Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The DDR4 market prices continue to rise, with LPDDR4X prices significantly increasing due to supply-side reductions and competitive bidding among suppliers. The demand for mid-to-low-end mobile phones and tablets remains stable, driving prices upward. Trendforce forecasts a price increase of 38%-43% for LPDDR4X in the third quarter [4][11] - The SSD market shows a slight price decline, with embedded channel market prices stabilizing recently. Major NAND manufacturers are shifting capacity from low-margin products to high-margin QLC products, leading to price increases for products below 512Gb. However, overall demand remains low, and inventory reduction is the primary focus for industry clients [5][17] - The demand for niche DRAM is expected to remain strong as SK Hynix and Micron gradually exit this market. The recovery in demand from PC, IoT, and industrial control sectors, along with domestic substitution trends, is anticipated to drive prices upward for various storage manufacturers [6][22] Summary by Sections 1. Supply-Side Reduction and Price Increase - DDR4 prices are stabilizing in the short term but are expected to rise due to ongoing supply shortages. The DXI index has increased by 97.38% year-to-date, reflecting the upward trend in prices [8][4] - LPDDR4X prices are projected to rise significantly due to supply constraints, with a monthly price increase of 6.7% for 96GB products and 10.2% for 48GB products [12][11] 2. SSD Market Dynamics - The SSD market is experiencing a slight decline in prices, with a monthly decrease of 2.4% for 256Gb PCIe3.0 products and 3.1% for 512Gb PCIe3.0 products. The overall supply remains sufficient, but demand is weak, leading to a cautious inventory approach by clients [17][18] 3. Investment Recommendations - The report suggests focusing on companies such as Zhaoyi Innovation, Lanke Technology, Juchen Co., and Shenkong Co. as potential beneficiaries of the upward price trends in the storage market [6][22]

Group 1 - The core viewpoint of the news highlights the strong performance of the digital economy theme index and its related ETFs, indicating a bullish trend in the sector [1][2] - As of August 27, 2025, the CSI Digital Economy Theme Index (931582) rose by 3.41%, with significant gains in constituent stocks such as Zhongke Chuangda (300496) up 16.86% and Wealth Trend (688318) up 12.62% [1] - The digital economy ETF (560800) also saw a half-day increase of 3.30%, with a recent price of 1 yuan, and a weekly cumulative increase of 12.01% [1][2] Group 2 - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, focusing on enhancing intelligent computing power and supporting AI chip innovation [2] - The report indicates that the investment in the computing power industry is entering a heated phase, with significant capital expenditure from domestic and international CSP giants directed towards AI computing power [2] - The digital economy ETF closely tracks the CSI Digital Economy Theme Index, which includes companies involved in digital economy infrastructure and high levels of digitalization [2][3] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.74% of the index, with notable companies including Dongfang Caifu (300059) and Zhongxin International (688981) [3][4] - The top ten stocks showed varying performance, with Dongfang Caifu increasing by 1.15% and Zhongxin International by 5.47%, reflecting the overall positive trend in the index [4]

Group 1: ETF Performance - The Sci-Tech Chip ETF had an intra-day turnover of 8.79%, with a transaction volume of 3.11 billion yuan [3] - Over the past week, the average daily transaction volume of the Sci-Tech Chip ETF reached 4.459 billion yuan, ranking first among comparable funds [3] - The ETF's scale increased by 2.664 billion yuan in the past week, also ranking first among comparable funds [3] - In the past six months, the ETF's shares grew by 4.074 billion shares, marking significant growth and ranking first among comparable funds [3] - As of August 26, the ETF's net value increased by 130.13% over the past year, placing it first among comparable funds and ranking 23rd out of 2,977 index equity funds [3] Group 2: Key Stocks in the Index - The top ten weighted stocks in the Sci-Tech Chip Index include Cambricon, SMIC, Haiguang Information, and others, collectively accounting for 57.59% of the index [3] - Notable stock performances include SMIC with a 5.31% increase and a weight of 10.22%, and Haiguang Information with a 1.91% increase and a weight of 10.15% [6] Group 3: Industry Trends - Cambricon reported a Q2 revenue increase of 4,425% year-on-year, reaching 1.769 billion yuan, with a record net profit margin of 38.57% [4] - The penetration rate of liquid cooling technology is expected to rise from 5% to 35-50%, with Chinese manufacturers expanding component exports due to Southeast Asia's data center construction [4] - Advanced packaging technology is becoming crucial for supporting AI and high-performance computing demands, with traditional processes struggling to meet performance evolution [4] - Domestic manufacturers are accelerating technology catch-up in wafer-level packaging and 2.5D/3D processes, benefiting from policy and capital collaboration [4] Group 4: Investment Opportunities - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7]

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。 ...

