（责任编辑：张晓波 ） 【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 科创创业ETF（588360）跟踪的是科创创业50指数（931643），单日涨跌幅达20%，该指数从科创 板与创业板中精选市值大、流动性好的50只新兴产业股票，覆盖新能源、生物医药等核心领域。指数样 本聚焦硬科技及成熟创新企业，具有较高的行业集中度和龙头效应，能够综合反映中国前沿产业的技术 壁垒与成长性表现。跟踪指数三季度表现超65%，显著超越科创50（49.02%）和创业板50（59.45%）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 招商证券指出， ...

2025年10月 15日，美国拉斯维加斯。 Oracle CloudWorld2025 大会现场，拉里·埃利森一登台就抛出一句话： AI 改变一切。这个说法可真够大的。"一切"，不过我觉得这说法很接近事实了。 不是"改变搜索"、"改变生产力"，他说的是"一切"。 在这场长达 90 分钟的演讲里，他没有展示任何 AI Demo，也没有重复模型性能有多强。他要讲的，是 为什么 AI 会重写整个世界的运行方式。 他说：从20瓦的人脑，到12亿瓦的 AI 大脑，社会系统和企业系统必须重新定义。 这种重新定义涉及根本性问题： 这些洞察，不是出自研究者或 AI 创业者，而是来自一个亲手构建全球最大数据库帝国、正转型为 AI 推理平台的技术商业领袖。 而他给企业的警告：别再只训练模型了，真正的机会，在于谁能用 AI 理解自己的私有数据。 如果 AI 真的比工业革命还猛，你准备好了吗？ 什么是"基础设施"？ 什么才是"可用数据"？ 谁真正拥有 AI 红利的分发权？ 第一节 模型会说话，更要听得懂你 拉里·埃利森的第一个观点：AI的游戏规则变了。 他说："过去大家只谈训练，现在我们谈的是'推理'。而且这不是以前那种'模型做出一 ...

Core Viewpoint - Snowflake has experienced a turnaround in its Net Revenue Retention (NRR) rate, which increased from 124% to 125% after 13 consecutive quarters of decline, indicating a successful transition towards becoming a comprehensive AI data platform [1][3][5]. Group 1: NRR and Revenue Growth - The NRR increase is attributed to strong customer expansion and the recognition by enterprises that modern data infrastructure is essential for achieving AI ambitions [1][5]. - Snowflake's product revenue growth accelerated from 26% to 32%, reflecting the effectiveness of its transition to an AI data platform [3][5]. - Approximately 6,100 customers, or 50% of the customer base, utilize Snowflake's AI services weekly, with AI influencing 50% of new customer acquisitions in the second quarter [5][6]. Group 2: Market Positioning and Customer Expansion - Snowflake's strategic positioning has evolved, allowing it to be viewed as a comprehensive data platform capable of handling various workloads, including analytics, data science, collaboration, and AI [6][7]. - The company is not only attracting new customers but also driving existing customers to increase their spending, reversing the downward trend in key metrics [5][6]. Group 3: Financial Performance and Valuation - Strong free cash flow (FCF) is highlighted as a significant aspect of Snowflake's financial performance, with a projected compound annual growth rate (CAGR) of 31% by fiscal year 2026 [8]. - Based on the expected FCF, the target price for Snowflake has been raised to $280, reflecting its growth sustainability and traction in the AI software market [8][9]. - Despite high valuations, Snowflake is considered the best investment in the data transformation theme, which is expected to be a top budget priority beyond 2026 [9].

Core Insights - Snowflake has experienced a turnaround in its net revenue retention (NRR), increasing from 124% to 125% after 13 consecutive quarters of decline, indicating a successful transition towards an AI data platform [1][2] - The growth in product revenue accelerated from 26% to 32%, reflecting the effectiveness of Snowflake's strategy in addressing enterprise needs for unified, high-quality data to enhance AI capabilities [1][2] Group 1: Financial Performance - The NRR improvement is attributed to strong performance in Snowflake's core analytics market, which remains a solid growth engine despite the push for AI and data science workloads [2][4] - Approximately 6,100 customers, or 50% of the customer base, utilize Snowflake's AI services weekly, with AI influencing 50% of new customer acquisitions in the second quarter [2][3] - New customer growth rate remains stable at 18%, contributing to a healthy growth outlook for the company [2][3] Group 2: Market Positioning - Snowflake's market perception is shifting from being viewed solely as a data warehouse to a comprehensive data platform capable of handling various workloads, including analytics, data science, collaboration, and AI [4][5] - This strategic positioning allows Snowflake to stand out in a competitive landscape, as customers initially attracted by core analytics capabilities are now looking to expand their use of additional workloads [4][5] Group 3: Investment Outlook - Strong free cash flow (FCF) is highlighted as a key positive aspect of Snowflake's financials, with a projected compound annual growth rate (CAGR) of 31% by fiscal year 2026 [5] - Based on the expected FCF, Bank of America raised Snowflake's target price to $280, citing the company's growth sustainability and traction in the AI software market as justifications for the premium valuation [5] - Morgan Stanley views Snowflake as a top investment choice in the data transformation theme, which is expected to be a priority in budget plans for 2026 and beyond [5]