Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

科创芯片ETF汇添富（588750）业绩比较基准为上证科创板芯片指数收益率，管理人为汇添富基金管理 股份有限公司，基金经理为孙浩，成立（2024-12-18）以来回报为78.76%，近一个月回报为1.72%。 来源：新浪基金∞工作室 2月13日，科创芯片ETF汇添富（588750）开盘跌0.95%，报1.771元。科创芯片ETF汇添富（588750）重 仓股方面，中芯国际开盘跌0.30%，海光信息跌0.89%，寒武纪跌1.12%，澜起科技跌0.78%，中微公司 跌0.63%，拓荆科技跌0.34%，芯原股份跌2.78%，华虹公司跌0.73%，沪硅产业跌0.15%，东芯股份跌 0.80%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor materials industry Core Insights - The global semiconductor materials market is characterized by "long-term growth and cyclical fluctuations," with the market size expected to grow from $27.5 billion in 2000 to $67.47 billion by 2024, driven by the demand for advanced semiconductor materials in various high-tech applications [3][5] - China's semiconductor materials industry has made significant progress in mid-to-low-end products but still relies heavily on imports for high-end materials, indicating a substantial opportunity for domestic production and technological breakthroughs [1][10] - The report emphasizes the need for a dual approach of technological breakthroughs and ecosystem building to drive the development of the semiconductor materials industry, supported by government policies and strategic collaborations [1][23] Industry Overview - Semiconductor materials are critical strategic materials for the semiconductor industry, with the market experiencing long-term growth and cyclical fluctuations due to factors such as industry cycles and end-user demand [2][3] - The market structure is shifting as the industry chain relocates and domestic production increases, with China rapidly expanding its market share driven by local demand and government policies [5][10] - The report highlights the significant market concentration in the semiconductor materials sector, with a few leading companies dominating the market [10] Industry Bottlenecks - Despite achieving local supply capabilities in mid-to-low-end products, China still faces challenges in high-end semiconductor materials, which remain heavily reliant on imports [10][13] - Key areas such as silicon wafers, electronic specialty gases, and photoresists are identified as critical segments where domestic production is lagging behind, with high-end products still largely imported [13][18][21] - The report notes that the domestic supply of electronic specialty gases is weak, with an overall localization rate of about 15% expected in 2024, indicating a significant gap in high-end product capabilities [16] Path to Breakthrough - The semiconductor materials industry must focus on technological advancements and ecosystem development, emphasizing collaboration between academia, research institutions, and leading enterprises to address core technological challenges [23][24] - Establishing a robust and efficient results transformation chain is crucial, with a focus on concept validation, pilot testing, and mass production to enhance the commercialization of technological innovations [24][25] - The report advocates for a self-sufficient and sustainable industry ecosystem, extending upstream to secure high-purity raw materials and key equipment while deepening collaboration with downstream chip design and manufacturing companies [25] Policy Empowerment - National policies are increasingly directing the industry towards key areas, with a focus on advanced semiconductor materials as a strategic priority [26][27] - The establishment of pilot platforms for new materials is highlighted as a key initiative to support the industry's development, with plans to create approximately 300 local pilot platforms by 2027 [28] - Financial policies are also being implemented to support innovation and market transformation in the new materials sector, including insurance compensation for high-risk areas [29] Future Outlook - The semiconductor materials industry is expected to evolve towards a high-quality development phase, balancing quality and safety while fostering collaboration between domestic and international players [34] - The focus will shift from isolated breakthroughs to collaborative ecosystems, with an emphasis on meeting the increasing demands for material purity, performance, and stability from downstream applications [34]

声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月12日，截止午间收盘，半导体设备ETF华夏（562590）跌0.11%，报1.897元，成交额7136.72万元。 半导体设备ETF华夏（562590）重仓股方面，北方华创截止午盘跌0.59%，中微公司跌1.63%，拓荆科技 跌1.83%，长川科技涨0.22%，沪硅产业跌0.19%，华海清科涨0.33%，中科飞测跌0.33%，南大光电涨 0.13%，安集科技跌0.73%，芯源微涨0.77%。 半导体设备ETF华夏（562590）业绩比较基准为中证半导体材料设备主题指数收益率，管理人为华夏基 金管理有限公司，基金经理为单宽之，成立（2023-10-09）以来回报为89.93%，近一个月回报为 0.38%。 ...

半导体设备ETF华夏（562590）业绩比较基准为中证半导体材料设备主题指数收益率，管理人为华夏基 金管理有限公司，基金经理为单宽之，成立（2023-10-09）以来回报为92.01%，近一个月回报为 1.48%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月10日，截止午间收盘，半导体设备ETF华夏（562590）跌0.83%，报1.904元，成交额6419.00万元。 半导体设备ETF华夏（562590）重仓股方面，北方华创截止午盘跌0.70%，中微公司跌1.36%，拓荆科技 跌0.82%，长川科技跌3.57%，沪硅产业跌0.62%，华海清科跌0.84%，中科飞测跌3.71%，南大光电涨 1.92%，安集科技跌0.71%，芯源微涨1.13%。 来源：新浪基金∞工作室 ...

