点击查看公告原文>> 责任编辑：小浪快报 调研精彩要点分销商的产业链价值：分销商在电子信息产业中扮演着连接电子元器件原厂与下游电子信 息制造业的关键"纽带"角色。通过集聚和高效配置技术、产品等生产要素，提供技术支持、仓储物流及 市场开拓等服务，保障电子元器件供应链的稳定。产业数据服务模式：公司产业数据服务基于器件信息 和市场信息，为用户提供元器件数据查询、供应链波动监控等SaaS服务，以及元器件综合交易平台和垂 直互动交流社区四大板块服务。未来还将加大数字化投入，探索新模式，挖掘"数据资产"价值。国产算 力芯片机遇把握：中电港已与多家国产GPU公司展开合作。面对AI新业态需求增长及国产市场的迅速 崛起，国产方案积极构建软件生态。公司凭借自身优势，努力把握算法和AI应用场景机遇，寻求与国 产GPU的深度合作，助力新质生产力发展。未来发展规划：全球及中国电子元器件分销行业市场规模庞 大，市占率提升空间广阔。中电港未来将聚焦分销主业，通过创新驱动与服务赋能，优化业务和盈利结 构，致力于打造科技型综合服务平台。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不 ...

证券代码：001287 证券简称：中电港 1 | | 公司产业数据服务依托芯查查大数据平台，通过海量的电子元 | | --- | --- | | | 器件信息和市场信息，为用户提供元器件数据查询、供应链波动监 | | | 控等SaaS服务、元器件综合交易平台和垂直互动交流社区四大板块 | | | 服务。公司将进一步加大数字化投入，探索数字化服务新模式，充 | | | 分发挥"数据资产"价值。 | | | 3、公司如何把握国产算力芯片的发展机遇？ | | | 目前公司已与多家国产GPU公司合作。随着AI新业态需求增长， | | | 国产市场迅速崛起，国产方案正在积极构建能快速兼容和替换主流 | | | 架构的软件生态。公司努力把握在算法和AI应用场景上的应用机 | | | 遇，利用自身优势积极寻求与国产GPU的深度合作，为先进算力、 | | | 先进存力和先进运力等新质生产力关键要素护航，助力产业发展。 | | | 4、公司未来计划是持续提升市占率吗？发展方向是什么？ | | | 全球及中国电子元器件分销行业市场规模大，市占率提升空间 | | | 大，未来公司聚焦分销主业和高质量发展，通过加快创新驱动与服 | ...

Core Viewpoint - The semiconductor sector is experiencing significant growth, with major stocks and ETFs showing strong performance, driven by rising prices and increased demand in the industry [1][2]. Group 1: Market Performance - A-shares opened lower but rebounded, with the ChiNext Index and Shenzhen Component Index both rising over 1% [1]. - The semiconductor sector led the gains, with stocks like Changchuan Technology and Shenkong Co. hitting the daily limit, while others like Lanke Technology and Zhongwei Company rose over 10% [1]. - The Semiconductor ETF (Southern, 159325) rose by 6.47%, marking its third consecutive increase, while the Sci-Tech Chip ETF (Southern, 588890) surged over 6.2% [1]. - The Sci-Tech Materials ETF (588160) increased nearly 4%, indicating active market trading [1]. - Over the past five trading days, the Sci-Tech Chip ETF (588890) saw a net inflow of 158 million yuan [1]. - The Sci-Tech Materials ETF (588160) has recorded a cumulative increase of 101.36% over the past year [1]. Group 2: Company Performance - Changchuan Technology announced a profit forecast for the first three quarters of 2025, expecting a net profit of 827 million to 877 million yuan, representing a year-on-year growth of 131.39% to 145.38% [2]. - Huatai Securities noted a shift in the semiconductor equipment market in China, with a projected 24% year-on-year growth in global equipment company revenue for Q2 2025, reaching 34 billion USD [2]. - The overseas market is primarily driven by AI-related investments, with a 40% year-on-year growth, particularly in testing equipment [2]. - Huajin Securities highlighted the increasing demand for AI training and inference calculations, suggesting a positive outlook for the entire domestic chip industry chain [2]. Group 3: ETF and Index Information - The Sci-Tech Chip ETF (Southern, 588890) closely tracks the Sci-Tech Board Chip Index, which includes companies involved in semiconductor materials, equipment, design, manufacturing, and testing [3]. - The top ten weighted stocks in the Sci-Tech Chip Index include Cambricon, Haiguang Information, and SMIC [3]. - The Semiconductor ETF (Southern, 159325) tracks the CSI Semiconductor Industry Select Index, which includes 50 large-cap, profitable, and high R&D investment companies [3]. - The top ten weighted stocks in the Semiconductor Industry Select Index include Cambricon, SMIC, and Haiguang Information [3]. - The Sci-Tech Materials ETF (588160) tracks the Sci-Tech Board New Materials Index, which includes 50 large-cap companies in advanced materials [4]. - The top ten weighted stocks in the New Materials Index include Hu Silicon Industry, Western Superconducting, and Anji Technology [4].

