Group 1 - The Shanghai Composite Index increased by 0.21%, while the CSI Shanghai Technology Leading Index reported a value of 1547.52 points [1] - The CSI Shanghai Technology Leading Index has risen by 3.22% in the past month, decreased by 6.91% over the last three months, and increased by 5.45% year-to-date [2] - The index consists of 50 listed companies in Shanghai with strong profitability, growth potential, and high R&D investment, reflecting the overall performance of the technology sector in the region [2] Group 2 - The top ten weighted companies in the CSI Shanghai Technology Leading Index include WuXi AppTec (10.44%), SMIC (9.61%), and Will Semiconductor (7.75%) [2] - The index's holdings are primarily from the Shanghai Stock Exchange (77.27%) and the Shenzhen Stock Exchange (22.73%) [2] - The industry composition of the index shows that Information Technology accounts for 48.25%, Healthcare for 26.04%, Communication Services for 14.06%, Industry for 10.46%, and Materials for 1.19% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - If a sample company ranks in the top two by total market capitalization within its industry, it is prioritized for retention during adjustments [3] - The weight factors are adjusted in line with the sample adjustments, and special circumstances may lead to temporary adjustments [3]

从中证建行科技创新领先（长三角）指数持仓样本的行业来看，信息技术占比49.54%、工业占比 19.37%、可选消费占比11.20%、医药卫生占比9.09%、原材料占比7.48%、通信服务占比2.53%、主要消 费占比0.79%。 据了解，中证建行科技创新领先（长三角）指数由中国建设银行定制，从长三角地区科技创新主题上市 公司中，选取50只科技创新能力较强、成长性较好的代表性上市公司证券作为指数样本，反映长三角地 区科技创新主题上市公司证券的整体表现。该指数以2019年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证建行科技创新领先（长三角）指数十大权重分别为：韦尔股份（10.18%）、澜 起科技（8.07%）、中微公司（7.03%）、江淮汽车（6.32%）、华友钴业（4.42%）、思源电气 （4.23%）、沪电股份（3.79%）、恒生电子（3.67%）、新和成（3.18%）、拓普集团（3.15%）。 从中证建行科技创新领先（长三角）指数持仓的市场板块来看，上海证券交易所占比72.84%、深圳证 券交易所占比27.16%。 金融界5月21日消息，上证指数上涨0.21%，中证建行科技创新领先（长 ...

Core Insights - The China Digital Economy Theme Index (931582) experienced a decline of 0.38% as of May 21, 2025, with mixed performance among constituent stocks [1] - The National Bureau of Statistics issued the "Digital China Construction 2025 Action Plan," which emphasizes the need for local implementation [1][2] - The digital economy ETF (560800) closely tracks the China Digital Economy Theme Index and has seen significant growth in scale and shares recently [2][3] Market Performance - Leading stocks included Jingsheng Electronics (600699) up 5.53%, Desay SV (002920) up 3.59%, and Nasda (002180) up 2.16%, while the biggest decliners were Zhaoyi Innovation (603986) down 6.21%, Mingzhi Electric (603728) down 1.87%, and Loongson Technology (688047) down 1.60% [1][6] - The digital economy ETF saw a recent price of 0.76 yuan, with a turnover rate of 0.77% and a transaction volume of 5.8854 million yuan [1] Fund Growth - The digital economy ETF's scale increased by 2.5476 million yuan over the past two weeks, ranking in the top half among comparable funds [2] - In the past week, the ETF's shares grew by 2 million, also placing it in the top half of comparable funds [3] Capital Flow - The latest capital inflow and outflow for the digital economy ETF were balanced, with a total of 26.2393 million yuan raised over the last ten trading days [4] - The top ten weighted stocks in the China Digital Economy Theme Index accounted for 51.5% of the index, with notable companies including Dongfang Caifu (300059) and SMIC (688981) [4][6]

Core Viewpoint - The semiconductor industry index in China has shown mixed performance, with a slight increase recently but a decline over the past month and three months, indicating potential volatility in the sector [1][2]. Group 1: Index Performance - The Shanghai Composite Index rose by 0.38%, while the China Semiconductor Industry Index increased by 0.45%, closing at 8565.3 points with a trading volume of 25.338 billion yuan [1]. - Over the past month, the China Semiconductor Industry Index has decreased by 1.63%, and over the last three months, it has fallen by 6.31%. Year-to-date, it has risen by 1.57% [1]. Group 2: Index Composition - The China Semiconductor Industry Index tracks the overall performance of publicly listed companies in the semiconductor sector, covering areas such as materials, equipment, design, manufacturing, packaging, and testing [1]. - The index's top ten holdings include: SMIC (9.2%), Cambricon (7.64%), Northern Huachuang (7.52%), Haiguang Information (7.03%), Weir Shares (6.1%), Lattice Technology (4.86%), Zhaoyi Innovation (4.56%), Zhongwei Company (4.22%), Changdian Technology (2.6%), and Sanan Optoelectronics (2.41%) [1]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (77.35%) and the Shenzhen Stock Exchange (22.65%) [1]. Group 3: Industry Breakdown - Within the index's sample holdings, integrated circuits account for 70.29%, semiconductor materials and equipment for 21.03%, discrete devices for 4.09%, optoelectronics for 2.41%, and electronic terminals and components for 2.18% [2]. Group 4: Related Funds - Public funds tracking the China Semiconductor Index include: Guotai CES Semiconductor Industry ETF Link A, Guotai CES Semiconductor Industry ETF Link C, Huaan CES Semiconductor Industry A, Huaan CES Semiconductor Industry C, Western Gain CES Semiconductor Industry Index Enhanced A, Western Gain CES Semiconductor Industry Index Enhanced C, and Guotai CES Semiconductor ETF [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 上交所修订并发布《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（2025年5月修 订）》，自发布之日起施行。该修订进一步规范科创板上市公司的运作行为，强化信息披露要求，优化 公司治理结构，提升市场透明度和合规性。 证监会发布《上市公司募集资金监管规则》，明确要求科创板上市公司募集资金应坚持专款专用，优先 用于主营业务，禁止用于永久补充流动资金或偿还银行借款。规则强调对擅自改变募集资金用途及使用 进度缓慢等行为从严监管，并要求上市公司及时披露募投项目延期情况，确保资金使用透明合规。 科创板政策及行业动态一览： l 科创板政策与行业动向： 证监会发布的《上市公司募集资金监管规则》对科创板市场影响深远，其明确要求科创板公司募集资金 必须专款专用、优先投入主营业务，严格禁止用于永久补流或偿贷，并强化对资金挪用、进度滞后等行 为的监管力度，同时要求及时披露募投项目延期信息。 这一政策直接针对科创板企业普遍存在的研发周期长、资金需求大等特点，通过限制资金用途并提升透 明度，既防止了企业通过"伪科创"概念套现或转移资金，又倒逼企业聚焦核心技术攻关和实体项目落 ...

