Core Viewpoint - The leading chip ETF (159801) opened down 0.93% at 0.852 yuan, reflecting a broader trend in the semiconductor sector [1] Group 1: ETF Performance - The performance benchmark for the chip ETF is the return rate of the National Securities Semiconductor Chip Index during the same period [1] - Since its establishment on January 20, 2020, the fund has achieved a return of 71.76% [1] - Over the past month, the fund has experienced a return of -5.26% [1] Group 2: Major Holdings Performance - Major holdings in the chip ETF include: - Cambrian (down 1.35%) - SMIC (down 0.62%) - Haiguang Information (down 0.18%) - Northern Huachuang (down 0.83%) - Lanke Technology (down 1.53%) - Zhaoyi Innovation (down 1.84%) - Zhongwei Company (down 0.36%) - OmniVision (unchanged) - Changdian Technology (down 0.57%) - Unisoc (down 0.34%) [1]

Core Insights - Northern Huachuang's stock price decreased by 0.05% on November 11, with a trading volume of 2.797 billion yuan [1] - The company reported a financing net buy of -10.74 million yuan on the same day, indicating a higher level of financing activity [1] Financing Summary - On November 11, Northern Huachuang had a financing buy of 192 million yuan, with a total financing balance of 2.660 billion yuan, accounting for 0.88% of its market capitalization [1] - The financing balance is above the 50th percentile level over the past year, indicating a relatively high position [1] Securities Lending Summary - On November 11, the company repaid 500 shares in securities lending and sold 1,100 shares, amounting to 457,000 yuan based on the closing price [1] - The remaining securities lending balance was 42,700 shares, with a total value of 17.7294 million yuan, exceeding the 90th percentile level over the past year, indicating a high level of short selling [1] Company Overview - Northern Huachuang Technology Group Co., Ltd. was established on September 28, 2001, and listed on March 16, 2010 [1] - The company specializes in the research, production, sales, and technical services of semiconductor basic products, with its main revenue sources being electronic process equipment (94.53%), electronic components (5.37%), and others (0.10%) [1] Shareholder and Financial Performance - As of October 10, the number of shareholders was 84,400, a decrease of 0.83%, while the average number of circulating shares per person increased by 0.83% to 8,577 shares [2] - For the period from January to September 2025, Northern Huachuang achieved a revenue of 27.301 billion yuan, a year-on-year increase of 34.14%, and a net profit attributable to shareholders of 5.130 billion yuan, up 14.97% year-on-year [2] Dividend Information - Since its A-share listing, Northern Huachuang has distributed a total of 1.535 billion yuan in dividends, with 1.217 billion yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 92.4871 million shares, an increase of 38.0334 million shares from the previous period [2] - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia National Standard Semiconductor Chip ETF, with varying increases and decreases in their holdings [2]

