1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market characteristics of technology and non - ferrous metals in overseas markets during the National Day holiday are expected to continue in the A - share market after the holiday. In October, during the disclosure period of the third - quarter reports, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, including optical modules, storage, lithium - battery, and non - ferrous metals sectors [1][10][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. On one hand, it is difficult for the valuation to break through the end - of - August high; on the other hand, the convertible bond valuation has support due to the upward - trending A - share market [2][16]. 3. Summary According to the Table of Contents 3.1 10 - month Convertible Bond Outlook: Valuation Range Fluctuation, Optimistic about Technology & Non - ferrous Metals - During the National Day holiday, there were continuous catalysts in the overseas AI chain. South Korea's two memory chip giants reached a preliminary supply agreement with OpenAI's Star Gate project, and AMD signed a chip supply agreement with OpenAI, which is expected to increase the company's annual revenue by tens of billions of dollars. Meanwhile, the "shutdown" of the US government pushed up the gold price, and COMEX gold broke through the $4000 mark [1][10]. - In October, attention should be paid to convertible bond opportunities in sub - sectors with performance realization, such as optical modules, storage, lithium - battery, and non - ferrous metals sectors. Specific individual bonds are recommended, including Jiayuan Convertible Bonds in the optical module sector, Tianci, Yiwei, Dianhua, and Guanyu Convertible Bonds in the lithium - battery sector, and Bo 23 Convertible Bonds in the non - ferrous metals sector [1][15]. - In October, the convertible bond market's 100 - yuan premium rate is expected to fluctuate in the range of 30% - 37%. The end - of - August convertible bond valuation was relatively high, and it is difficult to break through this high in October, but there is support for the valuation due to the upward - trending A - share market [2][16]. 3.2 September Market Review 3.2.1 Equity Market - In September, the A - share market fluctuated upward, with the Shanghai Composite Index once challenging the 3900 - point mark. The market trading was active, with an average daily trading volume of 2.42 trillion yuan, an increase of 109.38 billion yuan compared to August. The growth and cyclical styles were dominant, while the financial and consumer styles performed poorly [20]. - The lithium - battery sector led the rise, and the non - ferrous metals sector also performed well. The military and large - financial sectors performed poorly [25]. 3.2.2 Convertible Bond Market - In September, the convertible bond market showed a fluctuating trend. The monthly increase of the CSI Convertible Bond Index was +2.0%, underperforming the Wanquan A Index. The trading volume of the convertible bond market decreased compared to August, with an average daily trading volume of 79.76 billion yuan, a decrease of 12.52 billion yuan [28]. - In terms of industry performance, the convertible bonds of the electronics, non - ferrous metals, and automobile sectors led the rise. Individual bonds such as Jize, Guanzhong, and Huicheng Convertible Bonds led the increase, while Borei, Tianlu, and Tongguang Convertible Bonds led the decline [33]. 3.3 Convertible Bond Valuation - In September, the convertible bond valuation showed a range - fluctuating characteristic. The end - of - September 100 - yuan premium rate of the convertible bond market was 33.9%, an increase of 1.71 percentage points compared to the end of August, and was at a high percentile level since 2018 and 2021 [36]. - Different par values had corresponding conversion premium rates, which also increased compared to the end of August and were at high percentile levels [36]. 3.4 Convertible Bond Supply and Demand 3.4.1 Convertible Bond Supply - In September 2025, the issuance scale of convertible bonds increased both year - on - year and month - on - month. Two new convertible bonds were issued, with a total scale of 3.5 billion yuan [49]. - As of September 30, two convertible bonds waiting to be issued obtained regulatory approval, with a total scale of 5.479 billion yuan. Five public convertible bond board plans were added, with a total scale of 4.199 billion yuan [53][55]. 3.4.2 Convertible Bond Demand - The share of the Convertible Bond ETF decreased in September. As of September 30, the share decreased by 342 million units to 4.484 billion units, and the circulation scale decreased by 3.426 billion yuan to 60.573 billion yuan [57]. 3.5 Clause Tracking 3.5.1 Redemption - As of September 30, 16 convertible bonds were confirmed for forced redemption, 11 were not to be redeemed, and 10 might trigger forced redemption [61]. 3.5.2 Downward Revision - As of September 30, six convertible bonds were confirmed for downward revision, 20 announced no downward revision for the time being, five proposed downward revision (three of which had completed the downward revision), and 10 might trigger downward revision [62].

