每日经济新闻 （责任编辑：张晓波 ） 【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 东海证券指出，电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，我国国产化力度超预 期。英伟达三季度财报显示，数据中心营收同比增长66%，主要由GB300加速推广推动，四季度预计营 收650亿美元，大超市场预期。谷歌发布Gemini 3，由自研TPU训练，各项基准测试表现远超上一代， 展现了最先进的推理能力和多模态理解技术。当前行业结构性机会集中在AI算力、AIOT、半导体设 备、关键零部件及存储涨价等领域。北美云厂商资本开支持续增长，高通进军AI芯片市场，进一步印 证行业高景气度。 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取涉及半导体、 软件开发、计算机设备等信息技术创新领域的上市公司证券作为指数样本，以反映信息技术创新相关上 市公司证券的整体表现。成分股侧重于信息技术创 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery, with companies like SMIC showing high capacity utilization and growth in average selling prices, while AI and technology sectors are accelerating innovation and demand [1] Group 1: Semiconductor Industry - SMIC's capacity utilization reached 95.8% in Q3, with an average selling price (ASP) increase of 3.8%, driven by product structure optimization and increased shipments of complex process products [1] - Despite Q4 being a traditional off-season, production lines are expected to remain fully loaded, indicating ongoing recovery in the semiconductor sector [1] - The price increase of memory chips has exceeded expectations, and the domestic production process is accelerating [1] Group 2: AI and Technology Innovation - Baidu has released its Wenxin large model 5.0 and Kunlun chips M100/M300, along with a "Five Years, Five Chips" strategic roadmap, signaling an acceleration in the AI field [1] - The current recovery in the electronics industry is supported by effective supply-side adjustments, highlighting structural opportunities in AI computing power, semiconductor equipment, key components, and rising storage prices [1] Group 3: Investment Opportunities - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index (CN5075), which selects listed companies involved in foundational hardware and software in the information technology innovation sector [1] - The index's constituent stocks have a large average market capitalization and focus on sectors such as semiconductors, software development, and computer equipment, covering core aspects of information technology innovation [1]

Core Insights - Global semiconductor sales are projected to reach $208.4 billion in Q3 2025, reflecting a quarter-on-quarter growth of 15.8%, driven by increased demand for memory and logic chips, particularly in the Asia-Pacific and Americas regions [1] - The adoption of 3D printing in consumer electronics is accelerating, marking the beginning of applications such as foldable device hinges and frames [1] - The reduction in AI training and inference costs is fostering application growth, with significant potential in edge AI, where headphones and glasses may become important carriers [1] - The NAND storage sector is experiencing a supply shortage, with SanDisk expecting this trend to continue until the end of 2026, while DRAM prices are on the rise [1] - The testing segment is seeing increased utilization rates, benefiting from the surge in demand for advanced packaging driven by AI chip requirements [1] Industry Overview - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets to reflect the overall performance of the Xinchang industry [1] - This index exhibits a large-cap style and focuses on innovation and development within the information technology sector, effectively representing the comprehensive market performance of companies in this field [1]

Core Insights - Qualcomm announced the launch of two AI acceleration chips, AI200 and AI250, entering the high-end AI data center chip market, introducing new competition and changes to the market landscape dominated by Nvidia [1] Industry Summary - The electronic industry is experiencing a sustained recovery in demand, effective supply clearance, and rising prices for storage chips, with domestic production efforts exceeding expectations [1] - Structural opportunities exist in areas such as AI computing power, AIOT, semiconductor equipment, key components, and rising prices of storage [1] Company Summary - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index, which selects 50 listed companies involved in the information technology innovation sector from the Shanghai and Shenzhen stock exchanges, covering semiconductor and software development businesses [1] - This index has a large-cap focus and emphasizes the theme of information technology innovation, exhibiting high growth potential and volatility [1]

Core Viewpoint - The continuous optimism towards the recovery trends in upstream sectors such as passive components, digital SoC, RF, storage, packaging and testing, and panels is highlighted, with specific mention of storage prices rebounding and increased utilization rates in packaging and testing due to the demand from advanced packaging driven by AI chips [1] Industry Summary - The recovery trend in the upstream sectors is supported by the rebound in storage prices and the gradual increase in packaging and testing utilization rates [1] - The demand for advanced packaging is expected to surge, driven by AI chip requirements [1] Company Summary - The Xinchang ETF (159537) tracks the Guozheng Xinchang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets [1] - The index aims to reflect the overall performance of listed companies related to the information technology theme, with a focus on large-cap stocks [1] - The industry allocation of the index emphasizes sectors such as semiconductors, software development, IT services, and computer equipment [1]

Core Insights - The Xinchang ETF (159537) rose over 2.8% on October 21, indicating positive market sentiment towards the electronic and semiconductor sectors [1] - Guojin Securities highlighted the ongoing favorable conditions in the electronic and semiconductor industries, with TSMC expressing optimistic views on AI demand [1] - AI revenue is expected to grow at a CAGR exceeding the previously indicated 45% from 2024 to 2029, driven by a surge in token numbers reflecting real demand for AI computing power [1] Industry Analysis - The strong demand for ASICs is fueled by a significant increase in downstream inference requirements, which is expected to continue [1] - NVIDIA's technology upgrades are contributing to both price and volume increases in PCB, leading to robust order fulfillment and production capacity among several AI-PCB companies [1] - The performance growth in the second half of the year is anticipated to remain high due to these factors [1] ETF Overview - The Xinchang ETF (159537) tracks the Guozheng Xinchang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets [1] - This index aims to reflect the overall performance of listed companies related to information technology innovation, with a focus on large-cap stocks [1] - The industry allocation is primarily concentrated in semiconductors and software development, covering multiple sub-sectors within information technology [1]

