午后半导体产业链涨势扩大，有研硅20CM涨停，富创精密、江丰电子、中船特气、拓荆科技均涨超 10%，赛微微电、欧莱新材、阿石创、有研新材涨幅靠前。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

格隆汇2月25日｜午后半导体设备、材料板块加速上攻，有机硅、和林微纳"20CM"涨停，富创精密涨超 15%，带动科创半导体ETF(588170)劲升5.93%，半导体设备ETF华夏(562590)涨5%。 催化剂上： ①Meta与AMD达成超千亿美元AI芯片协议，双方计划未来五年内部署多达6吉瓦算力的AMD人工智能 芯片，用于数据中心的扩张。 ②存储芯片涨价潮延续带动韩股大涨，韩国Kospi指数史上首次突破6000点，今年大涨超45%。此前SK 海力士董事长承诺提高人工智能内存芯片产量。 ③北京大学电子学院团队创造性地制备了迄今尺寸最小、功耗最低的铁电晶体管，有望为AI芯片算力 和能效提升提供核心器件支撑。 ④据国际半导体产业协会SEMI预测，2025年全球半导体制造设备总销售额预计达1330亿美元，同比增 长13.7%，创历史新高。 AI热潮带动存储芯片扩产，直接拉升半导体设备需求，相关产品： 产业人"卖铲人"·科创半导体ETF(588170)，近20日合计净流入19.37亿元，成份股涵盖中微公司（刻蚀设 备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天岳先进 （碳化硅 ...

A股硬科技赛道迎来强势回暖行情，半导体设备板块成为领涨先锋，其中半导体设备ETF（159516）盘中大幅拉升，单日涨幅突破5%，成交额显著放大，资 金入场迹象明显。这一轮强势反弹并非短期情绪推动，而是行业周期复苏、AI算力爆发、国产替代加速与政策资金共振的结果，背后蕴藏着清晰且扎实的 产业逻辑。 再者，AI算力、先进封装、存储芯片涨价等多重催化不断，行业景气度持续上行，设备企业业绩兑现能力强，盈利确定性不断提升。 最后，机构配置需求旺盛，半导体设备具备高壁垒、高景气、高成长特征，是公募、社保等长期资金重点配置方向，资金面支撑强劲，为板块长期走势提供 坚实保障。对于普通投资者而言，半导体设备赛道技术壁垒高、个股研究难度大、波动风险较高，直接投资个股容易面临选股难题与踩雷风险，而通过ETF 布局则是更为高效、稳健的选择。 半导体设备ETF（159516）紧密跟踪中证半导体材料设备主题指数（931743），精准聚焦半导体设备与材料两大核心赛道，覆盖刻蚀、薄膜沉积、量测、清 洗、硅片、特种气体、光刻胶等芯片上游关键环节，是布局半导体设备赛道的核心工具。该ETF持仓纯度极高，一键打包北方华创、中微公司、拓荆科技、 华海 ...

Market Overview - On February 25, A-shares saw all three major indices rise by over 1%, with the Sci-Tech Innovation Index increasing by nearly 0.7%, and nearly 4,000 stocks in the market experiencing gains [9][10] - The total trading volume reached 1.45 trillion yuan, with a significant increase of 102.9 billion yuan compared to the previous day [10] Sector Performance - The fertilizer and pesticide sector experienced a surge, with stocks like Chuanjinnuo hitting the daily limit, and other companies such as Chitianhua and Yuntianhua also seeing significant gains due to rising prices of urea, potassium sulfate compound fertilizer, and monoammonium phosphate [10][11] - Shipping stocks collectively strengthened, with China Merchants Energy achieving a historical high, and other companies like COSCO Shipping Energy and COSCO Shipping Development also rising, driven by a spike in oil tanker spot freight rates reaching a nearly six-year high [11][12] - Lithium battery concept stocks saw substantial increases, with Hanrui Cobalt rising over 11%, and other companies like Wenkang New Energy and Nord Shares also performing well, as lithium carbonate futures broke through the 170,000 yuan mark, marking a significant daily increase of over 10% [12] International Market Trends - The Nikkei 225 index in Japan rose by 1.4%, reaching a historical high, while the Korean Composite Stock Price Index expanded its gains to 2%, also hitting a historical high, with automotive stocks like Kia and Hyundai seeing significant increases [14] - International gold and silver prices surged, with spot silver rising over 3% and spot gold briefly surpassing 5,190 USD per ounce [14][15]

Core Insights - The semiconductor equipment and materials sector is experiencing a strong V-shaped rebound, with significant increases in ETF values and individual stock performances [1] - SK Hynix has indicated a shift in the global memory chip market to a seller's market, with low inventory levels and strong demand leading to price increases expected through 2026 [3] - A widespread price increase is occurring across the semiconductor industry, driven by AI demand and supply constraints, affecting all segments from wafer manufacturing to end products [4] Market Performance - The semiconductor equipment ETF (561980) has seen a net inflow of over 9.2 million in the previous trading day, with a current trading volume exceeding 1.14 billion [1] - As of February 24, 2026, the semiconductor industry index has increased by 277% since 2020, outperforming other semiconductor indices [6][7] Industry Trends - The AI-driven semiconductor cycle is expected to continue its upward trajectory, with domestic wafer manufacturers operating at full capacity and price increases being reported by various companies [4] - The demand for AI servers has led to a significant shortage in packaging and testing capacity, prompting price hikes from manufacturers like Silan Micro, Infineon, and China Resources Microelectronics [4] Future Outlook - The semiconductor equipment market is projected to grow significantly due to sustained demand for AI computing power and the upward cycle of memory chips, with a strong expectation for continued growth in 2026 [5][6]

