截至2025年11月21日 10点23分，上证科创板半导体材料设备主题指数下跌3.07%。成分股方面，神 工股份领跌9.20%，有研硅下跌5.74%，京仪装备下跌4.26%，中微公司下跌4.21%，拓荆科技下跌 4.14%。科创半导体ETF（588170）下跌3.10%，最新报价1.34元。 流动性方面，科创半导体ETF（588170）盘中换手5.19%，成交1.68亿元。拉长时间看，截至11月 20日，科创半导体ETF（588170）近1月日均成交4.52亿元，领先同类。规模方面，科创半导体ETF （588170）近3月规模增长29.06亿元，实现显著增长。 美东时间周四（11月20日），美股市场上演过山车式行情，尽管英伟达强劲财报一度显著提振了市 场情绪，纳指一度涨超2%，但随着估值担忧卷土重来，以及降息预期进一步受挫，三大指数悉数收 跌，纳指跌逾2%。 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。 相关ETF：公开信息显示， 科创半导体ETF（588170）及 ...

截至2025年11月20日 11:04，上证科创板半导体材料设备主题指数下跌1.60%。成分股方面涨跌互现， 天岳先进领涨7.35%，有研硅上涨1.44%，和林微纳上涨1.36%；神工股份领跌4.89%，艾森股份下跌 3.98%，中微公司下跌3.89%。科创半导体ETF（588170）下跌1.69%，最新报价1.39元。 流动性方面，科创半导体ETF（588170）盘中换手7.5%，成交2.46亿元。拉长时间看，截至11月19日， 科创半导体ETF（588170）近1月日均成交4.55亿元，领先同类。 规模方面，科创半导体ETF（588170）近3月规模增长28.85亿元，实现显著增长。 招商证券指出，进入2025年三季度以来存储行业全面进入加速上行周期，不同于此前供给侧减产或退出 带来的价格短暂上行，本轮存储行业上行周期主要系AI时代下存储需求爆发推动，同时供给侧产能开 出有限，因此行业供需缺口持续扩大，价格加速上涨。在此背景下，海外存储原厂盈利能力持续提升， 国内部分存储模组公司快速扭亏为盈，2025年下半年利润预计将加速释放，利基存储芯片和存储产业链 配套公司亦将持续受益于存储涨价浪潮。 相关ETF：公 ...

截至11月19日14:21，上证科创板半导体材料设备主题指数下跌0.72%。成分股方面涨跌互现，龙图光罩 领涨3.96%，艾森股份上涨3.67%，芯源微上涨2.06%；天岳先进领跌3.61%，欧莱新材下跌2.98%，拓荆 科技下跌2.97%。科创半导体ETF（588170）下跌0.70% 展望后市，国投证券认为，10月至今科技内部投资已经明显分化，加剧有基本面支撑的强势品种抱团与 相对低位有产业催化品种的轮动倾斜。从历史日历效应角度，从2012年至今的平均表现看，科技板块跨 年超额特征比较明确，意味着科技风格容易在四季度相对跑输，而跨年期间及次年初表现较好。 相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（61%）和半导体材料（23%）细 分领域的硬科技公司。 半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代 天花板较高属性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 半导体材料ETF（562590）及其联接基金（A类：02035 ...

