集成电路ETF（562820）业绩比较基准为中证全指集成电路指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2024-04-12）以来回报为110.35%，近一个月回报为24.77%。 来源：新浪基金∞工作室 8月27日，集成电路ETF（562820）开盘涨0.38%，报2.110元。集成电路ETF（562820）重仓股方面，中 芯国际开盘涨1.26%，海光信息涨1.49%，寒武纪涨3.75%，豪威集团涨2.38%，澜起科技跌0.39%，兆易 创新涨0.95%，长电科技涨0.03%，紫光国微跌0.01%，芯原股份跌1.11%，瑞芯微涨2.30%。 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。 ...

Core Viewpoint - Longji Technology's stock price has shown a positive trend recently, with a notable increase in trading volume and market capitalization, indicating investor interest and potential growth in the semiconductor industry [1][2]. Financial Performance - For the first half of 2025, Longji Technology reported revenue of 18.605 billion yuan, representing a year-on-year growth of 20.14% [2]. - The company's net profit attributable to shareholders was 471 million yuan, which reflects a year-on-year decrease of 23.98% [2]. Stock Market Activity - As of August 27, Longji Technology's stock price was 39.77 yuan per share, with a market capitalization of 71.165 billion yuan [1]. - The stock has experienced a year-to-date decline of 2.38%, but has increased by 5.49% over the past five trading days, 11.90% over the past 20 days, and 23.09% over the past 60 days [1]. Shareholder Information - As of June 30, the number of shareholders for Longji Technology was 319,000, a decrease of 1.37% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.39% to 5,608 shares [2]. Dividend Distribution - Longji Technology has distributed a total of 1.48 billion yuan in dividends since its A-share listing, with 751 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited, which holds 101 million shares, an increase of 13.61 million shares from the previous period [3]. - Other notable institutional investors include Huatai-PB CSI 300 ETF, Huaxia National Semiconductor Chip ETF, and E Fund CSI 300 ETF, all of which have increased their holdings [3].

Core Viewpoint - The Integrated Circuit ETF (159546) opened with a gain of 0.47%, reflecting positive market sentiment in the semiconductor sector [1] Group 1: ETF Performance - The Integrated Circuit ETF (159546) opened at 1.714 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 70.46% [1] - The fund's return over the past month is reported at 24.76% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) with a gain of 1.26% [1] - Haiguang Information (海光信息) with a gain of 1.49% [1] - Cambrian (寒武纪) with a gain of 3.75% [1] - OmniVision (豪威集团) with a gain of 2.38% [1] - Zhaoyi Innovation (兆易创新) with a gain of 0.95% [1] - Longsys (长电科技) with a slight gain of 0.03% [1] - Unisoc (紫光国微) with a minor decline of 0.01% [1] - Chipone (芯原股份) with a decline of 1.11% [1] - Rockchip (瑞芯微) with a gain of 2.30% [1] Group 3: Management Information - The ETF is managed by Guotai Fund Management Co., Ltd. [1] - The fund manager is Ma Yiwen [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index [1]

Investment Rating - The report maintains an "Outperform" rating for the company [3][5][30]. Core Views - The company achieved a revenue of 18.605 billion yuan in the first half of 2025, representing a year-on-year growth of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 471 million yuan [1][3]. - The semiconductor packaging and testing company is focusing on increasing its research and development investments, particularly in the automotive sector, which has shown significant growth potential [2][3]. - The company has successfully expanded its market share in the computing electronics sector, which has now become the second-largest downstream market, surpassing consumer electronics [2][3]. Financial Performance - In the first half of 2025, the company's gross profit margin increased by 0.1 percentage points to 13.47%, while R&D expenses rose by 20.49% to 987 million yuan, maintaining a stable R&D expense ratio of 5.30% [1][4]. - The second quarter of 2025 saw revenues of 9.270 billion yuan, a year-on-year increase of 7.24%, but a quarter-on-quarter decrease of 0.70% [1][4]. - The company forecasts revenues of 40.244 billion yuan for 2025, with a projected net profit of 1.841 billion yuan, reflecting a growth rate of 14.4% [4][28]. Market Dynamics - The report highlights that all downstream application markets, except for consumer electronics, achieved double-digit year-on-year revenue growth in the first half of 2025, with automotive electronics growing by 34.2% and industrial and medical electronics by 38.6% [2][3]. - The company is enhancing its collaboration with leading domestic and international clients, which is expected to solidify its growth foundation for the future [2][3].

