截至2025年9月11日 13:10，中证软件服务指数强势上涨3.40%，成分股指南针上涨8.50%，财富趋势上涨6.41%，虹软科技上涨6.21%，电科数字、拓维信息 等个股跟涨。软件ETF(159852)上涨3.44%。 流动性方面，软件ETF盘中换手6.78%，成交3.27亿元。拉长时间看，截至9月10日，软件ETF近1月日均成交5.67亿元，居可比基金第一。 规模方面，软件ETF近3月规模增长18.03亿元，实现显著增长，新增规模位居可比基金第一。 截至9月10日，软件ETF近3年净值上涨17.05%。从收益能力看，截至2025年9月10日，软件ETF自成立以来，最高单月回报为39.35%，最长连涨月数为3个 月，最长连涨涨幅为69.40%，上涨月份平均收益率为10.06%。 消息面上，在2025世界智能产业博览会上，中科曙光协同AI芯片、AI整机、大模型等20多家产业链上下游企业，共同发布了国内首个AI计算开放架构，推 出AI超集群系统，开放多项技术能力，并宣布依托国家先进计算产业创新中心启动 "AI计算开放架构联合实验室" 建设。 中信证券研报认为，2025H1，计算机行业收入明显提速，净利润显著 ...

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1 to 5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and precise space application services to the public [1] - Over the next 5 to 10 years, the space industry will gradually expand from low orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of the space environment and large-scale development of space resources and energy [1] Group 2: AI Computing and Market Trends - CITIC Securities stated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a trend of oscillation recovery [2] - The core logic of the current AI computing theme has not been disproven, suggesting that investors should rationally view market fluctuations and focus on high-quality stocks with strong performance certainty that align with industry trends [2] - The first AI computing open architecture in China was launched by Inspur, in collaboration with over 20 industry chain enterprises, which is a significant step towards promoting the collaborative development of AI industry technologies and ecosystem [3]

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1-5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and stable space application services [1] - Over the next 5-10 years, the space industry will gradually expand from low-orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of space resources and energy [1] Group 2: AI Computing Architecture - The first domestic AI computing open architecture was launched at the 2025 World Intelligent Industry Expo, involving over 20 companies in the AI industry chain [3] - The AI supercluster system supports 96 acceleration cards per cabinet, achieving a hundred P-level AI computing power, with the potential for large-scale expansion up to one million cards [3] - This initiative aims to break down computing silos, lower development barriers, and accelerate the innovation and industrialization of applications like large models, enhancing China's autonomous AI computing infrastructure [3] Group 3: AI Market Trends - CITIC Securities indicated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a long consolidation period observed in previous bull markets [2] - The core logic of the current AI computing theme has not been disproven despite recent market fluctuations, suggesting continued investor interest in high-quality stocks aligned with industry trends [2] - Investors are advised to approach market volatility rationally and focus on opportunities during the consolidation phase [2]

Group 1: Industrial and Technological Development - The Ministry of Industry and Information Technology emphasizes the integration of technological and industrial innovation to enhance the resilience and security of supply chains during the 14th Five-Year Plan period [1] - The focus is on accelerating the cultivation of high-quality enterprises and establishing a gradient cultivation system for these enterprises [1] Group 2: Foreign Exchange Reserves - As of the end of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $299 billion from the end of July, representing a rise of 0.91% [2] - The increase in reserves is attributed to the decline in the US dollar index and the overall rise in global financial asset prices [2] Group 3: Space and Satellite Development - China successfully launched the Remote Sensing Satellite 40 Group 03, which is primarily used for electromagnetic environment detection and related technical experiments [3] - The second phase of the Hainan commercial space launch site is progressing, which will enhance China's commercial space launch capabilities [6] - The launch of the Zhongxing 9C satellite marks a significant step towards the complete domestication of broadcasting and television satellites in China [9] - The successful launch of the "flexible sensing system" for spacecraft marks the first in-orbit verification of this technology in China [10] Group 4: Data and AI Development - The National Data Bureau plans to deepen the market-oriented allocation reform of data elements and promote the synergy between "artificial intelligence" and data elements [4] - The first domestic AI computing open architecture was launched, aiming to enhance technological capabilities and foster collaboration among industry players [8] Group 5: Deep Space Economy - The concept framework for the "deep space economy" was introduced, with projections indicating that the global deep space economy could reach a trillion-dollar scale by 2040 [7] - The conference highlighted the potential for large-scale low-orbit internet and high-resolution satellite constellations in the next 1-5 years [7]

Group 1 - The 2025 World Intelligent Industry Expo in Chongqing showcased over 3,000 innovative products and technologies from more than 600 domestic and international companies, highlighting the role of artificial intelligence in enhancing production and daily life [1] - The State Council's recent document emphasizes the need for improved connectivity and supply-demand matching in intelligent computing, promoting the development of standardized and scalable cloud computing services [1] - Industry reports indicate significant growth opportunities in high-end computing supply and the construction of domestic software and hardware ecosystems as the AI industry accelerates [1] Group 2 - Deep integration is identified as a crucial pathway to unlock the value of "Artificial Intelligence +", with examples such as Shougang's cold-rolled company implementing 67 digital application scenarios, 61% of which involve AI [2] - The agricultural sector is also leveraging AI, with Sinochem's iMAP model enabling intelligent decision-making across the entire farming process, reducing decision-making time by 75% [2] - Experts suggest that achieving a "human-machine-object" triad integration is essential for the intelligent computing era, extending beyond technology to industry collaboration [2]

Core Viewpoint - The announcement by Zhongke Shuguang of the first domestic AI computing open architecture and AI supercluster system signifies a strategic move towards establishing a robust domestic computing ecosystem, aiming to integrate hardware capabilities with a focus on compatibility and operational efficiency [1][3][12]. Group 1: Product and Technical Features - The AI supercluster system can support 96 accelerator cards per cabinet, achieving a computing power of 100 PetaFLOPS, with potential scalability to millions of cards [1]. - The system promises compatibility with multiple brands of accelerator cards and mainstream software ecosystems, including CUDA, addressing key customer concerns regarding hardware density, cooling efficiency, software compatibility, and operational costs [2][4]. - Zhongke Shuguang emphasizes the importance of transforming peak computing power into reliable training and inference outputs, highlighting the need for practical applications rather than just theoretical capabilities [4][12]. Group 2: Market Positioning and Strategy - Zhongke Shuguang positions itself not merely as a hardware vendor but as a "national/industrial" computing solution integrator, aiming to create a sustainable ecosystem akin to the Android model in the smartphone industry [3][4][12]. - The establishment of the "AI Computing Open Architecture Joint Laboratory" in collaboration with the National Advanced Computing Industry Innovation Center is expected to facilitate initial project opportunities and enhance the credibility of domestic procurement [6][12]. - The company’s strategy involves first securing customers and validating industrial capabilities before gradually building a software ecosystem, which requires time and execution [5][12]. Group 3: Market Dynamics and Comparisons - The comparison with Inspur Information reveals a similar trajectory in the AI server market, where rapid revenue growth is accompanied by declining profit margins and cash flow challenges [7][8][9]. - Zhongke Shuguang's ability to convert demonstration projects into commercial contracts and repeat orders will be critical for its performance in the capital market [10][12]. - The market is particularly focused on the pace of validating the commercial value of Zhongke Shuguang's architecture and its scalability, which will significantly influence its valuation [11][12].