Group 1 - The semiconductor ETFs, including the high "equipment" content Sci-Tech Semiconductor ETF (588170) and the semiconductor equipment ETF Huaxia (562590), have shown significant gains, with increases of 4.09% and 3.50% respectively [1] - Individual stocks such as Youyan Silicon, Fuchuang Precision, and Tuojing Technology have experienced notable price increases of 15.20%, 12.27%, and 10.87% respectively, indicating strong market performance [1] - Galaxy Securities highlights that the demand for AI computing power, the upward cycle of storage chips, and the penetration of advanced packaging technology are driving the demand for semiconductor equipment, with a strong expectation for market growth through 2026 [1] Group 2 - According to招商证券, the combination of price and demand will lead to a significant performance release year for domestic and international storage sectors, with a focus on the sustainability of market price trends and company performance growth [1] - The semiconductor equipment ETF Huaxia (562590) and its linked funds are designed to track the China Securities Semiconductor Materials and Equipment Theme Index, which has the highest equipment content in the market at approximately 63%, benefiting from the global chip price surge [1] - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on the only semiconductor equipment theme index on the Sci-Tech Innovation Board, with advanced packaging content being the highest in the market at around 50%, targeting cutting-edge equipment companies [2]

Group 1 - Peking University’s electronic engineering team has developed the smallest and lowest power ferroelectric transistor to date, which is expected to support AI chip computing power and energy efficiency improvements [1] - CITIC Construction Investment Securities noted that the domestic production rate of semiconductor equipment has increased from 4.91% in 2018 to 18.02% in 2024, while the upstream component localization rate remains low, particularly in high-barrier areas such as RF power supplies and optical components [1] - As of February 25, 2026, the STAR Market semiconductor materials and equipment theme index (950125) rose by 3.28%, with significant gains in constituent stocks such as Youyan Silicon (up 11.28%) and Fuchuang Precision (up 10.54%) [1] Group 2 - The STAR Market semiconductor materials and equipment theme index closely tracks the performance of listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these companies on the STAR Market [2] - As of January 30, 2026, the top ten weighted stocks in the STAR Market semiconductor materials and equipment theme index accounted for 73.89% of the index, including companies like Huahai Qingshi and Zhongwei Company [2]

Core Signal - SK Hynix has indicated a significant shift in the global memory chip industry, stating it has transitioned to a seller's market with DRAM and NAND flash inventory levels at historical lows of approximately 4 weeks, leading to unmet demand from all customers [3] - The company's high bandwidth memory (HBM) capacity for 2026 is fully sold out, and the supply of standard DRAM remains tight, enhancing the bargaining power of manufacturers [3] - Due to the rigid demand from AI infrastructure and supply constraints, SK Hynix predicts a quarterly price increase for memory chips starting in 2026 [3] Industry Transmission - The semiconductor cycle is expected to rise from 2025 to 2026, driven by AI, with domestic wafer fabs operating at full capacity and price increases already observed in certain process nodes [4] - The surge in demand for AI servers has led to a severe shortage in packaging and testing capacity, prompting manufacturers to raise prices [4] - A systemic price increase is occurring across the entire semiconductor industry, affecting upstream wafer manufacturing, packaging, testing, and downstream products like storage chips and power semiconductors [4] High Rebound Sharpness - The semiconductor equipment ETF (561980) tracks the CSI semiconductor industry index, with over 90% weight in upstream sectors, and the top ten constituent stocks accounting for about 75% [6] - As of February 24, the ETF has a total size of 3.516 billion, with a net inflow of 9.21 million on that day [6] - Since 2020, the CSI semiconductor index has increased by 277%, significantly outperforming other semiconductor indices, indicating a stronger rebound and potential resilience in the upcoming semiconductor cycle [6][7]

Group 1 - The semiconductor ETF (159813) opened with a slight increase of 0.16%, priced at 1.246 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC up 1.02% - Haiguang Information up 0.75% - Cambrian up 0.79% - Northern Huachuang up 0.23% - Zhaoyi Innovation down 2.18% - Zhongwei Company down 0.20% - Lanke Technology up 0.01% - OmniVision up 0.01% - Tuojing Technology up 0.82% - Changdian Technology up 1.52% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return rate, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has achieved a return of 86.69% [1] - The ETF has experienced a return of -4.87% over the past month [1]

假期海外存储、半导体设备再创新高，继续看好存储产业 链机会 20260223 摘要 AI 和数据中心驱动存储需求激增，北美和国内主要 CAPEX 厂商在 2026 年的资本开支同比增长超过 60%，远超预期，主要用于采购存储 设备，NAND 闪存在数据中心市场占比到 2027 年预计将达到 10%左右。 存储供给方面，2026 年三星、海力士、美光等厂商扩产有限，新增产 能主要集中在 2027 年下半年，难以满足快速增长的需求。HBM 生产挤 占部分 DRAM 产能，进一步限制 DRAM 供应。 存储产品价格持续上涨，一季度 NAND 闪存价格预计上涨 50%- 60%，DRAM 价格预计上涨 90%以上。低库存和真实需求驱动，二季 度价格可能超预期，卖方市场厂商定价权较强。 海外方面，美光、海力士等公司估值较低，约为六七倍市盈率，考虑到 AI 技术对行业周期性的减弱及拉动作用，这些公司的估值有望提高至 15 倍左右。 国内方面，兆易创新、普冉半导体等芯片设计公司受益于 AI 产能挤占导 致 Nor Flash、利基型 DRAM 及 SLC NAND 等产品价格上涨，去年四 季度业绩已现拐点，今年业绩有望加速 ...