9月30日，指数走强，存储芯片、AI应用等方向涨幅居前。 科创综指ETF天弘（589860）紧密跟踪科创综指，该指数于定位于科创板市场综合指数，对科创板的市 值覆盖度约为97%。前十大权重股包括寒武纪-U、海光信息、中芯国际等科技龙头。 电子ETF（159997）跟踪中证电子指数，该指数以中证全指为样本空间，选取涉及半导体产品与设备生 产、电脑存储与外围设备生产、电脑与电子产品零售、电子设备制造、电子制造服务和消费电子生产等 业务的上市公司股票作为成分股，以反映电子类相关上市公司整体表现。值得注意的是，电子ETF （159997）是全市场唯一一只跟踪中证电子指数的ETF。 芯片ETF天弘（159310）跟踪中证芯片产业指数，十大重仓股包括中芯国际、北方华创、海光信息、寒 武纪-U等龙头股。此外，芯片ETF天弘（159310）还配置了场外联接基金（A：012552，C： 012553）。 银河证券表示，2025年上半年，消费电子行业在挑战与机遇中前行，AI成为驱动行业发展的核心引 擎。一方面，智能手机等传统品类因创新进入平台期。另一方面，AI硬件迎来爆发元年，全球智能眼 镜出货量同比大增。AIPC也因集成了专用 ...

相关ETF：公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类： 024418）跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（59%）和半导体材料 （25%）细分领域的硬科技公司。半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、 国产替代天花板较高属性，受益于人工智能革命下的半导体需求扩张、科技重组并购浪潮、光刻机技术 进展。 半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （59%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 每日经济新闻 （责任编辑：董萍萍 ） 截至9月29日11:06，上证科创板半导体材料设备主题指数上涨0.75%，成分股京仪装备上涨3.97%， 拓荆科技上涨3.55%，中微公司上涨2.97%，中科飞测上涨2.03%，富创精密上涨1.92%。科创半导体 ETF（588170）上涨0.41%，最新价报1.48元。 从资金净流入方面来看，科创半导体ETF近8天获得连续资金净流入，最高单日获得6.32亿元净流 入，合计"吸金"14.90亿元，日均净流入达1.86亿元 ...

Market Overview - The Shanghai Composite Index rose by 0.21% to close at 3828.11 points, with a weekly high of 3866.11 points [1] - The Shenzhen Component Index increased by 1.06% to 13209.0 points, reaching a high of 13529.33 points [1] - The ChiNext Index saw a rise of 1.96%, closing at 3151.53 points, with a peak of 3266.0 points [1] - In global markets, major indices mostly declined, with the Nasdaq down 0.65%, Dow Jones down 0.15%, and S&P 500 down 0.31% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.57%, while the Nikkei 225 rose by 0.69% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.96%, with the highest return from the Invesco CSI 50 ETF at 7.46% [2] - The highest performing thematic ETF was the E Fund CSI Semiconductor Materials and Equipment ETF, with a return of 16.18% [2][4] - The top five ETFs by weekly return included several semiconductor-themed ETFs, indicating strong sector performance [4][5] ETF Liquidity - Average daily trading volume for stock ETFs increased by 21.3%, while average daily turnover decreased by 4.5% [6] ETF Fund Flows - The top five ETFs by fund inflow included the E Fund ChiNext ETF with an inflow of 1.414 billion yuan [8] - The largest outflows were seen in the Jafco CSI Rare Earth Industry ETF, which saw a withdrawal of 240 million yuan [9] ETF Financing and Margin Trading - The financing balance for stock ETFs rose from 43.734 billion yuan to 44.585 billion yuan [10] ETF Market Size - The total market size for ETFs reached 54,650.56 billion yuan, with stock ETFs accounting for 36,001.91 billion yuan [14] - Stock ETFs represent 79.2% of the total number of ETFs and 65.9% of the total market size, making them the largest category [16] ETF Issuance and Establishment - No new ETFs were issued last week, but 11 new ETFs were established, including several focused on technology and AI [17] Institutional Insights - Huatai Securities expressed optimism about structural opportunities in AI-related demand and domestic semiconductor equipment production by 2026 [17] - Founder Securities noted an acceleration in the domestic semiconductor equipment localization process since 2025, with a current localization rate of 21% [17]

