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eepseek大模型的背景，云计算板块一季度表现格外亮眼，产业链上下游需求共振，推动云计算板块景气度持续攀升。　　展望二季度，云计算板块有望在技术创新与应用场景拓展的双轮驱动下延续增长动能。随着企业数字化转型深化，云计算作为数字基建核心，预计将延续高速增长态势。生成式AI与大模型技术将成为核心驱动力，推动算力需求爆发式增长，并加速云服务与人工智能、物联网、大数据等技术的深度融合，实现服务智能化与高效化升级。随着行业盈利持续改善，当前板块估值有望随业绩兑现逐步消化，长期投资价值或将进一步凸显。　　本报告期内，由于基金规模变动较大，本基金的日均绝对跟踪偏离度为0.207%，期间日跟踪误差为0.605%。我司迅速采取系统性应对措施，通过快速调整仓位和精细化投资操作努力将跟踪误差回归合理水平，保障基金的正常运作和投资者的利益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.539Z","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollectionId":4000050440000,"inceptionDate":"2023-09-13T16:00:00.000Z","name":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金","setUpDate":"2023-09-13T16:00:00.000Z","setUpAssetScale":10001966.2,"setUpShares":10001966.2,"pinyin":"htbrzzhgsyjscyjyxkfszszqtzjjfqsljjj","followedNum":0,"__indexSourceCsi":1,"__indexSourceEastMoney":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931470,"managers":[{"stockCode":"db20721130","stockType":"fund_manager","exchange":"fm","tickerId":1217192200,"name":"李茜"}]},"announcement":{"linkText":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278569","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ff7fea5b3eb053662e","date":"2024-12-30T16:00:00.000Z","stockId":3000000019330,"sao":"2024年市场以结构性机会为主，其中银行、非银金融、通信、家用电器的表现相对较好，涨跌幅分别为34.39%、30.17%、28.82%和25.44%。整体来看，沪深300、中证500、中证1000和创业板指的涨跌幅分别为14.68%、5.46%、1.20%和13.23%。从市场风格来看，期间沪深300价值指数和沪深300成长指数的涨跌幅分别为24.85%和4.24%，中证500价值相对中证500成长获得了超额收益。　　同比港股市场，恒生综合行业指数-资讯科技业、恒生H股金融业、恒生港股通中国内地银行、恒生沪深港新世代通讯指数的表现相对较好，涨跌幅分别为43.33%、39.21%、36.87%和34.82%。恒生指数、恒生中国企业指数和恒生综合指数在四季度的涨跌幅分别为17.67%、26.37%和16.31%。　　回顾2024年，云计算板块延续了高景气增长态势，市场规模与技术创新共同驱动行业快速发展，中证沪港深云计算产业指数全年涨幅达26.88%，整体表现强劲，特别是在下半年，随着一系列利好消息的发布，云计算板块涨势明显。　　我们严格按照基金合同的规定，紧密跟踪标的指数、跟踪偏离最小化的投资策略进行被动投资。本报告期内，本基金的日均绝对跟踪偏离度为0.085%，期间日跟踪误差为0.128%，较好地实现了本基金的投资目标。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.536Z","mo":"2025年春节期间Deepseek行情引爆，市场呈现较为明显的结构性行情。DeepSeek R1发布以来受到世界瞩目，其通过在架构设计、训练策略、算法优化以及硬件适配等多方面的创新达到了比肩OpenAI o1的性能。比起性能的趋同，其大幅降低了训练和推理成本或将重塑AI行业格局。简单的说，如果足够优秀的人工智能模型能够以相对较低的成本进行训练，那么大模型或者各类垂类模型将大规模出现，也将促使部分AI应用公司的训练资源投入转化为商业化落地，真正实现了生成式人工智能走入应用端。　　随着AI的持续发展，训练与算力需求的比重将持续降低，推理的算力需求不断增加，云计算Iaas层作为AI产业的“卖水人”有望在AI应用的大规模爆发期充分受益。随着算力需求从训练进入推理阶段，国产算力的服务器厂商或将迎来更多的需求增长。同时，回顾美国科技浪潮下，带动美股纳斯达克20年长牛行情中，门户网站的出现和软件行业应用端的崛起才是行情真正最大的贡献阶段。反观此次AI行情，仍处于初期阶段，当前行情重点围绕算力端进行。随着DeepSeek加速大模型对场景应用的赋能及渗透，推理应用端口或将爆发，云计算SaaS厂商可以灵活调用大模型API接口实现自身能力的上台阶，在增强获客能力及客单值的同时降低成本。届时，国内云计算SaaS尝试估值修复有望持续发酵。