20cm速递｜关注科创芯片ETF国泰（589100）投资机会，昇腾突破与半导体景气共振

Group 1 - The semiconductor industry maintains high prosperity, with TSMC raising its annual revenue growth forecast from 25% to 30%, confirming the continuation of industry vitality [1] - The North American computing power surge has driven the switch and server supply chain to become a major sentiment booster [1] - In Q2 2025, global silicon wafer shipment area increased both year-on-year and quarter-on-quarter, reaching a new high since Q3 2023, indicating a recovery in sectors outside of storage [1] Group 2 - Demand for AI data center chips remains strong, with niche storage prices gradually recovering, particularly for Winbond's NOR Flash and SLC NAND, with large-capacity NOR Flash spot prices rising since May [1] - Major overseas tech companies continue to increase capital expenditures, indicating sustained investment in AI computing power [1] - The recent discussions by the Cyberspace Administration of China regarding NVIDIA's H20 backdoor security risks highlight the importance of domestic computing power autonomy, accelerating the push for self-sufficiency in domestic chip design and manufacturing [1] Group 3 - The current electronic sector is expected to experience a "valuation expansion" trend under the resonance of "macroeconomic policy cycle, industry inventory cycle, and AI innovation cycle" [1]