2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计，2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COW 在此背景下，海外半导体设备市场受AI相关投资驱动实现高增，市场规模同比增长40%，其中测试机、封装设备等后道设备的增长尤为显著。 从历史数据来看，北方华创近年毛利率始终保持在40%以上，而芯源微除2023年毛利率达到42.53%，近年其余年份均在36-38%左右。2025年上半年，对芯源微实现并表后，北方华创营业成本 芯源微的主要产品包括涂胶显影设备等核心工艺装备，而北方华创的主要产品涵盖刻蚀、薄膜沉积、热处理、湿法和离子注入等核心工艺装备，二者产品布局具有显著互补性。虽然双方在短期内 第二，报告期内，北方华创研发费用率提升。前两年公司上半年的研发费用率均在11%以下，而2025年上半年，公司研发投入同比高增30.01%至29.15亿元，研发费用率 ...

编辑丨陈思颖 叶映橙 包芳鸣 9月26日，A股市场早间震荡调整。截至收盘，沪指跌0.18%，深成指跌0.79%，创业板指跌1.17%。沪深 两市半日成交额1.37万亿，较上个交易日缩量1733亿。全市场超2500股下跌。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3846.33 | 13339.82 | 1542.11 | | -6.97 -0.18% -106.08 -0.79% -15.11 -0.97% | | | | 科创50 | 创业板指 | 万得全A | | 1466.84 | 3198.02 | 6274.39 | | -7.64 -0.52% -37.75 -1.17% -26.25 -0.42% | | | | 沪深300 | 中证500 | 中证A500 | | 4574.03 | 7307.40 | 5535.04 | | -19.46 -0.42% -33.92 -0.46% -26.10 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7468.87 | 5881.87 | 5458.67 | | -3 ...

Group 1 - The semiconductor sector has shown significant strength, with a nearly 50% increase since the second half of the year, and a nearly 10% rise this week alone [1][2] - The demand for advanced semiconductor manufacturing equipment, particularly EUV lithography machines, is expanding due to the growth of AI technology and the need for chips below 7nm [1][2] - The semiconductor equipment market is projected to reach a record $117 billion in 2024, with strong performance expected in the first half of 2025, exceeding $65 billion [2][3] Group 2 - The semiconductor equipment sector is experiencing a robust recovery, with Q2 revenue growth of 21.28% and net profit growth of 8.65% according to Wind data [3] - Longchuan Technology, a leader in semiconductor testing equipment, anticipates a net profit increase of 131.39% to 145.38% for the first three quarters due to strong market demand [3] - The domestic semiconductor equipment market's localization rate reached 21% in the first half of 2025, a 5 percentage point increase year-on-year, driven by policy support and technological breakthroughs [4] Group 3 - The semiconductor equipment ETF (561980) focuses on key sectors such as semiconductor equipment, materials, and design, with top holdings including industry leaders like Cambricon and SMIC [4] - The structural opportunities in AI-related demand and advanced logic expansion in China are expected to continue, with a projected 6% increase in domestic equipment market share by 2026 [2][4]

北方华创 20250924 摘要 2025 年半导体设备指数上涨 72%，主要受 AR 算力需求和国产光刻机 突破推动，并受益于成熟制程向先进制程转移。北方华创作为龙头，市 值虽仅为应用材料的 30%，但内生外延发展潜力巨大。 北方华创营收复合增速近五年达 40%，归母净利润复合增速高达 62%。2025 年上半年半导体设备营收占比 92%，达 161 亿元，同比 增长 30%；净利润 32 亿元，同比增长 15%。 公司积极进行股权激励，虽短期影响归母净利润，但长远来看有利于增 强研发实力和长期竞争力。预计 2025 年 10 月底前落地新的股权激励 计划。 北方华创在刻蚀、薄膜沉积、热处理、湿法等设备领域全面布局，并通 过收购芯源微完善在涂胶显影、清洗、键合等领域的布局，工艺覆盖度 达 60%。 预计 2026 年国内先进制程资本开支将大幅提升，晶圆厂扩产确定性强。 凭借高工艺覆盖度和成套化供给能力，北方华创市占率有望进一步提升。 Q&A 半导体设备行业的整体发展趋势是什么？ 半导体设备行业的发展主要受益于两个大的逻辑。首先是算力需求的增长，特 别是 AR 算力的时代需求，这带动了芯片等整体需求超出市场预 ...

