Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% and a transaction volume of 969 million yuan [3] - Over the past year, the average daily transaction volume of the Sci-Tech Chip ETF is 2.378 billion yuan, ranking first among comparable funds [3] - In the last two weeks, the Sci-Tech Chip ETF has seen a scale increase of 2.452 billion yuan, also ranking first among comparable funds [3] - The ETF's share increased by 88.5 million shares in the last two weeks, marking significant growth and ranking first among comparable funds [3] - In the last 10 trading days, there were net inflows on 8 days, totaling 1.551 billion yuan [3] - The ETF's financing net purchase amount this month reached 8.61 million yuan, with the latest financing balance at 1.636 billion yuan [3] - As of July 23, the net value of the Sci-Tech Chip ETF has increased by 59.53% over the past year, ranking first among comparable funds [3] Group 2: Semiconductor Market Insights - Nvidia has resumed supplying its H20 computing chips to the Chinese market and launched a new, fully compatible NVIDIA RTX PRO GPU series, which is expected to alleviate high-end computing bottlenecks [4] - The domestic semiconductor backend testing equipment market has significant room for domestic production improvement, with the localization rate for storage testing machines expected to be only 8% by 2025 [4] - The market size for domestic testing equipment is projected to reach 26.74 billion yuan by 2027, driven by strong downstream demand and localization replacement [4] - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, accounting for a total of 57.76% [4] Group 3: Stock Performance - The top stocks in the Sci-Tech Chip Index include SMIC with a weight of 10.22% and a price increase of 2.67%, and Haiguang Information with a weight of 10.15% and a price increase of 1.02% [6] - Other notable stocks include Cambricon with a weight of 9.59% and a price increase of 0.24%, and Zhaojin Technology with a weight of 2.39% and a price decrease of 0.33% [6] - Investors without stock accounts can access the Sci-Tech Chip ETF linked fund (017470) to invest in domestic chip opportunities [6]

Core Viewpoint - The article discusses the advancements in China's AI industry, particularly focusing on the shift towards domestic chip procurement and the implications of AI technology on security and product development. Group 1: Domestic Chip Procurement - 360 Group is shifting its chip procurement towards domestic products, specifically Huawei's chips, despite acknowledging the performance gap compared to NVIDIA's H20 chips [1][2] - The founder emphasizes the importance of using domestic chips to foster development and improve their performance over time [1] Group 2: DeepSeek and AI Models - DeepSeek's recent decline in traffic is not indicative of its overall value, as many large models and industry agents continue to rely on it for adjustments [2] - The launch timeline for DeepSeek-R2 remains uncertain, but it has set a precedent for the Chinese large model industry by promoting an open-source approach [2] Group 3: AI Security Challenges - The accessibility of large models poses new security risks, allowing individuals without programming skills to execute dangerous operations, such as data leaks [3][4] - Hackers are evolving their tactics by embedding their skills into AI models, creating "hacker agents" that can operate autonomously and at scale [4] Group 4: Future Product Development - 360 is planning to enter the AI glasses market, with the founder expressing concerns about the practicality and functionality of such devices [4]

Group 1 - The core viewpoint emphasizes the rapid development of domestic chips in China, particularly in the context of AI, as highlighted by Zhou Hongyi's comments on the recent visit of NVIDIA CEO Jensen Huang [1] - Zhou Hongyi stated that 360 Group is shifting its chip procurement towards domestic products, specifically Huawei's chips, despite acknowledging the performance gap with NVIDIA's offerings [1] - The discussion also pointed out that while NVIDIA's H20 chip is more suitable for inference tasks, domestic chips offer better cost-performance ratios for similar applications [1] Group 2 - Zhou Hongyi addressed the recent decline in traffic for DeepSeek, clarifying that the platform's value should not be judged solely on surface-level metrics, as many large models and industry agents continue to rely on DeepSeek [2] - He mentioned that DeepSeek has set a positive precedent for the Chinese large model industry by eliminating redundant efforts and promoting an open-source approach to enhance international competitiveness [2] - The anticipated release of DeepSeek-R2 remains uncertain, with Zhou suggesting that the company may be preparing significant updates amidst competitive pressures [2] Group 3 - Zhou Hongyi highlighted new security challenges posed by AI agents, noting that the accessibility of large models allows individuals without programming skills to execute potentially harmful operations [3] - The emergence of "hacker agents" utilizing AI to enhance attack methods was discussed, indicating a shift in the cybersecurity landscape where traditional defenses are increasingly challenged by algorithmic adversaries [3] - The transformation of cybersecurity from human-to-human confrontations to algorithmic and machine-based conflicts necessitates a shift in strategy for security companies to develop their own intelligent security agents [3] Group 4 - Zhou Hongyi revealed that 360 is planning to enter the AI glasses market, acknowledging the challenges associated with creating functional and appealing eyewear [4] - He emphasized the importance of display functionality in AI glasses, suggesting that without it, the product may not offer significant advantages over existing smart devices [4]

