Group 1 - The core viewpoint of the article highlights the performance of the Kexin Chip ETF Boshi (588990), which opened with a gain of 0.81% at 2.749 yuan [1] - The top holdings of the Kexin Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 1.39%, 1.94%, and 1.05% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, managed by Boshi Fund Management Co., Ltd., with a return of 172.45% since its inception on August 8, 2024, and a monthly return of 12.11% [1]

Group 1 - The core viewpoint of the news highlights the significant increase in the domestic semiconductor equipment localization rate, which rose from 25% in 2025 to 35% in 2026, with core equipment like etching machines and thin film deposition equipment exceeding 40% localization, surpassing market expectations [1][17][19] - The newly launched Kexin Chip ETF by Huabao Fund saw a net inflow of 1.053 billion yuan over three consecutive trading days from January 29 to February 2, 2026, with an estimated total scale reaching 1.308 billion yuan by February 2 [1][3][18] - The Kexin Chip ETF tracks the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index, which consists of 50 companies involved in semiconductor materials and equipment, chip design, manufacturing, packaging, and testing [1][3][18] Group 2 - The Chinese government emphasizes the importance of the semiconductor industry as a strategic focus for future economic development, aiming for decisive breakthroughs in key technologies across various sectors, including integrated circuits and advanced materials [2][17] - TrendForce data indicates that the high-end AI chip market in China is expected to grow by over 60% by 2026, with domestic AI chip manufacturers potentially increasing their market share to around 50% [2][17] - The Shanghai Stock Exchange Science and Technology Innovation Board Chip Index focuses on upstream and midstream sectors of the chip industry, with nearly 80% of its components in chip design and semiconductor materials and equipment [19][20] Group 3 - The top ten weighted stocks in the Kexin Chip Index include major players like SMIC, Haiguang Information, and Cambricon, with respective weightings of 10.36%, 10.05%, and 9.45% [6][22] - The Kexin Chip Index has shown strong long-term performance, with an annualized return of 17.93% from December 31, 2019, to December 31, 2025, outperforming similar indices [23][24] - The overall net profit of the Kexin Chip Index constituents surged by 94.22% in the first three quarters of 2025, leading among comparable indices [10][23]

Group 1 - The chip ETF (159995) opened down 1.49% at 1.980 yuan on February 2 [1] - Major holdings in the chip ETF include companies like SMIC, Haiguang Information, and Cambrian, with declines ranging from 0.47% to 4.47% [1] - The performance benchmark for the chip ETF is the National Securities Semiconductor Chip Index, managed by Huaxia Fund Management Co., with a return of 100.82% since its inception on January 20, 2020, and a recent one-month return of 14.61% [1]

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

Group 1: Market Movements - Tencent Holdings saw a net buy of 1.304 billion, while Xiaomi Group-W had a net buy of 0.277 billion and China Life Insurance 0.187 billion [1] - Major net sell-offs included Hua Hong Semiconductor at 0.651 billion, Zijin Mining at 0.464 billion, and Alibaba-W at 0.328 billion [1] - Southbound funds have recorded net buys in Xiaomi for three consecutive days, totaling 1.8348 billion HKD, while China Mobile has seen net sells for 21 consecutive days, amounting to 16.04415 billion HKD [4] Group 2: Company Updates - Tencent's AI application "Yuanbao" has launched a cash red envelope activity with a total scale of approximately 1 billion, allowing users to participate in cash rewards and tasks [6] - Xiaomi delivered over 39,000 vehicles in January, marking a 95% year-on-year increase, and plans to open six new stores in February [7] - Alibaba's Qianwen App announced a 3 billion investment to launch the "Spring Festival Treat Plan," set to go live on February 6, aiming to enhance user engagement during the holiday [7]

