ETF日报：AI已成为半导体行业新的叙事，半导体成长属性显著加强，可关注半导体设备ETF

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing at 3605.73 points, marking a new high for the year. The total trading volume for the day was 1.84 trillion yuan, a decrease of 19.9 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 1.21%, and the ChiNext Index gained 1.5% [1] Vaccine Industry - The vaccine ETF surged by 6.33% after a period of consolidation in the morning [2] - The vaccine industry is currently in a bottoming process, facing downward pressure due to high base effects, inventory destocking, and weak consumer demand. However, the long-term development path for the vaccine industry is becoming clearer, with increased innovation and accelerated approval for new vaccines driven by policy and research advancements. The demand for vaccines is expected to rise due to an aging population and increased health awareness, with the adult vaccine market gradually emerging and pet vaccines also developing [5] Military Industry - The military industry ETF rose by 1.82%, reflecting market recognition [6] - The military industry has shown a strong performance since April, driven by several factors including improved fundamentals, the upcoming grand military parade in September, and increasing geopolitical tensions. Global military spending is projected to reach approximately $2.7 trillion in 2024, a 9.4% increase from 2023, marking the highest growth rate since the Cold War. The military trade market is expected to expand, with China's military equipment showing strong competitiveness [8] Semiconductor Industry - The semiconductor sector saw gains, with various ETFs such as the semiconductor equipment ETF and integrated circuit ETF rising by 1.39% and 1.37% respectively [9][10] - The AI wave is injecting strong and sustained growth momentum into the semiconductor field, with TSMC expecting a nearly 30% revenue growth by 2025 driven by demand for AI semiconductors. The domestic semiconductor industry is also making significant progress in achieving full localization of manufacturing equipment, with the first fully domestic production line expected to begin trial production in the second half of 2025 [11][13] - The semiconductor industry is viewed as having strong investment value, with the potential for significant growth as the AI narrative strengthens and the overall valuation center in the A-share market rises. The semiconductor sector represents the highest level of industrial manufacturing in China, indicating substantial growth opportunities ahead [14]