Group 1 - The core viewpoint is that the domestic AI chip market is expected to grow significantly, driven by advancements from companies like Huawei and Alibaba, as well as the impact of U.S. export restrictions on chip technology [1][2] - The Southern Science and Technology Chip ETF (588890) has seen a recent increase of 3.15%, with a trading volume of 1.09 billion yuan, reflecting strong market interest [1] - The Southern Science and Technology Chip ETF has experienced a net inflow of 8.09 billion yuan over the past 21 trading days, indicating robust investor confidence [1] Group 2 - The report highlights that the domestic computing power chip market is poised to reach a scale of hundreds of billions, with a resurgence in consumer electronics and semiconductors [2] - Recent announcements from Huawei regarding upcoming AI chips, including the Ascend 950 series, signal a strong competitive position in the global market [1][2] - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Chip Index include major players like Cambricon, Semiconductor Manufacturing International Corporation, and others, reflecting a diverse representation of the semiconductor industry [2]

Group 1: Core Views on Domestic Computing Power Chips - The domestic computing power chip market is expected to grow rapidly as Chinese tech companies halt purchases of NVIDIA AI chips and terminate existing orders, leading to an increase in market share for domestic chips [1] - Huawei announced a three-year roadmap for its Ascend AI chips, planning to launch four new products from 2026 to 2028, including self-developed HBM technology [1] Group 2: Expansion of Advanced Process Technology - Domestic advanced logic production is exceeding expectations, and a new iteration cycle in storage technology is anticipated next year, benefiting domestic equipment manufacturers [2] - The establishment of Changxin Storage and the initiation of its IPO process are positive indicators for the domestic advanced process sector [2] Group 3: High-End SoC Testing Machine Market - The complexity of SoC chips increases testing difficulty, creating a significant market for high-end testing machines, with domestic companies like Huafeng Measurement and Changchuan Technology actively developing solutions [3] Group 4: Advanced Packaging Requirements for Computing Chips - The shift from NVIDIA's dominance in training cards to domestic alternatives is expected, with domestic companies benefiting from advanced packaging supply chains [4] - Investment opportunities identified in various sectors, including front-end processing, back-end packaging, advanced packaging, and silicon photonics equipment [4]

Group 1 - The A-share market experienced fluctuations on September 19, with the Shanghai Composite Index rising by 0.11%, while sectors such as engineering machinery, aerospace and military, and power generation equipment saw significant gains. Conversely, multi-financial and automotive parts sectors faced declines [1] - The chip sector showed mixed performance, with the chip ETF (159995) increasing by 0.40%. Notable gainers included Lanke Technology (up 9.18%), Jing Sheng Machinery (up 4.57%), Beijing Junzheng (up 3.60%), and Longxin Technology (up 2.72%). However, companies like Wentai Technology and Ruixinwei reported declines of -3.14% and -2.96%, respectively [1] - Huawei announced its three-year development roadmap for the Ascend AI chip at the Shanghai Connect Conference on September 18, planning to launch four new products from 2026 to 2028, including the Ascend 950PR in Q1 2026, Ascend 950DT in Q4 2026, Ascend 960 in Q4 2027, and Ascend 970 in Q4 2028 [1] - Dongwu Securities noted that domestic advanced logic expansion is exceeding expectations, and a new iteration cycle in storage technology is anticipated next year. The high-end SoC testing machine market is broad, indicating ongoing breakthroughs in domestic production [1] Group 2 - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang. The associated off-market connection funds are A class: 008887 and C class: 008888 [2]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [1]. Core Insights - The development of domestic computing power chips is gaining attention, with significant benefits expected for domestic equipment manufacturers. Huawei announced a three-year roadmap for its Ascend AI chips, aiming to release four new products between 2026 and 2028, which is expected to enhance the market share of domestic computing power chips [4]. - Domestic advanced process expansion is exceeding expectations, which is favorable for local equipment manufacturers. The report highlights the establishment of Changxin Storage and the anticipated new iteration cycle in memory technology [4]. - The high-end SoC testing machine market presents significant opportunities, with domestic companies like Huafeng Measurement and Changchuan Technology actively working on SoC testing machines to meet the high demands of testing [4]. - The demand for advanced packaging in computing power chips is expected to benefit equipment manufacturers, as domestic supply chains are anticipated to shift towards local advanced packaging suppliers [4]. - Investment recommendations include companies involved in front-end processes such as North Huachuang and Zhongke Feimeng, as well as back-end packaging firms like Huafeng Measurement and Changchuan Technology [4].

