Core Viewpoint - The Chinese chip industry has not only survived the sanctions imposed by the U.S. but has thrived, particularly in the mature chip sector, positioning itself as a global leader in this market. Group 1: Impact of U.S. Sanctions - In 2019, the U.S. placed hundreds of Chinese chip companies, including Huawei and Yangtze Memory Technologies, on an "entity list," prohibiting them from purchasing American technology [3] - Despite the restrictions on EDA software, photolithography machines, and advanced process foundries, Chinese chip companies adopted a "fight to the end" mentality, leading to significant advancements during a period of apparent dormancy [3][9] Group 2: Growth in Chip Production - After failing to procure ASML's EUV photolithography machines, China invested 150 billion yuan in new wafer fabs across major cities, resulting in a monthly production capacity increase of 350,000 wafers for mature chips [4] - China has achieved a global leading position in mature process capacity (28nm and above), with projections indicating a 43% market share by 2027 [6] Group 3: Technological Advancements - Chinese companies have made significant strides in chip design software, with firms like Huada Jiutian and Gekun Electronics successfully developing designs for 14nm and above [10] - In chip manufacturing equipment, Shanghai Micro Electronics and Zhongwei have achieved mass production of 28nm photolithography machines and successfully integrated 5nm etching machines into TSMC's supply chain [10] Group 4: Market Dynamics and Competition - The return of Huawei's Kirin chips has pressured Qualcomm, resulting in a loss of approximately 40 million chips sold in China, translating to hundreds of billions in economic losses for Qualcomm [10] - Yangtze Memory Technologies has captured an 8.1% global market share in NAND flash memory, forcing competitors like Samsung and Micron to reduce prices by 50% [10] - Chinese companies like BYD and Unisoc have significantly impacted the automotive chip market, leading to a 60% profit drop for Infineon and NXP [10] Group 5: Export Growth - China's chip export value has surged from 437.2 billion yuan in 2014 to 1.14 trillion yuan in 2024, marking a significant increase and breaking the 1 trillion yuan barrier for the first time [11] - The U.S. strategy to restrict high-end chips has inadvertently allowed China to dominate the mature chip market, with global analysts noting that U.S. sanctions have only strengthened China's position [11]

截至2025年8月4日 10:24，上证科创板芯片指数强势上涨1.58%，成分股东芯股份上涨16.67%，华虹公司上涨8.03%，芯原股份上涨4.96%，峰岹科技、海光 信息等个股跟涨。科创芯片ETF(588200)上涨1.51%。 资金流入方面，拉长时间看，科创芯片ETF近21个交易日内有13日资金净流入，合计"吸金"12.75亿元。数据显示，杠杆资金持续布局中。科创芯片ETF最新 融资买入额达1.45亿元，最新融资余额达15.23亿元。 截至8月1日，科创芯片ETF近1年净值上涨57.65%，排名可比基金第一，指数股票型基金排名203/2944，居于前6.90%。从收益能力看，截至2025年8月1日， 科创芯片ETF自成立以来，最高单月回报为25.18%，最长连涨月数为4个月，最长连涨涨幅为36.01%，上涨月份平均收益率为8.19%。 根据SIA数据显示，2025年5月全球半导体销售额达589.8亿美元，同比增长27.0%，环比增长3.5%；2025年5月中国半导体销售额达170.8亿美元，同比增长 20.5%，环比增长5.4%。 中银证券指出，H20 恢复对华销售，算力产业链再迎催化。 H20 恢复对 ...

Group 1 - The United States will implement "reciprocal tariffs" starting August 7, which may impact trade dynamics [1] - Key financial reports are expected from companies such as AMD, Micron Technology, Novo Nordisk, and Eli Lilly [1] - The 2025 World Robot Expo will open in Beijing, highlighting advancements in robotics [1] Group 2 - On August 4, the Eurozone's Sentix Investor Confidence Index and the U.S. factory orders for June will be released [2] - On August 5, China will publish the July S&P Global China PMI, and the U.S. will release the July ISM Non-Manufacturing Index [2] - On August 6, financial results from AMD, McDonald's, and Novo Nordisk will be disclosed [2] - On August 7, the U.S. will begin implementing "reciprocal tariffs," and the Bank of England will announce its policy interest rate [2] - On August 8, the U.S. is requesting a resolution between Russia and Ukraine by August 8 [2] - On August 9, China will release July CPI and PPI data [2]

