Core Viewpoint - The integrated circuit ETF (562820) opened with a decline of 2.89%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 2.083 yuan [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 114.57% [1] - The fund has experienced a return of -4.65% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - Cambrian (寒武纪) down 2.42% - SMIC (中芯国际) down 2.50% - Haiguang Information (海光信息) down 2.25% - Lattice Technology (澜起科技) down 2.66% - GigaDevice (兆易创新) down 5.07% - Haowei Group (豪威集团) down 1.31% - Chipone (芯原股份) down 4.01% - JCET (长电科技) down 1.44% - Unisoc (紫光国微) down 2.00% - Tongfu Microelectronics (通富微电) down 2.07% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd. [1] - The fund manager is Tian Guangyuan [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a decline of 3.17%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 1.896 yuan, reflecting a significant drop [1] - The fund's performance benchmark is the CSI Chip Industry Index return rate, managed by Tianhong Fund Management Co., Ltd. [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 95.73%, while its return over the past month is -3.40% [1] Group 2: Major Holdings Performance - Key holdings in the Tianhong chip ETF experienced notable declines, including: - SMIC down 2.50% - Cambrian down 2.42% - Haiguang Information down 2.25% - Northern Huachuang down 2.40% - Lanke Technology down 2.66% - Zhaoyi Innovation down 5.07% - Zhongwei Company down 2.90% - OmniVision down 1.31% - Chipone down 4.01% - Changdian Technology down 1.44% [1]

来源：本文由上海优园科技联合半导体行业观察发布。 半导体激光设备概述 激光凭借高能量密度、非接触加工以及对材料适应性强等优势，被广泛应用于消费电子、汽车制 造、新能源和半导体产业链等领域。随着半导体制造和封装工艺的发展，激光设备在半导体行业中 发挥越来越重要的作用。近年来，随着下游行业对轻量化、精密化和智能化需求的不断增加，半导 体激光加工设备正加快迭代升级。从传统的二极管泵浦到光纤耦合、超快激光技术，设备在功率稳 定性、加工精度和能耗表现上均显著提升。与此同时，国产厂商也在技术突破和成本控制方面不断 追赶，逐步缩小与国际领先企业的差距。可以预见，未来半导体激光设备将不仅是单一制造环节的 工具，而是成为驱动制造业转型升级的重要引擎。在新兴产业快速发展的背景下，其市场需求有望 持续扩大，带动产业链迎来新的增长机遇。 目前根据应用原理和应用工艺环节的不同，可将半导体激光设备分为激光退火设备、激光材料改性 设备、激光打标设备、激光划片设备、解键合设备和修边（Trimming）设备等。 1.1 激光退火设备 半导体激光退火设备是一种半导体制造工艺中的关键设备，主要用于对半导体晶圆进行退火处理， 以修复离子注入工艺造成 ...

机构：第一上海 研究员：曹凌霁/韩啸宇 业绩摘要：2025Q3 公司收入23.8 亿美元，同比增长9.7%，环比增长7.8%，基本符合一致预期的23.5 亿 美元。本季度公司产能环比增长3.2万片至102.3 万片等效8 寸晶圆，产能利用率为95.8%，环比增加 3.3pct。晶圆ASP 达913 美元，同比下滑5.5%，环比增长4.4%。公司的毛利率22.0%，环比增长1.6pct。 归母净利润同比增长28.9%至1.9 亿美元，每股盈利0.02 美元。公司指引2025Q4 收入环比增长0%-2%至 23.8-24.3 亿美元，中值基本符合彭博一致预期，毛利率介于18%-20%，中值略低于一致预期的19.4%。 消费电子市场需求回暖，2025 财年AI 需求增速超10%：本季度8 英寸和12 英寸晶圆收入环比分别增长 2.7%/8.9%，其中晶圆付运量环比增长4.6%至249.9 万片，平均晶圆ASP 环比增长4.4%至931 美元/片。 下游应用方面，消费电子收入环比增长19.4%，主要系国内客户的市场份额提升叠加出口需求增长；智 能手机收入环比下滑4.7%，主要系部分订单因供不应求暂时延迟叠加行业竞争激 ...

