Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market index in the next six months [5][38]. Core Insights - In Q2 2025, the SW Electronics industry saw an increase in fund heavy positions and overweight ratios, with the heavy position ratio at 17.22%, an increase of 0.19 percentage points from the previous quarter and 2.58 percentage points year-on-year [1][13]. - The focus of institutional investors is on AI computing power construction and semiconductor self-sufficiency, with AI PCB being a primary area for increased investment [2][22]. - The top ten heavily held stocks in the SW Electronics industry include major players in the semiconductor and PCB sectors, indicating a stable composition with a strong performance from PCB leaders [17][18]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a heavy position ratio of 17.22% and an overweight ratio of 8.27% in Q2 2025, both showing increases compared to previous periods [1][13][15]. Top Heavy Holdings - The top ten heavily held stocks include SMIC, Cambricon, and Huada Semiconductor, with a significant portion of the holdings in the semiconductor sector [17][18]. Focus Areas for Investment - Institutional investors are particularly focused on AI computing power and semiconductor self-sufficiency, with notable increases in holdings for companies like Shenghong Technology and Huadian [2][22]. Component Sector Performance - The component sector saw a significant increase in overweight ratios, driven by interest in AI PCB, while the semiconductor sector remains a key focus with a 7.86% overweight ratio [28][31]. Diversification in Heavy Holdings - The concentration of the top five heavy holdings in the SW Electronics industry decreased to 36.72%, indicating a trend towards diversification in fund allocations [34][35]. Investment Recommendations - The report suggests focusing on leading companies in the AI computing power chain and semiconductor self-sufficiency, as these areas are expected to see significant growth [35].

本文源自：智通财经网 智通财经获悉，芯片股午后拉升，截至发稿，中芯国际(00981)涨3.39%，报51.9港元；华虹半导体 (01347)涨2.13%，报40.85港元；晶门半导体(02878)涨1.1%，报0.46港元。 消息面上，据网信中国消息，近日，英伟达算力芯片被曝出存在严重安全问题。此前，美议员呼吁要求 美出口的先进芯片必须配备"追踪定位"功能。美人工智能领域专家透露，英伟达算力芯片"追踪定 位""远程关闭"技术已成熟。为维护中国用户网络安全、数据安全，依据《网络安全法》《数据安全 法》《个人信息保护法》有关规定，国家互联网信息办公室于2025年7月31日约谈了英伟达公司，要求 英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相关证明材料。 ...

消息面上，据网信中国消息，近日，英伟达算力芯片被曝出存在严重安全问题。此前，美议员呼吁要求 美出口的先进芯片必须配备"追踪定位"功能。美人工智能领域专家透露，英伟达算力芯片"追踪定 位""远程关闭"技术已成熟。为维护中国用户网络安全、数据安全，依据《网络安全法》《数据安全 法》《个人信息保护法》有关规定，国家互联网信息办公室于2025年7月31日约谈了英伟达公司，要求 英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相关证明材料。 芯片股午后拉升，截至发稿，中芯国际(00981)涨3.39%，报51.9港元；华虹半导体(01347)涨2.13%，报 40.85港元；晶门半导体(02878)涨1.1%，报0.46港元。 ...

Core Viewpoint - Chip stocks experienced a rally in the afternoon, with notable increases in share prices for companies like SMIC, Hua Hong Semiconductor, and Jingmen Semiconductor, amidst concerns regarding security vulnerabilities in NVIDIA's computing chips [1] Group 1: Stock Performance - SMIC (00981) rose by 3.39%, reaching HKD 51.9 [1] - Hua Hong Semiconductor (01347) increased by 2.13%, reaching HKD 40.85 [1] - Jingmen Semiconductor (02878) saw a rise of 1.1%, reaching HKD 0.46 [1] Group 2: Security Concerns - Recent reports revealed serious security issues with NVIDIA's computing chips [1] - U.S. lawmakers have called for advanced chips exported from the U.S. to include "tracking and positioning" features [1] - Experts in the U.S. AI sector indicated that NVIDIA's "tracking and positioning" and "remote shutdown" technologies are now mature [1] Group 3: Regulatory Actions - To ensure network and data security for Chinese users, the National Internet Information Office has engaged with NVIDIA regarding the security risks associated with the H20 computing chip sold to China [1] - NVIDIA has been requested to provide explanations and relevant documentation concerning the security vulnerabilities and backdoor risks of the H20 chip by July 31, 2025 [1]

本文源自：金融界AI电报 港股中芯国际午后拉升，现涨超4%。 ...

