芯片龙头ETF（516640）业绩比较基准为中证芯片产业指数收益率，管理人为富国基金管理有限公司， 基金经理为张圣贤，成立（2021-08-19）以来回报为16.12%，近一个月回报为-0.70%。 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，芯片龙头ETF（516640）开盘涨0.60%，报1.169元。芯片龙头ETF（516640）重仓股方面，寒 武纪开盘涨0.10%，中芯国际涨0.47%，海光信息涨1.96%，北方华创涨0.53%，兆易创新涨2.08%，澜起 科技涨1.05%，中微公司涨0.62%，豪威集团涨0.03%，紫光国微涨0.13%，拓荆科技涨0.89%。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened with a slight increase of 0.27% at 1.132 yuan [1] - The major holdings of the Chip ETF include companies such as Cambricon, which rose by 0.10%, SMIC by 0.47%, and Haiguang Information by 1.96% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Huatai Fu Fund Management Co., Ltd., with a return of 12.94% since its inception on July 27, 2021, and a recent one-month return of -0.72% [1]

Group 1 - The core point of the article highlights the performance of the Chip ETF (159995), which opened with a gain of 0.68% at 1.913 yuan on February 12 [1] - The major holdings of the Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 0.47%, 1.96%, and 0.10% [1] - The performance benchmark for the Chip ETF is the National Securities Semiconductor Chip Index return, managed by Huaxia Fund Management Co., with a return of 89.97% since its inception on January 20, 2020, and a near-term return of -0.05% over the past month [1]

Core Insights - Zhipu AI has launched and open-sourced GLM-5, with multiple domestic chip manufacturers completing Day-0 adaptation for the model, ensuring compatibility and stable operation from the first day of release [1][2] Group 1: GLM-5 Launch and Adaptation - Zhipu AI's GLM-5 has been adapted by major domestic chip platforms including Huawei Ascend, Moore Threads, Cambricon, Kunlun, Muxi, Suiruan, and Haiguang, achieving high throughput and low latency on domestic computing clusters [2] - Haiguang's DCU team collaborated closely with Zhipu AI to optimize the underlying operators and hardware acceleration, enabling GLM-5 to run stably on Haiguang DCU with high throughput and low latency [1] - Moore Threads completed full-process adaptation and verification on its flagship AI training and inference GPU MTT S5000, leveraging its MUSA architecture to enhance model inference performance while reducing memory usage [1] Group 2: Model Performance and Features - GLM-5 has expanded its parameter scale from 355 billion (activated 32 billion) to 744 billion (activated 40 billion) and increased pre-training data from 23 terabytes to 28.5 terabytes, significantly enhancing its general intelligence capabilities [2] - The model incorporates a new "Slime" asynchronous reinforcement learning framework, supporting larger model scales and more complex tasks, and utilizes DeepSeek Sparse Attention to maintain long text performance while reducing deployment costs and improving token efficiency [2] - A month prior, Zhipu AI released the GLM-Image model, which employs a hybrid architecture of autoregressive and diffusion decoders, marking a significant exploration in cognitive generative technology [2]

