Core Insights - The A-share market experienced a morning surge followed by a decline in the afternoon, while the AI computing sector remained strong, showing resilience with upward trends in related ETFs [1] - NVIDIA's latest earnings report exceeded expectations, countering market skepticism regarding "peak growth" and "AI bubble" claims, with CEO Jensen Huang emphasizing the continuous and exponential growth in computing demand for AI applications [1] - NVIDIA provided a robust sales forecast for Q4, projecting revenue of $65 billion, surpassing the general expectation of $62 billion, indicating sustained growth momentum even at high baseline levels [1] ETF Overview - The Huaxia ChiNext AI ETF (159381) tracks the ChiNext AI Index, focusing on companies in the AI sector, with over 54% weight in optical modules and coverage of domestic software and AI application firms, showcasing high elasticity [2] - The top three holdings in the Huaxia ChiNext AI ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%), with a low comprehensive fee rate of 0.20% [2] - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a scale exceeding 9 billion, focusing on the supply chains of NVIDIA, Apple, and Huawei, and its top five holdings include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [2]

（文章来源：每日经济新闻） 有分析认为，英伟达强劲的业绩指引证实了AI基础设施需求的韧性，极大提振了科技股及全球股市的 多头情绪，扭转了此前因估值担忧引发的抛售。美股盘后，英伟达股价一度涨超5%。 11月20日，AI算力产业链早盘高开，中际旭创盘中一度涨超5%逼近前高，新易盛、长芯博创等红盘向 上，光模块CPO概念股权重占比超54%、同类费率最低的创业板人工智能ETF华夏（159381）强势站 上60日均线，冲击四连涨。5G通信ETF（515050）站上5日均线。 美东时间11月19日，英伟达（NVDA.US）2026财年第三财季财报重磅发布，"业绩超预期并上调指 引"的时刻再度上演。财报显示， 英伟达2025年第三季度（截至10月26日）营收570.1亿美元，高于市场 普遍预期的约550亿美元，创下历史新高，环比增长22%，同比增幅达62%。其中，公司三季度数据中 心营收达512亿美元，同比增长66%。业绩指引方面，公司预计四季度营收将达到650亿美元，上下浮动 2%，即637亿至663亿美元，分析师预期中值为619.8亿美元。 ...

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 0.20%。场外联接（A类：025505；C类：025506） 华泰证券表示，资本创新重塑算力建设模式，开启新一轮扩张周期。传统重资产自建模式正被多元化融 资结构取代，"算力租赁""算力债务融资"等新模式快速兴起，缓解了前期巨额投入与长周期收益错配问 题，也使算力资产具备证券化与规模复制的基础，推动算力集群建设加速。我们认为，资本与技术的双 轮驱动使得算力建设进入正反馈周期，需求端的高增长与供给端的扩产共振，推动全球算力基础设施进 入新一轮繁荣周期。 相关ETF： 11月19日，算力产业链反复活跃。截止14:52，创业板人工智能ETF华夏（159381）上涨0.70%，冲击三 连阳；5G通信ETF（515050）午后成功翻红，上涨0.41%。光模块CPO表现活跃，联特科技涨超14%， 光模块龙头中际旭创、 ...

Group 1 - AIGC, AI computing power, and ChatGPT sectors experienced a strong rebound, with stocks like Dongfang Guoxin and BlueFocus rising over 10% [1] - The AI sector is seeing increased capital inflow, with the Huaxia AI ETF (159381) rising 1.82% and the 5G Communication ETF (515050) up 0.61% [1] - Huawei is set to release breakthrough technology in the AI field, potentially increasing the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70% [1] Group 2 - Bohai Securities noted that the demand side for AI computing power is driven by continued high capital expenditure from cloud vendors and a growing consensus on domestic computing power [1] - Dongguan Securities highlighted that tech giants like Inspur and Huawei are actively developing supernode technology, aiming to create a self-controlled and open domestic computing foundation [2] Group 3 - The Huaxia AI ETF (159381) tracks the ChiNext AI Index and has a significant allocation to optical modules, with the top three holdings being Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [3] - The 5G Communication ETF (515050) focuses on the 5G communication theme index and has a scale exceeding 9 billion, with major holdings including Zhongji Xuchuang, Xinyi Sheng, and Luxshare Precision [3]

Group 1 - The U.S. stock market experienced a broad rally, with the Dow Jones up 0.81% to 47,368.63 points, the S&P 500 rising 1.54% to 6,832.43 points, and the Nasdaq soaring 2.27% to 23,527.17 points, driven by a strong rebound in technology stocks [1] - Major tech stocks such as Nvidia and Microsoft led the gains, with Nvidia rising nearly 6% and Microsoft over 1%, while the Nasdaq's performance was notably boosted by the AI sector [1] - The U.S. government shutdown has lasted over 40 days, but a potential agreement to end it is being discussed in Congress, which analysts believe is contributing to a release of liquidity and a rebound in risk assets [1] Group 2 - North American cloud service providers like Google, Meta, Microsoft, and Amazon AWS reported strong quarterly earnings, with AI driving significant growth in their business segments [2] - Google and Meta have raised their full-year capital expenditure guidance, indicating a positive cycle between AI application deployment and capital spending, with a total capital expenditure of $112.5 billion for the three companies in Q3, reflecting a 18.4% quarter-over-quarter increase [2] - Investment in computing infrastructure remains robust, highlighting the ongoing demand for AI-related technologies [2]

