Core Viewpoint - The semiconductor industry is experiencing a significant upward trend, particularly in the photolithography equipment sector, with companies like Dongfang Jiasheng reaching their daily limit increase in stock price [1] Group 1: Market Performance - The semiconductor supply chain saw a notable rise, with Dongfang Jiasheng hitting the daily limit increase and other companies such as Maolai Optics and Zhongying Electronics rising nearly 10% [1] - Other companies in the sector, including Huicheng Vacuum, Shanghai Xinyang, Huahong Company, Kaimeteqi, and SMIC, also experienced stock price increases [1] Group 2: Industry Forecast - SEMI (Semiconductor Equipment and Materials International) predicts that the total sales of semiconductor manufacturing equipment by original equipment manufacturers (OEMs) will reach a record high of $125.5 billion by 2025, representing a year-on-year growth of 7.4% [1]

Group 1 - The Chinese semiconductor industry is facing significant challenges due to U.S. sanctions, particularly the inability to obtain EUV equipment, leading to reliance on DUV technology for process improvements [1][3] - Recent reports indicate that domestic 5nm chips have achieved mass production with yield rates improving from 35% to 60%-70%, nearing TSMC's initial SF3 yield levels [1][3] - There are doubts regarding the feasibility of achieving high yields with 5nm technology using DUV equipment, with estimates suggesting a 50% increase in costs [1][3] Group 2 - Engineers have utilized quadruple patterning technology (SAQP) to enhance the resolution of DUV equipment, allowing for more precise chip designs despite inherent limitations [3] - Currently, there are no commercially available products utilizing the 5nm process, with the latest Kirin X90 chip still based on 7nm technology [3] - If the rumors about the 5nm process are confirmed, it would represent a significant positive development for all domestic chip manufacturers [3] Group 3 - The global semiconductor industry is closely monitoring China's technological advancements, with reports suggesting that China is testing its own EUV equipment, potentially starting production in the third quarter of this year [3][4] - Successful domestic production of EUV equipment would signify a breakthrough in China's semiconductor industry, enabling further advancements in process technology and challenging major players like Intel, Samsung, and TSMC [4]

公募持续增配科创板。据兴业证券测算，截至二季度末，主动权益类基金的科创板股票配置比例为 15.36%，较一季度末提升0.19个百分点，创历史新高。与此同时，科创板超配比例持续上行，超配比例 由7.5%提升至7.72%。 科创板主题基金整体保持较高股票仓位运作。截至二季度末，博时科创板三年定开混合基金的权益投资 占基金资产净值比例为97.77%，南方科创板3年定开混合、华商科创板量化选股混合等基金的权益投资 占基金资产净值比例均在90%以上。 "随着美国利率见顶，美联储进入降息通道，国内资产估值逐步进入上行区间。基金在二季度保持较高 仓位，以科创行业硬科技投资品种为核心仓位，提升了晶圆制造、AI算力、AI可穿戴设备及互联网等 相关行业配置比例，降低了软件等相关行业配置比例。"易方达科创板两年定期开放混合基金经理郑希 表示。 15.36% 据兴业证券测算，截至二季度末，主动权益类基金的科创板股票配置比例为15.36%，较一季度末提升 0.19个百分点，创历史新高 ◎记者 赵明超 掘金硬科技，公募持续加码科创板。二季度，主动权益类基金的科创板股票配置比例创出历史新高。与 此同时，科创板主题基金阵营加速扩容，规模已突 ...

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai National New Science and Technology Board State-owned Enterprise Index rising by 1.03% to 1049.47 points, with a trading volume of 26.231 billion yuan [1] - The Shanghai National New Science and Technology Board State-owned Enterprise Index has increased by 8.21% in the past month, 6.55% in the past three months, and 6.78% year-to-date [1] - This index reflects the overall performance of state-owned enterprises listed on the Science and Technology Innovation Board, selected from state-owned enterprises or those with state capital participation without actual controllers [1] Group 2 - The top ten weighted stocks in the index include Huahai Qingke (5.73%), Huarun Micro (5.14%), SMIC (4.95%), Zhongwei Company (4.77%), Western Superconducting (4.71%), Haiguang Information (4.65%), Huahong Company (4.48%), Jinghe Integration (3.62%), Guodun Quantum (3.36%), and Zhongke Star Map (2.93%) [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with a 100% allocation [1] - The industry composition of the index includes Information Technology (54.14%), Industry (29.67%), Materials (8.81%), Communication Services (4.93%), and Healthcare (2.45%) [2] Group 3 - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to calculation and maintenance guidelines [2]

