规模方面，科创半导体ETF近3月规模增长27.71亿元，实现显著增长，新增规模位居可比基金1/3。（数据来源：Wind） 份额方面，科创半导体ETF近1周份额增长2200.00万份，实现显著增长，新增份额位居可比基金1/3。（数据来源：Wind） 资金流入方面，科创半导体ETF最新资金净流出5119.42万元。拉长时间看，近5个交易日内有3日资金净流入，合计"吸金"1.17亿元，日均净流入达2337.91万 元。（数据来源：Wind） 数据显示，杠杆资金持续布局中。科创半导体ETF最新融资买入额达1397.91万元，最新融资余额达4067.75万元。（数据来源：Wind） 截至11月26日，科创半导体ETF近6月净值上涨40.30%，指数股票型基金排名593/3914，居于前15.15%。从收益能力看，截至2025年11月26日，科创半导体 ETF自成立以来，最高单月回报为23.48%，最长连涨月数为4个月，最长连涨涨幅为58.76%，涨跌月数比为4/3，上涨月份平均收益率为12.51%，月盈利概率 为64.83%，历史持有6个月盈利概率为100.00%。截至2025年11月26日，科创半导体ETF近6个月超 ...

Core Viewpoint - The semiconductor sector in the A-share market is experiencing strong performance, with a significant number of companies reporting positive earnings forecasts for the third quarter, indicating robust growth potential in the industry [1][3]. Group 1: Market Performance - The Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index rose by 2.31%, with notable increases in constituent stocks such as Huaxing Yuanchuang (up 6.17%) and Zhongke Feicai (up 4.55%) [1]. - The Sci-Tech Semiconductor ETF (588170) increased by 2.2%, with a latest price of 1.4 yuan, and a turnover rate of 5.73% during the trading session, amounting to a transaction volume of 206 million yuan [1]. - Over the past week, the average daily trading volume of the Sci-Tech Semiconductor ETF reached 775 million yuan, outperforming similar funds [1]. Group 2: Earnings Forecasts - As of now, 140 A-share listed companies have released their earnings forecasts for the third quarter, with 117 companies expecting positive results, leading to a positive forecast ratio of approximately 83.57% [1]. - The semiconductor, artificial intelligence, consumer electronics, and communications sectors are showing sustained improvement in performance based on both the third-quarter reports and earnings forecasts [1]. Group 3: Industry Outlook - Tianfeng International Securities indicates that the long-term outlook for the semiconductor sector remains strong, driven by expanding demand and increasing market share for domestic companies due to ongoing domestic substitution efforts [1]. - The semiconductor equipment and materials industry is identified as a key area for domestic substitution, characterized by low domestic production rates and high potential for growth, benefiting from the expansion of semiconductor demand driven by the AI revolution and technological advancements [2].

