◎记者 朱妍 近期，又有一只主动权益类基金宣布调整产品策略，将重点关注与汽车行业相关的半导体与算力领域， 精细化布局后续1到3年的机会。今年以来，多只主动权益类基金"重塑"产品定位，且多瞄准科技细分领 域中长周期机会。 今年以来多只产品"变身" 近期，弘毅远方汽车产业升级的基金经理王哲宇发布致持有人的一封信表示，为适应行业新发展阶段， 调整产品策略，后续将重点关注与汽车行业相关的半导体与算力领域。这意味着，该基金在合同约定的 投资范围内，进一步细化投资方向，更新产品"标签"。 "过去3年，汽车产业在电动化与智能化转型中取得突破性进展，但既有预期已充分兑现，因此要考虑未 来的行业增长瓶颈，以及产品策略的调整。"王哲宇说，当前半导体算力行业尤其是先进制程、ASIC （专用集成电路）方向的发展，与2015年前后新能源汽车产品崭露头角的阶段颇为相似，希望能抓住这 波从0到1的重大产业变革机遇。Choice数据显示，截至8月25日，该基金近一年收益超70%。 在科技行情带动下，更多基金加入"变身"行列。除算力、半导体外，机器人主题也是重点转型方向。如 方正富邦信泓、方正富邦远见成长，自去年四季度起逐步转型为机器人主题基 ...

Group 1 - The current market is driven by incremental capital, with limited impact from fund redemption pressure on growth sectors like electronics, suggesting a potential shift towards public offerings and institutional dominance, which supports technology sectors such as semiconductor chips [1] - The expectation for domestic computing power has been reiterated, alongside discussions on emerging applications like 3D printing and liquid cooling technology, which may boost demand expectations in the chip industry [1] - The results of the 301 investigation concerning China's mature chips are expected to be announced by September 23, with potential market volatility due to technology controls and tariff policies, although short-term pressure is manageable as the Trump administration plans to suspend a 24% equivalent tariff until November 10 [1] Group 2 - The AI chip ecosystem at the edge consists of edge SoC, storage chips, sensor chips, and smart modules, with storage chips facing challenges in capacity, speed, and power consumption; Lianyun Technology has developed a product line from SATA to PCIe 4.0, targeting lightweight laptops and pre-installed markets [2] - The emphasis on semiconductor self-sufficiency continues, with ongoing iterations of domestic AI computing power chips and enhanced supply chain capabilities; the analog IC sector is experiencing volume growth with stable prices, and automotive-grade products are entering a replacement window, indicating direct support for the semiconductor sector [2] Group 3 - Related products include various ETFs such as the Sci-Tech Chip ETF Index (588920), New Energy ETF (159261), Semiconductor ETF (159813), and others [3] - Key associated stocks include Cambrian (688256), Haiguang Information (688041), and others within the semiconductor industry [3]

8月17日，和讯投顾田越滢称，这周末有几个重要消息与半导体领域相关。其一，华为麒麟芯片时隔5年 正式回归，这意味着我们在芯片的封装、制造、设计环节都开始实现自主可控，对我们而言是重大利 好。其二，美方称下周将对半导体征收关税，这反而对半导体自主可控、国产替代方向构成利好。此 外，央行表示将落实落细适度宽松的货币政策，这不禁让人猜测降息是否越来越近了，对我们而言同样 是好消息。 ...

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has received approval for its IPO on the Sci-Tech Innovation Board, marking it as the first unprofitable company accepted by the Shanghai Stock Exchange after the implementation of new policies. The company is the largest 12-inch silicon wafer manufacturer in mainland China, with significant growth potential in the semiconductor industry [2]. Group 1 - Xi'an Yiswei was established in 2016 and focuses on the research and production of 12-inch silicon wafers, holding a market share of 6-7% globally, ranking sixth in the world [2]. - The company has developed five core process systems, with products serving international clients such as Samsung and SK Hynix, covering storage and logic chip sectors [2]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 41.83%, despite a cumulative loss of 1.728 billion yuan due to high depreciation from heavy asset investments [2]. Group 2 - The company plans to raise 4.9 billion yuan for capacity expansion, aiming to reach a production capacity of 1.2 million wafers per month by 2026, which would meet 40% of mainland China's demand [2]. - Regulatory authorities are concerned about the stability of the company's control and its profitability outlook. The listing highlights the capital market's acceptance of "hard technology" and the need for the company to overcome profitability challenges in an oligopolistic market [2].

股 票 研 究 股票研究 /[Table_Date] 2025.08.08 晶圆代工行业龙头 25Q2 毛利率优于指引上限 [Table_Industry] 半导体 中芯国际及华虹半导体发布 25Q2 业绩 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 吴小沛(研究助理) | 021-23187269 | wuxiaopei@gtht.com | S0880125042240 | 本报告导读： 我们认为在工业及汽车需求修复下，晶圆代工产能利用率有望持续改善，叠加在 地化生产趋势确立，头部 Fab 有望实现业绩增长。 投资要点： [Table_Report] 相关报告 半导体《AI 发展潜力大，半导体自主可控是关 键》2025.07.24 半导体《景气提升，关注晶圆代工产能扩张及先 进封装稀缺性》2025.07.21 半导体《沐曦股份及摩尔线程科创板 IPO 受理》 2025.07.04 半导体《设置科创 ...

