份。资金流向上看，该ETF昨日获超1600万元资金净流入。 消息面上，12月24日，科大讯飞公告称，公司拟实施第二期员工持股计划，参与对象为公司（含控股子 公司）核心骨干人员，总人数预计不超过2,000人。该持股计划规模不超过839.41万股，约占公司 ...

12月8日，A股市场全天震荡走高，计算机方向走强。截至当天收盘，中证计算机主题指数上涨1.35%； 成分股中，江波龙涨超14%，深科技、同方股份、中科曙光等个股跟涨。中证沪港深云计算产业指数上 涨2.95%；成分股中，新易盛、中际旭创等多股涨超5%。 Wind数据显示，12月8日计算机ETF（159998）、云计算ETF天弘（517390）全天成交额均为同标的第 一。 消息面上，据证券时报，近期广东、山东、陕西、河南、重庆等多地发布第十五个五年规划的建议。其 中，广东提出，深入推进数字广东建设，全面实施"人工智能+"行动。重庆提出，在纵深推进人工智能 与数字重庆双向赋能方面，规划建议提出，迭代全市统一数智底座。 此外，据上证报，近日，全球云计算领域的年度风向标AWS re:Invent 2025大会在拉斯维加斯举行。在 演讲环节，亚马逊云科技（AWS）CEO Matt Garman宣布，Amazon Bedrock模型库迎来扩容，并正式引 入来自中国的新锐AI独角兽——MiniMax（稀宇科技）最新一代文本模型MiniMax M2。 信达证券指出，计算机板块"牛市旗手"属性凸显，基本面与流动性共振。估值维度， ...

华龙证券指出，我们认为，太空算力产业奇点临近，算力竞争有望开辟"新角逐场"。另外，随着AI技术 应用的广泛普及与硬件性能的持续迭代形成良性循环，全球AI产业进入共振期。 云计算ETF天弘（517390，场外C类019170）深度追踪中证沪港深云计算产业指数，独享A股与港股两 大市场的投资便利，一键网罗沪、港、深三地最具竞争力的云计算核心资产。 消息面上，据DeepSeek官微，12月1日，DeepSeek发布两个正式版模型：DeepSeek-V3.2和DeepSeek- V3.2-Speciale。DeepSeek-V3.2强化Agent能力，官方网页端、App和API均已更新为正式版DeepSeek- V3.2。Speciale版本目前仅以临时API服务形式开放，以供社区评测与研究。 据央视新闻，国内首个光量子计算机制造工厂11月24日正式在广东深圳南山区落成。该工厂11月24日正 式进入到小批量生产阶段，总面积约5000平方米，集研发、制造、测试于一体，用于实现光量子计算机 的工程化、标准化和规模化生产。 12月2日，A股市场全天震荡调整，深成指、创业板指一度双双跌超1%。截至当天收盘，中证计算机主 题指 ...

12月1日，A股市场震荡拉升，计算机、芯片等方向走高。截至当天收盘，中证计算机主题指数涨 1.28%；成分股中，润泽科技涨超6%，拓邦股份、虹软科技、中科创达等多股涨超3%。中证芯片产业 指数上涨1.97%；成分股中，北京君正20CM涨停，华润微、南大光电、晶晨股份等涨幅居前。 此外，据证券时报，近日《北京市促进"人工智能+视听"产业高质量发展行动方案（2025—2029年）》 发布，其中提出，充分发挥北京文化资源优势和人工智能领先优势，实现视听产业高质量发展为目标， 加强人工智能同文化建设、视听产业发展相结合等。 交银国际指出，展望12月，行业配置聚焦"政策预期+跨年布局"，战术上适度提升弹性。建议关注AI与 硬科技：算力产业链逻辑未变，叠加年底全球科技巨头发布新一代模型预期，建议逢低吸纳光模块、消 费电子及半导体设备等核心标的。 消息面上，据第一财经，12月1日，字节跳动表示，豆包团队发布豆包手机助手技术预览版，是在豆包 APP基础上与手机厂商在操作系统层面合作的AI助手软件。豆包目前正与多家手机厂商洽谈助手合作。 芯片ETF天弘（159310，场外C类012553）跟踪中证芯片产业指数。在政策支持与需求 ...

