半导体需求周期向上，芯片ETF（512760）涨超2.3%

Core Insights - The semiconductor sector is experiencing an upward demand cycle, with AI emerging as a core growth driver [1] - The demand for analog chips has bottomed out, while digital chip AioT demand is surging, and power semiconductor profitability is improving [1] - Manufacturing utilization rates are recovering, equipment performance is strong, and there is a notable differentiation in materials [1] Industry Trends - Open-source models like DeepSeek are lowering deployment barriers, driving demand for SoC chips [1] - The demand for TWS earbuds and smartwatches is increasing, leading to a short-term shortage of DDR4, with prices rising by 18-23% in Q2 [1] - AI is driving growth in HBM and DDR5 demand [1] Investment Focus - The chip ETF (512760) tracks the China Semiconductor Index (990001), which focuses on the Chinese semiconductor industry, covering key areas such as semiconductor equipment, materials, and integrated circuit design [1] - The index's constituent stocks are concentrated in the upstream semiconductor supply chain, reflecting the trend of domestic substitution [1] - The weight allocation emphasizes companies with high technical barriers and strong policy support, aiming to reflect the overall performance of publicly listed companies related to semiconductor chips [1]