8月5日，拼盘"PCB+半导体+消费电子"等方向的电子ETF（515260）场内价格盘中摸高0．73%，现涨 0．52%。上交所数据显示，该ETF资金近两日或转为资金净流入。 【创"芯"科技，硬核崛起】 基本面上，业绩为王！细分方向迎"喜报潮"，电子板块情绪高涨！截至8月3日，中证有色金属指数覆盖 的50家上市公司中，已有17家披露2025年中报业绩预告，其中16家预告盈利，占比超九成；15家预告净 利润同比正增长，6家预告净利润预计翻倍增长，士兰微归母净利最高同比预增1203%，闻泰科技归母 净利最高同比预增317%，暂居前二。 | 序号 | 证券代码 | 证券商标 | 预告净利润下限 | | 预告净利润上限 | 预售净利润同比增长下限 | 预告净利润同比增长上限 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | [报告期] 2025中报 | | [报告期] 2025中报 [报告期] 2025中报 | [报告開] 2025中报 | | | | | | [单位] 亿元 | [单位] 亿元 | [单位] % | [中国] 米1 | | | 1 ...

Summary of Conference Call Records Industry or Company Involved - A-share market in China - Hong Kong stock market Core Points and Arguments 1. **Market Outlook for August 2025**: The A-share market is expected to experience a "first decline, then rise" trend, with the potential for new highs driven by intrinsic value improvement, industry trends, and incremental capital inflow [1][3][6] 2. **Economic Stability**: China's economy is showing signs of stability with fiscal stimulus, resilient exports, and consumer spending, although investment and real estate sectors face pressure [1][14][19] 3. **Financial Indicators**: M1 data indicates improving economic activity, suggesting continued upward momentum in the stock market [1][15][16] 4. **PPI Recovery**: The Producer Price Index (PPI) is expected to stabilize, which will support corporate profit growth without strong inflation expectations, benefiting new industry investments [1][22][23] 5. **Key Factors for Index Growth**: Factors include increased intrinsic value of companies, development of eight major industry trends (AI, robotics, etc.), and a positive feedback mechanism from incremental capital inflow [5][6] 6. **Impact of US Tariffs**: Short-term psychological effects from US tariffs may impact A-shares, but long-term effects are limited as companies adjust supply chains [4][18] 7. **Investment Strategy**: A "left-dumbbell" strategy is recommended, focusing on high-quality growth stocks and major industry trends [7][36] 8. **Sector Focus**: High-growth sectors include TMT (technology, media, telecommunications), resilient export sectors, and consumer goods [8][34][35] 9. **Political and Economic Policy**: The political bureau meeting emphasized long-term planning and maintaining economic stability, with less focus on short-term stimulus [11][12] 10. **Market Performance**: The stock market's recent rise is attributed to stable profit growth and increased intrinsic value rather than significant profit increases [23][27] Other Important but Possibly Overlooked Content 1. **Private Fund Growth**: The scale of private funds has been expanding, indicating improved risk appetite among investors [26][28] 2. **Foreign Investment Trends**: Continuous inflow of foreign capital into A-shares, with notable interest from high-net-worth individuals [27][30] 3. **Real Estate Sector**: While still a drag on the economy, the negative impact of the real estate sector is lessening [19] 4. **Industrial Price Trends**: The industrial price index is nearing a turning point, which could influence market dynamics in the coming years [20][21] 5. **Sector Rotation**: Historical data suggests a potential shift from growth sectors to cyclical sectors as PPI recovers [22][23] This summary encapsulates the key insights and projections from the conference call, providing a comprehensive overview of the current market conditions and future expectations for the A-share and Hong Kong markets.

