Core Viewpoint - The domestic semiconductor industry in China is experiencing a significant trend towards localization, driven by increased government support and foreign export restrictions, with a notable growth in the semiconductor materials market projected for 2024 [4]. Group 1: Market Performance - As of July 23, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index rose by 0.71%, with notable increases in stocks such as Chengdu Huami (+4.56%) and Zhongke Feicai (+3.49%) [1]. - The Sci-Tech Chip ETF (588200) saw a 0.59% increase, with a trading volume of 5.05 billion yuan and a turnover rate of 1.63% [3]. - Over the past year, the average daily trading volume of the Sci-Tech Chip ETF reached 23.73 billion yuan, ranking it first among comparable funds [3]. Group 2: Fund Growth and Performance - The Sci-Tech Chip ETF experienced a significant growth of 2.10 billion yuan in scale over the past week, leading among comparable funds [3]. - In the last two weeks, the ETF's shares increased by 11.67 million, also ranking first in new share growth [3]. - The ETF recorded net inflows in 4 out of the last 5 trading days, totaling 45.30 million yuan, indicating strong investor interest [3]. Group 3: Financial Metrics - As of July 22, 2025, the net value of the Sci-Tech Chip ETF increased by 29.31% over the past two years, placing it in the top 12.20% of index equity funds [3]. - Since its inception, the ETF achieved a maximum monthly return of 25.18%, with the longest consecutive monthly gain of 4 months and an average monthly return of 8.40% [3]. Group 4: Industry Insights - The domestic semiconductor materials market grew from 52.5 billion yuan in 2017 to 95.1 billion yuan in 2023, with a compound annual growth rate (CAGR) of 10%, surpassing global growth rates [4]. - The global semiconductor materials market is expected to reach 67.5 billion USD in 2024, driven by demand from sectors such as 5G, artificial intelligence, consumer electronics, and automotive electronics [4]. - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.76% of the index, with companies like SMIC and Cambrian leading the list [4][6].

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.

Summary of the Conference Call for Moores Threads Company Overview - Moores Threads focuses on GPU-related products, established in 2020, targeting AI, digital twin, and scientific computing applications [3][4] Product Lines - The product lines cover three main areas: AI intelligent computing, graphics acceleration, and smart SoC [2] - Key products include: - AI computing products: training/inference cards, super node servers, and cross-edge computing clusters [4] - Graphics rendering products: S3,000 series graphics cards for industrial design and digital twin applications [4] - Smart SoC products: A140 computing box and E300 module for AI PC edge applications [5] Financial Performance - Projected revenue for 2024 is 438 million RMB, a year-on-year increase of approximately 2.5 times [2][10] - AI intelligent computing business contributes 77.63% of total revenue, with expectations to achieve profitability by 2027 [2][11] - Average gross margin for 2024 is 70.71%, with AI intelligent computing business gross margin exceeding 70% and desktop graphics cards at 18.99% [14] Sales and Market Presence - In 2024, the company sold three clusters and 2,058 graphics cards, with average prices of 6.113 million RMB for clusters and 60,000 RMB for computing cards [12] - 99.5% of revenue comes from the domestic market, with a direct sales model accounting for 41% and a distribution model for 59% [13] Supply Chain and Inventory - Following entry into the US Entity List in October 2023, the supply chain shifted from wafer production to raw material procurement, with inventory increasing from 275 million RMB to 647 million RMB [15] - Prepayments rose from 76 million RMB to 567 million RMB, indicating preparation for future growth [15] Research and Development - Cumulative R&D expenses exceeded 3.6 billion RMB from 2020 to 2024, significantly higher than revenue in 2024 [16] - The workforce has seen limited growth, with 1,126 employees by the end of 2024, but R&D personnel constitute over 78% of the total [18] Management Team - The management team primarily consists of former Nvidia executives, including CEO Zhang Jianzhong, who previously held senior positions at Nvidia [8] Competitive Landscape - The company’s Musa architecture competes with Nvidia's CUDA and AMD's CDNA, providing a unified GPU acceleration framework [6] - The latest chip series, Pinghu, achieves FP32 computing power of 32 TFlops, about half of Nvidia's H100, and has overcome challenges in high-efficiency interconnects [7] Industry Insights - The domestic chip industry is expected to recover in Q4 2024, despite current pressures from US restrictions on Southeast Asian AI chip imports [21] - Recommended companies for investment include Haiguang, Cambrian, and Longxin Zhongke, which are positioned to benefit from domestic computing center projects [22] Risks - Key risks include uncertainties from US-China relations, underperformance of fundamentals, and intensified market competition [26]

