信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取涉及半导体、软件 开发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新领域相关上市公 司证券的整体表现。该指数偏重大盘风格，成分股平均市值较高，行业配置侧重于半导体、软件开发及 IT服务。 （文章来源：每日经济新闻） 申万宏源证券指出，半导体全产业链与生产制造工艺高度绑定，国产晶圆厂在设备限制下开发出新技术 路径，而海外EDA工具无法支撑分化的国产工艺，这为国产EDA厂商创造了独立市场空间。近期EDA 行业IPO和并购活跃，交易金额逐步放大，标的趋向数字IC设计核心环节，行业进入加速发展阶段。地 方政府及国家大基金对EDA产业的支持将推动头部厂商整合，形成2~3家平台型领军企业。中长期看， 国产EDA厂商将通过并购整合打通数字IC设计全流程，并布局先进制程制造类工具，与国产晶圆厂匹 配，未来随产线成熟将迎来收入释放。行业当前处于先进领域攻坚与并购活跃并行的阶段，政策、资本 及产业链协同将加速这一进程。 1月8日，信创ETF（159537）盘中涨超2.5%，行业壁垒与国产替代空间受关注。 ...

Core Insights - The Xinchuang industry has entered a critical phase, with a flourishing domestic ecosystem expected to enhance customer loyalty and profitability [1] - Policy support is intensifying, with Document No. 79 setting a target for 100% replacement of central and state-owned enterprises' technology by 2027, covering hardware, software, operating systems, and middleware [1] - The geopolitical landscape and ongoing trade tensions are accelerating China's push for technological self-reliance, particularly in the Xinchuang sector [1] - The introduction of DeepSeek is expected to accelerate AI applications within the Xinchuang field, providing strong momentum for industry growth [1] - The Xinchuang industry is projected to experience explosive growth by 2025, driven by advancements in domestic operating systems, software penetration, and self-sufficiency in computing power [1] - The Xinchuang ETF tracks the Guozheng Xinchuang Index, which includes representative listed companies in the information technology innovation sector, reflecting the overall performance of domestic tech innovation firms [1] Industry Developments - The Xinchuang industry is witnessing a significant shift due to increasing domestic technological capabilities and policy-driven market expansion [1] - The focus on domestic operating systems and foundational software is becoming more pronounced, with a continuous rise in self-sufficiency in computing power [1] - The Guozheng Xinchuang Index emphasizes growth and innovation within the information technology sector, covering software, hardware, and IT services [1]

Group 1 - The core viewpoint is that the Xinchuang industry is benefiting from national competition and the policies related to the 14th Five-Year Plan, leading to strong demand for domestic computing centers, with a steady upward trend observed in Q2 [1] - In the sub-industry landscape, Xinchuang, software outsourcing, financial IT, and the Huawei supply chain are all part of a robust growth trajectory [1] - User willingness to adopt new technologies is increasing under the backdrop of replacement, although payment capabilities still need improvement, and products require breakthroughs in large models and continuous refinement [1] Group 2 - It is expected that the operational performance in the second half of the year may surpass that of the first half due to base effects, the implementation of new technologies/products, and supportive policies [1] - If macro demand and corporate operational trends continue to improve, the computer sector, which has a late-cycle attribute, may see better performance [1] - The current market is primarily driven by denominator-driven thematic investments, necessitating attention to the spillover effects from other technology growth sectors [1] Group 3 - The Xinchuang ETF tracks the Guozheng Xinchuang Index, which is published by Shenzhen Securities Information Co., Ltd., selecting representative listed companies in the information technology innovation field from the A-share market [1] - This index focuses on innovative enterprises in the information technology sector, covering core areas such as software, hardware, and IT services, aiming to comprehensively reflect the overall performance of the Xinchuang industry [1] - The constituent stocks of the index include leading companies in the industry, showcasing significant growth potential and innovation capabilities, effectively representing the development trends and market dynamics of the Xinchuang industry [1]

Core Viewpoint - The domestic innovation industry is benefiting from national competition and the "14th Five-Year Plan" policies, leading to a strong demand for domestic computing centers, with a steady upward trend observed in Q2 [1] Industry Summary - The sub-sectors of domestic innovation, software outsourcing, and financial IT are expected to show steady growth by 2025 [1] - The industry is currently in a fundamental chaos period, where user willingness to adopt new technologies is increasing, but their payment capabilities remain limited [1] - Investment is primarily driven by risk appetite, indicating a thematic investment phase, but there is potential for a shift towards a more favorable investment environment [1] - As the earnings disclosure period approaches in June and July, attention to the fundamentals is expected to increase [1] - The second half of the year may see better operational performance due to base effects, the implementation of new technologies, and supportive policies [1] Competitive Landscape - The industry faces intensified competition and risks related to technology development falling short of expectations [1] - There is a need to monitor the diversion effects from other technology sectors [1] Index Information - The Guozheng Domestic Innovation Index, tracked by the Domestic Innovation ETF, focuses on the information technology innovation sector [1] - This index includes representative A-shares from industries related to information security, cloud computing, and big data, reflecting the overall performance of listed companies in the information technology innovation field [1] - The constituent stocks cover various sub-sectors, showcasing market trends and development levels in China's information technology innovation sector [1]