Group 1 - The AI computing sector experienced slight fluctuations, with the AI ETF down by 0.36% and the 5G communication ETF down by 1.49% as of 14:31 [1] - Alibaba's CEO announced the company's investment in building large-scale AI infrastructure and a super AI cloud, positioning Alibaba Cloud as a full-stack AI service provider [1] - CITIC Securities highlighted that in Q3 2025, sectors related to computing power, including PCB and domestic computing chip leaders, are expected to perform well, driven by AI and growth in both overseas and domestic computing power [1] Group 2 - The 5G communication ETF tracks the CSI 5G Communication Theme Index, with a scale exceeding 8 billion yuan, focusing on the supply chains of Nvidia, Apple, and Huawei [2] - The index has a high purity of "hard technology," with telecommunications and electronics accounting for nearly 80% of the weight, emphasizing network infrastructure and terminal components [2] - The AI ETF tracks the ChiNext AI Index, with a significant allocation to optical modules and coverage of domestic software and AI application companies, featuring a low comprehensive fee rate of 0.20% [2]

Group 1 - The core viewpoint of the news highlights a significant rebound in the optical module and AI computing sectors, with companies like Yuanjie Technology and Dongshan Precision experiencing substantial stock price increases [1] - The AI computing sector is seeing high enthusiasm from investors, with the Huaxia ChiNext AI ETF (159381) attracting over 200 million yuan in net inflows over eight consecutive trading days [1] - Nvidia's CEO Jensen Huang stated that China is likely to win the AI race due to favorable regulatory conditions and lower energy costs, criticizing Western approaches as "cynicism" that hinders progress [1] Group 2 - The communication sector's performance is strong, with total revenue reaching 19,525.33 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.90%, and net profit of 1,937.62 billion yuan, up 9.06% [1] - The gross margin for the communication sector is reported at 28.90%, reflecting a slight increase of 0.04 percentage points year-on-year, while the net profit margin stands at 10.58%, up 6.13 percentage points [1] - The Huaxia ChiNext AI ETF (159381) has a weight of 51.8% in optical module CPOs and includes domestic software and AI application companies, with the top three holdings being Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%) [2]

Group 1 - The A-share computing power sector has seen a significant rise, with companies like Shenzhen South Circuit, Zhongji Xuchuang, and Xinyi Sheng increasing by over 3% as of 9:48 AM on November 4 [1] - The 5G Communication ETF (515050) and the Huaxia Entrepreneurial Board Artificial Intelligence ETF (159381) both rose over 1%, surpassing the 20-day moving average [1] - Recent fluctuations in the computing power market have led to increased capital inflow into core computing assets, with the Huaxia Entrepreneurial Board Artificial Intelligence ETF attracting nearly 200 million yuan in net subscriptions over the past five trading days [1] Group 2 - First Shanghai Securities expresses strong optimism regarding the sustained high growth of AI-driven computing power demand, noting that both domestic and international AI applications are reaching a commercialization inflection point [2] - It is anticipated that domestic computing power production bottlenecks will soon be broken, with a forecast for a significant increase in domestic chip production by 2026 [2] - The commercial acceleration of overseas AI giants like OpenAI is expected to drive widespread adoption of AI applications, maintaining high demand for computing hardware [2] Group 3 - Amazon Web Services (AWS) has announced a long-term strategic partnership with OpenAI, providing infrastructure support valued at $38 billion, which includes advanced NVIDIA GPUs and scalable CPU resources for OpenAI's generative AI workloads [1][2]

Group 1 - A-shares experienced a positive start on the first trading day of November, with sectors like optical modules CPO and AI computing rebounding in the afternoon [1] - The enthusiasm for capital allocation in computing power has surged, with the AI ETF on the ChiNext market attracting nearly 196 million yuan in the last five trading days, while the largest 5G communication ETF received a net subscription of 370 million yuan [1] - Microsoft announced a significant investment of over 7.9 billion USD in the UAE over the next four years to build data centers, develop cloud computing, and strengthen local teams, aiming to position the UAE as a global tech hub [1] Group 2 - The ChiNext AI ETF (Hua Xia, 159381) tracks the ChiNext AI Index and focuses on companies in the AI sector, with optical module CPO accounting for 51.8% of its weight [2] - The top three weighted stocks in the ETF are Zhongji Xuchuang (20.95%), Xinyi Sheng (20.42%), and Tianfu Communication (5.39%) [2] - The ETF has a low overall fee rate of only 0.20%, making it the lowest among its peers [2]

Core Viewpoint - The AI computing sector is experiencing a correction, with the 5G communication ETF (515050) declining over 1.9% as of 10:31 AM on November 3, following a nearly 10% drop since its peak on October 30, despite significant capital inflow of over 133 million yuan in the past five trading days [1] Industry Performance - The overall performance of the telecommunications sector in Q3 was relatively flat, with the optical communication industry transitioning from 800G to 1.6T, leading to short-term performance fluctuations during the technological upgrade process [1] - Leading companies such as NewEase and Tianfu Communication reported slight declines in Q3 revenue compared to the previous quarter, breaking their continuous growth trend, while Zhongji Xuchuang maintained growth in both year-on-year and quarter-on-quarter revenue [1] Market Outlook - The high demand for computing power remains unchanged, with a clear trend towards upgrading high-speed optical modules [1] - Major global cloud providers are firmly investing in the AI computing supply chain, with increasing capital expenditures as large-scale clusters continue to develop, leading to a higher ratio of GPUs to optical modules alongside the upgrade from 800G to 1.6T [1]