2月8日晚间，一则来自上海证券交易所的公告，再度将半导体行业推至资本市场的聚光灯下。国内 现场可编程门阵列（FPGA）芯片领先企业安路科技发布公告称，公司股东国家集成电路产业投资基金 （以下简称"国家大基金"）等多名股东计划合计减持不超过公司总股本4%的股份。其中，国家大基金 拟减持不超过802万股，占总股本比例不超过2%。 事实上，这只是近期国家大基金系列减持动作中的最新一例。此前数日，沪硅产业、慧智微、泰凌 微等半导体产业链企业已相继披露了国家大基金或其二期基金的减持进展或计划。这一系列密集的资本 运作，引发了市场对国家大基金动向的关注。 "对于市场和投资者而言，面对产业资本的正常进退，需要的是多一份理性。"业内人士表示，近期 国家大基金在安路科技、沪硅产业等公司上的减持操作，不应被简单视为利空信号，而应被解读为中国 半导体产业在国家战略资本牵引下，步入了一个更加成熟、自信发展新阶段的标志性现象。 要理解国家大基金近期的减持行为，首先就要认识国家大基金的性质与使命。国家大基金不是普通 的财务投资者，而是国家为破解集成电路产业"卡脖子"难题、推动产业跨越式发展而设立的专项战略投 资基金。 具体来看，国家大基 ...

开年以来，国家集成电路产业投资基金（下称"国家大基金"）在半导体板块的减持动作持续受到市场关 注。2月8日晚间，安路科技（688107.SH）发布公告称，股东大基金一期拟在未来三个月内减持不超过 公司总股本的2%。这已是安路科技自2025年以来第三次迎来大基金的减持计划。 与此同时，沪硅产业 （688126.SH）、泰凌微（688591.SH）、慧智微（688512.SH）等多家半导体公司也在近期相继披露了 大基金的最新减持进展或计划。从已公布的信息来看，大基金一期、二期均有减持操作，涉及公司多为 已上市多年的半导体产业链企业。 尽管短期内减持动作频繁，但业内普遍认为，这是大基金作为产业 投资基金的正常投资退出行为，长期陪伴产业成长、助力国产替代的战略方向并未改变。（第一财经） ...

开年以来，国家集成电路产业投资基金（下称"国家大基金"）在半导体板块的减持动作持续受到市场关 注。2月8日晚间，安路科技（688107.SH）发布公告称，股东大基金一期拟在未来三个月内减持不超过 公司总股本的2%。这已是安路科技自2025年以来第三次迎来大基金的减持计划。 与此同时，沪硅产业（688126.SH）、泰凌微（688591.SH）、慧智微（688512.SH）等多家半导体公司 也在近期相继披露了大基金的最新减持进展或计划。从已公布的信息来看，大基金一期、二期均有减持 操作，涉及公司多为已上市多年的半导体产业链企业。 尽管短期内减持动作频繁，但业内普遍认为，这是大基金作为产业投资基金的正常投资退出行为，长期 陪伴产业成长、助力国产替代的战略方向并未改变。 大基金多次减持安路科技、沪硅产业 在近期公告大基金减持计划或减持进展的半导体上市公司中，沪硅产业与安路科技都是在近半个月内迎 来二度减持。 截至公告日，大基金一期持有安路科技2295.45万股股份，占公司总股本的5.73%，均为IPO前取得。此 次减持计划显示，大基金拟在公告披露之日起15个交易日后的3个月内，通过集中竞价或大宗交易方式 减持不超过 ...

春节前夕，半导体板块的公告栏显得颇为繁忙，主角之一正是国家大基金。 2月8日晚间，安路科技发布公告，除国家大基金外，深圳思齐、士兰创投、士兰微等股东也同步披露了 减持计划，各方合计拟减持比例高达4%。其中，国家大基金目前持有安路科技5.73%的股份，此次拟减 持不超过2%。对于减持原因，公告表示，减持系股东"自身经营管理需要"。值得一提的是，安路科技 同日发布的2025年业绩预告显示，公司预计年度营收同比下滑，净利润持续亏损，但同时透露自第二季 度起已呈现逐季环比增长的复苏态势。公司近期还出台了一份不超过12.62亿元的定增预案，旨在投向 先进工艺平台芯片研发等项目。 2月8日晚间，一则来自上海证券交易所的公告，再度将半导体行业推至资本市场的聚光灯下。国内 FPGA芯片领先企业安路科技发布公告称，公司股东国家集成电路产业投资基金（以下简称"国家大基 金"）等多名股东计划合计减持不超过公司总股本4%的股份。其中，国家大基金拟减持不超过802万 股，占总股本比例不超过2%。 事实上，这只是近期国家大基金系列减持动作中的最新一例。此前数日，沪硅产业、慧智微、泰凌微等 半导体产业链企业已相继披露了国家大基金或其二期基 ...

科创芯片ETF基金（588290）业绩比较基准为上证科创板芯片指数收益率，管理人为华安基金管理有限 公司，基金经理为刘璇子，成立（2022-09-30）以来回报为148.63%，近一个月回报为1.57%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月9日，科创芯片ETF基金（588290）开盘涨2.37%，报2.545元。科创芯片ETF基金（588290）重仓股 方面，中芯国际开盘涨1.86%，海光信息涨3.43%，寒武纪涨2.22%，澜起科技涨4.49%，中微公司涨 1.62%，拓荆科技涨1.72%，芯原股份涨4.33%，华虹公司涨3.64%，沪硅产业跌0.77%，东芯股份涨 1.29%。 ...