每经记者｜肖芮冬 每经编辑｜肖芮冬 今日，半导体产业链拉升走高，半导体设备ETF（159516）涨近1.5%，近10日净流入额超2.8亿元，今年来 份额增长超60%，当前规模近30亿元，位于同类半导体设备ETF首位。 （2）政策大力扶持，国产替代加速 当前背景下，国内芯片产业链面临着供应安全的挑战，加速国产替代成为必然选择。同时，随着国内芯片 技术的不断进步，为国产替代提供了技术和产业基础。当前政策端不断发力，大基金三期注册资本达3440 亿元，高于一期二期总和。大基金主要投资方向为先进晶圆制造、先进封测和设备材料领域，有望加速国 产替代进程。 （3）进口替代空间广阔 结合资金支持以及国内半导体制造企业开始考虑供应链的安全，国内做半导体设备和材料的企业订单实现 了快速增长，每年可能有1~2倍这样的增长速度。另外，当前中国大陆每年的半导体设备资本开支大约为 300亿~400亿美元，已经占到了全球市场的30%以上，未来国产替代空间广阔。 （4）人工智能大模型催化，算力芯片需求爆发 AI大模型快速迭代，训练需求激增，对于算力芯片的需求不断加大。中研普华产业研究院数据预测，2025 年中国AI芯片市场规模将增至153 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 平安证券指出，国内半导体后道测试设备市场仍有较大国产化提升空间， 2025年存储测试机国产 化率预计仅8%，2027年SOC测试机国产化率约9%。AI芯片和HBM的复杂结构设计对后道测试提出更高 要求：AI芯片采用先进制程且功能复杂，测试时间延长、精度挑战加大；HBM采用多层DRAM堆叠， 需进行KGSD测试等新增环节，驱动测试设备迭代。受益于下游需求旺盛，国内测试设备市场规模预计 2027年达267.4亿元，增量需求叠加国产替代。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数由中证指数有限公司 编制，从沪深市场中选取涉及半导体材料研发、设备制造等核心环节的上市公司证券作为指数样本，聚 焦半导体产业链上游关键技术领域，反映半导体材料与设备相关企业的整 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.58% as of July 24, 2025, with notable increases in constituent stocks such as Jing Sheng Co. (+3.12%) and Xin Yi Chang (+2.73%) [1] - The Sci-Tech Semiconductor ETF (588170) experienced a 0.28% increase, marking its third consecutive rise, with a latest price of 1.06 yuan and a trading volume of 16.89 million yuan [1] - The latest scale of the Sci-Tech Semiconductor ETF reached 264 million yuan, a three-month high, with a significant increase of 16 million shares over the past three months [1] Group 2 - SEMI's mid-year semiconductor equipment forecast report predicts that global OEM semiconductor manufacturing equipment sales will reach $125.5 billion in 2025, a historical high with a year-on-year growth of 7.4%, driven by advanced logic, storage, and technology transformation [1] - The sales of wafer fab equipment (WFE) are expected to reach $110.8 billion in 2025, with testing equipment projected to grow by 23.2% to $9.3 billion [1] - CITIC Securities highlights the increasing vibrancy of the semiconductor industry, with domestic equipment and materials manufacturers making significant progress, and anticipates accelerated mergers and acquisitions in the sector [2]

Core Viewpoint - The "Medical Device Regulatory Cooperation Program" between China and Malaysia is set to significantly enhance the efficiency of medical device approvals, facilitating easier market access for Chinese medical device companies in Southeast Asia, particularly Malaysia [1][3][4]. Group 1: Regulatory Cooperation and Market Access - The cooperation program will allow for mutual recognition of pre-market approval regulations, reducing the approval time for Malaysian IVD products entering China to approximately 60 working days, and for Chinese medical devices entering Malaysia to about 30 working days [3][4]. - Starting from July 30, 2025, Chinese medical devices can enter Malaysia without the need for clinical trials or repeated testing, provided there are no changes in design, materials, or indications [3][4]. - This marks the first instance of a foreign country fully accepting China's regulatory system, indicating the growing international recognition of China's medical device industry [3][4]. Group 2: Market Dynamics and Growth Potential - The Malaysian medical device market is rapidly expanding, with a market size nearing $3 billion in 2022, driven by increased government investment and a growing aging population [6][7]. - Malaysia is a key player in the global supply chain, being a major producer of rubber-based medical devices, supplying 60% of the world's rubber gloves and 80% of catheters [6][7]. - The demand for medical devices in Malaysia is particularly strong in areas such as cardiovascular interventions, orthopedic implants, and IVD products, creating opportunities for both local and foreign manufacturers [7][9]. Group 3: Competitive Landscape - The Malaysian medical device market is currently dominated by multinational brands, but there is a growing trend of domestic alternatives entering the market, leveraging innovation and cost-effectiveness [9][10]. - Chinese companies like Mindray and Yuwell are making inroads into the Malaysian market, particularly in home medical devices and diagnostic products [9][10]. - The collaboration between Chinese firms and local entities is expected to enhance the competitive landscape, with a focus on high-demand areas such as imaging equipment and cardiovascular devices [9][10]. Group 4: Future Implications - The regulatory cooperation is seen as a stepping stone towards establishing a new ecosystem for the medical device industry, potentially influencing regulatory practices in other ASEAN countries [14][16]. - The anticipated growth of the Malaysian medical device market to over $4 billion, heavily reliant on imports, presents significant opportunities for Chinese manufacturers [16]. - The mutual recognition of regulatory standards could pave the way for broader market access across ASEAN, enhancing the strategic position of Chinese medical device companies in the region [14][16].

