Group 1: A-Share Market Performance - The A-share market continued to strengthen on August 22, with the Shanghai Composite Index breaking through 3800 points, reaching its highest level since August 20, 2015 [1] - Chip stocks led the market rally, with the Tianhong Chip ETF (159310) rising by 7.74% and trading volume exceeding 16 million yuan [1] - Key component stocks such as Haiguang Information and Shengmei Shanghai hit the daily limit, while Cambrian-U rose over 14% [1] Group 2: Chip ETF Insights - As of August 21, the Tianhong Chip ETF (159310) had a latest circulating scale of 1.003 billion yuan, ranking first among similar products in the Shenzhen market [1] - The Tianhong Chip ETF tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Haiguang Information, where Cambrian's estimated weight reached 12.26% [1] - The ETF also includes off-market linked funds [1] Group 3: AI Chip Market Growth - The AI chip market is rapidly expanding due to increasing demand for large model training, autonomous driving, and edge AI applications [2] - Deloitte's report estimates the global chip market to reach $576 billion in 2024, with AI chip sales accounting for 11%, exceeding $57 billion [2] - By 2025, the new generation of AI chips is expected to surpass $150 billion, and by 2027, the global AI chip market could grow to $400 billion, with conservative estimates reaching $110 billion [2] Group 4: Domestic AI Chip Development - Zhongyuan Securities predicts that by the first half of 2025, technological innovation will drive the rise of domestic large models and widespread AI applications [3] - The semiconductor industry is expected to continue its recovery, with increased demand for autonomous and controllable solutions [3] - High-end AI chip localization is deemed essential, with companies like Cambrian, Haiguang Information, and Huawei leading the charge, while other domestic AI chip manufacturers are also accelerating their market penetration [3]

3 2025 年 08 月 18 日 高端 AI 芯片国产化势在必行，覆铜板厂商涨价 反映 PCB 产业链景气度高企 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：中芯国际发布 二季度财报，OpenAI 发布 GPT5》 2025-08-11 2、《电子行业周报：国常会《关于 深入实施"人工智能+"行动的意 见》通过，国产 AI 算力建设迈入新 台阶》2025-08-04 3、《电子行业周报：谷歌上修全年 资本开支，半导体全产业链国产化 势在必行》2025-07-28 ▌上周回顾 8 月 11 日- 8 月 15 日当周，申万一级行业涨跌呈分化的态 势。其中电子行业上涨 7.02%，位列第 2 位。估值前三的行 业为计算机、国防军工、电子，电子行业市盈率为 61.03。 电子行业细分板块比较，8 月 11 日-8 月 15 日当周，电子行 业细分板块整体呈上涨态势。其中，被动元件涨幅最大，达 到 12.32%。估值方面，模拟芯片设计、LED、数字芯片设计 板块估值水平位列前三，分立器件和半 ...