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]

计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从中国A股市场中选取涉及计算机硬 件、软件及服务等业务的上市公司证券作为指数样本，以反映计算机相关上市公司证券的整体表现。该 指数成分股聚焦信息技术领域，具有较高的科技含量与成长性特征，能够较好地体现计算机行业的整体 发展趋势。 （文章来源：每日经济新闻） 申万宏源证券指出，2025年全球大模型迭代速度整体放缓，中美大模型差距迅速缩小，预计2026年将进 一步缩小乃至部分领域超越。国产模型在性能、效率与成本间寻求更优平衡，商业化落地加速。AI应 用方面，行业know-how成为护城河，软件行业进入最佳布局期，模型难以取代定制化软件，AI收入占 比突破10%的公司增多，Deep Research、AI编程、多模态等方向受关注。AI Infra领域，华为Flex：ai技 术实现异构算力统一管理，算力利用率提升30%，加速行业化落地。国产算力产业化进程加快，超节 点、IDC多维度创新推动性能提升。2026年中国AI产业链将走向自成体系，各环节创新迭代加速，物理 AI（数字孪生、具身智能）成为核心发展方向。 ...

11月18日软件ETF（515230）上涨1.21%，AI应用相关板块经历前段时间的调整，本周开始有所反 弹。 近期，阿里、腾讯等同步发力AI Agent： - 11月13日，阿里推出千问APP，基于Qwen最强模型打造一款同名个人AI助手"千问App"，全面对 标ChatGPT。其核心是完善功能，未来目标向海外市场进军。11月17日，千问APP公测上线，当天iOS 免费榜排名从第45名快速上升至最高第6名。阿里的应用生态布局日趋完善，B端优势夯实之后，正开 始向C端市场进军。 - 腾讯也致力于通过赋能微信内更多应用场景，推动AI原生应用元宝的使用量，升级其混元基础模 型的能力，未来或将推出个人Agent助手，能直接在微信里帮用户完成各种任务。微信具备通信、社 交、创作、小程序、支付与商业五大生态，既掌握用户意图，也能闭环执行任务。 - 字节火山引擎近日正式发布豆包编程模型，专为 Agentic 编程任务深度优化，综合使用成本相较 业界平均水平大幅降低，Agentic能力持续迭代。同时，Force原动力大会召开在即，亦有望给板块带来 一定催化。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证 ...

Market Overview - The market experienced fluctuations with major indices declining, where the Shanghai Composite Index and Shenzhen Component Index fell over 1% during the day [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion, an increase of 153 billion compared to the previous trading day [1] - The overall liquidity remains ample, and the market's active volume suggests that the adjustment space is manageable [1] AI and Computing Sector - The computing-related sector performed relatively well, driven by optimism about AI applications, despite concerns regarding the sustainability of AI investments [3] - Capital expenditures (Capex) for cloud service providers have significantly accelerated, with expected year-on-year growth exceeding 50% for 2025 [4] - Major tech companies are facing pressure on their balance sheets due to high Capex, which is comparable to their annual cloud revenues and constitutes about 60% of their operating cash flow [4][6] Investment Trends - The trend of domestic substitution in the semiconductor equipment sector is expected to gain momentum, particularly in light of the ongoing technological decoupling between China and the U.S. [7] - Investors are encouraged to focus on semiconductor equipment ETFs as a long-term investment strategy [7] - The software ETF saw a rise of 1.21%, indicating a rebound in AI application-related sectors after previous adjustments [8] Corporate Developments - Alibaba and Tencent are actively developing AI agents, with Alibaba launching the Qianwen app, which quickly rose in rankings on the iOS free chart [9] - Huawei is set to announce breakthrough AI technology that could significantly enhance the utilization of computing resources [9] Institutional Holdings - Institutional holdings in the computing sector have seen a slight increase to 3.2% in Q3 2025, although this remains historically low [10] - The core focus in the computing sector continues to revolve around AI and technological self-reliance, with opportunities in software and computing ETFs [10] New Energy Sector - The new energy sector experienced a noticeable pullback, primarily due to profit-taking after a recent surge, although the underlying fundamentals remain strong [11] - Future focus areas include high-demand sectors like energy storage and lithium batteries, as well as potential recovery in solar and lithium materials [11]