Market Performance - In Q2 2025, major A-share indices generally rose, with the North Star 50 increasing by 13.85% and the Shanghai Composite Index rising by 3.26%[13][17] - The top five performing sectors included Comprehensive Finance (32.16%), National Defense and Military Industry (16.03%), and Banking (12.62%) while the worst performers were Food and Beverage (-5.13%) and Home Appliances (-3.45%) [17][18] Fund Issuance and Positioning - A total of 66 equity-oriented active funds were established in Q2 2025, with a total share of 338.57 billion, marking an increase in issuance compared to the previous quarter[2][25] - The average stock positions of various types of equity-oriented active funds increased, with mixed equity funds reaching an average position of 88.46%[29] Sector and Stock Holdings - The top five sectors with increased holdings were Communication, Banking, National Defense and Military Industry, Non-Bank Financials, and Media, with Communication and Banking seeing increases of over 1%[4][42] - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Xinyi Sheng, Hudian Co., Shenghong Technology, and SF Express, while the largest reductions were seen in BYD, Kweichow Moutai, and Wuliangye[5][43] Billion Fund Holdings - The largest changes in holdings among billion-dollar funds were observed in SF Express, Xinlitai, and Ningde Times, with the National Defense and Military Industry sector seeing a significant increase from 0 to 10.76 billion[6] Southbound Capital Analysis - In Q2 2025, the top five stocks held by southbound funds included Tencent Holdings, Xiaomi Group, and Alibaba, with notable increases in holdings for Sinda Biopharmaceuticals and Pop Mart[7]

Group 1 - Semiconductor company SMIC (00981) continued its upward trend, reaching HKD 48.75 with a 3.17% increase [1] - Technical indicators show that the stock price has successfully broken through MA10 (HKD 46.23) and MA30 (HKD 43.51), with a MACD golden cross indicating strong short-term upward momentum [1] - The stock price is approaching a key resistance level at HKD 50.4, with potential for a challenge to HKD 53.4 if this level is surpassed [1] Group 2 - Immediate support is identified at HKD 45.2, with a potential drop to HKD 42.5 if this support is breached [1] - The current market activity is robust, with a 9.6% five-day volatility indicating active trading in the semiconductor sector [1] - Derivative tools show significant leverage effects, with notable increases in related warrants and certificates during recent price movements [2][5] Group 3 - For bullish strategies, options such as Guojun call warrant (exercise price HKD 48.05, 2.8x leverage) and HSBC call warrant (exercise price HKD 48, 2.7x leverage) are highlighted as providing solid leverage [5] - Bearish strategies include options like Societe Generale bear certificate (redemption price HKD 52, 12.4x leverage) and Citigroup bear certificate (redemption price HKD 52.4, 11.6x leverage) for risk hedging [8] - The market is observing a potential short-term volatility increase due to conflicting technical indicators, suggesting a cautious approach may be warranted [1]

金融界7月23日消息，A股三大指数收盘涨跌不一，上证中央企业50指数 (上证央企，000042)上涨 0.07%，报1815.1点，成交额992.2亿元。 数据统计显示，上证中央企业50指数近一个月上涨3.50%，近三个月上涨6.40%，年至今上涨1.94%。 从上证中央企业50指数持仓样本的行业来看，金融占比41.36%、工业占比22.84%、公用事业占比 10.80%、能源占比7.63%、通信服务占比6.40%、信息技术占比5.04%、原材料占比3.48%、可选消费占 比1.27%、房地产占比1.17%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。除非老样本因上市公司实际控制人变更导致的调整比例超过10%，原则上每次调整比例不超过 10%。定期调整设置缓冲区，排名在40名之前的新样本优先进入；排名在60名之前的老样本优先保留。 权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期调整日 前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔 除。样本公司发生收购、合并、分拆等情形的 ...