Summary of Conference Call on China Semiconductors Industry Overview - The conference call focused on the semiconductor equipment industry in China, specifically discussing the performance and outlook of three companies: NAURA, AMEC, and Piotech. Key Points Company Performance - **Stock Performance**: Since the last earnings report, Piotech's stock increased by 73%, AMEC by 43%, and NAURA by 10, indicating strong market interest [1][2]. - **Earnings Reports**: All three companies reported earnings for Q3 2025, with a general consensus that the market may take a pause after recent rallies, but there is potential for further upside in the next 12 months due to stronger demand for wafer fabrication equipment (WFE) in China [1][2]. Market Sentiment and Growth Outlook - **Positive Outlook for 2026**: Conversations with companies post-earnings revealed that WFE spending in China for 2025 is expected to exceed previous expectations, with further growth anticipated in 2026 driven by DRAM, NAND, and advanced logic capacity expansions [2][3]. - **Localization Trends**: There is a significant increase in the localization ratio for DRAM and mature logic, which is expected to continue, contributing to stronger order growth [2][3]. Profitability and Valuation - **Profitability Pressure**: Despite the positive market sentiment, all three companies faced pressure on gross profit margins (GPM) due to increased price competition and customer pressures, particularly in NAND and mature logic segments [3][4]. - **Market Valuation Shift**: The market has shifted its focus from earnings per share (EPS) growth to revenue and order growth, which has contributed to the recent stock rallies [3][4]. Company-Specific Insights - **NAURA**: - Maintains a strong market position with a diverse product portfolio and client base. Management guided for 2025 revenue of RMB 39.5-40 billion and net profit of RMB 6.5 billion, with a focus on market share and R&D over immediate profitability [6][9]. - Expected revenue growth of 34% in 2025 and 28% in 2026, with a long-term target for GPM around 40% [9][11]. - **AMEC**: - Focuses on dry etch and deposition technologies, with a projected revenue growth of 38% in 2025 and 34% in 2026. Management remains confident in order and revenue growth despite lower GPM expectations [7][36]. - Heavy R&D investments are expected to yield future benefits, with a long-term GPM target of 40% [33][36]. - **Piotech**: - Experienced a strong performance in Q3 2025 but faces challenges in revenue recognition due to longer conversion cycles. Management is optimistic about increasing market share within CXMT and benefiting from NAND applications [8][64][65]. - Approximately 2/3 of revenue comes from memory, indicating a strong focus on NAND technology [64][65]. Investment Implications - **Stock Ratings**: - NAURA is rated as "Outperform" with a target price of CNY 480, AMEC at CNY 380, and Piotech at CNY 375, reflecting positive sentiment and growth potential in the sector [4][5][6]. - **Valuation Adjustments**: Target prices for all three companies have been revised upwards based on positive signals from memory and advanced logic sectors, while GPM assumptions have been adjusted downwards [4][5][6]. Conclusion - The semiconductor equipment sector in China is poised for growth, driven by increased localization, strong demand for memory, and advancements in technology. While profitability pressures exist, the overall sentiment remains positive, with significant upside potential anticipated in the coming year.

来源：新浪基金∞工作室 11月10日，芯片ETF基金（159599）开盘涨0.14%，报2.079元。芯片ETF基金（159599）重仓股方面， 中芯国际开盘涨0.02%，寒武纪跌0.17%，海光信息跌0.29%，北方华创涨0.00%，澜起科技涨1.48%，兆 易创新涨3.41%，中微公司涨1.28%，豪威集团涨0.10%，芯原股份涨0.00%，长电科技涨0.59%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 芯片ETF基金（159599）业绩比较基准为中证芯片产业指数收益率，管理人为东财基金管理有限公司， 基金经理为吴逸，成立（2024-04-19）以来回报为107.62%，近一个月回报为-6.84%。 ...

Asia Pacific Equity Research 04 November 2025 NAURA - A Key beneficiary of China's investment in advanced logic capacity: Initiate coverage at OW As the largest wafer fabrication equipment (WFE) platform in China, we believe NAURA is set to benefit from stronger semiconductor capex and continuous localization initiatives in China. Meanwhile, we expect NAURA's growth in the coming two years to be driven mainly by advanced logic projects. Amid a global WFE sector re-rating and on top of a 40% earnings CAGR fo ...

Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware sectors, as well as the Apple supply chain and self-controllable beneficiary industries [4][30]. Core Insights - Nvidia's CEO Jensen Huang indicated strong business momentum, with the Blackwell demand being robust and the production of the next-generation Rubin chips underway [1]. - SanDisk reported a revenue of $2.31 billion for FY26Q1, with a quarter-over-quarter increase of 23% and year-over-year growth of 21%, exceeding market expectations [1]. - The demand for ASICs is expected to surge due to the explosive growth in token numbers, with significant contributions from companies like Google, Amazon, Meta, OpenAI, and Microsoft anticipated between 2026 and 2027 [1][30]. Summary by Sections 1. Industry Overview - The semiconductor industry is experiencing a robust recovery, with significant demand for AI-related products and services driving growth across various segments [1][4]. - The report highlights a strong recovery in the data center market, with expectations of NAND flash memory becoming the largest market by 2026, driven by AI demand [1]. 2. Subsector Insights 2.1 Consumer Electronics - Apple launched new products, including the iPhone 17 series and AR glasses, which are expected to drive demand in the AI sector [5][6]. - The report anticipates a surge in end-side AI product releases, particularly in 2025 and 2026, enhancing Apple's competitive position in the AI market [5]. 2.2 PCB - The PCB industry is maintaining a high level of prosperity, driven by demand from automotive and industrial control sectors, alongside AI expansion [7]. - The report notes a significant increase in orders for AI-PCB and related products, with many companies operating at full capacity [30]. 2.3 Components - The report emphasizes the growth in passive components, particularly MLCCs, driven by increased usage in AI devices and mobile applications [22]. - The LCD panel market is stabilizing, with effective production control measures in place [23]. 2.4 IC Design - The storage sector is expected to see continued upward momentum, with DRAM prices projected to rise due to increased demand from cloud service providers [24][26]. 2.5 Semiconductor Equipment - The semiconductor equipment sector is experiencing a positive trend, with significant investments in advanced manufacturing technologies [27][29]. - The report highlights the importance of domestic production capabilities in the face of global supply chain challenges [27]. 3. Key Companies - Nvidia is highlighted for its strong performance and technological advancements, particularly in AI server shipments [30]. - Companies like SanDisk, Three Ring Group, and Northern Huachuang are noted for their robust financial performance and strategic positioning in the market [32][34][35].

