ETF方面，部分跨境ETF走强，易方达基金巴西ETF、嘉实基金标普生物科技ETF、分别涨2.56%、 2.28%。半导体板块领涨，国泰基金集成电路ETF、嘉实基金集成电路ETF和华泰柏瑞基金中韩半导体 ETF分别涨2.32%、1.92%和1.83%。AI硬件板块延续涨势，国泰基金通信ETF涨1.88%。消费电子板块表 现活跃，国泰基金消电ETF涨1.63%。 港股医疗板块走低，港股医疗ETF、港股通医疗ETF分别跌1.66%、1.31%。影视板块走低，影视ETF跌 1.3%。港股科网股走低，港股通互联网ETF跌1%。 上证指数午盘涨0.49%；创业板指冲高回落涨0.56%，一度涨逾2%；消费电子、HBM概念涨幅居前， OCS概念持续火爆，固态电池概念表现不俗，地产股探底回升；福建、海南、SPD概念集体熄火，AI应 用方向持续低迷。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The semiconductor industry is experiencing a recovery, supported by structural opportunities in AI and semiconductor equipment, despite a decline in the consumer electronics ETF (561310) by over 3% [1] Group 1: Semiconductor Industry - SMIC's third-quarter capacity utilization reached 95.8%, with an ASP increase of 3.8% quarter-on-quarter, driven by product structure optimization and increased shipments of complex process products [1] - Although the fourth quarter is traditionally a low season, production lines are expected to remain fully loaded, indicating a sustained recovery in the semiconductor sector [1] - The demand recovery in the electronics industry is evident, with storage chip prices rising more than expected and increased domestic substitution efforts leading to effective supply clearance [1] Group 2: AI and Technology - Baidu has released the Wenxin large model 5.0 and Kunlun chips M100/M300, unveiling a "Five Years, Five Chips" strategic roadmap, marking an acceleration in the AI sector [1] - Structural opportunities worth noting include AI computing power, semiconductor equipment, key components, and rising storage prices [1] Group 3: Consumer Electronics ETF - The consumer electronics ETF (561310) tracks the consumer electronics index (931494), which selects listed companies involved in smartphones, home appliances, and wearable devices to reflect the overall performance of the consumer electronics industry [1] - The consumer electronics index focuses on companies with strong technological innovation and brand influence, effectively reflecting industry development trends and market dynamics [1]

Group 1 - The consumer electronics sector has weakened, with companies like Industrial Fulian and Huagong Technology dropping over 4%, while Luxshare Precision and Cambricon Technologies-U fell more than 3% [1] - The ETFs tracking the CSI Consumer Electronics Theme Index have also declined, with a drop of over 2% [1] - The CSI Consumer Electronics Theme Index includes 50 listed companies involved in component production and complete machine brand design and production, reflecting the overall performance of the consumer electronics sector [2] Group 2 - Some institutions believe that the long-term growth logic of the consumer electronics sector remains solid, with clear trends in AI innovation, and they are optimistic about recovery opportunities in the sector [2] - Leading companies in the domestic supply chain, which possess strong R&D capabilities and benefit from a favorable engineer demographic, are expected to deeply benefit from the wave of AI terminal innovations [2]

Core Viewpoint - The A-share market experienced a collective decline in the morning session, with major indices showing varying degrees of losses, while certain sectors such as consumer goods and chemicals performed well [1] Market Performance - The Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.59%, and the ChiNext Index dropped by 2.13% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 14,544 billion yuan, an increase of 1,883 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market showed gains [1] Sector Performance - Leading sectors included dairy, duty-free shops, liquor, chemicals, non-ferrous metals, silicon energy, and influenza-related stocks [1] - Underperforming sectors included AI hardware, semiconductor stocks, and computing hardware related to CPO and copper cables [1] ETF Performance - The consumer goods sector saw strong gains, with the tourism sector leading; the Fortune Fund Tourism ETF and the Huaxia Fund Tourism ETF rose by 5.19% and 4.74%, respectively [1] - Liquor stocks rebounded, with the Penghua Fund Liquor ETF and the Food and Beverage ETF increasing by 3.29% and 2.83% [1] - The chemical sector continued its upward trend, with the Penghua Fund Chemical ETF rising by 2.66% [1] - The AI hardware sector led the declines, with the Communication ETF and 5G Communication ETF both falling by 4% [1] - The consumer electronics sector also declined, with the Consumer Electronics ETF dropping by 3% [1] - The semiconductor sector faced losses, with the Sci-Tech Chip Design ETF decreasing by 3% [1]

