软件ETF（515230）跟踪的是软件指数（H30202），该指数主要选取沪深市场中从事软件开发、销 售及相关服务的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。指数成分股具 有高成长性和技术领先性的特征，行业配置侧重于信息技术领域，整体风格偏向成长型投资。 1月9日，软件ETF（515230）收涨超3.6%，技术突破与政策支持成行业焦点。 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未来五年"两步走"发展 目标，地方也出台行动方案并介入相关手术医保定价。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。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。医疗领域仍是当前最主要的下游应用，占比超过50%。电 极与芯片是核心技术竞争的硬件设备，国内在商业化侵入式阵列电极方面仍有差距。预计到2029年全球 脑机接口产业规模将达到76.3亿美元，2023-2029年复合增长率约13%。政策支持、技术突破与临床里程 碑事件推动行业加速发展，但需关注研发、政策及市场风险。 （责任编辑：刘畅 ） 【免责 ...

1月6日，软件ETF（515230）涨超2.3%，技术突破与需求回暖驱动行业前景。 申万宏源证券指出，计算机与软件开发行业呈现快速发展态势，GPU芯片领域表现尤为突出。天数智芯 已形成天垓（训练）和智铠（推理）两大GPU系列，产品实现小规模批量销售，天垓系列均价3万~4万 元/片，智铠约1万元/片。壁仞科技聚焦自研GPGPU芯片及智能算力解决方案，2025年订单超12亿元， 下一代BR20X芯片预计2026年商业化。大模型领域，智谱（ToB）与MiniMax（ToC）通过港交所聆 讯，分别代表不同商业模式。智谱依托清华背景，提供全系列自研基座模型，本地化部署毛利率达 59.1%；MiniMax注重高效架构与产品商业化，73.1%收入来自海外。AI服务器厂商浪潮信息推出支持多 芯片协同的开放架构超节点产品，适配大模型训练需求。行业风险包括供应链稳定性及激进扩产可能影 响盈利增长。 软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及操作系统、应用软件开 发、云计算服务等业务的上市公司证券作为指数样本，以反映软件及相关服务行业上市公司证券的整体 表现。该指数聚焦科技创新和信息技术领域 ...

Core Viewpoint - The computer and software development industry is showing strong growth potential supported by government policies, with significant advancements in key areas such as AI, quantum technology, and integrated circuits as outlined in the 14th and 15th Five-Year Plans [1] Industry Summary - The computer industry is projected to grow by 17% by 2025, with a price-to-earnings (PE) ratio reaching 292 and a price-to-sales (PS) ratio maintaining around 4, indicating high market attention on cutting-edge technologies [1] - The industry's fundamentals are stabilizing, with a year-on-year revenue increase of 10% and a net profit growth of 37% in the first three quarters of 2025, although cash flow has decreased by 58% due to seasonal collection characteristics [1] - Active themes such as AI applications, quantum technology, commercial aerospace, and low-altitude economy are driving market dynamics, with companies like BaiRong Cloud, TongHuaShun, and DingJie Smart achieving success in the AI sector, while GuoDun Quantum and XingTu Measurement Control are forming product matrices in quantum and aerospace fields [1] - The quality of operations in the industry is improving, with stable R&D investments and good control over sales expenses, suggesting a continuation of high attention and valuation advantages in the future [1] ETF Summary - The software ETF (515230) tracks the software index (H30202), which primarily covers publicly listed companies engaged in software development, sales, and related services, typically characterized by high R&D investments and technological leadership [1]

Group 1 - The software ETF (515230) has risen over 1.2%, indicating increased market attention on the industry's growth potential [1] - The computer and software development industry is experiencing rapid growth, particularly in the GPU chip sector, with companies like Tianzuo Zhixin and Biran Technology making significant advancements [1] - Tianzuo Zhixin has developed two GPU series, Tianpai (training) and Zhikai (inference), with average product prices of 30,000-40,000 yuan and 10,000 yuan respectively, achieving small-scale batch sales [1] Group 2 - Biran Technology focuses on self-developed GPGPU chips and intelligent computing solutions, with over 1.2 billion yuan in orders for 2025 and the next-generation BR20X chip expected to be commercialized in 2026 [1] - In the large model sector, companies like Zhipu and MiniMax are progressing towards IPOs, representing ToB and ToC business models respectively [1] - Zhipu, backed by Tsinghua University, leads in model capabilities domestically, projecting a revenue of 310 million yuan in 2024, a year-on-year increase of 150.9% [1] Group 3 - MiniMax emphasizes efficient model architecture and rapid commercialization, with its ToC products, Conch AI and Talkie, generating 73.1% of its revenue from overseas [1] - Inspur Information has launched the super node AI server "Yuan Nao SD200," which supports trillion-parameter large model inference [1]

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。 中泰证券指出，AI应用正在加速兴起，伴随基础大模型能力提升和成本下降，越来越多的AI应用 场景被解锁，通用场景的泛ERP领域和生产力工具，以及垂直场景的金融AI、医疗IT、物理AI等领域均 有显著进展。AI算力需求持续旺盛，基础大模型厂商加速提升能力天花板，推理算力需求随之增长。 同时，信创板块在政策驱动下有望加速，党政、行业信创均将受益于自主可控战略推进。出海方面，东 南亚、中东等市场数字化需求为中国软件企业提供增长机遇，海外业务成为重要驱动力。新质生产力领 域如机器人具身智能、智能驾驶和商业航天等技术进步明显，智能驾驶L3试点加速推进，卫星互联网 建设加快。整体来看，计算机行业基本面呈现温和复苏迹象，AI应用落地和信创、出海等高景气领域 有望推动行业持续向好。 ...