Group 1: Market Performance - A-shares showed mixed performance on November 27, with the ChiNext index closing in the red while leading CPO concept stocks like Xinyi and Zhongji experienced a pullback after initial gains [1] - The Computer ETF (159998) experienced fluctuations but still saw a net subscription of 16.8 million units, accumulating over 100 million yuan in net inflow over the past seven trading days [1] - The Chip ETF Tianhong (159310) achieved four consecutive days of gains, with a notable premium trading at the close, attracting a total of 12.07 million yuan in net inflow over the last ten days [1] Group 2: Industry Insights - The Computer ETF tracks the CSI Computer Theme Index, which encompasses both software and hardware sectors, reflecting the overall performance of the computer industry [1] - Key AI application areas include hardware for edge AI, software for C-end overseas markets, B-end enterprise services, and G-end private deployment of large models [1] - The Chip ETF tracks the CSI Chip Industry Index, with a projected 37.62% year-on-year growth in net profit for the first half of 2025, driven by policy support and surging demand [1] Group 3: Strategic Developments - Beijing's government plans to develop high-tech industries, focusing on new growth points such as sixth-generation mobile communication, quantum technology, and brain-computer interfaces [2] - Lenovo's chairman emphasized that AI is entering a phase of deep inclusivity, with significant infrastructure investments expected to spur the development of more terminal devices [2] - Northeast Securities noted a shift in the fundamentals of the computer sector, highlighting the prominence of cloud infrastructure, AI, and domestic innovation, with expectations for a revaluation of the industry by 2026 [2] - Huaxi Securities pointed out that the domestic chip localization process is a long-term trend, with the current period being optimal for the development of domestic chips, which is expected to enhance the overall domestic computing power share [2]

Market Performance - The Shenzhen Component Index and ChiNext Index both opened low but rose significantly, with the ChiNext Index increasing by over 3% at one point. By the end of trading, the Shanghai Composite Index fell by 0.15%, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index rose by 2.14% [1] ETF Activity - The Computer ETF (159998) recorded a trading volume of nearly 90 million yuan and a turnover rate of 3.51%. It saw a net subscription of 18 million units the previous day, marking six consecutive trading days of net inflow, totaling nearly 85 million yuan [2] - The Cloud Computing ETF Tianhong (517390) continued its rebound, marking three consecutive days of increase [2] Industry Insights - According to Shenwan Hongyuan Securities, domestic models are seeking a better balance between performance, efficiency, and cost, accelerating commercialization. The software industry is entering an optimal layout period, with companies seeing AI revenue exceeding 10% [3] - According to China Merchants Securities, AI technology has become a core driving force in the computer and software development industry. The deep penetration of AI in cloud computing, computing power, and software applications is continuously reshaping the industry landscape and creating new growth momentum [3] AI Developments - Huawei's Executive Director Yu Chengdong announced that the number of terminal devices equipped with HarmonyOS 5 and HarmonyOS 6 has exceeded 27 million [2] - Alibaba's AI assistant Qianwen App surpassed 10 million downloads within a week of its public testing, becoming the fastest-growing AI application [2]

Group 1: A-Share Market Performance - The A-share market experienced a rebound, with the ChiNext Index rising nearly 2%, driven by active concepts such as AI applications and optical communications [1] - The Computer ETF (159998) saw a rise and has rebounded for two consecutive days, with notable gains in constituent stocks like Shiji Information (over 7%) and Weining Health (over 5%) [1] - The Computer ETF recorded a net subscription of 15.6 million units yesterday, marking a total net inflow exceeding 69 million yuan over the past five trading days [1] Group 2: Cloud Computing and AI Developments - The Tianhong Cloud Computing ETF (517390) continued its upward trend, with a year-to-date share growth rate of 380.36% as of November 24 [1] - The Computer ETF tracks the CSI Computer Theme Index, which encompasses both hardware and software sectors, reflecting the overall performance of the computer industry [1] - The Tianhong Cloud Computing ETF uniquely tracks the CSI Shanghai-Hong Kong-Shenzhen Cloud Computing Industry Index, providing access to competitive cloud computing assets across A-shares and Hong Kong stocks [1] Group 3: Quantum Computing and AI Software Innovations - Shanghai Jiao Tong University launched the world's first quantum scientific computing platform, UnitaryLab, aimed at overcoming traditional computing limitations [2] - Huawei introduced Flex:ai AI container software, which utilizes power slicing technology to enhance GPU/NPU utilization, allowing multiple AI workloads to run simultaneously [2] - Domestic computing capabilities are advancing, with Huawei's Flex:ai focusing on improving AI cluster efficiency and reducing migration barriers, reinforcing the software layer's role in addressing hardware limitations [2]

