份额方面，科创芯片设计ETF易方达近1月份额增长1.35亿份，实现显著增长，新增份额位居可比基金 2/5。（数据来源：Wind） 资金流入方面，科创芯片设计ETF易方达最新资金净流出1567.55万元。拉长时间看，近13个交易日 内，合计"吸金"1679.94万元。（数据来源：Wind） 从收益能力看，截至2026年2月26日，科创芯片设计ETF易方达自成立以来，周盈利百分比为83.33%， 月盈利概率为61.54%。 回撤方面，截至2026年2月26日，科创芯片设计ETF易方达成立以来相对基准回撤8.92%。 截至2026年2月27日 09:35，上证科创板芯片设计主题指数(950162)下跌0.94%。成分股方面涨跌互现， 杰华特领涨5.11%，盛科通信上涨3.21%，芯原股份上涨2.60%；中微半导领跌3.59%，思瑞浦下跌 2.82%，海光信息下跌2.82%。科创芯片设计ETF易方达(589030)下跌1.14%，最新报价1.04元。拉长时间 看，截至2026年2月26日，科创芯片设计ETF易方达成立以来累计上涨4.46%。（以上所列股票仅为指数 成份股，无特定推荐之意） 流动性方面，科创芯片设计ET ...

【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/25 分析师:张一 S0670524030001 | 张宁 S0670524090001 | 刘艳平 S0670512050002 | 余闵华 S0670524050001 |周晟昂 S0670525050001 | 陈阳 S0670525120001 | 蔡萌萌 S0670524110001 | 徐娜 S0670524020001 "十五五"规划—人工智能(算力) 技术概况: 人工智能(ArtificialIntelligence,Al)是研究、开发 用于模拟、延伸和扩展人类智能的理论、方法、技术及应用系统的 一门技术科学,其核心在于通过计算机系统模拟人类智能,应用领 域涵盖机器人、语言识别、图像处理、智能决策等等。 2 筛选逻辑:以人工智能(AI)算力相关硬件上游、硬件、服务器等 产业链环节核心股票池为基础,通过基准指数权重穿透方法,计算 各ETF基准指数持股权重,保留权重较高的指数和ETF产品。 人工智能一算力产业链公司 一 服务器 9 硬件上游 算坑 · 德福科技 /菲利华 · 浪潮信息 / 紫光股份 产业能 · 工业富联 / 中兴 ...

在AI及算力发展浪潮的驱动下，自2025年第三季度起，全球存储市场迎来涨价行情。业内人士普遍预 计，全球存储芯片涨价将持续2026年一整年。2025年底以来，中微半导、必易微、国科微、英集芯、美 芯晟、欧姆龙、ADI、英飞凌等多家国内外公司，已经宣布了产品涨价。涨价主要原因是上游原材料成 本上涨，导致制造成本上升。 截至2026年2月26日 10:33，上证科创板芯片指数下跌0.64%。成分股方面涨跌互现，仕佳光子领涨 2.66%，芯原股份上涨2.04%，睿创微纳上涨1.39%；中船特气领跌，龙芯中科、晶合集成跟跌。 天风证券认为，数字芯片设计行业在科技板块中前景明朗，其预收账款和合同负债指标持续高增，表明 订单需求强劲，AI服务器和高效能运算的长期需求将支撑行业增长确定性。 数据显示，截至2026年1月30日，上证科创板芯片指数前十大权重股分别为澜起科技、海光信息、中芯 国际、寒武纪、中微公司、芯原股份、华虹公司、佰维存储、拓荆科技、源杰科技，前十大权重股合计 占比59%。 科创芯片ETF（588200）跟踪上证科创板芯片指数，是布局科创板芯片板块的便利工具。 没有股票账户的场外投资者可以通过科创芯片ETF ...

