Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.3% and a transaction volume of 410 million yuan [3] - As of July 21, the ETF's latest scale reached 31.565 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count is 20.644 billion shares, also a six-month high and leading among comparable funds [3] - Over the past 10 days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 3.097 billion yuan [3] - The leveraged funds are actively investing, with a net financing amount of 23.377 million yuan this month and a latest financing balance of 1.855 billion yuan [3] - The ETF's net value has increased by 28.75% over the past two years, ranking 271 out of 2237 index equity funds, placing it in the top 12.11% [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Insights - Meta's founder Mark Zuckerberg announced plans for Meta to become the first to invest in a 1GW computing power supercluster laboratory, with expansion plans to 5GW in the coming years [4] - NVIDIA's CEO Jensen Huang announced two significant developments during his visit to China: approval for H20 chip sales to China and the launch of a custom RTX PRO GPU for the Chinese market [4] - Tianfeng Securities projects optimistic growth for the global semiconductor industry through 2025, driven by AI and ongoing domestic substitution efforts [4] - The second quarter showed strong performance forecasts across various semiconductor segments, with expectations for a robust third quarter [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

| 688658 | 悦康 | 20422.41 | 20.16 | 131.54 | 3.44 | 2.96 | | --- | --- | --- | --- | --- | --- | --- | | | 药业 | | | | | | | | 成都 | | | | | | | 688222 | | 39440.78 | 20.02 | 11.02 | 22.12 | 6.38 | | | 先导 | | | | | | | 688379 | 华光 | 10638.86 | 19.31 | 0.00 | | -4.79 | | | 新材 | | | | | | | 688319 | 欧林 | 22604.76 | 18.38 | 0.00 | | 4.49 | | | 生物 | | | | | | | 688552 | 航天 | 24220.26 | 18.32 | 0.00 | | -0.79 | | | 南湖 | | | | | | | | 德龙 | | | | | | | 688170 | 激光 | 8805.98 | 18.14 | 0.00 | | 2.01 | | | 影石 | | | | | ...

6年前，肩负着支持科技创新"前沿阵地"与改革"试验田"的重任，科创板掀开了中国资本市场注册制改 革的新篇，重塑资本服务实体经济的底层逻辑。 6年来，汇聚起589家"硬科技"企业的科创板从未停止探索与创新的步伐。一个月前，《关于在科创板设 置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意见》）发布，为服务科技创新和 新质生产力发展再度加码。 当前，新一轮科技革命和产业变革深入发展，面对科技型企业对资本市场提出的更加多样化需求，"以 在科创板设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市"，正是科创板给出的最新 答卷。 以集成电路为例，科创板集成电路上市公司达120家，涵盖芯片设计、制造、封测、设备、材料、软件 等产业链各环节，汇聚了中芯国际、中微公司、沪硅产业等主要行业龙头，逐步形成链条完整、协同创 新的发展格局，推动提升了我国集成电路产业的自主化水平。 与此同时，一批科创板公司持续推动前沿技术发展和产业变革，面向人工智能、基因技术、量子信息等 未来产业正加快布局。当前，我国科技领域，特别是在人工智能、商业航天、低空经济等领域取得较大 突破，更大力度支持这些行业企业发展、为投资者提供分 ...

Core Viewpoint - The article emphasizes the significant role of the Sci-Tech Innovation Board (STAR Market) in fostering "hard technology" companies, highlighting its achievements over the past six years, including the establishment of 589 listed companies with a total market capitalization exceeding 7 trillion yuan, and its ongoing reforms aimed at enhancing the capital market's support for technological innovation [1][11][15]. Group 1: Development and Achievements - The STAR Market has maintained its focus on "hard technology," serving as a "testbed" for reforms and facilitating the growth of companies in sectors like integrated circuits, biomedicine, and new energy [1][7]. - As of July 21, the STAR Market has 589 listed companies with a total market value of over 7 trillion yuan, and it has raised 1.1 trillion yuan through IPOs and refinancing [11][16]. - The board has successfully attracted a significant number of companies, with over 70% of IPO applications in the first half of the year targeting the STAR Market [6]. Group 2: Institutional Innovations - The STAR Market has implemented a series of groundbreaking institutional innovations across various aspects such as issuance, listing, trading, and mergers and acquisitions, enhancing its appeal to technology firms [23][24]. - Recent reforms include the introduction of a "growth layer" and the expansion of the fifth listing standard to cover industries like artificial intelligence and commercial aerospace, reflecting a commitment to supporting "hard technology" [24][26]. Group 3: Investment Trends - The STAR Market has shifted investment focus towards "hard technology," with nearly 90% of companies receiving venture capital support before going public [19][18]. - The market has seen a significant increase in institutional investor participation, with over 60% of holdings in the STAR Market attributed to institutional investors, indicating growing confidence in the sector [21]. Group 4: Future Outlook - The ongoing reforms are expected to further enhance the STAR Market's ability to support technological innovation and long-term value creation, positioning it as a key player in the capital market [26][28]. - The emphasis on long-term investment and the need for patient capital is highlighted, as the nature of technology innovation often involves high risks and long return cycles [28][29].

