Group 1 - The A-share market continues to show weakness, with the three major indices experiencing fluctuations and declines, while the Kexin 50 ETF (588000) shows a narrowed increase of 0.77% in the afternoon session [1] - The semiconductor sector remains strong, with key stocks such as Cambrian Technology rising over 3%, and Jingchen shares increasing by 15%, indicating robust performance in this industry [1] - A price surge in storage chips is noted, with Samsung's 32GB DDR5 server memory contract price soaring by 60% compared to September, and SanDisk raising NAND flash contract prices by up to 50%, leading to a halt in shipments by some module manufacturers [1] Group 2 - The semiconductor industry's positive outlook is supported by favorable demand from AIGC and consumer sectors, with expectations for accelerated domestic semiconductor industry localization [1] - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, aligning well with the development of cutting-edge industries like artificial intelligence and robotics [2] - The ETF also covers various high-tech fields, including semiconductors, medical devices, software development, and photovoltaic equipment, suggesting a strong long-term growth potential for China's hard technology sector [2]

年内，伴随着行情整体升温，主动权益基金产品净值呈整体上涨趋势，部分因"历史因素"造成的"四毛 基""五毛基"在年内成功上演了逆袭戏码。 "等风来"和"断臂求生"兼而有之 为何此前跌落至"五毛基"？从发行时间来看不难发现，多只产品因诞生在前期高位的2020或2021年，从而背上 了"历史包袱"并与大盘行情同步滑落。 有产品此前多个季度坚守光模块和算力板块等，因此在年内得以"等风来"，还有产品一改此前投资风格，在大 涨前夕将仓位调向机器人、人工智能等板块从而抓住风口。 然而值得注意的是，净值的回暖并未带来份额的猛增，在"五毛基"逆袭的过程中，多只基金的份额增幅有限甚 至有所下滑。有分析指出，"回本"是基金赎回概率最高的区间，不少投资者在"深套"后的回暖行情中选择了卖 出止损或落袋为安。 多只基金上演"逆袭"戏码 截至去年末，包括恒越优势精选、汇添富香港优势精选、中航新启航、华泰柏瑞质量精选以及国寿安保低碳经 济等多只基金净值不足0.6元，但凭借着年内优秀涨幅，前述产品顽强地将净值拉回1元。 其中，恒越优势精选在此类产品中涨幅最高，截至11月14日年内涨幅高达146.87%。该基金去年年末的单位净 值仅为0.60元 ...

LONDON — European bourses are expected to open lower on Tuesday as global markets pull back on renewed concerns over AI-linked stocks.The U.K.'s FTSE index is seen opening 1.1% lower, Germany's DAX and France's CAC 40 down 1.3% and Italy's FTSE MIB down 1.27%, according to data from IG.Regional markets look set to follow their global counterparts lower after tech losses dragged Wall Street lower on Monday with the three major U.S. indexes closing in the red; the 30-stock Dow Jones Industrial Average plunged ...

The index fell as much as 3.3% to 48,661,52, hitting its lowest level since October 23, as the selloff accelerated in the afternoon session. It was last down 3% at 48,808.33, as of 0502 GMT, while the broader Topix slipped 2.49% to 3,264.11. "Once the Nikkei fell below the key 50,000 level, sentiment worsened and the sell-off accelerated," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory. "Some investors wanted to buy shares on a dip, but even they waited for shares t ...

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。 （文章来源：每日经济新闻） 据智通财经消息，受上游存储芯片价格持续大幅上涨影响，多家手机厂商已暂缓本季度存储芯片采购计 划。目前，小米、OPPO、vivo 等主流厂商的库存普遍低于两个月，部分厂商的DRAM（动态随机存取 存储器）库存甚至不足三周，正面临是否接受原厂（美光、三星、SK 海力士）接近50%涨幅报价的艰 难抉择。 华西证券表示，AI芯片国产化进程是长期必然趋势，在当前时点，是国产芯片发展最佳时机。持续看 好包括先进制程制造、芯片架构升级对整体国产算力水平的拉动，有望推动国产算力份额持续提升。 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.74%，文化传媒、办公用品、互联网等板 块涨幅靠前，精细化工、化肥农药跌幅居前。芯片科技股走强，截至13:22，芯片ETF（159995）上涨 1.32%，其成分股北方华创上涨6.66%，中微公司上涨4.52%，拓荆科技上涨4.48%，华海清科上涨 2.66%，瑞芯微上涨 ...

