芯片ETF（512760）涨超1.5%，机构称半导体周期上行趋势延续

Group 1 - The core viewpoint is that the global semiconductor cycle is experiencing an upward resonance, with numerous opportunities emerging in the technology sector. The semiconductor industry is in the early to mid-stages of a "growth acceleration period," driven primarily by AI demand, particularly for high-end chips like GPUs and HBM [1] - The current semiconductor cycle is characterized by structural prosperity in core segments such as GPU, HBM, and advanced packaging, driven by AI computing power demand, which is more incremental compared to the previous cycle that was mainly driven by consumer electronics [1] - The semiconductor sector typically exhibits a dual drive of "profit and valuation" during cyclical fluctuations, with market turning points often leading fundamental changes. The trend indicates that after Nvidia's leadership, the semiconductor cycle is expected to rise [1] Group 2 - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing from the Shanghai and Shenzhen markets. This index reflects the overall performance of listed companies in the semiconductor industry [1]