来源：新浪基金∞工作室 芯片ETF龙头（159801）业绩比较基准为同期国证半导体芯片指数收益率，管理人为广发基金管理有限 公司，基金经理为曹世宇，成立（2020-01-20）以来回报为62.42%，近一个月回报为-11.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月27日，芯片ETF龙头（159801）开盘涨0.74%，报0.818元。芯片ETF龙头（159801）重仓股方面， 寒武纪开盘涨3.45%，中芯国际涨0.97%，海光信息涨1.57%，北方华创涨0.28%，澜起科技涨0.93%，兆 易创新涨1.21%，中微公司涨0.53%，豪威集团涨0.30%，长电科技涨0.14%，紫光国微跌0.26%。 ...

Market Overview - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.49% to 3883.01 points, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.097 trillion yuan, a decrease of 46.9 billion yuan from the previous day, with over 3,300 stocks rising across the market [1] Semiconductor Sector Performance - Semiconductor stocks showed strong performance, with companies like Wentai Technology rising over 4%, and Haiguang Information and Zhaoyi Innovation both increasing over 3% [1] - Various semiconductor ETFs, including the China-Korea Semiconductor ETF and others, rose over 1.5% [1] - The China-Korea Semiconductor ETF tracks the China-Korea Semiconductor Index, which is the first cross-border index fund in the semiconductor theme, combining the CSI Semiconductor 15 Index and KRX Semiconductor 15 Index on an equal-weight basis [1] High-Tech Manufacturing Growth - According to the National Bureau of Statistics, the high-tech manufacturing sector showed positive growth, with profits in the first ten months increasing by 8.0% year-on-year, surpassing the average growth of all industrial sectors by 6.1 percentage points [2] - Specific sectors such as smart electronic manufacturing and semiconductor manufacturing saw significant profit increases, with integrated circuit manufacturing profits up 89.2% and electronic materials manufacturing profits up 86.0% [2] Future Outlook for Semiconductor Industry - Tianfeng Securities projects continued optimistic growth for the global semiconductor industry through 2025, driven by AI and domestic substitution trends [3] - The report highlights strong performance in various segments, including storage, power, and foundry, with expectations for price increases and robust quarterly performance [3] - The report also notes the positive outlook for AI-related hardware and the increasing demand for CIS due to smart vehicle needs [3] Electronic Industry Trends - China Galaxy Securities anticipates a critical transition in the electronic industry driven by AI, shifting from valuation expansion to profit realization [4] - Key opportunities are identified in three areas: semiconductor sector focusing on domestic computing power and storage cycles, consumer electronics with AI-driven hardware transformation, and components benefiting from high demand [4] - Overall, AI is pushing the electronic industry from digitization to intelligence, creating structural opportunities across the industry chain [4]

平安证券表示，当前存储全面涨价已成为行业和市场共识，考虑到当前AI高景气持续拉动高端存储需 求提升，以及存储原厂自身业绩盈利需求，认为主流存储产品涨价有望持续，近几年国内相关存储厂商 不论是在产品技术亦或是市场客户方面均取得有效突破，有望逐步弥补国内中高端市场供应缺口，相关 存储厂商经营业绩有望迎来持续改善。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 根据TrendForce数据，整体来看，当前企业级存储需求持续向好，且产品规格和容量相较便携式终端产 品要求更高，叠加下游库存去化顺利，主流存储产品价格自25Q2起开始迎来全面涨价，且呈现逐季环 比增加的态势。 11月27日早盘，A股三大指数集体上涨，上证指数盘中上涨0.47%，电子、通信、电力设备等板块涨幅 靠前，交通运输、银行跌幅居前。芯片科技股强势爆发，截至9:53，芯片ETF（159995.SZ）上涨 2.82%，其成分股海光信息上涨6.26%，兆易创新上涨 ...

芯片50ETF（516920）业绩比较基准为中证芯片产业指数收益率，管理人为汇添富基金管理股份有限公 司，基金经理为何丽竹，成立（2021-07-27）以来回报为-2.60%，近一个月回报为-10.86%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月27日，芯片50ETF（516920）开盘涨0.41%，报0.978元。芯片50ETF（516920）重仓股方面，中芯 国际开盘涨0.97%，寒武纪涨3.45%，海光信息涨1.57%，北方华创涨0.28%，澜起科技涨0.93%，兆易创 新涨1.21%，中微公司涨0.53%，豪威集团涨0.30%，芯原股份涨2.94%，长电科技涨0.14%。 ...

Core Viewpoint - Changdian Technology achieved record high revenue in Q3, with significant growth in its computing electronics business [1] Revenue Growth - In the first three quarters of 2025, revenue from computing electronics, industrial and medical electronics, and automotive electronics increased by 70%, 41%, and 31% respectively, contributing over 60% to total revenue [1] Capacity Utilization - The overall capacity utilization rate of the company has been continuously improving from Q1 to Q3 of 2025, with production lines for wafer-level packaging, power device packaging, and power management chip packaging nearing full capacity [1] Market Outlook - The company is positioned in a critical window for the gradual ramp-up of advanced packaging downstream, with expectations for sustained profit recovery as new capacity comes online in 2026 and raw material costs stabilize [1] Valuation - Based on comparable companies' 2025 PE valuation of 47 times, the target price is set at 45.12 yuan, maintaining a "buy" rating [1]

