Core Insights - The article discusses the transformative impact of AI and large models on various industries, highlighting the opportunities in edge AI within the semiconductor sector [1] - It emphasizes the growth potential for semiconductor design companies and the investment opportunities arising from the current industrial upgrade [1] Group 1: Edge AI Opportunities - Edge AI processors are experiencing a surge in shipment volumes and sales revenue, indicating a robust market growth [3] - Companies with edge AI chips, like Juchip Technology, reported significant performance improvements, with a 60.12% year-on-year increase in revenue to 449 million yuan and a 123.19% rise in net profit to 91 million yuan in the first half of the year [5] - The demand for AI-related semiconductor products, such as GPUs and storage, is expected to continue growing, driven by the adoption of AI in consumer electronics [5][6] Group 2: Market Trends and Valuation - The current semiconductor demand is primarily driven by AI-related products, contrasting with previous cycles where low-end products led the price increases [6] - The A-share market is anticipated to gradually trend upwards, supported by economic recovery and reduced geopolitical risks [6] - High valuations in the semiconductor sector are linked to the developmental stages of the industry and individual companies, with significant R&D investments being a common characteristic [7][10] Group 3: Investment Strategies - Investors are advised to use PS valuation or terminal value methods to assess companies still in high investment phases [11] - Index-based investment products, such as the Industrial and Commercial Bank of China’s ETF, are recommended for ordinary investors to efficiently access high-quality tech companies [11][12] - The STAR Market has become a significant platform for high-tech companies, with nearly 590 listed firms and a total market capitalization of approximately 10 trillion yuan, reflecting its growth potential [12][13]

证券研究报告/策略专题报告 2025 年 07 月 09 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 科创板全景画像：把握硬科技成长与制度红利双重驱动 ——兴业上证科创板综合价格 ETF 投资价值分析 | 一、政策持续加码,资本市场支持科创再提速 . | | --- | | 1.1 政策持续促进资源向新产业、新业态、新技术领域集聚 . | | 1.2、科创板政策先行:更好发挥科创板改革"试验田"作用 . | | 二、科创板：承载科技强国使命，服务"硬科技"发展………………………………………………………………………………………………………… 4 | | 2.1 中美竞争博弈不断升级、中国科技创新突破重围 | | 2.2 行业分布:科创板"硬科技"浓度高,注重服务"新质生产力"发展 5 | | 2.3 政策利好叠加产业突破,科创板未来可期 . | | 三、科创价格指数: 捕捉全板块红利的策略工具 . | | 3.1、科创价格指数成份股覆盖全面、代表性广 . | | 3.2、科创价格指数收益风 ...

Group 1 - The article highlights the active issuance of new funds in the market, with 39 new funds launched between July 7 and July 11, including 31 on July 7 alone [2][4] - Equity funds remain the dominant category, with 17 new equity funds launched on July 7, including 6 active equity funds and 11 ETFs and linked funds [4][6] - The issuance of bond funds is also notable, particularly with 10 new sci-tech bond ETFs, 7 of which sold out in just one day, indicating strong demand [3][8] Group 2 - The article emphasizes the growing interest in growth-style products, particularly in sectors like AI, semiconductors, and innovative pharmaceuticals, leading to an increase in the issuance of related funds [3][4] - The total management scale of public REITs has surpassed 200 billion, with 68 listed products as of June 30, making it the largest market in Asia [9][10] - Two new REITs were launched, with significant oversubscription during the offline subscription phase, indicating strong investor interest [10]

Core Viewpoint - The company is focusing on developing its index investment business in response to the increasing demand for equity investments, particularly index investments, as bond yields continue to decline [1] Group 1: Index Product Development - The company plans to enhance its index product matrix in 2024, having already launched several ETFs including the Xingye Shanghai Stock Exchange 180 ETF and the Xingye CSI A500 ETF [2] - The strategy for filling the index product line is to move from broad-based indices to strategy and industry themes, targeting products with high explanatory power and lower volatility [2][3] - The company acknowledges the challenge of product homogenization in the index business but aims to leverage the market influence of existing indices to expand promotion [2] Group 2: Strategic Support and Resource Utilization - As a subsidiary of Xingye Bank, the company plays a crucial role in the group's strategic planning for index investment and aims to build an ETF ecosystem [4] - The company intends to utilize its ETF products as a hub connecting Xingye Bank with partner institutions, enhancing the product offerings for different investor needs [4] - The company recognizes the importance of channel resources for the development of its index business and plans to collaborate closely with its parent bank for market promotion and channel building [4][5] Group 3: Focus on Investor Experience - The company emphasizes the responsibility towards investors and aims to improve the investor holding experience in its product selection process [6] - The introduction of Smart Beta index products is seen as a key direction for future development, with the goal of outperforming similar market products [6] - The company aims to educate investors effectively to ensure they benefit from the long-term positive investment experience offered by index products [6]