20CM速递|自主可控概念强化，科创芯片ETF国泰（589100）涨超2%

Group 1 - The core viewpoint indicates that frequent policy changes regarding trade tariffs and export restrictions between China and the U.S. are reinforcing the sentiment for self-sufficiency in the semiconductor industry [1] - The wafer fabrication sector is expected to maintain a high operating rate in Q2 2025, but some fabs may face performance pressure due to new equipment introduction, new production lines, and product structure adjustments [1] - The equipment sector's revenue and profit in Q2 2025 will reflect the order situation from 2024, with a positive performance trend anticipated for major domestic front-end equipment manufacturers due to high capital expenditures in the second half of 2024 [1] Group 2 - The materials sector is expected to perform optimistically in Q2 2025, driven by wafer fab operating rates, new production line launches, and increased domestic penetration [1] - The innovation and entrepreneurship sector is expected to show high elasticity in a rebound scenario, with a 20% limit on price fluctuations, making it a leading indicator in A-share market rebounds [1] - The Guotai Science and Technology Chip ETF (code: 589100) tracks the Science and Technology Chip Index (code: 000685), which reflects the overall performance of listed companies in the semiconductor industry on the Sci-Tech Innovation Board [2]