Group 1 - The software ETF (515230) has seen a net inflow of over 740 million yuan in the past 20 days, indicating strong capital interest and attention towards AI technology restructuring [1] - The focus of AI development is shifting from problem-solving to problem-definition, with TaxFriend leveraging a three-tier AI product matrix to transform financial and tax services, aiming for process automation and decision-making support [1] - ByteDance's Doubao 1.8 model excels in complex task resolution and multimodal interaction optimization, achieving industry SOTA in general intelligence and visual question answering, with a daily invocation volume surpassing 50 trillion tokens [1] Group 2 - Wallen Technology has submitted a prospectus for its Hong Kong IPO, with its self-developed GPGPU chips (BR106/110/166 series) already in mass production, and over 1.2 billion yuan in orders for 2025 [1] - The next-generation BR20X chip is expected to be commercialized by 2026, indicating ongoing innovation in smart computing solutions [1] - Industry risks include aggressive hiring strategies potentially impacting profit growth and supply chain stability being constrained by external factors [1]

（文章来源：每日经济新闻） 长江证券表示，蚂蚁集团的AI健康应用"蚂蚁阿福"月活跃用户已达1500万，显示出强劲的增长势头。该 应用通过支付入口优势、深厚的医疗资源网络以及支付与金融业务带来的信任优势，实现了高留存率和 高转化率。此外，医疗场景因其用户付费意愿强、高频次和高迁移成本，可能成为原生AI垂类应用的 突破口。预计到2026年，随着政策推进，医疗Agent将在多个层面实现广泛应用。 软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及软件开发、销售和服务等 业务的上市公司证券作为指数样本，覆盖操作系统、应用软件、网络安全等领域的代表性企业，以反映 软件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，能够较好地体现软件 行业的市场趋势和发展动态。 ...

Group 1 - OpenAI launched the advanced coding model GPT-5.2-Codex on December 19, 2025, which integrates the general capabilities of GPT-5.2 with the specialized advantages of GPT-5.1-Codex-Max, marking a significant milestone in software engineering automation [1] - The model enhances long-term context understanding and instruction adherence through "context compression" technology, improving token efficiency and optimizing performance in Windows environments, particularly in large-scale code change scenarios [1] - In benchmark tests SWE-BenchPro and Terminal-Bench2.0, the model achieved accuracy rates of 56.4% and 64.0% respectively, indicating key breakthroughs in its capabilities [1] Group 2 - The software ETF (515230) tracks the software index (H30202), which selects publicly traded companies involved in software development, sales, and services, covering areas such as operating systems, application software, and cybersecurity [2] - The index demonstrates significant growth potential and a technology-driven focus, effectively reflecting market trends and developments within the software industry [2]

软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及软件开发、销售和服务等 业务的上市公司证券作为指数样本，覆盖操作系统、应用软件、网络安全等领域的代表性企业，以反映 软件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，能够较好地体现软件 行业的市场趋势和发展动态。 （文章来源：每日经济新闻） 长江证券表示，蚂蚁集团的AI健康应用"蚂蚁阿福"月活跃用户已达1500万，显示出强劲的增长势头。该 应用通过支付入口优势、深厚的医疗资源网络以及支付与金融业务带来的信任优势，实现了高留存率和 高转化率。此外，医疗场景因其用户付费意愿强、高频次和高迁移成本，可能成为原生AI垂类应用的 突破口。预计到2026年，随着政策推进，医疗Agent将在多个层面实现广泛应用。 ...

软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及软件开发、销售和服务等 业务的上市公司证券作为指数样本，覆盖操作系统、应用软件、网络安全等领域的代表性企业，以反映 软件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，能够较好地体现软件 行业的市场趋势和发展动态。 东吴证券表示，AI推理要求小数据块、高并发和大存储容量，现有以CPU为中心的传统架构难以满足需 求。因此，提出将控制和数据路径移至GPU，通过GPU直接连接SSD来提高存储量和传输速率，并利用 SCADA软件架构控制存储I/O。这促使底层硬件变革带动软件重构，形成以GPU为中心的新架构。预计 2027年初将推出首款搭载HBF技术的AI推理系统，同时Hammerspace和CloudianHyperStore已开始优化软 件性能。数据库产业有望因GPU直连SSD架构的创新迎来新的发展机遇。 （文章来源：每日经济新闻） ...