2、存储芯片方面：国内先进制程及存储产线长期产能规划乐观、明确，尤其是先进逻辑产能未来数倍级空间，有望成为国内扩产的核心增量所在。下半年 部分产线扩产有序落地，有望拉动设备厂商订单和板块情绪。 行业消息面上： 1、设备方面：以"芯启未来，智创生态"为主题的2025湾区半导体芯片展(湾芯展)，将于10月15日至17日在深圳福田会展中心举办，相关负责人公开确认， 本土半导体企业新凯来将参展，并会"给大家带来意想不到的惊喜"。此外，美方对国内半导体产业链的限制再升级，进一步锁死海外厂商对华销售，利好自 主可控。 机构指出，大国博弈愈烈，美对华核心科技限制"一鼓作气 再而衰 三而竭"，反倒中国通过稀土长臂管辖和对核心企业反垄断调查等方式掌握了阶段性的"战 略主动权"。加之关税效应明显边际递减。 在突发关税预期下，市场普遍认为前期涨幅较多的AI/国产化板块将承压，但从景气度、替代空间、超预期可能性等方面来看，自主可控+AI浪潮共振的强产 业趋势依旧是最好的布局方向。后续主要观察半导体核心环节的突破进展，以及国内AI产业链供需两侧的边际变化。 截至2025年10月13日 14:23，上证科创板半导体材料设备主题指数(95 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index surged by 9.80% as of September 24, 2025, with notable increases in constituent stocks such as ShenGong Co. (up 20.01%), Shengmei Shanghai (up 15.90%), and Jingyi Equipment (up 15.03%) [1] - The Sci-Tech Semiconductor ETF (588170) rose by 9.50%, reaching a peak increase of 10% during trading, marking its third consecutive day of gains [1] - Over the past five days, the Sci-Tech Semiconductor ETF has seen continuous net inflows, with a maximum single-day net inflow of 136 million yuan, totaling 374 million yuan, averaging 7.49 million yuan in daily net inflows [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) and its linked funds (Class A: 024417; Class C: 024418) track the Shanghai Stock Exchange's semiconductor materials and equipment index, encompassing hard-tech companies in semiconductor equipment (59%) and semiconductor materials (25%) [1] - The semiconductor equipment and materials industry is a significant area for domestic substitution, characterized by low domestic substitution rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution, waves of technology restructuring and mergers, and advancements in lithography technology [1]

Group 1 - The semiconductor industry is experiencing a collective surge, with the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) rising by 10.77% as of September 24, 2025 [1] - Key stocks such as Shengong Co., Ltd. (688233) and Jingyi Equipment (688652) saw significant increases of 20.01% and 19.99% respectively, indicating strong market performance [1] - The anticipated price increase of semiconductor silicon wafers is driving this market momentum, with notable stock price increases for companies like GlobalWafers and Win Semiconductors [1] Group 2 - According to Dongguan Securities, global computing power is expected to grow by 100,000 times by 2035, leading to disruptive innovations in computing architecture, materials, devices, and engineering processes [2] - The demand for AI storage capacity is projected to increase by 500 times compared to 2025, with AI becoming a key driver for this growth [2] - Domestic policies are favoring the localization of computing power chips, while major cloud service providers like Baidu, Alibaba, and Tencent are increasing capital expenditures to adapt to mainstream domestic chips [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index account for 71.5% of the index, highlighting the concentration of market performance among these companies [3] - The leading companies in this index include Huahai Qingsi (688120) and Zhongwei Company (688012), indicating their significant role in the semiconductor materials and equipment sector [3]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.53%, with notable increases in constituent stocks such as Anji Technology (up 2.31%) and Tianyue Advanced (up 2.10%) [1] - The Sci-Tech Semiconductor ETF (588170) saw a price increase of 0.52%, reaching a latest price of 1.15 yuan, with a trading volume of 58.85 million yuan and a turnover rate of 9.93% [1] - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 591 million yuan, marking a new high since its establishment, with a total of 515 million shares, the highest in three months [1] Group 2 - Juhe Materials announced a plan to establish a special purpose company (SPC) with Han Investment Partners to acquire SK Enpulse's blank mask business for 68 billion KRW (approximately 350 million yuan) [2] - The semiconductor materials industry is experiencing a positive inventory destocking trend, with improving supply-demand dynamics and a recovery in industry prosperity [2] - The semiconductor industry is benefiting from ongoing domestic substitution processes and a global cyclical upturn, indicating signs of recovery [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in the semiconductor equipment (59%) and materials (25%) sectors [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, characterized by low domestic production rates and high potential for domestic replacement [3] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, with significant representation from semiconductor equipment (59%) and materials (24%) [3]

Group 1 - The South Korean government is preparing its first official budget under the Lee Jae-myung administration, with a planned expenditure increase of 8%-9% for the upcoming year [1] - Total government expenditure is expected to rise from 673.3 trillion KRW this year to approximately 730 trillion KRW, an increase of about 60 trillion KRW [1] - The budget will focus on addressing structural low growth by reallocating funds towards "growth areas," particularly in research and development and artificial intelligence [1] Group 2 - Significant budget support will be directed towards enterprise-level AI projects, including humanoid robots, fully autonomous vehicles and ships, drones, AI home appliances, AI factories, and terminal AI semiconductors [1]

