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]

Core Viewpoint - The integrated circuit ETF (562820) opened with a slight increase of 0.38%, indicating a positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 2.110 yuan [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 110.35% [1] - The fund's performance over the past month has been a return of 24.77% [1] Group 2: Major Holdings Performance - Major stocks in the ETF include: - SMIC (中芯国际) increased by 1.26% [1] - Haiguang Information (海光信息) rose by 1.49% [1] - Cambrian (寒武纪) surged by 3.75% [1] - OmniVision (豪威集团) gained 2.38% [1] - Zhaoyi Innovation (兆易创新) increased by 0.95% [1] - Longsys Technology (长电科技) slightly rose by 0.03% [1] - Unisoc (紫光国微) decreased by 0.01% [1] - Chipone (芯原股份) fell by 1.11% [1] - Rockchip (瑞芯微) increased by 2.30% [1]

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%。 ...

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]

Core Viewpoint - The Sci-Tech Chip ETF (588290) opened with a gain of 0.89% on August 27, 2023, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588290) opened at 2.031 yuan, reflecting a 0.89% increase [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 101.48% [1] - The fund's one-month return stands at 27.57% [1] Group 2: Major Holdings Performance - Key holdings include: - SMIC (中芯国际) up 1.26% [1] - Haiguang Information (海光信息) up 1.49% [1] - Cambricon (寒武纪) up 3.75% [1] - Lattice Technology (澜起科技) down 0.39% [1] - Zhongwei Company (中微公司) down 1.86% [1] - Chipone (芯原股份) down 1.11% [1] - Hushi Silicon Industry (沪硅产业) up 0.29% [1] - Hengxuan Technology (恒玄科技) up 2.25% [1] - Sitaiwei (思特威) up 0.17% [1] - Huahai Qingke (华海清科) down 0.77% [1] Group 3: Fund Management - The fund is managed by Huaan Fund Management Co., Ltd. [1] - The fund manager is Liu Xuanzai [1] - The performance benchmark for the fund is the Shanghai Stock Exchange Sci-Tech Board Chip Index [1]

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]

Core Viewpoint - The article discusses the performance of the Science and Technology Innovation ETF (588360), highlighting its recent market movements and key holdings [1]. Group 1: ETF Performance - The Science and Technology Innovation ETF (588360) opened down 0.84%, priced at 0.826 yuan [1]. - Since its inception on June 29, 2021, the ETF has returned -17.06%, while its return over the past month has been 25.11% [1]. Group 2: Key Holdings - Major holdings in the ETF include: - Ningde Times down 1.12% - SMIC down 2.10% - Mindray down 0.57% - Haiguang Information down 3.29% - Zhongji Xuchuang down 2.00% - Xinyi Sheng up 0.63% - Cambrian down 5.41% - Huichuan Technology up 0.21% - Sunshine Power down 0.66% - Lanke Technology down 0.96% [1].