近期随着市场成交热度、情绪提升，市场焦点再度回归"硬科技"主线。7月23日半导体板块顺势爆发，半导体设备ETF（561980）单日收涨2.44%。从资 金面上看该ETF连续2日获近3200万元资金净申购买入。 事实上，进入7月反内卷、大基建成为市场关注焦点，中下旬以来随着科技产业叙事持续强化、以及反内卷热度回落，AI、半导体等科技产业有望承接 反内卷、大基建流出资金。 半导体作为其中的代表板块有望迎来补涨。从价格上看，半导体设备ETF（561980）标的指数仍处于年内相对低位，短期存在补涨可能。另一方面国产 GPU企业摩尔线程和沐曦股份获IPO受理，长江存储在推动"全国产化"制造设备方面取得了重大突破，政府采购预期同样有利于相关品种行情走强。 业绩端看，目前中证半导指数有10只成份披露了中报业绩预告，其中包括有研新材、中晶科技、金海通、中微公司在内的7只成份净利润同比预增，最 高的有研新材预增值在240%。显示板块周期复苏仍在持续。 | 证券代码 | 证券简称 | 预告净利润下限(亿元) | 预告净利润上限(亿元) 预告净利润变动幅度(%) | | | --- | --- | --- | --- | --- ...

Core Viewpoint - The thoracoscope market is experiencing significant growth due to the rising incidence of respiratory diseases such as lung cancer and COPD, alongside increasing health awareness and advancements in thoracoscopic technology. The global thoracoscope market is projected to reach approximately $2.22 billion in 2024, with a year-on-year growth of 4.2%, and is expected to grow to $3.1 billion by 2031 [1][6][19]. Industry Overview - The thoracoscope is a modern medical device that utilizes high-definition imaging technology for direct observation and operation within the thoracic cavity through small incisions. It is primarily used for diagnosing and treating thoracic diseases, including lung, mediastinal, and pleural diseases [1][2]. - The demand for thoracoscopic procedures is increasing due to the rising prevalence of respiratory diseases and the benefits of minimally invasive surgery, which include reduced surgical trauma and shorter recovery times [6][19]. Market Dynamics - In 2024, the thoracoscope market in China is expected to see 404 public bidding events with a total bid amount of 509 million yuan, involving the sale of 685 units at an average procurement price of 743,100 yuan per unit [10][12]. - The top ten brands in the Chinese thoracoscope market by bidding quantity include Olympus, Mindray, Karl Storz, and others, indicating a competitive landscape with increasing domestic participation [14][17]. Competitive Landscape - Historically, the thoracoscope market in China has been dominated by foreign companies such as Karl Storz and Olympus. However, domestic companies like Mindray and OPMED have been gaining market share due to improved R&D and manufacturing capabilities [14][17]. - The market concentration is high, with the top three companies—Olympus, Mindray, and Karl Storz—holding significant market shares of 21.53%, 21.02%, and 20.68%, respectively [17]. Future Trends - The trend towards minimally invasive surgery is expected to continue, with the thoracoscope market projected to grow as more advanced technologies such as CMOS, 4K, 3D, and AI are integrated into thoracoscopic procedures [19]. - The performance of domestic thoracoscopes is anticipated to improve further, enhancing the level of domestic substitution in the industry [19].