本报讯（记者 刘菲菲 范俊生）昨天上午，市委书记尹力围绕"扎实推动高质量发展，实现一季度'开门 红'"到海淀区调研。他强调，要深入学习贯彻习近平总书记考察北京重要讲话精神，充分发挥教育科技 人才资源密集优势，加快提升国际科技创新中心发展能级，以科技创新引领产业创新，大力发展新质生 产力，为率先基本实现社会主义现代化注入更多新动能。海淀区是经济大区、科技大区、人才大区，要 聚焦实现"开门红"加强调度部署，努力为首都高质量发展作出更大贡献。市委副书记、市长殷勇一同调 研。 市领导走进龙芯中科技术股份有限公司，了解企业发展历程，察看交通、能源等行业应用场景和企业产 品测试区。尹力说，丰富的教育科技人才资源是北京建设现代化产业体系的坚实基础，要充分用好这一 生态优势，进一步壮大高质量发展动能。希望龙芯中科继续发挥自身优势，加强自主创新，推动技术迭 代升级。 中关村东升科技园·学北园是我市"3个100"重点工程。市领导了解学北园项目建设招商和重点单位入驻 进展，察看京张遗址公园AI创新带和腾讯项目规划建设情况。尹力指出，要持续发挥重点项目示范引 领作用，着力扩大有效投资。京张遗址公园AI创新带要坚持高标准规划建设，把城 ...

Core Insights - The development journey of Tongfu Microelectronics reflects the rise of China's semiconductor industry, transitioning from near bankruptcy to becoming the fourth-largest semiconductor packaging and testing leader globally [2] - The company emphasizes continuous innovation and collaboration to achieve significant growth in revenue and profit by the end of the 14th Five-Year Plan [2][9] Group 1: Historical Development - In 1990, the company faced severe financial difficulties but turned profitable in 1994 after launching an integrated circuit packaging production line [3] - Key milestones include a joint venture with Fujitsu in 1997, undertaking national R&D projects in 2009, and acquiring 85% of AMD's packaging plants in 2016, which propelled the company into the semiconductor packaging sector [3] - The company has transformed from a supporting role in the semiconductor supply chain to a key player, significantly enhancing the performance of products like the Loongson CPU [3] Group 2: Investment in Innovation - Since 2009, the company has invested over 10 billion yuan in technological innovation, leading to recognition with a national science and technology progress award in 2021 [4] - The focus on innovation is crucial as the domestic semiconductor industry accelerates its development, with the company aiming to strengthen local production capacity and supply chain resilience [4] Group 3: Embracing AI Trends - The company recognizes the ongoing AI wave as a significant opportunity and plans to increase investments in emerging applications such as storage chips and automotive technologies [6] - A recent announcement indicated plans to raise up to 4.4 billion yuan to enhance packaging capacity and support operational needs, reflecting a commitment to strengthening competitiveness in the semiconductor packaging industry [6] Group 4: Strategic Partnerships - The strategic partnership with AMD, established through the acquisition of packaging plants, has been pivotal, with over 80% of AMD's products being packaged by Tongfu Microelectronics [7] - The company is also diversifying its customer base, with half of the orders from its Suzhou plant now coming from clients outside AMD, aiming for a balanced growth engine [7] Group 5: Future Development Goals - The company outlines three main objectives for future growth: maintaining its core business in integrated circuit packaging, innovating in advanced packaging solutions for the AI era, and fostering international cooperation [9] - The 2025 performance forecast anticipates a net profit of 1.1 billion to 1.35 billion yuan, representing a year-on-year growth of 62.34% to 99.24% [9]

