寒武纪适配DeepSeek最新模型，科创半导体ETF（588170）连续9日“吸金”

Group 1 - The A-share semiconductor sector is experiencing significant capital inflow, with the semiconductor ETF (588170) seeing a cumulative investment exceeding 1.7 billion yuan over nine consecutive days [1] - The release of the DeepSeek-V3.2-Exp model has prompted major chip manufacturers to achieve "Day 0 adaptation," highlighting advancements in domestic chip capabilities and the collaborative innovation between chips and algorithms [3] - The demand for AI computing power is rapidly increasing, with global computing power expected to grow at a compound annual growth rate (CAGR) of 50% from 2023 to 2030, and China's smart computing power projected to grow at a CAGR of 46.2% from 2023 to 2028 [4] Group 2 - Continued investment in computing infrastructure is expected to lead to breakthroughs in domestic computing capabilities, maintaining a favorable market outlook for the sector [6] - The rapid growth in downstream demand is driving significant growth for Chinese semiconductor materials and equipment companies, with global wafer fab equipment spending projected to reach 119 billion USD by 2027, and China's share expected to be 39 billion USD [7] - The semiconductor materials market is also anticipated to grow, with a forecasted market size of approximately 70 billion USD by 2025, reflecting a 6% year-on-year increase [9] Group 3 - The semiconductor equipment and materials sector is characterized by high technical barriers, leading to non-linear growth patterns, with market reactions to advancements in domestic equipment indicating an upward shift in the potential for domestic substitution [11] - The Sci-Tech Innovation Semiconductor Materials and Equipment Index focuses on key segments of domestic substitution, with nearly 60% of its weight in semiconductor equipment and 24% in semiconductor materials, totaling approximately 84% [11][13] - The index's constituent stocks show stronger growth compared to industry peers, with revenue growth rates of 82% and 49% for the years leading up to 2025, significantly outperforming other semiconductor indices [14] Group 4 - The average market capitalization of the top ten stocks in the Sci-Tech Innovation Semiconductor Materials and Equipment Index is significantly lower than that of the Sci-Tech Innovation Chip Index, indicating greater growth potential for the former [15][16] - The valuation of semiconductor materials and equipment stocks is perceived as safer, with most trading below a hundred times earnings, compared to the high valuations of chip design stocks [15][16] - The semiconductor equipment and materials sector is entering a phase of rapid development, with leading companies currently having market capitalizations below 100 billion yuan, suggesting a promising future for the industry [17]