美国SEC在2024年1月10日批准BTC现货ETF上市，相比于直接买卖BTC或者BTC期货，现货BTC ETF优势明显，包括技术操作门槛更低/渠道便利、安全性更好（不易丢失或被盗窃）、费率等成本更低，对普通投资者更加友好，有望提升投资者对BTC资产的配置比例。目前几家头 部资产管理机构已发行了现货ETF，规模和成交整体呈现较强的头部集中，除Grayscale之外费率基本在0.3%以内。加密货币产业链主要包含矿机制造商、挖矿矿工、交易所和支付钱包四个环节。比特币挖掘是通过生成符合特定标准的加密解决方案来验证区块链块中信息的过程。首先找到解决方案的矿工将获得比特币形式的奖励和已完成工作的费用。随着时间的推移，开采比特币的奖励会减少。这个奖励过程一直持续到挖掘完2100万个比特币。

Mixed signal IC combines digital and analog functionalities on a single chip. They are the optimal choice for applications requiring signal processing, analog-to-digital conversion, and communication between the digital and analog domains since they can handle both discrete and continuous signals (analog and digital). Consumer electronics, automotive, telecommunication, and industrial applications all make extensive use of mixed signal IC.

Digital signage refers to the use of digital displays, such as screens, kiosks, and video walls, to present dynamic multimedia content for various purposes, including advertising, information dissemination, and engagement. It allows real-time content updates and interactive features, making it an effective communication and marketing tool in various industries. This technology is increasingly adopted in schools, colleges, and universities to create modern and interactive learning environments that cater to the evolving needs of students and educators.

An edge data center is a collection of information technology (IT) assets that have been moved closer to end-users. The edge data center ultimately served from a cloud data center. Some of the key components in edge data centers are IT infrastructure, general construction, power management systems, cooling systems, security systems, racks, and data center infrastructure management (DCIM).

Online travel agencies IT spending refers to the investment made by these companies in technology infrastructure, software systems, and digital platforms necessary for their operations. This includes expenditures on website development and maintenance, booking engines, customer relationship management (CRM) systems, payment gateways, mobile app development, and other IT-related projects. Online travel agencie IT spending is aimed at improving the online booking experience, enhancing user interfaces, ensuring secure transactions, managing customer data, and optimizing overall operational efficiency.

A smart stadium is a facility that features automated solutions, such as advanced network connectivity and building automation, to update its outdated systems. Smart stadiums adopt various hardware and software across stadiums to enhance the fan experience of spectators and the overall operational efficiency of stadium management.

The train collision avoidance system (TCAS) offers a warning or situational awareness that is specifically designed to prevent train collisions. Such systems are also extensively used in the mining and automotive sectors, apart from the railways sector, to avoid accidents caused by collisions. These are not specific to train mounting and can be deployed on railway tracks, crossings, and track-changing junctions.

Middle office outsourcing refers to the packaging of traditional middle-office functions, such as trade processing, reconciliations, corporate actions and investment accounting, with new data aggregation, storage and analytics services. These middle-office operations are outsourced for competitive advantages.

Gaming peripherals refer to auxiliary devices, such as controllers, keyboards, and gaming mice, which connect to computers or gaming consoles to offer easy game playing.

Core banking can be termed as a back-end system, which involves the processing of banking transactions across various branches of a bank on a single platform. Core banking solutions is a banks centralized system, responsible for ensuring seamless workflow by automating front-end and back-end processes within a bank. Moreover, core banking solutions provide customers with access to banking facilities from any bank branch across the country and facilitate information across delivery channels.

Financial analytics is the process of using data analysis and mathematical models to evaluate financial data and make predictions, leading to informed financial decision-making. This practice involves the examination of various financial information, including historical and current financial data, to gain insights into an organization or individual financial health and performance.

Connected rail solutions are used to collect data essential for understanding the events occurring in the railway industry, including train tracking, guiding, and communication. The users of connected rail solutions gather data to improve productivity, increase the safety of trains and passengers, and ensure efficiency in railway operations. Connected rail solutions integrate capabilities from multiple preoperatory networks in railway operations into new converged Internet Protocol (IP)-based network infrastructure.

High-end servers contain advanced management software that allows administrators to remotely access servers and monitor event logs, execute standard maintenance activities such as BIOS and software upgrades, and trigger planned server shutdowns. Additional administration capabilities allow users to design and manage storage devices, monitor, CPU, and disc utilization, define parameters for failure prediction, diagnose server issues, and send event notifications through e-mail, pager, or phone. Furthermore, a highly maintainable server often includes a tool-free chassis as well as hot-swappable hard drives and power supplies.

The global defense IT spending market refers to the expenditures made by various defense agencies and organizations worldwide on information technology (IT) products, services, and solutions. This includes investments made in hardware, software, networking, communications, cybersecurity, data analytics, artificial intelligence (AI), cloud computing, and other IT-related domains within the defense sector.

金融是GenAI核心垂类赛道，各券商纷纷布局大模型应用。金融行业具备信息、数据、知识、人才密集型的特性，券商有经纪、研究、投行等丰富的业务条线，大模型的应用可以在内部增效，助力员工提升工作效率；也能在交易等场景为业务直接赋能。各券商纷纷投入大模型及相关应用。

AI带动近期市场表现，Chatbot用户活跃表现良好。1）从海外看，由于OpenAI、谷歌等大模型进展迅速，美股AI近期表现较好，英伟达、META、C3等涨幅较大，海外Chatbot网页访问量稳中有升。2）从国内看，海内外AI进展迅速带动国内人工智能板块反弹，Wind人工智能指数年初至今涨12.1%，交易量也大幅增长；3）从个股维度看，年初至今人工智能板块涨幅较大的为万兴科技、昆仑万维等；传媒板块涨幅较大的有中视传媒、神州泰岳、凤凰传媒、中南传媒、姚记科技等。