招商证券指出，电子行业消费电子进入旺季，创新周期开启，AI手机、AI PC、AI眼镜等高端智能 终端加快渗透，叠加旺季和国补持续，行业需求有望持续回暖。半导体领域算力基建需求旺盛，先进半 导体持续受益，云端AI资本开支维持高位，直接拉动高端GPU、HBM存储及先进封装需求，供给端产 能向高端产品倾斜，DRAM存储器价格持续走强。半导体国产替代持续深化，算力需求延续景气，行业 景气度较高。 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从市场中选取涉及半导体设 计、制造、封装测试及相关材料设备等业务的上市公司证券作为指数样本，以反映集成电路产业相关上 市公司证券的整体表现。成分股具有高技术含量和成长性特征，代表了中国集成电路产业的发展水平与 趋势，行业配置主要集中于电子、信息技术等领域。 没有股票账户的投资者可关注国泰中证全指集成电路ETF发起联接C（020227），国泰中证全指集 成电路ETF发起联接A（020226）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中 ...

Group 1 - The storage industry maintained high prosperity in Q2, with DRAM industry revenue reaching $31.63 billion, a quarter-on-quarter increase of 17.1%, and NAND Flash top five brands' revenue increasing by 22.0% to $14.67 billion [1] - Demand from AI servers and data centers is expected to keep the storage industry prosperous in Q3, with DRAM's prosperity expected to be higher than NAND Flash due to its closer ties to the AI industry chain and higher demand for DDR5 and HBM [1] - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which selects listed companies involved in design, manufacturing, packaging testing, and related materials and equipment to reflect the overall performance of the integrated circuit industry [1] Group 2 - Investors without stock accounts can consider the Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link C (020227) and Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link A (020226) [1]

Group 1 - The integrated circuit ETF (159546) experienced a deep correction of over 2% on August 26 [1] - According to GF Securities, the semiconductor industry is witnessing growth driven by new technologies such as AI, with increased penetration and demand in automotive electronics, new energy, IoT, big data, and artificial intelligence [1] - The ongoing push for domestic production in China highlights the importance of supply chain security and self-sufficiency in semiconductors, leading to increased government support in industrial policies, taxation, and talent development [1] Group 2 - The integrated circuit index (932087) tracked by the ETF includes listed companies involved in semiconductor design, manufacturing, packaging, testing, and related equipment, reflecting the overall performance of the semiconductor sector [1] - The index focuses on technology innovation and high-growth enterprises, aiming to represent the development level and future trends of China's integrated circuit industry [1] - Investors without stock accounts can consider the Guotai CSI All-Share Integrated Circuit ETF Initiated Link C (020227) and A (020226) [1]

Group 1 - The core viewpoint is that the demand for edge AI computing power is increasing due to the rise of AI large models and the market share growth of AI smart glasses and AI phones, which is driving steady growth in the market demand for various semiconductor hardware such as high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [1] - In the traditional consumer electronics sector, there is a weak recovery trend in smartphones, PCs, and IoT segments, coupled with the ongoing trend of domestic substitution, which is expected to benefit semiconductor companies with independent controllable capabilities [1] - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which selects listed companies involved in integrated circuit design, manufacturing, packaging testing, and related materials and equipment to reflect the overall performance of the integrated circuit industry [1] Group 2 - The constituent stocks of the integrated circuit index have high technical content and growth potential, making it an important indicator for technology style allocation [1] - Investors without stock accounts can consider the Guotai CSI All-Share Integrated Circuit ETF Initiated Link C (020227) and Guotai CSI All-Share Integrated Circuit ETF Initiated Link A (020226) [1]

Group 1 - The semiconductor industry is experiencing growth driven by the increasing penetration and demand for new technologies and products in sectors such as automotive electronics, new energy, IoT, big data, and artificial intelligence [1] - The push for domestic production is intensifying, highlighted by the US-China trade friction, emphasizing the importance of supply chain security and self-sufficiency in the semiconductor sector. The government is enhancing support for local semiconductor manufacturing through policies, tax incentives, and talent development [1] - In July, the value added of the computer, communication, and other electronic equipment manufacturing industries increased by 10.2% year-on-year, indicating sustained high demand in the industry [1] Group 2 - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which primarily covers companies in the semiconductor and related industries, including chip design, manufacturing, and packaging testing, reflecting the overall performance of listed companies in the integrated circuit sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link C (020227) and Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link A (020226) [1]

