曙光 scaleX640 重磅发布，国产算力加速突破 [Table_Industry] 电子元器件 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 段笑南(研究助理) | 021-38031382 | duanxiaonan@gtht.com | S0880124070028 | 本报告导读： 曙光 scaleX640 正式发布，实现万亿大模型训练推理性能 30-40%性能提升，或加速 国产算力芯片向训练场景突破。 投资要点： [Table_Report] 相关报告 电子元器件《打破内存墙限制，AI SSD 迎来广阔 成长空间》2025.10.27 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 [Table_Invest] 评级： 增持 [Table_Summary] 投资建议。根据中科曙光，其在 2025 年 11 月 6 日发布全球首个单 机柜级 640 卡超节点 scaleX640 ...

芯片50ETF（516920）业绩比较基准为中证芯片产业指数收益率，管理人为汇添富基金管理股份有限公 司，基金经理为何丽竹，成立（2021-07-27）以来回报为5.88%，近一个月回报为-5.62%。 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 11月7日，芯片50ETF（516920）开盘跌1.42%，报1.043元。芯片50ETF（516920）重仓股方面，中芯国 际开盘跌1.54%，寒武纪跌1.65%，海光信息跌2.38%，北方华创跌0.83%，澜起科技跌1.75%，兆易创新 跌1.99%，中微公司跌1.11%，豪威集团跌0.53%，芯原股份跌2.23%，长电科技跌1.13%。 ...

11月7日，科创ETF（588050）开盘跌1.15%，报1.457元。科创ETF（588050）重仓股方面，中芯国际开 盘跌1.54%，海光信息跌2.38%，寒武纪跌1.65%，澜起科技跌1.75%，中微公司跌1.11%，联影医疗跌 0.20%，金山办公跌0.85%，芯原股份跌2.23%，石头科技跌0.13%，传音控股跌0.54%。 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2.74%，近一个月回报为-3.88%。 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。 ...

流动性危机，一天解决。 隔夜，为了对美股救市，做出了三步动作。 两市成交量恢复到2万亿之上，比昨天多了1816亿。个股上涨2880家，涨停个股来到72只，赚钱效应确实不错。 第一步，9点15分钟最新公布的美国小非农ADP数据录得新增4.2万人，不多也不少，不至于多到美联储降低降息预期，不至于少到市场认为就业市场不 好，美国经济衰退。数据恰到好处。 第二步，9点29分，川子发表讲话安抚市场。表示因为政府停摆影响了股市，但是预计股市还会创新高。 第三步，川子提任的美联储理事米兰出来给市场打气，ADP就业数据令人惊喜，继续降息依然合理。 至此，三步完成，美股高开高走，美元、美债走强，黄金走强，一场危机迎刃而解。但是危机真正解除了吗？并不完全，这还要看接下来美股能否新高。 毕竟如今的华尔街都在讨论AI泡沫的问题，电影大空头的原型基金经理伯里，买入了100万股（1.86亿美元）英伟达看跌期权，以及500万股（9.12亿美 元）Palantir的看跌期权。 危机既然解除，A股今天多头有些迫不及待。毕竟已经连续调整了五个交易日，市场在早盘高开之后，持续高走。 值得注意的是，今天领头的是科创50。其中海光信息，有利好传来。据 ...

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index recovering the 4000-point mark, closing up 0.97% at 4007.76 points [1] - The Shenzhen Component Index rose 1.73%, and the ChiNext Index increased by 1.84% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan, an increase of 182.9 billion yuan compared to the previous day [1] Electronic Sector - Over 20 billion yuan of main funds flowed into the electronic sector, with the electronic ETF (515260) reaching a peak price increase of 3.45% during the day, ultimately closing up 3.3% [3][5] - The semiconductor chip market is experiencing a strong rally, particularly in Hong Kong stocks, with the first Hong Kong information technology ETF (159131) set to officially launch next week [1][3] - Key stocks in the electronic sector, such as Dongshan Precision, saw a limit-up increase, while other semiconductor leaders also posted significant gains [5][6] Chemical Sector - The chemical sector experienced a significant surge, with the chemical ETF (516020) closing up 2.65% [13] - The phosphorus chemical sector saw strong performance, with leading stocks like Xinfengming and Yuntianhua hitting the daily limit [13] - Recent data indicated a substantial inflow of funds into the basic chemical sector, with a net inflow of 105.93 billion yuan on the day and 270.4 billion yuan over the past five days [15][16] Investment Strategies - Analysts suggest a balanced allocation strategy in November, focusing on technology, cyclical sectors, and core asset industries due to potential market style rebalancing [2][3] - The electronic ETF (515260) and its linked funds are recommended for passive tracking of the electronic 50 index, which includes key sectors like AI chips and automotive electronics [7] - The chemical ETF (516020) is highlighted for its diversified exposure across various chemical sub-sectors, making it a suitable vehicle for investors looking to capitalize on the sector's growth [17]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300476 | 胜宏科技 | 5.97 | 5.31 | 162339.78 | | 002384 | 东山精密 | 10.00 | 7.43 | 106905.56 | | 688041 | 海光信息 | 7.96 | 1.81 | 94166.45 | | 001309 | 德明利 | 10.00 | 8.59 | 73440.86 | | 688981 | 中芯国际 | 4.23 | 3.66 | 68848.71 | | 300433 | 蓝思科技 | 9.60 | 3.02 | 67142.21 | | 601138 | 工业富联 | 1.30 | 0.87 | 51209.27 | | 688012 | 中微公司 | 4.26 | 3.06 | 36841.13 | | 600183 | 生益科技 | 1.77 | 1.81 | 30894.20 | | 688521 | 芯原股份 | 3.97 | 2.97 | 30209.40 | ...