格隆汇7月31日｜或因英伟达被国家网信办约谈，港A两地芯片股午后拉升。A股凯格精机涨超15%，硕 贝德涨超8%，博杰股份、富创精密涨超7%，臻镭科技、菲利华、寒武纪涨超6%，华虹公司、景嘉微涨 超5%，美埃科技、和林微纳、富信科技、国科微涨超4%；港股中芯国际、华虹半导体涨超4%。 | 代码 | 名称 | | 涨跌幅 √ | 总市值 | | | | --- | --- | --- | --- | --- | --- | --- | | 301338 | 凯格精机 | (0) | 15.78% | 57.78亿 | | | | 300322 | 硕贝德 | | 8.39% | 95.2亿 | | | | 002975 | 博杰股份 | | 7.91% | 68.3亿 | | | | 688409 | 富创精密 | | 7.59% | 181.34 Z | | | | 688270 | 臻镭科技 | | 6.91% | 113.96亿 | | | | 688498 | XD源杰科 | | 6.88% | 207.99亿 | | | | 300395 | 菲利华 | | 6.27% | 444.14亿 | | | ...

智通财经7月31日电，午后芯片股局部活跃，寒武纪涨超5%，此前东芯股份走出20cm3天2板，华虹公 司、海光信息、中芯国际等快速冲高。 芯片股午后局部活跃 寒武纪涨超5% ...

智通财经7月31日电，港股中芯国际午后拉升，现涨超4%。 ...

| 36 | | 阿里巴巴 | 2799.92 | | | --- | --- | --- | --- | --- | | 4 | | 小米集团-W | 1763.96 | | | 5 | | 拼多多 | 1603.06 | | | | 網易 | 网易 | 825.18 | 11 | | 7 | | 东方财富 | 520.85 | II | | 8 | | 中芯国际 | 516.85 | | | --- | --- | --- | --- | --- | | 9 | | 京东 | 457.68 | | | 10 | | 快手-W | 409.34 | | | II | | 腾讯音乐 | 326.82 | | | 12 | Bal Car | 目度 | 295.44 | | | 13 | | 理想汽车 | 283.13 | | | 14 | | 贝壳 | 221.36 | | | 15 | | 同花顺 | 218.78 | | | 16 | | 小鹏汽车 | 171.87 | | | 17 | | 中通快递 | 159.79 | | | 18 | | 科大讯飞 | 157.13 | | | 19 | | 蔚来 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has seen a recent trading volume turnover of 2.5%, with a transaction value of 830 million yuan [3] - As of July 30, the ETF's latest scale reached 33.012 billion yuan, marking a one-year high and ranking first among comparable funds [3] - The ETF experienced a significant increase in shares, with a growth of 19.8 million shares over the past week, also ranking first among comparable funds [3] Group 2: Fund Inflows and Leverage - The latest net inflow for the Sci-Tech Chip ETF is 402 million yuan, with three out of the last five trading days showing net inflows totaling 442 million yuan [3] - The ETF has seen a net financing purchase amount of 6.7277 million yuan this month, with the latest financing balance reaching 1.636 billion yuan [3] Group 3: Historical Returns - As of July 30, the ETF's net value has increased by 69.83% over the past year, ranking first among comparable funds and placing in the top 4.96% of index equity funds [4] - The ETF's highest monthly return since inception was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [4] - The average return for months with gains is 8.40%, and the historical two-year holding profit probability is 98.51% [4] Group 4: Industry Outlook - The storage chip industry is expected to enter a price increase cycle, with average month-on-month price changes for DDR3, DDR4, and DDR5 being +14.05%, +33.38%, and +2.75% respectively [4] - The semiconductor industry is experiencing a comprehensive rebound, driven by macro policy cycles, inventory cycles, and AI innovation cycles [5] - North American demand for computing power is rising sharply, boosting the growth of the switch and server supply chain, with TSMC raising its annual revenue growth forecast from 25% to 30% [5] Group 5: Key Stocks in the Index - The top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [5] - The performance of individual stocks varies, with notable changes in weight and price fluctuations among the top stocks [7]