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1916.43 points, down 0.1% with a trading volume of 135.68 billion yuan and a turnover rate of 0.7% [1] - Among the index constituents, 43 stocks rose while 56 fell, with Wanhua Chemical leading the gainers at a 5.79% increase and Shenzhen South Circuit leading the decliners at a 3.36% decrease [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.60% weight, latest price 30.17 yuan, market cap 801.84 billion yuan, sector: Non-ferrous metals [1] - Changjiang Electric Power: 2.90% weight, latest price 28.52 yuan, market cap 697.83 billion yuan, sector: Utilities [1] - CITIC Securities: 2.90% weight, latest price 29.00 yuan, market cap 429.80 billion yuan, sector: Non-banking financial [1] - Taihai Chemical: 2.89% weight, latest price 19.70 yuan, market cap 347.29 billion yuan, sector: Non-banking financial [1] - China Merchants Bank: 2.80% weight, latest price 42.51 yuan, market cap 1072.10 billion yuan, sector: Banking [1] - Xingye Bank: 2.74% weight, latest price 21.17 yuan, market cap 448.02 billion yuan, sector: Banking [1] - North Huachuang: 2.73% weight, latest price 413.75 yuan, market cap 299.71 billion yuan, sector: Electronics [1] - Wrigley: 2.68% weight, latest price 116.75 yuan, market cap 453.18 billion yuan, sector: Food and Beverage [1] - China Shipbuilding: 2.52% weight, latest price 35.81 yuan, market cap 269.49 billion yuan, sector: Defense and Military [1] - Zhongke: 2.42% weight, latest price 111.16 yuan, market cap 162.64 billion yuan, sector: Computer [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 4.52 billion yuan, while retail investors saw a net inflow of 2.98 billion yuan [1] - Notable net inflows from retail investors were observed in Wanhua Chemical, TCL Zhonghuan, and China Satellite, while significant outflows were noted in China Chemical and China Unicom [2]