Group 1 - The semiconductor ETF (159813) opened with a gain of 0.57%, priced at 1.225 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC up 0.47% - Haiguang Information up 1.96% - Cambrian up 0.10% - North Huachuang up 0.53% - Zhaoyi Innovation up 2.08% - Zhongwei Company up 0.62% - Lanke Technology up 1.05% - OmniVision up 0.03% - Tuojing Technology up 0.89% - Changdian Technology up 0.67% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has achieved a return of 82.59% [1] - The ETF has experienced a slight decline of 0.02% over the past month [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The computer sector experienced a significant decline of 3.53% last week, ranking 29th among major industries, with a trading volume accounting for 6.50% of the total market [2][4] - The recent surge in demand for AI applications has highlighted a shortage of computing power, prompting major AI companies like Alibaba to increase their procurement of computing resources [6][45] - Key recommendations include focusing on domestic computing chip manufacturers, particularly industry leaders like Cambricon and Haiguang Information, as well as companies involved in computing power leasing and IDC [6][45] Summary by Sections Market Performance - The computer sector's performance was notably poor, with a 3.53% drop, while the overall market index fell by 1.27% [4][14] - Active sectors included cybersecurity and financial IT, with notable stock performances from companies like High凌信息 and 御银股份 [16] Key Developments - ByteDance launched its latest video model, Seedance 2.0, which supports video generation from text and images, marking a significant advancement in AI video technology [19][21] - Breakthroughs in quantum networking were achieved by researchers at the University of Science and Technology of China, enabling long-distance quantum communication [26][35] - The initiation of national standards for intelligent connected infrastructure is expected to accelerate the development of smart transportation systems [36][43] Investment Opportunities - The report emphasizes the investment potential in computing infrastructure due to the recent surge in demand highlighted by the 千问 app's promotional activities, which led to system outages due to overwhelming user traffic [6][45] - The ongoing competition among major tech firms during the Spring Festival is expected to further drive the demand for computing resources [49][53]

Core Viewpoint - The semiconductor industry chain places chip design at the top, recognized for its high R&D investment, high gross margins, and light asset operation, making it the segment with the highest added value in the industry. The E Fund Sci-Tech Chip Design ETF (589030) serves as a standardized observation tool to effectively monitor fluctuations in this segment [1]. Group 1: Index Characteristics - The E Fund Sci-Tech Chip Design ETF (589030) closely tracks the Shanghai Stock Exchange Sci-Tech Board Chip Design Theme Index, which has a high "purity" as it exclusively selects listed companies in the semiconductor design sector from the Sci-Tech Board, excluding heavy asset wafer manufacturing and backend testing [2]. - Digital chip design and analog chip design are the top two weighted industries in the index, together accounting for over 90%, allowing the index to accurately reflect the overall prosperity of the chip design segment without being affected by manufacturing capital expenditure fluctuations [2]. Group 2: Component Stock Overview - The ETF's holdings include several core enterprises in the domestic semiconductor field, with the top ten component stocks being: - Lanqi Technology - Haiguang Information - Chipone Technology - Cambricon - Baiwei Storage - Ruichuang Micro-Nano - Dongxin Technology - Loongson Technology - Zhenlei Technology - Fudan Microelectronics [3]. - The business distribution focuses on three main areas: - Computing and calculation chips, such as Haiguang Information and Cambricon, which are crucial for domestic computing infrastructure [4]. - Memory interface and storage logic, including Lanqi Technology (memory interface chips) and Baiwei Storage (storage devices) [5]. - Analog chips, such as Ruichuang Micro-Nano (infrared detectors) and Zhenlei Technology (RF chips), applicable in various industrial and consumer electronics scenarios [6]. Group 3: Market Insights - Recent reports from major brokerages highlight structural recovery opportunities in the semiconductor industry, with the chip design segment identified as a direction where performance elasticity is expected to be realized first [7]. - In the storage sector, Guosheng Securities notes that under the backdrop of original manufacturers reducing production and supply-demand tightness, module manufacturers with stable, high-quality particle supply are likely to benefit significantly from the AI era's supply-demand tightness, price increases, and domestic production upgrades [8]. - CITIC Securities emphasizes that "self-control and AI computing power" will be the absolute main line throughout 2026, indicating that the domestic computing power industry chain is transitioning from "point breakthroughs to systematic reconstruction" [9]. Group 4: Industry Tool Attributes - For observers focused on semiconductor industry logic, tracking the performance of the E Fund Sci-Tech Chip Design ETF (589030) provides a direct reflection of market recognition of valuation fluctuations in the chip design segment. This index tool, focusing on the upstream high-value-added segment, offers a precise "slice" for analyzing the trends of hard technology on the Sci-Tech Board [11]. - As of February 11, 2026, the index achieved a 69.47% increase over the statistical period, significantly reflecting the high elasticity characteristics of the chip design segment during industry upcycles [12].

