阿里持续坚定投入AI基础设施，中信证券认为这标志着国产算力的自主可控进程正在稳步推进，国产算力有望迎来行业拐点。建议关注国产算力投资机 遇，聚焦卡位精准、长期竞争力凸显的龙头。 2025年11月26日，Wind数据显示，A股三大指数今日涨跌不一，截止收盘，沪指跌0.15%；深证成指涨1.02%；创业板指涨2.14%。沪深两市成交额17833 亿。 涨幅方面，通信相关ETF领涨 | | | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | | 涨幅(%) 基金管理人 | | | 215880 | 通信ETF | 5.61 | 国泰基金 | 被司 | | 159583 | 通信设备ETF | 5.54 | 富国基金 | 被司 | | 159242 | 创业板人工智能ETF大成 | 5.29 | 大成基金 | 被司 | | 260660 | 云50ETF | 5.10 | 新花星等 | 被司 | | 515050 | 5G通信ETF | 5.08 | や夏基金 | 被司 | | 159382 | 创业板人工智能ETF南方 | 5.06 ...

Core Insights - AI computing hardware continues to show a rebound, with strong performance in optical modules, CPO, and PCB concepts [1] - Alibaba's Q2 FY2026 earnings report highlights a 34% year-on-year increase in cloud revenue and triple-digit growth in AI-related product revenue for nine consecutive quarters [1] - CITIC Securities indicates that Alibaba's ongoing investment in AI infrastructure signifies a steady advancement in domestic computing capabilities, suggesting an industry turning point for domestic computing [1] Group 1: Market Performance - The AI computing hardware sector is experiencing a strong rebound, with companies like Zhongji Xuchuang, Hudian Co., Xinyisheng, and Guangku Technology showing significant gains [1] - The lowest fee rate AI ETF, Huaxia (159381), and the 5G communication ETF (515050) both surged over 4%, with trading volumes reaching 348 million yuan and 299 million yuan respectively [1] - The cloud computing 50 ETF (516630), focusing on AI hardware and software, increased by 2.70% [1] Group 2: Company Developments - Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] - The sustained investment in AI infrastructure by Alibaba is viewed as a critical step in the development of domestic computing capabilities [1] Group 3: Industry Outlook - CITIC Jiantou emphasizes the need for a long-term perspective on the ongoing AI industrial revolution, comparing its impact to that of the industrial revolution [1] - The firm expresses optimism regarding the demand for computing power and applications driven by AI [1]

Market Performance - The three major A-share indices rose collectively, with the Shanghai Composite Index up 0.87% to 3870 points, the Shenzhen Component Index up 1.53%, and the ChiNext Index up 1.77% [1] - The total market turnover reached 1.83 trillion yuan, an increase of 858 billion yuan compared to the previous trading day, with 4300 stocks rising [1] Sector Highlights - The CPO concept and optical communication module sectors experienced significant growth, with stocks like Zhongji Xuchuang rising by 5%, Xinyi Sheng by 4%, and Tianfu Communication by 2.4% [1] - Various ETFs related to 5G and artificial intelligence also saw substantial gains, with the 5GETF rising over 4% and several other ETFs increasing by more than 3% [1][2] ETF Details - The 5G Communication ETF tracks an index that includes key components of AI computing systems, with significant weight in optical modules and leading companies in the 5G industry [4] - The Communication ETF's index has over 81% weight in "optical modules + servers + copper connections + optical fibers" [4] - The ChiNext Artificial Intelligence ETFs have over 50% "CPO content," featuring major stocks like Xinyi Sheng and Zhongji Xuchuang [4] AI and Technology Developments - Google is challenging NVIDIA's dominance in chips by potentially selling its TPU to Meta, which could capture 10% of NVIDIA's annual revenue, leading to billions in new income for Google [5] - Google’s Gemini 3 model demonstrates the ongoing effectiveness of the Scaling Law, indicating further advancements in algorithms and a growing demand for computing power [6] - The AI industry is expected to see significant catalysts by 2026, including new GPU releases and advancements in AI applications, with a positive outlook for sectors like optical modules and AI smartphones [7]

（文章来源：每日经济新闻） 5G概念股走强，沪电股份涨停，新易盛涨超7%，中际旭创、兆易创新、东山精密涨超6%。 受重仓股大涨影响，5GETF、5G通信ETF涨超5%。 有券商表示，AI可能是自云计算以来最大的产业机会。从硬件层面看，除GPU保持较快增速之外，ASIC 可能在明年成为第二增长引擎，北美算力产业链条业绩有望在后续几个季度保持较高增速。从需求端看， 北美云厂商云收入增长和资本开支投入形成共振，人工智能闭环清晰，发展仍处上升通道。 ...

