风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月9日，计算机ETF（512720）涨超2.5%，技术突破与政策支持提振行业预期。 中信建投指出，计算机和软件开发行业受益于AI医疗、脑机接口等新技术的快速发展，行业创新 性和国际化能力逐步提升。随着国内企业在技术研发和产品创新上的持续突破，部分领域已实现全球领 先，如脑机接口技术已进入临床试验阶段，AI医疗应用广泛。政策层面，"十五五"规划对脑机接口等未 来产业的支持有望加速 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 天风证券指出，中国将脑机接口纳入未来产业，2025年七部门发文明确行业"两步走"发展目标，地 方也出台行动方案并介入医保定价；全球层面，美国脑计划进入2.0阶段，为产业提供稳定发展环境。 当前医疗领域占脑机接口下游应用的56%，预计未来仍将是主要市场。脑机接口技术呈现两大突破：一 是脑感知技术交互化，实现流畅的交互体验；二是脑调控技术感知化，从开环刺激转向闭环调控。全球 脑机接口市场规模从2019年的12亿美元增长至2023年近20亿美元，预计2029年达76.3亿美元。中国市场 规模占全球比重从2020年的约十亿元增至2023年的17.3亿元，占比提升至12.5%。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从沪深市场中选取涉及软件开 发、IT服务、硬件制造等业务的上市公司证券作为指数样 ...

计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从A股市场中选取涉及软件开发、IT 服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整体表 现。该指数具有显著的成长性和技术导向性特征，能够较为全面地体现计算机行业的市场动态和发展趋 势。 财通证券指出，全球大模型正从"快问快答的生成模型"迈向"能推理、能行动的智能体"，行业焦点从基 准测试转向真实场景中改造用户行为与任务流程的能力。AI竞争重心从"跑分领先"转向"直达用户、驱 动行动"，能否将模型能力嵌入操作系统与超级App，将自然语言翻译为可执行动作成为核心。头部厂 商从追求算力堆砌转向算法与训练范式优化，构建具备长链条推理、自我反思与工具调用能力的"慢思 考"体系。AI正在重塑生产方式与人才结构，推动人类从"手工生产者"转向"任务设计者"。国内厂商如 DeepSeek通过开源路径实现高推理密度与低成本，豆包、千问、可灵等在入口和场景侧落地，形成"模 型—入口—算力"三线合围。未来核心竞争力将体现在思考链设计、行动链编排及对AI生产方式的驾驭 能力上。 （文章来源：每日经济新闻） ...

计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从A股市场中选取涉及软件开发、IT 服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整体表 现。该指数具有显著的成长性和技术导向性特征，能够较为全面地体现计算机行业的市场动态和发展趋 势。 （文章来源：每日经济新闻） 财通证券指出，12月17日，智谱与MiniMax均通过港交所上市聆讯。智谱通过港交所上市聆讯，标志港 股首次迎来一家以"基座模型"为核心的上市公司，而MiniMax聚焦多模态模型领域，这表明以基座模型 和多模态模型为主要赛道的AI大模型公司，正式进入港股IPO冲刺阶段，预计2026年初登陆资本市场。 ...

Core Insights - OpenAI's release of the GPT-5.2 series marks a significant advancement in reasoning and specialized knowledge capabilities, achieving human expert levels for the first time, indicating a shift in large model competition from parameter scale to ecological differentiation [1] - The enhancement in reasoning and specialized work capabilities is expected to benefit enterprise-level applications, with recent releases from Google and OpenAI demonstrating that large model capabilities have not yet reached their ceiling, and the demand for computational power continues to grow [1] - The improvements in complex reasoning and planning capabilities of GPT-5.2 are anticipated to transition enterprise AI applications from high-dimensional search engines and text generators to truly autonomous execution [1] - The importance of proprietary data in the industry is increasing, as general models address the question of how to think, while the content of that thinking depends on the data provided by enterprises [1] - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in computer hardware, software, and services from the Shanghai and Shenzhen markets, aiming to reflect the overall performance of the computer industry, including cloud computing, big data, and artificial intelligence [1]