可以说，云计算概念相关产品是契合AI行情的标的之一，覆盖了从算力到应用的全产业链。","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollectionId":4000050440000,"inceptionDate":"2023-09-13T16:00:00.000Z","name":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金","setUpDate":"2023-09-13T16:00:00.000Z","setUpAssetScale":10001966.2,"setUpShares":10001966.2,"pinyin":"htbrzzhgsyjscyjyxkfszszqtzjjfqsljjj","followedNum":0,"__indexSourceCsi":1,"__indexSourceEastMoney":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931470,"managers":[{"stockCode":"db20721130","stockType":"fund_manager","exchange":"fm","tickerId":1217192200,"name":"李茜"}]},"announcement":{"linkText":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1258978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ff7fea5b3eb053662d","date":"2024-09-29T16:00:00.000Z","stockId":3000000019330,"sao":"2024年三季度市场以结构性机会为主，其中非银金融、房地产、综合、商贸零售的表现相对较好，涨跌幅分别为41.67%、33.05%、31.20%和27.50%。整体来看，沪深300、中证500、中证1000和创业板指的涨跌幅分别为16.07%、16.19%、16.60%和29.21%。从市场风格来看，期间沪深300价值指数和沪深300成长指数的涨跌幅分别为11.86%和17.57%，中证500成长相对中证500价值获得了超额收益。　　同比港股市场，恒生港股通中国内地医疗保健、恒生互联网科技业、恒生科技、恒生香港上巿生物科技的表现相对较好，涨跌幅分别为34.09%、33.91%、33.69%和33.64%。恒生指数、恒生中国企业指数和恒生综合指数在三季度的涨跌幅分别为19.27%、18.60%和18.07%。　　回顾三季度，受宏观政策和乐观情绪提振，云计算板块也迎来了大幅抬升，中证沪港深云计算产业指数同期上涨20.90%。整体来看，云计算板块在2024年中报披露后展现出积极的复苏迹象，尽管行业整体上半年业绩承压，但2季度的营收增长加速，利润端和经营性现金流均有显著改善。从政策层面来看，云计算作为新质生产力的代表，今年以来持续受到了国家多项政策的支持，发展势头强劲。　　展望后市，AI大模型的落地将推动云计算行业进入新的发展阶段，SaaS市场渗透率的逐年提升和市场规模的快速扩大，预示着云计算商业化的全面发展。特别是“AISaaS”模式的出现，将人工智能与云计算SaaS服务相结合，实现了AI对SaaS的多维度赋能，随着AI原生技术的革新与大规模应用，预计我国云计算产业将迎来新一轮的增长曲线。综合来看，云计算板块在业绩复苏、技术创新、政策支持和产业链完善的共同作用下，未来发展前景广阔，值得投资者关注。　　我们严格按照基金合同的规定，紧密跟踪标的指数、跟踪偏离最小化的投资策略进行被动投资。本报告期内，本基金的日均绝对跟踪偏离度为0.080%，期间日跟踪误差为0.124%，较好地实现了本基金的投资目标。　　本基金将继续严格遵守跟踪偏离最小化的被动投资策略，从而为基金投资人谋求与业绩基准基本一致的投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.533Z","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollectionId":4000050440000,"inceptionDate":"2023-09-13T16:00:00.000Z","name":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金","setUpDate":"2023-09-13T16:00:00.000Z","setUpAssetScale":10001966.2,"setUpShares":10001966.2,"pinyin":"htbrzzhgsyjscyjyxkfszszqtzjjfqsljjj","followedNum":0,"__indexSourceCsi":1,"__indexSourceEastMoney":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931470,"managers":[{"stockCode":"db20721130","stockType":"fund_manager","exchange":"fm","tickerId":1217192200,"name":"李茜"}]},"announcement":{"linkText":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1181145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ff7fea5b3eb053662c","date":"2024-06-29T16:00:00.000Z","stockId":3000000019330,"sao":"2024年上半年市场以结构性机会为主，其中银行、煤炭、公用事业、家用电器的表现相对较好，涨跌幅分别为17.02%、11.96%、11.76%和8.48%。