芯片ETF（512760）涨超2%，行业壁垒与增长驱动受关注

Core Viewpoint - The EDA industry is an essential part of the semiconductor supply chain, characterized by high barriers to entry and a robust business model, driven by continuous technological advancements and increasing complexity in chip design [1] Industry Overview - The global EDA market has grown from less than $10 billion in 2018 to over $15 billion currently, while the domestic market in China has increased from approximately 5 billion yuan in 2016 to nearly 20 billion yuan by 2025, significantly outpacing global growth [1] - The three main drivers of industry growth are the increasing complexity of chips, advancements in process technology, and the expansion of the custom ASIC market [1] Business Model and Dynamics - The EDA business model primarily relies on licensing, resulting in strong customer loyalty and high switching costs, which contribute to stable profitability and resilience against economic cycles [1] - Domestic EDA companies are focusing on point tool breakthroughs and are accelerating their evolution towards platform integration through mergers and acquisitions, indicating a potential reshaping of the industry landscape [1] Investment Vehicle - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which focuses on the semiconductor industry within the A-share market, covering all segments from materials and equipment design to manufacturing, packaging, and testing [1]