Core Viewpoint - The 12nm process node, previously considered mature, is now gaining attention in the semiconductor industry due to its balance of performance, power consumption, and cost, making it a strategic choice for various applications, especially in edge AI and IoT devices [1][3][23] Group 1: Expansion of 12nm Applications - Numerous domestic and international companies are adopting 12nm technology across various sectors, including wearable devices, servers, smartphones, AI, and automotive applications [5][11] - Notable products include Unisoc's W527 platform for wearables, Loongson's 3C6000 server CPU, and various chips for AR/VR and industrial IoT [6][10][11] Group 2: Drivers Behind the Resurgence of 12nm - The shift towards edge computing and AI applications is driving demand for cost-effective solutions that 12nm can provide, as it strikes a balance between performance and cost [12][13] - Geopolitical factors are prompting companies to reassess their manufacturing processes, with 12nm being a safer choice that supports mainstream applications without being at the cutting edge [13][14] - The compatibility of 12nm with advanced packaging technologies allows for efficient system-level integration, making it attractive for modern chip designs [13][14] Group 3: Foundry Focus on 12nm - Major foundries like TSMC, UMC, and Intel are increasingly focusing on 12nm, with TSMC's 12nm FinFET Compact technology being a key offering [16][17] - UMC and Intel's collaboration on 12nm aims to address the growing demand in mobile communications and network infrastructure, highlighting the strategic importance of this node [18][19] - The partnership allows both companies to leverage their strengths, with Intel focusing on manufacturing and UMC on process development, catering to market needs while navigating geopolitical challenges [20][21][22] Group 4: Future Outlook for 12nm - The 12nm node is expected to play a crucial role in the evolution of edge AI, IoT, and automotive electronics, serving as a bridge between chip design and system solutions [23] - As advanced packaging and system-level optimizations continue to develop, 12nm may become increasingly central to the semiconductor ecosystem, supporting a wide range of applications [23]

Core Viewpoint - The recent surge in the AI-themed ETFs, particularly the Kexin Composite Index ETF managed by Harvest, was driven by a small transaction that caused a significant price increase, raising concerns about the impact of low trading volumes on market stability [1][4][6]. Group 1: ETF Performance - The Kexin Composite Index ETF managed by Harvest closed at 1.342 CNY per share, marking a 20.04% increase due to a single transaction of 134 CNY that triggered a trading halt [4][8]. - On July 25, multiple AI-related ETFs saw significant gains, with most rising over 4%, indicating a broader market interest in AI stocks [1][3]. Group 2: Market Dynamics - The small scale of the Kexin Composite Index ETF, with a total size of only 101 million CNY, contributed to its susceptibility to price fluctuations from minimal trading activity [5][6]. - Analysts noted that the price spike did not attract follow-up buying from other investors, suggesting that the market may stabilize in the following trading sessions [2][8]. Group 3: AI Sector Trends - The AI sector experienced a notable rebound on July 25, with significant gains in stocks like Cambrian and Aojie Technology, highlighting investor interest in AI-related companies [9]. - The World Artificial Intelligence Conference (WAIC), which commenced on July 26, was identified as a key catalyst for the recent uptick in AI stock prices, showcasing over 3,000 cutting-edge technology exhibits [10]. Group 4: Institutional Insights - Institutional investors have increased their holdings in the components of the AI industry, with a reported 3.73% market value share as of the end of Q2, reflecting a growing confidence in the sector's potential [11]. - Analysts predict that the demand for AI-related infrastructure, such as servers and data centers, will see explosive growth, positively impacting the financial performance of related companies in the coming quarters [11][12].

Core Viewpoint - The article discusses the rapid development of the index system in China, highlighting the increasing market recognition and the accelerating trend of index-based investment, particularly focusing on the Shanghai Stock Exchange's initiatives to educate investors about index investment [8]. Group 1: Index Development and Market Trends - The index system in China has been rapidly improved, leading to a growing acceptance of index-based investment strategies among investors [8]. - The Shanghai Stock Exchange, in collaboration with China Fund News and China Securities Index Company, has launched educational initiatives to help investors understand the key aspects of index investment [8]. Group 2: Private Enterprises in the Sci-Tech Board - As of June 2025, there are 3,478 listed private enterprises on the A-share market, accounting for nearly two-thirds of all listed companies, with 422 of them on the Sci-Tech Board, representing over 70% [10]. - The total market capitalization of private enterprises on the Sci-Tech Board is 3.5 trillion yuan, with total revenue of 0.9 trillion yuan, constituting 58.2% and 68.0% of the total for the Sci-Tech Board, respectively [10][11]. Group 3: R&D Investment and Innovation - The Sci-Tech Board aims to support high-level technological self-reliance, focusing on "hard technology" enterprises, with private enterprises' R&D investment reaching nearly 80 billion yuan in 2024, resulting in an R&D intensity of 8.9% [12]. - The private enterprise strategy index on the Sci-Tech Board selects 50 companies based on their R&D investment and profitability, providing a tool for investors to access high-quality private enterprises [14][16]. Group 4: Index Sample Characteristics - The sample space for the private enterprise strategy index includes all private enterprises listed on the Sci-Tech Board, excluding ST and *ST securities, with a focus on liquidity and market capitalization [15][16]. - As of July 10, 2025, the total market capitalization of the index samples ranges from 2.3 billion to 50 billion yuan, covering 18% of the Sci-Tech Board [21]. Group 5: Industry Distribution - The private enterprise strategy index emphasizes support for technology enterprises, with the top three industries being new generation information technology (55.2%), biomedicine (23.6%), and high-end equipment (9.9%) [23][25]. - The average R&D investment ratio for the index samples is significantly higher than the overall A-share market, with a median of 21.4% compared to 4.3% for the A-share market [25].

