Core Insights - The AI concept stocks are actively performing, with the domestic AI industry chain-focused ETF (589520) showing a price increase of 3.61% intraday and closing up 2.17% on November 25, with a total trading volume of 35.94 million yuan, indicating a shift from a weak to a strong short-term trend [1][3] Group 1: ETF Performance - Over 80% of the 30 constituent stocks of the ETF closed in the green, with 40% of the stocks rising over 2%, led by Lingyun Technology with a gain of over 10% [3][4] - The top-performing stocks include: - Mikeling: 10.18% increase, total market value of 18.9 billion yuan, trading volume of 1.34 billion yuan - Haitai Ruisheng: 9.29% increase, total market value of 7.2 billion yuan, trading volume of 854 million yuan - Hengxuan Technology: 6.91% increase, total market value of 36.34 billion yuan, trading volume of 1.2014 billion yuan [4] Group 2: Market Dynamics - The launch of Ant Group's AI assistant "Lingguang" has garnered significant attention, achieving over 2 million downloads within six days, reflecting a rapid acceleration in domestic AI applications [5] - The AI computing power sector faced a downturn earlier this year due to concerns over low-cost models, but this has now become a pivotal point for domestic AI advancements, leading to a rebound in the market [5] Group 3: Strategic Opportunities - The current period is identified as a "golden window" for the domestic AI sector, driven by: 1. Policy support from the new five-year plan emphasizing technological self-reliance [5] 2. Strong earnings performance, with 20 out of 30 ETF constituent companies reporting profits and 22 showing year-on-year net profit growth [5] 3. External pressures necessitating self-sufficiency in AI technology amid geopolitical tensions [5][7] Group 4: Industry Focus - The ETF and its associated funds are heavily invested in the domestic AI industry chain, with over 70% of the top ten holdings concentrated in semiconductor and AI-related sectors, indicating a strong offensive strategy [7]

发射端，据智通财经此前获悉，蓝箭航天可回收火箭"朱雀三号"将于11月中下旬首飞。中信证券指出， 现阶段我国的民营火箭公司已完成猎鹰1号形式的液体火箭首飞，同时在固体火箭的研发上取得全球领 先的进展，在小规模发射和星座补网具备优势。下一阶段有望研发出对标猎鹰9号的可回收中型运载火 箭，将参与到中国星网、千帆星座以及算力卫星的发射服务中，火箭运力和发射成本瓶颈或将迎来突 破。 卫星产业ETF（159218）作为全市场首只跟踪中证卫星产业指数的标的，覆盖卫星制造、发射、导航通 信应用等全产业链环节。成分股包括中国卫星、中国卫通、臻镭科技等龙头企业，截至11月24日，涵盖 国防军工（51.7%）、计算机（14.0%）、电子（12.7%）等高增长行业，助力一键布局卫星产业发展。 数据显示，今年以来卫星产业ETF（159218）份额增长超371%。 （文章来源：21世纪经济报道） 11月25日，卫星板块继续活跃，卫星产业ETF（159218）截至发稿涨2%，光库科技涨停，新雷能涨超 11%。芯原股份、长江通信、移远通信、航天智装、臻镭科技等跟涨。 消息面上，近日国家国防科技工业局官网发布2026年度考试录用公务员公告，其 ...

Core Viewpoint - The A-share market, particularly in the AI and chip sectors, experienced a strong rebound due to the dual catalysts of the Federal Reserve's interest rate cut expectations and the launch of the "Genesis Plan" aimed at transforming scientific research through AI [1][7]. Market Performance - As of 10:13 AM, the AI-focused ETF (589560) surged over 2.5%, while the chip-focused ETF (588750) rose more than 2% [1]. - Notable stocks included: - Chip Yuan Co. increased by over 7% - SourceJet Technology rose by over 6% - Hengxuan Technology gained over 4% [4]. Key Stocks in ETFs - For the Chip ETF (588750), the top ten stocks included: - Haiguang Information: 0.15% increase, 11.11% weight - Zhongben International: 1.34% increase, 9.05% weight - Cambrian-U: -0.09% decrease, 8.78% weight - SourceJet Technology: 6.64% increase, 2.42% weight [5]. - For the AI ETF (589560), the top ten stocks included: - Cambrian-U: 0.16% increase, 13.90% weight - Kingsoft Office: -0.60% decrease, 10.67% weight - SourceJet Technology: 3.38% increase, 10.66% weight [6]. Economic Indicators - The market's optimism was fueled by comments from the San Francisco Fed President, who supported a potential rate cut in December, raising expectations from 40% to 80% for a 25 basis point cut [7]. - The "Genesis Plan" aims to leverage AI for scientific advancements, further boosting market sentiment [7]. Semiconductor Market Insights - Analysts noted a "fully sold out" market condition for storage chip suppliers, with DDR5 DRAM experiencing the most significant tightness [7]. - The semiconductor cycle is expected to continue its upward trend, driven by AI demand, with the global AI-driven storage market projected to grow from $28.7 billion in 2024 to $255.2 billion by 2034, reflecting a compound annual growth rate of 24% [9]. Investment Strategy - The focus on AI and domestic substitution in the semiconductor sector presents a compelling investment opportunity, particularly through the Sci-Tech Chip ETF (588750), which emphasizes high-quality chip companies [10][13]. - The ETF's index is expected to show a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated 100% growth for the entire year [14].