360集团创始人周鸿祎表示，目前360对于芯片的采购在往国产芯片方向转，尽管国产的芯片和英伟达有 差距，但是必须要用，用得越多才会改进。对于是否会重新采购H20芯片，他称360最近采购的都是华 为的产品。他称H20更适合做推理，但相比训练，推理对于芯片的要求更低，不需要高速互联、组成集 群等等，国产芯片性价比更高，H20会比较尴尬。(一财) ...

截至2025年7月23日 09:55，上证科创板芯片指数上涨0.71%，成分股成都华微上涨4.56%，中科飞测上 涨3.49%，中微公司上涨3.41%，华海清科上涨2.67%，芯源微上涨2.18%。科创芯片ETF(588200)上涨 0.59%。 流动性方面，科创芯片ETF盘中换手1.63%，成交5.05亿元。拉长时间看，截至7月22日，科创芯片ETF 近1年日均成交23.73亿元，居可比基金第一。 规模方面，科创芯片ETF近1周规模增长2.10亿元，实现显著增长，新增规模位居可比基金第一。份额 方面，科创芯片ETF近2周份额增长11.67亿份，实现显著增长，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内有4日资金净流入，合计"吸金"4529.64万元。 数据显示，杠杆资金持续布局中。科创芯片ETF本月以来融资净买额达1370.91万元，最新融资余额达 17.14亿元。 截至7月22日，科创芯片ETF近2年净值上涨29.31%，指数股票型基金排名273/2237，居于前12.20%。从 收益能力看，截至2025年7月22日，科创芯片ETF自成立以来，最高单月回报为25.18 ...

Group 1 - The core viewpoint of the news is that Jinghua Microelectronics will face a significant unlock of shares, with 21.294 million shares set to be released, representing approximately 54.61% of the pre-unlock market value [1] - The unlock date for the shares is scheduled for July 29, 2025, and the shares being unlocked are original shareholder restricted shares [1] - The major shareholders involved in this unlock include Luo Luoyi with 13.0303 million shares and Jingning Jingyinhua Enterprise Management Partnership (Limited Partnership) with 8.2637 million shares [1] Group 2 - Jinghua Microelectronics, established in 2005, focuses on the research and sales of high-performance analog and mixed-signal integrated circuits, with a strong emphasis on innovation and quality assurance [2] - The company has developed several core technologies, including high-precision ADC mixed-signal SoC technology and industrial control HART modulation technology, and holds multiple patents [2] - Jinghua Microelectronics' products are widely used in various fields such as healthcare, industrial control, and smart home applications, and the company aims to expand its market presence in these sectors while continuing to innovate [2]

