ETF日报：资金面上看，市场开始转向上游的半导体设备寻找潜在的投资机会，可关注半导体设备ETF

Market Overview - A-shares opened significantly lower due to Trump's threat of increased tariffs but quickly narrowed the decline as panic subsided, with the Shanghai Composite Index down 0.19% and the Shenzhen Component down 0.93% at the close, with total trading volume exceeding 2.3 trillion yuan [1] - The market's reaction to the tariff disturbances was quicker than in previous instances, indicating limited adjustment space for A-shares, with potential investment opportunities in rare earths, semiconductors, and AI industries amid the backdrop of US-China decoupling [1] Mining Sector - Mining stocks experienced a strong performance, with the mining ETF rising 4.59% and the Wind Rare Earth Index soaring 9.49%, driven by China's strengthened control over rare earth resources and the approaching traditional peak demand season [3] - The rare earth industry is expected to see a rise in both volume and price due to supply-side management and increasing global demand for elements like neodymium and praseodymium, particularly in green technology applications [3] - Long-term investment logic in the mining sector remains solid, with gold prices having risen over 50% since the beginning of the year, significantly enhancing the valuation space for gold mining stocks [3] Nonferrous Metals - Several metals are poised to benefit from a shift in supply-demand dynamics, particularly copper, which is expected to transition from a "tight balance" to a "shortage" over the next two years due to supply disruptions and expanding demand [4] - The Democratic Republic of the Congo's new export quota system for cobalt is anticipated to reverse the current oversupply situation, potentially leading to a shortage and driving cobalt prices to historical highs [4] - The mining sector is supported by multiple factors, suggesting further improvements in profitability and valuation, with recommendations to focus on mining ETFs [4] Semiconductor Industry - The STAR 50 Index showed resilience, with the semiconductor equipment ETF rising 3.43%, driven by the core theme of "domestic substitution and self-control" amid ongoing US-China tensions in the semiconductor sector [5] - Recent domestic measures include antitrust investigations against Nvidia and anti-dumping investigations on US-imported chips, aimed at enhancing the security and autonomy of the domestic semiconductor industry [5] - The market for domestic semiconductor equipment remains vast, with current domestic production rates for critical processes still below 20% [5] AI and Semiconductor Equipment - Semiconductor equipment manufacturers are expected to benefit from the growing demand for AI and high-performance computing (HPC), with strong investment in advanced processes driven by AI chip demand [6] - The high demand for high-bandwidth memory and 3D NAND is likely to lead to a structural supply shortage, further boosting related equipment investments [6] - The market is shifting focus from previously hot sectors like computing and chips to upstream semiconductor equipment for potential investment opportunities [6] Gold Market - Gold prices continue to rise, recently surpassing $4,090, with gold ETFs also showing significant gains, supported by increased market uncertainty and geopolitical tensions [6][8] - The trend of central banks increasing gold reserves is ongoing, with China's reserves reaching 74.06 million ounces, marking the 11th consecutive month of increases [8] - The combination of monetary expansion, fiscal deficits, and global geopolitical instability is expected to sustain demand for gold as a safe-haven asset [8] New Energy Vehicles - The new energy vehicle ETF rose 0.75% after a recent adjustment, supported by strong demand in the lithium battery sector and significant sales growth from leading manufacturers [9] - The lithium battery industry is experiencing favorable catalysts, including increased production and strong demand forecasts for 2026, alongside improved financial metrics for lithium companies [9] - The energy storage market is also showing robust demand, with significant growth in bidding for storage systems expected in the coming years [9]