3. 新益昌11月20日在互动平台表示，公司半导体固晶业务已获得海外客户关注与认可，并获得数千万元 订单。 招商证券表示，往后看，市场有望继续呈现科技和顺周期的轮动。海外方面，市场风险偏好的修复将取 决于因政府关门而积压的美国经济数据以及美联储等的表态，目前市场需要一个信号来降低预期的不确 定性。 2025年11月20日，截至收盘，沪指跌0.40%，报收3931.05点；深成指跌0.76%，报收12980.82点；创业 板指跌1.12%，报收3042.34点。科创半导体ETF（588170）跌2.26%，半导体材料ETF（562590）跌 2.56%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌0.84%；纳斯达克综合指数跌2.15%；标准普尔500种股票 指数跌1.56%。费城半导体指数跌4.77%，恩智浦半导体跌3.09%，美光科技跌10.87%，ARM跌3.26 %， 应用材料跌6.15%，微芯科技跌3.50%。 行业资讯： 1. 11月20日晚间，摩尔线程在上交所发布公告称，本次发行股份数量为7000万股，全部为公开发行新 股。发行价格为114.28元/股，预计募集资金总额为80亿元，扣除发行费用后，预 ...

Market Performance - The A-share market opened high but closed lower, with the Shanghai Composite Index down by 0.4% and the ChiNext Index down by 1.12% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 17,226 billion yuan, a decrease of 20 billion yuan compared to the previous day [1] - Over 3,850 stocks in the market experienced declines [1] Sector Performance - Sectors such as lithium battery electrolyte, photovoltaic, aquaculture, e-commerce, and Nvidia-related stocks saw corrections, while coal, oil, retail, and military industries had significant declines [1] - Conversely, lithium mining, banking, and real estate sectors showed resilience and performed well [1] ETF Performance - U.S. stock indices rose overnight, with several U.S. stock ETFs leading the gains: Invesco Nasdaq Technology ETF up by 5.28%, Huaxia Nasdaq ETF up by 4.05%, and China Southern Nasdaq 100 ETF up by 3.89% [1] - The latest premium/discount rates for these ETFs were 20.06%, 9.31%, and 8.14% respectively [1] - The Nikkei 225 index rose by 2.6%, with related ETFs also showing positive performance [1] Specific Sector Trends - The innovative energy sector continued to decline, with the Innovative Energy ETF and its counterpart from E Fund down by 3.01% and 2.91% respectively [1] - The semiconductor sector faced widespread losses, with semiconductor materials, equipment, and chip equipment ETFs all down by 2% [1]

Group 1 - Semiconductor equipment stocks weakened, with Zhongwei Company down over 4%, Northern Huachuang down over 3%, and Huahai Qingshi, Tuojing Technology, Nanda Optoelectronics, Anji Technology, and Zhongke Feimiao all down over 2% [1] - Semiconductor equipment and materials-related ETFs fell over 2% [1] Group 2 - The semiconductor equipment ETF is priced at 1.420, down 2.41%; the semiconductor materials ETF is at 1.490, down 2.30%; the chip equipment ETF is at 1.562, down 2.25% [2] - Analysts indicate that under the backdrop of the AI wave and domestic production, there is a continuous demand for expansion in advanced production lines, making semiconductor equipment a cornerstone for wafer foundry expansion and an important link for achieving self-controllable industrial chains, suggesting that domestic semiconductor equipment companies are likely to encounter development opportunities [2]

Group 1 - Semiconductor equipment stocks showed strong performance in early trading, with Northern Huachuang rising over 7%, Zhongwei Company and Tuojing Technology increasing over 6%, and Changchuan Technology up over 4% [1] - Related semiconductor equipment ETFs rose by more than 3% [1] - Major brokerages indicate that AI computing power chips remain the core growth engine of the sector, benefiting leading companies from the explosive demand for AI servers, resulting in both revenue and profit growth [2] Group 2 - The performance of core companies related to AI edge chips is also impressive [2] - In the long term, under the guidance of the "14th Five-Year" technology self-reliance strategy, the verification and introduction process of domestic high-end chips is expected to accelerate, with clear incremental space [2]