整体来看，沪深300、中证500、中证1000和创业板指的涨跌幅分别为0.89%、-8.96%、-16.84%和-10.99%。从市场风格来看，期间沪深300价值指数和沪深300成长指数的涨跌幅分别为12.54%和-7.00%，中证500价值相对中证500成长获得了超额收益。　　同比港股市场，恒生综合行业-能源业、恒生综合行业-原材料业、恒生港股通中国内地银行、恒生综合行业指数-电讯业的表现相对较好，涨跌幅分别为43.29%、28.80%、21.25%和18.08%。恒生指数、恒生中国企业指数和恒生综合指数在上半年的涨跌幅分别为3.94%、9.77%和3.39%。　　回顾上半年，云计算板块年初遭遇大幅下跌后，在市场情绪整体回暖叠加AI技术革新推动下开启修复反弹，展现出了充足的成长动能，而后4月至今由于缺乏明显催化，市场风格也对于高估值成长板块相对不利，进而进入横盘整理阶段。从中国软件产业收入累计增速来看，2023年下半年至今边际走弱，云计算板块相关公司缺乏明显的业绩改善预期，盈利一般叠加估值并不占优，导致板块整体波动性有所增加，中证沪港深云计算产业指数同期下跌4.53%。　　我们严格按照基金合同的规定，紧密跟踪标的指数、跟踪偏离最小化的投资策略进行被动投资。本报告期内，本基金的日均绝对跟踪偏离度为0.089%，期间日跟踪误差为0.112%，较好地实现了本基金的投资目标。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.530Z","mo":"展望后市，云计算板块的投资机会仍然值得关注。随着AI计算平台的最新发布和各厂商AI芯片的持续迭代，国内算力供应链逐步趋近成熟，核心企业或将加快产品布局与建设步伐。另外，生成式AI的发展为专属云服务市场带来了新的服务模式，智算专属以其更高的计算能力和智能化水平，有望成为市场新的重要增量。传统行业虽然目前仍处于云计算的探索期，但随着数字化转型的加速推进，这些行业对云计算的需求有望逐渐释放。从全球范围来看，云计算市场仍在高速增长，据信通院发布数据显示，2023年，全球云计算市场规模为5864亿美元，同比增长19.4%。尽管中国企业在云计算行业拥有的市场份额还相对有限，但海外市场空间广阔，为中国云计算企业提供了巨大的发展机遇，长期发展前景依然向好。　　本基金将继续严格遵守跟踪偏离最小化的被动投资策略，从而为基金投资人谋求与业绩基准基本一致的投资回报。","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollectionId":4000050440000,"inceptionDate":"2023-09-13T16:00:00.000Z","name":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金","setUpDate":"2023-09-13T16:00:00.000Z","setUpAssetScale":10001966.2,"setUpShares":10001966.2,"pinyin":"htbrzzhgsyjscyjyxkfszszqtzjjfqsljjj","followedNum":0,"__indexSourceCsi":1,"__indexSourceEastMoney":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931470,"managers":[{"stockCode":"db20721130","stockType":"fund_manager","exchange":"fm","tickerId":1217192200,"name":"李茜"}]},"announcement":{"linkText":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152724","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ff7fea5b3eb053662b","date":"2024-03-30T16:00:00.000Z","stockId":3000000019330,"sao":"2024年一季度市场以结构性机会为主，其中银行、石油石化、煤炭、家用电器的表现相对较好，涨跌幅分别为10.60%、10.58%、10.46%和10.26%。整体来看，沪深300、中证500、中证1000和创业板指的涨跌幅分别为3.10%、-2.64%、-7.58%和-3.87%。从市场风格来看，期间沪深300价值指数和沪深300成长指数的涨跌幅分别为9.42%和-1.15%，中证500价值相对中证500成长获得了超额收益。　　同比港股市场，恒生综合行业-能源业、恒生综合行业-原材料业、恒生A股特高压及电网设备、恒生港股通中国内地银行的表现相对较好，涨跌幅分别为22.67%、19.30%、7.11%和6.69%。恒生指数、恒生中国企业指数和恒生综合指数在一季度的涨跌幅分别为-2.97%、0.73%和-3.19%。　　回顾一季度，云计算板块与市场整体走势较为一致，前期呈现大幅下跌趋势，节后开始有所修复，一季度末板块整体估值重新回到上季度末估值区间。在AI技术革新推动下，云计算板块展现出了充足的成长动能，AI的爆发式需求增长促进了PaaS的发展，为云计算行业带来了新的增长点。然而，传统的云计算厂商之间的竞争加剧，也进一步增加了市场的复杂性和不确定性。　　展望后市，云计算板块的投资机会仍然值得关注。目前我国云计算市场主要以公有云为主，这种服务模式在长期来看有利于算力成本的摊薄和形成规模化效益。下游行业如互联网、政务、金融等已经进入用云成熟期，正在从全面用云向深度用云转变，这将进一步推动云计算需求的增长。传统行业虽然目前仍处于云计算的探索期，但随着数字化转型的加速推进，这些行业对云计算的需求也将逐渐释放。此外，从全球范围来看，云计算市场仍在高速增长，预计到2026年有望达到万亿美金规模。