科创ETF（588050）业绩比较基准为上证科创板50成份指数收益率，管理人为工银瑞信基金管理有限公 司，基金经理为赵栩，成立（2020-09-28）以来回报为-5.97%，近一个月回报为-10.05%。 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。 11月27日，科创ETF（588050）开盘涨0.52%，报1.357元。科创ETF（588050）重仓股方面，中芯国际 开盘涨0.97%，海光信息涨1.57%，寒武纪涨3.45%，澜起科技涨0.93%，中微公司涨0.53%，联影医疗涨 0.07%，金山办公跌0.61%，芯原股份涨2.94%，石头科技涨0.49%，传音控股跌0.57%。 来源：新浪基金∞工作室 ...

Core Insights - The chip ETF from Invesco (159560) opened down by 0.59%, priced at 1.529 yuan [1] - The performance benchmark for the chip ETF is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company [1] Fund Performance - Since its inception on November 9, 2023, the fund has achieved a return of 53.93% [1] - Over the past month, the fund has experienced a return of -11.92% [1] Major Holdings Performance - Major stocks within the ETF include: - SMIC: down 0.88% - Cambricon: down 1.19% - Haiguang Information: down 0.34% - Northern Huachuang: up 0.48% - Lattice Semiconductor: down 1.04% - Zhaoyi Innovation: down 1.89% - Zhongwei Company: down 0.57% - OmniVision: down 0.56% - Chipone: up 0.34% - Changdian Technology: down 0.08% [1]

Group 1 - The semiconductor ETF (159813) opened down 0.29% at 1.027 yuan [1] - Major holdings in the semiconductor ETF include companies like Cambricon, SMIC, and Huagong Information, with varying performance on the opening day [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index, managed by Penghua Fund Management Co., with a return of 54.60% since its inception on April 17, 2020, and a recent one-month return of -12.71% [1]

Core Viewpoint - The A-share market, particularly in the AI and chip sectors, experienced a strong rebound due to the dual catalysts of the Federal Reserve's interest rate cut expectations and the launch of the "Genesis Plan" aimed at transforming scientific research through AI [1][7]. Market Performance - As of 10:13 AM, the AI-focused ETF (589560) surged over 2.5%, while the chip-focused ETF (588750) rose more than 2% [1]. - Notable stocks included: - Chip Yuan Co. increased by over 7% - SourceJet Technology rose by over 6% - Hengxuan Technology gained over 4% [4]. Key Stocks in ETFs - For the Chip ETF (588750), the top ten stocks included: - Haiguang Information: 0.15% increase, 11.11% weight - Zhongben International: 1.34% increase, 9.05% weight - Cambrian-U: -0.09% decrease, 8.78% weight - SourceJet Technology: 6.64% increase, 2.42% weight [5]. - For the AI ETF (589560), the top ten stocks included: - Cambrian-U: 0.16% increase, 13.90% weight - Kingsoft Office: -0.60% decrease, 10.67% weight - SourceJet Technology: 3.38% increase, 10.66% weight [6]. Economic Indicators - The market's optimism was fueled by comments from the San Francisco Fed President, who supported a potential rate cut in December, raising expectations from 40% to 80% for a 25 basis point cut [7]. - The "Genesis Plan" aims to leverage AI for scientific advancements, further boosting market sentiment [7]. Semiconductor Market Insights - Analysts noted a "fully sold out" market condition for storage chip suppliers, with DDR5 DRAM experiencing the most significant tightness [7]. - The semiconductor cycle is expected to continue its upward trend, driven by AI demand, with the global AI-driven storage market projected to grow from $28.7 billion in 2024 to $255.2 billion by 2034, reflecting a compound annual growth rate of 24% [9]. Investment Strategy - The focus on AI and domestic substitution in the semiconductor sector presents a compelling investment opportunity, particularly through the Sci-Tech Chip ETF (588750), which emphasizes high-quality chip companies [10][13]. - The ETF's index is expected to show a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated 100% growth for the entire year [14].

