Core Viewpoint - The electronic industry is expected to leverage AI computing power as a growth engine and domestic semiconductor demand as a supplementary line by 2025, with notable performance in sub-sectors such as PCB, storage, AI/GPU chips, and semiconductor equipment parts [1] Industry Summary - The semiconductor market is experiencing a localized recovery driven by the penetration of AI and automotive electronics, a rebound in consumer electronics, accelerated domestic substitution, and upgrades in advanced packaging technology [1] - The storage sector's profitability is rapidly increasing due to AI, with significant demand growth expected in Q3 2025, leading to high revenue and profit growth in Q4 [1] - Storage prices stabilized and began to rise after hitting a low in Q1 2025, with a supply imbalance caused by surging demand for AI servers and shifts in original manufacturers' production capacity [1] Company Summary - The Guotai ETF (589100) tracks the Sci-Tech Chip Index (000685), which has a daily price fluctuation limit of 20%. This index selects listed companies from the Sci-Tech board involved in semiconductor materials and equipment, chip design, manufacturing, and packaging testing to reflect the overall performance of China's chip industry [1]

Group 1 - The core point of the news is the frequent changes in public fund managers, with notable shifts occurring just before the Spring Festival, including the appointment of Yan Siqian as the new manager of Penghua Fengsheng Bond Fund [1][5][6] - Yan Siqian, previously focused on equity investments, is now managing a bond fund for the first time, indicating a diversification of her portfolio management experience [2][3] - The trend of integrating high-performing equity managers into "fixed income +" products is gaining traction in the industry, as seen with other fund managers like Wang Yunpeng and Fang Chang [3][4] Group 2 - The frequency of fund manager changes is attributed to strategic adjustments by institutions and personal career considerations, with nearly 500 fund managers having left their positions since the beginning of 2025 [6][7] - The shift from individual star managers to team-based platforms is influencing the talent flow within the public fund industry, prompting a need for investors to focus on the overall research capabilities of firms rather than individual managers [7][8] - The recent changes in fund management personnel reflect a broader industry trend towards exploring new investment strategies, particularly in response to the underperformance of traditional bond markets [4][5]

每经AI快讯，2月13日，MSCI亚太指数下跌1.1%至254.32点。 （文章来源：每日经济新闻） ...

每日经济新闻 （责任编辑：郭健东 ） 每经AI快讯，2月13日，WTI原油期货价格收跌2.77%，报62.84美元/桶。布伦特原油期货价格收跌 2.71%，报67.52美元/桶。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

（文章来源：每日经济新闻） AI驱动DRAM与逻辑资本开支高增，2月13日，芯片板块上行，芯片ETF（512760）盘中涨超1%。 芯片ETF（512760）跟踪的是中华半导体芯片指数（990001），该指数从沪深市场中选取主营业务涉及 半导体芯片材料、设备、设计、制造、封装或测试的上市公司证券作为指数样本，覆盖半导体芯片全产 业链，以反映半导体芯片相关上市公司证券的整体表现。该指数具有较高的行业集中度，主要侧重于信 息技术领域。 招商证券指出，基于旺盛的AI服务器需求，AI驱动DRAM与逻辑资本开支高增。DRAM存储芯片相关 设备营收表现稳健，不仅HBM相关投资激增，通用DRAM的投资也大幅增长，市场供需趋于紧张。逻 辑芯片领域制程正朝着更先进节点微缩，相关投资未来将持续增加；同时，先进封装和芯片测试的市场 需求正加速增长。NAND闪存领域则随着数据中心eSSD需求攀升，客户工厂稼动率持续提升，正逐步 带动新设备投资需求。 ...