Core Viewpoint - The article discusses the growth and IPO journey of Zhaoxin Integrated, a Chinese semiconductor company aiming to become the "Chinese Intel" by developing domestic CPUs and achieving significant financial backing and government support [4][6][20]. Group 1: Company Overview - Zhaoxin Integrated has applied for an IPO on the Sci-Tech Innovation Board, focusing on domestic CPU development and achieving full control over the research and development of general-purpose processors and supporting chips [4][6]. - The company has received substantial support from various investors, leading to a valuation of 19 billion yuan [6][23]. - Zhaoxin Integrated's growth reflects the broader development of domestic CPUs in China, initiated by major technology projects since 2006 [9][8]. Group 2: Financial Performance - The company reported revenues of 340 million yuan in 2022, increasing to 555 million yuan in 2023, and projected to reach 889 million yuan in 2024 [18]. - Despite revenue growth, Zhaoxin Integrated is currently operating at a loss, with net losses expanding from 727 million yuan in 2022 to 951 million yuan in 2024 [18]. - The company plans to raise over 4.1 billion yuan through its IPO to fund new processor projects and R&D initiatives [18]. Group 3: Investment and Support - Zhaoxin Integrated has secured significant funding from various investment firms, including Guotai Junan Venture Capital and Shanghai Integrated Circuit Industry Fund, among others [5][16]. - The company has invested over 2.7 billion yuan in R&D over the past three years and approximately 1.8 billion yuan to acquire technology from VIA Technologies [14][13]. - The support from local government and investors has been crucial for Zhaoxin Integrated's rapid development and market positioning [5][11]. Group 4: Industry Context - The article highlights a wave of IPOs among domestic semiconductor companies, including Zhaoxin Integrated, which is part of a broader trend of Chinese firms aiming to establish themselves in the CPU and GPU markets [20][22]. - Other notable companies in this space include Moore Threads and Wallen Technology, which are also pursuing IPOs and have received substantial investment [20][21]. - The Chinese government is facilitating the IPO process for unprofitable semiconductor companies, indicating a supportive regulatory environment for the industry [23].

Group 1: Brain-Computer Interface (BCI) - The National Medical Products Administration has announced measures to optimize the lifecycle regulation supporting the innovation of high-end medical devices, particularly focusing on BCI technology [1] - The BCI industry is expected to experience significant growth, with a projected compound annual growth rate of 25.22%, reaching a market size of $7.63 billion by 2029 [1] Group 2: Autonomous Charging Robots - BMW's autonomous charging robot has completed concept validation and is set to be deployed based on future market conditions, utilizing AI for efficient charging operations [2] - The technology enhances charging efficiency and convenience, with competitors like Telda and Zhida Technology also developing similar products [2] Group 3: Commercial Cryptography - New regulations on the use of commercial cryptography for critical information infrastructure will take effect on August 1, 2025, impacting sectors like energy, finance, and transportation [3] - The commercial cryptography market is expected to grow at a compound annual growth rate of 25%, reaching 140 billion yuan by 2025 [3] Group 4: POE Price Increase - Major chemical companies have announced price increases for POE (polyolefin elastomer), with prices rising over 1,000 yuan per ton due to geopolitical uncertainties [4] - POE is increasingly used in solar energy applications, accounting for 40% of its usage in China, indicating a growing market potential [4] Group 5: Metaverse Development - The Ministry of Industry and Information Technology and other departments are promoting the recommendation of typical metaverse cases, indicating a shift towards commercialization [5] - The metaverse market is projected to become a trillion-dollar industry, driven by technological advancements and policy support [5] Group 6: Solid-State Batteries - The Fourth Solid-State Battery Conference is being held, highlighting the industry's focus on high energy density and safety [6] - The solid-state battery sector is accelerating its industrialization process, with applications expected to expand in various fields [6] Group 7: PCB Market Growth - The AI server and switch market for M8 PCBs is projected to reach 50-60 billion yuan by 2026, driven by increasing demand for AI infrastructure [7] - The PCB industry is experiencing growth due to the recovery of electronic demand and innovations in AI and high-speed communication [7] Group 8: Domestic Chip Development - Strategic investments are being made in domestic AI chip companies, indicating a focus on building new AI infrastructure [8] - The demand for AI models is driving the need for enhanced computing capabilities, with domestic companies aiming to compete with international products [8]

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.63% and a transaction volume of 460 million yuan, ranking first among comparable funds over the past year with an average daily transaction of 2.325 billion yuan [1] - The ETF's scale increased by 1.126 billion yuan in the past week, also ranking first among comparable funds, with the latest share count reaching 18.658 billion, a six-month high [1] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 679 million yuan, totaling 1.422 billion yuan [1] Group 2: Leverage and Returns - Leveraged funds are actively investing, with a net purchase of 61.371 million yuan in financing on the previous trading day and a latest financing balance of 1.532 billion yuan [1] - The ETF's net value has increased by 64.87% over the past year, ranking first among comparable funds, and it is positioned in the top 2.07% among 2,897 index stock funds [1] - Since its inception, the ETF has achieved a maximum single-month return of 25.18%, with the longest consecutive monthly gains of four months and an average monthly return of 8.40%, resulting in a total annual profit percentage of 100% [1] Group 3: Semiconductor Industry Outlook - The global semiconductor manufacturing industry is expected to maintain a compound annual growth rate of 7% from the end of 2024 to 2028, reaching a historical high capacity of 11.1 million wafers per month [2] - Investment opportunities are suggested in semiconductor self-sufficiency, AI computing power construction, and terminal innovation, particularly due to intensified US-China tech tensions accelerating domestic semiconductor replacement [2] - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambrian, collectively accounting for 57.76% of the index [2] Group 4: Stock Performance - The top ten stocks by weight in the Sci-Tech Chip Index show varied performance, with SMIC at 10.08% weight and a slight increase of 0.17%, while other stocks like Chipone and Huahai Qingshi experienced declines [4] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [4]