华西证券认为，AI在海外算力链持续业绩高增与指引抬高的背景下保持高位，中短期存在筹码切换的 波动压力，但长期看，在推理算力及模型迭代升级驱动下，算力全产业链仍处于行业早期成长阶段，建 议持续关注。 相关ETF：公开信息显示，科创半导体ETF（588170）跟踪上证科创板半导体材料设备主题指数，囊括 科创板中半导体设备（59%）和半导体材料（25%）细分领域的硬科技公司。半导体设备和材料行业是 重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导体 需求扩张、科技重组并购浪潮、光刻机技术进展。 截至2025年8月8日 13点43分，上证科创板半导体材料设备主题指数下跌0.96%。成分股方面涨跌互现， 新益昌领涨6.63%，中船特气上涨5.62%，华海诚科上涨1.69%；神工股份领跌4.33%，中芯国际下跌 4.02%，中科飞测下跌3.44%。科创半导体ETF（588170）下跌1.03%，最新报价1.06元。拉长时间看， 截至2025年8月7日，科创半导体ETF（588170）近1周累计上涨0.85%。流动性方面，科创半导体ETF （588170）盘中换手8.7%，成交368 ...

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.19%, with notable increases in stocks such as ShenGong Co. (+9.40%) and Longtu Photoresist (+6.78%) [1] - The Sci-Tech Semiconductor ETF (588170) has seen a cumulative increase of 0.94% over the past two weeks, with a trading volume of 66.72 million yuan and a turnover rate of 15.66% [1] - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 425 million yuan, marking a three-month high, with a total of 397 million shares outstanding [1] Group 2 - The National Data Bureau announced the completion of nine technical documents for the national integrated computing network, indicating a shift from planning to implementation in the construction of the integrated computing network [2] - The National Big Fund Phase III is focusing on supporting the domestic replacement of equipment and components, with local governments offering tax incentives and talent policies to bolster the semiconductor industry [2] - The market share of domestic equipment manufacturers in China is projected to increase from 7% in 2020 to 19% in 2024, highlighting the trend of domestic substitution in semiconductor equipment [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the semiconductor materials and equipment index, focusing on companies in the semiconductor equipment (59%) and materials (25%) sectors, which are crucial for domestic substitution [3] - The semiconductor materials ETF (562590) and its connected funds also emphasize the upstream semiconductor sector, reflecting the industry's potential for growth amid increasing domestic demand [3]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.21% as of July 25, with mixed performance among constituent stocks [1] - New Yichang led the gains with an increase of 6.89%, while Jingyi Equipment experienced the largest decline at 2.03% [1] - The Sci-Tech Semiconductor ETF (588170) fell by 0.28%, with a latest price of 1.07 yuan, but has seen a cumulative increase of 6.21% over the past week [1] Group 2 - The latest net inflow of funds into the Sci-Tech Semiconductor ETF was 118 million yuan, with a total of 114 million yuan net inflow over the past five trading days [1] - Longjiang Storage has made significant breakthroughs in promoting "fully domestic" manufacturing equipment, with the first fully domestic production line expected to enter trial production in the second half of 2025 [1] - According to Everbright Securities, this development marks a significant improvement in the self-controllable capabilities of China's semiconductor industry chain, representing a milestone for the domestic semiconductor industry's localization process [1][2] Group 3 - The Sci-Tech Semiconductor ETF tracks the Shanghai Stock Exchange's semiconductor materials and equipment index, encompassing 59% semiconductor equipment and 25% semiconductor materials companies, making it the highest in the market [2] - The semiconductor equipment and materials industry is a crucial area for domestic substitution, characterized by low domestic substitution rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [2]