今日国产算力再次反弹，东吴指出：上一轮急涨绝对不是"国产算力"行情的结束，资金层面的休整是为 储备下一轮更健康的上涨。下一轮"国产算力"行情应当是可以充分参与的大级别行情，而近期已表现 出"启动"征兆： 1、消息活跃期产业进展频出包括但互联网大厂的GPU下单预期，持续催生积极情绪。我们深度跟踪互 联网大厂测卡进展，近期变化频出，一定是消息活跃期，值得重视！ 2、公司层面积极推进资本运作寒武纪定增获证监会批文；海光推进曙光收并购，并发布覆盖面相当广 泛的股权激励。后续密切跟踪公司诉求。 3、下游互联网厂商的大动作阿里推出一套"组合拳"，继QwenMaxPreview万亿参数高端大模型发布后， AI生态也在持续发力，包括与荣耀签署战略合作协议、推出"高德扫街榜"等，合理展望阿里明年AI乐观 预期。 截至2025年9月11日 10:53，上证科创板芯片指数(000685)强势上涨5.59%，成分股海光信息(688041)上涨 16.80%，源杰科技(688498)上涨15.68%，盛科通信(688702)上涨12.05%，杰华特(688141)，东芯股份 (688110)等个股跟涨。科创芯片ETF指数(588920 ...

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Zhongwei Company, indicating a positive trend in stock price and financial growth [1][2][3] - As of September 11, Zhongwei Company's stock price increased by 2.08%, reaching 209.87 CNY per share, with a total market capitalization of 1314.09 billion CNY [1] - The company has seen a year-to-date stock price increase of 11.12%, with significant gains over the past 5, 20, and 60 trading days [1] Group 2 - For the first half of 2025, Zhongwei Company reported a revenue of 49.61 billion CNY, reflecting a year-on-year growth of 43.88%, and a net profit of 7.06 billion CNY, up 36.62% [2] - The company has distributed a total of 4.96 billion CNY in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders increased to 46,900, with an average of 13,342 shares held per shareholder [2][3] Group 3 - Zhongwei Company specializes in the research, production, and sales of high-end semiconductor equipment, with 86.17% of its revenue coming from specialized equipment [1] - The company is categorized under the electronic-semiconductor-semiconductor equipment industry and is associated with several concept sectors, including the Shanghai Free Trade Zone and semiconductor equipment [1] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional investment [3]

Group 1 - The core viewpoint of the article highlights the performance of the Kexin Chip 50 ETF (588750), which opened with a slight increase of 0.23% at 1.332 yuan [1] - The major holdings of the Kexin Chip 50 ETF include companies such as SMIC, Haiguang Information, and Cambrian, with varying performance; for instance, SMIC decreased by 1.24%, while Cambrian increased by 1.73% [1] - The Kexin Chip 50 ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Huatai-PineBridge Fund Management Co., Ltd., with a return of 33.47% since its establishment on December 18, 2024, and a return of 23.61% over the past month [1]

半导体ETF(159813)，场外联接A：012969；联接C：012970；联接I：022863。 3、下游互联网厂商的大动作阿里推出一套"组合拳"，继QwenMaxPreview万亿参数高端大模型发布后， AI生态也在持续发力，包括与荣耀签署战略合作协议、推出"高德扫街榜"等，合理展望阿里明年AI乐观 预期。 截至2025年9月11日 10:37，国证半导体芯片指数(980017)强势上涨3.22%，成分股海光信息(688041)上涨 11.61%，寒武纪(688256)上涨6.41%，兆易创新(603986)上涨5.19%，中芯国际(688981)，景嘉微(300474) 等个股跟涨。半导体ETF(159813)上涨3.18%，最新价报1.01元。 半导体ETF紧密跟踪国证半导体芯片指数，为反映沪深北交易所芯片产业相关上市公司的市场表现，丰 富指数化投资工具，编制国证半导体芯片指数。 数据显示，截至2025年8月29日，国证半导体芯片指数(980017)前十大权重股分别为寒武纪(688256)、中 芯国际(688981)、海光信息(688041)、北方华创(002371)、澜起科技(688008)、豪威 ...

科创50增强ETF（588460）业绩比较基准为上证科创板50成份指数收益率，管理人为鹏华基金管理有限 公司，基金经理为苏俊杰，成立（2022-12-01）以来回报为48.16%，近一个月回报为21.79%。 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 9月11日，科创50增强ETF（588460）开盘跌0.67%，报1.473元。科创50增强ETF（588460）重仓股方 面，海光信息开盘涨0.60%，中芯国际跌1.24%，寒武纪涨1.73%，澜起科技跌3.59%，金山办公涨 0.00%，思特威跌0.04%，中微公司涨0.19%，恒玄科技跌0.67%，华海清科跌0.09%，九号公司跌 0.15%。 ...

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。 科创芯片ETF（588200）业绩比较基准为上证科创板芯片指数收益率，管理人为嘉实基金管理有限公 司，基金经理为田光远，成立（2022-09-30）以来回报为100.24%，近一个月回报为23.55%。 来源：新浪基金∞工作室 9月11日，科创芯片ETF（588200）开盘跌0.45%，报1.981元。科创芯片ETF（588200）重仓股方面，中 芯国际开盘跌1.24%，海光信息涨0.60%，寒武纪涨1.73%，澜起科技跌3.59%，中微公司涨0.19%，沪硅 产业涨0.35%，恒玄科技跌0.67%，思特威跌0.04%，华海清科跌0.09%。 ...

