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 ...

Core Insights - 16 hard technology-themed funds, including the GF SSE STAR Chip ETF and GF SSE STAR Chip Design Theme ETF, have been approved, indicating a strong market focus on semiconductor and AI sectors [1][2] - The approval of these funds is seen as a move to channel resources into hard technology fields, enhancing capital market support for technological innovation and the real economy [1] Group 1: Fund Details - The GF SSE STAR Chip ETF tracks the SSE STAR Chip Index (000685.SH), which includes companies across the semiconductor value chain, reflecting the overall performance of the chip industry [1] - As of November 21, the top three industries in the index by weight are digital chip design (50.0%), semiconductor equipment (17.5%), and integrated circuit manufacturing (15.6%) [1] - The index has shown a cumulative increase of 138.78% since its base date (December 31, 2019), with a year-to-date increase of 47.40% [1] Group 2: Chip Design Focus - The GF SSE STAR Chip Design Theme ETF focuses specifically on the chip design sector, tracking the SSE STAR Chip Design Theme Index (950162.CSI) [2] - The index has a high concentration in digital chip design, with over 80% weight in this area, featuring leading companies like Cambricon and Montage Technology [2] - Since its base date (December 31, 2019), the index has achieved a cumulative increase of 68.60%, with a year-to-date increase of 45.00% [2] Group 3: Company Performance - GF Fund Management has launched six products focused on the STAR Market indices, covering major indices like STAR 50, STAR 100, and popular thematic indices such as AI [3] - The STAR 50 ETF (588060) and AI ETF (588760) rank among the top in terms of scale and liquidity within their categories [3] - The STAR 100 Enhanced ETF (588680) has delivered a return of 43.21% year-to-date as of November 21, outperforming the STAR 100 index's 37.83% increase, ranking first among 13 similar ETFs [3]

在机构看来，科创芯片设计相关上市企业优势突出。首先，行业代表性强。集聚科创板芯片设计领域优 秀企业，全面反映整体发展趋势。其次，技术实力强。绝大部分公司在芯片设计领域都拥有先进的技术 和专利，具备较高的竞争门槛。第三，成长潜力十足。科创板公司通常处于快速发展阶段，未来成长空 间非常大。随着盈利改善和估值修复，未来半导体和芯片领域有望迎来更为亮眼的表现。 天弘科创板芯片设计主题ETF的获批，一方面有利于为投资者提供更好的投资硬科技上市企业的工具； 另一方面，也有利于提升相关先进产业的集聚效应和示范效应，为上市企业的发展注入蓬勃生机，引导 资源进一步向硬科技公司倾斜。该产品也是继科创综指后，天弘今年在科创板的又一重要布局。 每日经济新闻 11月21日晚间，证监会官网披露，包括天弘科创板芯片设计主题ETF在内的多只硬科技基金正式获批。 有业内人士表示，上述产品紧紧围绕国家战略和产业政策，引导资金投资于人工智能、芯片、芯片设计 等硬科技领域优质上市公司，对于发挥资本市场服务实体经济功能和支持战略性新兴产业发展具有重要 意义，为投资者借道ETF布局硬科技市场提供了新的投资工具。 值得注意的是，天弘科创板芯片设计主题ET ...

Core Viewpoint - The recent ownership change of Changling Hydraulic has progressed, with the completion of the share transfer process, leading to a new control structure involving significant players in the semiconductor industry and state-owned enterprises [1][3][6]. Group 1: Ownership Change Details - On November 15, Changling Hydraulic announced the completion of the share transfer, with Hu Kangqiao and state-owned enterprises acquiring a combined 41.99% stake [1][3]. - The total transaction amount for the ownership change is approximately 20.88 billion yuan, with Hu Kangqiao's group contributing around 14.68 billion yuan for 29.99% of the shares [2][5][6]. - Following the transaction, the actual controllers of the company will include the Jiangyin High-tech Zone State-owned Assets Office, Hu Kangqiao, and Xu Lantao [2][6]. Group 2: Background of New Controllers - Hu Kangqiao, the new key figure, has a strong background in semiconductor design, having founded Corelink Interconnect and raised over 600 million yuan in funding from top investment firms [2][8][9]. - Corelink Interconnect specializes in mixed-signal chip design and has been recognized as a national-level "little giant" enterprise, indicating its significant role in the semiconductor industry [9][10]. Group 3: Financial Performance of Changling Hydraulic - Changling Hydraulic has faced declining financial performance since its IPO in 2021, with revenue fluctuating between 806 million yuan and 907 million yuan and net profit decreasing from 202 million yuan to 95 million yuan [12][13]. - Despite the financial struggles, the company has maintained a high dividend payout ratio, distributing 94 million yuan and 61 million yuan in cash dividends for 2024 and 2025, respectively [14].