基金管理人：南方基金管理股份有限公司 基金托管人：中国工商银行股份有限公司 南方高端装备混合型证券投资基金 送出日期：2025 年 7 月 21 日 南方高端装备混合型证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 | §2 | 基金产品概况 | | | | --- | --- | --- | --- | | 基金简称 | 南方高端装备混合 | | | | 基金主代码 | 202027 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.45% and a transaction volume of 1.02 billion yuan, with an average daily transaction volume of 2.349 billion yuan over the past year, ranking first among comparable funds [1] - The latest scale of the Sci-Tech Chip ETF reached 29.635 billion yuan, a six-month high, also ranking first among comparable funds [1] - The latest share count of the Sci-Tech Chip ETF is 19.420 billion shares, marking a six-month high and ranking first among comparable funds [1] Group 2: Fund Inflows and Leverage - The Sci-Tech Chip ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 465 million yuan, totaling 1.234 billion yuan [1] - Leveraged funds have been actively buying into the Sci-Tech Chip ETF, with a maximum single-day net purchase of 167 million yuan, and the latest financing balance stands at 1.768 billion yuan [1] Group 3: Performance Metrics - As of July 11, the net value of the Sci-Tech Chip ETF has increased by 59.84% over the past year, ranking first among comparable funds and placing 97th out of 2908 in the index stock fund ranking [1] - The highest monthly return since inception for the Sci-Tech Chip ETF is 25.18%, with the longest consecutive monthly increase being four months and the longest increase percentage being 36.01%, averaging a monthly return of 8.40% during rising months [1] Group 4: Semiconductor Market Insights - In May 2025, global semiconductor sales increased by 19.8% year-on-year, marking 19 consecutive months of growth, with a month-on-month increase of 3.5% [2] - The WSTS forecasts an 11.2% year-on-year growth in global semiconductor sales for 2025 [2] - Domestic semiconductor giants are accelerating their IPO processes, particularly in key chip areas like GPU and DRAM, which are expected to receive more policy and funding support [2] Group 5: Key Stocks in the Chip Index - The top ten weighted stocks in the Sci-Tech Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [2] - The performance of individual stocks varies, with some showing declines while others, like Cambricon, have increased by 2.46% [4]

Summary of Key Points from Conference Call Records Industry and Company Involved - **Industry**: Technology, specifically focusing on AI computing, IDC (Internet Data Center), and smart connected vehicles - **Companies**: Xiaomi, Alibaba, Tencent, Huawei, and other domestic chip manufacturers Core Insights and Arguments - **Xiaomi's New Chip Development**: Xiaomi has launched the Xuanjie O1 chip with a three-tier architecture and an NPU computing power of 15 TOPS, targeting mobile, tablet, and automotive markets. Initial production is small to ensure market reputation, but long-term, self-developed SOC chips could significantly enhance profit margins and brand positioning [1][3][6] - **Alibaba and Tencent's Capital Expenditure**: Both companies reported weaker capital expenditures in Q1, primarily due to order delays rather than a lack of commitment. Alibaba's full-year capital expenditure commitment remains at 45.32 billion yuan, indicating ongoing investment in AI computing and IDC services [4][5][10] - **IDC Industry Outlook**: The IDC industry is expected to see steady progress in component delivery and bidding by 2025, with improvements anticipated in financial performance starting in Q3 due to traditional data center upgrades and new data center deliveries [8] - **AI Computing Demand Growth**: There is a rapid increase in AI computing demand, particularly in consumer applications, with significant user growth in platforms like Doubao and Tencent Yuanbao. The demand from government, finance, and education sectors is also strong, indicating a real growth in future financial reports from major companies [11] - **Domestic Chip Supply**: Domestic chip supply is gradually increasing, with Huawei and other manufacturers like Haiguang and Muxi expected to enhance their contributions to AI computing supply [12][13] Other Important but Possibly Overlooked Content - **Impact of New National Standards for Smart Connected Vehicles**: The new national standards draft for smart connected vehicles involves over 80 scenarios and function tests, which will benefit leading companies and accelerate market differentiation. The finalization and implementation are expected by mid-2027 [2][28][29] - **Market Competition Dynamics**: The new standards will favor top-tier companies, potentially pushing second-tier brands out of the market, thus accelerating the elimination of competitors lacking genuine technological capabilities [29] - **Investment Opportunities in AI Computing**: Despite short-term stock price reactions reflecting pessimism, the long-term investment intentions of major companies remain strong, with ongoing trends in IDC and computing rental services indicating sustained opportunities [7][15] - **Tencent and Alibaba's Cloud Business Performance**: Tencent's cloud revenue growth has been driven by AI-related income, while Alibaba's cloud business growth is primarily supported by AI products, indicating a strong market demand for cloud services [15][16] This summary encapsulates the critical insights from the conference call records, highlighting the ongoing developments in the technology sector, particularly in AI computing and smart vehicle standards.