Group 1 - The Sci-Tech Innovation Board (STAR Market) has been operational for six years, showcasing 589 companies with a total market value of 7.3 trillion yuan, contributing to China's industrial upgrade and technological self-reliance [2] - The STAR Market provides a more open, inclusive, and efficient capital market environment for technology companies, enhancing governance, innovation, competitiveness, and operational capabilities [5] - Companies have experienced significant growth in the chip market, supported by STAR Market reforms such as "K8" and "1+6," which strengthen regulatory incentives for resource optimization and technological collaboration [5][7] Group 2 - Listing on the STAR Market is a milestone for companies, providing ample funding for research and development in AI and robotics, thereby solidifying their leading positions in industrial automation [7] - The STAR Market's reforms have increased support for high-quality development of unprofitable companies, allowing firms like Baillie Tianheng to focus on innovative drug development in oncology [11] - The introduction of the STAR Market's growth tier and the revival of the fifth listing standard are crucial for supporting the development of technology-driven companies [13][17] Group 3 - The STAR Market serves as a "testbed" for capital market reforms, facilitating the growth of innovative companies and supporting the transition to high-quality economic development [17] - Companies like Tuojing Technology have benefited from the STAR Market, overcoming funding challenges and achieving profitability within the first year of listing [17] - The expectation is for the STAR Market to continue optimizing its support mechanisms for technology companies, enhancing funding channels and valuation guidance [11][17]

Core Viewpoint - The article celebrates the sixth anniversary of the Sci-Tech Innovation Board (STAR Market), highlighting its role as a "reform testbed" that has successfully integrated technology and capital, fostering a vibrant ecosystem for innovation in China [1][4]. Group 1: Development and Achievements - Over the past six years, the STAR Market has nurtured nearly 600 innovative companies, creating a robust ecosystem covering key sectors such as semiconductors, biomedicine, new energy, and artificial intelligence [4][8]. - The STAR Market has witnessed a significant transformation in China's industrial chain, evolving from "catching up" to "leading" in various sectors, with the STAR 50 Index reflecting this industrial upgrade [4][8]. - More than 60 companies on the STAR Market have launched globally innovative products, with 30% of companies having products or projects that are first-of-their-kind [8][20]. Group 2: Investment Opportunities - The growth of STAR Market-related ETFs has provided investors with efficient tools for participating in investment opportunities, enhancing market liquidity and activity [8][9]. - As of July 20, 2023, the total scale of STAR Market ETFs exceeded 260 billion yuan, accounting for about 9% of domestic A-share ETFs, indicating a strong interest in technology-themed investments [13][14]. - The article emphasizes the optimistic outlook for the technology growth sector in the A-share market, driven by advancements in artificial intelligence, innovative pharmaceuticals, and the overall recovery of market risk appetite [14][40]. Group 3: Future Prospects - The STAR Market is expected to cultivate more global industry leaders and witness original breakthroughs, particularly in the context of increasing global competition in technology [5][21]. - The introduction of the "1+6" reform policies is seen as timely, aligning with the emergence of strategic companies in key technology sectors, which may drive strong momentum for the STAR Market [21][37]. - The article suggests that the STAR Market will continue to deepen reforms and support the development of world-class Chinese technology companies, contributing to the country's goal of achieving high-level technological self-reliance [46][48].

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a significant platform for technology innovation and capital market reform in China, celebrating its sixth anniversary with 589 listed companies as of July 22, 2025 [1] Group 1: STAR Market Development - The STAR Market has continuously promoted institutional innovation and industrial upgrading, attracting global attention as a hub for "hard technology" enterprises [1] - Since its launch on July 22, 2019, the STAR Market has supported the listing of 25 initial companies, marking the beginning of its journey [1] Group 2: Company Perspectives - Haiguang Information has made significant progress in governance, innovation, competition, and operations, focusing on high-end processor business and increasing R&D investment [2] - The company has independently developed multiple generations of general-purpose CPUs and AI accelerators, achieving a leading market share in domestic high-end computing and intelligent computing sectors [2] - Baili Tianheng has benefited from the STAR Market's support for high-quality development of unprofitable enterprises, focusing on innovative drug development in oncology [4] - The company has initiated a fundraising plan for innovative drug R&D, aiming to expand its product pipeline and commercialize more products [4] - Tuojing Technology has experienced accelerated growth post-listing, achieving profitability in its first year and expanding its production scale in semiconductor equipment [6] - Zhongkong Technology has leveraged capital market support for R&D in AI and robotics, enhancing its governance structure and operational efficiency [7] - Zexin Pharmaceutical has successfully launched three new drug products and established a competitive product pipeline, benefiting from STAR Market policies [9] - Hehui Optoelectronics has recognized the STAR Market's reforms as a significant boost to its innovation capabilities and market adaptability [10] Group 3: Policy Impact - The introduction of the "1+6" policy measures aims to enhance the STAR Market's support for technology innovation enterprises, addressing core pain points and growth patterns [10][12] - The establishment of the Sci-Tech Growth Layer provides a dedicated capital channel for high-potential, non-profitable enterprises, facilitating their transition through the "valley of death" [11] - The reforms emphasize long-term value assessment based on technological advancement and market potential, rather than short-term profitability [12] - The STAR Market is expected to cultivate globally competitive technology leaders, contributing to high-quality economic development in China [12][14]

