Core Viewpoint - The semiconductor industry is experiencing a significant rally, driven by strong market sentiment and positive developments in the sector, indicating a shift towards more certain investment directions [1][6][8]. Market Performance - On September 24, major A-share indices rose, with the Shanghai Composite Index up 0.83% and the Shenzhen Component Index up 1.8%. The ChiNext Index reached a three-year high, and over 4,400 stocks in the market saw gains [3]. - The semiconductor sector led the market surge, with over 20 stocks hitting the daily limit, including Jiangfeng Electronics and Changchuan Technology, both up 20% [3][5]. Fund Activity - Jiangfeng Electronics was favored by public funds, with a holding ratio of 16.56% among 308 fund products as of the end of Q2 [3][5]. - Several ETFs related to semiconductors saw significant gains, with the GT Fund's semiconductor ETF achieving a record daily trading volume of 1.987 billion yuan [5]. Positive Industry Developments - Goldman Sachs raised the 12-month target price for SMIC's H-shares from 73.1 HKD to 83.5 HKD, citing strong long-term demand for AI chips in China [6]. - Alibaba's CEO announced plans to invest 380 billion yuan in cloud computing and AI infrastructure over the next three years, indicating a substantial increase in demand for semiconductor-related products [7]. Industry Trends - The semiconductor equipment and materials sector is expected to see a long-term increase in domestic production rates, benefiting companies in this space [8]. - The current semiconductor industry is entering a "second upcycle," with a focus on identifying high-quality companies that can sustain growth through market fluctuations [8].

证券时报记者赵梦桥 9月24日，A股三大指数低开高走，盘面上半导体产业链掀起"涨停潮"，并带动相关主动权益基金和主 题ETF净值大幅攀升。多只ETF单日换手率超过50%，更有产品成交额逼近20亿元，创下上市以来新 高。 公募人士指出，近期半导体设备板块领涨并非偶然，而是市场在"用脚投票"，选择更具确定性的方向， 频频出现的产业利好即是佐证。展望后市，半导体设备材料的国产化率长期将提升，相关公司的业绩提 升是大趋势；且在全球半导体景气度持续较高后，资本开支扩张也利好设备材料等公司的盈利预期。 芯片主题ETF迎大丰收 9月24日，A股各大指数悉数上涨，截至收盘，沪指涨0.83%，深证成指涨1.8%，其中创业板指盘中创下 3年多以来新高，科创50指数一度涨近5%，全市场超4400只个股上涨。从板块来看，芯片产业链掀起涨 停潮，包括诚邦股份、张江高科、通富微电、盛美上海、立昂微等20余只个股涨停，此外，港股阿里巴 巴亦放量大涨9%，创阶段新高，中芯国际H股则创上市以来新高。 在个股普遍涨停的带动下，相关基金也是迎来大丰收。大涨20%的江丰电子备受公募基金青睐，资料显 示，公司的超高纯金属溅射靶材产品已应用于世界著名半 ...

Core Viewpoint - TSMC's 2nm technology is experiencing unprecedented demand, with significant implications for the semiconductor industry and TSMC's revenue growth [2][3]. Group 1: TSMC's 2nm Technology - TSMC is set to mass-produce 2nm chips in H2 2024, which is expected to drive approximately NT$73 trillion in global product value over the next five years [2]. - The anticipated revenue for TSMC in 2024 is NT$2.8943 trillion, a 2.79 times increase from NT$762.8 billion in 2014, with a gross margin rising from 49.5% to 56.1% [3]. - Major clients such as AMD, MediaTek, Qualcomm, Microsoft, and Meta are actively pursuing 2nm technology for high-end products, indicating strong market interest [2][3]. Group 2: Future Developments - TSMC plans to build four 1.4nm wafer fabs in the Zhongke Phase II park, with the first expected to begin risk production by the end of 2027 and mass production in H2 2028 [4][5]. - The initial monthly production capacity for the 1.4nm process is projected to be around 50,000 wafers [6]. - The Zhongke Phase II expansion will also accommodate other semiconductor-related companies, enhancing the local supply chain ecosystem [8].