Group 1: Industry Insights - The controllable nuclear fusion technology is diversifying, with significant public and private capital involvement, indicating a potential investment boom in the sector, with annual investments possibly reaching thousands of billions if commercialized successfully [6][9][8] - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [7] - The domestic Z-pinch hybrid reactor is likely to accelerate its development, with private capital showing increasing interest in FRC devices [8] Group 2: Company Updates - Kefu Medical (301087.SZ) - Kefu Medical reported H1 2025 revenue of 1.496 billion yuan, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% [11][13] - The company is focusing on overseas market expansion, having acquired established channels and customer resources through recent acquisitions [13][15] - The company maintains a "buy" rating, anticipating growth in core product categories and overseas business [11][13] Group 3: Company Updates - Shede Liquor (600702.SH) - Shede Liquor's H1 2025 revenue was 2.7 billion yuan, down 17.4% year-on-year, with a net profit of 440 million yuan, down 25% [17][18] - The company is expected to continue improving in the second half of 2025, with a focus on core markets and products [17][18] - The company maintains an "overweight" rating, with a projected net profit growth of 100.3% in 2025 [17][18] Group 4: Company Updates - Pinduoduo (PDD.NASDAQ) - Pinduoduo's Q2 2025 revenue was 104 billion yuan, a 7% year-on-year increase, with a non-GAAP net profit of 32.7 billion yuan, down 5% [23][24] - The company is adjusting its domestic commission policies and expanding overseas, with a focus on long-term sustainable development [23][25] - The company maintains a "buy" rating, with a projected non-GAAP net profit of 99 billion yuan for 2025 [23][24] Group 5: Company Updates - Poly Property (06049.HK) - Poly Property reported H1 2025 revenue of 8.392 billion yuan, a 6.6% year-on-year increase, with a net profit of 891 million yuan, up 5.3% [27][28] - The company is expanding its property management scale and optimizing its value-added business structure [27][28] - The company maintains a "buy" rating, with projected net profits of 1.58 billion yuan in 2025 [27][28] Group 6: Company Updates - Longping High-Tech (000998.SZ) - Longping High-Tech reported H1 2025 revenue of 2.166 billion yuan, down 16.11% year-on-year, with a net loss of 164 million yuan [44][45] - The company is focusing on improving its rice seed business while addressing challenges in the corn seed market [44][45] - The company maintains a "buy" rating, with projected net profits of 348 million yuan in 2025 [44][45] Group 7: Company Updates - Hualu Hengsheng (600426.SH) - Hualu Hengsheng reported H1 2025 revenue of 15.764 billion yuan, down 7.14% year-on-year, with a net profit of 1.569 billion yuan, down 29.47% [48][49] - The company is investing in technological upgrades to improve efficiency and maintain a "buy" rating [48][49] - The company anticipates a net profit of 3.47 billion yuan in 2025 [48][49]

Group 1 - The core viewpoint of the report is that Changdian Technology (600584.SH) is rated as a "buy" due to expected revenue growth and strategic advancements in high-end packaging [1] - The report anticipates a revenue growth of over 20% year-on-year in the first half of 2025, although net profit may be impacted by financial expenses [1] - Demand recovery in sectors such as computing, automotive electronics, industrial, and communications is expected to drive growth for the company [1] - The company is continuously enhancing its industrial layout, with high-end advanced packaging entering the mass production phase [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 186.05 billion yuan for H1 2025, representing a year-on-year growth of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 4.71 billion yuan due to increased financial expenses and R&D investments [4][5] - The company is expected to benefit from the release of advanced packaging capacity, although net profit may be impacted by financial and R&D expenses, leading to a downward revision of net profit forecasts for 2025, 2026, and 2027 [4][6] - The company has a strong presence in various application sectors, with significant revenue contributions from communication electronics (38.1%), computing electronics (22.4%), consumer electronics (21.6%), automotive electronics (9.3%), and industrial and medical electronics (8.6%) [5][6] Financial Performance Summary - For H1 2025, the company achieved a revenue of 186.05 billion yuan, with a gross margin of 13.47% and a net margin of 2.52% [4] - The revenue for Q2 2025 was 92.70 billion yuan, showing a year-on-year increase of 7.24% but a quarter-on-quarter decrease of 0.70% [4] - The company’s revenue is projected to grow from 41.385 billion yuan in 2025 to 51.745 billion yuan in 2027, with corresponding net profits expected to rise from 1.918 billion yuan to 3.190 billion yuan [7][9] Industry Positioning - The company is enhancing its industrial layout, with high-performance advanced packaging entering mass production [6] - In the automotive electronics sector, the company is focusing on automotive-grade chip packaging, with ongoing construction of facilities dedicated to this area [6] - The company is also advancing in the third-generation semiconductor power devices and modules technology, aiming to increase production capacity [6]