- The report highlights that the CSI 2000 Index performed well among scale indices, while the SSE 50 Index fell by 0.62%[5] - The ChiNext Index performed relatively well among sector indices, with the SSE Composite Index down 0.22% and the SZSE Composite Index down 0.23%[5] - The CSI 300 Growth Index performed well among style indices, with the CSI 300 Value Index down 0.56% and the CSI 300 Growth Index down 0.41%[5] - The defense, computer, comprehensive, transportation, and textile and apparel industries performed well today, with returns of 1.23%, 0.49%, 0.46%, 0.35%, and 0.25%, respectively[6] - The non-ferrous metals, steel, construction, pharmaceuticals, and coal industries performed poorly today, with returns of -2.75%, -1.34%, -0.97%, -0.75%, and -0.71%, respectively[6] - The top-performing concepts today were cross-strait integration, Fujian state-owned assets, fiberglass, lithium battery electrolyte, and liquid metal, with returns of 7.06%, 4.34%, 3.47%, 3.23%, and 3.13%, respectively[8] - The worst-performing concepts today were gold selection, cultivated diamonds, lead-zinc mines, cobalt mines, and nickel mines, with returns of -3.24%, -2.73%, -2.41%, -2.29%, and -2.15%, respectively[8] - At the close of trading today, 71 stocks hit the daily limit up, and 11 stocks hit the daily limit down[12] - The closing return of stocks that hit the daily limit up yesterday was 3.28%, while the closing return of stocks that hit the daily limit down yesterday was -2.58%[13] - Today's board sealing rate was 71%, an increase of 11% from the previous day, and the continuous board rate was 33%, an increase of 10% from the previous day, reaching a new high for the past month[16] - As of October 27, 2025, the balance of margin trading and securities lending was 2.482 trillion yuan, with a financing balance of 2.4643 trillion yuan and a securities lending balance of 17.7 billion yuan[18] - The balance of margin trading and securities lending accounted for 2.5% of the market's circulating market value, and the margin trading and securities lending transactions accounted for 12.2% of the market's transaction amount[22] - On October 27, 2025, the ETF with the highest premium was the Specialized and New ETF, with a premium of 0.69%, and the ETF with the highest discount was the Consumer Electronics ETF, with a discount of 0.71%[23] - The average daily transaction amount of block trades in the past six months reached 1.9 billion yuan, and the transaction amount on October 27, 2025, was 1.4 billion yuan, with an average discount rate of 6.19% in the past six months and a discount rate of 3.52% on that day[26] - The annualized discount rates of the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures in the past year were 0.16%, 3.08%, 10.44%, and 12.84%, respectively[28] - On October 28, 2025, the annualized premium rate of the main contract of the SSE 50 stock index futures was 0.26%, the annualized discount rate of the main contract of the CSI 300 stock index futures was 3.14%, the annualized discount rate of the main contract of the CSI 500 stock index futures was 9.86%, and the annualized discount rate of the main contract of the CSI 1000 stock index futures was 12.63%[28] - The stocks with the most institutional research in the past week were Ninebot-WD, BGI Genomics, Yuyue Medical, Dangsheng Technology, Yiyi Co., Ltd., Liangxin Co., Ltd., China Tungsten High-tech, and National Ceramic Materials, with Ninebot-WD being researched by 186 institutions[31] - The top ten stocks with net inflows from institutional seats on the Dragon and Tiger List on October 28, 2025, were Hengbao Co., Ltd., Yunhan Chip City, Antai Technology, Dawei Co., Ltd., Duofluorine, Chutian Technology, Shanghai Jahwa, Tongling Nonferrous Metals, Road and Bridge Information, and Pioneer New Materials[36] - The top ten stocks with net outflows from institutional seats on the Dragon and Tiger List on October 28, 2025, were China Tungsten High-tech, Shenkai Co., Ltd., Jianda Zhixin, Beifang Changlong, Nongxin Technology, China Ship Special Gas, Haixia Innovation, Sincerity Pharmaceutical, Zhongdian Port, and Jinfu Technology[36] - The top ten stocks with net inflows from Northbound Trading on the Dragon and Tiger List on October 28, 2025, were China Tungsten High-tech, Fangda Carbon, Jianglong Shipbuilding, Tianxiaxiu, and Jinfu Technology[37] - The top ten stocks with net outflows from Northbound Trading on the Dragon and Tiger List on October 28, 2025, were Shanghai Jahwa, Hengbao Co., Ltd., Huajian Group, Zhongdian Port, Duofluorine, Tongling Nonferrous Metals, Antai Technology, Huitong Energy, China Ship Special Gas, Chutian Technology, and Hefei Urban Construction[37]

