（文/罗叶馨梅）11月20日，国家集成电路产业投资基金有限公司（下称"大基金"）正在加速推进退出早期投资项目。本周，科创板半导体公司燕东微 （688172.SH）与拓荆科技（688072.SH）相继披露大基金减持计划，按公告日收盘价估算，本次拟减持金额合计或超31亿元，引发市场对其资本运作节奏 的关注。 公告显示，拓荆科技于11月20日晚间收到大基金发来的减持计划告知函。大基金拟于2025年12月12日至2026年3月11日期间，通过大宗交易方式减持不超过 843.5万股，占公司总股本比例不超过3%。截至三季度末，大基金持有拓荆科技5502.67万股，持股比例19.57%，为公司第一大股东，本次减持全部采用大宗 交易方式，被认为有助于降低对二级市场的短期冲击。 在此之前的11月19日晚间，燕东微公告称，持股5%以上股东大基金因自身经营管理需要，计划于2025年12月11日至2026年3月11日，通过大宗交易或集中竞 价方式，减持不超过2141.43万股股份，即不超过公司总股本的1.5%。同时，股东北京京国瑞国企改革发展基金（有限合伙）亦拟在同一时间窗口内减持 1427.62万股。以公告日收盘价测算，大基金此次 ...

11月19日午后，果链含量44%的电子ETF（515260）随市回调，场内价格现跌0.79%，值得关注的是， 该ETF场内宽幅溢价，实时溢价率高达0.38%，显示买盘资金更为强势，或有资金逢跌抢筹！ 成份股方面，瑞芯微领涨超2%，沪电股份、领益智造、华勤技术、寒武纪、立讯精密逆市飘红。 消息面上，电子ETF标的指数重仓的果链和半导体方向，均有利好来袭： 1、果链方面，市场研究公司Counterpoint Research最新发布的监测数据显示，10月苹果在中国智能手机 市场交出亮眼成绩单。受iPhone 17系列热销拉动，当月苹果在华手机销量同比激增37%，市场份额一 举攀升至25%，这是自2022年以来苹果单月市场份额首次突破四分之一关口。 华鑫证券指出，中国市场基础款iPhone17成为主要增长动力，相较于上代产品销量几乎翻倍，凭借更强 芯片、更优显示、更大存储和升级前摄，以相同定价提供极高性价比，受到消费者追捧。随着iPhone17 系列销量超预期以及苹果将于2026-2027年推出更多新品，果链有望迎来新一轮的景气周期，中国大陆 相关供应链有望持续受益。 2、半导体方面，第二十二届中国国际半导体博览会 ...

华龙证券表示，技术限制加码，自主可控提速，半导体设备进入"攻坚与放量"并行的新阶段。这种"釜 底抽薪"式的限制，极大地强化了国内半导体产业链实现自主可控的紧迫性和确定性。叠加存储涨价， 存储厂商加速扩展，设备国产化率有望提升。 资料显示，芯片ETF跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封 装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接基金为，A 类：008887；C类：008888。 11月14日上午，A股三大指数集体下跌，上证指数盘中下跌0.08%，房地产、医药生物、银行等板块涨 幅靠前，电子、通信跌幅居前。芯片板块低迷，截至10点24分，芯片ETF下跌1.77%，其成分股兆易创 新下跌7.67%，北京君正下跌6.72%，澜起科技下跌3.04%。部分个股活跃，闻泰科技上涨3.16%，晶盛 机电上涨2.65%。 消息方面，荷兰宣布2025年光刻机出口新规，全面扩大限制范围。这一比预期提前半年的管制升级不仅 将DUV设备出口限制从7纳米下调至14纳米，还将ASML的1970i、1980i等中阶机型纳入许可证管理，审 批周期延长至90天。此外，测量 ...

Group 1 - SanDisk has significantly raised NAND flash contract prices by 50% in November, marking at least the third price increase this year, following a 10% increase in April and another 10% increase in September [1] - The profitability of leading companies in the storage industry has been on the rise, with Jiangbolong's net profit for Q1, Q2, and Q3 of 2025 projected at -152 million, 167 million, and 698 million respectively, while Zhaoyi Innovation's net profit for the same periods is expected to be 235 million, 341 million, and 508 million [1] - The demand for storage products driven by the AI industry is expected to lead to shortages that may last until at least 2027, with DRAM demand stabilizing only after 2027 and NAND Flash and high-capacity storage demand potentially continuing until 2028 or longer [1] Group 2 - The technology sector is experiencing a consolidation phase, with storage chips showing localized activity; Jiangbolong has surged over 11%, while Zhaoyi Innovation rose by more than 3% [2] - The electronic ETF (515260) attracted 6.64 million in a single day, indicating that investors are optimistic about the sector's future and are looking to enter during price dips [2] Group 3 - The electronic ETF (515260) and its linked funds track the electronic 50 index, heavily investing in semiconductor and consumer electronics industries, including AI chips, automotive electronics, 5G, cloud computing, and printed circuit boards (PCB) [4] - The Chinese government is pushing for self-sufficiency in the semiconductor industry, supported by top-level policies and industry-specific measures, which may lead to a rise in the electronic sector [5]