Core Viewpoint - The semiconductor materials and equipment sector is experiencing fluctuations, with a notable decline in the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, while domestic semiconductor equipment manufacturers are poised for growth due to increasing demand driven by AI and domestic substitution trends [1]. Group 1: Market Performance - As of November 11, 2025, the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index fell by 1.03% [1]. - Among component stocks, ShenGong Co. led with a 20.00% increase, while XinYichang fell by 6.13% [1]. - The Sci-Tech Semiconductor ETF (588170) decreased by 0.87% [1]. Group 2: Industry Trends - The demand for advanced production lines in the semiconductor sector is expected to continue growing, supported by the AI wave and domestic substitution [1]. - Semiconductor equipment is identified as a cornerstone for wafer foundry expansion and a crucial element for achieving self-sufficiency in the supply chain [1]. - Recent institutional insights indicate that the price increase for memory chips in Q4 exceeded expectations, signaling a new capital-intensive phase for overseas AI computing [1]. Group 3: Investment Opportunities - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), highlighting the importance of these sectors in the domestic market [2]. - The semiconductor equipment and materials industry is recognized as a key area for domestic substitution, characterized by low domestic replacement rates and high potential ceilings [1][2]. - The sector is expected to benefit from the AI revolution, expansion, technological restructuring, mergers and acquisitions, and advancements in lithography technology [1].

Market Performance - On November 10, the Shanghai Composite Index rose by 0.53% to close at 4018.60 points, while the Shenzhen Component Index increased by 0.18% to 13427.61 points. The ChiNext Index fell by 0.92% to 3178.83 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average up by 0.81%, the Nasdaq Composite up by 2.27%, and the S&P 500 up by 1.54%. The Philadelphia Semiconductor Index rose by 3.02% [1] Semiconductor Sector Insights - On November 10, U.S. chip stocks collectively rose, with the Philadelphia Semiconductor Index increasing by 3.02%. Notable gains included Micron Technology up over 6%, Nvidia up over 5%, and AMD up over 4% [2] - SanDisk saw a significant increase of 11.89%, reaching a historical high, with its stock price up over 400% year-to-date [2] AI and Cloud Investment Trends - A recent guideline released on November 10, 2025, emphasizes the need for coordinated planning and optimization of renewable energy and computing power facilities, promoting green development in computing power infrastructure [2] - North America's four major cloud providers—Google, Microsoft, Meta, and Amazon—are increasing capital expenditures, totaling $96.4 billion in Q3 2025, a 67% year-on-year increase and a 9% quarter-on-quarter increase. This surge is driven by the demand for AI infrastructure [2] ETF Focus - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (61%) and materials (23%) [3] - The Semiconductor Materials ETF (562590) also emphasizes semiconductor equipment (61%) and materials (21%), targeting the upstream semiconductor sector, which is crucial for domestic substitution and benefits from the AI-driven demand expansion [3]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.17% as of November 5, 2025, with mixed performance among constituent stocks [1] - Leading stocks included Jing Sheng Co., which rose by 3.08%, and Zhongke Feicai, which increased by 2.29%, while Xinyi Chang fell by 5.57% [1] - The Sci-Tech Semiconductor ETF (588170) also saw a decline of 0.14%, with a recent net outflow of 56.62 million yuan [1] Group 2 - Over the past five trading days, there were net inflows on four days, totaling 267 million yuan, with an average daily net inflow of 53.37 million yuan [1] - OpenAI and Amazon have reached a $38 billion agreement, where Amazon will provide cloud computing services to OpenAI, facilitating access to hundreds of thousands of NVIDIA GPUs for AI model training and operation [1] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on semiconductor equipment (61%) and materials (23%) [2] - The semiconductor equipment and materials industry is a significant area for domestic substitution, characterized by low domestic replacement rates and high potential for domestic substitution benefits [2] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, with a similar focus on equipment (61%) and materials (21%) [2]