Core Insights - The article highlights the transformation of Tongfu Microelectronics from a struggling transistor factory to a leading semiconductor packaging and testing company, reflecting the rise of China's semiconductor industry [3][4] - The company aims to continue its growth trajectory by focusing on innovation, collaboration, and maintaining its core business, with a target for significant revenue and profit growth by the end of the 14th Five-Year Plan [3][9] Group 1: Company Development - Tongfu Microelectronics was established from the South Jiangsu Transistor Factory, which faced severe financial difficulties, but through technological innovation, it turned profitable in 1994 [4] - Key milestones include a joint venture with Fujitsu in 1997, undertaking national R&D projects in 2009, and acquiring 85% stakes in AMD's packaging plants in 2016, which positioned the company as a significant player in the semiconductor packaging sector [4][5] - The company has invested over 10 billion yuan in technological innovation since 2009, leading to significant advancements in packaging technology [5] Group 2: Future Outlook - The company is committed to embracing the AI wave, planning to increase investments in emerging applications such as storage chips and automotive technologies, with a fundraising target of up to 4.4 billion yuan [6][7] - The strategic partnership with AMD has strengthened, with over 80% of AMD's products being packaged by Tongfu Microelectronics, enhancing both companies' competitive positions in the market [7] - The company anticipates a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year growth of 62.34% to 99.24%, indicating a strong growth trajectory [9]

Core Viewpoint - The "intelligent transformation and digital upgrade" wave in manufacturing, driven by national strategies for a "strong manufacturing country" and "self-controllable industrial software," is creating significant market growth for Computer-Aided Manufacturing (CAM) software, with a projected market size of approximately 7.524 billion yuan in 2024, reflecting a year-on-year growth of 10.29% [1][9]. Industry Overview - CAM software is a specialized tool that utilizes computer technology to convert Computer-Aided Design (CAD) models into executable instructions for automated equipment, significantly enhancing production efficiency, processing accuracy, and material utilization [2][5]. Industry Development History - The CAM software industry in China has evolved through several phases: - 1978-1985: Initial exposure to digital technology during the early reform era. - 1986-1999: Policy foundations established with the inclusion of CAD/CAM in the national 863 program. - 2000-2005: Increased adoption post-WTO accession, with domestic companies beginning to enter international markets. - 2006-2015: Introduction of advanced technologies and products by leading firms. - 2016-present: Focus on cloud architecture and integration of CAD/CAM functionalities, enhancing competitiveness in the global market [3][4]. Market Size - The CAM software market in China is expected to reach approximately 7.524 billion yuan in 2024, with a growth rate of 10.29% year-on-year, driven by demand in high-end manufacturing sectors such as aerospace, new energy vehicles, and precision molds [9][10]. Key Companies' Performance - The competitive landscape of the CAM software industry is characterized by a dynamic "multi-polar competition" system, with local leaders like Zhongwang Software and Huatiansoft adopting integrated platform strategies to compete against international giants [10][11]. - Zhongwang Software reported a revenue of 538 million yuan in the first three quarters of 2025, a year-on-year increase of 4.99%, but faced a net profit decline of 479.34% [11][12]. Industry Development Trends 1. **Integration of Artificial Intelligence**: Future CAM software will evolve to integrate AI, transforming from automated tools to intelligent production partners capable of decision-making, thus reshaping manufacturing processes [13]. 2. **Shift to Cloud and Platform Services**: The industry is transitioning from traditional local deployments to cloud-based, subscription services, enhancing collaboration and reducing initial investment barriers for manufacturers [14]. 3. **Intensified Market Competition**: The domestic CAM software market is entering a critical phase of "core attack" and "value enhancement," with a focus on overcoming challenges in high-end market segments and developing specialized solutions for strategic industries [15][16].

当财神爷机器人巡游送上新春祝福 当诗词机器人与小朋友对答如流 当灵巧的机械臂稳稳递上一杯咖啡 当VR眼镜带你一秒穿越到三山五园 …… 2026年的海淀新春科技庙会 不再是"科技过年"的新奇体验 透过这些跃动的科技身影 一幅海淀AI产业集群的"全家福" 正悄然铺展 70余家企业、150余件展品，在五棵松万达广场1至6层，拼出了一张从"中国芯"到"智慧大脑"、到"灵巧 双手"，再到具身智能机器人的完整产业链图谱。在这里，我们看到的不仅是单个产品的炫酷，更是底 层芯片、核心算法、精密零部件与整机的完整链条，以及由此产生的强大协同效应。 算力筑基：从一粒芯片看见产业"黑土地" 人工智能的智慧 芯片是什么？算力意味着什么？海淀芯为何重要？在科普互动区，这些问题被一一拆解。不远处还有芯 片雕刻封装体验，市民可以亲手制作一枚芯片钥匙扣，在激光雕刻中感受"造芯"的仪式感。 作为人工智能的"心脏"，芯片是每一行代码、每一次交互的物理承载。这个展区如同整个生态的"黑土 地"，默默支撑着楼上楼下奔跑、跳跃的每一个机器人。没有这里的底层突破，就没有上层应用的百花 齐放。在庙会现场，这种"隐形"的支撑力量，第一次如此直观地站在了台前。 ...

