Micron Technology(US:MU) Mei Ri Jing Ji Xin Wen·2025-12-11 02:10Market Overview - As of December 10, the Shanghai Composite Index fell by 0.23% to close at 3900.50 points, while the Shenzhen Component Index rose by 0.29% to 13316.42 points. The ChiNext Index decreased by 0.02% to 3209.00 points [1] - In the overnight U.S. market, the Dow Jones Industrial Average increased by 1.05%, the Nasdaq Composite rose by 0.33%, and the S&P 500 gained 0.67%. The Philadelphia Semiconductor Index climbed by 1.29%, with notable gains from NXP Semiconductors (up 1.65%) and Micron Technology (up 4.47%) [1] Federal Reserve Decision - The Federal Open Market Committee (FOMC) announced a 25 basis point interest rate cut, lowering the federal funds rate target range to 3.50%-3.75%, aligning with market expectations. Additionally, the Fed will begin expanding its balance sheet by purchasing $40 billion in short-term Treasury bonds, with high purchase levels expected to continue for several months before a significant reduction [2] SpaceX IPO Plans - SpaceX is advancing its IPO plans, aiming to raise over $30 billion, potentially making it the largest IPO in history. The company targets a valuation of approximately $1.5 trillion, significantly surpassing Saudi Aramco's record from 2019 [2] Semiconductor Industry Insights - A storage module manufacturer reported that the shortage of NAND is more severe than in previous years, with several companies' inventories expected to last only until Q1 2026. Starting in March, some manufacturers may face supply shortages, leading to a widespread lack of availability in Q2. NAND prices have surged, with Micron's recent price increase approaching 50% month-over-month [3] - Guotai Junan Securities indicated that the resonance between assets and liabilities is just beginning. Since 2025, there has been a noticeable shift of residents towards lower-risk fixed-income products, with pension and insurance funds expected to continue increasing their equity market allocations. The outlook for China's equity market in 2026 appears optimistic, focusing on opportunities from profit recovery rather than relying on global financial expansion as in 2025 [3] Semiconductor ETFs - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Sci-Tech Board Semiconductor Materials and Equipment Index, which includes 61% semiconductor equipment and 23% semiconductor materials. This sector is crucial for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements in lithography [3] - The Semiconductor Materials ETF (562590) and its linked funds also focus on semiconductor equipment (61%) and materials (21%), emphasizing the upstream semiconductor industry [4]