2025年第三季度全球晶圆代工行业又有新变化。 近期，中国大陆晶圆代工"双雄"中芯国际（688981.SH）和华虹半导体（688347.SH）都发布了今年第三 季度财报，两者当季营收都创下新高，分别为23.82亿美元（同比增长9.7%）、6.35亿美元（同比增长 20.7%）。中国台湾晶圆代工龙头台积电也创下了331亿美元营收纪录。 "2025年第三季度财报显示，全球晶圆代工厂业绩实现普遍增长，产能利用率维持高位，行业需求的稳 步释放推动了晶圆出货量与平均售价同步走高，构成营收增长的核心支撑。"天使投资人、资深人工智 能专家郭涛告诉《中国经营报》记者。他还提到，晶圆代工行业头部厂商聚焦先进制程突破，中小厂商 则深耕特色工艺赛道，而计算、汽车等高端领域的需求爆发，成为行业共同的增长引擎。 记者注意到，当下晶圆代工行业成熟制程（如28nm及以上）的市场格局调整加剧，近期备受瞩目。今 年10月，市场消息传出，聚焦成熟制程的联电（UMC）正要求其供应商自2026年起至少提出15%的降 价方案；台积电正计划逐步将40—90nm区间的成熟制程订单外包给子公司世界先进。 据了解，当前市场火热的存储芯片主要采用成熟制程，除了 ...

Core Insights - Since 2025, the Hong Kong stock market, led by technology and innovative pharmaceuticals, has been on the rise, with the Hang Seng Technology Index reaching a recent high of 6715.46 on October 2, and the Hang Seng Index showing a gain of over 30% [1][3] - However, in less than two months, the Hang Seng Technology Index has experienced a continuous adjustment, with a maximum drawdown exceeding 15%, and a recent five-day losing streak [1][3] - Despite the market pullback, southbound capital has accelerated its inflow, with a net purchase exceeding 1.3 trillion HKD this year, and cumulative net inflow surpassing 5 trillion HKD, setting a historical record [1][7] Market Dynamics - The recent pullback in the Hong Kong stock market's technology sector is attributed to multiple factors, including persistent concerns over an "AI bubble," a cooling concept of interest rate cuts by the Federal Reserve, and escalating tariff conflicts, which have led to a systematic devaluation of technology stocks [3][4] - Additionally, as the year-end approaches, there is a shift in investment focus towards dividend-paying assets like banks and non-bank financials, rather than high-volatility technology stocks [4] Financial Performance - Nvidia's strong Q3 earnings report, showing a revenue of 57 billion USD (up 62% year-on-year) and a Q4 revenue outlook of approximately 65 billion USD, may help alleviate market concerns regarding the "AI bubble" [5] - Major Hong Kong technology companies have also reported robust Q3 earnings, indicating resilience in the face of global economic disruptions, with highlights including Tencent's revenue of 192.9 billion CNY (up 15%) and Xiaomi's revenue of 113.12 billion CNY (up 22.3%) [6][5] Investment Outlook - Looking ahead to 2026, several institutions remain optimistic about the mid-to-long-term prospects of the Hong Kong technology and internet sectors, driven by the AI wave and supportive policies [7] - The inflow of southbound capital is unprecedented, with insurance and public funds driving a dual strategy of "technology growth + high dividend yield" [7][8] - The Hang Seng Technology Index is currently at a historical low valuation, with a PE ratio of 23.09, significantly lower than the Nasdaq's 42.5, indicating a strong value proposition for long-term investors [9][8] ETF Performance - The inflow of funds has led to a rise in the scale of related ETFs, with the Hang Seng Technology Index ETF exceeding 46 billion CNY and the Hang Seng Internet ETF nearing 34 billion CNY [8][9] - The current market environment, characterized by improving liquidity and low valuations, presents a favorable opportunity for long-term investment in Hong Kong's technology sector [10]

Core Insights - The top ten Chinese listed technology companies in terms of R&D investment for the first three quarters of 2025 have been identified, highlighting significant players in the industry [1] Group 1: R&D Investment Rankings - Tencent leads the list with a total R&D expenditure of 62 billion RMB [2] - BYD follows with 43.8 billion RMB in R&D spending [2] - Xiaomi ranks third with 23.5 billion RMB allocated for R&D [2] - CATL (宁德时代) is fourth with 15.1 billion RMB in R&D investment [2] - Midea (美的) and Gree (格力) have R&D expenditures of 12.9 billion RMB and 9.5 billion RMB, respectively [2] - Zeekr (极氪) invests 7.7 billion RMB in R&D [2] - XPeng (小鹏) has an R&D budget of 6.6 billion RMB [2] - Seres (赛力斯) spends 5.1 billion RMB on R&D [2] - Semiconductor Manufacturing International Corporation (中芯国际) rounds out the list with 3.8 billion RMB in R&D investment [2]