Core Viewpoint - The China Convertible Bond Index experienced a slight decline of 0.08%, closing at 528.32 points on February 13, indicating a mixed performance in the convertible bond market [1] Group 1: Market Performance - The following convertible bonds saw significant declines: Shuangliang Convertible Bond (-15.13%), Baichuan Convertible Bond 2 (-4.63%), Tianchuang Convertible Bond (-4.57%), Fuxin Convertible Bond (-3.84%), and Feng 21 Convertible Bond (-3.83%) [1] - Conversely, the following convertible bonds recorded notable gains: Weidao Convertible Bond (+12.55%), Fengyu Convertible Bond (+4.53%), Bairun Convertible Bond (+4.30%), Jingce Convertible Bond 2 (+4.21%), and Hangyu Convertible Bond (+4.14%) [1]

（文章来源：每日经济新闻） 每经AI快讯，2月13日，国债期货午盘集体下跌，30年期主力合约跌0.35%报112.400元，10年期主力合 约跌0.18%报108.420元，5年期主力合约跌0.12%报105.950元，2年期主力合约跌0.02%报102.442元。 ...

Group 1 - The core viewpoint of the article highlights the strong growth of AI computing power as a driving force for the electronic industry, with significant capital inflow into the AI-focused ETF, Guotai (589110), exceeding 500 million yuan over five consecutive days [1] - According to Shenwan Hongyuan Securities, the semiconductor market is experiencing a partial recovery driven by AI and automotive electronics, with notable performance in sub-sectors such as PCB, storage, AI/GPU chips, and semiconductor equipment parts [1] - The profitability of the storage sector is rapidly increasing due to the AI industry trend, with a surge in demand expected in Q3 2025, leading to a significant rise in revenue and profit [1] Group 2 - The Guotai AI ETF (589110) tracks the AI index (950180), which includes listed companies involved in AI foundational resources, technology, and application support, reflecting the overall performance of the AI industry on the Sci-Tech Innovation Board [1] - The AI index exhibits a growth style, primarily focusing on mid to large-cap companies, with a strong emphasis on hardware-related sectors while also covering software and technology services, indicating a high intensity of R&D investment [1]

Market Overview - A-shares experienced a collective pullback on February 13, with the Shanghai Composite Index down by 0.7% at midday [1] - The CSI A500 Index and the CSI 300 Index both fell by 0.8%, while the ChiNext Index dropped by 1.0% [1] - The Hang Seng China Enterprises Index decreased by 1.7% [2] Sector Performance - Semiconductor equipment, general aviation, HBM, and China Shipbuilding sectors showed notable gains [1] - Conversely, the fiberglass, optical communication, CPO, and rare metals sectors faced significant declines [1] Index Details - The CSI 300 Index consists of 300 large-cap stocks with a rolling P/E ratio of 14.2 times [2] - The CSI A500 Index includes 500 stocks with a rolling P/E ratio of 17.4 times [2] - The ChiNext Index, which focuses on 100 large-cap stocks in emerging industries, has a rolling P/E ratio of 42.7 times [2] - The STAR Market 50 Index, comprising 50 large-cap stocks, has a rolling P/E ratio of 166.4 times [4] - The Hang Seng China Enterprises Index, covering 50 large-cap stocks listed in Hong Kong, has a rolling P/E ratio of 10.7 times [2]

截至午间收盘，中证半导体材料设备主题指数上涨2.0%，中证芯片产业指数上涨0.8%，上证科创板芯片指数上涨0.5%，上证科创板芯片设计主题指数上涨 0.2%。 中国银河证券表示，当前AI算力需求不减、存储芯片周期上行以及先进封装技术渗透共同推动半导体设备需求提振，2026年半导体设备市场规模持续增长 预期强烈。台积电预计2026年资本开支为520-560亿美元，相较于2025年409亿美元的资本开支大幅增长，半导体设备的市场机遇进一步凸显。 该指数由50只科创板芯片设计 龙头股组成, 数字芯片涉及、 模拟芯片设计行业合计占比超 95%,聚焦芯片设计细分领域。 截至午间收盘 该指数涨跌 该指数 滚动市盈率 257.0倍 半导体设备ETF易方达 跟踪中证半导体材料设备主题指数 该指数由40只业务涉及半导体 材料、半导体生产设备的公司 股票组成,半导体设备、半导 体材料行业合计占比超85%, 聚焦半导体产业核心配套环节。 截至午间收盘 该指数涨跌 2. 0% 该指数 滚动市盈率 0. 2% 100.0倍 注1:"该指数"指各上述基金产品具体限踪的指数。数据来自Wind,指数涨跌幅截至2026年2月13日午盘,滚动市 ...