| 688658 | 悦康 | 20422.41 | 20.16 | 131.54 | 3.44 | 2.96 | | --- | --- | --- | --- | --- | --- | --- | | | 药业 | | | | | | | | 成都 | | | | | | | 688222 | | 39440.78 | 20.02 | 11.02 | 22.12 | 6.38 | | | 先导 | | | | | | | 688379 | 华光 | 10638.86 | 19.31 | 0.00 | | -4.79 | | | 新材 | | | | | | | 688319 | 欧林 | 22604.76 | 18.38 | 0.00 | | 4.49 | | | 生物 | | | | | | | 688552 | 航天 | 24220.26 | 18.32 | 0.00 | | -0.79 | | | 南湖 | | | | | | | | 德龙 | | | | | | | 688170 | 激光 | 8805.98 | 18.14 | 0.00 | | 2.01 | | | 影石 | | | | | ...

Summary of China AI Chip Market Conference Call Industry Overview - The conference focused on the **China AI chip sector**, particularly the dynamics of **supply and demand** in light of recent U.S. export controls affecting companies like Nvidia and AMD [2][12][19]. Key Points and Arguments 1. **Demand and Supply Dynamics**: - Demand for AI chips in China is projected to remain strong, with an estimated **$39.5 billion** demand in **CY25**, of which **37%** is expected to come from domestic vendors [3][12]. - Despite the resumption of Nvidia's H20 chip sales, supply constraints are anticipated to persist, leading to a projected **$2.5 billion** supply shortage in CY25, down from an initial estimate of **$12.6 billion** [3][12]. 2. **Impact of Nvidia's H20 Sales Resumption**: - The resumption of H20 sales is expected to benefit local cloud service providers (CSPs) such as **Bytedance, Alibaba, Tencent, and Baidu**, which together account for over **80%** of H20 chip demand in 2024 [4][19]. - The new **B30 chip** is anticipated to contribute an additional **$2.8 billion** in sales, with shipments starting in September 2025 [3][12]. 3. **Domestic Vendor Growth**: - Domestic AI chip vendors are projected to increase their market share significantly, reaching **55% self-sufficiency** by 2027, driven by advancements in local chip performance and production capacity [5][19]. - The localization ratio of China's AI chip market is expected to surge from **17% in 2023 to 55% by 2027** [5][19]. 4. **Investment Trends**: - Total AI capital expenditure in China is projected to reach **RMB 655 billion (USD 91 billion)** in 2025, with more than half allocated to AI chip purchases [35][48]. - Major internet companies are significantly increasing their investments in AI infrastructure, with **ByteDance** allocating **150 billion yuan (USD 20.6 billion)** and **Alibaba** committing **380 billion yuan (USD 53 billion)** over three years [39][40]. 5. **Competitive Landscape**: - The competitive landscape for AI chips in China is fragmented, with significant participation from both global and domestic vendors [58][60]. - Nvidia is expected to maintain a **54% market share** in 2025, down from **66%** in 2024, while domestic players like Huawei are projected to increase their share to **28%** [63][64]. Other Important Insights - The U.S. export controls have created opportunities for domestic vendors as they are not competing with the most advanced global alternatives [5][19]. - The government is heavily investing in AI infrastructure, indicating a strategic prioritization of AI as a national competitive advantage [36][39]. - The AI chip market in China is expected to double in size by 2025, with significant growth in both local and global suppliers [64][68]. This summary encapsulates the critical insights from the conference call regarding the dynamics of the China AI chip market, highlighting the interplay between demand, supply, and the competitive landscape amidst regulatory changes.

Group 1 - The Sci-Tech Innovation Board (STAR Market) has achieved significant milestones in its six years of operation, serving as a "testing ground" for capital market reforms and supporting the development of hard technology enterprises [2][4][11] - The recent implementation of the "1+6" reform measures, including the establishment of a growth tier and the reintroduction of the fifth listing standard, aims to enhance inclusivity for unprofitable tech companies and optimize the review process [2][3][11] - The STAR Market has successfully attracted a diverse range of companies, with over 589 listed firms, primarily in emerging industries such as information technology, biomedicine, and high-end equipment manufacturing [6][10] Group 2 - The STAR Market's inclusive system design has lowered the barriers for hard technology companies to access capital markets, allowing for a more flexible listing standard [3][6][12] - The introduction of strategic and professional institutional investors has improved the value discovery capabilities of the capital market, further supporting the growth of innovative companies [3][6] - Companies like Haiguang Information and Zhongkong Technology have reported significant advancements in governance, innovation, and market presence, attributing their success to the supportive environment provided by the STAR Market [7][8] Group 3 - The STAR Market is expected to continue evolving, with a focus on fostering high-quality development and supporting the transformation of the economy through technological innovation [4][5][11] - The board's reforms are anticipated to create a more favorable environment for long-term research and development investments, particularly for companies in the pharmaceutical and semiconductor sectors [10][12] - The STAR Market's role as a platform for showcasing innovation has enhanced the visibility and international influence of listed companies, contributing to their growth and market share expansion [8][10]

