马年头两个交易日，A股喜迎"开门红"！2月25日，A股三大指数携手上涨，全市场超3700只个股收红， 逾百股涨停。沪深京三市成交额2.48万亿元，较昨日放量2628亿元。 盘面上，周期龙头再续雄风！特朗普政府试图主动介入关键矿产定价路径，稀土和小金属大爆发，有色 ETF（159876）场内价格继昨日大涨3.18%基础上，今日再涨4.02%，延续强势表现。特朗普将元素磷及 草甘膦等关键除草剂纳入国防关键物资，磷化工概念活跃，化工ETF（516020）场内价格劲涨1.6%，刷 新2022年1月以来的阶段高点。 值得关注的是，上海发布楼市"沪七条"优化住房限购政策，全市场唯一*地产ETF（159707）场内价格 劲涨2.33%，一举收复4根均线。马斯克抛出疯狂"月球计划"，叠加我国重复使用火箭朱雀三号计划今年 二季度再次挑战回收，军工ETF（512810）场内涨幅摸高1.84%，放量斩获四连阳。全球存储巨头SK海 力士的最新发声，让全球存储市场的涨价潮再度升温，全"芯"科创芯片ETF华宝（589190）场内涨幅最 高上探1.45%。 另一方面，资金积极抢筹AI方向！双线布局"算力+AI应用"的创业板人工智能ETF（ ...

2月25日，科创芯片下探回升，全"芯"科创芯片ETF华宝（589190）早盘自水下拉起，场内价格一度上 涨1.45%，午后维持红盘震荡，收涨0.83%。成份股中，半导体材料与设备方向涨幅居前，有研硅20CM 涨停，中船特气、富创精密两位数涨幅，拓荆科技涨近10%，上海合晶、沪硅产业超5%，华海清科、 芯源微、中微公司等涨幅居前。 | 分时 | | 8日 1分 5分 15分 * | | | | F9 盘前盘后 叠加 九砖 画线 工具 @ 2 > | | 科创芯片ETF华宝 O | | 589190 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.98 | | | | 589190(科创芯片ETF华室) 15:00 价 0.974 涨跌 0.0080.83%) 均价 0.967 | | | | 0.974 | | +0.008 +0.83% | | 0.974 | | | | | Marrial Marker 10 | | | SSE CNY 15:00:13 闭击 | | 104 | | | | | | | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 科创板政策及行业动态一览： 科创板政策与行业动向： 解读： 政策与产业信号高度协同，展现出"制度分层+产业共振"共同构建硬科技生态闭环的鲜明特征。一方 面，制度设计日趋精细化，"科创成长层"的正式落地有效破解了过去"一刀切"监管对高研发投入、尚未 盈利但具突破潜力的早期科技企业的制约，通过差异化安排在守住风险底线的同时给予更大包容空间， 精准呼应"十五五"规划对发展新质生产力的战略导向；另一方面，资本市场与实体经济加速融合，央视 春晚人形机器人亮相、英伟达GTC大会即将召开等事件迅速点燃AI硬件与先进制造的投资热情，科创 板作为硬科技企业集聚平台，正成为政策红利与产业趋势的关键交汇点。 当前逆全球化加剧，自主可控需求迫切。科创板硬科技属性鲜明，主要聚焦于电子芯片、新兴软件和新 型信息技术服务、生物医药产业、智能制造装备产业等，映射了当前中国先进制造业的崛起。科创芯片 ETF基金（588290）、科创信息ETF（588260）、科创50ETF指数基金（588280）等硬科技方向值得长 期关注。 科创板行情回顾及资金流向： | | 科创50 科创信息 科创芯片 科 ...