公众号记得加星标⭐️，第一时间看推送不会错过。 来源： 内容翻译自semiconductors，谢谢 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业观察对该 观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 END 今天是《半导体行业观察》为您分享的第 41 84 期内容，欢迎关注。 近日，半导体行业协会（SIA）今日宣布，2025年8月全球半导体销售额为649亿美元，较2024年8月的533亿美元 增长21.7%，较2025年7月的621亿美元增长4.4%。月度销售额由 世界半导体贸易统计组织（WSTS）编制 ，采用 三个月移动平均值。SIA代表了美国半导体行业99%的收入份额，以及近三分之二的非美国芯片公司。 SIA总裁兼首席执行官John Neuffer表示："8月份全球半导体销售额继续增长，远超去年8月份的销售额。亚太地 区和美洲地区的销售额继续推动增长，其中内存和逻辑芯片的销售额显著增长。" 从地区来看，8月份亚太及所有其他地区销售额同比增长43.1%，美洲增长25.5%，中国增长12.4%，欧洲增长 4.4%，但日本销售额下 ...

Market Performance - On October 2, the Hong Kong stock market opened strongly, with the Hang Seng Index rising by 1.61% and the Hang Seng Tech Index increasing by 3.36% [2] - The FTSE China A50 Index futures also saw significant gains, peaking at over 1.2% [4] Sector Highlights - The semiconductor sector showed remarkable performance, with the Wind Hong Kong Semiconductor Index surging over 10%. Notable stocks included Junma Semiconductor, which rose nearly 30%, and SMIC, which increased by over 12% [2] - The electrical equipment sector also performed well, with stocks like Xinyi Solar and China High-Speed Transmission rising over 9% [2] - The precious metals sector experienced significant gains, with China Silver Group rising over 37% and gold prices nearing $3900 per ounce due to increased safe-haven demand [3] Foreign Investment Sentiment - Global fund managers are returning to the Chinese market, with Goldman Sachs reporting the highest activity in China's stock market by hedge funds in recent years [5] - Morgan Stanley noted a $1 billion inflow into foreign long funds in China by the end of August, contrasting with a $17 billion outflow the previous year [5] - A recent survey indicated that over half of institutional investors are optimistic about the A-share market, a significant increase from one-third in June [6]

韩国半导体巨头三星电子和SK海力士2日宣布，已与美国人工智能巨头OpenAI达成初步协议，将为"星 际之门"人工智能基础设施项目的数据中心供应内存芯片。 （文章来源：新华财经） 2日上午10点左右，法国股市主要大盘指数CAC 40指数上涨60.92点（+0.76%）至8,027.87点。前一交易 日，CAC 40指数收盘上涨71.01点（+0.90%）至7,966.95点。 从成分股表现看，达索系统股价上涨2.00%，至29.03欧元；意法半导体股价上涨1.95%，至24.56欧元； 凯捷股价上涨1.38%，至125.20欧元。受其数据中心发展前景的提振，施耐德电气股价上涨2.06%，至 249.90欧元。 新华财经巴黎10月2日电 2日，在华尔街股价创下历史新高的第二天，巴黎证券交易所股价上涨。分析 者认为，受美联储降息前景的提振，市场正在摆脱美国财政瘫痪的影响。 德意志银行经济学家表示，法国和欧洲其他地区股市的上涨，是继"标普500指数、纳斯达克100指数和 MSCI全球指数在华尔街创下历史新高"之后出现的，得益于"OpenAI与韩国主要半导体制造商的合作， 其增强了人们对人工智能的乐观情绪"。 ...