尽管中国企业在云计算行业拥有的市场份额还相对有限，但海外市场空间广阔，为中国云计算企业提供了巨大的发展机遇，长期发展前景依然向好。　　我们严格按照基金合同的规定，紧密跟踪标的指数、跟踪偏离最小化的投资策略进行被动投资。本报告期内，本基金的日均绝对跟踪偏离度为0.095%，期间日跟踪误差为0.111%，较好地实现了本基金的投资目标。　　本基金将继续严格遵守跟踪偏离最小化的被动投资策略，从而为基金投资人谋求与业绩基准基本一致的投资回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.527Z","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollectionId":4000050440000,"inceptionDate":"2023-09-13T16:00:00.000Z","name":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金","setUpDate":"2023-09-13T16:00:00.000Z","setUpAssetScale":10001966.2,"setUpShares":10001966.2,"pinyin":"htbrzzhgsyjscyjyxkfszszqtzjjfqsljjj","followedNum":0,"__indexSourceCsi":1,"__indexSourceEastMoney":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931470,"managers":[{"stockCode":"db20721130","stockType":"fund_manager","exchange":"fm","tickerId":1217192200,"name":"李茜"}]},"announcement":{"linkText":"华泰柏瑞中证沪港深云计算产业交易型开放式指数证券投资基金发起式联接基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076278","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ff7fea5b3eb053662a","date":"2023-12-30T16:00:00.000Z","stockId":3000000019330,"sao":"2023年市场以结构性机会为主，其中通信、传媒、计算机、电子的表现相对较好，涨跌幅分别为25.75%、16.80%、8.97%和7.25%。整体来看，沪深300、中证500、中证1000和创业板指的涨跌幅分别为-11.38%、-7.42%、-6.28%和-19.41%。从市场风格来看，期间沪深300价值指数和沪深300成长指数的涨跌幅分别为-4.10%和-21.85%，中证500价值相对中证500成长获得了超额收益。　　同比港股市场，恒生综合行业-能源业、恒生综合行业指数-电讯业、恒生沪深港新世代通讯、恒生中国元宇宙等板块的表现相对较好，涨跌幅分别为19.79%、18.44%、8.65%和5.11%。恒生指数、恒生中国企业指数和恒生综合指数在2023年的涨跌幅分别为-13.82%、-13.97%和-13.76%。　　2023年以来云计算板块波动明显，与算力板块表现相关性较强。年初在AI产业趋势影响下，云计算持续向好且催化不断落地，推动相关指数持续走高，年中以来开始陷入回调，板块整体震荡下行，全年SHS云计算产业指数小幅上涨2.72%。从行业发展情况来看，2023年国内云计算市场仍然保持较快增长。由于持续受益于信息安全、自主可控等国家政策支持，叠加数据中心建设加快、“东数西算”工程进展顺利、大模型等人工智能场景的多重驱动下，智能算力需求高涨，为云计算发展提供了增长动能。据中国信通院发布数据显示，2023年国内云计算市场规模6192亿元，同比增长36%。现如今我国已迈入数字化发展的重要时期，算力需求有望呈量级式提升，如果算力需求不断增加，预计2025年我国云计算市场规模有望突破万亿元，当前云计算市场仍处于快速发展期。　　云计算ETF联接由于成立未满6个月，未统计跟踪误差等数据。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:39.524Z","mo":"展望后市，AI领域发展叠加数字经济共振的算力方向或仍为市场长期受益的主线之一，大模型加速发展或将推动云计算平台提供更智能的服务，满足更广泛的应用场景。另一方面，若物联网和智能城市等应用普及，边缘计算有望变得越来越重要。预计云计算和边缘计算可能将更紧密地结合，有望实现更高效的数据处理和分析，特别是在自动驾驶汽车等需要低延迟的应用中。此外，随着云计算在垂直行业的深化应用，除了传统的互联网行业，云计算还有望进一步渗透到金融、医疗、制造等垂直行业，或推动云计算在这些行业中实现更深入的应用和创新。预计在大模型、算力等需求刺激下，市场或仍将保持稳定增长，云计算板块的投资机会值得关注。　　本基金将继续严格遵守跟踪偏离最小化的被动投资策略，从而为基金投资人谋求与业绩基准基本一致的投资回报。","fund":{"_id":3000000019330,"__csrcFundId":13075,"stockCode":"019330","masterFundShortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19330,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:37.696Z","status":"normal","exchange":"jj","shortName":"华泰柏瑞中证沪港深云计算产业ETF发起式联接A","fundCollection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