证券研究报告|宏观研究报告 [Table_Date] 2026 年 02 月 25 日 [Table_Title] 半导体 ETF 投资指南 [Table_Title2] ETF 投资手册之二 [Table_Summary] ► 股票型 ETF 是什么产品？ 股票型 ETF 全称是交易型开放式指数基金，其名称刚好对应它 的三个特点："交易型"指该基金份额可在证券交易所内像股 票一样进行买卖，投资者可按市场价格实时交易；"开放式" 意味着基金份额不设固定上限，投资者既可通过券商在二级市 场交易，也可按净值在一级市场进行申购与赎回。"指数基 金"则是该基金采取被动管理策略，其主要目标是紧密跟踪某 一特定指数的表现，而非由基金经理进行主动选股。 ► 股票型 ETF 近年来发展如何？ 2023 年以来股票型 ETF 大幅扩张。绝对水平来看，我国股票型 [Table_Summary] 本篇报告在系统梳理半导体产业链构成的基础上，层层递进地 提出对应半导体 ETF 筛选和分析框架，为 ETF 策略提供参考。 ►半导体产业：主题投资热土，集成电路为先锋 半导体产品包含集成电路、光电器件、分立器件和传感器四 类。从规模上看， ...

从盘面来看，剔除停牌的智洋创新，科创板其余603只个股涨多跌少，高价股、低价股均多数上涨。细 分领域来看，电气设备股、元器件股表现强势，软件服务股、元器件股跌幅靠前；半导体股、专用机械 股表现分化。 经新华财经统计，2月25日，剔除停牌的智洋创新，科创板其余603只个股平均涨幅1.25%，平均换手率 2.92%，合计成交额2394亿元，平均振幅为4.19%。 2月25日，科创综指全日收涨1.20%，收于1819.72点，总成交额约2394亿元。 转自：新华财经 新华财经北京2月25日电（胡晨曦）科创50指数2月25日早盘探底回升，午后指数窄幅震荡，最终小幅收 涨。至收盘时，科创50指数报1473.28点，涨幅0.54%，指数振幅为1.83%，总成交额约700.4亿元。 个股表现方面，有研硅、和林微纳涨停，涨幅靠前；开普云跌14.78%，跌幅居首。 成交额方面，中微公司成交额63.7亿元，位居首位；ST帕瓦成交额737.6万元，位居末位。 换手率方面，电科蓝天换手率为35.51%，位居首位；佰仁医疗换手率为0.19%，位居末位。 编辑：罗浩 ...

Group 1: Overall Industry Outlook - The semiconductor industry is experiencing an upward trend in performance, driven by strong demand in storage, equipment, and foundry sectors [1] - The report maintains an overweight recommendation for the semiconductor sector due to the overall industry recovery and growth potential [1] Group 2: Performance of Overseas Listed Companies - North American cloud service providers, including Microsoft, Amazon, Google, and Meta, reported significant year-on-year growth in cloud revenues, driven by AI demand, with capital expenditures expected to increase substantially in 2026 [14][15][16][17] - TSMC, the global leader in foundry services, reported a 25.5% year-on-year increase in Q4 2025 revenue, reaching $33.73 billion, with net profit growing over 40% [21] - Micron Technology's Q1 FY26 revenue reached approximately $13.64 billion, benefiting from rising storage prices driven by AI demand [31] - Texas Instruments and Analog Devices showed signs of recovery in the analog chip sector, with Texas Instruments reporting a 10% year-on-year revenue increase in Q4 2025 [39][41] Group 3: Performance of Domestic Listed Companies - SMIC reported a Q4 2025 revenue of 17.81 billion yuan, a year-on-year increase of 11.9%, with net profit growing by 23.2% [57] - The semiconductor packaging and testing sector is recovering, with several companies reporting improved profitability and growth driven by AI demand [60] - The analog chip sector is also showing signs of recovery, with many companies reporting improved performance compared to 2024 [62] Group 4: Investment Recommendations - The report suggests focusing on high-growth segments driven by AI, such as computing chips, storage, advanced packaging, and semiconductor equipment [7]