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 0.73%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.371 yuan, reflecting a 0.73% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 36.55%, while its return over the past month has been -13.41% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up 0.89% - Cambricon (寒武纪) up 0.48% - Haiguang Information (海光信息) up 0.84% - Northern Huachuang (北方华创) up 1.38% - Lattice Semiconductor (澜起科技) up 2.37% - GigaDevice (兆易创新) up 3.25% - Zhongwei Company (中微公司) up 1.25% - OmniVision (豪威集团) up 0.50% - JCET (长电科技) up 1.11% - Unisoc (紫光国微) up 1.08% [1]

11月24日，中微公司盘中上涨2.01%，截至14:21，报272.37元/股，成交22.13亿元，换手率1.31%，总市 值1705.43亿元。 资金流向方面，主力资金净流入1.42亿元，特大单买入2.40亿元，占比10.83%，卖出1.80亿元，占比 8.13%；大单买入7.35亿元，占比33.20%，卖出6.52亿元，占比29.47%。 中微公司今年以来股价涨44.22%，近5个交易日跌5.82%，近20日跌7.79%，近60日涨26.21%。 中微公司所属申万行业为：电子-半导体-半导体设备。所属概念板块包括：沪自贸区、半导体设备、 MLED、融资融券、增持回购等。 截至9月30日，中微公司股东户数6.08万，较上期增加29.52%；人均流通股10301股，较上期减少 22.79%。2025年1月-9月，中微公司实现营业收入80.63亿元，同比增长46.40%；归母净利润12.11亿元， 同比增长32.66%。 分红方面，中微公司A股上市后累计派现4.96亿元。 资料显示，中微半导体设备(上海)股份有限公司位于上海市浦东新区金桥出口加工区(南区)泰华路188 号，成立日期2004年5月31日，上市日期 ...

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

Group 1 - The semiconductor equipment sector is experiencing a high growth phase, driven by dual benefits from domestic policies and increasing demand for mid-to-high-end equipment from large wafer fabs [3] - The semiconductor equipment ETF (561980) has seen significant inflows, with a net inflow of nearly 75 million yuan in a single day and a total of 3.77 billion yuan year-to-date, indicating strong investor interest [1] - The semiconductor equipment ETF has increased by 43.72% year-to-date, ranking third among 31 primary industries, only behind non-ferrous metals and communications [1] Group 2 - Capital expenditures for leading internet companies in China and the U.S. are expected to grow rapidly, with projections of $430.6 billion (+65%) in 2025 and $602 billion (+40%) in 2026, supporting future demand for computing chips [2] - The domestic storage manufacturers are expected to contribute significantly to wafer fab capital expenditures next year, which will drive demand for semiconductor equipment and materials [2] Group 3 - The semiconductor equipment sector is expected to maintain high growth rates over the next three years, driven by increased domestic production and demand, with a focus on enhancing localization rates [3] - The top ten constituents of the semiconductor equipment ETF account for over 78% of the index, focusing on key players in the chip industry chain [4]

Accessible version AMEC (A) Leading etching toolmaker; initiate at Buy on solid WFE demand and localization Initiating Coverage: BUY | PO: 352.00 CNY | Price: 289.20 CNY Leading etching tool maker in China; initiate at Buy We initiate coverage on AMEC, a leading semiconductor equipment company based in China, with Buy rating and price objective (PO) of CNY352 (22% upside potential). Our bullishness on the stock is based on 1) the robust wafer fabrication equipment (WFE) demand in China, esp. given a potenti ...

2025年10月，A股市场掀起了一场声势浩大的"减持潮"，仅一周时间内就有247家公司发布减持公告，创下年内最高纪录。 而9月刚刚过去三分之一时，已有 超过400家上市公司披露重要股东减持完成公告，累计套现金额高达190亿元。 产业资本正在AI狂欢中悄然撤退，内部人的减持动作比任何分析师报告都更直白地预示估值高点。 中微公司作为市值千亿的半导体设备龙头，最近一个月累计减持超过18.09亿元。 其第一大股东上海创业投资和第二大股东巽鑫（上海）投资在今年已经连 续三次减持，最近一次就在11月13日，单次减持626万股，市值超过16亿元。 山西汾酒这家山西省国资委旗下的千亿白酒龙头，尽管是唯二两家三季报增长的白酒企业之一，仍然被第二大股东华创鑫睿减持611万股，总减持金额超过 17亿元。 化工行业市值龙头万华化学也未能幸免，作为烟台国资委旗下、全球最大的MDI生产商，最近一个月被累计减持超过11亿元。 令人困惑的是，万华化学股 价已经从高位有所回落，在这个并不算高的位置遭遇减持，引发市场种种猜测。 风电行业领军企业金风科技同样遭遇减持，其第四大股东和谐健康保险连续减持，持股从4亿股降至2亿多股，最近一个月累计减持超 ...