2月26日午后，半导体设备、芯片设计等板块强势走高。截至发稿，设备+材料+设计含量超90%的半导体设备ETF（561980）上涨1.13%、此前一度涨超 2%，实时成交额2.58亿元。 成份股表现活跃，寒武纪大涨7%，长川科技、京仪装备涨超5%，芯源微、神工股份、华峰测控、拓荆科技等多股涨超3%。 分析指出，设备与设计板块今日强势拉升或出于以下产业催化密集共振。 催化一：中日关系趋紧，国产替代逻辑再强化 东吴证券指出，日本大选后中日关系进一步紧张，中国驻大阪总领馆已提醒公民避免前往日本。在此背景下，"去日化"有望继"去美化"后提上日程。日本半 导体设备龙头集中于测试机、涂胶显影设备、切磨抛设备、清洗设备等领域，利好相对应的国产设备商。 截至2月25日，该ETF最新规模35.27亿元，标的指数2020年以来上涨超290%，大幅领先科创芯片、半导体材料设备等同类指数，凸显更强反弹锐度，或在 新一轮半导体上行周期中更具弹性。 数据来源：Wind，2020.1.1-2026.2.25。 2月25日，盛合晶微科创板IPO成功过会，拟募集资金48亿元，投向三维多芯片集成封装、超高密度互联三维多芯片集成封装项目。东吴证券指 ...

2月26日，半导体设备、芯片设计方向再度走强。截至发稿，设备+材料+设计含量超90%的半导体设备 ETF（561980）午后直线拉升上涨2.17%、实时成交额超2亿元，成份股寒武纪、京仪装备大涨超8%， 长川科技涨超7%，芯源微、神工股份涨超5%，华峰测控、拓荆科技涨超4%，富创精密、盛美上海、海 光信息等多股拉升。 一、海外龙头业绩炸场，AI需求持续强劲 消息面上，美东时间2月25日盘后，英伟达发布2026财年第四季度财报，营收达681亿美元，同比增长 73%，大超市场预期；数据中心业务营收623亿美元，同比增长75%，创单季新高。公司预计下季营收 约780亿美元，将继续高增长。 据悉，英伟达在电话会上提出"算力即收入"核心论断，即AI时代没有底层算力就无法生成Token，没有 Token就无法实现收入增长。目前公司订单能见度已延伸至2027年，产能紧张局面延续。 二、国产芯片业绩兑现，景气向上势能确认 国内AI芯片龙头同样交出亮眼成绩单。资料显示，半导体设备ETF（561980）第三权重股寒武纪2025年 净利润上限同比预增575%；第五权重股海光信息2025年营收同比增长56.91%、净利同比增超30% ...

2月25日午后，半导体设备板块攻势强劲。截至发稿，半导体设备ETF（561980）涨幅扩大涨超4%，成份股有研硅强势封涨停板，富创精密、江丰电子涨超 13%，拓荆科技、中船特气涨超11%，芯源微、中微公司涨超6%，华海清科、沪硅产业涨超5%，长川科技、安集科技等涨超4%。 【存储巨头定调卖方市场，上游设备业绩释放可期】 其他权重股寒武纪、长川科技、中科飞测2025年净利润上限分别同比预增575%、205%、725%，均实现大幅增长，显示行业周期上行势头强劲。 | 证券简称 | | 所属指数权重 2025年预告净利润 | 2025年预告净利润 | | --- | --- | --- | --- | | | (%) | 上限（亿元） | 同比增长上限(%) | | 中微公司 | 15. 74 | 21. 80 | 34. 93 | | 寒武纪-U | 7. 49 | 21. 50 | 575. 31 | | 长川科技 | 5. 85 | 14. 00 | 205. 39 | | 中科飞测 | 4. 01 | 0.72 | 724.72 | 数据来源：Wind，截至2026.2.24 【机构：三大逻辑支撑半导体设备 ...

但目前A股大部分存储概念股此前涨幅巨大，2025年整体业绩表现与前期迅猛涨势存在较大落差，因此市场资金较为关注上游需求核心受益的半导体设备、 材料等领域。 数据显示，半导体设备ETF（561980）指数中证半导前十大权重中，目前有4家披露2025年年度业绩预告。其中，第一权重股中微公司预告2025全年收入 123.85亿，公司前三季度已经实现收入80.63亿，计算第四季度实现收入约43亿，再创单季度新高。 2月25日午后，半导体设备板块攻势强劲。截至发稿，半导体设备ETF（561980）涨幅扩大涨超4%，成份股有研硅强势封涨停板，富创精密、江丰电子涨超 13%，拓荆科技、中船特气涨超11%，芯源微、中微公司涨超6%，华海清科、沪硅产业涨超5%，长川科技、安集科技等涨超4%。 【存储巨头定调卖方市场，上游设备业绩释放可期】 消息面上，全球存储巨头SK海力士在2月20日高盛会议上释放关键信号：全球存储芯片行业已全面转入卖方市场。公司明确指出，当前DRAM与NAND闪存 库存仅维持约4周，处于历史低位，且"所有客户的需求均无法被完全满足"。面向2026年的HBM产能已全部售罄，标准型DRAM供应持续紧张。 2.供需 ...