Group 1 - Public funds' management scale and non-monetary fund management scale reached historical highs, exceeding 34 trillion yuan and 20 trillion yuan respectively by the end of Q2, with increases of 2.24 trillion yuan and 1.29 trillion yuan compared to Q1 [1] - All major fund types, including equity funds, bond funds, and money market funds, saw growth exceeding 100 billion yuan, with multiple gold ETFs reaching historical highs, indicating their importance in asset allocation for residents [1] - The "national team" increased holdings in broad-based ETFs by nearly 200 billion yuan, contributing to market confidence and supporting economic recovery and industrial upgrades [1] Group 2 - The industries with the highest increases in equity fund positions were telecommunications, banking, and defense, while the most reduced positions were in food and beverage, automotive, and power equipment [2] - Tencent Holdings remained the top holding in active equity funds, followed by companies such as CATL, Kweichow Moutai, Midea Group, Zijin Mining, Xiaomi, Luxshare Precision, Alibaba, Newray, and SMIC [2] - Companies with the largest increases in positions included Zhongji Xuchuang, Newray, and Shenghong Technology, all of which entered the top twenty holdings of active equity funds [3]

Summary of China AI Chip Market Conference Call Industry Overview - The conference focused on the **China AI chip sector**, particularly the dynamics of **supply and demand** in light of recent U.S. export controls affecting companies like Nvidia and AMD [2][12][19]. Key Points and Arguments 1. **Demand and Supply Dynamics**: - Demand for AI chips in China is projected to remain strong, with an estimated **$39.5 billion** demand in **CY25**, of which **37%** is expected to come from domestic vendors [3][12]. - Despite the resumption of Nvidia's H20 chip sales, supply constraints are anticipated to persist, leading to a projected **$2.5 billion** supply shortage in CY25, down from an initial estimate of **$12.6 billion** [3][12]. 2. **Impact of Nvidia's H20 Sales Resumption**: - The resumption of H20 sales is expected to benefit local cloud service providers (CSPs) such as **Bytedance, Alibaba, Tencent, and Baidu**, which together account for over **80%** of H20 chip demand in 2024 [4][19]. - The new **B30 chip** is anticipated to contribute an additional **$2.8 billion** in sales, with shipments starting in September 2025 [3][12]. 3. **Domestic Vendor Growth**: - Domestic AI chip vendors are projected to increase their market share significantly, reaching **55% self-sufficiency** by 2027, driven by advancements in local chip performance and production capacity [5][19]. - The localization ratio of China's AI chip market is expected to surge from **17% in 2023 to 55% by 2027** [5][19]. 4. **Investment Trends**: - Total AI capital expenditure in China is projected to reach **RMB 655 billion (USD 91 billion)** in 2025, with more than half allocated to AI chip purchases [35][48]. - Major internet companies are significantly increasing their investments in AI infrastructure, with **ByteDance** allocating **150 billion yuan (USD 20.6 billion)** and **Alibaba** committing **380 billion yuan (USD 53 billion)** over three years [39][40]. 5. **Competitive Landscape**: - The competitive landscape for AI chips in China is fragmented, with significant participation from both global and domestic vendors [58][60]. - Nvidia is expected to maintain a **54% market share** in 2025, down from **66%** in 2024, while domestic players like Huawei are projected to increase their share to **28%** [63][64]. Other Important Insights - The U.S. export controls have created opportunities for domestic vendors as they are not competing with the most advanced global alternatives [5][19]. - The government is heavily investing in AI infrastructure, indicating a strategic prioritization of AI as a national competitive advantage [36][39]. - The AI chip market in China is expected to double in size by 2025, with significant growth in both local and global suppliers [64][68]. This summary encapsulates the critical insights from the conference call regarding the dynamics of the China AI chip market, highlighting the interplay between demand, supply, and the competitive landscape amidst regulatory changes.

