Judging from the reporter's interview and sorting out the situation, the public offering in the fourth quarter still stuck to the main AI line, but there were changes in segmented predictions. According to public funding, the development of the AI industry has switched from being driven by profits by enterprises to being driven by external credit expansion, and the financing structure has entered the speculative financing stage described by Minsky, and the commercial fulfillment capabilities of different enterprises are highly differentiated. The first type of public funding that recently entered the market is a newly established stock ETF. According to Wind statistics, after the National Day, products such as the Southern China Securities Satellite Industry ETF and the Huitian Fuguo Aerospace Industry ETF were listed. In addition to varieties such as the GEM Computing Power Infrastructure ETF and Artificial Intelligence Themed ETF, which were launched in late September, the incremental capital of entering the market reached 6.643 billion yuan.

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