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - The computer sector experienced a significant decline of 3.53% last week, ranking 29th among major industries, with a trading volume accounting for 6.50% of the total market [2][5][16] - The recent surge in demand for AI applications has highlighted a growing gap in computing power, prompting major AI companies like Alibaba to increase their procurement of computing resources [7][48] - Key recommendations include focusing on domestic computing chip manufacturers, particularly industry leaders like Cambricon and Haiguang Information, as well as companies involved in computing power leasing and IDC [7][48] Summary by Sections Market Performance - The computer sector's performance was notably poor, with a 3.53% drop, while the overall market index fell by 1.27% [5][16] - Cybersecurity and financial IT sectors showed activity, with notable stock performances from companies like High Ling Information and Yu Yin Co., Ltd. [18] Key Developments - ByteDance launched its latest video model, Seedance 2.0, which supports video generation from text and images, marking a significant advancement in AI video technology [21][23] - Breakthroughs in scalable quantum networks were achieved by researchers at the University of Science and Technology of China, enhancing the potential for long-distance quantum communication [26][34] - The initiation of national standards for intelligent connected infrastructure is expected to accelerate the development of smart transportation systems [37][43] Investment Opportunities - The report emphasizes investment opportunities in computing infrastructure, particularly in response to the recent server outages caused by high demand during promotional events [7][48] - The anticipated increase in computing power demand during the Spring Festival period is expected to drive further investments in computing resources by major tech companies [51][56]