Core Viewpoint - The global semiconductor market is experiencing a moderate recovery, driven by strong demand in AI-related applications, particularly in data centers, high-performance computing, and communication infrastructure, leading to increased sales of high-end chips [2][101]. Group 1: Semiconductor Companies Performance - Texas Instruments (TI) reported Q3 revenue of $4.74 billion, with a 14% year-over-year increase and a 7% quarter-over-quarter increase, indicating growth across all end markets [6]. - STMicroelectronics' Q3 revenue declined by 2% year-over-year to $3.187 billion, with automotive and industrial customers still digesting inventory [8]. - NXP's Q3 revenue was $3.17 billion, down 2% year-over-year but up 8.4% quarter-over-quarter, with automotive business revenue showing slight growth [10]. - Renesas reported Q3 revenue of 334.2 billion JPY, a 3.2% year-over-year decline, but strong growth in industrial and IoT sectors driven by AI and server demand [12]. - Microchip's Q3 revenue was $1.14 billion, down 2% year-over-year but up 6% quarter-over-quarter, with strong demand in data center applications [14]. - Qorvo's latest quarterly revenue was $1.059 billion, with expectations for continued growth in defense and aerospace markets [16]. - Onsemi reported Q3 revenue of $1.55 billion, exceeding analyst expectations, despite soft automotive demand [18]. - Sanan Optoelectronics achieved a 34.02% year-over-year increase in net profit [19]. - Sierrawave's revenue grew by 70.29% year-over-year, driven by power management chips [21]. - Naxin Microelectronics achieved a record quarterly revenue of 842 million CNY, with a 62.81% year-over-year increase [23]. Group 2: Digital Chips and Memory - Intel reported Q3 revenue of $13.7 billion, a 3% year-over-year increase, marking its first quarterly profit since last year [25]. - Qualcomm's latest quarterly revenue was $11.27 billion, a 10% year-over-year increase, driven by strong demand in mobile and automotive chip markets [28]. - Micron Technology reported Q4 revenue of $11.32 billion, a 46% year-over-year increase, with strong demand for cloud memory products [47]. - SK Hynix reported Q3 revenue of 24.4 trillion KRW, a 39% year-over-year increase, with record operating profit driven by AI demand [46]. Group 3: Wafer Manufacturing and Testing - TSMC reported Q3 revenue of 989.92 billion TWD, a 30.3% year-over-year increase, with net profit reaching a record high [58]. - UMC's Q3 revenue was 591.3 billion TWD, a slight increase from the previous quarter, with signs of demand recovery in various applications [60]. - ASE Technology's Q3 revenue reached 168.57 billion TWD, with growth driven by advanced packaging and testing [71]. Group 4: Chip Distribution - WPG Holdings reported Q3 revenue of 328.9 billion TWD, a 25.9% year-over-year increase, driven by strong AI-related product shipments [90]. - Avnet's Q3 revenue was $5.9 billion, a 5.3% year-over-year increase, with positive signs of market recovery [96]. - Arrow Electronics reported Q3 revenue of $7.713 billion, a 13% year-over-year increase, reflecting strong demand across various sectors [94]. Group 5: Overall Industry Trends - The semiconductor industry is showing signs of recovery, with 84.65% of companies reporting revenue growth in Q3 [56]. - The overall semiconductor sales reached $208.4 billion in Q3, a 15.8% increase from Q2, with significant growth in various regions [101].

Core Viewpoint - Northern Huachuang's stock price has shown significant growth this year, with a year-to-date increase of 45.23%, indicating strong market performance and investor interest [1][2]. Company Overview - Northern Huachuang Technology Group Co., Ltd. was established on September 28, 2001, and listed on March 16, 2010. The company is located in Beijing Economic and Technological Development Zone and specializes in the research, production, sales, and technical services of semiconductor basic products [1]. - The main business revenue composition includes: 94.53% from electronic process equipment, 5.37% from electronic components, and 0.10% from other sources [1]. Financial Performance - For the period from January to September 2025, Northern Huachuang achieved an operating income of 27.301 billion yuan, representing a year-on-year growth of 34.14%. The net profit attributable to shareholders was 5.130 billion yuan, reflecting a year-on-year increase of 14.97% [2]. - Cumulative cash dividends since the A-share listing amount to 1.535 billion yuan, with 1.217 billion yuan distributed over the past three years [3]. Shareholder Information - As of October 10, 2025, the number of shareholders for Northern Huachuang was 84,400, a decrease of 0.83% from the previous period. The average circulating shares per person increased by 0.83% to 8,577 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 92.4871 million shares, an increase of 38.0334 million shares from the previous period [3].

Core Viewpoint - The Chip 50 ETF (516920) opened with a decline of 1.42%, indicating a negative market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Chip 50 ETF (516920) opened at 1.043 yuan, reflecting a decrease of 1.42% [1] - Since its establishment on July 27, 2021, the fund has achieved a return of 5.88%, while the return over the past month has been -5.62% [1] Group 2: Major Holdings Performance - Key holdings in the Chip 50 ETF experienced significant declines, including: - SMIC down 1.54% - Cambricon down 1.65% - Haiguang Information down 2.38% - Northern Huachuang down 0.83% - Lattice Semiconductor down 1.75% - Zhaoyi Innovation down 1.99% - Zhongwei Company down 1.11% - OmniVision down 0.53% - Chipone down 2.23% - JCET down 1.13% [1]