Market Overview - The A-share market experienced a collective decline in the morning session, with the Shanghai Composite Index down 0.19% at 3969.05 points, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.51% [1] - The total trading volume in the Shanghai and Shenzhen markets was 123.11 billion yuan, a decrease of 16.74 billion yuan compared to the previous day, with over 3600 stocks declining [1] Semiconductor Sector Performance - The semiconductor sector showed positive performance, with the Kweichow Moutai Semiconductor ETF rising over 7%, and various semiconductor ETFs increasing by more than 2% [1][3] - The semiconductor equipment ETF tracks the CSI Semiconductor Materials and Equipment Index, with semiconductor equipment accounting for 61.4% and semiconductor materials for 21.9% [4] Investment Opportunities - Dongwu Securities highlighted the acceleration of new capacity expansion in storage fabs, indicating a historic development opportunity for domestic semiconductor equipment, with industry order growth expected to exceed 30% and potentially reach over 50% by 2026 [4] - Amazon signed a $38 billion agreement with OpenAI to provide computing power, which is expected to significantly boost the demand for AI-related infrastructure [5][6] Capital Expenditure Trends - North American cloud service providers reported a combined capital expenditure of $113.3 billion in Q3 2025, a 75% year-on-year increase, with a focus on AI infrastructure [6][7] - Companies like Google, Microsoft, and Meta are significantly increasing their capital expenditures for AI and data center infrastructure, indicating strong ongoing demand in the sector [6][7][8] Future Projections - Huawei's report predicts a tenfold increase in total computing power by 2035, emphasizing the transformative potential of general artificial intelligence [8] - The semiconductor industry is expected to benefit from a super cycle driven by AI, covering the entire supply chain from design to manufacturing and upstream equipment materials [8]

Group 1 - Semiconductor equipment concept stocks declined, with Tuojing Technology falling over 6%, Changchuan Technology down over 5%, and Huahai Qingke and Xinyuan Micro both dropping over 4% [1] - Related semiconductor equipment ETFs also experienced a decline, with an overall drop of over 4% [1] Group 2 - Specific ETF performance included: - Semiconductor Materials ETF at 1.459, down 0.069 or 4.52% - Chip Equipment ETF at 1.530, down 0.071 or 4.43% - Semiconductor Equipment ETF Fund at 1.643, down 0.075 or 4.37% - Semiconductor Equipment ETF at 1.390, down 0.063 or 4.34% - E Fund Semiconductor Equipment ETF at 1.624, down 0.072 or 4.25% [2] Group 3 - Analysts indicate that under the backdrop of the AI wave and domestic substitution, there is a continuous demand for expansion in advanced production lines in China, positioning semiconductor equipment as a cornerstone for wafer foundry expansion and an important link for achieving self-sufficiency in the industry chain, presenting development opportunities for domestic semiconductor equipment manufacturers [2]

Market Overview - As of October 30, 2025, the Shanghai Composite Index fell by 0.73% to close at 3986.90 points, the Shenzhen Component Index dropped by 1.16% to 13532.13 points, and the ChiNext Index decreased by 1.84% to 3263.02 points [1] - Overnight, the Dow Jones Industrial Average declined by 0.23%, the Nasdaq Composite Index fell by 1.57%, and the S&P 500 Index decreased by 0.99% [1] - The Philadelphia Semiconductor Index dropped by 1.53%, with notable movements in semiconductor stocks such as NXP Semiconductors rising by 0.82%, Micron Technology falling by 1.16%, ARM decreasing by 2.90%, Applied Materials dropping by 1.36%, and Microchip Technology declining by 0.75% [1] Company Performance - Longchuan Technology reported a revenue of 3.779 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 49.05%, and a net profit attributable to shareholders of 865 million yuan, up 142.14% [2] - Yuanjie Technology announced a revenue of 178 million yuan for the third quarter, a year-on-year increase of 207.31%, and successfully turned around from a loss of 11.3 million yuan in the previous year to a net profit of 59.63 million yuan [2] - The China Securities Regulatory Commission approved the initial public offering and registration application for Moore Threads Intelligent Technology (Beijing) Co., Ltd. to be listed on the Sci-Tech Innovation Board [2] Industry Insights - Shenwan Hongyuan Securities indicated that the market outlook remains unchanged, with a positive view on technology growth leading the market in the fourth quarter, driven by policy alignment and industry trends focusing on AI, robotics, and semiconductors in 2025 [2] - The Sci-Tech Semiconductor ETF and its linked funds focus on semiconductor equipment (61%) and semiconductor materials (23%), highlighting the importance of domestic substitution in these sectors, which are characterized by low domestic replacement rates and high ceilings for domestic substitution [3] - The Semiconductor Materials ETF also emphasizes the upstream semiconductor industry, with significant allocations to semiconductor equipment (61%) and materials (21%) [3]