Core Viewpoint - The semiconductor materials and equipment sector in China's Sci-Tech Innovation Board is experiencing fluctuations, with notable movements in specific stocks and the launch of a new IPO by a domestic GPU company, indicating ongoing developments and investment opportunities in the industry [1][2]. Group 1: Market Performance - As of November 17, 2025, the Sci-Tech Innovation Board semiconductor materials and equipment theme index decreased by 0.77% [1]. - Among the constituent stocks, ShenGong Co. led with a rise of 5.43%, while TuoJing Technology fell by 4.96% [1]. - The Sci-Tech Semiconductor ETF (588170) saw a decline of 0.91%, with a latest price of 1.42 yuan and a trading volume of 1.86 billion yuan, reflecting a turnover rate of 5.5% [1]. Group 2: IPO and Fundraising - On November 13, domestic full-function GPU company MoEr Thread officially disclosed its prospectus, initiating the IPO process on the Sci-Tech Innovation Board [1]. - The company plans to publicly issue 70 million shares, aiming to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1]. Group 3: Industry Trends - According to Fangzheng Securities, as Moore's Law slows and domestic lithography technology faces limitations, local manufacturers are expected to innovate through new structures, processes, and materials to enhance chip performance [2]. - Domestic equipment manufacturers possess unique advantages such as effective service, customization capabilities, and close alignment with customer needs, which may accelerate the domestic replacement of advanced nodes [2]. - The semiconductor materials and equipment sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives, driven by the AI revolution and technological advancements [2].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index decreased by 0.81% as of November 17, 2025 [1] - Among the constituent stocks, China Shipbuilding Industry Corporation led with a rise of 5.71%, while Tuojing Technology fell by 5.69% [1] - The Sci-Tech Semiconductor ETF (588170) experienced a decline of 0.91% with an intraday turnover rate of 7.48% and a transaction volume of 252 million yuan [1] Group 2 - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 3.365 billion yuan [2] - Huawei is set to release groundbreaking AI technology on November 21, which could increase the utilization rate of computing resources from the industry average of 30%-40% to 70% [2] - Huajin Securities anticipates that general artificial intelligence will be a transformative technological driver over the next decade, with total computing power expected to grow by up to 100,000 times by 2035 [2] Group 3 - The Semiconductor Materials ETF (562590) and its linked funds focus on semiconductor equipment (61%) and semiconductor materials (21%), emphasizing the upstream semiconductor sector [3]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 1.10%, with mixed performance among constituent stocks [1] - Leading stocks included Huahai Chengke up by 1.63%, SMIC up by 1.23%, and Tuojing Technology up by 1.01%; while Hushi Silicon Industry fell by 4.77%, Youyan Silicon down by 4.72%, and Jinhong Gas down by 4.24% [1] - The Sci-Tech Innovation Semiconductor ETF (588170) declined by 0.95% [1] Group 2 - The 22nd China International Semiconductor Expo (ICChina2025) will be held from November 23 to 25, focusing on the theme "Gathering Forces for Future Development" [1] - AI servers require higher power supply architectures due to high power consumption, necessitating improvements in efficiency and power density across all supply system components [1] - Third-generation semiconductor materials like SiC/GaN are being promoted for AI data center applications due to their ability to operate at higher temperatures and voltages, reducing energy consumption and costs [1] - Dongfang Securities anticipates broader application of SiC/GaN in response to the increasing demand for high-power supply in AI servers and data centers [1] Group 3 - The Sci-Tech Innovation Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), representing a significant area for domestic substitution [2] - The semiconductor equipment and materials industry is crucial for domestic replacement, characterized by low domestic substitution rates and high potential ceilings [2] - The semiconductor materials ETF (562590) also emphasizes semiconductor equipment (61%) and materials (21%), focusing on the upstream semiconductor sector [2]

Group 1 - The core viewpoint of the articles highlights a strong performance in the semiconductor sector, particularly with the rise of the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, which increased by 2.03% [1] - Notable individual stock performances include ShenGong Co., which surged by 20.00%, and Jingyi Equipment, which rose by 9.09% [1] - The Sci-Tech Semiconductor ETF (588170) also showed significant growth, with a 2.05% increase and a trading volume of 3.38 billion yuan, indicating strong liquidity [1] Group 2 - The semiconductor industry is identified as a crucial area for domestic substitution, with a low domestic replacement rate and high potential for growth, driven by the AI revolution and advancements in technology [2] - The Sci-Tech Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (61%) and materials (23%), reflecting the industry's emphasis on upstream sectors [2] - The upcoming CES 2026 will showcase Samsung's LPDDR6 memory, the first of its kind globally, which boasts an 11.5% increase in transmission speed compared to its predecessor, LPDDR5X [1]