2月25日午后，半导体设备板块攻势强劲。截至发稿，半导体设备ETF（561980）涨幅扩大涨超4%，成份股有研硅强势封涨停板，富创精密、江丰电子涨超 13%，拓荆科技、中船特气涨超11%，芯源微、中微公司涨超6%，华海清科、沪硅产业涨超5%，长川科技、安集科技等涨超4%。 【存储巨头定调卖方市场，上游设备业绩释放可期】 其他权重股寒武纪、长川科技、中科飞测2025年净利润上限分别同比预增575%、205%、725%，均实现大幅增长，显示行业周期上行势头强劲。 | 证券简称 | | 所属指数权重 2025年预告净利润 | 2025年预告净利润 | | --- | --- | --- | --- | | | (%) | 上限（亿元） | 同比增长上限(%) | | 中微公司 | 15. 74 | 21. 80 | 34. 93 | | 寒武纪-U | 7. 49 | 21. 50 | 575. 31 | | 长川科技 | 5. 85 | 14. 00 | 205. 39 | | 中科飞测 | 4. 01 | 0.72 | 724.72 | 数据来源：Wind，截至2026.2.24 【机构：三大逻辑支撑半导体设备 ...

Group 1 - The main stocks with significant capital inflow include Northern Rare Earth (30.50 billion), Shenghong Technology (17.73 billion), and Baosteel (17.03 billion) [1] - Northern Rare Earth saw a price increase of 9.99%, while Baosteel increased by 10.15% [2] - Other notable stocks with substantial inflows are Aerospace Development (14.72 billion) and Industrial Fulian (13.75 billion) [1][2] Group 2 - The electronics sector is represented by companies like Shenghong Technology, Industrial Fulian, and Huadian Shares, with inflows of 17.73 billion, 13.75 billion, and 9.39 billion respectively [2] - The defense sector includes Aerospace Development and Feilihua, with inflows of 14.72 billion and 7.25 billion respectively [2] - The non-ferrous metals sector has significant representation with Northern Rare Earth, Shenghe Resources, and China Rare Earth, attracting inflows of 30.50 billion, 5.97 billion, and 5.74 billion respectively [1][3]

Core Viewpoint - The A-share market continues to rise, with the Shanghai Composite Index increasing by 0.91%, and the Kweichow Moutai ETF (588750) rebounding strongly with a volume increase of over 1% [1] Group 1: Market Performance - The Kweichow Moutai ETF (588750) attracted over 15 million yuan in capital inflow yesterday [1] - The component stocks of the Kweichow Moutai ETF showed mixed performance, with TuoJing Technology rising over 10%, and Zhongwei Company increasing over 6% [2][3] Group 2: Industry News - A significant deal in the AI chip sector is anticipated, with Meta and AMD reaching a massive "chip + equity" subscription agreement worth over 60 billion USD, potentially exceeding 100 billion USD [5] - The demand for storage chips is entering a "seller's market," with Hynix indicating that it cannot meet all customer demands this year, leading to price increases [5][7] - The recent surge in AI model releases is expected to drive substantial growth in AI computing power demand, particularly for video generation applications [6] Group 3: Investment Opportunities - The Kweichow Moutai ETF (588750) focuses on the semiconductor industry's core segments, showing a high growth potential and elasticity [8][12] - The index's net profit growth rate is projected to reach 94% in the first three quarters of 2025, significantly outpacing peers [13] - The Kweichow Moutai ETF has demonstrated a maximum increase of 236% since September 24, 2024, indicating strong upward elasticity [13][14]

Group 1 - Semiconductor concept stocks have strengthened, with Tuojing Technology rising over 11%, and Hu Silicon Industry and Chip Source Micro both increasing over 6%, while Zhongwei Company and Huahai Qingke rose over 5% [1] - The semiconductor equipment-related ETFs have also seen gains of over 5% [1] Group 2 - Specific performance of semiconductor equipment ETFs includes: - ETF code 159516 at a price of 1.943, up 0.100, or 5.43% - ETF code 159327 at a price of 2.314, up 0.117, or 5.33% - ETF code 159558 at a price of 2.274, up 0.114, or 5.28% - ETF code 562590 at a price of 2.043, up 0.102, or 5.26% - ETF code 560780 at a price of 2.139, up 0.107, or 5.27% [2] Group 3 - Analysts indicate that under the backdrop of the AI wave and domestic production, there is a continuous demand for expansion in advanced production lines in China, making semiconductor equipment a cornerstone for wafer foundry expansion and an important link for achieving self-controllable industrial chains, thus domestic semiconductor equipment companies are expected to encounter development opportunities [2]