芯片ETF（512760）近20日净流入超4亿元，行业复苏与存储涨价受关注

Group 1 - The core viewpoint is that the overheating demand for AI has led to a structural supply-demand imbalance in the global storage chip market, particularly with increased demand for DRAM from data centers [1] - Samsung Electronics has suspended DDR5 contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, resulting in a disruption of the DDR5 supply chain and an increase in spot prices [1] - TrendForce indicates that DDR5 pricing has become passive with limited transactions, shifting to a monthly pricing model [1] Group 2 - The four major CSP companies in the U.S. have raised capital expenditures, driving demand for high-end storage chips, while manufacturers are reallocating production capacity towards more profitable DDR5 and HBM products [1] - The expansion of production capacity is costly and time-consuming, making it difficult to alleviate the supply-demand gap in the short term [1] - In Q3 2025, global smartphone revenue is projected to grow by 5% year-on-year, reaching a historical high, with the trend towards high-end models pushing the average selling price to $351 [1] Group 3 - The chip ETF (512760) tracks the China Semiconductor Chip Index (990001), which focuses on the Chinese semiconductor industry by selecting listed companies involved in materials, equipment, design, manufacturing, packaging, and testing [1] - This index includes no more than 40 constituent stocks, emphasizing the information technology sector and reflecting the overall performance of listed companies related to semiconductor chips [1]