报 告 摘 要 一、上周市场回顾 二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 41 只，合计发行规模为 356.35 亿元，较前一周有 所增加 。此外，上周 有 34 只基金首次进入发行阶段，本周将有 21 只基金开始发行。 一 上周市场回顾 1.1 相关热点回顾 一、基金申报发行动态 | 序号 | 产品名称 | 基金管理人 | | --- | --- | --- | | 1 | 华泰柏瑞中证科创创业人工智能 ETF | 华泰柏瑞基金 | | 2 | 易方达中证科创创业人工智能 ETF | 易方达基金 | | 3 | 工银瑞信中证科创创业人工智能 ETF | 工银瑞信基金 | | ব | 永赢中证科创创业人工智能 ETF | 永赢基金 | | 5 | 景顺长城中证科创创业人工智能 ETF | 景顺长城基金 | | 6 | 鹏华中证科创创业人工智能 ETF | 闘走事会 | | 7 | 摩根中证科创创业人工智能 ETF | 摩根基金 | | 8 | 华宝上证科创板芯片 ETF | 花里音等 | | 9 | 广发上证科创板芯片 ETF | 广发基金 | | 10 | 易方达上证科创板芯片 ETF ...

格隆汇11月21日｜阿斯麦周四在美国亚利桑那州凤凰城成立技术学院，专门培训工程师维修及保养其高 度复杂的芯片制造设备。新设施邻近凤凰城机场，目标每年培训逾1000名工程师，以支援美国迅速扩张 的先进芯片产能。阿斯麦副总裁Clayton Patch表示，其DUV及EUV设备复杂程度可媲美F-35等战机，最 先进EUV设备造价约4亿美元，运送亦需多架747货机。他称具军机维修背景的退伍军人极为合适，亦 是公司最属意的招聘对象。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中经记者 郭婧婷 北京报道 谈及市场规模快速增长的原因，东方金诚研究发展部分析师姚宇彤在接受《中国经营报》记者采访时指 出，对投资者而言，科创债提供了新的资产配置选择。当前的低利率市场环境叠加化债背景下，优质资 产难寻，传统的城投债已进入存量市场，信用利差被压缩至历史低位。科创债兼顾政策溢价和稳定收 益，且发行期限丰富，为不同风险偏好和资金需求的投资者提供新的投资选择。姚宇彤关注到，投资者 对科创债认购热情高涨，有85%的科创债获得超额认购。 记者注意到，由于认购需求旺盛，使得发行利率被压到较低的水平，部分债券甚至创下发行主体历史新 低。 在优美利投资总经理贺金龙看来，这是政策强力推动与市场需求驱动共同作用的结果。从政策端看，监 管层不仅扩展了发行主体、扩大了资金用途，还简化了发行流程，并引导长期资金投资，为市场注入了 强大动力。从需求端看，科创债为科技型企业提供了宝贵的长期资金，缓解了研发时间和投入巨大与银 行贷款期限和额度错配的矛盾。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》将"科技自立自强水平大幅提高"列 入"十五五"时期经济社会发展 ...

Core Insights - The article emphasizes the critical role of DUV lithography in semiconductor manufacturing, highlighting that it accounts for 80% of microelectronic chips produced globally, with 90% of the production layers still relying on DUV technology despite the emergence of EUV [1][3][11]. DUV Technology - DUV lithography machines operate at wavelengths from 365 nm to 193 nm, covering mainstream processes from 0.35 microns to 14 nm, making them both effective and cost-efficient [3][11]. - The immersion technology introduced by TSMC in 2002 significantly improved DUV's resolution to below 40 nm, doubling efficiency and enhancing yield rates [6][7]. - DUV's maturity and widespread deployment, with thousands of machines in operation, cater to various sectors, including consumer electronics and industrial control [11][13]. Market Dynamics - The demand for mature nodes (28 nm and above) is substantial, with production numbers starting from trillions of chips, driven by industries such as automotive and home appliances [9][24]. - DUV's cost-effectiveness, with machines priced at about half that of EUV, and quicker installation times make it accessible for smaller manufacturers [13][15]. Supply Chain and Geopolitical Factors - The U.S. restrictions on EUV technology have led Chinese companies to pivot towards DUV, resulting in a surge in imports, with China importing approximately 100 DUV machines worth €2.1 billion in 2022 [15][17]. - In 2023, Chinese imports of DUV machines reached €5.28 billion, nearly double the previous year's total, indicating a strong demand amidst geopolitical tensions [17][19]. Future Projections - By 2025, China's production capacity for mature chips (28 nm and above) is expected to account for 33% of the global market, up from 27% in 2023, with major contributions from companies like SMIC [22][24]. - The automotive sector is projected to see significant growth, with 70% of the demand for electric vehicles relying on 28 nm chips, further solidifying DUV's importance in the semiconductor landscape [24][26].