Core Viewpoint - The behavior of leading funds in the market is determined by the positioning of the market, which in turn influences the structure and pattern of industries that experience growth. Historically, liquidity-driven markets tend to concentrate on strong sectors rather than rotating between high and low performers [1][2]. Group 1: Market Behavior and Trends - In liquidity-driven markets, once a sector gains consensus, its strong performance tends to persist until the end of the market cycle [2]. - Strong sectors often see their peak performance occur later than mid-tier sectors, indicating a lack of significant high-low rotation [2]. - The excess returns of leading sectors compared to mid-tier and low-tier sectors tend to expand throughout the market cycle [2]. Group 2: Investment Focus and Sector Performance - Current focus remains on sectors such as AI, innovative pharmaceuticals, resources, and the STAR Market [1][6]. - In July, sectors with strong industrial trends, such as innovative pharmaceuticals and rare metals, outperformed, with ETFs recording significant gains: Communication ETF at 20.4%, Innovative Pharmaceutical ETF at 16.9%, and Rare Metals ETF at 15.4% [5]. - Conversely, sectors relying on short-term speculative themes, like coal, saw significant pullbacks, indicating a preference for strong trend sectors over low-positioned ones [5]. Group 3: Liquidity and Market Dynamics - Recent marginal slowdown in incremental liquidity suggests that the market needs to cool down for sustainable growth [6]. - Public mutual funds experienced a net outflow of approximately 25.1 billion in July, following a rare net inflow in June, indicating a shift in investor sentiment [7]. - Despite some outflows, industry and thematic ETFs saw net inflows, driven primarily by individual investors, with significant inflows into cyclical, manufacturing, and technology ETFs [7]. Group 4: Sector-Specific Insights - AI sector faces uncertainty regarding the transition from North American supply chains to domestic ones, with current trends reflecting more on industrial trends than pure valuation [8]. - The innovative pharmaceuticals sector is supported by potential business development expectations, with large pharmaceutical companies still having room for valuation growth compared to previous years [9]. - Resource stocks are currently well-matched in terms of fundamentals and valuations, with price increases reflecting earnings elasticity due to supply constraints and slow demand growth [10]. Group 5: Long-term Investment Considerations - The "15th Five-Year Plan" guidance is anticipated to provide clearer, quantifiable constraints on industry capacity expansion, which could stabilize long-term supply-demand relationships [4]. - The semiconductor sector, particularly the STAR Market, is expected to see a resurgence, especially if optimistic guidance is provided by key players like SMIC [10].

Core Insights - The Invesco Great Wall Hong Kong Stock Connect Global Competitiveness C Fund (012228) has a latest net value of 0.8108 yuan, with a weekly return of -3.14%, a three-month return of 6.14%, and a year-to-date return of 17.87% [1] - The fund was established on August 12, 2021, and managed by Zhou Hanying, with a total scale of 250 million yuan as of June 30, 2025 [1] - The top ten stock holdings of the fund include Tencent Holdings, Alibaba-W, Pop Mart, Xiaomi Group-W, Giant Bio, Zijin Mining, NetEase Cloud Music, China Pacific Insurance, SMIC, and SF Holding, accounting for a total of 47.14% of the portfolio [1]

专利摘要显示，一种半导体结构及其形成方法，其中形成方法包括：形成第一部，第一部至少包括第一 金属层、介质层以及第一电互连结构；形成第二部，第二部至少包括器件结构、第二金属层以及第二电 互连结构；键合第一部和第二部，第一金属层和第二金属层在朝向第一部的方向具有投影重叠区域，第 一电互连结构与第二电互连结构电连接。第一部和第二部可以同步制作以提升半导体结构的制程效率。 第一部和第二部键合连接时，第一部中沉积介质层的热应力已经完全释放，不会对第二部中的器件结构 造成影响。由于第一部是单独的制作形成，在形成第一部的过程中不用考虑介质层的薄膜应力和热预算 的限制，可以对电容隔离器节点层进行加厚，以提升电容隔离器的耐压性能。 金融界2025年8月2日消息，国家知识产权局信息显示，中芯国际集成电路制造(北京)有限公司;中芯国际 集成电路制造(上海)有限公司申请一项名为"半导体结构及其形成方法"的专利，公开号 CN120413548A，申请日期为2024年01月。 来源：金融界 天眼查资料显示，中芯国际集成电路制造(北京)有限公司，成立于2002年，位于北京市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注 ...