Market Overview - On August 26, A-shares experienced a collective decline, with the Shanghai Composite Index dropping by 0.36% during intraday trading [1] - The beauty care, media, and computer sectors showed positive performance, while steel and real estate sectors faced significant declines [1] Chip Sector Performance - The chip ETF (159995) fell by 1.13% as of 9:48 AM, with notable gains in some component stocks: Sanan Optoelectronics increased by 5.15%, Lattice Semiconductor by 2.93%, Geke Micro by 1.70%, and Tuojing Technology by 1.50% [1] - Conversely, Haiguang Information and Cambrian-U performed poorly, with declines of -4.01% and -3.53% respectively [1] Computing Power Development - According to the "2025 Comprehensive Computing Power Index" released at the 2025 China Computing Power Conference, as of June 30, 2025, China's operational computing power center rack total reached 10.85 million standard racks, with intelligent computing power at 788 EFLOPS (FP16) [3] - The integration of computing power platforms across ten provinces and regions in China has been completed, establishing a new pattern of computing power development characterized by "overall overview and regional collaboration" [3] Investment Opportunities in Computing Power - Longcheng Securities reports that the ongoing global AI wave is driving an exponential increase in computing power demand, with domestic models like DeepSeek advancing rapidly [3] - The construction of domestic computing power infrastructure and the gradual improvement of AI chip technology are expected to create significant opportunities for domestic computing power autonomy [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]

Group 1 - As of August 25, 2025, the stock price of Changdian Technology is reported at 39.00 yuan, with an increase of 0.16 yuan, representing a rise of 0.41% from the previous trading day [1] - The trading volume for the day reached 1.8358 million hands, with a total transaction amount of 7.218 billion yuan, resulting in a turnover rate of 10.26% [1] - The stock experienced significant volatility during the day, with a rapid decline of over 2% within a 5-minute period in the early trading session [1] Group 2 - Changdian Technology primarily engages in semiconductor packaging and testing services, positioning itself as a global leader in integrated circuit manufacturing and technology services [1] - The company's products are widely utilized in various sectors, including consumer electronics, communications, computers, and automotive electronics [1] - According to the mid-2025 report, Changdian Technology has been newly included in the top ten circulating shareholders by QFII, with a holding market value of 355 million yuan [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Views - The company has shown a significant increase in net profit for Q2, with a 32% quarter-on-quarter growth, primarily driven by an increase in utilization rate to 70%, which boosted gross margins [1]. - The revenue for H1 2025 reached 18.605 billion yuan, representing a year-on-year growth of 20.1%, while the net profit was 471 million yuan, down 24% year-on-year [11]. - The company is actively expanding its operations in the automotive electronics and storage sectors, with a notable 71% year-on-year growth in the computing electronics segment for H1 2025 [3][4]. Financial Summary - For 2023A, the projected revenue is 29.661 billion yuan, with a year-on-year decline of 12.1%. By 2027E, revenue is expected to reach 51.616 billion yuan, with a growth rate of 12.2% [14]. - The net profit attributable to the parent company is projected to be 1.471 billion yuan in 2023A, with a significant decline of 54.5%. By 2027E, it is expected to grow to 2.781 billion yuan, with a growth rate of 19.6% [14]. - The company’s P/E ratio is projected to decrease from 45.9 in 2023A to 24.3 in 2027E, indicating an improving valuation over time [14]. Segment Performance - The computing electronics segment saw a revenue increase of 71% year-on-year in H1 2025, significantly contributing to the overall growth [3]. - The automotive electronics segment reported a revenue of 17.30 billion yuan in H1 2025, up 34.6% year-on-year, driven by increased investments in automotive power modules and sensors [3]. - The company is expected to begin mass production in its Shanghai automotive electronics factory by the end of 2025, which will further enhance its market position [3].