据悉，中韩半导体ETF（513310）及其场外联接基金（A类019454、C类019455）以紧密跟踪的中韩半 导体指数为投资目标，该指数由中证半导体15指数和KRX半导体15指数按照等权重合并组成，成份股 业务涉及半导体设计、制造、应用与设备生产等半导体产业链多个环节，能够反映内地市场和韩国市场 半导体产业龙头上市公司证券的整体表现，兼具稀缺性和硬科技双重属性。（指数编制方案：中证指数 公司） 而在估值方面，Wind数据显示截至2025年9月19日中韩半导体指数市盈率PE（TTM）为17.65，处于指 数基日（2014/12/31）以来63.59%的历史中位区间，横向与中证半导体产业指数（市盈率141.45）、中 证半导体行业精选指数（市盈率103.18）比较，中韩半导体指数具备一定的估值优势。 值得注意的是，中韩半导体ETF（513310）是全市场首只采用两国合编指数的跨境市场合作模式的产 品，且规模较大、流动性较优、支持场内T+0交易。在Al产业高速发展、全球半导体产业迎来良机的背 景下，中韩半导体ETF（513310）有望成为布局海内外半导体机会的优质抓手。 中韩半导体ETF（513310）的管理人华 ...

Core Viewpoint - The recent fluctuations in indices are primarily attributed to the Federal Reserve's latest dot plot, which indicates fewer rate cuts than previously anticipated, leading to a short-term impact on A-shares [1] Market Outlook - A slowdown in the market is expected to be more beneficial for the mid-term trend of A-shares, with potential profit-taking pressures and a need for re-evaluation of leading sectors [2] - The Shanghai Composite Index has surpassed its previous high of 3731 points from 2021, indicating a bullish trend, while other indices like CSI 300 and ChiNext still have room for catch-up [2] Hot Sectors - The technology sector may experience internal differentiation in September, with lagging sectors such as robotics, new energy, and military industries poised for a rebound [3] - Key trends include: 1. The ongoing domestic production and integration of robots into daily life, with potential catalysts from updates in Tesla's humanoid robot [3] 2. The trend towards semiconductor localization, focusing on equipment, wafer manufacturing, materials, and IC design [3] 3. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in mid-term performance [3] 4. The innovative pharmaceutical sector is anticipated to reach a turning point in fundamentals by 2025 after a prolonged adjustment period [3] 5. The banking sector is seeing a recovery in mid-term performance growth, attracting interest from long-term institutional investors due to appealing dividend yields [3] Market Review - The market experienced a volatile pullback, with most sectors declining, yet the technology sector still showed some excess returns [4] - A significant number of stocks fell, with over 4300 stocks declining, while only a few sectors like electronics and communication showed gains [4]

Core Viewpoint - The advancement of semiconductor localization has led to the emergence of several strong companies in the photoresist sector, providing high-quality products that empower the rapid development of the semiconductor industry [1] Company Summaries - **Jiu Ri New Materials (Stock Code: 688199)**: Jiu Ri New Materials has established a full industry chain layout, becoming the world's largest supplier of photoinitiators and a potential dark horse in the photoresist field. With over 20 years of experience in chemical synthesis and process optimization, the company has developed more than 30 semiconductor photoresist formulations, achieving bulk supply after successful testing by downstream customers. The order volume has reached a ton-level scale, with photoinitiators achieving large-scale sales across various sectors including display panels and semiconductor chip production [3] - **Rongda Photosensitive (Stock Code: 300576)**: Rongda Photosensitive focuses on the research, production, and sales of photoresist products, primarily G-line and I-line photoresists. The company plans to launch its semiconductor photoresist production line in 2025, targeting the packaging market [4] - **Tongcheng New Materials (Stock Code: 603650)**: Tongcheng New Materials operates as a platform enterprise for new materials, covering photoresists (semiconductor/display), specialty rubber additives, and biodegradable materials. Its subsidiary, Beijing Kehua, focuses on semiconductor photoresists, achieving a high domestic market share for KrF photoresists, while ArF photoresists have passed customer validation and are in continuous mass production. EUV packaging photoresists are currently in the research and development stage [5] - **Nanda Optoelectronics (Stock Code: 300346)**: Nanda Optoelectronics' main business includes advanced precursor materials, electronic special gases, photoresists, and supporting materials. Its semiconductor materials cover ArF photoresists and electronic special gases, applicable in the manufacturing of chips with a process node of 28nm and above [6] - **Shanghai Xinyang (Stock Code: 300236)**: Shanghai Xinyang is dedicated to providing integrated solutions for key process materials, supporting equipment, application processes, and on-site services for integrated circuits. Its product offerings include KrF photoresists, wafer-level packaging photoresists, electroplating solutions, and cleaning agents, serving the manufacturing of storage and logic chips [7]