Group 1: Global Chip Industry Developments - Microsoft and Nvidia plan to invest $15 billion in AI startup Anthropic, which will purchase $30 billion worth of computing power from Microsoft's Azure cloud platform [1] - US semiconductor manufacturer GlobalFoundries announced the acquisition of silicon photonics wafer foundry AMF, positioning itself to become the largest silicon photonics chip manufacturer by revenue [1] - Chip design giant Arm announced the integration of Nvidia's NVLink Fusion high-speed interconnect into its Neoverse platform, strengthening the collaboration between the two companies [1] Group 2: Domestic Semiconductor Market Insights - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25 in Beijing, aligning with the "14th Five-Year Plan" to enhance technological innovation and ensure supply chain stability [1] - China Galaxy noted that the rapid development of strategic emerging industries such as digital economy, AI, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips [1] Group 3: Flash Memory Price Surge - Following significant price increases in DRAM, flash memory prices have also surged, with Flash Wafer prices rising by up to 38.46% as of November 19 [2] - Guosen Securities highlighted strong AI demand leading to supply shortages and price increases in storage chips and other components, suggesting that the market may be underestimating the sustainability of demand for domestic computing and storage capabilities [2] Group 4: Electronic Sector Performance - The electronic ETF (515260) saw early gains of over 2% before a market pullback, indicating strong buying interest despite a current decline of 0.47% [2] - Key stocks in the electronic sector, such as Huadian Co. and Wentai Technology, led gains of over 2%, while companies like Zhongwei and Beifang Huachuang experienced declines of over 3% [4] Group 5: Electronic ETF Characteristics - The electronic ETF (515260) tracks the electronic 50 index, focusing on semiconductor and consumer electronics sectors, with significant holdings in PCB, AI chips, automotive electronics, and 5G [5] - The ETF's composition includes a 44.63% weight in Apple supply chain stocks, benefiting from the anticipated strong performance of the iPhone 17 [5] - External pressures are pushing China towards achieving self-sufficiency in the semiconductor industry, with AI reshaping consumer electronics and receiving strong policy support [5]

资料显示，中芯国际集成电路制造有限公司位于上海市浦东新区张江路18号,香港中环康乐广场8号交易 广场1期29楼，成立日期2000年4月3日，上市日期2020年7月16日，公司主营业务涉及提供0.35微米至14 纳米多种技术节点、不同工艺平台的集成电路晶圆代工及配套服务。主营业务收入构成为：集成电路晶 圆代工93.83%，其他6.17%。 截至9月30日，中芯国际股东户数33.62万，较上期增加33.27%；人均流通股6134股，较上期减少 25.41%。2025年1月-9月，中芯国际实现营业收入495.10亿元，同比增长18.22%；归母净利润38.18亿 元，同比增长41.09%。 机构持仓方面，截止2025年9月30日，中芯国际十大流通股东中，易方达上证科创板50ETF（588080） 位居第五大流通股东，持股5730.50万股，相比上期减少1650.36万股。华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股5599.90万股，相比上期减少3972.76万股。华夏上证50ETF （510050）位居第七大流通股东，持股3797.30万股，相比上期减少103.16万股。华泰柏瑞沪深30 ...

Group 1 - The storage chip sector is experiencing a price surge, with a 50% price increase in memory prices expected by early 2025, and a projected 30% increase in Q4 2024, followed by a potential 20% rise in early 2025 [3] - The semiconductor equipment ETF (561980) has seen a net inflow of 211 million yuan over the last five trading days, with a year-to-date share increase of 96.6%, bringing its latest scale to 2.75 billion yuan [1][3] - The semiconductor industry index has risen by 53.42% year-to-date, ranking first among major semiconductor indices, with a maximum increase exceeding 80% [6][7] Group 2 - Nvidia plans to use mobile-grade memory chips in its AI servers, which could lead to a doubling of server memory prices by the end of 2026 [3] - The semiconductor equipment sector is expected to benefit from a "price cycle" and "product iteration cycle," leading to higher capital expenditures and sustained order growth for upstream equipment companies [3] - Major semiconductor events, such as ICCAD-Expo 2025 and the China International Semiconductor Expo, are set to take place, attracting leading companies from around the world [5] Group 3 - SMIC's 8-inch monthly production capacity has surpassed 1 million wafers for the first time, with a utilization rate of 95.8%, indicating strong demand for analog and storage orders [5] - The semiconductor industry is witnessing a robust recovery, with the China Securities Index reporting a 32.12% year-on-year revenue growth and a 27.12% increase in net profit for Q3 2025 [7][8] - The top ten components of the semiconductor equipment ETF account for over 78% of the index, focusing on key domestic innovations in the semiconductor supply chain [8]