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.03%, driven by gains in sectors such as telecommunications, computers, and electronics, while beauty care and coal sectors experienced declines [1] - The chip technology stocks showed strong performance, with the Chip ETF (159995.SZ) rising by 1.65%, and notable increases in individual stocks such as Cambrian (up 6.55%), Rockchip (up 5.70%), and Geke Micro (up 4.74%) [1] Group 2 - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, emphasizing the need to strengthen intelligent computing power coordination and support innovation in AI chips and software ecosystems [3] - The report from Dongfang Securities highlighted breakthroughs in domestic AI large models and continuous performance improvements in domestic AI chips and switching chips, indicating a positive outlook for AI computing power and applications in China [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across various segments such as materials, equipment, design, manufacturing, packaging, and testing [3]

来源：新浪基金∞工作室 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。 8月27日，科创信息技术ETF（588100）开盘涨0.75%，报1.753元。科创信息技术ETF（588100）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%，澜起科技跌0.39%，中微公司跌 1.86%，金山办公涨5.98%，传音控股跌0.04%，九号公司涨1.00%，芯原股份跌1.11%，石头科技涨 0.15%。 科创信息技术ETF（588100）业绩比较基准为上证科创板新一代信息技术指数收益率，管理人为嘉实基 金管理有限公司，基金经理为张钟玉，成立（2022-05-18）以来回报为74.24%，近一个月回报为 24.37%。 ...

8月27日，集成电路ETF（159546）开盘涨0.47%，报1.714元。集成电路ETF（159546）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%。 集成电路ETF（159546）业绩比较基准为中证全指集成电路指数收益率，管理人为国泰基金管理有限公 司，基金经理为麻绎文，成立（2023-10-11）以来回报为70.46%，近一个月回报为24.76%。 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 ...

来源：新浪基金∞工作室 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。 8月27日，科创芯片ETF基金（588290）开盘涨0.89%，报2.031元。科创芯片ETF基金（588290）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%，澜起科技跌0.39%，中微公司跌 1.86%，芯原股份跌1.11%，沪硅产业涨0.29%，恒玄科技涨2.25%，思特威涨0.17%，华海清科跌 0.77%。 科创芯片ETF基金（588290）业绩比较基准为上证科创板芯片指数收益率，管理人为华安基金管理有限 公司，基金经理为刘璇子，成立（2022-09-30）以来回报为101.48%，近一个月回报为27.57%。 ...

8月26日上午，A股三大指数集体下跌，上证指数盘中下跌0.36%，美容护理、传媒、计算机等板块涨幅 靠前，钢铁、房地产跌幅居前。芯片科技股探底回升，截至9:48，芯片ETF（159995）下跌1.13%，其 成分股三安光电上涨5.15%，澜起科技上涨2.93%，格科微上涨1.70%，拓荆科技上涨1.50%。然而，海 光信息、寒武纪-U等表现不佳，其涨跌幅分别是：-4.01%、-3.53%。 消息方面，根据2025中国算力大会发布的《2025综合算力指数》显示，截至2025年6月底，我国在用算 力中心机架总规模达1085万标准机架，智能算力规模达788 EFLOPS (FP16)。中国算力平台正式完成山 西、辽宁、上海、江苏、浙江、山东、河南、青海、宁夏、新疆10个省区市分平台接入工作，实现"平 台、主体、资源、生态、场景"全面贯通，我国"全局总览、分域协同"的算力发展新格局初步形成。 长城证券研报指出，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等 大模型加速推进，考虑区域政治及产业链稳定等因素，必定带来国产算力需求的持续攀升，在国产算力 基础设施逐步建设充分AI芯片技术上逐 ...

来源：新浪基金∞工作室 科创创业ETF（588360）业绩比较基准为中证科创创业50指数收益率，管理人为国泰基金管理有限公 司，基金经理为黄岳，成立（2021-06-29）以来回报为-17.06%，近一个月回报为25.11%。 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。 8月26日，科创创业ETF（588360）开盘跌0.84%，报0.826元。科创创业ETF（588360）重仓股方面，宁 德时代开盘跌1.12%，中芯国际跌2.10%，迈瑞医疗跌0.57%，海光信息跌3.29%，中际旭创跌2.00%，新 易盛涨0.63%，寒武纪跌5.41%，汇川技术涨0.21%，阳光电源跌0.66%，澜起科技跌0.96%。 ...