Mei Ri Jing Ji Xin Wen·2025-07-18 01:44Market Performance - As of July 17, 2025, the Shanghai Composite Index rose by 0.37% to close at 3516.83 points, while the Shenzhen Component Index increased by 1.43% to 10873.62 points, and the ChiNext Index gained 1.76% to also close at 3516.83 points [1] - The Semiconductor Materials ETF (562590) increased by 0.46%, and the Sci-Tech Innovation Semiconductor ETF (588170) rose by 0.2% [1] - In the overnight U.S. market, the Dow Jones Industrial Average rose by 0.52%, the S&P 500 increased by 0.54%, and the Nasdaq Composite gained 0.75% [1] Industry Insights - NVIDIA announced the resumption of supply for its H20 computing power chip to China, and AMD plans to restart exports of its MI308 chip to China [2] - According to TrendForce, the proportion of externally sourced chips in China's AI server market is expected to decrease from approximately 63% in 2024 to 42% in 2025, while local chip suppliers are projected to increase their share to 40% under government policy support [2] AI Model Development - The release of the Kimi K2 AI model in China has generated significant attention, marking a notable achievement in AI development [3] - Kimi K2 has demonstrated exceptional performance in programming tasks and has a total parameter scale reaching one trillion (1T), with only 32 billion parameters activated for each task to optimize computational efficiency [3] Semiconductor Equipment Sector - There is potential for increased domestic production in the semiconductor equipment sector, with expectations for industry consolidation and enhanced competitiveness driven by policy support [3] - The Semiconductor Equipment ETF focuses on companies in the semiconductor equipment and materials sectors, which are crucial for domestic substitution and benefit from the expanding demand driven by the AI revolution [4] - The Semiconductor Materials ETF and its associated funds have a significant focus on semiconductor equipment (58.6%) and materials (24.1%), collectively accounting for over 82% of the index [4]