Investment Rating - The report recommends a positive investment outlook for the semiconductor back-end testing equipment industry, particularly focusing on domestic testing equipment opportunities driven by the AI industry trend [2][3]. Core Insights - Advantest's stock price and performance have reached new highs, benefiting fundamentally from the global AI industry trend. The company has shown significant growth over the past year, three years, and ten years, with respective increases of +131%, +578%, and +5630% [3][11]. - The domestic back-end testing equipment market is expected to exceed 30 billion yuan, with a notable increase in demand for AI chips driving this growth. Companies like Changchuan Technology, Huafeng Measurement Control, and Jinhai Tong have reported impressive revenue growth rates of +40%, +39%, and +89% respectively in Q2 2025 [3][27]. - The report highlights the optimistic outlook for the global testing machine market, projecting a market size of $6 billion by 2025, with Advantest holding a significant market share [3][23]. Summary by Sections Advantest's Performance - Advantest's revenue and net profit for Q2 2025 were $1.79 billion and $610 million, respectively, marking year-on-year increases of +90% and +278% [3][20]. - The company's PE-TTM is currently at 46 times, significantly higher than its competitors, indicating a premium valuation due to its dominant position in the SOC and storage testing machine markets [3][16]. Domestic Testing Equipment Market - The domestic back-end testing equipment sector is experiencing a resurgence, with significant capital expenditure from downstream packaging and testing companies expected to drive demand [27][32]. - The report estimates that the domestic testing machine market will reach 22.3 billion yuan by 2026, with SOC and storage testing machines accounting for 11.1 billion and 6.7 billion yuan, respectively [48][49]. AI Chip Demand - The demand for testing machines is expected to surge due to the increasing complexity and requirements of AI chips, which necessitate longer testing times and higher performance standards [50][53]. - Major Chinese tech companies are ramping up their capital expenditures, with Alibaba's capital expenditure reaching 38.6 billion yuan in Q2 2025, reflecting a strong commitment to AI development [53][55]. Investment Recommendations - The report recommends focusing on domestic companies such as Changchuan Technology and Huafeng Measurement Control, which are well-positioned to benefit from the growing demand for AI testing machines [3][58][75]. - Changchuan Technology is highlighted as a core player in the SOC testing machine market, with a significant increase in revenue and profit margins expected due to its strong R&D capabilities and product offerings [58][62].

Market Overview - The Shanghai Composite Index rose by 0.37% to close at 3876.34 points, with a daily high of 3882.67 points [1] - The Shenzhen Component Index increased by 1.16% to close at 13215.46 points, reaching a high of 13226.2 points [1] - The ChiNext Index saw a rise of 1.95%, closing at 3147.35 points, with a peak of 3152.31 points [1] ETF Market Performance - The median return of stock ETFs was 0.79%, with the highest return from the Fortune Growth Enterprise 50 ETF at 2.86% [2] - The highest performing thematic ETF was the Huatai-PB Semiconductor Materials and Equipment ETF, which gained 4.25% [4][5] ETF Fund Flow - The top three ETFs with the highest inflow were: - Guotai Junan CSI All Share Securities Company ETF with an inflow of 1.188 billion yuan [6] - E Fund National Robot Industry ETF with 760 million yuan [6] - Huabao CSI Financial Technology Theme ETF with 525 million yuan [6] - The ETFs with the largest outflows included: - Guotai Junan CSI Coal ETF with an outflow of 460 million yuan [7] - Huaxia CSI A500 ETF with 254 million yuan [7] Financing and Margin Trading - The top three ETFs by financing buy-in were: - Huaxia SSE STAR 50 ETF with 788 million yuan [8] - E Fund ChiNext ETF with 681 million yuan [8] - Guotai Junan CSI All Share Securities Company ETF with 612 million yuan [8] - The highest margin sell-out amounts were recorded for: - Huatai-PB CSI 300 ETF with 33.72 million yuan [9] - Southern CSI 500 ETF with 29.16 million yuan [9] Institutional Insights - Guotai Junan Securities is optimistic about the recovery trend in storage and opportunities for domestic production in the semiconductor sector, predicting a new round of price increases [10] - Changcheng Securities noted that the semiconductor sector is expected to experience a bottom reversal in industry prosperity, with Q2 2025 revenue reaching 1700.23 billion yuan, a year-on-year increase of 15.2% [10][11]

