20cm速递|科创芯片ETF国泰（589100）涨超4%，AI算力需求与存储周期上行受关注

Core Insights - The demand for computing power and storage driven by AI remains strong, with TSMC's Q3 2025 revenue exceeding expectations due to higher-than-anticipated AI demand and a mild recovery in non-AI markets [1] - There is a trend of supply shortages and price increases in storage chips, certain passive components, and high-end CCL, with Flash Wafer prices rising by over 10% [1] - Domestic storage manufacturers are expected to benefit from a rising storage cycle, leading to opportunities for both volume and price increases [1] Industry Trends - The AI inference applications are driving the need for real-time access and high-speed processing of massive data, resulting in increased demand for large-capacity storage products [1] - Apple is leveraging its hardware user base to build an AI ecosystem, enhancing user stickiness and ecological barriers [1] - There is a strong demand for overseas ASICs, with ongoing positive orders for both domestic and international manufacturers, and CSP manufacturers accelerating self-research and collaboration with domestic ASIC firms [1] Market Performance - The Guotai ETF (589100) tracks the Sci-Tech Chip Index (000685), which includes 50 representative securities from the semiconductor industry chain, reflecting the overall performance and development trends of listed companies in China's semiconductor sector [1]