计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从A股市场中选取涉及软件开发、IT 服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机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特征，能够较为全面地体现计算机行业的市场动态和发展趋 势。 （文章来源：每日经济新闻） 财通证券指出，12月17日，智谱与MiniMax均通过港交所上市聆讯。智谱通过港交所上市聆讯，标志港 股首次迎来一家以"基座模型"为核心的上市公司，而MiniMax聚焦多模态模型领域，这表明以基座模型 和多模态模型为主要赛道的AI大模型公司，正式进入港股IPO冲刺阶段，预计2026年初登陆资本市场。 ...

Group 1 - The core viewpoint is that domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - In AI applications, industry know-how is becoming a competitive advantage, marking the software industry as entering an optimal layout period [1] - Companies with AI revenue accounting for over 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] Group 2 - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in China’s A-share market involved in computer hardware, software, and services [1] - The index components focus on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]

Core Insights - AI technology has become a core driving force in the computer and software development industry, with significant capital expenditures from major cloud providers [1] - The combined investment of Amazon, Microsoft, Google, and Meta in AI-related infrastructure is expected to exceed $110 billion by Q3 2025, primarily for data centers and AI infrastructure [1] - AI is significantly boosting cloud business revenues, with Amazon AWS backlog orders exceeding $200 billion, Microsoft Azure experiencing a growth rate of 40%, and Google Cloud revenue share increasing to 14.8% [1] - NVIDIA's data center business achieved a record revenue of $51.2 billion in a single quarter, with future quarters expected to generate $500 billion [1] - AI technology is also driving revenue growth for SaaS companies, with firms like ServiceNow and Palantir seeing substantial income increases through AI platforms [1] - Overall, AI's deep penetration in cloud computing, computing power, and software applications is continuously reshaping the industry landscape and creating new growth momentum [1] Industry Overview - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in software development, IT services, and hardware manufacturing from the Shanghai and Shenzhen markets [1] - The index reflects the overall performance of publicly listed companies related to computing, with a focus on the information technology sector and a growth-oriented style [1]

Core Insights - The overall iteration speed of global large models is expected to slow down by 2025, with the gap between China and the US rapidly narrowing, and it is anticipated that by 2026, China may surpass in certain areas [1] - Domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - Industry know-how is becoming a competitive advantage in AI applications, marking the software industry as an optimal investment period [1] AI Applications - Companies with AI revenue exceeding 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] - Custom software remains irreplaceable by models, emphasizing the importance of tailored solutions in the market [1] AI Infrastructure - Huawei's Flex:ai technology achieves unified management of heterogeneous computing power, improving utilization rates by 30% and accelerating industry implementation [1] - The industrialization process of domestic computing power is accelerating, driven by innovations in super nodes and IDC across multiple dimensions [1] Future Outlook - By 2026, the Chinese AI industry chain is expected to develop into a self-sustaining system, with accelerated innovation and iteration across all segments [1] - Physical AI, including digital twins and embodied intelligence, is projected to become a core development direction [1] Computer ETF - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in the Chinese A-share market involved in computer hardware, software, and services [1] - The index focuses on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]

Group 1 - The global competition in the AI large model sector remains intense, which is beneficial for the continued application and popularization of large models, as well as for sustaining high demand in the AI computing power market [1] - Domestic large models in China, represented by Kimi K2 Thinking and MiniMax M2, are continuously iterating and improving, positioning themselves among the top tier of global large models [1] - The performance of domestic large models in China is consistently improving and increasingly compatible with domestic accelerated computing, which will facilitate the ecological development of the large model industry and accelerate its implementation across various sectors in China [1] Group 2 - The State Council's General Office has issued "Implementation Opinions" focusing on accelerating the cultivation and expansion of economic and social application scenarios to promote the development of the artificial intelligence industry [1] - Under the guidance of the "Implementation Opinions," the deployment scenarios for domestic large models in China are expected to mature more rapidly, leading to accelerated growth in the country's artificial intelligence industry [1] Group 3 - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in computer hardware, software, and services from the Shanghai and Shenzhen markets to reflect the overall performance of related securities [1] - The index emphasizes the representativeness of high-quality enterprises within the industry, covering a wide range of areas from information technology infrastructure to application services [1]

Group 1 - The core viewpoint is that the demand for industrial software related to production control and information management is showing signs of weak recovery, with AI technology presenting new opportunities [1] - Key industries are experiencing a surge in policies for equipment upgrades and technological transformations, accelerating demand release [1] - The large-scale application of AI models is expected to gradually open up new markets, benefiting domestic industrial software vendors by increasing their market share [1] Group 2 - Industrial software combines "technology + manufacturing" attributes, making research and innovation crucial for enhancing competitiveness [1] - The performance of the industry is influenced by the macroeconomic environment, but the future outlook is optimistic as AI technology penetration increases and policies are implemented [1] - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in software development and IT services to reflect the overall performance of the computer industry [1]