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，国产晶圆厂在设备限制下开发出新 技术路径，海外EDA工具无法支撑国产工艺分叉，为国产EDA厂商创造了独立市场空间。行业近期IPO 和并购活跃，3家一级公司启动IPO流程，所处环节差异化，符合行业集中化趋势；并购交易金额放大 且标的趋向数字IC设计核心环节，进入"先进领域攻坚+并购活跃"阶段。政策与资本支持加速行业整 合，地方政府及国家大基金三期将持续推动EDA平台型厂商通过并购打通全流程工具链，匹配国产晶 圆厂需求。中长期看，行业将形成2-3家头部厂商，伴随国产先进产线放量迎来收入释放。当前需关注 国产工艺分叉机遇、产业链协同效应及工具链补齐进度。 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领域的上市公司证券作为指数样本，以反映信息技术创新行业相关上 市公司证券的整体表现。该指数偏重大盘风格，行业配置上以半导体、软件开发及IT服务为主，具有较 高的平均个股市值。 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 ...

兴业证券指出，3D打印在消费电子领域加速渗透，折叠机铰链、手表/手机中框等场景有望开启应用元 年。AI训练和推理成本降低推动应用繁荣，端侧AI潜力巨大，耳机和眼镜或成为重要载体。苹果AI Phone引领趋势，AI功能升级可能带动超级换机周期。AI浪潮驱动算力需求爆发，服务器、AI芯片、光 芯片、存储、PCB等环节价值量显著提升。SEMI预计2025年全球半导体设备销售额达1330亿美元，同 比增长13.7%，2026年进一步增至1450亿美元，主要受AI投资推动，尤其在尖端逻辑电路、存储及先进 封装领域。美光科技业绩超预期，DRAM短缺或持续至2026年后，存储价格触底回升，封测环节稼动率 逐步恢复，先进封装需求将随AI芯片增长而爆发。 （文章来源：每日经济新闻） 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中精选涉及半导体、软件 开发、计算机设备等信息技术主题的上市公司证券作为指数样本，以反映信息技术创新领域相关上市公 司证券的整体表现。该指数偏重大盘风格，成分股平均市值较高，行业配置上以半导体、软件开发及IT 服务为主。 ...

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业务涉及软件开 发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新主题相关上市公司 证券的整体表现。指数覆盖了从基础硬件到应用软件的全产业链，行业配置上侧重于制造业和信息传 输、软件服务业，成分股呈现大盘特征，注重市值较大企业。 （文章来源：每日经济新闻） 随着"十五五"规划提出，科技自主可控成为重点工作目标，国产算力板块有望成为市场主线，同时持续 看好AI浪潮下的存储周期和消费电子的创新周期。 相关机构表示，随着海外原厂将资本开支倾斜于HBM为代表的高端存储产品，传统存储的供需缺口具 有持续性，因此国内存储厂商扩产的紧迫性不断上升。目前，长鑫存储已完成IPO辅导，当前其在 DDR5和LPDDR5产品上正实现显著增长，Counterpoint预测，长鑫存储在DDR5市场的份额将从第一季 度不到1%上升至年底的7%，在LPDDR5市场的份额将从0.5%激增至9%，先进制程技术发展迅猛。 ...

（责任编辑：董萍萍 ） 【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 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业务涉及半导 体、软件开发、计算机设备等信息技术领域的上市公司证券作为样本，以反映信息技术主题上市公司证 券的整体表现。该指数成分股覆盖了从基础硬件到应用软件的全产业链环节，行业配置上侧重于半导 体、软件开发、计算机设备以及IT服务等领域，呈现出明显的大盘特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 爱建证券指出，半导体设备领域，薄膜沉积设备在前道工艺中价值量占比较 ...

中原证券指出，半导体材料行业在AI算力、智能驾驶、数据中心等终端需求的推动下，全球半导体行 业市场规模继续增长。2025年9月全球半导体销售额达694.7亿美元，同比增长25.1%，环比增长7%，连 续第23个月同比增长；中国半导体销售额为186.9亿美元，同比增长15%。受益于算力需求增加，晶圆 产能建设加速，特别是先进制程扩张趋势明显。同时半导体产业链卡脖子核心环节自主可控需求迫切， 国产替代有望持续推进。超硬材料方面，10月工业金刚石出口量同比上涨314.81%，出口额同比上涨 106%，但传统超硬材料和制品需求承压，出口呈现量增价减。随着技术演进，功能性金刚石在半导 体、军工等领域的应用逐步显现。 （文章来源：每日经济新闻） 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深北交易所中选取业务涉及半导 体、软件开发等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新主题相关上市公司证 券的整体表现。成分股偏向大盘风格，主要覆盖半导体、软件开发、计算机设备及IT服务等行业，市值 规模较大且流动性较好。 12月1日，信创ETF（159537）涨超1.4%。 ...

Group 1 - 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] - Nvidia's Q3 financial report shows a 66% year-on-year increase in data center revenue, primarily driven by the promotion of GB300, with Q4 revenue expected to reach $65 billion, significantly exceeding market expectations [1] - Google's release of Gemini 3, trained using self-developed TPU, demonstrates advanced reasoning capabilities and multimodal understanding, outperforming the previous generation in various benchmark tests [1] Group 2 - Current structural opportunities in the industry are concentrated in areas such as AI computing power, AIOT, semiconductor equipment, key components, and rising storage prices [1] - Capital expenditure from North American cloud providers continues to grow, and Qualcomm's entry into the AI chip market further confirms the industry's high prosperity [1] - The Xinchuang ETF (159537) tracks the Guozheng Xinchuang Index (CN5075), which selects listed companies in the semiconductor, software development, and computer equipment sectors to reflect the overall performance of information technology innovation-related securities [1]

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]