European stocks are seen opening on a cautious note Tuesday as concerns persist over tech valuations and the outlook for U.S. interest rates.As economic risks mount, investors await cues from the delayed September U.S. jobs data and earnings from Nvidia.The strength of Nvidia's results and its guidance could have a significant impact on the amid recent concerns about an AI bubble. Nvidia is all set to unveil its third quarter results after the close of trading on Wednesday, and its forward guidance could h ...

来源：EETOP 台积电的亚利桑那工厂堪称美国芯片产业"里程碑式的重大项目"，但不断攀升的成本吞噬了巨额利润，给公司运营带来压力。 台积电美国业务成本持续高企先进制程推进加剧压力 台积电美国工厂外景（EETOP 拍摄于2024年） 这家中国台湾芯片巨头在美国的投资曾被视为一项积极进展—— 它为美国搭建自主供应链开辟了新可能。不过据中国台湾媒体《工商时 报》报道，受大规模半导体建厂计划影响，台积电美国业务利润环比大幅下滑超100倍，从 42.32 亿新台币骤降至 4100 万新台币。此 外，计划在美国布局高端制程，也是其成本高企的原因之一。 台积电的亚利桑那工厂具有重要战略意义：不仅对美国芯片产业至关重要，更助力全球构建"摆脱地缘政治冲突影响" 的供应链。台积电 迅速加码美国投资，一大关键原因是客户对美国制造方案的倾向 —— 这一倾向在特朗普政府上台后愈发强烈。但事实证明，在美国打造 芯片供应链代价高昂，成本显著高于其他地区便是核心体现。 报道指出，台积电亚利桑那第二工厂（Fab 2）的盈利能力预计将下滑，主要因该公司正推进 3 纳米等先进芯片生产线建设，而这需要投 入昂贵的工艺设备。亚利桑那首座工厂聚焦相对成 ...

Peter Thiel’s hedge fund Thiel Macro LLC sold its stake in Nvidia Corp. during the third quarter, marking yet another retreat from investments in the world’s leading provider of artificial intelligence chips.The fund offloaded its entire position of 537,742 shares in the Santa Clara, California-based chipmaker — a holding that would have been worth about $100 million based on the closing price from Sept. 30. The Thiel Macro fund now counts Apple Inc., Microsoft Corp. and a reduced stake in Tesla Inc. as it ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 11月18日消息，据台媒报道，台积电位于美国亚利桑那州的工厂正面临严峻的财务压力。 数据显示， 该工厂的利润呈断崖式下滑， 2025年第2季度盈利42.32 亿新台币，而在第3季度骤降至仅 4100 万新台币， 降幅达到 99%。 报道指出，台积电赴美建厂，一方面满足了美国客户期望制造业回流的需求，另一方面也有助于其在全球范围内建立一条更具弹性的半导 体供应链。然而，理想的战略布局必须直面现实的运营挑战，其中最突出的问题就是在美国建厂的成本远高于预期。 利润下滑的核心原因， 在于台积电正加速推进其亚利桑那二厂向 3 纳米等高端制程节点的转型。 与专注于成熟制程并取得成功的一厂不 同，二厂的目标是满足由 AI 热潮驱动的、对尖端芯片不断增长的客户需求。转向先进制程意味着必须投入极其昂贵的工艺设备，从而大幅 推高了整体的运营开支，直接侵蚀了盈利能力。 在美国制造芯片本身就是一项高成本的投资。除了昂贵的设备外，当地高昂的劳动力成本、建造成本，以及核心技术人才库严重依赖引进 等问题，都进一步加剧了财务压力。 ...

Group 1 - The semiconductor materials and equipment index rose by 3.86%, with key stocks like Jingyi Equipment up by 9.38% and Northern Huachuang up by 7.69% [1] - The semiconductor sector is experiencing a surge due to rising memory chip prices, driven by strong demand for AI servers, leading to structural shortages in products like DDR4 [1] - SMIC reported a significant increase in orders for various semiconductor products, indicating a supply gap in the industry that is expected to maintain high price levels [1] Group 2 - China Galaxy Securities highlighted that AI computing chips remain the core growth engine for the sector, with leading companies benefiting from the explosive demand for AI servers, resulting in increased revenue and profits [1] - The performance of core companies related to AI edge chips has also been impressive, suggesting a positive outlook for the sector [1] - The semiconductor materials ETF and its associated funds focus heavily on upstream semiconductor equipment (61%) and materials (21%), indicating a strategic emphasis on these areas [1]