Market Overview - As of December 4, 2025, the Shanghai Composite Index fell by 0.06% to close at 3875.79 points, while the Shenzhen Component Index rose by 0.40% to 13006.72 points, and the ChiNext Index increased by 1.01% to 3067.48 points [1] - The Sci-Tech Semiconductor ETF (588170) rose by 3.09%, and the Semiconductor Materials ETF (562590) increased by 2.63% [1] - In the overnight U.S. market, the Dow Jones Industrial Average decreased by 0.07%, the Nasdaq Composite rose by 0.22%, and the S&P 500 increased by 0.11% [1] Industry News - Two new stocks were available for subscription today: Angrui Microelectronics and Muxi Co., both on the Sci-Tech Innovation Board, with one new listing, Moer Thread, also on the same board [2] - Jiufeng Mountain Laboratory announced a new technology achievement, a gallium nitride power module that can save nearly 300 million kilowatt-hours of electricity annually, equivalent to approximately 240 million yuan in electricity costs [2] - The gallium nitride technology, a third-generation semiconductor material, can reduce power loss by 30% and module size by 30%, with costs dropping to half that of traditional silicon materials [2] - Palantir, NVIDIA, and CenterPoint Energy are collaborating to develop a new software platform named "Chain Reaction" to accelerate the construction of next-generation AI data centers, addressing challenges in licensing, supply chains, and construction [2] Company Developments - Tuojing Technology held a Q3 2025 earnings briefing, where the chairman stated that their PECVD, ALD, SACVD, HDPCVD, and Flowable CVD equipment series have achieved industrial application in memory chip manufacturing, with a full order book [3] - Huatai Securities noted that GPUs are critical hardware for intelligent computing, with applications expanding from traditional graphics rendering to AI training, scientific computing, and industrial simulation [3] - The global GPU market is projected to reach $77.4 billion in 2024, with China's market size estimated at approximately 107.3 billion yuan, and a CAGR of 35.19% expected from 2025 to 2030 [3] Related ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (61%) and materials (23%) [4] - The Semiconductor Materials ETF (562590) and its linked funds also emphasize semiconductor equipment (61%) and materials (21%), targeting the upstream semiconductor sector [4]
摩尔线程今日上市，第三代半导体有望迎来需求爆发