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业务涉及计算机硬 件、软件及服务等领域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。该指数注重行业内优质企业的代表性，覆盖了从信息技术基础设施到应用服务的广泛领域。 （文章来源：每日经济新闻） 平安证券指出，当前全球AI大模型领域竞争依然白热化，有利于持续推动大模型应用的落地普及，也 将拉动AI算力市场持续高景气。以 Kimi K2 Thinking、MiniMax M2等为代表的我国国产大模型持续迭 代，能力持续提升，性能跻身全球大模型第一梯队。我国国产大模型性能持续提升，并与国产加速计算 的适配越来越好，将有利于我国大模型产业的生态发展，加快国产大模型在我国千行百业的落地。国务 院办公厅印发《实施意见》，聚焦加快培育拓展经济社会应用场景，推动人工智能产业发展。在《实施 意见》的推动下，我国国产大模型的落地场景将加快成熟，我国人工智能产业将加快发展。 ...

Group 1 - The core viewpoint is that the demand for industrial software related to production control and information management is showing signs of weak recovery, with AI technology presenting new opportunities [1] - Key industries are experiencing a surge in policies for equipment upgrades and technological transformations, accelerating demand release [1] - The large-scale application of AI models is expected to gradually open up new markets, benefiting domestic industrial software vendors by increasing their market share [1] Group 2 - Industrial software combines "technology + manufacturing" attributes, making research and innovation crucial for enhancing competitiveness [1] - The performance of the industry is influenced by the macroeconomic environment, but the future outlook is optimistic as AI technology penetration increases and policies are implemented [1] - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in software development and IT services to reflect the overall performance of the computer industry [1]

Core Viewpoint - The current external environment and increasing policy risks highlight the urgency for China's technological self-reliance, accelerating the replacement process and creating new opportunities in industries such as trusted computing and industrial software [1] Industry Summary - From January to August 2025, China's software business revenue grew by 12.6% year-on-year, indicating a positive industry performance [1] - Policy initiatives include the establishment of a unified service platform for AI large models in the government sector, promoting resource consolidation [1] - Global demand for AI computing power continues to expand, as evidenced by strategic partnerships like OpenAI with Broadcom and Microsoft's deployment of superclusters on Azure [1] Focus Areas - In the trusted computing sector, attention should be given to opportunities in domestic hardware, foundational software (databases, operating systems, middleware), and application software [1] - The industrial software sector should focus on technological breakthroughs in product design and production control, including areas such as EDA, CAD, and CAE [1] Investment Vehicle - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in software development and IT services from the Chinese A-share market to reflect the overall performance of the computer industry [1] - The index emphasizes companies with high technological content and strong innovation capabilities [1]

Group 1 - The current domestic industrial software localization rate shows significant differentiation, with management software at 70%, manufacturing software over 50%, but high-end software like EDA and CAD having localization rates in single digits [1] - The operating system market is still dominated by Android, Windows, and iOS, with low localization rates; database penetration in government systems exceeds 80%, but is below 5% in medical scenarios [1] - WPS holds over 90% market share in the trusted computing market for office software, while ERP localization is at 38% and CRM at 60% [1] Group 2 - 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, covering key segments of the information technology industry chain [1] - The index aims to reflect the overall performance of listed companies in the computer industry, characterized by high technological content and growth potential [1]

Group 1 - OpenAI has launched AgentKit, a developer toolkit that simplifies the development of agents through a visual canvas called "Agent Builder" and an embedded chat component known as "ChatKit" [1] - OpenAI aims to establish ChatGPT as an "AI operating system" by promoting the Apps SDK, allowing developers to create interactive applications within ChatGPT, leveraging its strong contextual understanding capabilities [1] - The company plans to attract users through an "entry + ecosystem" strategy, positioning itself as a foundational infrastructure in the AI era [1] Group 2 - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in software development and information technology services from the A-share market to reflect the overall performance of the computer industry [1] - The index focuses on growth-oriented companies with technological innovation capabilities and market potential, effectively representing the comprehensive development level of quality enterprises within the computer industry [1]

Core Insights - The rapid iteration in the large model field is highlighted, with advancements such as Sora2's impressive and controllable video generation, Claude Sonnet 4.5 being recognized as the strongest programming model, and Zhiyu GLM-4.6 leading in code capabilities domestically [1] - The introduction of consumer support policies and pilot cities encouraging innovative consumption scenarios and IP development is creating new opportunities for the computer and software development industry [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 Chinese A-share market to reflect the overall performance of the computer industry [1] - The CS Computer Index is characterized by high technological content and growth potential, effectively representing market trends in the computer sector [1]