Core Insights - The company’s various SoCs support multiple types of DDR, enhancing the promotion of its mid-to-high-end products [1] - The RK3588 and RK3576 are among the few chips in their class that support LPDDR5, which is beneficial for the company’s mid-to-high-end product expansion [1] - The next-generation flagship chip RK3688 and the sub-flagship chip RK3668 are currently in design, with plans for release next year [1]

Core Viewpoint - The article discusses the nuanced impact of artificial intelligence (AI) on engineering roles, emphasizing that while AI tools can assist in various tasks, human engineers remain essential for complex and creative aspects of design and verification [2][5][14]. Group 1: Human-Centric Tasks - Certain tasks in the EDA process, such as architecture/concept design, require human intuition and cross-domain reasoning, which AI struggles to replicate [2]. - Defining chip specifications necessitates deep market and technical understanding, ensuring designs meet business and regulatory needs [3]. - Analog circuit design demands extensive expertise and creative problem-solving, making full automation by AI a challenge [3]. - Safety-critical design decisions must be validated by humans to prevent catastrophic failures [3]. - Final verification and quality assurance require human judgment to interpret results and assess risks, especially in atypical scenarios [3]. - Decisions regarding manufacturability and yield require expert knowledge, with engineers overseeing final designs [3]. - Novel problem-solving and handling exceptions necessitate creative thinking and interdisciplinary expertise, which AI cannot fully automate [3]. Group 2: AI's Role and Limitations - AI may evolve to solve new problems through random exploration of options, but current capabilities are limited compared to human creativity [4]. - Engineers must input accurate knowledge into AI systems and verify the outputs, as AI cannot autonomously ensure optimal solutions [5]. - Verification is crucial to avoid costly errors, especially in integrated circuit manufacturing where costs are high [5]. - Trust in AI systems is essential, but human intervention is necessary to determine where to implement safety measures and verification steps [6]. - Many startups focus on RTL verification, but trust in AI-generated solutions remains low, requiring years of development and iteration [6]. Group 3: Complexity in Analog and Mixed-Signal Design - Analog design is inherently complex, with AI tools facing challenges in providing effective solutions [8]. - Engineers are increasingly distanced from core problem-solving as they focus on mastering AI tools rather than addressing design challenges directly [9]. - The complexity of analog/mixed-signal processing has increased due to customized tools and skills, complicating the design process further [9][10]. Group 4: Industry Adaptation and Future Outlook - Industries like aerospace and defense may adopt AI more slowly due to cultural and regulatory factors, but they cannot ignore the trend [12]. - The next generation, particularly those familiar with programming, may find new roles in coordinating AI rather than traditional programming tasks [12]. - There are concerns about the dangers of unsupervised AI code generation, highlighting the need for domain expertise to ensure functionality [13]. - AI is making strides in semiconductor design, particularly in automating tasks like functional verification and regression testing [14]. - The industry must prepare for scenarios where reliance on AI could be disrupted, emphasizing the need for skills that do not depend solely on AI [14].