Market Performance - On November 24, the market rebounded with all three major indices closing in the green, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.37%, and the ChiNext Index up 0.31% [1] ETF Highlights - The Computer ETF (159998) had a trading volume of 105 million yuan and a net subscription of 14.4 million units as of November 24, marking four consecutive trading days of net inflow, totaling over 55.1 million yuan [1] - The Tianhong Cloud Computing ETF (517390) recorded a trading volume of nearly 20 million yuan and a turnover rate of 5.22%, with a year-to-date share growth rate of 380.36% as of November 24 [1] Industry Insights - The Computer ETF tracks the CSI Computer Theme Index, which encompasses both software and hardware sectors, reflecting the overall performance of the computer industry. Key AI application areas include hardware for edge AI, software for C-end overseas markets, B-end enterprise services, and G-end large model privatization deployment [1] - The Tianhong Cloud Computing ETF closely follows the CSI Hong Kong-Shenzhen Cloud Computing Industry Index, providing access to competitive cloud computing core assets across A-shares and Hong Kong stocks [1] AI Industry Developments - Yuanbao announced a new feature allowing users to create videos from a single sentence or a static photo, enhancing user engagement in video creation [2] - The Chongqing Municipal Economic and Information Commission released a plan to accelerate the innovation of the AI terminal industry from 2026 to 2030, focusing on building high-performance computing centers and promoting a collaborative computing network among western cities [2] - According to Shenwan Hongyuan Securities, the global iteration speed of large models is expected to slow down by 2025, with the gap between China and the US narrowing, potentially leading to Chinese models surpassing in some areas by 2026 [2] - Ping An Securities noted that the competition in the global AI large model field remains intense, which will continue to drive the application of large models and boost the AI computing market [2]

Core Viewpoint - The market experienced fluctuations with the ChiNext Index dropping over 1% and the CSI Computer Theme Index declining by 1.32% [1] Group 1: ETF Performance - The Computer ETF (159998) recorded a trading volume of 70.92 million yuan yesterday, leading among its peers, and saw a net subscription of 3.6 million shares [2] - As of November 19, the Computer ETF has experienced net inflows for two consecutive days, with a total of four out of the last five trading days showing net inflows, accumulating over 54 million yuan [2] - The Tianhong Sci-Tech Innovation Index ETF (589860) had a trading volume exceeding 18 million yuan yesterday, with a closing premium rate of 0.15% [3] Group 2: Fund Flows and Index Performance - The Tianhong Sci-Tech Innovation Index ETF (589860) also saw net inflows on November 19 [4] - The Computer ETF (159998) tracks the CSI Computer Theme Index, which encompasses both software and hardware sectors, reflecting the overall performance of the computer industry. Key AI application areas include hardware for edge AI, software for consumer markets, enterprise services, and private deployment of large models [4] - The Sci-Tech Innovation Index has shown a cumulative increase of 27% since the second half of the year, as of November 20 [4] Group 3: AI Developments - Google launched its latest AI model, Gemini 3, on November 18, which will be integrated into various Google products and is designed to enhance learning and planning capabilities [5] - The capabilities of Gemini 3 have exceeded expectations, indicating that advancements in model intelligence are ongoing and have not yet reached a ceiling [5] - The evolution of foundational models, such as GPT 5.1, Qwen 3, Kimi 2, and now Gemini 3, is expected to increase application penetration while reshaping the value chain and impacting application layer companies [5]