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][37]. Core Insights - TSMC has raised its revenue growth forecast for 2025 from approximately 25% to around 30%, driven by strong AI demand and a moderate recovery in non-AI demand [2][4]. - The semiconductor sector is experiencing high demand, particularly in AI and domestic growth opportunities, with recommendations for companies like SMIC, Huahong Semiconductor, and others [2]. - The PCB industry is facing a shortage of high-end materials, which is expected to sustain high growth in quarterly performance due to increased demand from AI servers and network devices [3]. - The approval of H20 chip exports to China is anticipated to benefit the computing power supply chain significantly, with a focus on AI infrastructure as a key investment theme [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.69%, while the electronic sector increased by 2.15%, with components up by 9.36% and semiconductors by 0.42% over the past week [11]. Company Performance - TSMC reported Q2 2025 revenue of $30.07 billion, exceeding guidance, with a year-over-year increase of 44.4% and a quarter-over-quarter increase of 17.8% [2]. - The report highlights a strong performance from companies like Industrial Fulian, Longsys Technology, and others, with a focus on AI computing and innovation [1][2]. Investment Recommendations - The report recommends a range of companies across different segments, including Industrial Fulian, Xiaomi Group, and others in the semiconductor and PCB sectors, indicating a positive outlook for 2025 [1][9][10].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has seen significant growth since its inception, with the number of semiconductor companies listed increasing from 4 to 109, and the total market capitalization surpassing 3 trillion yuan by July 2025 [1][3] - The semiconductor sector has become a core component of the STAR Market, accounting for 37.6% of the total market value, highlighting its importance in the context of China's technological ambitions [1][3] Industry Overview - The STAR Market has achieved a full-chain breakthrough in the semiconductor industry, with domestic companies making significant advancements in various segments, including wafer manufacturing, chip design, and equipment [2][3] - Major players in the semiconductor industry include SMIC, Cambrian, and Zhongwei, with a well-formed industry chain matrix emerging over the past six years [3] Financial Performance - Semiconductor companies on the STAR Market have raised over 310 billion yuan through IPOs and private placements, with an average R&D investment ratio of 19.6%, significantly higher than the A-share average of 12.38% [4] - Companies like Cambrian and Lexin Technology have reported substantial revenue growth, with Cambrian expecting a 58.17% increase in revenue for the first half of 2025 [5][6] AI Impact - The rapid development of the AI industry is driving demand for semiconductor products, with companies experiencing increased orders for AI-related chips and manufacturing equipment [7] - The AI boom is expected to create a massive market for AI chips, with companies like Cambrian seeing a surge in demand for their cloud training chips [7] Policy Developments - The STAR Market is introducing new policies, including the "1+6" measures aimed at supporting high-potential tech companies, particularly those in the semiconductor sector [8] - The establishment of a growth layer within the STAR Market is designed to assist technology companies that are not yet profitable but have significant breakthroughs and commercial potential [8]

金融界7月21日消息，上证指数高开高走，中证港股通TMT主题指数 (港股通 TMT，931026)报4552.41 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨8.48%，近三个月上涨20.88%，年至今上涨 33.64%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.47%、信息技术占比44.53%。 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。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。如果香港市场新上市TMT企业市值在香港上市公司中排名前十并纳入港股通范围，将在其 纳入港股通范围后第十一个交易日快速纳入该指数中。样本公司发生收购、合并、分拆等情形的处理， 参照计算与维护细则处理。当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本， ...

Group 1 - The South Fund's South Hong Kong Digital Economy Mixed Fund (QDII) A has a net asset of 0.49 billion yuan as of June 30, 2025, reflecting a 2.24% increase from the previous period [1] - The fund manager, Xiong Xiaoya, has a master's degree in finance from the University of Illinois Urbana-Champaign and has been with South Fund since July 2015, holding various positions [1] - The fund's recent performance shows a 3-month return of 18.16%, a 1-year return of 49.93%, and a cumulative return of 68.16% since inception [2] Group 2 - The fund's top ten stock holdings include Tencent Holdings, Pop Mart, and Alibaba-W, with a combined holding percentage of 51.53% [2] - The South Fund Management Co., Ltd. was established in March 1998 and is based in Shenzhen, with a registered capital of 361.72 million yuan [2]