Core Insights - On October 29, Lianyun Technology experienced a decline of 3.66% with a trading volume of 600 million yuan [1] - The company reported a financing buy-in amount of 86.91 million yuan and a net financing buy-in of 31.52 million yuan on the same day [1] - As of October 29, the total financing and securities lending balance for Lianyun Technology was 455 million yuan, accounting for 10.55% of its market capitalization [1] Financial Performance - For the period from January to September 2025, Lianyun Technology achieved a revenue of 921 million yuan, representing a year-on-year growth of 11.59% [2] - The net profit attributable to the parent company was 90.06 million yuan, reflecting a year-on-year increase of 23.05% [2] Shareholder Information - As of October 20, the number of shareholders for Lianyun Technology reached 15,100, an increase of 3.02% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.94% to 4,627 shares [2] - Notable new institutional shareholders include the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and several mixed funds [2]

Core Viewpoint - The announcement from OmniVision Technologies regarding the planned share reduction by its controlling shareholder, Yu Renrong, highlights the company's ongoing financial strategies and market positioning in the semiconductor industry [1][2]. Group 1: Share Reduction Details - Yu Renrong plans to reduce his shareholding by up to 24 million shares, representing a maximum of 1.99% of the total shares, between October 29, 2025, and January 28, 2026 [1]. - The estimated market value of the shares to be sold, based on the closing price of 151.17 yuan on September 30, is approximately 3.628 billion yuan [1]. - The reason for the share reduction is to repay loans and lower the pledge ratio, as Yu Renrong and his associates have pledged 198 million shares, accounting for 48.54% of their holdings and 16.44% of the company's total shares [1]. Group 2: Financial Performance - In the first half of the year, OmniVision reported revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit attributable to shareholders of 2.028 billion yuan, up 48.34% [2]. - The image sensor solutions segment generated 10.346 billion yuan in revenue, making up 74.21% of total revenue, with a year-on-year increase of 11.10% driven by demand in emerging fields such as automotive electronics [2]. - The automotive CIS business alone generated 3.789 billion yuan, reflecting a growth of 30.04% year-on-year, with a projected market share of 32.9% in the global automotive CIS market by 2024 [2].

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Shengjing Microelectronics, indicating a slight increase in stock price and notable trading volumes [1] - As of September 30, Shengjing Microelectronics experienced a financing buy-in of 10.25 million yuan, with a net financing buy of 1.65 million yuan, and a total financing balance of 109 million yuan, which represents 4.08% of its market capitalization [1] - The company has a high financing balance, exceeding the 80th percentile of the past year, indicating strong investor interest [1] Group 2 - As of September 20, the number of shareholders for Shengjing Microelectronics decreased by 12.08% to 15,600, while the average circulating shares per person increased by 13.74% to 4,087 shares [2] - For the first half of 2025, Shengjing Microelectronics reported a revenue of 235 million yuan, reflecting a year-on-year growth of 2.40%, and a net profit attributable to shareholders of 14.38 million yuan, which is a significant increase of 57.66% [2] - The company has distributed a total of 50.33 million yuan in dividends since its A-share listing [3] Group 3 - As of June 30, 2025, among the top ten circulating shareholders, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A is the fifth largest shareholder with 660,600 shares, marking it as a new shareholder [3] - The eighth largest shareholder is the Great Wall CSI 360 Internet + Index A, holding 417,700 shares, also a new shareholder [3]

Core Viewpoint - Intel is actively seeking investments and customer commitments to recover from its current challenges, with efforts being accelerated following the U.S. government's acquisition of a 10% stake in the company [1][3]. Group 1: Investment and Partnerships - Intel is in discussions with companies like Apple and TSMC to secure investments or manufacturing collaborations [3]. - The U.S. government, particularly through Commerce Secretary Howard Lutnick, has been encouraging tech companies to collaborate more closely with Intel, leading to investments from SoftBank and NVIDIA [3][6]. - Despite receiving commitments of $2 billion from SoftBank and $5 billion from NVIDIA, Intel still requires additional funding due to a $3.7 billion loss in the first half of the year [6]. Group 2: Strategic Direction - Intel has faced pressure from shareholders and analysts to divest its wafer manufacturing business and focus on chip design, but the CEO believes maintaining manufacturing is crucial for U.S. national security [6]. - Prior to the appointment of the current CEO, there were pushes within the company to separate the manufacturing business, but Intel is now working on establishing a firewall between design and manufacturing to reassure clients [6].