广发证券指出，EDA行业是半导体产业链不可或缺的一环，具备高壁垒和优质商业模式。其壁垒主要 体现在高强度的研发投入及上下游生态协作，需持续应对晶体管增多、芯片尺寸缩小和流片加速的压 力。商业模式以授权制为主，客户黏性强、替代成本高，盈利质量稳定且具备抗周期性，需求受技术迭 代驱动而非短期终端波动。全球EDA市场规模从2018年不足100亿美元增长至目前150亿美元以上，国 内市场规模从2016年约50亿元提升至2025年近200亿元，增速显著高于全球。芯片复杂度提升、先进制 程演进和定制ASIC市场扩张是行业增长的三大核心驱动。国产EDA厂商以点工具突破为主，正通过并 购整合加速向平台化演进，未来行业格局有望重塑。 （文章来源：每日经济新闻） 芯片ETF（512760）跟踪的是中华半导体芯片指数（990001），该指数聚焦于中国A股市场中的半导体 行业，涵盖从材料、设备设计到制造、封装及测试等全产业链环节的上市公司证券，旨在反映半导体芯 片产业链相关上市公司的整体表现。 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅 读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的 产品，谨慎投资。 每日经济新闻 （责任编辑：张晓波 ） 1月6日，芯片ETF（512760）涨超2.3%，半导体自主可控进程引关注 申万宏源证券指出，半导体全产业链与生产制造工艺高度绑定，在设备限制等因素下，国产晶圆厂 开发出新技术路径，海外EDA工具无法为分化的国产工艺提供支撑，这为国产EDA厂商创造了独立的 市场空间。近期EDA行业IPO和并购活跃，交易金额逐步放大，标的趋向数字IC设计的核心环节，行业 进入加速发展阶段。未来 ...

Group 1 - The core viewpoint is that the listing of Moore Threads on the Sci-Tech Innovation Board demonstrates China's strategic commitment to investing in the domestic computing power industry, particularly in the development of next-generation AI and graphics chips [1] - Domestic GPU companies still lag behind international leaders in technology accumulation and ecosystem development, but have achieved breakthroughs in single-chip support for AI computing and graphics rendering [1] - Micron's exit from the consumer storage business to focus on high-growth areas like AI and data centers reflects a trend of supply shortages and rising prices in the storage chip market [1] Group 2 - The current recovery in electronic industry demand, effective supply clearance, and unexpected progress in domestic production efforts indicate structural opportunities in semiconductor equipment, key components, and rising storage prices [1] - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing to reflect the overall performance of semiconductor-related stocks [1] - This index includes 50 representative stocks, focusing on industry leaders and high liquidity companies, covering the entire semiconductor chip industry chain in the information technology sector [1]

Core Viewpoint - The chip ETF (512760) has risen over 1.3%, with institutions indicating that the demand for wafer foundry services may experience structural improvement in the near future [1] Industry Summary - The global wafer foundry industry is expected to see a revenue growth of 22.1% year-on-year by 2025, driven by AI and electric vehicles, which are projected to have shipment growth rates of 24% and 14% respectively in 2026 [1] - As concerns over U.S. tariffs on the semiconductor supply chain diminish, customer inventory strategies are shifting towards healthier levels, with urgent orders anticipated to boost the wafer foundry market performance in the second half of 2025 [1] - The demand for advanced packaging in AI high-performance computing (HPC) is strong, although the CoWoS solution faces capacity shortages and photomask size limitations, leading some cloud service providers to shift towards Intel's EMIB technology [1] - The electronic semiconductor industry may witness a comprehensive recovery in 2025, with an accelerated clearing and repair of the competitive landscape, resulting in a sustained recovery of profit cycles and related company profits [1] Company Summary - The chip ETF (512760) tracks the China Semiconductor Index (990001), which focuses on core enterprises in the semiconductor industry within the Chinese A-share market, covering sectors such as semiconductor equipment, chip design, and integrated circuit manufacturing [1] - This index aims to reflect the progress of domestic semiconductor industry development and technological advancements, characterized by high industry concentration and growth potential [1]

Core Viewpoint - The current recovery in the electronic industry is driven by demand, supply-side adjustments, and unexpected price increases in storage chips, alongside an accelerated process of domestic production [1] Group 1: Industry Trends - The demand for AI computing power, semiconductor equipment, key components, and rising storage prices present structural investment opportunities worth attention [1] - The semiconductor ETF (512760) tracks the China Semiconductor Index (990001), focusing on listed semiconductor-related companies [1] Group 2: Index Composition - The index includes no more than 40 representative securities to reflect the overall performance of the semiconductor industry chain [1] - The constituent stocks emphasize upstream sectors of the semiconductor industry, highlighting technological content and trends in domestic substitution [1]