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.38%, driven by gains in sectors such as leisure goods, office supplies, and daily chemicals, while ports and shipping sectors faced declines [1] - The chip technology stocks showed strong fluctuations, with the chip ETF (159995) rising by 0.41%, and notable increases in component stocks such as WenTai Technology (up 3.35%), Weir Shares (up 2.48%), and Zhaosheng Micro (up 1.68%) [1] Group 2 - The U.S. Department of Commerce officially announced the repeal of the Biden administration's AI diffusion rules and introduced three additional policy measures to strengthen global semiconductor export controls, specifically targeting Huawei's Ascend chips [3] - Xiangcai Securities emphasized the critical importance of independent AI chip development for the supply chain security of AI technology, highlighting the growing significance of domestic AI chip companies following NVIDIA's reduction of specifications for customized AI chips in China [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

证券研究报告|基金研究报告 [Table_Date] 2025 年 5 月 20 日 [Table_Title] 中国智能算力高速崛起，人工智能市场规模有望持续扩张—银华 上证科创板人工智能 ETF 投资价值分析 [Table_Title2] —指数基金投资价值分析系列之三十六 [Table_Summary] ►全球 AI 算力需求激增，中国智能算力高速崛起 在大模型和生成式人工智能迅猛发展、全球 AI算力需 求激增的背景下，全球算力布局正加速向高性能计算倾 斜。我国算力结构不断调整，智算规模增长势头强劲；存 力规模持续扩大，先进占比不断提升；运力质量显著提 升，网络设施不断升级。 ►人工智能市场规模有望持续扩张，中国人工智能 产业正迎来战略转折点 全球人工智能产业已进入技术爆发与场景落地的双重 加速期。根据福布斯中国，未来五年人工智能市场规模将 以超 30%的年复合增长率持续扩张。 DeepSeek 系列模型的开源突破推动"国产模型+国产 算力"生态闭环的构建，中国人工智能产业正迎来从技术跟 跑到生态引领的战略转折点，即将形成涵盖底层算力、核 心算法到产业应用的完整自主创新体系。 ►科创板人工智能指数反映科 ...

从主力资金连续性进行观察，共有61只个股主力资金连续3个交易日以上持续净流入，连续净流入天数 最多的是瑞联新材、利扬芯片等2只股，主力资金均连续净流入11天。主力资金连续流出的个股有153 只，连续流出天数最多的是先锋精科，该股已连续23个交易日净流出；连续净流出天数较多的还有三达 膜、嘉元科技等，主力资金分别连续流出13天、11天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688297 | 中无人机 | 10605.92 | 9.38 | 5.61 | 8.97 | | 688256 | 寒武纪 | 9228.28 | 4.15 | 0.59 | 0.80 | | 689009 | 九号公司 | 6284.70 | 10.20 | 2.35 | 1.73 | | 688052 | 纳芯微 | 5770.61 | 13.59 | -0.28 | 1.65 | | 688755 | C汉邦 | 5350.65 | 14.63 | ...

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 3.639 billion yuan in 2024, representing a year-on-year increase of 59.20%, and a net profit attributable to shareholders of 1.412 billion yuan, up 213.10% year-on-year [2][6] - In Q4 2024, the company reported a revenue of 1.068 billion yuan, a year-on-year increase of 40.43% and a quarter-on-quarter increase of 17.90%, with a net profit of 434 million yuan, up 99.72% year-on-year and 12.67% quarter-on-quarter [2][6] - For Q1 2025, the company expects to achieve a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 510 to 550 million yuan, representing a year-on-year increase of 128.28% to 146.19% [2][6] Summary by Sections Financial Performance - In 2024, the company generated a total revenue of 3.639 billion yuan, with a gross profit of 2.115 billion yuan, resulting in a gross margin of 58% [17] - The revenue from interconnect chips reached 3.349 billion yuan, a year-on-year increase of 53.31%, with a gross margin of 62.66% [12][17] - The company’s R&D expenses for 2024 were 763 million yuan, accounting for 20.98% of total revenue [12][17] Product Performance - The interconnect chip revenue reached a historical high of 972 million yuan in Q4 2024, with a year-on-year increase of 40.27% [12][17] - The company benefited from the increasing penetration of DDR5 and the launch of new products, leading to significant growth in high-performance chips, which saw an 800% increase in revenue [12][17] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.470 billion yuan, 3.176 billion yuan, and 3.890 billion yuan for 2025, 2026, and 2027 respectively [12][17] - The company is positioned as a leading player in the data processing and interconnect chip market, with a strong focus on R&D and product expansion [12][17]