Group 1 - Google is launching its most powerful chip, Ironwood, which connects up to 9,216 chips in a single pod and is over four times faster than its predecessor [1] - The domestic PCB industry is seeing interest from Google, which has been inspecting major PCB manufacturers in China for potential orders related to AI chips [1] - The demand for AI-related products is significantly increasing, with ASIC demand strong and a notable rise in token numbers, indicating robust real demand for AI computing power [1] Group 2 - AI demand is leading to a supply shortage and price increases in storage chips, certain passive components, and high-end CCL [2] - The electronic sector is currently experiencing a market correction, with the electronic ETF (515260) declining over 2% at one point, although some stocks like Jiangbolong and Tuojing Technology saw gains [2] - The electronic ETF focuses on semiconductor and consumer electronics industries, including AI chips, automotive electronics, and 5G, indicating a potential rise in the electronic sector driven by national policies and market demand [4]

最新消息，谷歌表示，正推出其迄今为止最强大的芯片Ironwood，未来几周将全面上市。新的 Ironwood TPU在单个吊舱中连接多达9216个芯片，速度比其前代产品快四倍多。 值得关注的是，国内PCB产业链相关人士表示，谷歌方面最近已相继去胜宏科技等国内几大PCB巨头考 察，或洽谈采购人工智能芯片用的PCB。如果这些意向订单未来得以兑现，对PCB产业链是很大的拉 动。 国金证券显示，推理需求正大幅增加，ASIC需求旺盛，AI算力真实需求强劲，token数量爆发式增长。 加之北美大厂加大AI投入，AI-PCB公司订单强劲，满产满销。 展望后市，中信证券指出，2025年三季度，算力相关PCB、国产算力芯片龙头、存力/运力芯片龙头、 果链龙头等细分板块的表现相对亮眼。未来，电子行业景气度有望延续，其中AI仍是最大驱动力，海 外算力与国产算力共振成长，先进逻辑/存储扩产有望提速。 国信证券指出，AI需求持续强劲，存储芯片、部分被动件、高阶CCL等环节已呈现出供不应求、价格 上涨的趋势。AI需求的景气拉动范围、幅度，以及国产算力+存力的自主可控能力及需求持续性，仍然 被市场低估，当前时点建议重点关注电子板块。 盘面 ...

Core Viewpoint - Hangzhou Xinjiyuan Semiconductor Equipment Co., Ltd. has successfully completed nearly 10 million in angel round financing, led by Xingshan Zhito Fund under Ruyuan Capital, with funds allocated for capacity expansion, core technology research and development, and global market expansion [1][2] Group 1: Financing and Growth Strategy - The recent financing marks a significant boost for Xinjiyuan, indicating strong market recognition for its independently developed immersion ultrasonic scanning technology, setting a benchmark for innovation in the semiconductor testing equipment industry [2][4] - Xinjiyuan plans to initiate the next round of financing in the coming year to accelerate technological breakthroughs and market expansion, contributing to the self-sufficiency of China's semiconductor supply chain [3][8] Group 2: Technological Advancements - Xinjiyuan has developed three key technologies: international-level ultrasonic transducers, high-speed acquisition cards integrated with FPGA algorithms, and high-frequency ultrasonic transducers, which break the foreign monopoly on sensitivity, speed, and cost, filling the gap in domestic high-end testing equipment [4][5] - The immersion ultrasonic scanning technology combines high-precision acoustic imaging with intelligent AI algorithms, achieving over three times the detection efficiency compared to traditional methods, thus redefining industry standards [5][8] Group 3: Capacity Expansion and Market Strategy - The company plans to build an intelligent production base in Zhuji, Shaoxing, aiming to double annual production capacity to meet the urgent demand for testing equipment in the domestic semiconductor supply chain [8] - Xinjiyuan is forming a cross-disciplinary R&D team to deepen research in ultrasonic imaging and AI defect analysis, pushing equipment towards higher precision and intelligence [8] - The company aims to accelerate its global layout by establishing national service centers, creating a dual competitive advantage of "technology output + localized service" [8]

