Sou Hu Cai Jing·2025-09-18 05:16Core Viewpoint - The semiconductor sector is experiencing significant growth, driven by multiple favorable factors including domestic technological breakthroughs and government investigations into anti-dumping practices against imported chips [5][8]. Group 1: ETF Performance - The Chip ETF Tianhong (159310) rose by 5.12%, marking its seventh consecutive increase, with a trading volume of 18.0034 million yuan [3]. - The Sci-Tech Innovation Index ETF Tianhong (589860) increased by 3.02%, also achieving seven consecutive gains, with a turnover rate of 23.14% and a trading volume of 77.7677 million yuan [4]. - Over the past year, the Chip ETF Tianhong (159310) has seen a scale increase of 376 million yuan and a net value increase of 122.80%, outperforming comparable funds [4]. Group 2: Market Trends - On September 18, both Hong Kong and A-share semiconductor stocks surged, with leading companies reaching new market capitalization highs; Huahong Semiconductor's stock rose over 13%, while SMIC's stock increased by 8%, surpassing a market cap of 100 billion yuan [5]. - The 2025 Global AI Chip Summit held on September 17 focused on technological breakthroughs and industrial applications, with significant participation from domestic AI chip leaders like Huawei [6]. - Huawei announced its roadmap for the Ascend chip evolution, with the Ascend 950PR chip set to launch in Q1 2026, boosting confidence in domestic AI chip technology [7]. Group 3: Government and Policy Impact - The Ministry of Commerce initiated an anti-dumping investigation into imported analog chips from the U.S., which is expected to alleviate pricing pressures in the industry and create favorable conditions for domestic manufacturers [8]. - The Federal Reserve's recent interest rate cut has positively impacted Chinese tech stocks, enhancing liquidity and market sentiment, which has led to a simultaneous rise in Chinese concept stocks and A-share tech sectors [9]. Group 4: Institutional Insights - According to Guangfa Securities, the application scenarios for domestic AI chips are expanding, with leading internet companies gaining a first-mover advantage in commercialization [10]. - Increased R&D investment and new product launches are expected to drive high revenue growth for related companies, particularly in the AI large model sector, which is the largest application area for computing power [10].