Investment Rating - The report maintains a "Positive" investment rating for the semiconductor industry [1]. Core Insights - The demand for AI-related chips is driving significant growth in the wafer foundry sector, with TSMC's revenue reaching NT$1.05 trillion in Q4 2025, a 20.45% year-on-year increase, marking a historical high for a single quarter [6][8]. - The global advanced process capacity is expected to accelerate, with SEMI predicting that the capacity for 7nm and below advanced logic processes will grow from approximately 850,000 wafers per month in 2024 to 1.4 million wafers per month by 2028 [6][12]. - Domestic companies in China need to accelerate their technological upgrades and capacity expansions to catch up with global leaders like TSMC and Samsung, as their market share in advanced processes remains significantly low [6][11]. - The import of semiconductor manufacturing equipment in China is projected to reach a historical high of CNY 360.28 billion in 2025, indicating a strong signal for accelerated capacity expansion in advanced processes [12][13]. - The report suggests focusing on semiconductor companies such as Northern Huachuang, Zhongwei Company, Jiangfeng Electronics, and others for investment opportunities [6]. Summary by Sections 1. Global Advanced Process Wafer Foundry Development - AI computing chip demand is propelling the wafer foundry industry to new heights, with TSMC's revenue growth and a projected global wafer foundry market size increase from USD 155.6 billion in 2024 to USD 268.3 billion by 2032 [6][8]. - The complexity and larger size of AI GPU chips require more advanced process capacity, leading to a higher demand for wafer foundry services [8][9]. 2. Domestic Market in China - China's wafer foundry industry has seen rapid expansion in mature processes, but advanced process capacity and technology development face significant challenges due to export restrictions from Western countries [9][11]. - In 2021, China's share in the global advanced process wafer foundry market was only 5%, highlighting the need for further development [11]. 3. Semiconductor Equipment Imports - The import of semiconductor equipment in China is expected to reach CNY 360.28 billion in 2025, with significant investments in critical lithography equipment [12][13]. - ASML's revenue from lithography systems is projected to be EUR 24.474 billion in 2025, with 33% of that coming from the Chinese market, indicating strong demand for advanced manufacturing equipment [12][13].

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]

Group 1 - The Hong Kong chip stocks experienced a collective decline, with notable drops in several companies' stock prices [1] - Hua Hong Semiconductor fell over 12%, while Zhaoyi Innovation dropped 11%, and Wallin Technology decreased by over 7% [1] - Other companies such as Shanghai Fudan and InnoCare also saw declines exceeding 6%, with SMIC, ASMPT, and Tianyu Semiconductor dropping more than 5% [1] Group 2 - Hua Hong Semiconductor's stock price decreased by 12.79%, reaching 101.600, with a total market capitalization of 176.54 billion and a year-to-date increase of 36.74% [2] - Zhaoyi Innovation's stock fell by 11.04% to 298.000, with a market cap of 207.64 billion and a year-to-date increase of 83.95% [2] - Wallin Technology's stock price dropped by 7.47% to 32.200, with a market cap of 78.53 billion and a year-to-date increase of 64.29% [2] - Shanghai Fudan's stock decreased by 6.85% to 48.440, with a market cap of 39.90 billion and a year-to-date increase of 6.88% [2] - InnoCare's stock fell by 6.17% to 54.000, with a market cap of 49.42 billion and a year-to-date decrease of 31.12% [2] - SMIC's stock price declined by 5.31% to 71.400, with a market cap of 571.23 billion and a year-to-date change of -0.07% [2] - ASMPT's stock decreased by 5.20% to 98.500, with a market cap of 411.51 billion and a year-to-date increase of 27.18% [2] - Tianyu Semiconductor's stock fell by 5.03% to 47.580, with a market cap of 18.71 billion and a year-to-date change of -0.88% [2]

Group 1 - The global AI chip market is projected to reach a scale of $928 billion by 2034, indicating significant growth potential in the industry [2][11] - Major companies like Samsung Electronics and SK Hynix have announced price increases for NAND and LPDDR memory chips by over 100%, reflecting strong demand driven by AI applications [1] - Domestic companies such as Zhongwei Semiconductor and Guokewai have also raised prices for their products, with increases ranging from 15% to 80% [1] Group 2 - The first ETF focusing on the Hong Kong chip industry has been launched, covering 42 Hong Kong technology companies, with a high concentration of weights in the top stocks [3][4] - The largest weight in the ETF is held by SMIC at 15.32%, and the top ten stocks account for 71% of the total weight, excluding major internet companies like Alibaba and Tencent [4][11] - The performance of the Hong Kong Information Technology ETF has outperformed major indices, with a cumulative increase of 71.33% since the end of 2022, significantly exceeding the performance of the Hang Seng Tech Index and CSI 300 [7][13] Group 3 - The Hong Kong Information Technology C Index has shown a remarkable annual growth rate of 39.3% for 2025, outperforming the Hang Seng Tech Index and CSI 300 [7][15] - Historical performance data indicates fluctuations in the index, with a notable increase of 39.3% in 2025 following a challenging period in previous years [16] - The ETF and its connected fund are designed to track the performance of the Hong Kong technology sector, providing investors with exposure to hard technology companies [17]