Core Insights - Elon Musk plans to build a massive chip factory to support Tesla's ambitions in custom chips, aiming for a monthly production capacity of up to 1 million chips [1] - Musk's announcement follows the approval of a $1 trillion compensation package, indicating a bold vision for Tesla's future [3] - Nvidia's CEO Jensen Huang expressed skepticism about Musk's ability to reach TSMC's level of chip manufacturing, highlighting the complexity and expertise required in advanced chip production [3][5] Group 1 - Musk's proposed "Terafab" wafer factory is driven by Tesla's need for significant chip capacity to support its vehicles and humanoid robots, as existing manufacturers like TSMC and Intel may not meet future demands [5] - The construction of the Terafab facility could cost "hundreds of billions," reflecting the scale of investment required for such an ambitious project [5] - The potential for Tesla's chip factory creates opportunities for companies like Samsung and Intel to expand their high-end chip businesses [5] Group 2 - Huang emphasized that chip manufacturing expertise is not easily acquired, as even established companies like Intel are struggling in this area [5] - Musk's track record of achieving seemingly "impossible" goals adds an element of intrigue to the feasibility of the Terafab project [5]

Core Viewpoint - Tesla's CEO Elon Musk is considering building a chip manufacturing facility named "TeraFab" to meet the growing demand for AI chips, aiming for a scale larger than TSMC's "Gigafab" [2][4]. Group 1: Tesla's Chip Manufacturing Plans - Musk indicated that Tesla may directly invest in chip production to address the substantial semiconductor needs for AI applications, suggesting that TeraFab would have a monthly capacity exceeding 100,000 wafers [2][4]. - Currently, TSMC's facilities producing 30,000 to 100,000 wafers per month are classified as "Megafab," while those exceeding 100,000 wafers are termed "Gigafab" [2]. - If TeraFab is realized, it could position Tesla among the largest chip manufacturers globally, surpassing current mainstream wafer manufacturers [2]. Group 2: Challenges in Chip Manufacturing - Nvidia's CEO Jensen Huang emphasized the complexity of establishing advanced chip manufacturing capabilities, noting that it requires significant engineering expertise, scientific research, and process experience [3][6]. - The investment required for a facility capable of producing approximately 20,000 wafers per month can reach several billion dollars, excluding ongoing development and production tuning costs [6]. - The example of the Japanese startup Rapidus, which aims to establish 2nm process capabilities by 2027 with an estimated expenditure of around $32 billion, illustrates the high stakes and challenges in entering advanced semiconductor manufacturing [6][7]. Group 3: Tesla's Current Supply Chain Strategy - To ensure a stable supply of chips, Tesla is currently utilizing a dual-sourcing strategy with TSMC and Samsung, and is considering Intel as a potential partner, although no agreements have been finalized [4][5]. - Musk stated that as Tesla's AI applications expand, reliance on external suppliers will become insufficient, necessitating a shift towards becoming a vertically integrated manufacturer similar to TSMC and Samsung [4].

Group 1: Company Overview - Fuxing Co., Ltd. was successfully listed on the Shenzhen Stock Exchange in June 1999 and has since implemented significant decisions for product innovation and industrial transformation [2] - The company has upgraded its metal products from traditional wire products to advanced steel cord products, becoming a key manufacturing base for metal wire products in China [2] - Fuxing has established a real estate development subsidiary, Fuxing Huiyu, and has actively participated in urban renewal projects in Wuhan since 2004 [2][3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 10.16 billion yuan, with real estate revenue impacted by a decrease in delivery scale [3] - Real estate revenue was approximately 3.80 billion yuan, with a signed sales area of about 26,000 square meters and a signed sales amount of approximately 1.357 billion yuan [3] - Cash received from sales and services increased by 24.29% year-on-year, indicating stable operational metrics and a continued decrease in interest-bearing liabilities [3] Group 3: Future Development Plans - In April 2025, the company launched a "Valuation Enhancement Plan" to optimize asset structure and business layout while solidifying its core operations [3] - The company is actively seeking capital operation opportunities and focusing on sectors such as semiconductor equipment, chip manufacturing, high-end manufacturing, and new energy materials [3] - Upcoming projects include the launch of the "Fuxing Huiyu·Boya Mansion" and plans for the adjacent Hongqiao Village K12 site to commence construction next year [3]

