Nvidia(US:NVDA) Sou Hu Cai Jing·2025-12-05 01:36Core Viewpoint - The semiconductor equipment ETF (561980) surged by 3.63% in a single day, driven by the listing of a domestic GPU leader and strong growth in global equipment sales, alongside a favorable cycle in storage prices and technology [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) outperformed its peers, ranking first among eight similar indices with a notable single-day increase [1]. - The index tracking the semiconductor equipment has shown a year-to-date increase of 54%, with a maximum increase exceeding 80% during the period [5]. Group 2: Factors Driving Growth - The listing of GPU companies like Moer Thread and Muxi is expected to channel significant funds into upstream industries through technology R&D and capacity expansion [3]. - According to SEMI, global semiconductor equipment sales are projected to grow by 11% year-on-year by Q3 2025, reaching $33.66 billion, indicating robust growth [3]. - The storage chip sector is experiencing a favorable cycle, with NAND Flash prices expected to rise by 20%-25% in Q4, driven by tight supply and increasing demand from AI applications [3][4]. Group 3: Supply and Demand Dynamics - The supply-demand gap for NAND and DRAM is projected to remain tight, with deficits of -14.20% and -9.38% respectively in 2026-2027, suggesting ongoing market pressure [4]. - The storage sector is characterized by a resonance of price and technology cycles, which is likely to lead to higher-than-expected capital expenditures in storage [4]. - Historical analysis indicates that storage cycles are influenced by emerging technologies that drive product upgrades and market expansion, with AI demand potentially marking the beginning of a new storage cycle [4].