Core Viewpoint - The semiconductor industry in China is experiencing significant growth driven by government support, evolving global trade dynamics, and increasing domestic demand for AI and consumer electronics [4][5]. Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rose by 2.76%, with notable increases in stocks such as SourceJect Technology (up 17.04%) and Baiwei Storage (up 6.30%) [1]. - The Sci-Tech Chip ETF (588200) increased by 2.64%, with a trading volume of 2.128 billion yuan and a turnover rate of 5.42% [3]. - Over the past three months, the Sci-Tech Chip ETF's scale grew by 7.184 billion yuan, ranking first among comparable funds [3]. Group 2: Fund Performance - The Sci-Tech Chip ETF saw a significant increase in shares, with a growth of 1.005 billion shares over the past two weeks, also ranking first among comparable funds [3]. - The ETF recorded a net inflow of 91.1468 million yuan, with a total of 2.602 billion yuan net inflow over the last eight trading days [3]. - As of October 20, 2025, the ETF's net value increased by 132.31% over the past three years, placing it in the top 1% of index equity funds [3]. Group 3: Industry Trends - The semiconductor industry is entering a new upward cycle, supported by government policies and the AI innovation cycle, which enhances expectations for self-sufficiency in chip production [4]. - The domestic semiconductor sector is witnessing a wave of mergers and acquisitions across various fields, including materials, equipment, EDA, packaging, and chip design [5]. - Companies are engaging in horizontal and vertical mergers to expand their scale and improve the supply chain, reshaping the landscape of the domestic semiconductor industry [5]. Group 4: Key Stocks - The top ten weighted stocks in the Sci-Tech Chip Index account for 59.69% of the index, with notable performers including SMIC (up 3.32%) and Haiguang Information (up 2.61%) [3][7]. - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7].

Core Viewpoint - The GPU index experienced a strong rally, with a daily increase of 2.01% on October 21 [1] Company Performance - Beijing Junzheng saw an increase of 3.85% [1] - Tongfu Microelectronics rose by 3.49% [1] - SMIC (Semiconductor Manufacturing International Corporation) increased by 3.27% [1] - Chipone Technology gained 3.03% [1] - Changdian Technology experienced a rise of 2.02% [1]

Core Viewpoint - Chip Origin Co., Ltd. has shown significant stock price fluctuations and trading activity, indicating investor interest and market volatility in the semiconductor sector [1][2]. Company Overview - Chip Origin Co., Ltd. was established on August 21, 2001, and listed on August 18, 2020. The company specializes in providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [2]. - The revenue composition of Chip Origin includes: 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 [2]. - The company is categorized under the electronic-semiconductor-digital chip design industry and is associated with concepts such as ISP, NPU, Google, Apple, Samsung, and neural networks [2]. Financial Performance - For the first half of 2025, Chip Origin reported a revenue of 974 million yuan, representing a year-on-year growth of 4.49%. However, the net profit attributable to shareholders was -320 million yuan, a decrease of 12.30% compared to the previous year [2]. - As of June 30, 2025, the number of shareholders was 25,400, a decrease of 3.58% from the previous period, while the average circulating shares per person increased by 3.71% to 19,656 shares [2]. Stock Performance and Trading Activity - On October 21, the stock price of Chip Origin rose by 2.01%, reaching 163.59 yuan per share, with a trading volume of 473 million yuan and a turnover rate of 0.59%. The total market capitalization stood at 86 billion yuan [1]. - Year-to-date, Chip Origin's stock price has increased by 212.02%, but it has seen a decline of 2.76% over the last five trading days and a 9.77% drop over the last 20 days. In contrast, the stock has risen by 79.61% over the past 60 days [1]. - The company has appeared on the trading leaderboard six times this year, with the most recent instance on September 22, where it recorded a net buy of 523 million yuan, accounting for 12.11% of the total trading volume [1]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders, the Huaxia SSE Sci-Tech Innovation Board 50 ETF held 19.56 million shares, a decrease of 232,700 shares from the previous period. The E Fund SSE Sci-Tech Innovation Board 50 ETF held 11.81 million shares, down by 2.28 million shares, while the Nuoan Growth Mixed A fund held 10.59 million shares, a reduction of 229,020 shares [3].