经济观察网瑞银分析师在一份研究报告中称，台积电可能缩短在美国生产先进芯片的时间，因美国政府 要求加快芯片国产化。分析人士指出，台积电和英特尔目前在美国的产能扩张可能足以满足2029-2030 年美国国内对领先逻辑芯片的需求，不包括最先进的制程节点。不过，他们说，内存芯片供应链向美国 转移可能需要更长的时间。 ...

Market Overview - US stock index futures are all down, with Dow futures down 0.26%, S&P 500 futures down 0.38%, and Nasdaq futures down 0.42% [1] - European indices show positive performance, with Germany's DAX up 0.52%, UK's FTSE 100 up 0.68%, France's CAC40 up 0.48%, and the Euro Stoxx 50 up 0.41% [2][3] Commodities - WTI crude oil is down 0.55%, trading at $62.03 per barrel, while Brent crude oil is down 0.53%, trading at $65.68 per barrel [3][4] Economic Events - The US government has shut down for the first time in seven years due to Congress's failure to agree on a spending plan, affecting federal workers and delaying economic data releases [5] - The ADP employment report is expected to show an increase of approximately 60,000 jobs, becoming a focal point for labor market data this month [5] Gold Market - Gold prices have reached a historic high of $3,890 per ounce, driven by increased demand for safe-haven assets amid the government shutdown [6] Federal Reserve Insights - Market expectations indicate a high probability of interest rate cuts this month, with a 76% chance of another cut in December [6] Corporate Developments - Samsung and SK Hynix have signed a letter of intent to supply memory chips for OpenAI's data center, supporting the Stargate project [8] - Berkshire Hathaway is reportedly close to acquiring Occidental Petroleum's chemical division for approximately $10 billion, marking its largest acquisition since 2022 [8] - BHP is investing $554 million to expand its Olympic Dam copper mine in South Australia, anticipating a 70% increase in global copper demand by 2050 [9] - Tesla has raised leasing prices for all models in the US following the expiration of a $7,500 federal tax credit [9] - Nike's Q1 revenue reached $11.7 billion, slightly down but better than expected, indicating early success in its transformation plan [10]

1.10月1日(周三)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.26%，标普500指数期货跌0.38%，纳指期货 跌0.42%。 美联储主席的"估值警告"反成美股最好的"催化剂"?近期，美联储主席再次提及美国股市估值过高的问题，但市场却依旧置 若罔闻。历史经验表明，这种态度或许不无道理：过去的历次警告不仅从未引发即时回调，反而往往对应着行情上扬期 ——至少在短期内如此。摩根大通的数据显示，自1996年以来，在历任联储主席发出估值警告后，标普500指数未来12个月 平均涨幅接近13%。该行同时指出，这些预警后的一年期内，美股表现通常领先全球市场。 OPEC+或加快增产步伐沙特谋求夺回全球市场份额。据消息人士透露，OPEC+计划在10月5日的会议上讨论加快增产进程 的可能性，考虑将此前承诺的166万桶/日供应增量分三个月、每月约50万桶/日快速释放。目前尚未做出最终决定，加速增 产仅为多个选项之一。 | ■ US 30 | 46,275.10 46,406.40 46,054.10 | | -122.70 | -0.26% | | --- | --- | --- | --- | --- | | ■ ...