从中证科创创业半导体指数持仓样本的行业来看，集成电路设计占比57.35%、半导体设备占比 15.58%、集成电路制造占比15.37%、半导体材料占比7.43%、分立器件占比4.28%。 据了解，中证科创创业半导体指数从科创板和创业板中选取50只市值较大的半导体材料与设备、集成电 路、分立器件等半导体领域的上市公司证券作为指数样本，反映上述板块中半导体领域上市公司证券的 整体表现。该指数以2019年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本数量比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数 样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进 行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理， 参照计算与维护细则处理。 金融界7月21日消息，上证指数高开高走，中证科创创业半导体指数 (科创创业半导体，932448)报 1711.78点。 从指数持仓来看，中证科创创业半导体指数十大权重分别为：中芯国 ...

金十图示：2025年07月21日（周一）富时中国A50指数成分股今日收盘行情一览：银行板块全天表现低迷，能源、汽车板块集体 收涨 富时中国A50指数连续 -0.03(-0.53%) +0.04(+0.47%) -0.08(-0.68%) 光大银行 2522.95亿市值 6.05亿成交额 4.27 -0.03(-0.70%) 保险 中国太保 中国平安 中国人保 帆 3723.66亿市值 3526.82亿市值 10414.43亿市值 15.20亿成交额 26.71亿成交额 5.53亿成交额 36.66 57.19 8.42 -0.43(-1.16%) +0.12(+0.21%) +0.03(+0.36%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18126.93亿市值 2199.47亿市值 4757.30亿市值 37.80亿成交额 23.04亿成交额 16.64亿成交额 180.29 1443.00 122.56 +6.00(+0.42%) -1.22(-0.99%) -0.81(-0.45%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2309.49亿市值 2434.80亿市值 3176.67亿市值 1 ...

Market Overview - The FTSE China A50 Index showed mixed performance with banks and insurance sectors declining, while energy and automotive sectors mostly advanced [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 252.295 billion with a trading volume of 391 million, experiencing a slight decline of 0.03 (-0.70%) [3]. Insurance Sector - Key insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of 369.27 billion, 349.31 billion, and 1,037.255 billion respectively, with trading volumes of 1.066 billion, 1.782 billion, and 0.345 billion. They experienced declines of 0.78 (-2.10%), 0.11 (-0.19%), and 0.04 (-0.48%) [3]. Alcohol Industry - Leading companies in the alcohol sector, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,811.450 billion, 218.056 billion, and 475.070 billion respectively, with trading volumes of 2.287 billion, 1.577 billion, and 0.913 billion. Kweichow Moutai saw a slight increase of 5.01 (+0.35%), while the others faced declines [3]. Semiconductor Sector - Notable semiconductor firms like North Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 231.057 billion, 244.680 billion, and 317.063 billion respectively, with trading volumes of 1.070 billion, 2.435 billion, and 1.138 billion. North Huachuang experienced a decline of 4.99 (-1.53%) [3]. Oil Industry - Major players in the oil sector, including Sinopec, PetroChina, and China Railway, had market capitalizations of 273.495 billion, 715.347 billion, and 1,634.377 billion respectively, with trading volumes of 0.732 billion, 0.426 billion, and 0.427 billion. Sinopec saw an increase of 0.08 (+1.37%) [3]. Coal Industry - Companies like Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 749.639 billion and 189.440 billion respectively, with trading volumes of 0.536 billion and 0.911 billion. Shenhua Energy reported an increase of 0.33 (+0.88%) [3]. Automotive Sector - BYD, a leading automotive manufacturer, had a market capitalization of 1,827.526 billion with a trading volume of 2.984 billion, experiencing an increase of 3.49 (+1.06%) [3]. Securities Sector - Major securities firms such as CITIC Securities and Guotai Junan reported market capitalizations of 425.350 billion and 347.129 billion respectively, with trading volumes of 2.668 billion and 1.636 billion. CITIC Securities saw an increase of 0.36 (+1.27%) [4]. Consumer Electronics - Companies like Hon Hai Precision Industry and Luxshare Precision reported market capitalizations of 534.617 billion and 276.157 billion respectively, with trading volumes of 1.553 billion and 2.572 billion. Hon Hai experienced a decline of 0.19 (-0.70%) [4]. Home Appliances - Leading home appliance firms such as Haier Smart Home and Gree Electric Appliances had market capitalizations of 266.739 billion and 243.580 billion respectively, with trading volumes of 0.713 billion and 0.309 billion. Haier reported a decline of 0.26 (-0.54%) [4]. Pharmaceutical Sector - Major pharmaceutical companies like Heng Rui Medicine and Muyuan Foods had market capitalizations of 255.221 billion and 384.958 billion respectively, with trading volumes of 1.833 billion and 1.230 billion. Heng Rui experienced a decline of 0.76 (-1.29%) [4].