Core Insights - The semiconductor equipment and materials sector is experiencing a strong V-shaped rebound, with significant increases in ETF values and individual stock performances [1] - SK Hynix has indicated a shift in the global memory chip market to a seller's market, with low inventory levels and strong demand leading to price increases expected through 2026 [3] - A widespread price increase is occurring across the semiconductor industry, driven by AI demand and supply constraints, affecting all segments from wafer manufacturing to end products [4] Market Performance - The semiconductor equipment ETF (561980) has seen a net inflow of over 9.2 million in the previous trading day, with a current trading volume exceeding 1.14 billion [1] - As of February 24, 2026, the semiconductor industry index has increased by 277% since 2020, outperforming other semiconductor indices [6][7] Industry Trends - The AI-driven semiconductor cycle is expected to continue its upward trajectory, with domestic wafer manufacturers operating at full capacity and price increases being reported by various companies [4] - The demand for AI servers has led to a significant shortage in packaging and testing capacity, prompting price hikes from manufacturers like Silan Micro, Infineon, and China Resources Microelectronics [4] Future Outlook - The semiconductor equipment market is projected to grow significantly due to sustained demand for AI computing power and the upward cycle of memory chips, with a strong expectation for continued growth in 2026 [5][6]

Core Signal - SK Hynix has indicated a significant shift in the global memory chip industry, stating it has transitioned to a seller's market with DRAM and NAND flash inventory levels at historical lows of approximately 4 weeks, leading to unmet demand from all customers [3] - The company's high bandwidth memory (HBM) capacity for 2026 is fully sold out, and the supply of standard DRAM remains tight, enhancing the bargaining power of manufacturers [3] - Due to the rigid demand from AI infrastructure and supply constraints, SK Hynix predicts a quarterly price increase for memory chips starting in 2026 [3] Industry Transmission - The semiconductor cycle is expected to rise from 2025 to 2026, driven by AI, with domestic wafer fabs operating at full capacity and price increases already observed in certain process nodes [4] - The surge in demand for AI servers has led to a severe shortage in packaging and testing capacity, prompting manufacturers to raise prices [4] - A systemic price increase is occurring across the entire semiconductor industry, affecting upstream wafer manufacturing, packaging, testing, and downstream products like storage chips and power semiconductors [4] High Rebound Sharpness - The semiconductor equipment ETF (561980) tracks the CSI semiconductor industry index, with over 90% weight in upstream sectors, and the top ten constituent stocks accounting for about 75% [6] - As of February 24, the ETF has a total size of 3.516 billion, with a net inflow of 9.21 million on that day [6] - Since 2020, the CSI semiconductor index has increased by 277%, significantly outperforming other semiconductor indices, indicating a stronger rebound and potential resilience in the upcoming semiconductor cycle [6][7]

Group 1 - The semiconductor equipment and materials sectors are leading the market due to dual drivers of supply-demand dynamics and an upward economic cycle, with the semiconductor equipment ETF (561980) rising nearly 2% in early trading and closing up 1.92% [2] - Kioxia, a major global memory chip manufacturer, reported a significant increase in its annual revenue and net profit targets, exceeding analyst expectations by approximately 35% to 60%, driven by strong demand for high-performance storage products from AI servers and the high-end smartphone market [4] - South Korean semiconductor exports surged to $6.73 billion in the first 10 days of February, marking a year-on-year increase of 137.6%, with Samsung Electronics' stock reaching record highs [4] Group 2 - The semiconductor industry is experiencing a price surge in memory chips from 2025 to 2026, positively impacting the profitability of chip design companies and wafer manufacturers, which in turn is expected to boost orders for upstream semiconductor equipment and materials [6] - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Industry Index, with over 90% weight in equipment, materials, and design, and the top ten constituent stocks accounting for about 75% [6] - Global semiconductor sales are projected to reach $78.88 billion by December 2025, reflecting a year-on-year growth of 37.1%, with China's semiconductor sales at $21.29 billion, showing a 34.1% increase year-on-year [8]