Investment Rating - The report indicates a positive outlook for the AI industry, with expectations of significant growth in capital expenditures from major companies like Meta and Microsoft, suggesting a "Buy" rating for the sector [2][50]. Core Insights - The AI industry is experiencing robust demand for computing hardware, with companies like Meta and Microsoft reporting better-than-expected Q2 2025 earnings and optimistic capital expenditure forecasts for 2026 [1]. - Meta's Q2 2025 revenue reached $47.516 billion, a 22% year-on-year increase, while Microsoft's revenue was $76.441 billion, up 18% year-on-year [1]. - The demand for AI-related hardware, particularly ASIC chips and AI-PCB, is expected to continue growing, driven by the expansion of AI applications and infrastructure [1][31]. Summary by Sections 1. Industry Performance - The AI industry is witnessing a strong performance, with many companies exceeding earnings expectations for Q2 2025, indicating a healthy growth trajectory [1]. - Microsoft reported a 27% year-on-year increase in capital expenditures, with expectations to exceed $30 billion in Q3 2025, reflecting strong confidence in ROI from AI investments [1]. 2. Subsector Analysis - **Consumer Electronics**: DJI's launch of the Osmo360 panoramic camera highlights innovation in the sector, with a focus on the Apple supply chain [5]. - **PCB**: The PCB industry is maintaining high growth momentum, driven by demand from automotive and industrial control sectors, alongside AI expansion [7]. - **Components**: The passive components sector is seeing upward trends, particularly in AI applications, with increased usage of MLCCs and inductors in mobile devices [18]. - **IC Design**: The memory segment is expected to see price increases of 10-20% in Q3 2025 due to supply constraints and rising demand [20][22]. - **Semiconductor Equipment**: The semiconductor equipment market is projected to grow by 21% year-on-year, driven by AI and domestic production needs [27]. 3. Key Companies - **Meta**: Continues to show strong revenue growth and increased capital expenditures, indicating a solid position in the AI market [1][31]. - **Microsoft**: With a significant backlog of orders and strong growth in cloud services, Microsoft is well-positioned to benefit from the AI boom [1][31]. - **NVIDIA**: The rapid rollout of NVIDIA's Blackwell architecture and ASIC chips is expected to drive continued demand for AI-PCB [1]. - **Domestic PCB Manufacturers**: Companies in mainland China are expected to benefit from slow overseas expansion in AI PCB production, positioning them favorably in the market [31]. 4. Market Trends - The report highlights a trend towards increased capital expenditures in the AI sector, with major players like Meta, Google, and Amazon expected to significantly increase their investments [33]. - The demand for AI-related products is anticipated to remain strong, with companies adapting to new technologies and market needs [31][32].

Core Insights - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 1.18%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.66% [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1,935.75 billion yuan [2][7] - In the Shenwan industry sector, computer, communication, and comprehensive industries led the gains, while steel, non-ferrous metals, and real estate sectors faced declines [2][7] Important News - The National Internet Information Office interviewed NVIDIA regarding security risks associated with its H20 computing chips sold to China, which were reported to have serious vulnerabilities [3][8] - New regulations effective from August 1 include the Hong Kong Stablecoin Ordinance, marking the first comprehensive regulatory framework for fiat-backed stablecoins globally [3][8] Fund and Stock Allocation - In Q2 2025, the overall net value of market funds increased to 33.65 trillion yuan, with stock and mixed funds accounting for 22.28% of total fund net value [9] - The overall fund allocation ratio was 78.09%, with equity mixed funds at 78.78% and ordinary stock funds at 84.89%, showing a recovery from Q1 2025 [9][10] - The performance of various fund types varied, with QDII funds yielding 6.98%, mixed funds 2.02%, and stock funds 1.94% [9] Industry Analysis - The beauty and personal care sector saw a fund allocation ratio of 0.32% in Q2 2025, with individual care and medical beauty sectors in an overweight position, while cosmetics remained underweight [17][18] - The electrical equipment export market showed stable performance, with June exports totaling 7.896 billion yuan, a year-on-year increase of 43.01% [21][22] - The transformer export market experienced significant growth, with June exports reaching 4.221 billion yuan, a year-on-year increase of 63.04% [22][24] Investment Recommendations - The report suggests focusing on sectors benefiting from policy support, such as beauty and personal care, and electrical equipment, particularly in the context of energy transition and technological advancements [25][29] - The lithium battery industry is expected to enter a recovery phase, driven by strong demand from the electric vehicle and energy storage sectors, with solid-state battery technology breakthroughs being a key focus [29][30]

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the broader market index in the next six months [5][38]. Core Insights - In Q2 2025, the SW Electronics industry saw an increase in fund heavy positions and overweight ratios, with the heavy position ratio at 17.22%, an increase of 0.19 percentage points from the previous quarter and 2.58 percentage points year-on-year [1][13]. - The focus of institutional investors is on AI computing power construction and semiconductor self-sufficiency, with AI PCB being a primary area for increased investment [2][22]. - The top ten heavily held stocks in the SW Electronics industry include major players in the semiconductor and PCB sectors, indicating a stable composition with a strong performance from PCB leaders [17][18]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a heavy position ratio of 17.22% and an overweight ratio of 8.27% in Q2 2025, both showing increases compared to previous periods [1][13][15]. Top Heavy Holdings - The top ten heavily held stocks include SMIC, Cambricon, and Huada Semiconductor, with a significant portion of the holdings in the semiconductor sector [17][18]. Focus Areas for Investment - Institutional investors are particularly focused on AI computing power and semiconductor self-sufficiency, with notable increases in holdings for companies like Shenghong Technology and Huadian [2][22]. Component Sector Performance - The component sector saw a significant increase in overweight ratios, driven by interest in AI PCB, while the semiconductor sector remains a key focus with a 7.86% overweight ratio [28][31]. Diversification in Heavy Holdings - The concentration of the top five heavy holdings in the SW Electronics industry decreased to 36.72%, indicating a trend towards diversification in fund allocations [34][35]. Investment Recommendations - The report suggests focusing on leading companies in the AI computing power chain and semiconductor self-sufficiency, as these areas are expected to see significant growth [35].