In early trading on July 29, CPO concept stocks remained active, with memory and optical chip-related sectors leading gains. Among related ETFs, the STAR Market AI ETF (588930) rose 0.41% as of press time, with trading volume exceeding 27 million yuan. Among its constituent stocks, Fudan Microelectronics surged over 5%, while Montage Technology, Foxit Software, Kingsoft Office, and others saw modest gains.

Notably, Wind data shows that the ETF saw another net capital inflow of over 17 million yuan yesterday, marking three consecutive trading days of capital attraction, with cumulative net inflows exceeding 35 million yuan.

The STAR Market AI ETF (588930) closely tracks the SSE STAR Market Artificial Intelligence Index (950180.CSI). This index selects 30 securities from STAR Market-listed companies with larger market capitalizations and businesses involved in providing foundational resources, technologies, and application support for AI, reflecting the overall performance of representative AI industry securities on the STAR Market.

On the news front, the Shanghai Municipal Commission of Economy and Informatization issued the "Several Measures to Further Expand AI Applications in Shanghai" on July 28. To reduce intelligent computing costs, expand large AI model applications, and support the procurement of high-quality training data, the measures propose issuing 600 million yuan in computing vouchers, strengthening computing scheduling platform construction, systematically supporting corporate R&D and application of large models, and accelerating the clustering of large-model ecosystems. Additionally, 300 million yuan in model vouchers will be issued, offering subsidies of up to 50% (capped at 5 million yuan) of approved contract amounts to entities promoting vertical applications of third-party large models via cloud APIs or private deployments.

First Shanghai Securities noted continued strong optimism about sustained high growth in AI-driven computing demand, with AI applications at an inflection point of global adoption, leading to resonance in domestic and international computing supply chains. China’s computing industry chain has regained market attention after months of stagnation.

Guojin Securities pointed out that AI PCBs are experiencing synchronized demand growth, with many AI-PCB companies reporting strong orders, full production, and robust sales, alongside aggressive capacity expansion, suggesting sustained high performance growth in the second half of the year. AI-grade copper-clad laminates (CCLs) are also in high demand. With the ramp-up of NVIDIA’s GB200 and ASIC chips, AI servers and switches are increasingly adopting M8 materials, with potential future shifts to M9. Given slow overseas CCL capacity expansion, leading mainland CCL manufacturers stand to benefit significantly. The firm recommends focusing on core hardware beneficiaries of computing power, domestically controllable sectors, Apple’s supply chain, and AI-driven industrial chains.