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a gain of 0.52%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.325 yuan, reflecting a 0.52% increase [1] - Since its establishment on September 30, 2022, the fund has achieved a return of 131.73% [1] - The fund's one-month return stands at 2.51% [1] Group 2: Major Holdings - Key stocks in the ETF include: - SMIC (中芯国际) up 0.95% - Haiguang Information (海光信息) up 0.20% - Cambrian (寒武纪) unchanged at 0.00% - Lattice Technology (澜起科技) up 0.85% - Zhongwei Company (中微公司) up 1.24% - Chipone (芯原股份) up 0.39% - Hu Silicon Industry (沪硅产业) up 0.82% - Hengxuan Technology (恒玄科技) up 1.11% - Sitaiwei (思特威) up 0.02% - Huahai Qingke (华海清科) up 0.79% [1]

Core Viewpoint - The semiconductor and computing power industries are experiencing a positive trend, with strong market demand and ongoing institutional research into over 20 companies in the sector since the National Day holiday [1] Semiconductor Industry - The storage industry is benefiting from a structural shift in supply and demand driven by the AI wave, leading to high market prosperity [2] - Companies like Shanghai Beiling and Demingli reported advancements in storage products, with Demingli noting an overall price increase in the storage market and a focus on enhancing production capacity to meet demand [2] - Hengshuo Co. is optimistic about the NOR Flash market, expecting price increases in Q4 and actively developing advanced NOR Flash products [3] - Huicheng Co. plans to invest strategically in Xin Feng Technology to expand its DRAM packaging business, aiming to increase packaging capacity significantly by 2027 [3] Computing Power Market - The demand for computing power remains strong, with companies like Haiguang Information reporting a 69.60% year-on-year revenue growth, reaching 4.026 billion yuan in Q3 2025 [4] - Haiguang Information's contract liabilities indicate sustained customer demand, with inventory levels adjusted to match market needs [4] - Chip Original Co. anticipates a significant increase in new orders, with a projected 145.80% year-on-year growth, driven largely by AI-related orders [4][5] - Shunwang Technology has established a robust computing power service capability, successfully launching innovative products to meet diverse computing needs [6] - Guangmai Technology is collaborating on a domestic computing power project, achieving significant results and planning further expansion by 2027 [6]

Group 1: Industry Overview - Over 20 companies in the semiconductor and computing power sectors have been intensively researched by institutions since October, indicating a sustained positive industry outlook and strong market demand [1] - The storage industry is experiencing high prosperity driven by the restructuring of supply and demand due to the AI wave, with companies like Shanghai Beiling and Demingli reporting positive market expectations and product advancements [1][2] Group 2: Storage Sector Developments - Shanghai Beiling has launched new EEPROM products for automotive applications and introduced NOR Flash and DDR5 memory SPD chip products, enhancing its storage chip portfolio [1] - Demingli is witnessing an overall price increase in the storage market and has successfully integrated its products into the supply chains of major internet and server manufacturers, leading to rapid business growth [1][2] - Hengshuo Co. is optimistic about the NOR Flash market, expecting price increases in Q4 due to favorable market conditions and is actively developing advanced NOR Flash products [2] - Huicheng Co. plans to invest strategically in Xin Feng Technology to expand its DRAM packaging capacity, aiming to benefit from the growth of leading storage chip manufacturers [3] Group 3: Computing Power Market Insights - The demand for computing power remains strong, with companies like Haiguang Information reporting a 69.60% year-on-year revenue growth, reaching 4.026 billion yuan in Q3 2025 [4] - Haiguang Information has a contract liability of 2.8 billion yuan, indicating robust customer order demand, and has adjusted its inventory to align with market needs [5] - Chip Origin Co. anticipates a significant increase in new orders, with a projected 145.80% year-on-year growth, driven largely by AI-related orders [5] - Shunwang Technology has developed a stable and efficient computing power service capability, successfully launching innovative products to meet diverse computing needs [6] - Guangmai Technology has collaborated on a domestic computing power cluster project, achieving significant results and positive feedback from major internet companies [6]

