长江证券指出，政策文件促进了新能源集成融合的发展，提出了多项措施与能源IT建设密切相关，包括 推进分布式新能源多领域融合开发、提高新能源发电功率预测精度和系统的调控能力、推进虚拟电厂规 模化发展等。这些措施提高了对电网数字化和智能化的要求，预计会增加电网基础设施的IT投入。同 时，政策支持聚合运营主体参与市场交易，推动虚拟电厂等新业态商业模式的成熟，未来能源IT解决方 案的需求将会增加。 软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及应用软件、系统软件开发 及相关服务的信息技术企业证券作为指数样本，以反映软件行业相关上市公司证券的整体表现。该指数 聚焦于信息技术领域，具备较高的成长性和创新性特征。 （文章来源：每日经济新闻） ...

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]

Group 1 - The A-share market experienced a decline today, with the Shanghai Composite Index down 0.81%, the Shenzhen Component Index down 0.92%, and the ChiNext Index down 1.16%. The total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, an increase of 156 billion yuan compared to the previous day, with over 4,100 stocks declining [1] - The AI application sector rebounded this week after a period of adjustment, with major companies like Alibaba and Tencent launching new AI products. Alibaba introduced the Qianwen App, a personal AI assistant, while Tencent plans to launch a personal agent assistant within WeChat. ByteDance's Volcano Engine released the Doubao programming model, significantly reducing usage costs [1] - The current market environment is characterized by a lack of major adjustment risks, but upward momentum is weakening, leading to accelerated structural rotation. The market is expected to remain in a range-bound oscillation, with a focus on a "dumbbell" structure of technology and dividends for investment [1] Group 2 - The new energy sector saw a noticeable pullback today, primarily due to profit-taking after a recent surge, although the fundamentals remain strong with continued demand from downstream markets. Future attention should be paid to domestic battery production schedules and arrangements for the Spring Festival holiday, as well as the European electricity market's performance due to winter price increases [2] - Investors interested in the new energy sector can consider various ETFs, including the New Energy Vehicle ETF (159806), the Photovoltaic 50 ETF (159864), the ChiNext New Energy ETF (159387), and the Carbon Neutrality 50 ETF (159861) to capitalize on industry opportunities [2]

软件ETF（515230）盘中涨超1.6%，近20日净流入超2.7亿元。 渤海证券指出，此前工信部、市场监管总局联合印发《电子信息制造业2025-2026年稳增长行动方 案》，明确提出坚定不移推进"国货国用"导向，加大对产业链关键环节企业的政策扶持力度。随着配套 资金落地与政策标准体系完善，信创领域招投标节奏有望显著提速。在国家推动科技自立自强的政策大 背景下，国产算力、操作系统、数据库等核心赛道有望迈入黄金发展期。 软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及应用软件、系统软件开发 及相关信息技术服务业务的上市公司证券作为指数样本，以反映软件及信息技术服务行业相关上市公司 证券的整体表现。该指数突出技术创新和成长性特征，是衡量国内软件行业发展状况的重要指标之一。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that China's space computing constellation is accelerating its construction, with the "Three-Body Computing Constellation" officially entering the networking phase, aiming to complete the deployment of over 50 computing satellites by 2025 to build an integrated space-ground computing network [1] - NVIDIA's H100 has achieved space compatibility, with computing power reaching 100 times that of previous space computers, and future tests will focus on AI processing applications [1] - SpaceX plans to accelerate its space computing layout, with the "Starship" expected to achieve an annual deployment of 1 terawatt of AI computing power, and the capacity of V3 satellites is projected to increase tenfold to 1 Tbps [1] Group 2 - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in application software, system software development, and related IT services to reflect the overall performance of the software and IT services industry [1] - This index highlights technological innovation and growth characteristics, serving as an important indicator of the development status of the domestic software industry [1]

Group 1 - The core viewpoint of the article highlights the release of the openEuler operating system designed for supernodes, which features global resource abstraction, unified memory addressing, and device pool management, making it compatible with Huawei's Ascend supernodes and Inspur's "Yuan Nao SD200" products [1] - The openEuler operating system is expected to unleash the computational potential of supernodes and meet the new demands of the AI era, with a projected cumulative installation of 10 million units and a market share of 50% by 2024 [1] - The openEuler community is experiencing continuous growth, which is driving its globalization process [1] Group 2 - The software ETF (515230) tracks the software index (H30202), which selects listed company securities involved in software development, services, and related technology fields to reflect the overall performance of the software industry [1] - The index includes component stocks across various sub-sectors such as application software, system software, and internet services, showcasing the high-tech attributes and growth characteristics of the software industry [1]

Core Insights - The software ETF (515230) rose by 1.1% in early trading on November 17, indicating positive market sentiment towards the software sector [1] - China's space computing constellation is accelerating its construction, with the "Three-Body Computing Constellation" led by Zhijiang Laboratory, aiming to complete a layout of over 50 computing satellites by 2025 to build an integrated space-ground computing network [1] - NVIDIA's H100 chip is set to support space applications, boasting computational power 100 times greater than previous space-based computers, with future tests planned for AI processing applications [1] - SpaceX plans to expedite its space computing layout, with the "Starship" expected to achieve an annual deployment of 1 terawatt of AI computing power, and the capacity of V3 satellites projected to increase tenfold to 1 Tbps [1] - The global acceleration of space AI development is expected to create new business models, with satellite manufacturing and space-based AI applications becoming areas of significant interest [1] Industry Overview - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in system software, application software development, and related services, reflecting the overall performance of the software industry [1] - The software index primarily focuses on the information technology sector, characterized by significant growth and innovation, serving as an important barometer for observing the development dynamics of the software industry [1]

Core Viewpoint - The software ETF (515230) experienced a pullback during trading, but funds have been actively entering the market, with a net inflow exceeding 500 million yuan over the past 20 days [1]. Group 1: Market Dynamics - External disturbances are accelerating the pace of domestic software localization, particularly due to frequent U.S. technology blockades against China's industrial software since 2018, which poses a "bottleneck" risk for products like EDA [1]. - The urgency for self-sufficiency in domestic industrial software is increasing, driven by the dual forces of localization and intelligence [1]. Group 2: Industry Outlook - The software industry is expected to enter a high-speed development phase under the dual drivers of localization and intelligence [1]. - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in software development, services, and related technologies, reflecting the overall performance of the software sector [1]. - The constituent stocks cover various sub-sectors, including application software, system software, and internet services, highlighting the high-tech attributes and growth characteristics of the software industry [1].

Core Insights - The article highlights the significant net inflow of nearly 200 million yuan into the software ETF (515230) over two consecutive days, indicating strong market interest in core technology self-reliance and empowerment [1] - The recommendations emphasize the need for "extraordinary measures" to advance self-reliance in core technologies, accelerating breakthroughs in critical areas such as integrated circuits and foundational software [1] - The synergy between emerging technologies and foundational software is expected to become a crucial engine for promoting new productivity and high-quality technological development during the 14th Five-Year Plan period [1] Industry Overview - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in software development, services, and related technology sectors to reflect the overall performance of the software industry [1] - The constituent stocks of the index cover various sub-sectors, including application software, system software, and internet services, showcasing the high-tech attributes and growth characteristics of the software industry [1]