Core Insights - The article highlights the rapid advancements in AI video generation technology, particularly focusing on ByteDance's Seedance 2.0 model, which has gained significant popularity both domestically and internationally, being referred to as a "DeepSeek moment" [3][15] - The emergence of multiple AI models from various companies in Haidian district signifies a competitive landscape in the AI industry, particularly in the "AI + audiovisual" sector [4][19] Company Developments - ByteDance's Seedance 2.0 can generate multi-shot videos with complete original soundtracks in just 60 seconds using multi-modal inputs, enhancing the creative process for users [3][15] - The Seedance 2.0 model has been praised for its industry-leading performance in multi-modal reference generation and complex audio-video instruction adherence [4][16] - Other companies, such as Moonlight and Shengshu Technology, have also launched new AI models, including Kimi K2.5 and Vidu Q3, which offer advanced capabilities in video generation and narrative construction [5][17] Industry Trends - The Haidian AI sector is experiencing a surge in innovation, with over 128 generative AI services registered, covering various fields such as governance, education, and e-commerce [6][18] - The region is positioning itself as a global hub for AI innovation, supported by a robust ecosystem of AI scholars and enterprises, with a core industry scale nearing 360 billion yuan [11][23] - The AI models developed in Haidian are not only enhancing content creation but are also evolving towards generating comprehensive solutions, indicating a shift from content generation to solution-oriented applications [6][20] User Engagement - ByteDance's "Soda Music" has reached 140 million monthly active users, benefiting from the seasonal shift in user behavior during the Spring Festival [4][16] - The user-generated content and data accumulation are crucial for the continuous iteration and improvement of AI models, fostering a cycle of innovation and engagement [20][24]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative performance exceeding 15% compared to the benchmark index over the next 12 months [8]. Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, enabling users to create videos with simple text prompts, which is expected to enhance user engagement and frequency of use over the long term [3][5]. - The model's capabilities include multi-modal input acceptance, narrative coherence, and audio-visual synchronization, addressing key industry challenges such as character consistency and audio-visual mismatch [4][5]. - The demand for computational power is projected to increase exponentially due to the anticipated high concurrency from both consumer (C-end) content creation and business (B-end) API calls [6]. Summary by Sections Seedance 2.0 Launch and Features - Seedance 2.0 is integrated into various platforms, allowing users to generate short videos easily, which is expected to drive higher usage rates [3]. - The model supports multiple input types and can generate videos with synchronized audio, enhancing the creative process for users [4]. Computational Demand Projections - The report estimates that by October 2025, the monthly usage of AI-generated content on the platform will reach 63,900 times, with a total usage time of 1,668.2 hours [6]. - The complexity of video generation is significantly higher than that of text and images, leading to a substantial increase in computational requirements [6]. - Projections indicate that the number of required H100 GPUs for video generation could range from 2.4 million to 4.284 million under different scenarios, with a market space for H100 GPUs estimated between $4.8 billion and $8.568 billion [14][12]. Long-term Market Opportunities - The report highlights the potential for domestic computational power providers to benefit from the growth of AI video generation, with specific companies recommended for investment, including chip designers and AI server manufacturers [13]. - The user base for short videos in China is expected to exceed 1 billion by the end of 2024, with increasing daily usage times projected [7][11].