Group 1 - The technology sector led a strong rebound in A-shares, with AI hardware, particularly CPO, experiencing significant gains, including Guangku Technology rising over 16% [1] - Industrial Fulian clarified that it has not lowered its fourth-quarter profit target and that operations, including the shipment of GB200 and GB300 products, are proceeding as planned with strong customer demand [1] - A total of 310 A-share stocks saw financing purchases exceeding 100 million, with Zhongji Xuchuang, BlueFocus Communication, and Industrial Fulian ranking as the top three in financing amounts [1] Group 2 - The 5G Communication ETF rose by 5.7%, covering key components of AI computing systems, including optical modules and PCB, with significant weight in leading companies like Zhongji Xuchuang and Industrial Fulian [2] - The Huaxia Entrepreneurial AI ETF, which has the highest CPO content and lowest fee rate, increased by 5.82%, with major holdings including Zhongji Xuchuang and Xin Yisheng [2]

Core Insights - Two Chinese public fund companies have entered the top 20 global ETF providers, with China becoming the largest ETF market in Asia, surpassing Japan [1][2] Group 1: ETF Market Growth - As of Q3 2025, China’s ETF market has reached approximately 5.5 trillion yuan, solidifying its position as the largest in Asia [1] - Bloomberg's ETF team predicts that by 2035, Asia's ETF market assets could soar to 8 trillion USD, surpassing current European levels [2] Group 2: 华夏基金's Position - 华夏基金 has seen its ETF management scale rise to 126.8 billion USD, moving from 19th to 18th globally, marking a significant ascent since entering the top 20 in 2022 [1] - The company has the largest equity index scale in China, reaching 904.7 billion yuan, and has been recognized as the "Passive Investment Golden Bull Fund Company" for eight consecutive years [3][6] Group 3: Product Diversity and Innovation - 华夏基金 offers a comprehensive range of 116 ETF products, covering core broad-based, thematic, and cross-border markets, establishing a robust investment ecosystem [4][11] - The company employs a "Lego-style" approach to asset allocation, allowing for flexible combinations to meet diverse investor needs [9][11] Group 4: Active Management and Research - 华夏基金 redefines ETF value by integrating active research capabilities, allowing for proactive industry trend predictions rather than merely following market indices [8] - The firm collaborates with index companies to ensure that index compositions remain relevant and reflective of actual market conditions [8] Group 5: Long-term Commitment to Investor Services - The company has introduced various investor service initiatives, including the "Red Rocket" app and educational content, to promote a scientific investment framework [12] - The rise of 华夏基金 in the global ETF rankings exemplifies the combination of scale, research empowerment, product ecosystem, and long-term commitment [12]

（文章来源：每日经济新闻） 科技板块承压调整，但基本面仍然向好，短期急跌或提供更高性价比布局空间。英伟伟达周三盘后公布 的三季度业绩显示，公司营收同比飙升62%，达到570.1亿美元，远超华尔街预期。同时，公司给出强 于市场一致预期的第四季度销售指引，进一步强化了外界对其AI芯片需求持续走强的判断。 11月21日，受外围情绪扰动，A股低开回调，前期强势的锂电新能源、AI算力、光模块CPO盘中重挫， 源杰科技、工业富联、兆易创新、新易盛、东山精密多股跌超5%。热门ETF中，截至13：14，5G通信 ETF（515050）跌超4%，创业板人工智能ETF华夏（159381）、信息技术ETF（562560）跌超3%，云计 算50ETF（516630）跌超2%。 消息面上，美国9月非农就业报告出炉，新增就业人数达11.9万，明显高于预期，投资者对美联储12月 再次降息的希望显著降温，受此影响，当日美股大幅回调，纳斯达克指数大跌2.16%，经历了从早盘强 劲上扬到午后迅速下跌的戏剧性转折。 ...

