集成电路ETF（159546）涨超1.2%，半导体行业三重周期共振或迎估值扩张

Core Viewpoint - The semiconductor industry is experiencing a comprehensive rebound, driven by the convergence of macro policy cycles, inventory cycles, and AI innovation cycles, leading to an expansion in valuations [1] Group 1: Industry Trends - Recent strong growth in North American computing power has boosted sentiment in the switch and server supply chain, while consumer electronics are benefiting from AI-side innovations showing signs of bottoming out [1] - TSMC has raised its annual revenue growth forecast from 25% to 30%, reflecting sustained strong demand for AI and a moderate recovery in non-AI demand [1] - The acceleration of storage technology iterations is notable, with DDR6 expected to complete certification by 2026, significantly enhancing bandwidth and channel count [1] Group 2: Policy and Market Dynamics - The U.S. AI action plan may further restrict semiconductor exports, promoting self-sufficiency in domestic manufacturing, equipment, and materials [1] - Google has increased its annual capital expenditure to $85 billion, indicating ongoing growth in demand for AI infrastructure, which creates a positive feedback loop with computing power infrastructure [1] Group 3: Investment Opportunities - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in IC design, manufacturing, packaging, testing, and related materials and equipment, reflecting the overall performance of the semiconductor industry [1] - For investors without stock accounts, options include the Guotai CSI All-Share Integrated Circuit ETF Initiated Link C (020227) and Link A (020226) [1]