Core Insights - The electronic sector is leading the market, with the electronic ETF (515260) showing a significant increase of 2.55% as of November 6, indicating a positive short-term momentum and a potential reversal in mid-term trends [1][4] Group 1: Market Performance - The electronic ETF (515260) reached an intraday high of 3.15% before settling at a 2.55% increase, recovering both the 5-day and 20-day moving averages, which are seen as indicators of short-term momentum and mid-term direction [1] - Nearly 90% of the stocks in the electronic sector are performing positively, with notable gains from companies like Haiguang Information (up 8.63%) and Zhongke Shuguang (up 7.11%) [4] Group 2: Industry Trends - The storage chip market is experiencing a price surge, with SK Hynix announcing a significant price increase of 50% for HBM4 supplies in negotiations with NVIDIA [2][3] - The demand for high bandwidth memory (HBM) is driven by the AI boom, as data centers require high-capacity, low-power storage solutions for real-time data processing [3] Group 3: Investment Opportunities - The electronic ETF (515260) is designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, with major holdings in companies like Luxshare Precision and SMIC [6] - The Apple supply chain is expected to perform well, with a 43.43% weight in the ETF's holdings attributed to Apple-related stocks, benefiting from the anticipated sales boost from the iPhone 17 [6] - The electronic sector is poised for growth due to supportive government policies aimed at achieving self-sufficiency in the semiconductor industry and the transformative impact of AI on consumer electronics [6]

Core Viewpoint - The electronic ETF (515260) is experiencing a significant upward trend, supported by strong technical indicators and a favorable market environment for semiconductor and consumer electronics sectors [1][5]. Group 1: ETF Performance - The electronic ETF (515260) has shown a bullish trend with its long-term moving averages (60-day, half-year, and yearly) indicating a strong upward trajectory [1]. - The ETF's component stocks have mixed performances, with notable gainers including Tuojing Technology (+2.30%), Shenzhen South Circuit (+1.84%), and Industrial Fulian (+1.65%), while Transsion Holdings and Wentai Technology have seen declines of over 4% and 3% respectively [3][4]. Group 2: Industry Growth - The electronic information manufacturing industry in China has seen a year-on-year increase of 10.9% in value added for the first three quarters, with a growth of 11.3% in September alone [5]. - The rise of domestic consumer electronics brands is highlighted, with significant growth opportunities as these brands enhance their market influence and product offerings [5]. Group 3: Investment Opportunities - The report emphasizes the potential for investment in the semiconductor sector, particularly in domestic production of semiconductor equipment and materials, driven by AI demand and infrastructure investments [5]. - The iPhone 17's strong sales are expected to positively impact the Apple supply chain, with component stocks in the ETF accounting for 43.43% of its weight [6]. - Government policies are supporting the semiconductor industry, aiming for self-sufficiency, while AI is reshaping consumer electronics, enhancing user experiences [7].

Core Insights - Apple's Q4 FY2025 revenue reached $102.466 billion, an 8% year-over-year increase, with diluted earnings per share of $1.85, up 13%, surpassing market expectations [1] - CEO Tim Cook projected a 10% to 12% revenue growth for Q1 FY2026, with iPhone sales expected to see double-digit growth, indicating a strong quarter ahead for Apple [1] - The current year is significant for Apple, with comprehensive upgrades across its product lines, marking the beginning of a three-year hardware innovation acceleration cycle [1] Financial Performance - Apple's revenue for Q4 FY2025 was $102.466 billion, exceeding the expected $102.24 billion [1] - Diluted earnings per share were reported at $1.85, higher than the anticipated $1.77 [1] - The electronic ETF (515260) shows that 44 out of 50 companies reported profits, with 40 companies experiencing year-over-year net profit growth [1] Industry Trends - The electronic ETF (515260) has a 43.43% weight in Apple’s supply chain stocks, indicating strong market positioning [1] - Significant profit increases were reported by several companies in the electronic sector, with Silan Micro's net profit surging 11 times year-over-year, and others like Geke Micro and Shenghong Technology showing substantial growth rates of 518% and 324% respectively [1] - The semiconductor and consumer electronics sectors are expected to thrive due to national policies supporting self-sufficiency in the semiconductor industry and the transformative impact of AI on consumer electronics [1]