Group 1 - The core viewpoint of the news is that Semiconductor Manufacturing International Corporation (SMIC) has applied for a patent related to semiconductor structures and their formation methods, which aims to enhance the integration of photodetectors [1] - The patent application was filed for a semiconductor structure that includes a first substrate with multiple discrete photosensitive areas and an isolation trench containing a capacitive structure, which improves the optical isolation between adjacent photosensitive areas [1] - The capacitive structure is designed to reduce the size in the vertical direction relative to the first substrate, thereby increasing the integration level of the photodetector [1] Group 2 - SMIC Beijing was established in 2002 with a registered capital of 100 million USD and has participated in 52 bidding projects, holding 5000 patent records [2] - SMIC Shanghai was founded in 2000 with a registered capital of 244 million USD, involved in 127 bidding projects, and also holds 5000 patent records [2] - Both companies are primarily engaged in the manufacturing of computers, communications, and other electronic devices, with SMIC Shanghai having more administrative licenses (451) compared to SMIC Beijing (226) [2]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six industries experiencing gains, led by the pharmaceutical and communication sectors, which rose by 2.95% and 2.54% respectively [1] - The electronic industry also saw a slight increase of 0.28% [1] Fund Flow Analysis - A total of 211.86 billion yuan was net withdrawn from the two markets this week, with only the banking sector seeing a net inflow of 4.33 billion yuan [2] - The non-ferrous metals industry had the largest net outflow, totaling 25.99 billion yuan, followed by the computer industry with a net outflow of 20.45 billion yuan [2] Industry Performance - The banking sector experienced a decline of 0.84% with a net inflow of 4.33 billion yuan, while the real estate sector fell by 3.43% with a net outflow of 4.38 billion yuan [3] - The pharmaceutical and communication sectors were the only industries to post gains, while the coal and non-ferrous metals sectors saw declines of 4.67% and 4.62% respectively [3] Electronic Industry Insights - Within the electronic industry, 465 stocks were tracked, with 198 stocks rising and 266 stocks falling this week [3] - Notable gainers included Dongxin Co., which rose by 53.68%, and Sifang New Materials, which increased by 50.75% [3] - Major losers included Wavelength Optoelectronics, which fell by 10.06%, and Fengcai Technology, which dropped by 8.50% [3] Individual Stock Performance - In the electronic sector, 112 stocks saw net inflows, with 23 stocks receiving over 100 million yuan in net inflows, led by Industrial Fulian with 5.12 billion yuan [4] - Conversely, 66 stocks experienced net outflows exceeding 100 million yuan, with the largest outflow from SMIC at 1.26 billion yuan [4][6] ETF Performance - The Consumption Electronics ETF (code: 159732) tracked the National Certificate Consumption Electronics Theme Index, showing a slight increase of 0.46% over the past five days [8] - The ETF's latest share count was 2.47 billion, a decrease of 23 million shares, with a net inflow of 19.01 million yuan [8]

金融界8月1日消息，上证指数下跌0.37%，中证数字经济主题指数 (数字经济，931582)下跌0.66%，报 1192.06点，成交额797.24亿元。 数据统计显示，中证数字经济主题指数近一个月上涨2.75%，近三个月上涨2.83%，年至今上涨2.80%。 据了解，中证数字经济主题指数选取涉及数字经济基础设施和数字化程度较高的应用领域上市公司证券 作为指数样本，以反映数字经济主题上市公司证券的整体表现。该指数以2016年12月30日为基日，以 1000.0点为基点。 从中证数字经济主题指数持仓的市场板块来看，上海证券交易所占比50.61%、深圳证券交易所占比 49.39%。 从中证数字经济主题指数持仓样本的行业来看，信息技术占比78.11%、金融占比10.35%、工业占比 5.89%、通信服务占比3.84%、可选消费占比1.81%。 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 ...

Group 1 - Southbound funds recorded a net inflow of HKD 12.207 billion, marking the fourth consecutive day of net inflows exceeding HKD 10 billion [1] - Notable net purchases included the Tracker Fund of Hong Kong (HKD 3.744 billion), China Enterprises Index (HKD 1.72 billion), and Xiaomi Group (HKD 1.099 billion) [1] - Southbound funds have consistently net purchased Tencent for 7 days, totaling HKD 3.5417 billion, and Xiaomi for 6 days, totaling HKD 4.13539 billion [3] Group 2 - Xiaomi Group's chairman Lei Jun announced that the company delivered over 30,000 vehicles in July and plans to open 18 new stores in August, expanding its presence to 352 stores across 97 cities [4] - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of an 800 VDC power architecture in AI data centers, which significantly enhances system efficiency and reliability [4] - Stone Pharmaceutical completed a transaction with Madrigal involving a GLP-1 small molecule drug with an upfront payment of USD 120 million and potential milestone payments of up to USD 1.955 billion [4] Group 3 - The Hong Kong Monetary Authority's stablecoin licensing regime officially took effect on August 1, with expectations of a limited number of initial licenses being issued [5] - BlackRock reduced its stake in Innovent Biologics from 5.19% to 4.69% as the company registered a Phase II clinical trial for IBI363, indicating confidence in its new generation immunotherapy [5] - UBS forecasts a 36% year-on-year revenue growth for Innovent Biologics in the first half of the year, projecting the company to achieve breakeven [5]