当市场从"反内卷"、"大基建"的热议中逐渐冷静，敏锐的资金已经开始悄然调仓，半导体的"黄金贝塔"行情已经开始蓄势了。 目前中证半导成分股已有10家发布中报预告，其中7家预增，像有研新材净利润同比预增高达240%，中微公司等龙头也交出亮眼成绩单，板块触底回升具有 很强的业绩支撑。 | | 单季度,归属母公司股东的净利润同比增长率 | | | 单季度.营业收入同比增长率 | | | --- | --- | --- | --- | --- | --- | | | [单位] % | | | [单位] % | | | 中证丰导 | 女性老导体芯出 | 中证全指半导体 | 中让未言 五分学导体芯片 | | 中证令指半导体 | | -3.4313 | 49.3881 | 20.3600 | 5.4790 | 20.8840 | 6.1185 | | 232.8157 | 143.4707 | 160.6453 | 64.7448 | 45.2512 | 38.2781 | | 42.9216 | 23.2186 | 47.4885 | 21.2221 | 23.3497 | 26.5782 | | -28.1497 | - ...

近期随着市场成交热度、情绪提升，市场焦点再度回归"硬科技"主线。7月23日半导体板块顺势爆发，半导体设备ETF（561980）单日收涨2.44%。从资 金面上看该ETF连续2日获近3200万元资金净申购买入。 事实上，进入7月反内卷、大基建成为市场关注焦点，中下旬以来随着科技产业叙事持续强化、以及反内卷热度回落，AI、半导体等科技产业有望承接 反内卷、大基建流出资金。 半导体作为其中的代表板块有望迎来补涨。从价格上看，半导体设备ETF（561980）标的指数仍处于年内相对低位，短期存在补涨可能。另一方面国产 GPU企业摩尔线程和沐曦股份获IPO受理，长江存储在推动"全国产化"制造设备方面取得了重大突破，政府采购预期同样有利于相关品种行情走强。 业绩端看，目前中证半导指数有10只成份披露了中报业绩预告，其中包括有研新材、中晶科技、金海通、中微公司在内的7只成份净利润同比预增，最 高的有研新材预增值在240%。显示板块周期复苏仍在持续。 | 证券代码 | 证券简称 | 预告净利润下限(亿元) | 预告净利润上限(亿元) 预告净利润变动幅度(%) | | | --- | --- | --- | --- | --- ...

Core Viewpoint - The Chinese semiconductor industry is experiencing a significant boost due to the launch of the largest semiconductor fund in history, "Big Fund Phase III," which will focus on critical areas such as lithography machines and EDA software to overcome technological restrictions [1][3]. Group 1: Investment Focus - The "Big Fund Phase III" will prioritize investments in lithography machines and EDA software, which are identified as key leverage points for the semiconductor industry [3]. - The fund aims to integrate fragmented supply chains in lithography systems through long-term capital support, enhancing the domestic production capabilities [4]. - The strategy includes supporting mergers and acquisitions among leading EDA companies to accelerate the development of comprehensive platforms, potentially linking with foundries like SMIC [5]. Group 2: Market Impact - The semiconductor equipment ETF (561980) saw a significant increase, rising over 2% in early trading, reflecting positive market sentiment driven by the fund's initiatives [1]. - Current domestic semiconductor equipment localization is estimated at less than 25%, with expectations that "Big Fund Phase III" could raise this figure to over 40% in the next five years, indicating a potential emergence of billion-dollar market leaders [5]. - The semiconductor equipment sector has shown strong performance, with the CSI Semiconductor Index rising 5.18% since June 18, suggesting a robust rebound in the market [7].

Group 1 - The core viewpoint of the news is the significant merger and acquisition activity in the semiconductor sector, particularly the absorption merger of Haiguang Information and Zhongke Shuguang, which is expected to create a major player in the domestic computing power industry with a total market value exceeding 400 billion yuan [1][8] - Haiguang Information's stock rose over 5% following the announcement of its resumption of trading on June 10 [1] - The merger is the first case of inter-listed company absorption merger following the revision of the "Major Asset Restructuring Management Measures for Listed Companies" on May 16 [1][8] Group 2 - According to SEMI's report, global semiconductor equipment shipments are projected to grow by 21% year-on-year in Q1 2025, reaching $32.05 billion [11] - The global semiconductor market is expected to achieve steady growth in 2025, driven by demand from AI, cloud infrastructure, and advanced consumer electronics [11] - Tianfeng Securities indicates that the semiconductor industry will continue its optimistic growth trajectory in 2025, with a focus on domestic substitution and supply chain restructuring [13] Group 3 - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, which focuses on 40 companies in the semiconductor equipment and materials sectors, with the top ten constituents accounting for approximately 76% of the index [2][4] - The index has a high concentration in upstream equipment and materials, with semiconductor materials and equipment making up about 68% of the index [4][5] - The upcoming index rebalancing will remove six stocks and add six new ones, indicating a shift towards a higher concentration of upstream industry components [8]