Group 1: US-China Negotiations and Chip Industry - The recent US-China negotiations focused on chip-related discussions, particularly regarding Nvidia's products, but the outcomes remain unclear, with references to both Blackwell and B30A models [2][2]. Group 2: OpenAI IPO Plans - OpenAI is preparing for an IPO with a target valuation of $1 trillion and plans to raise at least $60 billion, aiming for a 2027 listing [3][4]. - Projected revenue for OpenAI in 2025 is approximately $13 billion, highlighting a significant funding gap that necessitates public market financing [5]. - Recent restructuring has reduced dependency on Microsoft, which still holds about 27% of OpenAI's shares, allowing for a more independent path to the capital market [5][6]. Group 3: North American CSP Performance - Major tech companies like Meta, Microsoft, and Google have increased capital expenditures, with Meta facing pressure due to its spending levels [7][10]. - Meta's AI user base has surpassed 1 billion, and the company is focusing on integrating its AI systems to enhance recommendation accuracy [10]. Group 4: AI Data Center Developments - Microsoft and OpenAI have signed a new agreement, committing to a $250 billion Azure service procurement, which will support AI application development [12]. - Google is expanding its AI infrastructure, including partnerships with Nvidia and self-developed chips, to meet growing customer demands [13]. - The shift in capital expenditure focus towards energy supply and sustainability is anticipated to create significant opportunities in the next 3-5 years [14]. Group 5: Optical Module Demand Forecast - The demand for 1.6T optical modules is expected to reach 30 million units by 2026, driven by Nvidia's and Google's requirements [16]. - Nvidia's GPU architecture is evolving, with increased bandwidth and efficiency, impacting the optical module market [17]. Group 6: Shipment Forecasts - Forecasts for GPU and ASIC shipments indicate significant growth, with Nvidia projected to ship 7.7 million GPGPUs by 2026, reflecting a year-on-year growth of 32% [19]. - The overall market for GPGPU and ASIC is expected to reach $360 billion by 2027, with substantial increases in both unit shipments and market value [19][20].

Core Insights - A significant breakthrough has been achieved in China's semiconductor materials sector, specifically in photoresist technology, which is crucial for chip manufacturing [1] - The research team led by Professor Peng Hailin from Peking University has successfully utilized cryo-electron tomography to analyze the three-dimensional structure and entanglement behavior of photoresist molecules in a liquid environment, leading to a solution that significantly reduces lithography defects [1] Global Photoresist Industry Landscape - The global photoresist market is highly concentrated, with Japanese companies dominating, especially in the high-end semiconductor sector, controlling over 90% of the market share [2] - The global photoresist market is projected to reach approximately $4.96 billion in 2024 and $6.7 billion by 2030, with a compound annual growth rate (CAGR) of 5.24% from 2025 to 2030 [2] - Major international players include JSR, TOK, Sumitomo Chemical, Shin-Etsu Chemical, Fujifilm, and Dow Chemical, with Japanese firms holding over 75% of the market share and 96.7% in the high-end segment [2] Value Perspective - Although photoresist accounts for only 5% of the chip material cost, its performance directly impacts chip yield, with a 1% yield fluctuation potentially resulting in losses of tens of millions of dollars [3] Breakthrough in Domestic Photoresist - Photoresist is a critical material in chip manufacturing, affecting the precise transfer of circuit patterns and overall chip yield [4] - The research team observed significant entanglement behavior among photoresist polymers, leading to the formation of agglomerated particles that cause defects during the development process [5] - The team successfully eliminated over 99% of pattern defects caused by photoresist residues on 12-inch wafers, providing crucial technical support for the manufacturing of chips at the 5nm process node and below [6] Molecular-Level Defects - Traditional characterization methods could only observe the final pattern, failing to trace the molecular entanglement state during the liquid exposure moment, leading to defects such as random bridging and excessive line edge roughness (LER) [8] - The entanglement behavior was precisely understood, allowing the development of a new molecular control scheme that significantly reduced abnormal entanglement probability [9] Implications of the Research - The research provides a powerful tool for observing various liquid-phase interface reactions at the atomic/molecular scale, which will enhance defect control and yield improvement in critical processes such as lithography, etching, and wet cleaning [10]

Group 1 - The research team from Peking University has successfully utilized cryo-electron tomography to analyze the micro-3D structure, interfacial distribution, and entanglement behavior of photoresist molecules in a liquid environment, leading to a significant reduction in lithography defects [1][3] - The study addresses three major pain points in the lithography process, particularly the development step, which is crucial for accurately transferring circuit patterns onto silicon wafers [3][4] - The new method allows for in-situ, three-dimensional, high-resolution observation of photoresist behavior, overcoming limitations of traditional techniques [3][4] Group 2 - The implications of this research extend beyond the lithography field, providing a powerful tool for in-situ studies of various chemical reactions occurring in liquid environments, which could enhance defect control and yield improvement in semiconductor manufacturing [4] - The photoresist market in China is projected to grow from approximately 10.92 billion yuan in 2023 to over 11.4 billion yuan in 2024, with expectations to reach 12.3 billion yuan by 2025 [5] - The domestic photolithography machine industry is advancing, but still faces technical limitations compared to international standards, particularly in high-end photolithography technology [6] Group 3 - The domestic supply chain for photolithography machines includes upstream equipment and materials, midstream system integration and production, and downstream applications [6] - Various companies are making strides in specific technology areas related to photolithography, such as laser sources and optical lenses, indicating a growing capability within the industry [7]