11月17日早盘，A股科技板块快速反弹，光模块CPO、中芯国际、光刻机等概念表现活跃，中际旭 创涨超3%，新易盛、东山精密、光库科技、工业富联等纷纷走强。截至9：32，光模块CPO概念股权重 占比超54%的创业板人工智能ETF华夏（159381）涨1.75%，聚焦AI算力龙头的5G通信ETF （515050）涨超1%。 每日经济新闻 （责任编辑：董萍萍 ） 【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 相关ETF： 创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数（970070.CNI），精准布局创业板 人工智能主业公司。光模块CPO权重占比超54%，同时覆盖国产软件+AI应用企业，具备较高弹性。其 中前三大权重股为中际旭创（24.78%）、新易盛（19.40%）、天孚通信（5.11%）。场内综合费率仅 0.2%，位居同类最低。场外联接（A类：025505；C类：025506） 5G通信 ...

Core Insights - The recent ranking of the top 20 global ETF providers by Morningstar for Q3 2025 shows two Chinese public fund companies making the list, with China Asset Management's significant rise in position being noteworthy [1] - China has surpassed Japan to become the largest ETF market in Asia, with a total ETF scale of approximately 5.5 trillion yuan, solidifying its leading position in the Asia-Pacific region [1] Group 1: Company Performance - China Asset Management's ETF management scale reached 126.8 billion USD, moving up from 19th to 18th place in the global rankings, marking its continuous ascent since entering the top 20 in 2022 [1] - The company has maintained its position as the largest player in the domestic ETF market for over 20 years, having launched the first domestic ETF in 2004 [5][9] - As of November 19, 2025, China Asset Management's equity index scale reached 904.7 billion yuan, leading the industry [5] Group 2: Product Offering - The company offers a comprehensive range of 116 ETF products, covering core broad-based indices, thematic sectors, commodities, and both domestic and international markets [6][14] - The product matrix includes various asset types, allowing for flexible combinations to meet diverse investor needs, thus establishing a robust investment ecosystem [12][14] Group 3: Market Trends - Bloomberg's industry research team predicts that China will become a key growth engine for the Asian ETF market over the next decade, with assets expected to reach 8 trillion USD by 2035 [2] - The strong policy support for the ETF market and the increasing adoption rate among retail investors are expected to drive significant capital inflows and attract more foreign institutional participation [2] Group 4: Strategic Approach - China Asset Management employs a "Lego-style" approach to asset allocation, creating a detailed asset category structure to meet diverse investment needs [12] - The company emphasizes a dual empowerment model of "active equity + passive ETF," allowing it to redefine the value of ETFs beyond mere index replication [10][11]

Core Insights - The article highlights the rise of China in the global ETF market, with two Chinese public fund companies making it to the top 20 ETF providers globally, particularly noting the significant progress of Huaxia Fund [1][6] - Huaxia Fund's ETF management scale reached $126.8 billion as of Q3 2025, moving up from 19th to 18th place in the global rankings, showcasing its growth trajectory since entering the top 20 in 2022 [1][6] - The Chinese ETF market has surpassed Japan, becoming the largest in Asia, with a total scale of approximately 5.5 trillion yuan, which strengthens China's leading position in the Asia-Pacific region [1][6] Group 1: Huaxia Fund's Growth - Huaxia Fund has maintained its position as the largest in the domestic ETF market for over 20 years, starting with the launch of the first domestic ETF in 2004 [6][11] - The fund's success is attributed to its comprehensive product ecosystem, which includes 116 ETF products covering a wide range of asset classes and investment strategies [8][18] - As of June 2025, Huaxia Fund had the highest number of clients in the industry, with 3.74 million accounts [9] Group 2: Market Dynamics - The global ETF market is characterized by a "Matthew Effect," where the top three firms (BlackRock, Vanguard, State Street) control 61% of the market share, highlighting the competitive landscape [6] - The report from Bloomberg predicts that China will be a significant growth engine for the Asian ETF market over the next decade, with assets expected to reach $8 trillion by 2035 [2] - The strong policy support and increasing adoption rates among retail investors in China are expected to drive substantial capital inflows and attract more foreign institutional participation [2] Group 3: Innovative Strategies - Huaxia Fund employs a dual empowerment strategy of "active equity + passive ETF," redefining the value of ETFs beyond mere index replication [12][13] - The fund's proactive approach in index selection and product development allows it to stay ahead of market trends, launching innovative products in emerging sectors like AI and 5G [13][14] - The "Lego-style" asset allocation strategy aims to create a comprehensive ecosystem that meets diverse investor needs, enhancing its competitive edge in the market [15][18]