Group 1 - The China Securities Chip Industry Index (H30007) has seen a strong increase of 2.41%, with notable gains in constituent stocks such as Chip Origin Technology (688521) up 20.00%, Beijing Junzheng (300223) up 15.02%, and Jiangbolong (301308) up 13.85% [1] - The Chip 50 ETF (516920) has risen by 2.72%, marking its third consecutive day of gains, with a latest price of 0.98 yuan. Over the past week, the ETF has accumulated a rise of 9.38%, ranking 2nd among comparable funds [1] - The trading volume for the Chip 50 ETF reached 6.81% with over 44 million yuan in transactions, and the average daily trading volume over the past month was 53.95 million yuan [1] Group 2 - Chip Origin Technology announced a plan to acquire 97.01% of Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd., which is expected to constitute a major asset restructuring. The company's stock will resume trading on September 12, 2025 [3] - As of the end of Q2, Chip Origin Technology reported a record high order backlog of 3.025 billion yuan, maintaining high levels for seven consecutive quarters. New orders signed from July 1 to September 11 amounted to 1.205 billion yuan, representing a significant year-on-year increase of 85.88%, with AI-related orders accounting for approximately 64% [3] - The semiconductor industry is projected to grow due to increased demand from AI computing, data centers, and smart driving applications, with a continued rise in industry chain prosperity expected in the first half of 2025 [4]

Market Overview - The Shanghai Composite Index rose by 1.14% to close at 3843.6 points, with a daily high of 3845.09 points [1] - The Shenzhen Component Index increased by 2.25% to close at 12571.37 points, reaching a high of 12571.37 points [1] - The ChiNext Index saw a significant rise of 3.82%, closing at 2827.17 points, with a peak of 2827.17 points [1] ETF Market Performance - The median return for stock ETFs was 1.55%, with the highest return from the Invesco CSI 50 ETF at 9.39% [2] - The top-performing industry ETF was the Southern CSI Communication Services ETF, yielding 8.89% [2] - The best-performing thematic ETF was the Bosera CSI Chip ETF, which achieved a return of 15.83% [2] ETF Gains and Losses - The top three ETFs by gain were: Bosera CSI Chip ETF (15.83%), Huaan CSI Chip ETF (9.9%), and Fortune CSI Chip ETF (9.58%) [5] - The three ETFs with the largest declines were: CMB CSI Hong Kong-Shenzhen Consumer Leaders ETF (-1.47%), Harvest CSI Major Consumer ETF (-1.35%), and E Fund CSI Modern Agriculture Theme ETF (-1.21%) [6] ETF Fund Flows - The ETFs with the highest inflows were: Guotai CSI All-Index Communication Equipment ETF (¥788 million), Bosera CSI AI ETF (¥758 million), and Harvest CSI Rare Earth Industry ETF (¥486 million) [8] - The ETFs with the largest outflows were: E Fund ChiNext ETF (¥1.141 billion), Huaxia CSI 50 ETF (¥926 million), and Southern CSI 1000 ETF (¥785 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia CSI 50 ETF (¥1.196 billion), E Fund ChiNext ETF (¥987 million), and Harvest CSI Chip ETF (¥695 million) [11] - The ETFs with the highest margin selling were: Southern CSI 1000 ETF (¥75.58 million), Southern CSI 500 ETF (¥57.52 million), and Huaxia CSI 1000 ETF (¥40.27 million) [12] Institutional Insights - First Capital Securities highlighted the release of DeepSeek-V3.1, which is expected to enhance the compatibility of domestic AI computing chips, promoting the domestic AI computing chip industry [13] - Guotai Junan Securities emphasized the importance of the "three cycles" resonance for semiconductor valuation expansion, noting the optimistic outlook for the semiconductor industry driven by AI demand and supply chain adjustments [14]

Group 1 - The State Council has issued an action plan for the deep implementation of "Artificial Intelligence +" with goals set for 2027 and 2030, aiming for significant integration of AI in six key areas and a rapid growth in the scale of the intelligent economy [1] - By 2027, the plan targets over 70% penetration of new generation intelligent terminals and agents, while by 2030, this figure is expected to exceed 90%, positioning the intelligent economy as a crucial growth driver for China's economic development [1] - The "hard technology" related ETFs have shown strong performance, with the Kexin 50 ETF (588950) rising over 2% as of August 25, 2025, driven by significant gains in constituent stocks such as Ailis, Yingxi Network, and Jingchen [1] Group 2 - The Kexin Comprehensive Index ETF (589890) has increased by over 1.5%, with constituent stocks like Nanjing New Pharmaceutical and Kaipu Cloud hitting the upper limit, while Ailis and Shijia Photon also saw gains [2] - Huajin Securities highlights the release of DeepSeek-V3.1, which supports FP8 precision and is expected to accelerate the domestic computing power ecosystem, particularly benefiting the domestic chip design sector [2] - The technology growth sector is anticipated to maintain high prosperity driven by the AI technology revolution and emerging industry trends, as noted by China Galaxy Securities [3]