Market Overview - The initial value of the September Markit manufacturing and services PMI in the U.S. showed a decline but remained in the expansion zone, with easing price pressures, leading to a muted market reaction [1] - Following comments from Federal Reserve Chairman Jerome Powell regarding high equity valuations, major U.S. stock indices experienced a decline, with the S&P 500 down 0.6%, the Dow Jones down 0.2%, and the Nasdaq down 1% [3][6] Federal Reserve Commentary - Powell's remarks served as a public warning about current market valuations, impacting investor sentiment and shifting it from exuberance to tension [4] - He emphasized the need to monitor inflation and employment data without making any clear commitments regarding policy actions for October, indicating a cautious approach [4] Technology Sector Impact - Interest-sensitive technology stocks were hit hardest, with the index of the seven major tech companies declining; Amazon fell by 3.04%, Nvidia by 2.82%, and Tesla by 1.93% [5] Semiconductor Industry Insights - Micron Technology reported strong earnings, with Q4 revenue reaching $11.3 billion, exceeding market expectations of $11.2 billion, and earnings per share of $3.03, surpassing analyst predictions of $2.84 [8][10] - The demand for memory chips, driven by AI, is expected to keep supply tight into next year, with Micron's CEO highlighting the company's competitive product portfolio and unique position as the only domestic memory manufacturer [9] - Micron is also leading in HBM (High Bandwidth Memory) chips, with significant agreements in place for HBM3e chips and plans to introduce HBM4 chips, addressing market concerns about profit margins [12] Pricing Trends in Semiconductor Industry - The semiconductor industry is experiencing a price surge, with Micron's performance reflecting broader trends across the supply chain, driven by AI demand [13] - Advanced chip prices are rising, with TSMC indicating a 50% increase in 2nm process pricing compared to 3nm, and Apple securing a 50% share of TSMC's 2nm capacity [15] - Major competitors like Samsung and SK Hynix have also raised prices for memory and flash products, with DRAM prices increasing by up to 30% [15]

Group 1: Non-ferrous Metals Sector - The non-ferrous metals sector has been active this year, driven by two main factors: expectations of interest rate cuts by the Federal Reserve and improving supply-demand dynamics [3] - On the supply side, constraints are driving the commodity attributes of non-ferrous metals, while on the demand side, rapid development in green industries such as electric vehicles, photovoltaics, and wind power is creating strong support for metals like copper, aluminum, lithium, and rare earths [3] - The sector is currently in a favorable environment characterized by "macroeconomic easing, supply bottlenecks, and energy transition," with a clear medium to long-term outlook as the Federal Reserve is likely to cut rates in September, which may continue to support liquidity [3] Group 2: Semiconductor Sector - The semiconductor sector is experiencing an increase, particularly in memory chip companies like Micron Technology and SanDisk, which saw significant stock price rises [4] - SanDisk announced a 10% price increase across all channels for consumer products, citing growing storage demand in AI applications, data centers, and mobile sectors [4] - Analysts predict that rapid advancements in artificial intelligence will significantly boost memory demand, leading to shortages in DRAM and NAND by 1.8% and 4% respectively by 2026 [4] Group 3: Company News - Cambrian Technology's stock rose by 7.28%, briefly surpassing Kweichow Moutai's stock price [5] - The company received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, with the approval valid for 12 months from the date of consent [5] Group 4: Film and Cinema Sector - The film and cinema sector saw a rise in stock prices, with companies like Happiness Blue Ocean and Golden Screen Cinemas experiencing significant gains [6] - As of now, 10 films have been scheduled for release during the 2025 National Day holiday, indicating a robust pipeline for future box office performance [6]

Group 1 - The core viewpoint of the news is that Chinese assets are experiencing a significant surge, with foreign investors increasing their allocations to Chinese markets [1][3][8] - The Nasdaq Golden Dragon China Index rose by nearly 3%, while the three-times leveraged FTSE China ETF surged over 7% [1][3] - Popular Chinese stocks saw substantial gains, with Alibaba increasing by 8% and several other stocks rising over 6% [1][3] Group 2 - Foreign investors net bought a total of $39 billion in Chinese bonds and stocks in August, indicating strong interest in Chinese assets [1][8] - Morgan Stanley reported that over 90% of U.S. investors expressed willingness to increase their exposure to the Chinese market, the highest level since early 2021 [6][7] - Factors driving this interest include China's leadership in sectors like humanoid robotics and biotechnology, ongoing policy support for economic growth, improved market liquidity, and a need for diversification away from U.S. markets [7][8]