谷歌2026资本开支近乎翻倍，算力超级周期持续验证！“全芯”科创芯片ETF（589190）涨超3%，芯原股份飙升16%

Core Viewpoint - The semiconductor sector is experiencing a significant surge, with the Huabao Sci-Tech Chip ETF (589190) rising over 3% on February 9, 2023, driven by strong performances from key stocks in the sector [1][9]. Group 1: Market Performance - The Huabao Sci-Tech Chip ETF (589190) opened high and saw a price increase of over 3% [1][9]. - The Shanghai Sci-Tech Board Chip Index, which includes 50 constituent stocks, showed a majority of stocks moving upwards, with key stocks like Chip Origin rising over 16% and Cambricon Technologies increasing over 5% [1][9]. Group 2: Future Projections - Google is projected to reach a capital expenditure (CAPEX) of $175 billion to $185 billion by 2026, nearly doubling its 2025 scale [10]. - Amazon has raised its CAPEX forecast to $200 billion, reflecting a year-on-year growth of over 50% [10]. - The self-developed Trainium series ASIC chips from Amazon are reported to be completely sold out, with Trainium3 offering a 40% improvement in cost-performance compared to its predecessor [10]. Group 3: Industry Insights - Guojin Securities indicates that the number of ASIC chips from leading global cloud providers is expected to experience explosive growth from 2026 to 2027, benefiting the core computing hardware supply chain [11]. - Guosheng Securities forecasts that global semiconductor equipment sales could reach $145 billion by 2026, with domestic wafer fabs showing clear expansion intentions, benefiting local equipment manufacturers due to a stronger trend towards localization and increased production [11]. - The Huabao Sci-Tech Chip ETF passively tracks the Shanghai Sci-Tech Board Chip Index, which encompasses 50 stocks involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing, with over 90% weight in core areas like integrated circuits and semiconductor equipment [11]. Group 4: Historical Performance - As of the end of 2025, the annualized return of the Shanghai Sci-Tech Board Chip Index since its base date is 17.93%, significantly outperforming similar indices [5][13]. - The maximum drawdown for the index is reported at -56.81%, indicating a better risk-return profile compared to other indices [6][14].