Core Viewpoint - The semiconductor industry is undergoing significant internal differentiation, and merely being labeled as "domestic" does not guarantee success. Companies must possess both offensive and defensive capabilities to thrive in this competitive landscape [1][6][57]. Group 1: Industry Dynamics - The semiconductor equipment and materials sector is heavily influenced by policy and technological breakthroughs, leading to varying growth potentials among companies [6]. - Companies that survive must be "dual-capable monsters," excelling in both new technology development and existing product iteration to maintain stable cash flow [6][57]. - The demand in the semiconductor market is split into two distinct tracks: advanced processes driven by a "technology arms race" and mature processes driven by massive chip demand from sectors like electric vehicles and IoT [8][9]. Group 2: Investment Opportunities - Investment in semiconductor equipment and materials is fundamentally about investing in the underlying infrastructure of the digital world, which offers strong certainty and sustainability [13]. - The investment landscape is layered, with higher technical barriers and profit margins in upstream sectors (EDA/IP, equipment) compared to downstream (design, manufacturing) [14]. - The real investment opportunities lie in the growth of domestic supply chains, particularly in critical components like RF power supplies and specialty ceramics [16][34]. Group 3: Market Trends - The global equipment market is dominated by major players like AMAT, ASML, and LAM, with a concentration ratio (CR3) exceeding 50%, indicating significant challenges for domestic players [33]. - China's semiconductor market is growing at a rate higher than the global average, driven by internal demand and policy support, making it a unique investment opportunity [36]. - The demand for advanced logic chips (≤28nm) is expected to grow rapidly, while mature logic (>28nm) represents the largest incremental opportunity, particularly in automotive and industrial control applications [40][41]. Group 4: Geopolitical Factors - Geopolitical pressures are creating a survival space for domestic manufacturers, with sanctions leading to a "stair-step" replacement rhythm, opening new opportunities for local firms [10][45]. - The timeline of sanctions indicates a systematic and long-term approach to containment, emphasizing the necessity for domestic substitution as a survival strategy [45]. Group 5: Challenges and Risks - The complexity and high costs associated with semiconductor manufacturing create significant barriers to entry, with any misstep potentially leading to substantial losses [20]. - The rapid pace of technological iteration requires high R&D investments, with projected R&D expenditures in the equipment sector exceeding 10 billion in 2024, reflecting a 42.5% increase [47]. - The materials sector faces high certification barriers and a lower domestic production rate, making it more challenging to achieve self-sufficiency compared to equipment [50][53].

证券代码：688012 证券简称：中微公司 公告编号：2025-058 中微半导体设备（上海）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 11 日 （星期四） 至 9 月 17 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过电子邮件的形式发 送至公司投资者关系邮箱(IR@amecnsh.com)，公司将在说明会上对投资者普遍 关注的问题进行回答。 会议召开时间：2025 年 9 月 18 日 （星期四） 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 三、参会人员 公司参加本次说明会的人员包括：公司董事长、总经理尹志尧先生；公司 副总经理、财务负责人陈伟文先生；公司副总经理、董事会秘书刘方先生。（如 有特殊情况，参会人员 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.53%, with notable increases in constituent stocks such as Anji Technology (up 2.31%) and Tianyue Advanced (up 2.10%) [1] - The Sci-Tech Semiconductor ETF (588170) saw a price increase of 0.52%, reaching a latest price of 1.15 yuan, with a trading volume of 58.85 million yuan and a turnover rate of 9.93% [1] - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 591 million yuan, marking a new high since its establishment, with a total of 515 million shares, the highest in three months [1] Group 2 - Juhe Materials announced a plan to establish a special purpose company (SPC) with Han Investment Partners to acquire SK Enpulse's blank mask business for 68 billion KRW (approximately 350 million yuan) [2] - The semiconductor materials industry is experiencing a positive inventory destocking trend, with improving supply-demand dynamics and a recovery in industry prosperity [2] - The semiconductor industry is benefiting from ongoing domestic substitution processes and a global cyclical upturn, indicating signs of recovery [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in the semiconductor equipment (59%) and materials (25%) sectors [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, characterized by low domestic production rates and high potential for domestic replacement [3] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, with significant representation from semiconductor equipment (59%) and materials (24%) [3]

9月10日，中微公司盘中上涨2.00%，截至13:23，报208.47元/股，成交12.26亿元，换手率0.95%，总市 值1305.33亿元。 资金流向方面，主力资金净流入3124.57万元，特大单买入1.46亿元，占比11.94%，卖出1.38亿元，占比 11.23%；大单买入3.74亿元，占比30.52%，卖出3.52亿元，占比28.68%。 中微公司今年以来股价涨10.38%，近5个交易日跌1.67%，近20日涨8.30%，近60日涨21.52%。 机构持仓方面，截止2025年6月30日，中微公司十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股5747.19万股，相比上期增加1080.65万股。华夏上证科创板50成份ETF（588000）位居第 五大流通股东，持股2372.10万股，相比上期增加35.10万股。易方达上证科创板50ETF（588080）位居 第六大流通股东，持股1811.42万股，相比上期增加160.83万股。嘉实上证科创板芯片ETF（588200）位 居第七大流通股东，持股1037.21万股，相比上期增加98.72万股。华夏上证50ETF（510050）位居第八 大流通 ...