科创芯片ETF指数（588920）业绩比较基准为上证科创板芯片指数收益率，管理人为鹏华基金管理有限 公司，基金经理为罗英宇，成立（2025-07-16）以来回报为47.80%，近一个月回报为1.92%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 10月20日，科创芯片ETF指数（588920）开盘涨1.62%，报1.506元。科创芯片ETF指数（588920）重仓 股方面，中芯国际开盘涨1.74%，海光信息涨2.96%，寒武纪涨2.04%，澜起科技涨2.88%，中微公司涨 2.33%，沪硅产业涨1.83%，芯原股份涨3.41%，恒玄科技涨1.98%，华海清科涨1.96%，思特威涨 5.45%。 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 6.63% and a transaction volume of 2.604 billion yuan [3] - The latest scale of the Sci-Tech Chip ETF reached 38.493 billion yuan, ranking first among comparable funds [3] - In the past two weeks, the ETF's shares increased by 966 million, marking significant growth and leading among comparable funds [3] - Over the past seven trading days, the ETF recorded net inflows on five days, totaling 2.511 billion yuan [3] - As of October 17, the ETF's net value has risen by 130.66% over the past three years, ranking 16th out of 1890 index equity funds, placing it in the top 0.85% [3] - The highest monthly return since inception was 35.07%, with the longest consecutive monthly increase being four months and a maximum increase of 74.17% [3] - The average return during rising months is 9.90% [3] Group 2: Semiconductor Industry Insights - Nvidia's CEO stated that due to U.S. export controls, Nvidia's market share in China has dropped from 95% to 0%, indicating a complete exit from the Chinese market [4] - The global semiconductor industry is projected to grow from $631 billion in 2024 to over $1 trillion by 2030, with a CAGR of approximately 8% [4] - AI and High-Performance Computing (HPC) are expected to be the core drivers of this growth, with their share rising from 35% in 2025 to 48% in 2030 [4] - SEMI forecasts a 10% year-on-year increase in global wafer fabrication equipment (WFE) capital expenditure in 2026, reflecting strong growth in advanced process logic and memory capital expenditures driven by AI [4] - The semiconductor equipment industry may see a turning point in 2026, with advanced packaging equipment expected to reach a scale of $6.3 billion [4] Group 3: Top Weight Stocks - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Chip Index include: - Haiguang Information (10.22% weight, +1.77%) - Langqi Technology (10.15% weight, +1.80%) - SMIC (9.59% weight, +4.07%) - Cambricon (8.01% weight, -0.54%) - Zhongwei Company (6.80% weight, +1.59%) - Chipone (2.89% weight, +3.15%) - Hu Silicon Industry (2.63% weight, +0.65%) - Hengxuan Technology (2.50% weight, +1.21%) - Sitaiwei (2.46% weight, +6.16%) - Shenghai Qingke (2.39% weight, +1.20%) [6]

Core Insights - The report from the China Internet Network Information Center indicates that by June 2025, the user base for generative artificial intelligence in China is expected to reach 515 million, an increase of 266 million from December 2024, resulting in a penetration rate of 36.5% [1] Group 1: Market Performance - As of October 20, 2025, the CSI Artificial Intelligence Industry Index has risen by 4.00%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 12.23%), Xinyi Sheng (up 9.16%), and Youkede (up 6.74%) [1] - The Artificial Intelligence ETF has seen a 3.95% increase, with a cumulative rise of 45.34% over the past three months as of October 17, 2025 [1] Group 2: Liquidity and Fund Flow - The Artificial Intelligence ETF recorded a turnover of 2.51% and a transaction volume of 192 million yuan, with a total fund inflow of 244 million yuan over the past seven trading days [3] Group 3: Policy and Strategic Insights - The Ministry of Science and Technology has identified the "14th Five-Year Plan" as a critical period for becoming a technology powerhouse, emphasizing the need for high-level technological self-reliance, which will benefit cutting-edge technology research and core technology breakthroughs [3] - CITIC Securities highlights that the current structural fundamental clues in A-shares are primarily related to Chinese companies going global, with a focus on resource security, industrial chain security, and leading technology security as new strategic intentions [3] Group 4: Investment Strategy - The Huafu Artificial Intelligence ETF employs quarterly rebalancing and focuses on AI revenue share and growth indicators to identify potential high-growth companies within the AI sector [4] - The ETF aims to provide comprehensive coverage of the AI industry while adapting to changes in industry trends, thus enhancing returns for investors [4] - For investors without stock accounts, the Huafu Artificial Intelligence ETF offers connection funds (Class A 008020, Class C 008021) [4]

以下文章来源于超越 J Curve ，作者杨博宇 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 芯片公司们正在为当年的高估值买单，35亿的项目9.5亿卖了，投资人如何才能平稳退出？ 今年以来，上市公司并购半导体创业项目已经蔚然成风。投中嘉川统计 2025 年 1 月 1 日至今， A 股已经披露 90 笔相关交易。虽然不少并未披露收购价格，但是在有限的案例里，还是能够窥见 打折出售的趋势。 比如最新的一笔，芯原股份收购逐点半导体就是如此。 逐点半导体在最后一轮融资时，估值达 5 亿美元（约 35.6 亿人民币），但这一次的收购价格为 9.5 亿人民币，只有前述估值的 26.7% 。如果仅看价格的话，每一轮投资人都是亏的。 但是芯原股份的这笔收购，以卖方母公司 Pixelworks 让利外部投资人、 SPV 公司保留早期投资人 参与机会的方式，平衡了各方利益。用 Pixelworks CEO 的话说，" 为 外部 股东获得了最大的可 变现价值。 " 这不是孤例。上个月概伦电子收购锐成芯微也是如此。锐成芯微最高估值 48.78 亿，但是交易价格 只有 19 亿，打到了 ...