Core Viewpoint - The semiconductor equipment sector has experienced significant growth, leading the rebound in technology stocks, but has recently faced a correction after a period of rapid gains [1][7]. Group 1: Recent Performance - The semiconductor equipment index surged over 30% in half a month and over 50% in three months, becoming the standout performer in the A-share market [1][7]. - From September 22 to September 24, the index rose a cumulative 16.85%, outperforming 276 other industry indices [3]. - On September 24, several semiconductor equipment ETFs reached their daily limit up, with notable gains of 9.55%, 9.44%, and 9.4% [3]. Group 2: Driving Factors - Key factors driving the recent surge include the establishment of Changcun Phase III Integrated Circuit Co., which is expected to enhance domestic semiconductor equipment production capacity [3]. - The increase in storage chip prices has exceeded market expectations, likely driving global storage chip capacity expansion [3]. - The recent display of lithography machines at the Industrial Expo has positively influenced market sentiment [3]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the recent correction in the semiconductor equipment index is a natural adjustment after substantial gains, with the long-term growth trajectory remaining intact due to AI demand [6][7]. - The semiconductor equipment sector is expected to continue benefiting from increasing domestic production rates and capital expenditure expansion, with projections indicating sustained high investment levels in wafer fabrication equipment [8]. - The semiconductor industry is a key focus of national policy support, indicating a favorable development outlook [9].

一、证券市场回顾 南财金融终端数据显示，昨日(9月24日，下同)上证综指日内上涨0.83%，收于3853.64点，最高3854.92 点；深证成指日内上涨1.8%，收于13356.14点，最高13356.14点；创业板指日内上涨2.28%，收于 3185.57点，最高3185.84点。 二、ETF市场表现1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为1.53%。其中按照不同分类，规模指数ETF中西藏东财上证科创板50成 份ETF收益率最高，为4.59%；行业指数ETF中华宝中证800地产ETF收益率最高，为3.98%；策略指数 ETF中华安中证500行业中性低波动ETF收益率最高，为2.35%；风格指数ETF中浙商汇金中证浙江凤凰 行动50ETF收益率最高，为3.33%；主题指数ETF中国泰中证半导体材料设备主题ETF收益率最高，为 9.55%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3只ETF及其收益率分别为：国泰中证半导体材料设备主题ETF（9.55%）、 易方达中证半导体材料设备主题ETF（9.44%）、万家中证半导体材料设备主题交易ETF（9.4%）。涨 幅前10详情见下 ...

Core Viewpoint - The report from CITIC Securities indicates that three technological trends will significantly enhance the usage and importance of etching equipment: (1) adoption of multiple patterning in photolithography, (2) demand for 3D stacked storage and near-memory computing, and (3) upgrades in underlying transistor structures [1][2]. Group 1: Multiple Patterning - The current EUV lithography technology is limited, making DUV multiple patterning a key strategy for domestic breakthroughs, leading to a substantial increase in the usage of etching equipment [3]. - The DUV multiple patterning method allows for continued iteration down to 3nm, with the etching equipment usage in production lines increasing up to four times compared to the EUV method [3]. Group 2: 3D Stacking Demand - The increase in storage layers for 3D NAND and DRAM is driving exponential growth in the demand for etching equipment, with the usage share rising from 35% to 48% as layers increase from 32 to 128 [4]. - The need for higher aspect ratio etching equipment is also growing, with current mainstream 3D NAND using a 60:1 aspect ratio, and future technologies expected to reach 90:1 for higher layer counts [4]. - TSV (Through-Silicon Via) processes, essential for 3D expansion in packaging, require etching and filling equipment, which constitutes nearly 70% of the TSV process, further increasing demand for etching equipment [4]. Group 3: GAA Transistor - The introduction of GAAFET technology, which will replace FinFET, is expected to increase the etching process steps from 5 to 9, leading to a rise in the share of etching equipment from 20% to 35% in advanced processes [5]. - The value of individual etching equipment is projected to grow by 12% year-on-year, with new demands for high-selectivity SiGe isotropic etching processes emerging, particularly through Atomic Layer Etching (ALE) methods [5].