Core Viewpoint - The semiconductor sector is experiencing a significant supply-demand imbalance, driven by increased storage demand from AI server construction, leading to price increases for storage chips [1] Semiconductor Sector Summary - The semiconductor materials ETF (562590) rose by 2.56% as of 9:45 AM, with notable gains in component stocks such as Zhongwei Company (up 3.84%), Huahai Qingke (up 3.59%), and Hushi Silicon Industry (up 1.93%) [1] - The storage chip sector is witnessing a rare supply-demand situation, with major manufacturers like Micron, Samsung, and SK Hynix reallocating production capacity to high-end product lines such as DDR5 and HBM, resulting in shortages of traditional storage products [1] - In October 2025, the global storage chip market is expected to continue rising, with Samsung and SK Hynix announcing a maximum 30% increase in DRAM contract prices and a 5% to 10% increase in NAND flash contract prices for the fourth quarter [1] Market Outlook - Dongwu Securities indicates that AI-driven demand is surging, with high-performance storage (like HBM and DDR5) experiencing increased demand, which is squeezing traditional DRAM capacity and leading to tight supply for DDR4 and other products [1] - The DRAM inventory cycle is projected to decrease from 31 weeks in 2023 to 8 weeks by October 2025, as manufacturers reduce DDR4 production in favor of more profitable HBM and DDR5 products [1] - Two major storage fabs are accelerating new capacity expansion, and there is optimism regarding the increase in domestic equipment localization rates [1]

Core Insights - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.40%, with notable increases in stocks such as Andl Micro-Nano (up 5.24%) and TuoJing Technology (up 2.64%) [1] - The SEMI report forecasts that global silicon wafer shipments will reach 128.24 billion square inches by 2025, marking a 5.4% year-on-year growth driven primarily by AI-related demand in data centers and edge computing [1] Group 1 - The Sci-Tech Semiconductor ETF (588170) saw a trading volume of 3.09 billion yuan with a turnover rate of 7.88% [1] - Over the past month, the average daily trading volume of the Sci-Tech Semiconductor ETF was 6.23 billion yuan, outperforming similar funds [1] - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, benefiting from low domestic replacement rates and high ceilings for domestic alternatives [2] Group 2 - The semiconductor materials ETF (562590) and its associated funds focus heavily on semiconductor equipment (61%) and materials (21%), emphasizing upstream semiconductor sectors [2] - The demand for AI is recognized as a core driver for the recovery of orders for silicon wafer manufacturers and equipment suppliers, with expectations for increased capacity utilization if AI demand materializes as anticipated [1]

Core Insights - The semiconductor materials and equipment sector is experiencing significant growth, driven by increasing AI computing power demand and global wafer fab expansions [1][2] - The domestic semiconductor equipment market is poised for accelerated replacement, particularly in critical areas such as metrology and thin film deposition, due to heightened focus on supply chain security and trade tensions [1][2] Group 1: Market Performance - As of November 4, 2025, the Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 1.55%, with notable gains from companies like Micro Company (up 6.19%) and Tuojing Technology (up 3.76%) [1] - The Sci-Tech Semiconductor ETF (588170) increased by 1.58%, leading the semiconductor sector [1] Group 2: Industry Growth Projections - Tianfeng Securities projects a 7% increase in global semiconductor monthly production capacity, reaching 33.7 million wafers by 2025, with a growth rate of 14%, the highest globally [1] - SEMI anticipates that total equipment spending for 300mm wafer fabs in mainland China will reach $94 billion between 2026 and 2028, driven by policy support and local capacity expansion [1] Group 3: Domestic Semiconductor Development - Open Source Securities highlights that AI development is pushing the domestic semiconductor industry from chip design to manufacturing and equipment materials, with dry etching, thin film deposition, and CMP equipment identified as key areas for rapid domestic replacement over the next four years [2] - The strategic importance of upstream semiconductor equipment is increasing, with expectations for technological breakthroughs in metrology, ion implantation, and coating development [2] Group 4: ETF Information - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, comprising 61% semiconductor equipment and 23% semiconductor materials [2] - The Semiconductor Materials ETF (562590) also features a significant allocation to semiconductor equipment (61%) and materials (21%) [2]