Core Insights - The chip ETF from Invesco (159560) opened down by 0.59%, priced at 1.529 yuan [1] - The performance benchmark for the chip ETF is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company [1] Fund Performance - Since its inception on November 9, 2023, the fund has achieved a return of 53.93% [1] - Over the past month, the fund has experienced a return of -11.92% [1] Major Holdings Performance - Major stocks within the ETF include: - SMIC: down 0.88% - Cambricon: down 1.19% - Haiguang Information: down 0.34% - Northern Huachuang: up 0.48% - Lattice Semiconductor: down 1.04% - Zhaoyi Innovation: down 1.89% - Zhongwei Company: down 0.57% - OmniVision: down 0.56% - Chipone: up 0.34% - Changdian Technology: down 0.08% [1]

Group 1 - The semiconductor ETF (159813) opened down 0.29% at 1.027 yuan [1] - Major holdings in the semiconductor ETF include companies like Cambricon, SMIC, and Huagong Information, with varying performance on the opening day [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index, managed by Penghua Fund Management Co., with a return of 54.60% since its inception on April 17, 2020, and a recent one-month return of -12.71% [1]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a gain of 0.73%, indicating positive market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.371 yuan, reflecting a 0.73% increase [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 36.55%, while its return over the past month has been -13.41% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) up 0.89% - Cambricon (寒武纪) up 0.48% - Haiguang Information (海光信息) up 0.84% - Northern Huachuang (北方华创) up 1.38% - Lattice Semiconductor (澜起科技) up 2.37% - GigaDevice (兆易创新) up 3.25% - Zhongwei Company (中微公司) up 1.25% - OmniVision (豪威集团) up 0.50% - JCET (长电科技) up 1.11% - Unisoc (紫光国微) up 1.08% [1]

证券代码：002371 证券简称：北方华创 公告编号：2025-068 北方华创科技集团股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 曹东明先生，保荐代表人，硕士学历，现任中信建投证券投资银行业务管理 委员会高级副总裁，曾主持或参与的项目有：金凯（辽宁）生命科技股份有限公 司 IPO 项目、筑博设计股份有限公司 IPO 项目、北方华创科技集团股份有限公 司非公开发行项目、北京科蓝软件系统股份有限公司 2022 年可转债、苏美达股 份有限公司公司债项目、亦庄控股协议收购麦克奥迪项目等。在保荐业务执业过 程中严格遵守《证券发行上市保荐业务管理办法》等相关规定，执业记录良好。 北方华创科技集团股份有限公司（以下简称"公司"）于近日收到中信建 投证券股份有限公司（以下简称"中信建投"）出具的《关于变更北方华创科技 集团股份有限公司持续督导保荐代表人的函》，具体情况如下： 中信建投作为公司 2021 年度非公开发行股票项目的保荐人，原委派张林先 生、侯顺先生具体负责保荐工作及持续督导工作。现因侯顺先生工作变动，不再 担 ...

Core Viewpoint - The semiconductor sector is showing strong performance, with significant gains in semiconductor equipment ETFs and key stocks, indicating a positive outlook for the industry [1][3]. Group 1: ETF Performance - The semiconductor equipment ETF (561980) closed up 1.50%, with an intraday high of 2.44% [1]. - The ETF has seen a substantial inflow of funds, with 3.77 billion yuan purchased over the last seven trading days, and a year-to-date increase in shares of 108.8% [1]. Group 2: Key Stock Movements - Notable stock performances include North China Innovation rising by 7.59%, and Shen Gong Co. increasing by 6.88% [1]. - Other leading companies such as Nanda Optoelectronics and Tianyue Advanced also saw gains exceeding 5% [1]. Group 3: Market Drivers - The IPO of domestic GPU leader Moore Threads, dubbed "China's Nvidia," has boosted market confidence in the semiconductor sector, particularly in upstream equipment and materials [3]. - Advancements in storage technology, such as Changxin Storage's new DDR5 products achieving speeds of 8000 Mbps, are expected to drive demand for semiconductor equipment [3]. Group 4: Industry Outlook - Continuous expansion of downstream wafer fabs is providing significant growth opportunities for domestic equipment manufacturers [4]. - The semiconductor equipment sector is anticipated to maintain high prosperity due to supportive policies and increased capital expenditures driven by AI [4].

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

Group 1 - The semiconductor equipment sector is experiencing a high growth phase, driven by dual benefits from domestic policies and increasing demand for mid-to-high-end equipment from large wafer fabs [3] - The semiconductor equipment ETF (561980) has seen significant inflows, with a net inflow of nearly 75 million yuan in a single day and a total of 3.77 billion yuan year-to-date, indicating strong investor interest [1] - The semiconductor equipment ETF has increased by 43.72% year-to-date, ranking third among 31 primary industries, only behind non-ferrous metals and communications [1] Group 2 - Capital expenditures for leading internet companies in China and the U.S. are expected to grow rapidly, with projections of $430.6 billion (+65%) in 2025 and $602 billion (+40%) in 2026, supporting future demand for computing chips [2] - The domestic storage manufacturers are expected to contribute significantly to wafer fab capital expenditures next year, which will drive demand for semiconductor equipment and materials [2] Group 3 - The semiconductor equipment sector is expected to maintain high growth rates over the next three years, driven by increased domestic production and demand, with a focus on enhancing localization rates [3] - The top ten constituents of the semiconductor equipment ETF account for over 78% of the index, focusing on key players in the chip industry chain [4]

智通财经APP讯，北方华创(002371.SZ)发布2025年股票期权激励计划(草案)，拟向激励对象授予1046.6 万份股票期权，涉及的标的股票种类为人民币A股普通股，约占本激励计划草案公告时公司股本总额的 1.4446%。行权价格为235.74元/股。 本次授予的股权激励计划有效期不超过84个月，自股东大会审议通过之日起至激励对象获授的所有股票 期权行权或注销完毕之日止。 ...

本次授予的股权激励计划有效期不超过84个月，自股东大会审议通过之日起至激励对象获授的所有股票 期权行权或注销完毕之日止。 北方华创（002371）(002371.SZ)发布2025年股票期权激励计划(草案)，拟向激励对象授予1046.6万份股 票期权，涉及的标的股票种类为人民币A股普通股，约占本激励计划草案公告时公司股本总额的 1.4446%。行权价格为235.74元/股。 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-066 北方华创科技集团股份有限公司 第八届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第二 十九次会议通知于 2025 年 9 月 1 日以电子邮件方式发出。2025 年 11 月 21 日会 议在公司会议室以现场和通讯相结合方式召开，应到董事 11 名，实到 11 名，会 议由董事长赵晋荣先生主持，公司监事、高级管理人员列席了会议。会议的召集、 召开符合《公司法》和《公司章程》的规定。本次会议决议如下： 1．审议通过了《关于<北方华创科技集团股份有限公司2025年股票期权激励 计划（草案）>及其摘要的议案》 理结构，形成良好均衡的价值分配体系，激励公司（含所属子公司）任职的董事、 高级管理人员、核心技术人才及管理骨干诚信勤勉地开展工作，保证公司业绩稳 步提升，确保公司发展战略和经营目标的实现，根据国家有关规定和公司实际， 特制定《北方华创科技集团股份有限公司 2025 年股票期权激励计划实施考核管 ...