Group 1 - The consumer electronics sector is experiencing empowerment from AI technology, with traditional smart terminals upgrading their functions through AI and new smart hardware creating incremental demand, leading to significant opportunities for technological innovation in the supply chain [1] - In the semiconductor industry, the demand for AI computing power remains high, with a notable increase in overseas demand, while domestic ASIC development accelerates, and various SoC solutions are emerging [1] - AI is accelerating the process of "intelligent driving equality," driving revenue growth for companies in the supply chain, and the overall electronics industry benefits from AI-driven technological advancements and market demand [1] Group 2 - The Xinchuang ETF (159537) tracks the Guozhen Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors from the Shanghai and Shenzhen markets, reflecting the overall performance of the information technology innovation theme [1] - The average market capitalization of the index constituents is relatively large, with a primary focus on semiconductor and software development, while also covering computer equipment and IT services, showcasing the diversified development pattern of the Xinchuang industry [1]

Market Overview - The A-share market showed a rebound after initial declines, with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.45%, and ChiNext Index up 0.68% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion, an increase of 64 billion from the previous trading day [1] - The overall market sentiment improved, with over 3,600 stocks rising, particularly in the robotics sector, which saw significant gains [1] Robotics Sector - The robotics sector led the market with the Robotics Industry ETF (159551) rising by 3.42% and the Industrial Mother Machine ETF (159667) increasing by 2.09% [8] - Recent developments from Tesla, including Elon Musk's plans for AI chip evaluations and stock purchases, indicate a strong focus on robotics and AI technologies [9][11] - The upcoming Tesla shareholder meeting and the release of the third-generation Optimus robot are expected to catalyze further interest in the robotics sector [11] Gold Market - Gold prices continued to rise, supported by signs of a weakening U.S. economy and ongoing discussions about de-dollarization in the global monetary system [3][5] - The U.S. labor market shows concerning trends, with a significant downward revision of non-farm employment figures and a rising unemployment rate when considering part-time workers [3][4] - Central banks, including China's, are increasing their gold reserves, with China's reserves reaching 74.02 million ounces, marking a continuous increase for ten months [5] Domestic Computing Power - The domestic computing power sector performed well, with the Xinchuang ETF (159537) up 2.06% and the Sci-Tech Chip ETF (589100) up 1.36% [12] - Ongoing U.S.-China trade negotiations and regulatory scrutiny on companies like NVIDIA are influencing the domestic chip market [12][13] - The geopolitical risks are strengthening the logic for domestic computing power, making it a potentially attractive investment area [13]

Group 1 - The core viewpoint is that the domestic AI industry in China is rapidly catching up, with DeepSeek driving the rise of domestic large models, especially under the backdrop of chip sanctions, which raises higher demands for autonomous and controllable computing power [1] - By 2025, it is anticipated to be the year of commercialization for AI applications, with rapid growth in AI software revenue represented by large models, enhanced richness of vertical scenario agents, and improved multimodal capabilities [1] - Global demand for AI computing power is accelerating, with the combined capital expenditure of four major tech giants on AI expected to exceed $350 billion by 2025 [1] Group 2 - Domestic large models are focusing more on multimodal and lightweight approaches, avoiding excessive pursuit of intelligence levels, and emphasizing commercial implementation [1] - AI hardware is rapidly iterating, with companies like Tesla gradually applying robotaxi fleets and robots in consumer-level scenarios [1] - The financial and advertising sectors are identified as the first areas where AI software is making breakthroughs, with financial institutions actively investing in AI, particularly in research, investment, and risk control as core application scenarios [1] Group 3 - The Xinchuan ETF (159537) tracks the Guozhen Xinchuan Index (CN5075), which selects listed company securities in the information technology innovation theme, covering basic hardware, software, application software, and information security, reflecting the overall performance of growth-oriented and technologically innovative enterprises [1] - The index is primarily distributed in the computer and electronics sectors, focusing on market trends under the themes of technological autonomy and domestic substitution [1]

Core Insights - The Xinchuang industry is benefiting from the competitive dynamics among major countries and the construction rhythm of the 14th Five-Year Plan, with a significant increase in government procurement related to Xinchuang projects, surpassing 120 billion yuan in the first half of the year, marking a year-on-year surge of 78% [1] - The second quarter showed a steady upward trend in the Xinchuang industry chain, with the third quarter expected to accelerate procurement of related products as a key bidding window, driven by strong demand for domestic software and hardware infrastructure [1] - The Xinchuang ETF (159537) tracks the Guozheng Xinchuang Index (CN5075), focusing on the information technology innovation sector, selecting representative listed companies in areas such as information security, cloud computing, and big data [1] Industry Summary - The Xinchuang industry is experiencing robust growth due to ongoing policy support and increasing demand for domestic technology solutions, indicating a stable upward development trend [1] - The Guozheng Xinchuang Index reflects the overall performance of listed companies in the information technology innovation theme, with a focus on technology and emerging information technology services [1] - Investors without stock accounts can consider the Guotai Guozheng Information Technology Innovation Theme ETF linked funds for exposure to this sector [1]