每日经济新闻 （责任编辑：张晓波 ） 国金证券指出，11月计算机行业表现较弱，主要受风险偏好承压影响，外部因素包括海外冲突、 AI泡沫争议及美元降息预期波动，内部因素则源于基本面偏弱和机构投资者年底获利了结。预计连续 回调为后续春季躁动酝酿空间，非熊市阶段回调2-4个月后通常迎来新一轮弹性。从投资机会看，景气 方向集中在出海需求、AI产业链技术及替代政策。细分行业中，25年高景气赛道包括AI算力、激光雷 达；加速向上的有AI应用；稳健向上的包括软件外包、金融IT、量子计算、数据要素等；拐点向上的有 教育IT、网安、企业服务；底部企稳的包括智慧交通、政务IT等；略有承压的为工业软件、医疗IT。AI 领域国内外巨头持续加码，替代趋势明显，政策驱动下信创、数据要素等领域需求旺盛。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从沪深市场中选取涉及软件开 发、IT服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整 体表现。CS计算机指数成分股具有较高的成长性和技术领先性，能够较好地体现计算机行业的整体发 展趋势。该指数风格偏向成长型投资，适合关注科技发展与 ...

Group 1 - The core viewpoint is that domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - In AI applications, industry know-how is becoming a competitive advantage, marking the software industry as entering an optimal layout period [1] - Companies with AI revenue accounting for over 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] Group 2 - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in the Chinese A-share market involved in computer hardware, software, and services [1] - The index constituents focus on the information technology sector, showcasing high technological content and growth characteristics, effectively reflecting the overall development trend of the computer industry [1]

Group 1 - The core viewpoint is that domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - In AI applications, industry know-how is becoming a competitive advantage, marking the software industry as entering an optimal layout period [1] - Companies with AI revenue accounting for over 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] Group 2 - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in China’s A-share market involved in computer hardware, software, and services [1] - The index components focus on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]

Core Insights - AI technology has become a core driving force in the computer and software development industry, with significant capital expenditures from major cloud providers [1] - The combined investment of Amazon, Microsoft, Google, and Meta in AI-related infrastructure is expected to exceed $110 billion by Q3 2025, primarily for data centers and AI infrastructure [1] - AI is significantly boosting cloud business revenues, with Amazon AWS backlog orders exceeding $200 billion, Microsoft Azure experiencing a growth rate of 40%, and Google Cloud revenue share increasing to 14.8% [1] - NVIDIA's data center business achieved a record revenue of $51.2 billion in a single quarter, with future quarters expected to generate $500 billion [1] - AI technology is also driving revenue growth for SaaS companies, with firms like ServiceNow and Palantir seeing substantial income increases through AI platforms [1] - Overall, AI's deep penetration in cloud computing, computing power, and software applications is continuously reshaping the industry landscape and creating new growth momentum [1] Industry Overview - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in software development, IT services, and hardware manufacturing from the Shanghai and Shenzhen markets [1] - The index reflects the overall performance of publicly listed companies related to computing, with a focus on the information technology sector and a growth-oriented style [1]

Core Insights - The overall iteration speed of global large models is expected to slow down by 2025, with the gap between China and the US rapidly narrowing, and it is anticipated that by 2026, China may surpass in certain areas [1] - Domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - Industry know-how is becoming a competitive advantage in AI applications, marking the software industry as an optimal investment period [1] AI Applications - Companies with AI revenue exceeding 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] - Custom software remains irreplaceable by models, emphasizing the importance of tailored solutions in the market [1] AI Infrastructure - Huawei's Flex:ai technology achieves unified management of heterogeneous computing power, improving utilization rates by 30% and accelerating industry implementation [1] - The industrialization process of domestic computing power is accelerating, driven by innovations in super nodes and IDC across multiple dimensions [1] Future Outlook - By 2026, the Chinese AI industry chain is expected to develop into a self-sustaining system, with accelerated innovation and iteration across all segments [1] - Physical AI, including digital twins and embodied intelligence, is projected to become a core development direction [1] Computer ETF - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in the Chinese A-share market involved in computer hardware, software, and services [1] - The index focuses on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]