Core Viewpoint - DBS has raised the target price for SMIC to HKD 57, benefiting from the recovery in end-market demand and the acceleration of chip localization trends [1] Company Summary - SMIC is the only foundry in China capable of 7nm process technology, positioning it well to capitalize on the recovering demand in the terminal market and the trend towards domestic chip production [1] - The electric vehicle market is thriving, and the increasing application of automotive chips is becoming a new growth engine for SMIC [1] - The company is expected to see a 71% increase in earnings for the fiscal year 2025, reaching USD 945 million, driven by improved capacity utilization and gross margin [1] Industry Summary - The report maintains a "Buy" rating for SMIC, with the target price increased from HKD 53.2 to HKD 57, reflecting a projected price-to-book ratio of 2.7 times for this year [1] - Improved demand for consumer electronics and smartphones, along with the launch of new products such as AI, system-on-chip (SoC), and automotive chips, is expected to offset the negative impacts from declining average wafer prices and rising depreciation costs [1] - The valuation of SMIC is anticipated to be supported during the industry's upward cycle [1]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 23, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba leads the list with a market capitalization of approximately $2879.35 billion [3]. - Xiaomi Group follows with a market capitalization of around $1917.71 billion [3]. - Other notable companies include Oriental Fortune at $523.45 billion, SMIC at $492.43 billion, and JD.com at $488.38 billion [4]. Group 2: Additional Rankings - Kuaishou ranks 11th with a market cap of $410.71 billion, while Tencent Music is at 12th with $330.85 billion [4]. - Li Auto and Baidu are also significant players, with market caps of $330.12 billion and $317.82 billion, respectively [4]. - The list continues with companies like Xpeng Motors at $179.88 billion and ZTO Express at $155.31 billion [5]. Group 3: Lower Rankings - New Oriental has a market cap of $77.82 billion, while Kingdee International is at $72.8 billion [5]. - Other companies in the lower rankings include Ufine Network at $67.26 billion and Tongcheng Travel at $65.15 billion [5]. - The bottom of the list features companies like Yueda Group at $39.94 billion [6].

Core Viewpoint - The high-purity ammonia industry in China is experiencing significant growth driven by increasing domestic demand in the semiconductor, photovoltaic, and LCD sectors, supported by government policies aimed at import substitution and technological advancement [1][9][11]. Industry Overview - High-purity ammonia, with a purity of over 99.999%, is essential for producing materials like gallium nitride (GaN) and silicon nitride (Si3N4), which are used in LED and solar cell manufacturing [3][5]. - The production methods for high-purity ammonia include multi-stage adsorption and distillation processes, achieving varying purity levels [3]. Market Demand and Supply - China's high-purity ammonia production is projected to grow from 36,000 tons in 2018 to 62,000 tons by 2024, while demand is expected to reach 61,000 tons in 2024, reflecting a year-on-year increase of 10.9% [1][9]. - The market size for high-purity ammonia is anticipated to reach 470 million yuan in 2024, marking a 6.8% increase from the previous year [11]. Competitive Landscape - The high-purity ammonia market is characterized by high concentration among a few large companies, which possess advantages in production scale, technology, and brand influence [13]. - Key players in the industry include Zhejiang Yindesai Semiconductor Materials Co., Hubei Heyuan Gas Co., and Jinhong Gas Co., among others [13][15]. Government Policies - The Chinese government has implemented various policies to support the development of the high-purity ammonia sector, including the "14th Five-Year Plan for the Development of the Raw Materials Industry," which emphasizes the advancement of high-purity chemicals and industrial gases [5][7]. Future Trends - The semiconductor industry is expected to drive the demand for high-purity ammonia due to the increasing need for high-performance chips in emerging technologies like AI and new energy vehicles [19]. - There is significant potential for domestic substitution in the high-purity ammonia market, as local companies enhance their technological capabilities [20]. - The industry is also moving towards greener production methods in response to carbon neutrality goals, focusing on reducing carbon emissions and energy consumption [21].