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index returning above 4000 points, and the ChiNext Index rising nearly 2% [1] - The total trading volume of the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by stocks like Demingli hitting the daily limit [2] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing Co. reaching their daily limit [8] - The semiconductor sector saw significant gains, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [4] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances due to surging demand from data centers for DRAM, leading to supply shortages [5][6] - Samsung Electronics has suspended DDR5 contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, resulting in a 25% increase in DDR5 spot prices within a week [5][6] - Analysts predict that DDR5 spot prices may rise by 30% to 50% in the upcoming quarter due to these supply constraints [6] Phosphorus Industry Insights - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the non-renewable nature of phosphorus ore and increasing environmental regulations [10] - The recent price increase in yellow phosphorus is attributed to reduced production and recovering demand for electrolyte raw materials, with the yellow phosphorus spot price reaching 22,200 yuan per ton [9][10] AI Industry Chain Activity - The AI industry chain, particularly CPO concepts, saw renewed activity, with stocks like Yuanjie Technology and Dongtianwei achieving significant gains [11] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic expansion [12]

Core Viewpoint - The A-share market has returned to the 4000-point level, driven by significant gains in the semiconductor sector, particularly by companies like Cambrian and Haiguang Information, which have led to substantial increases in related ETFs [1][4]. Semiconductor Industry Performance - The semiconductor sector has experienced a broad-based surge, contributing over 40% to the Shanghai Composite Index, with key ETFs like E Fund Semiconductor Equipment ETF and STAR 50 ETF rising by 3.84% and 3.39% respectively [4]. - The semiconductor sector's rebound is attributed to several factors, including a significant short-term correction of 9%-10% since October 14, creating a demand for a rebound [4]. - The ongoing dynamics in the semiconductor industry, particularly the continuous price increases in memory chips, have fueled this surge [5][6]. Price Increases in Memory Chips - Following price hikes by major players like Samsung and SK Hynix, the prices of storage products, including DRAM and NAND, have been raised again, with HBM4 prices increasing by 50% compared to previous generations [6][7]. - The demand for storage chips from AI servers is reportedly eight times that of regular servers, leading to a supply-demand imbalance that is driving the current price increase cycle [9]. Financial Performance of Semiconductor Companies - Recent earnings reports from U.S. semiconductor companies, such as Arm and Qualcomm, have confirmed the industry's high growth potential, with Arm's second-quarter results exceeding analyst expectations and Qualcomm reporting a 10% year-over-year revenue increase [11]. Capital Movements in the Semiconductor Sector - Domestic semiconductor companies are actively pursuing capital operations, with IPO processes for firms like Muxi and Moore Threads advancing rapidly, and strategic investments from national funds being secured [12]. ETF Inflows and Market Trends - The E Fund Semiconductor Equipment ETF has seen a net inflow of 172 million yuan over the past 20 days, focusing on key areas of semiconductor equipment and materials, which are crucial for domestic substitution [12]. - The STAR 50 ETF, which tracks the STAR 50 Index with a 65.5% weight in semiconductors, has also attracted significant capital inflows, indicating strong investor interest in leading companies in the sector [14]. MSCI Index Adjustments - MSCI has announced the inclusion of 17 A-shares in its China Index, reflecting a net increase in stocks for the first time since February 2024, with many of the newly included stocks belonging to high-tech sectors such as semiconductors and AI [18].

今日早盘科技板块领涨，尤其是芯片、通信、消费电子、计算机设备等科技方向表现活跃，涨幅居 前，截至发稿，数字经济ETF富国（159385）盘中涨幅达4.01%，信创ETF富国（159538）盘中涨幅达 3.44%。其中数字经济ETF富国成分海光信息涨超10%，中科曙光涨幅超8%，盛科通信-U涨幅超7%。 （责任编辑：张晓波 ） 消息面催化密集，工信部启动2025年人工智能产业及赋能新型工业化创新任务揭榜挂帅，聚焦产业 底座、"AI + 制造" 等重点方向，推动AI与工业深度融合，赋能新型工业化。同时，国家发改委等五部 门发布相关行动计划，提出以产促城发展数字经济，通过数字技术改造闲置空间，打造数据创新创业载 体与产业、商务社区，双重政策从产业赋能与空间支撑维度，合力助推数字经济高质量发展。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 数字经济ETF富国（159385）紧密跟踪的是中证诚通国企数字经济指数 ...

11月6日，A股市场震荡上行，科创板领涨沪深两市，电力设备及新能源、有色金属、电子等板块涨幅靠前。截至10点30分，科创50ETF南方(588150.SH)涨 2.35%，海光信息涨7.05%。 国新证券观点来看，科创板的投资逻辑如下：首先，政策层面，国家持续推进科创扶持政策，外汇外贸便利化措施、央企战新基金510亿元募资落地等，为 科技产业提供增量资金及发展环境；其次，行业景气度上，科创50权重较大的电力设备及新能源、半导体等板块受益于全球能源转型及国产替代加速，国内 光伏逆变器、工业金属等高景气细分赛道表现活跃，科创企业盈利修复预期增强；再次，流动性方面，美联储降息周期下全球科技成长板块估值压制缓和， 叠加国内经济回升趋势明确，科创类资产弹性凸显。此外，市场风格上，国内权益市场量价齐升，科创板流动性持续改善，板块轮动中科技成长主线有望延 续强势。建议重点关注科创50ETF南方(588150.SH)，把握政策红利与产业趋势共振下的科创成长机遇。 1138 Roya Capa Canada 2012 Royal Canada Cara Cara Mark 2012 16 6 6 8 e of the 197 ...