科创芯片50ETF(588750)连续反弹，冲击两连阳！腾讯资本开支激增91%，算力需求持续爆发！

Core Viewpoint - The semiconductor sector in China is experiencing a recovery, driven by domestic innovation and increasing demand for AI capabilities, with significant growth expected in the coming years [3][4][6]. Group 1: Market Performance - On May 20, the A-share market saw a rise, with the semiconductor sector continuing its recovery, as evidenced by the slight increase of 0.5% in the Sci-Tech Innovation Chip 50 ETF (588750) [1]. - The Sci-Tech Innovation Chip 50 ETF has recorded a cumulative net inflow of over 15 million yuan in the past three days, indicating strong investor interest [1]. Group 2: Company Developments - Xiaomi's chairman Lei Jun announced that the company's self-developed 3nm flagship chip, Xiaomi Xuanjie O1, has begun mass production, which will power the upcoming high-end smartphone Xiaomi 15s Pro and the ultra-high-end OLED tablet Xiaomi Tablet 7 Ultra [3]. - The trend of self-developed chips among Chinese smartphone manufacturers is expected to enhance competitiveness and reduce reliance on supply chains [3]. Group 3: Financial Performance - The semiconductor sector is projected to see a net profit growth rate of 70% in Q1 2025, significantly outperforming peers [4][7]. - The overall semiconductor sector reported a net profit increase of 15.1% year-on-year in Q1 2025, with total revenue reaching 128.1 billion yuan, a slight increase of 0.2% [8]. Group 4: AI and Computing Demand - The emergence of large AI models has accelerated the demand for computing power, with domestic cloud companies investing heavily in AI infrastructure, as seen in Tencent's capital expenditure of 27.48 billion yuan in Q1 2025, a 91% increase year-on-year [6]. - The need for domestic AI chips is expected to surge due to uncertainties surrounding the export of NVIDIA's AI chips to China, prompting downstream AI computing firms to adopt domestic solutions [5][6]. Group 5: Sector Outlook - The semiconductor sector is anticipated to maintain an upward trend, with the valuation center expected to rise as AI innovations mature and domestic computing power demands increase [3][5]. - The performance of the semiconductor sector is expected to benefit from the recovery in the simulation chip and storage module markets, with optimistic price increase expectations [8].