Core Viewpoint - Chipone Microelectronics (Shanghai) Co., Ltd. experienced a 5.06% decline in stock price, closing at 136.84 CNY per share, with a total market capitalization of 71.958 billion CNY [1] Group 1: Company Overview - Chipone Microelectronics was established on August 21, 2001, and went public on August 18, 2020 [1] - The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [1] - Revenue breakdown: 41.85% from chip volume business, 28.81% from IP licensing fees, 23.83% from chip design services, 5.21% from royalties, and 0.29% from other sources [1] Group 2: Fund Holdings - The Dongfang Alpha Fund has a significant holding in Chipone Microelectronics, with 1 fund holding 1.6552 million shares, representing 7.67% of the fund's net value, making it the fourth-largest holding [2] - The fund has incurred an estimated floating loss of approximately 12.0666 million CNY today [2] Group 3: Fund Manager Performance - The fund manager Zhou Mi has a tenure of 7 years and 267 days, with a total asset scale of 6.989 billion CNY and a best return of 112.22% during his tenure [3] - The other fund manager Tang Lei has a tenure of 9 years and 149 days, managing assets of 3.952 billion CNY, with a best return of 66.61% during his tenure [3]

11月21日，16只科技主题产品集中获批，其中部分产品上报当日即获批。当前，多只科技主题基金正在 发行。近期国内外关于AI产业是否存在泡沫的讨论升温，AI产业链相关公司股价震荡，科技板块后续 走势备受关注。 16只科技主题基金同日获批 11月21日，16只科技主题基金集中获批，具体来看，包括华泰柏瑞基金、易方达基金、景顺长城基金等 7家基金公司旗下的科创创业人工智能ETF，这也是首批科创创业人工智能ETF。 中证指数官网显示，中证科创创业人工智能指数从科创板和创业板中选取50只业务涉及为人工智能提供 基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映上述板块中人工智能主题上市公司 证券的整体表现。 科技板块将迎来增量资金。 | 1 | | | | Carl Clark Cuzo-11-21 | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | 300308 | 中际旭创 | 通信服务 | 通信设备及技 | 22.29 | | | | | 术服务 | | | 300502 | 新易盛 | 通信 ...

Core Viewpoint - The chip ETF E Fund (516350) opened down by 1.95% at 1.109 yuan, reflecting a broader decline in the semiconductor sector [1] Group 1: ETF Performance - The E Fund chip ETF's performance benchmark is the CSI Chip Industry Index return [1] - Since its establishment on December 15, 2021, the fund has achieved a return of 13.01% [1] - Over the past month, the fund has experienced a return of -3.30% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC down 2.50% [1] - Cambricon down 2.42% [1] - Haiguang Information down 2.25% [1] - Northern Huachuang down 2.40% [1] - Lattice Semiconductor down 2.66% [1] - Zhaoyi Innovation down 5.07% [1] - Zhongwei Company down 2.90% [1] - OmniVision down 1.31% [1] - Chipone down 4.01% [1] - Changdian Technology down 1.44% [1]

Core Viewpoint - The semiconductor leader ETF (516640) opened down by 2.18% at 0.986 yuan, reflecting a broader decline in the semiconductor sector [1] Group 1: ETF Performance - The semiconductor leader ETF (516640) has a performance benchmark based on the CSI Semiconductor Industry Index return [1] - Since its establishment on August 19, 2021, the ETF has returned 0.82%, while its return over the past month is -3.38% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 2.50% - Cambricon (寒武纪) down 2.42% - Haiguang Information (海光信息) down 2.25% - Northern Huachuang (北方华创) down 2.40% - Lattice Semiconductor (澜起科技) down 2.66% - Zhaoyi Innovation (兆易创新) down 5.07% - Zhongwei Company (中微公司) down 2.90% - OmniVision (豪威集团) down 1.31% - Chipone (芯原股份) down 4.01% - Changdian Technology (长电科技) down 1.44% [1]

Core Viewpoint - The integrated circuit ETF (562820) opened with a decline of 2.89%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 2.083 yuan [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 114.57% [1] - The fund has experienced a return of -4.65% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - Cambrian (寒武纪) down 2.42% - SMIC (中芯国际) down 2.50% - Haiguang Information (海光信息) down 2.25% - Lattice Technology (澜起科技) down 2.66% - GigaDevice (兆易创新) down 5.07% - Haowei Group (豪威集团) down 1.31% - Chipone (芯原股份) down 4.01% - JCET (长电科技) down 1.44% - Unisoc (紫光国微) down 2.00% - Tongfu Microelectronics (通富微电) down 2.07% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd. [1] - The fund manager is Tian Guangyuan [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a decline of 3.17%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 1.896 yuan, reflecting a significant drop [1] - The fund's performance benchmark is the CSI Chip Industry Index return rate, managed by Tianhong Fund Management Co., Ltd. [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 95.73%, while its return over the past month is -3.40% [1] Group 2: Major Holdings Performance - Key holdings in the Tianhong chip ETF experienced notable declines, including: - SMIC down 2.50% - Cambrian down 2.42% - Haiguang Information down 2.25% - Northern Huachuang down 2.40% - Lanke Technology down 2.66% - Zhaoyi Innovation down 5.07% - Zhongwei Company down 2.90% - OmniVision down 1.31% - Chipone down 4.01% - Changdian Technology down 1.44% [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a gain of 1.82%, indicating positive market sentiment towards semiconductor stocks [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.018 yuan, reflecting a 1.82% increase [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 98.22% [1] - The fund's performance over the past month has seen a decline of 1.40% [1] Group 2: Major Holdings - Key stocks in the Tianhong chip ETF include: - SMIC (中芯国际) up 1.47% - Cambricon (寒武纪) up 2.18% - Haiguang Information (海光信息) up 2.47% - Northern Huachuang (北方华创) up 1.12% - Lattice Semiconductor (澜起科技) up 2.48% - Zhaoyi Innovation (兆易创新) up 2.46% - Zhongwei Company (中微公司) up 1.28% - OmniVision (豪威集团) up 0.83% - Chipone (芯原股份) up 2.68% - Changdian Technology (长电科技) up 1.09% [1]