Core Viewpoint - The A-share market is experiencing a narrow range of fluctuations, with technology remaining the main focus, but there is a high-low switch within the sector [1][2] Market Overview - The A-share market has shown a significant slowdown since September, but opportunities in low-position sectors are emerging, which is beneficial for maintaining a long-term slow bull market [1] - After a brief correction in early September, the market has returned to an upward trend, although the pace of growth has slowed compared to August [1] - The Shanghai Composite Index has surpassed its previous high of 3731 points from 2021, indicating a potential for other lagging indices like CSI 300 and ChiNext to catch up [2] Sector Analysis - In September, the technology sector may experience some differentiation, with low-position sectors like robotics, new energy, and military industry expected to see a rebound [3] - The trend towards domestic production of semiconductors continues, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is anticipated to see a recovery in orders by 2025, with many sub-sectors showing signs of bottoming out in their mid-year performance [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [3] - The banking sector is witnessing a rebound in mid-year performance growth after the impact of loan rate re-pricing, making it attractive to long-term institutional investors [3] Market Performance - The market has shown a narrow range of fluctuations, with the robotics sector leading the gains, replacing computing hardware as the top-performing segment [4] - The technology growth indices like STAR Market and ChiNext continue to lead the market, with over 3600 stocks rising on the day [4] - Leading sectors include computers, machinery, retail, automotive, and textiles, while lagging sectors include agriculture, banking, non-ferrous metals, military, and food and beverage [4]

Group 1 - A number of actively managed equity mutual funds have shown strong performance in 2023, with 44 funds achieving a net value growth rate exceeding 100% year-to-date as of September 12 [1] - Among the actively managed mixed equity funds, 23 funds have doubled their returns when combining A/C share classes, with notable performance from smaller fund companies like Hengyue Fund and AVIC Fund [1] - The Hengyue Advantage Select Mixed Fund has achieved a net value growth rate of 100.27% year-to-date, ranking first among its peers, and has seen a remarkable rebound of 155.47% over the past year [1] Group 2 - The current fund manager of Hengyue Advantage Select Mixed Fund, Wu Haining, maintains a positive outlook on investment themes such as AI computing power, semiconductor localization, and military industry [2] - Wu Haining notes that 2023 marks the third year of "AI narrative" development, with significant non-linear changes in the industry, including exponential growth in AI inference in North America and increasing capital expenditures from overseas tech giants [2] - The fund aims to accompany and support the growth of outstanding companies in China that are poised to seize historic opportunities in the AI era, thereby generating excess returns [2]

Core Viewpoint - The article discusses the recent trends in China's financial data, particularly focusing on the significant increase in non-bank deposits and the implications for investment opportunities in high-growth sectors such as AI, semiconductors, solid-state batteries, robotics, and innovative pharmaceuticals [1][3]. Financial Data Summary - In August, new deposits totaled 20.6 trillion yuan, a slight year-on-year decrease of 1.6 billion yuan. The increase in household deposits was only 1.1 trillion yuan, down 6 billion yuan year-on-year. Non-bank deposits saw an increase of 11.8 trillion yuan, up 5.5 trillion yuan year-on-year [1]. - The stock market's strong performance in July and August has led to increased investor sentiment, with funds moving from bank deposits to brokerage accounts [1]. - The top 14 wealth management companies reported a net increase in balance of 285.7 billion yuan in August, compared to 104.8 billion yuan in the same period last year [1]. Social Financing and Government Bonds - New social financing in August was 2.57 trillion yuan, down 463 billion yuan year-on-year, slightly below the five-year average of 3.04 trillion yuan [4][6]. - The new government bonds issued in August amounted to 1.37 trillion yuan, marking the first year-on-year decrease since November 2024 [4][6]. Monetary Policy and Market Operations - The People's Bank of China (PBOC) has initiated a 1 trillion yuan three-month reverse repurchase operation and plans to conduct a 600 billion yuan six-month reverse repurchase auction on September 15 [7]. - There is an increasing expectation for the PBOC to resume government bond trading, as the current 10-year government bond yield has risen close to 20 basis points from its low [7]. Investment Opportunities - The correlation between the excess returns of high-elasticity stocks and the ratio of household deposits to A-share market capitalization is 70%, indicating a preference for high-elasticity sectors among residents [3]. - High-growth sectors such as AI, semiconductors, solid-state batteries, robotics, and innovative pharmaceuticals are expected to continue performing well due to the favorable market conditions [3]. Trade Relations and Regulatory Actions - The article highlights the ongoing trade tensions between China and the U.S., particularly in the semiconductor sector, with China initiating anti-dumping investigations against U.S. imports of certain chips [15][16]. - The Chinese government is actively responding to U.S. trade measures, emphasizing the need for fair trade practices and compliance with WTO rules [15][16]. Industry Developments - The new action plan for large-scale construction of new energy storage systems aims for an installed capacity of over 180 GW by 2027, driving approximately 250 billion yuan in direct investment [18]. - The automotive industry is also seeing initiatives to boost sales, with Guangzhou offering subsidies for new car purchases [19]. Market Trends - The A-share market has seen a net inflow of 10.322 billion yuan from major funds, with the electronics sector receiving the highest investment [30]. - Northbound trading volume has decreased for the second consecutive week, indicating a potential shift in investor sentiment [31]. Sector Performance - The electronic sector has been the most favored, with a net inflow of 47.583 billion yuan, while the power equipment and banking sectors experienced significant outflows [32][33]. - The overall market sentiment remains cautious, with fluctuations expected as investors navigate the evolving economic landscape [38].