Core Viewpoint - The semiconductor equipment and materials sectors are experiencing significant market gains driven by both supply-demand dynamics and an upward economic cycle, with a notable performance from the semiconductor equipment ETF (561980) [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) opened over 1% higher and rose by 1.26% to a latest scale of 3.515 billion yuan, with net inflows of funds on the previous trading day [1]. - Key stocks in the sector, such as Rich Technology and Tuojing Technology, saw gains exceeding 5% and 4% respectively, while other companies like Chipone, Northern Huachuang, and Huafeng Measurement Control also experienced increases [1]. Group 2: Catalysts for Growth - The strong performance in the equipment and materials sectors is primarily attributed to overseas storage companies reporting high growth and the positive impact of the South Korean semiconductor market reaching new highs [3]. - Kioxia, a major global storage chip manufacturer, reported a significant increase in its annual revenue and net profit targets, exceeding analyst expectations by approximately 35% to 60%, driven by robust demand for high-performance storage products from AI servers and the high-end smartphone market [3]. Group 3: Industry Trends - The semiconductor industry is witnessing a price surge in storage chips from 2025 to 2026, which is expected to enhance the profitability of chip design companies and wafer manufacturers, thereby increasing their willingness to expand production and capital expenditures [5]. - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Industry Index, with over 90% weight in upstream sectors, and the top ten constituent stocks accounting for about 75% [5]. Group 4: Sales Data and Localization - According to SIA, global semiconductor sales are projected to reach $78.88 billion by December 2025, reflecting a year-on-year growth of 37.1% and a quarter-on-quarter increase of 2.7%, marking 26 consecutive months of positive year-on-year growth [8]. - China's semiconductor sales are expected to reach $21.29 billion, with a year-on-year growth of 34.1% and a quarter-on-quarter growth of 3.8%, indicating an overall upward cycle [8]. - The domestic semiconductor equipment industry in China is transitioning from "catching up" to "keeping pace," with a projected increase in localization rates for wafer manufacturing equipment from 25% in 2024 to 30% by 2026 [8].

Group 1 - The A-share market is experiencing a structural trend, with the semiconductor equipment sector showing active performance, particularly the semiconductor equipment ETF (561980) which rose by 2% with a trading volume of nearly 100 million yuan [2] - Significant gains were observed in constituent stocks, with Huahai Chengke (688535.SH) up by 7%, Jiangfeng Electronics (300666.SZ) and China Shipbuilding Special Gas (688146.SH) both rising over 6%, and several other stocks increasing by more than 4% [2] - The semiconductor industry is entering a high prosperity cycle driven by the development of AI and computing power, leading to many semiconductor companies reporting year-on-year and quarter-on-quarter growth [4] Group 2 - The semiconductor equipment ETF (561980) includes several companies that have disclosed earnings forecasts, with notable increases in net profits for companies like Cambrian (21.50 billion yuan, up 575%) and Zhongke Feimiao (0.72 billion yuan, up 725%) [5] - The global storage chip market is experiencing a tight supply-demand balance, which is a core catalyst for profit growth in the semiconductor equipment and materials sectors [5] - The demand for semiconductor equipment is expected to be strong due to the explosive growth in AI server demand, with DRAM and NAND flash contract prices projected to rise significantly [6] Group 3 - The semiconductor equipment industry is undergoing profound restructuring, with a "Matthew effect" becoming increasingly evident, leading to a concentration of performance among leading companies [7] - The semiconductor equipment ETF (561980) tracks the CSI Semiconductor Industry Index, with over 90% of its constituent stocks concentrated in semiconductor equipment, materials, and integrated circuit design [7] - The focus on core upstream segments of the semiconductor industry, driven by AI computing demand and domestic substitution strategies, is expected to sustain the prosperity and certainty of the semiconductor equipment and materials sectors [7]

Core Viewpoint - The semiconductor equipment sector is experiencing significant activity, driven by the growth in AI and computing power, leading to a structural market trend in the A-share market [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) has shown strong performance, rising by 2% with a trading volume close to 100 million yuan [1]. - Notable stocks within the ETF include Huahai Chengke, which surged by 7%, and several others like Jiangfeng Electronics and Zhongchuang Special Gas, which increased by over 6% [1]. Group 2: Earnings Reports - Many semiconductor companies have reported or forecasted significant earnings growth, driven by the high demand in the AI and computing sectors [3]. - Key companies such as Cambrian and Zhongke Feimiao have turned profitable, with expected net profit growth rates of up to 575% and 725% respectively [3][4]. Group 3: Price Trends - The prices of DRAM and NAND flash contracts are expected to rise significantly, with DRAM prices projected to increase by 55% to 60% and NAND flash prices by 33% to 38% by Q1 2026 [5]. - This price increase is expected to enhance the profitability of storage chip manufacturers, prompting them to expand capital expenditures for capacity growth [5]. Group 4: Industry Dynamics - The semiconductor equipment industry is undergoing a significant restructuring, with a "Matthew effect" becoming more pronounced, leading to increased concentration among leading firms [6]. - The top companies are leveraging their technological and financial advantages to achieve sustained high growth and are enhancing their product lines through mergers and acquisitions [6]. Group 5: Long-term Outlook - The semiconductor equipment and materials sector is expected to maintain a high level of prosperity and certainty, driven by the demand for AI computing power and the strategy for self-sufficiency [7].