Core Insights - The chip ETF from Invesco (159560) opened down by 0.59%, priced at 1.529 yuan [1] - The performance benchmark for the chip ETF is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company [1] Fund Performance - Since its inception on November 9, 2023, the fund has achieved a return of 53.93% [1] - Over the past month, the fund has experienced a return of -11.92% [1] Major Holdings Performance - Major stocks within the ETF include: - SMIC: down 0.88% - Cambricon: down 1.19% - Haiguang Information: down 0.34% - Northern Huachuang: up 0.48% - Lattice Semiconductor: down 1.04% - Zhaoyi Innovation: down 1.89% - Zhongwei Company: down 0.57% - OmniVision: down 0.56% - Chipone: up 0.34% - Changdian Technology: down 0.08% [1]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 11月26日，半导体ETF（159813）开盘跌0.29%，报1.027元。半导体ETF（159813）重仓股方面，寒武 纪开盘跌1.19%，中芯国际跌0.88%，海光信息跌0.34%，北方华创涨0.48%，澜起科技跌1.04%，兆易创 新跌1.89%，中微公司跌0.57%，豪威集团跌0.56%，长电科技跌0.08%，紫光国微跌0.36%。 半导体ETF（159813）业绩比较基准为国证半导体芯片指数收益率，管理人为鹏华基金管理有限公司， 基金经理为罗英宇，成立（2020-04-17）以来回报为54.60%，近一个月回报为-12.71%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 45.12 CNY [1][4] Core Views - The company achieved a record high quarterly revenue of 100.6 billion CNY in Q3 2025, with a year-on-year growth of 6% and a net profit of 4.8 billion CNY, reflecting a 5.7% increase year-on-year and an 81% increase quarter-on-quarter [8] - The company is experiencing significant growth in its computing electronics, industrial and medical electronics, and automotive electronics segments, with respective year-on-year revenue increases of 70%, 41%, and 31% [8] - The company is focusing on optimizing its product structure and transitioning to advanced packaging technologies, which is expected to enhance profitability as new capacities come online [8] Financial Summary - The company’s projected net profits for 2025-2027 are 17.2 billion CNY, 22.2 billion CNY, and 27.0 billion CNY respectively, with adjustments made to expense ratios and gross margins [4][9] - Revenue for 2025 is expected to reach 40.846 billion CNY, reflecting a 13.6% year-on-year growth [6] - The gross margin is projected to improve to 14.4% by 2026, indicating a positive trend in profitability [6]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 0.73%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.371 yuan, reflecting a 0.73% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 36.55%, while its return over the past month has been -13.41% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up 0.89% - Cambricon (寒武纪) up 0.48% - Haiguang Information (海光信息) up 0.84% - Northern Huachuang (北方华创) up 1.38% - Lattice Semiconductor (澜起科技) up 2.37% - GigaDevice (兆易创新) up 3.25% - Zhongwei Company (中微公司) up 1.25% - OmniVision (豪威集团) up 0.50% - JCET (长电科技) up 1.11% - Unisoc (紫光国微) up 1.08% [1]

Core Viewpoint - The article highlights the significant dependency of China's high-end manufacturing on Japan for critical strategic new materials, particularly in the semiconductor and advanced manufacturing sectors, emphasizing the risks posed by geopolitical tensions and supply chain vulnerabilities [2][4]. Group 1: Dependency on Japanese Core New Materials - Japan holds a monopolistic position in semiconductor materials, high-end polymers, and electronic chemicals, with China's dependency exceeding 50% in several key categories, and nearly 100% in some high-end areas [4][6]. - The complexity of semiconductor manufacturing processes means that Japan dominates the supply of critical materials like photoresists and silicon wafers, with global market shares consistently above 60% [6][9]. Group 2: Semiconductor Core Materials - **Photoresists**: China has an overall import dependency of about 90%, with high-end photoresists being 100% reliant on Japan. Major suppliers include JSR, Tokyo Ohka, Shin-Etsu Chemical, and Fujifilm, which control 92% of the high-end market [7]. - **12-inch Silicon Wafers**: The import dependency is around 90%, with Japan supplying 58%. Key players like Shin-Etsu Chemical and SUMCO dominate over 60% of the market [9]. - **High-Purity Ruthenium Targets**: The import dependency is 98%, with Japan's JX Metals and TOSOH holding a significant market share. Domestic production is limited to lower purity levels [12]. Group 3: High-End Polymer Materials - Japan leads the high-end market for electronic-grade polyimide films, with an import dependency of 85% for overall polyimide materials, and 90% for high-end applications [19]. - **Optical-grade PET Films**: The import dependency is 75%, with Japan supplying 100% of high-end films used in MLCCs [23]. Group 4: Other Key Materials in Electronics - **Sputtering Targets**: The import dependency is approximately 95%, with Japan's JX Metals and Nippon Mining controlling 60% of the market [27]. - **High-Purity Electronic Gases**: The import dependency is 70%, with Japan's Taiyo Nippon Sanso holding a 40% market share [31]. Group 5: Hydrogen Energy and Fuel Cell Key Materials - **High-End Carbon Carrier Materials**: The overall import dependency is 85%, with Japan's TOSOH dominating the market [35]. - **Fuel Cell Platinum-based Catalysts**: The import dependency is 78%, with significant reliance on European suppliers [107]. Group 6: Aerospace and High-End Manufacturing Key Materials - **High-Temperature Alloys**: The import dependency is 90%, with major suppliers from the US and Europe completely dominating the market [80]. - **Carbon Fiber**: The import dependency is 85%, with Japan and the US leading the high-end market [86]. Group 7: New Energy and Electronics Key Materials - **High-End Lithium-Ion Battery Separators**: The import dependency is 70%, with Japan's Asahi Kasei and Toray leading the market [94]. - **Ultra-Thin Copper Foils**: The import dependency is 80%, with Japan's JX Copper and Mitsui Mining dominating the supply [98].