Group 1 - This week, 381 listed companies disclosed institutional research minutes, with approximately 70% of the researched stocks achieving positive returns, led by World with a 46.5% increase [2] - Notable stocks with significant gains include Kaipu Cloud and Tianyu Biology, both rising over 30%, while companies like Xizhuang Co., Cambridge Technology, Decai Co., and Jundingda saw increases exceeding 20% [2] - Popular research targets included Jing Sheng Electric, which received over 115 institutional inquiries, and Lianchuang Optoelectronics, which was researched by 66 institutions [2][3] Group 2 - Jing Sheng Electric reported significant progress in its silicon carbide substrate materials business, achieving mass production and sales of 6-8 inch substrates, with core parameters reaching industry-leading levels [4] - The company’s semiconductor business is benefiting from the ongoing development of the semiconductor industry and the acceleration of domestic production, with unfulfilled contracts exceeding 3.7 billion yuan as of June 30, 2025 [5] - Lianchuang Optoelectronics announced a major layout in the commercial aerospace sector, planning to establish a joint venture in Ziyang, Sichuan, focusing on electromagnetic launch technology [6] Group 3 - Wushang Group, a major retail enterprise, reported a 12.66% year-on-year decline in revenue for the first half of 2025, totaling 3.181 billion yuan, while net profit increased by 7.53% to 165 million yuan [7] - The company is optimistic about the retail market in Wuhan for the second half of the year, planning to launch promotional activities to capture market share [7] - Wote Co. received attention for its acquisition of Japan's Huarika Shanghai Company for 25.71 million yuan, aimed at enhancing its semiconductor component solutions [8]

Group 1: Institutional Research Highlights - A total of 381 listed companies disclosed institutional research minutes this week, with approximately 70% of the researched stocks achieving positive returns [1] - Wald's stock saw the highest increase, rising by 46.5%, while companies like Kaipu Cloud and Tianyu Biology also experienced gains exceeding 30% [1] - Notable research targets included Jing Sheng Electric, which received over 115 institutional inquiries, and Lianchuang Optoelectronics, which was investigated by 66 institutions [1][2] Group 2: Jing Sheng Electric Developments - Jing Sheng Electric's silicon carbide substrate material business has made significant progress, achieving mass production and sales of 6-8 inch substrates, with core parameters reaching industry-leading levels [4] - The company has also broken through the 12-inch conductive silicon carbide single crystal growth technology [4] - As of June 30, 2025, Jing Sheng Electric has over 3.7 billion yuan in unfulfilled contracts for integrated circuits and compound semiconductor equipment [4] Group 3: Lianchuang Optoelectronics' Commercial Aerospace Initiative - Lianchuang Optoelectronics announced a major investment in the commercial aerospace sector, collaborating with Ziyang City, Sichuan Province, to establish a commercial aerospace industry operation company [6][7] - The initiative aims to commercialize electromagnetic launch technology, which is expected to significantly reduce launch costs and enhance launch capabilities [7] - The company plans to develop a comprehensive commercial aerospace ecosystem, integrating research, testing, manufacturing, launching, and application [7] Group 4: Wushang Group's Retail Performance - Wushang Group reported a revenue of 3.181 billion yuan for the first half of 2025, a year-on-year decrease of 12.66%, while net profit increased by 7.53% to 165 million yuan [9] - The company is focusing on new industry layouts and enhancing its core business to stimulate market advantages [9] - Wushang Group remains optimistic about the retail market in Wuhan for the second half of the year, planning promotional activities to capture market share [9] Group 5: Wote Shares Acquisition Strategy - Wote Shares received attention from 48 institutions regarding its acquisition and business progress, specifically its plan to acquire Japan's Huarka Shanghai Company for 25.71 million yuan [10] - This acquisition aims to complete the special materials supply chain and enhance the company's semiconductor component solutions [10] - Wote Shares is also developing high fluidity motor stator encapsulation materials to meet the demands of the robotics industry, achieving significant reductions in weight and thickness [10]