2 1 Shi Ji Jing Ji Bao Dao·2025-09-30 02:34Core Viewpoint - The market shows positive momentum with significant gains in storage chips and AI applications as the National Day and Mid-Autumn Festival holidays approach, leading to a discussion on whether to hold stocks or cash during the holidays [1][2] Market Performance - The Tianhong Sci-Tech Innovation Index ETF (589860) rose by 1.73%, with a notable increase of over 17% in its constituent stock, Dahong Technology [2] - The Electronic ETF (159997) increased by 1.28%, with a trading volume exceeding 20 million yuan, and a premium trading occurrence [2] - The Chip ETF Tianhong (159310) saw a rise of 2.2%, with a trading volume over 14 million yuan, and recorded net inflows exceeding 90 million yuan over the past five days [2] Investor Sentiment - Over 60% of private equity institutions plan to maintain high positions (over 70% of assets) during the holidays, indicating a positive outlook for the market post-holiday [2] - Despite differing views on positions and styles, there is a general consensus among private equity firms that technology growth remains a key focus area [2] Historical Market Trends - Historical data from 2010-2024 indicates a median increase of 2.28% in the 20 trading days following the National Day holiday, suggesting a favorable market performance [3] - Investment themes are categorized into three main directions: AI technology breakthroughs, economic recovery, and the rise of undervalued assets [3] Industry Developments - The 2025 Tianfu Artificial Intelligence Industry Ecosystem Conference highlighted advancements in AI technology and policy initiatives in Sichuan, showcasing the region's commitment to AI development [3] - The Electronic ETF (159997) tracks the CSI Electronic Index, which includes companies involved in semiconductor production, electronic manufacturing, and consumer electronics [4] - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, with major holdings in leading companies like SMIC and Huagong Technology [4] Semiconductor Market Insights - The domestic semiconductor equipment market's localization rate reached 21% in the first half of 2025, reflecting a 5 percentage point increase year-on-year [5] - The industry is experiencing a virtuous cycle driven by policy support, technological breakthroughs, and demand growth, particularly in AI computing power and domestic innovation [5]