截至2025年8月19日 10:09，上证科创板芯片指数上涨0.15%，成分股芯原股份上涨6.01%，寒武纪上涨4.17%，恒玄科技上涨2.98%，源杰科技上涨2.78%，翱 捷科技上涨1.64%。科创芯片ETF(588200)多空胶着。拉长时间看，截至2025年8月18日，科创芯片ETF近1周累计上涨10.37%。 爱建证券认为，国产AI产业正在大模型，算力芯片和服务器设备多方面齐头并进发展。2022年美国《芯片和科学法案》对先进算力芯片与半导体设备设出 口限制，但是国内企业依然在持续升级大模型能力与硬件设备指标，国内AI产业链的相关投资机会值得长期关注。 数据显示，截至2025年7月31日，上证科创板芯片指数前十大权重股分别为寒武纪、中芯国际、海光信息、澜起科技、中微公司、芯原股份、沪硅产业、恒 玄科技、华海清科、思特威，前十大权重股合计占比57.59%。 流动性方面，科创芯片ETF盘中换手2.39%，成交7.45亿元。拉长时间看，截至8月18日，科创芯片ETF近1周日均成交30.43亿元，排名可比基金第一。 规模方面，科创芯片ETF近1周规模增长164.90万元，实现显著增长。份额方面，科创芯片ETF近 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - On August 14, 2025, the palm oil futures price dropped, with a closing price of 9368 yuan and a decline of 1.04%. If supply continues to increase and demand fails to improve effectively, the palm oil futures price may face continued pressure [3]. - For stock index futures, due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase [6]. - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. - For iron ore, the overall fundamentals are strongly supported, and it shows a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. - For glass, the supply - demand situation has slightly improved, and the main driving force for the recent market is the improvement of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. - For alumina, it has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22]. 3. Summary by Related Catalogs Palm Oil Futures - On August 14, 2025, the palm oil futures closed at 9368 yuan, down 1.04%. The reasons for the decline are complex. On the supply side, Malaysia is in a seasonal production - increasing cycle, and Reuters expects the July inventory to reach a nearly two - year high, with the production - increasing expectation still in place in August. Indonesia's biodiesel and export policy adjustments bring uncertainty to international supply. On the demand side, domestic terminal consumption is weak, the spot basis in Chinese ports is continuously weakening despite low inventory, EU imports are down year - on - year, and India's high imports in June cannot change the overall weak demand. In addition, the weak price of soybean oil intensifies competition from substitutes, and technically, the daily line is near the over - bought area, with insufficient short - term upward momentum [3]. Stock Index Futures - Multiple institutions interpreted policies such as fiscal subsidies for personal consumer loans, and the National Data Bureau stated that China's total computing power ranks second in the world. Due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase. Today, the three major A - share indices rose first and then fell, and the Shanghai Composite Index failed to break through 3700 points, ending an 8 - day winning streak with a small bullish candlestick with an upper shadow [6][7]. Gold - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. Iron Ore - With the improvement of steel mills' profitability, the molten iron output remains at a high level, and the overall fundamentals are strongly supported. In addition, the anti - involution sentiment in the black industry chain has led to a relatively healthy state, showing a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. Glass - The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The main driving force for the recent market is the improvement and continuous strengthening of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. Alumina - As a "mineral with stories", alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22].