Group 1 - The core viewpoint is that 3D printing is accelerating its penetration in the consumer electronics sector, with applications in foldable device hinges and watch/mobile phone frames expected to initiate a new era [1] - The reduction in AI training and inference costs is driving application prosperity, with significant potential in edge AI, where headphones and glasses may become important carriers [1] - The launch of the Apple AI Phone is setting trends, and the upgrade of AI features may stimulate a replacement cycle for devices [1] Group 2 - In the semiconductor industry, global sales are projected to reach $208.4 billion by Q3 2025, reflecting a quarter-on-quarter growth of 15.8%, driven significantly by demand for memory and logic chips, particularly in the Asia-Pacific and Americas regions [1] - Domestic equipment is making continuous breakthroughs in advanced processes, with "advanced process expansion" expected to be a key focus for the next three years, highlighting the importance of CoWoS and HBM in the context of AI trends [1] - SanDisk's performance indicates that NAND demand exceeds supply, with inventory turnover days decreasing, and a continued supply shortage is anticipated until the end of 2026 [1] Group 3 - The passive components, digital SoC, RF, storage, and packaging/testing sectors are showing clear signs of recovery, with the packaging segment's utilization rate rebounding, benefiting from the advanced packaging demand driven by AI chips [1] - The AI wave is leading to an explosion in computing power demand, enhancing the value across servers, AI chips, optical chips, storage, and PCBs [1] Group 4 - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which selects listed companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing from the Shanghai and Shenzhen markets [2] - This index focuses on the information technology sector, emphasizing the trends of domestic semiconductor industry replacement and technological innovation, with a selection of constituent stocks based on industry representation and technological advancement [2]

Group 1 - Nvidia announced the release of Blackwell and Rubin architecture cabinet solutions at GTC2025, with the first-generation Rubin NVL144 showing a performance improvement of approximately 3.3 times over the GB300 NVL72, and the second-generation Rubin Ultra576 expected to enhance performance by about 14 times, set to launch in the second half of 2027 [1] - The Vera Rubin Superchip was showcased, featuring an 88-core Arm CPU, dual Rubin GPUs, and 2TB of memory, achieving a computing power of 100 PFLOPS; additionally, the CPX computing board was presented, supporting context acceleration for over one million tokens, aimed at large model inference scenarios [1] - Nvidia anticipates GPU sales exceeding $500 billion over the next five quarters, with projected lifecycle shipments of Blackwell and Rubin reaching 20 million units, significantly higher than the 4 million units of Hopper [1] Group 2 - Nvidia will collaborate with Oracle and the U.S. Department of Energy to build the Solstice and Equinox supercomputing systems, deploying 100,000 and 10,000 Blackwell GPUs respectively, with a total computing power of approximately 2200 EFLOPS, expected to be operational by the first half of 2026 [1] - The chip ETF (512760) tracks the China Semiconductor Chip Index (990001), which selects listed companies involved in semiconductor chip materials, equipment, design, manufacturing, packaging, and testing from the Shanghai and Shenzhen markets to reflect the overall performance of related listed companies in the semiconductor industry [1]

Group 1 - The semiconductor industry exhibits a typical "bull long, bear short" characteristic, with an average mid-cycle of 4-5 years, indicating that investors should focus on performance realization and valuation switching windows [1] - "Technology first" is the main theme of the current bull market, with the electronic semiconductor sector possessing three long-term advantages: relative profitability, overseas mapping, and global cycle resonance [1] Group 2 - The Chip ETF (512760) tracks the China Semiconductor Chip Index (990001), which selects listed companies involved in semiconductor chip materials, equipment, design, manufacturing, packaging, and testing from the Shanghai and Shenzhen markets to reflect the overall performance of the semiconductor chip industry [1]

Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, AI chips, optical chips, storage, and PCB boards [1] - Micron Technology anticipates that the DRAM market will remain extremely tight until 2026, with supply-demand imbalance worsening; the wafer demand for high bandwidth memory (HBM) required for AI applications is approximately three times that of standard DRAM [1] - The rising costs of new factory construction and extended production cycles are exacerbating supply tightness in the semiconductor industry [1] Group 2 - Lam Research is assisting clients in addressing the challenges of semiconductor manufacturing transformation driven by AI, with "advanced process expansion" becoming a key focus over the next three years [1] - CoWoS and HBM are positioned to capitalize on AI industry trends, highlighting the growing importance of advanced packaging [1] - The Chip ETF (512760) tracks the China Semiconductor Index (990001), which focuses on the core semiconductor industry chain in China, selecting listed companies involved in semiconductor materials, equipment, and end applications [1]