Group 1 - The integrated circuit ETF (159546) rose over 1% on August 11, indicating positive market sentiment [1] - North America's four major cloud service providers (CSPs) reported a 69% year-on-year increase in capital expenditure for Q2 2025, totaling $87.4 billion, with a forecasted total capital expenditure of $333.8 billion for 2025, representing a 49% increase [1] - Major companies are maintaining optimistic guidance for 2025 capital expenditures: Microsoft expects over $30 billion in Q1 FY2026, Amazon anticipates a capital expenditure rate of 18.7% in the second half of the year (up 3.1 percentage points), Meta raised its guidance to $66-72 billion, and Google increased its forecast to $85 billion [1] Group 2 - The strong growth in overseas CSP capital expenditures and optimistic guidance is expected to boost confidence in computing power demand, benefiting the overseas computing power supply chain (including optical modules, liquid cooling, and copper connections) and driving investments from domestic internet companies [1] - Domestic operators are accelerating their computing power layout, with China Unicom initiating a server procurement project worth 7.96 billion yuan, reflecting a domesticization rate of over 90%, indicating the maturation of the domestic computing power ecosystem [1] - The demand for AI computing power is robust, coupled with breakthroughs in new technologies such as 5G-A and quantum computing, leading to sustained industry prosperity [1]

Group 1 - The semiconductor cycle is entering an upward phase, transitioning from "expectation repair" to "prosperity verification" [1] - This cycle is driven by AI computing demand, with high-end chips like GPU and HBM experiencing sustained growth, while traditional terminals like PCs, smartphones, and automobiles show moderate recovery [1] - The global semiconductor industry is in the early to mid-stage of a "growth acceleration period," with steady progress in technological autonomy and AI supply chain benefiting first [1] Group 2 - The semiconductor sector exhibits characteristics of "long bull and short bear" cycles, currently at the starting point of a new upward phase, with market turning points often leading fundamental changes [1] - Attention should be paid to the performance realization rhythm and valuation switching window post mid-year reports, while being cautious of external policy disruptions and local supply-demand mismatches [1] - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in IC design, manufacturing, packaging, testing, and related materials to reflect the overall performance of the semiconductor industry chain [1]

Group 1 - The integrated circuit ETF (159546) has risen by 1.0%, indicating multiple validations of the semiconductor cycle's upward expectations [1] - Open Source Securities suggests that the semiconductor cycle may be entering an upward phase, transitioning from "expectation repair" to "prosperity verification" [1] - The global semiconductor industry is in the early to mid-stages of a "growth acceleration period," with AI demand becoming the core driving force of this cycle [1] Group 2 - The semiconductor industry is characterized by both growth and cyclicality, currently positioned at the starting point of a new upward phase, exhibiting typical "bull long, bear short" characteristics [1] - The integrated circuit index (932087) tracks companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment, reflecting the overall performance of publicly listed companies in the integrated circuit sector [1] - The index constituents possess high technical content and growth potential, serving as an important indicator for technology-style allocation [1]

Group 1 - The core viewpoint indicates that the slowdown in mobile phone sales growth may lead to lower-than-expected performance for companies in the consumer electronics and semiconductor device sectors, while AI-related demand remains strong, driving investment in advanced semiconductor processes and domestic substitution [1] - The semiconductor industry is experiencing differentiated demand, with consumer electronics growth slowing but strong overseas demand driven by AI, alongside ongoing domestic substitution, maintaining a favorable demand for domestic semiconductor equipment [1] - Data shows that global semiconductor sales are expected to grow by 27.0% year-on-year by May 2025, and Japan's semiconductor equipment shipments increased by 17.62% year-on-year in June, indicating a continuous rise in industry prosperity [1] Group 2 - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in semiconductor design, manufacturing, packaging, testing, and related materials and equipment to reflect the overall performance of the semiconductor industry [1] - The constituent stocks of the index are characterized by high technical barriers and significant R&D investment, with industry allocation concentrated in electronic components and information technology [1] - Investors without stock accounts can consider the Guotai Zhongzheng All-Index Integrated Circuit ETF Initiator Link C (020227) and Guotai Zhongzheng All-Index Integrated Circuit ETF Initiator Link A (020226) [1]

Group 1 - The semiconductor industry is experiencing a comprehensive rebound driven by a combination of macro policy cycles, inventory cycles, and AI innovation cycles, leading to valuation expansion [1] - TSMC has raised its annual revenue growth forecast from 25% to 30%, indicating strong ongoing demand for AI and a moderate recovery in non-AI demand [1] - The U.S. AI action plan may further restrict semiconductor exports, accelerating the push for domestic manufacturing and self-sufficiency in equipment and materials [1] Group 2 - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which reflects the overall performance of listed companies involved in semiconductor design, manufacturing, packaging, testing, and related materials [2] - Investors without stock accounts can consider the Guotai CSI Integrated Circuit ETF Initiated Link C (020227) and A (020226) for exposure to the integrated circuit sector [2]