ETF月評（2025年8月）：科技主題風起雲湧，相關ETF卻「越漲越賣」

財聞

2025/09/01

8月市場震盪上行，三大指數全部收漲，滬指站穩3800點。經過幾個月震盪調整後，8月科技主題投資熱度再起，投資者對該板塊的信心顯著增強。其中算力、芯片、人工智能成為市場的主要關注方向，新易盛（300502.SZ）、寒武紀-U（688256.SH）等股價連創新高，工業富聯總市值突破萬億元。以上述三個熱門板塊為主題的ETF產品在8月同步放量大漲，其中通信ETF（515880.SH）、人工智能ETF（...

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18:34","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2564081922","market":"us","top_or_hot":-1,"title":"ETF月評（2025年8月）：科技主題風起雲湧，相關ETF卻「越漲越賣」","media":"財聞","content":"<div>\n<p>8月市場震盪上行，三大指數全部收漲，滬指站穩3800點。經過幾個月震盪調整後，8月科技主題投資熱度再起，投資者對該板塊的信心顯著增強。其中算力、芯片、人工智能成為市場的主要關注方向，新易盛（300502.SZ）、寒武紀-U（688256.SH）等股價連創新高，工業富聯總市值突破萬億元。以上述三個熱門板塊為主題的ETF產品在8月同步放量大漲，其中通信ETF（515880.SH）、人工智能ETF（...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250901183907a7094122&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ETF月評（2025年8月）：科技主題風起雲湧，相關ETF卻「越漲越賣」</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250901183907a7094122&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250901183907a7094122&s=b\">財聞</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09988","symbol_name":"阿里巴巴-W","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250901183907a7094122&s=b","article_id":"2564081922","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250901183907a7094122&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, 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ETFs are \"selling more and more as they rise\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.9,"09988":0.6,"ALBmain":0.6,"FDN":1,"BABA":0.9},"content_text":"8月市場震盪上行，三大指數全部收漲，滬指站穩3800點。經過幾個月震盪調整後，8月科技主題投資熱度再起，投資者對該板塊的信心顯著增強。其中算力、芯片、人工智能成為市場的主要關注方向，新易盛（300502.SZ）、寒武紀-U（688256.SH）等股價連創新高，工業富聯總市值突破萬億元。以上述三個熱門板塊為主題的ETF產品在8月同步放量大漲，其中通信ETF（515880.SH）、人工智能ETF（515980.SH）、通信設備ETF（159583.SZ）8月漲幅超40%，其餘漲幅居於前十名的ETF單月也均升逾30%。8月21日，DeepSeek發布的新一代大模型DeepSeek-V3.1使用了UE8M0 FP8 Scale的參數精度，而「UE8M0 FP8是針對即將發布的下一代國產芯片設計」；在8月末的財報分析師電話會上，阿里巴巴集團CEO吳泳銘表示：「過去四個季度，已經在AI基礎設施以及AI產品研發上累計投入超過1000億元。」這些都極大地提振了市場對於國產芯片、AI大模型未來發展的樂觀預期。此外，8月先後出台的《關於深入實施「人工智能+」行動的意見》《關於優化業務准入促進衞星通信產業發展的指導意見》，也都為上述板塊的發展提供了支持。華泰證券（601688.SH）認為，DeepSeek-V3.1的發布進一步驗證了國產算力鏈的成熟度與競爭力，隨着模型複雜度提升與應用場景拓展，國內互聯網廠商資本開支增長疊加海外GPU供應受阻背景下，國產GPU有望逐步填補需求，國產算力的基礎設施需求將持續爆發，應當把握國產算力從技術突破到規模化商業落地的投資機遇。天風證券（601162.SH）研報指出，互聯網公司財報已經驗證AI投入正帶來實質性回報，而海內外AI共振將有望推動中國AI應用生態進入快速迭代的周期，進一步強化了中國AI商業化加速兑現的趨勢。8月ETF市場有882.6億元資金淨流入。分類型來看，資金流向與7月相同，即股票ETF、商品ETF和貨幣ETF呈資金淨流出，而債券ETF與跨境ETF獲得資金淨流入。但是與7月不同的是，8月跨境ETF成為資金最偏愛的產品，獲得788.08億元資金淨流入。債券ETF雖然獲得481.85億元資金淨流入，但相比於7月超千億元的資金淨流入規模，仍有明顯「降温」。從單隻ETF資金流向來看，博時基金旗下的可轉債ETF、富國基金旗下的港股通互聯網ETF在8月均獲得超百億元資金淨流入。港股券商、創新藥、科技等板塊相關的ETF也獲得大量資金淨流入。在資金淨流出的ETF中，漲幅居前的科創、芯片等主題ETF卻陷入「越漲越賣」的局面，可能是資金在「恐高」情緒影響下選擇及時止盈，也可能是有部分投資者終於「解套」所以選擇及時撤出。上周規模增長居於前十名的ETF，單月規模都增加了百億元以上，其中場內規模最大的4只滬深300ETF合計貢獻了1038.59億元的增量。規模減少TOP10的ETF中，華寶添益ETF是唯一一隻規模縮水超百億元的ETF。此外，之前熱門的黃金ETF、銀行ETF等規模也出現明顯縮水。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}