Group 1 - The core viewpoint of the articles highlights the strong performance of Northern Huachuang in the semiconductor equipment sector, with Q1 2025 revenue reaching 8.21 billion yuan, a year-on-year increase of 37.9%, and net profit of 1.58 billion yuan, up 38.8%, marking a historical best for the same period [1][3] - The semiconductor equipment ETF (SH561980) experienced a V-shaped reversal, closing up 0.62% with a trading volume exceeding 18 million yuan, indicating strong market interest in semiconductor equipment stocks [1][3] - The recent strategic focus on high-end chips and core technologies is expected to drive more resources towards critical areas such as etching and thin film deposition, aligning with the semiconductor equipment industry's technological advancements [3] Group 2 - Northern Huachuang's revenue from etching and thin film deposition equipment is projected to exceed 8 billion yuan and 10 billion yuan respectively in 2024, with year-on-year growth rates of over 30% and 66%, reflecting significant market share expansion [3] - The company has announced its first stock bonus plan in nearly a decade, distributing 3.5 shares for every 10 shares held, alongside cash dividends, which underscores market confidence in the semiconductor equipment sector [3] - The semiconductor equipment industry is characterized by high technical barriers and significant stock volatility, making the ETF a potentially better investment choice for exposure to leading companies in the sector [4]

Group 1 - The core viewpoint indicates that the semiconductor equipment sector is likely to remain a key focus for investment in the upcoming phase, driven by recent meetings and data releases [1] Group 2 - Policy support is evident as recent meetings have set a macroeconomic and policy direction, maintaining a relatively loose monetary and fiscal policy, which supports valuations in the technology sector [2] - New structural monetary policy tools and financial instruments will be established to support technological innovation, consumption, and foreign trade, benefiting the semiconductor equipment sector [2] Group 3 - Fund inflows are increasing, with the electronic sector's holdings reaching a historical high of 18.90% in Q1 2025, indicating a strong market preference for this sector [3] - The top five sectors, including electronics, pharmaceuticals, and new energy, account for 54.98% of public fund holdings, showing a shift towards technology and semiconductor investments [3] Group 4 - The semiconductor sector has reported strong earnings, with leading company North Huachuang achieving a net profit of 1.58 billion yuan in Q1, a year-on-year increase of 40.3% [4] - Despite short-term challenges, certain sub-sectors have made technological breakthroughs, particularly in semiconductor equipment, which is expected to drive stock price increases over the long term [4] - The semiconductor equipment ETF (561980) is anticipated to benefit from industry growth, with a potential upward trend in stock prices supported by policy, funding, and performance catalysts [4]

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Northern Huachuang, a leading semiconductor equipment company, with Q1 2025 revenue of 8.21 billion yuan, a year-on-year increase of 37.9%, and a net profit of 1.58 billion yuan, up 38.8% [1] - The growth in Northern Huachuang's performance is attributed to key technological breakthroughs in integrated circuit equipment, increased coverage of new product processes, and a rise in market share of mature products [1] - The global semiconductor manufacturing equipment shipment value is projected to reach 117.1 billion USD in 2024, reflecting a 10% increase from 106.3 billion USD in 2023, with China's investment in semiconductor equipment growing by 35% to 49.6 billion USD [1] Group 2 - The semiconductor equipment ETF (561980) has seen a net inflow of funds for three consecutive days, with a total net subscription amount of 11.69 million yuan [2] - The ETF's index focuses on 40 companies in the semiconductor equipment and materials upstream supply chain, with the top ten constituent stocks, including Northern Huachuang, accounting for over 76% of the index [2] - The index is characterized by high sharpness and elasticity, indicating strong performance potential in the semiconductor equipment sector [2]