芯片ETF（512760）回调超3% AI拉动下存储芯片迎来“周期与成长共振”

Core Viewpoint - The electronic industry is experiencing an inflation trend in the upstream sector, with AI driving a "resonance of cycle and growth" in the storage chip market. AI demand is stronger than previously expected, while the non-AI market is showing a mild recovery [1]. Group 1: AI Demand and Market Dynamics - AI demand continues to be robust, exceeding prior expectations, which is leading to supply shortages in storage chips, certain passive components, and high-end CCL segments [1]. - Major cloud service providers are expanding their procurement of NVIDIA GPU solutions, with a forecast that the combined capital expenditure of the top eight CSPs will exceed $420 billion by 2025, representing a 61% year-on-year increase [1]. Group 2: Domestic Market Opportunities - There is a discrepancy in expectations regarding the domestic capabilities and sustainability of demand for computing and storage solutions, with storage prices rising across the board [1]. - The mobile and server markets are opening up opportunities for domestic storage manufacturers, which may lead to a period of simultaneous volume and price increases [1]. Group 3: Semiconductor ETF - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies in semiconductor materials, equipment design, manufacturing, packaging, and testing from the Chinese A-share market to reflect the overall performance of the semiconductor industry [1].