Content: --------- <doc id='2'>金 融 工 程 研 究 证 券 研 究 报 告 融 资 融 券 周 报</doc> <doc id='9'>1. 市场数据概览 上周（2 月 4 日-2 月 10 日）A 股市场主要指数多数上涨，其中上证 50 涨幅最大， 上涨了 1.74%；创业板指跌幅最大，下跌了 0.13%。此外，上证综指上涨 1.49%， 深证成指上涨 0.59%，科创 50 上涨 0.03%，沪深 300 上涨 1.38%，中证 500 上 涨 0.24%。</doc> <doc id='10'>表 1：A 股市场主要指数上周表现 | 指数名称 | 2 月 3 日收盘价 | 2 月 10 日收盘价 | 周涨跌幅(%) | | --- | --- | --- | --- | | 上证综指 | 4067.74 | 4128.37 | 1.49 | | 深证成指 | 14127.11 | 14210.63 | 0.59 | | 创业板指 | 3324.89 | 3320.54 | -0.13 | | 科创 50 | 1471.07 | 1471.50 | 0.03 | | 沪深 300 | 4660.11 | 4724.30 | 1.38 | | 上证 50 | 3034.58 | 3087.41 | 1.74 | | 中证 500 | 8286.70 | 8306.44 | 0.24 | 资料来源：同花顺，渤海证券研究所 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例</doc> <doc id='12'>资料来源：同花顺，渤海证券研究所 2 月 10 日，沪深两市两融余额为 26,517.83 亿元，较上周减少 459.93 亿元。其 中融资余额为 26,350.49 亿元，较上周减少 460.03 亿元；融券余额为 167.34 亿 元，较上周增加 0.10 亿元。</doc> <doc id='13'>表 2：三市融资融券余额 | 日期 | 沪深京三市余额 | 沪深两市余额 | 沪市余额 | 深市余额 | 京市余额 | 融资余额 | 融券余额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | （亿元） | | 2026-02-04 | 26,928.72 | 26,841.25 | 13,598.65 | 13,242.60 | 87.47 | 26,671.51 | 169.74 | | 2026-02-05 | 26,808.60 | 26,721.87 | 13,547.70 | 13,174.17 | 86.73 | 26,553.94 | 167.93 |</doc> <doc id='15'>| 2026-02-06 | 26,636.60 | 26,549.98 | 13,470.36 | 13,079.62 | 86.62 | 26,383.84 | 166.14 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 26,644.00 | 26,556.13 | 13,475.12 | 13,081.01 | 87.87 | 26,387.82 | 168.31 | | 2026-02-10 | 26,604.75 | 26,517.83 | 13,459.14 | 13,058.69 | 86.92 | 26,350.49 | 167.34 | 资料来源：同花顺，渤海证券研究所 图 2：近期融资业务情况（亿元） 图 3：近期融券业务情况（亿元）</doc> <doc id='24'>2 月 10 日，融资融券个人投资者数量为 798.23 万名，较上周增长 0.24%；融资 融券机构投资者数量为 51,114 家，较上周增长 0.11%。有融资融券负债的投资者 数量为 1,901,935 名，较上周下降 0.97%。户均融资融券余额为 1,398,825 元， 较上周减少 10,417 元。有融资融券负债的投资者数量占全体融资融券投资者数 量的占比为 23.68%，较上周减少 0.29 个百分点。2 月 4 日-2 月 10 日每日平均 参与融资融券交易的投资者数量为 432,017 名，较前一周下降 17.79%。</doc> <doc id='28'>2. 行业融资融券特征 从申万一级行业来看，煤炭、综合和轻工制造等行业涨幅较大，有色金属、通信 和国防军工等行业跌幅较大。</doc> <doc id='29'>资料来源：同花顺，渤海证券研究所 融资方面，传媒、综合和环保行业融资净买入额较多，有色金属、通信和非银金 融行业融资净买入额较少。</doc> <doc id='32'>资料来源：同花顺，渤海证券研究所 融券方面，上周传媒、煤炭和机械设备行业融券净卖出额较多，有色金属、食品 饮料和国防军工行业融券净卖出额较少。</doc> <doc id='35'>上周融资买入额占成交额比例较高的行业为非银金融、通信和电子，较低的行业 为纺织服饰、轻工制造和建筑材料；融资余额占流通市值比例较高的行业为计算 机、通信和国防军工，较低的行业为石油石化、银行和煤炭。</doc> <doc id='37'>行业名称 融资买入额占成交额(%) 较上周变化(pct.) 融资余额占流通市值(%) 较上周变化(pct.) 非银金融 11.13 0.10 3.04 -0.11 通信 10.57 -0.46 3.42 -0.13 电子 9.17 -0.14 3.13 -0.03 国防军工 8.73 -0.02 3.28 -0.03 计算机 8.63 -0.05 4.09 -0.02 电力设备 8.50 0.06 2.95 -0.07 有色金属 8.40 -1.14 2.76 -0.05 钢铁 8.13 -0.47 1.71 -0.08 银行 7.94 -1.01 0.82 -0.05 传媒 7.89 0.14 3.07 -0.04 煤炭 7.78 -0.79 0.88 -0.10 公用事业 7.74 -0.30 1.73 -0.02 美容护理 7.72 1.11 2.56 -0.12 汽车 7.72 0.01 2.97 -0.08 家用电器 7.67 0.32 2.01 -0.12 医药生物 7.61 -0.37 2.74 -0.11 机械设备 7.38 0.03 2.51 -0.07 建筑装饰 7.35 -0.83 2.37 -0.03 房地产 7.27 -0.45 3.05 -0.17 基础化工 7.25 -0.36 2.31 -0.09 综合 7.17 0.20 2.84 -0.14 农林牧渔 6.84 -0.46 2.73 -0.08 表 3：上周标的券所属行业融资情况</doc> <doc id='39'>| 交通运输 | 6.64 | -1.07 | 1.38 | -0.09 | | --- | --- | --- | --- | --- | | 食品饮料 | 6.62 | -0.13 | 1.16 | -0.05 | | 石油石化 | 6.40 | -0.70 | 0.66 | -0.03 | | 环保 | 6.32 |

Group 1 - The semiconductor leading ETF, 工银 (159665), opened down 1.00% at 1.980 yuan [1] - Major holdings in the ETF include 中芯国际 down 1.89%, 海光信息 down 1.54%, and several others with varying declines, while 拓荆科技 saw a slight increase of 0.02% [1] - The ETF's performance benchmark is the 国证半导体芯片指数, managed by 工银瑞信基金管理有限公司, with a return of 100.14% since its inception on December 22, 2022, and a 1.67% return over the past month [1]