Core Viewpoint - Chip stocks experienced a significant rally in the afternoon, with several companies seeing substantial gains, indicating a positive trend in the semiconductor sector [1] Company Performance - Aishi Technology reached a 20% limit up, showcasing strong market interest [1] - Companies such as Cambricon, Saiwei Microelectronics, Aojie Technology, Hengxuan Technology, Qipai Technology, and Chipway Technology all saw their stock prices increase by over 5% [1] - Other companies including Lianang Microelectronics, Taiji Co., and Huahong Semiconductor also followed suit with notable gains [1]

21世纪经济报道记者 张赛男 上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 值此科创板开市六周年之际，21世纪经济报道特别邀请了10位科创板龙头企业高管，共话科创板，寄语 新未来。 海光信息（688041.SH）总经理 沙超群 正逢科创板开市6周年，海光信息也即将上市满3年。科创板为科技企业提供了一个更加开放、包容、高 效的资本市场环境，得益于科创板丰沃的投融资土壤以及政策工具箱，海光信息近年来不断在公司治理 能力、创新能力、竞争能力和经营能力上取得显著进展。 海光信息始终聚焦高端处理器业务并持续加大研发投入，已独立实现多代通用处理器CPU和人工智能加 速器DCU的自研及商用。基于卓越性能、主流生态、安全可靠、自主迭代等产品优势，海光芯片已广 泛应用于云计算、大 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Core Viewpoint - The technology and pharmaceutical sectors have shown significant performance in the first half of the year, with several thematic funds reporting substantial growth in both performance and scale [1][2]. Fund Performance and Scale Growth - The China Europe Digital Economy Mixed Fund saw its scale increase from less than 8 million shares at the end of Q1 to over 900 million shares by the end of Q2, representing a growth of over 10 times [2][4]. - The total subscription for the A and C classes of the China Europe Digital Economy Mixed Fund exceeded 800 million shares in Q2 [2][3]. - The China Europe Information Technology Mixed Fund also experienced significant growth, with total subscriptions exceeding 900 million shares and total scale surpassing 1 billion shares by the end of Q2, marking an increase of over 8 times from approximately 110 million shares at the end of Q1 [3][4]. - The China Europe Sci-Tech Theme Mixed Fund had total subscriptions exceeding 1.1 billion shares in Q2, with total scale exceeding 1.8 billion shares, more than doubling from the previous quarter [5][6]. Changes in Holdings - The substantial growth in fund scale is attributed to strong performance throughout the year, with notable changes in the top ten holdings of several funds [7]. - The China Europe Digital Economy Mixed Fund made significant changes to its top ten holdings, notably increasing its position in Xinyi Technology, which saw a surge in stock price following its half-year earnings forecast [7][9]. - The China Europe Information Technology Mixed Fund also saw Xinyi Technology become its second-largest holding [9][10]. Investment Focus - The fund manager of the China Europe Digital Economy Mixed Fund emphasized a focus on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [8]. - The manager indicated a systematic reduction in exposure to the robotics sector, awaiting a decisive breakthrough in technology before increasing positions again [8]. - The manager of the China Europe Sci-Tech Theme Mixed Fund highlighted the importance of understanding industry trends and company value amidst the volatility of technology investments [12].

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Group 1 - The stock of Aojie Technology (688220.SH) closed at 74.00 yuan, with a decline of 1.79%, currently in a state of breaking issue [1] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock price of 164.54 yuan per share and a total issuance of 41.83 million shares [1] - The company raised a total of 6.883 billion yuan from its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which was 4.166 billion yuan more than the original plan [1] Group 2 - The funds raised from the IPO are intended for various projects, including new communication chip design, smart IPC chip design, high-precision navigation solutions, research center construction, and working capital [1] - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting fees accounting for 310 million yuan [1] Group 3 - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony at the Shanghai Stock Exchange, officially changing its A-share name from "Guotai Junan" to "Guotai Haitong" while retaining the A-share code "601211" [2] - The name change signifies the completion of the merger and restructuring process between Guotai Junan and Haitong Securities [2]