内容概要：弧焊机器人是使用电弧作为热源进行焊接的设备，适用于焊接钢材、不锈钢和铝合金等材 料。在数字化、自动化转型升级浪潮下，弧焊机器人呈现蓬勃发展态势，2017-2021年市场销量不断扩 大。2022年，在疫情、贸易战等多重因素影响下，全球经济下行压力加剧，下游需求放缓，弧焊机器人 销量出现大幅下滑，同比下滑17.5%，2023年仍呈下滑态势。2024年，随着全球经济加速修复，汽车、 船舶、机械等下游需求逐渐回暖，弧焊机器人销量一改此前颓势，迎来正增长，同比15.0%达5.45万 台。中国是全球最大的弧焊机器人市场，2024年受益于下游应用领域需求的释放，如汽车、钢构、船舶 等，中国弧焊机器人市场销量同比增长22.73%，达3.51万台，占全球总销量的64.4%，同比提升4.1个百 分点。弧焊机器人具有高效率、高精度、一致性等优点，被广泛用于汽车、重工机械、钢结构、箱体及 货架、船舶等领域，在制造业中的重要性不断提升。汽车是弧焊机器人最大应用市场，2024年占比 27%。其次为重工机械，占比10%左右。行业广阔的发展前景吸引了大量企业加入，弧焊机器人市场参 与者较多，整体来看，参与者可分为日系、欧系、国产三 ...

Group 1 - The core viewpoint is that China Electronics Technology Group Corporation's subsidiary, Electric Measurement Technology Co., Ltd. (referred to as "Electric Measurement"), is making a renewed attempt to go public after withdrawing its IPO application in 2023, indicating its ambition to access capital markets again [1] - Electric Measurement is a leading enterprise in the domestic electronic measurement instrument sector, with a strong focus on R&D, manufacturing, and sales, and it holds the largest market share in this field [1] - The company has the largest professional R&D team in China and is a leader in terahertz technology, being one of the earliest research teams globally in this area [1] Group 2 - The electronic measurement instrument market is crucial for high-end manufacturing, defense technology, telecommunications, and aerospace, with increasing demand driven by the rapid development of domestic industries such as 5G and semiconductors [2] - The market has been dominated by international giants like Keysight and Rohde & Schwarz, resulting in a low domestic production rate [2] - If the IPO is successful, Electric Measurement is expected to gain more financial support to accelerate its core technology development and market expansion [2]

2020年前后的国产GPU创业潮，奔涌5年，演进成上市潮持续高涨中。 7月18日，伴随瀚博半导体进行辅导备案，国产GPU头部厂商，加上燧原科技、壁仞科技、沐曦、格兰菲、摩尔线程，已有6家正式启动A股IPO辅导备 案，或进入上市申请阶段。天数智芯，则被传或"借壳上市"。 国产GPU于2017年后进入高投入期，摩尔线程、沐曦等明星独角兽集中在2020年前后成立，主要面向图形渲染和AI计算进行技术布局。随后，在红杉、 经纬等知名VC，阿里、腾讯等互联网大厂数以百亿计的"粮草弹药"支持下，经历"8年奋战"，终于即将迎来收获期。 据初步统计，这7家奔赴二级市场的国产GPU厂商，有6家出自上海。红杉，参与投资了其中4家，在一众VC中一骑绝尘；阿里、腾讯均投中了7家中的2 家，领跑一众互联网大厂。 更为关键的是，AI 2.0时代的催化叠加国产替代大势所趋，整个行业的景气度持续上行，国产GPU研发"高投入、长周期、高风险"的"三高"现状，亟需抓 住发展窗口期，在二级市场的助推下，令创业公司实现"输血"到"造血"的奇变。 与此同时，国产GPU竞速向前，也将助力国家层面，实现"2025年本土GPU在AI服务器芯片市场份额提升至4 ...

Core Insights - The report highlights a moderate recovery in the Chinese economy, with GDP growth of 5.3% in the first half of 2025, driven by consumption and investment [10][11] - The A-share market is experiencing fluctuations, with various sectors such as financial, medical, and internet services showing strong performance, while others like banking and education lag behind [5][9][13] - The report suggests a favorable investment environment with average P/E ratios for the Shanghai Composite and ChiNext indices at 14.76 and 40.53 respectively, indicating a suitable long-term investment opportunity [5][9] Domestic Market Performance - The Shanghai Composite Index closed at 3,582.30 with a slight increase of 0.01%, while the Shenzhen Component Index fell by 0.37% to 11,059.04 [3] - The A-share market is characterized by a small upward trend, with significant trading volumes above the three-year average, indicating robust market activity [5][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 rose by 0.62% [4] Industry Analysis - The report notes a positive outlook for the gaming, publishing, and IP sectors, with strong performance expected as the mid-year reporting season approaches [18][19] - The automotive industry shows continued growth, with June production and sales figures reflecting a year-on-year increase of 11.43% and 13.83% respectively [15] - The food and beverage sector is facing challenges, with a decline in most categories except for health products, which are performing well [24][25][26] Investment Recommendations - The report recommends focusing on sectors with high growth potential, such as technology, healthcare, and consumer goods, while also considering high-dividend stocks in banking and public utilities [5][9][13] - Specific investment opportunities are highlighted in the automotive sector, particularly in companies benefiting from policies promoting electric vehicles and smart technologies [15][19] - The report emphasizes the importance of monitoring policy developments and market conditions to identify potential investment risks and opportunities [5][9][13]