Core Viewpoint - The consumer electronics sector is experiencing a significant rise, with major stocks such as Industrial Fulian, Luxshare Precision, and GoerTek showing substantial gains, indicating a positive market sentiment towards this industry [1][2]. Group 1: Stock Performance - Industrial Fulian's stock increased by over 8%, Luxshare Precision rose by over 7%, and GoerTek gained over 5% [1]. - Several ETFs tracking the CSI Consumer Electronics Theme Index also saw gains of over 4% [1]. Group 2: ETF Details - The following ETFs reported their current prices and percentage changes: - CSI Consumer Electronics ETF (Fuguo): 1.327, up 4.24% [2] - CSI Consumer Electronics ETF: 1.236, up 4.13% [2] - CSI 50 Consumer Electronics ETF: 1.172, up 4.09% [2] - Consumer Electronics ETF: 1.199, up 4.08% [2] - CSI Consumer Electronics ETF (E Fund): 1.264, up 3.95% [2]. Group 3: Industry Outlook - Analysts suggest that the long-term growth logic of the consumer electronics sector remains solid, driven by clear trends in AI innovation [2]. - Leading companies in the domestic supply chain, characterized by strong R&D capabilities and a robust engineering talent pool, are expected to benefit significantly from the wave of AI terminal innovations [2].

Group 1 - The consumer electronics sector has seen a decline, with stocks such as EVE Energy falling over 7%, Luxshare Precision down over 4%, and others like SMIC, Lattice Semiconductor, and GoerTek dropping more than 3% [1] - The ETFs tracking the CSI Consumer Electronics Theme Index have also experienced a drop of over 3% due to adjustments in heavyweight stocks [1] - The CSI Consumer Electronics Theme Index includes 50 listed companies involved in component production and brand design in the consumer electronics sector, reflecting the overall performance of these securities [2] Group 2 - Despite the recent downturn, institutional analysis suggests that the long-term growth logic of the consumer electronics sector remains solid, with clear trends in AI innovation [2] - Leading companies in the domestic supply chain, characterized by strong R&D capabilities and a robust engineering talent pool, are expected to benefit significantly from the wave of AI terminal innovations [2]

Market Overview - The three major A-share indices experienced a collective decline in the morning session, with the Shanghai Composite Index down by 1%, the Shenzhen Component Index down by 1.99%, and the ChiNext Index down by 2.37% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.189 trillion yuan, a decrease of 34 billion yuan compared to the previous day [1] - Over 4,100 stocks in the market fell, indicating a broad-based decline [1] Sector Performance - The photovoltaic, energy storage, and charging pile concepts saw significant declines, with the leading energy storage battery ETF and photovoltaic ETF down by 5.07% and 4.96%, respectively [4] - The AI hardware sector also experienced a widespread pullback, with related stocks collectively retreating [1] - Conversely, the Fujian sector and gas stocks performed well, with the latter reaching historical highs [1] ETF Performance - International gold prices reached new highs for five consecutive days, leading to gains in gold ETFs, with Huaan Fund's gold ETF and Bank of China Shanghai Gold ETF rising by 3.22% and 3.21%, respectively [3] - Gold stocks also showed strong performance, with various gold stock ETFs increasing by 1.59%, 1.44%, and 1.37% [3] - Dividend strategy ETFs saw slight increases, with the China Construction Bank's CSI 300 Dividend ETF and the low-volatility dividend ETF rising by 0.62% and 0.57%, respectively [3]

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down by 1%, the Shenzhen Component Index down by 1.99%, and the ChiNext Index down by 2.37% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 11,890 billion yuan, a decrease of 340 billion yuan compared to the previous day [1] - Over 4,100 stocks in the market experienced declines [1] Sector Performance - The new energy sector saw a significant downturn, with photovoltaic, energy storage, and charging pile concepts leading the declines [1] - AI hardware-related stocks also faced widespread declines, including copper-clad laminates, liquid cooling, and HBM concepts [1] - The Fujian sector performed well against the trend, with banking and gas stocks also showing resilience, while Agricultural Bank reached a historical high [1] ETF and Commodity Performance - International gold prices reached new highs for five consecutive days, with Huaan Fund's Gold ETF and Bank of China Shanghai Gold ETF rising by 3.22% and 3.21% respectively [1] - Gold stocks performed strongly, with ICBC Credit Suisse Fund's Gold Stock ETF, Yongying Fund's Gold Stock ETF, and Huaxia Fund's Gold Stock ETF increasing by 1.59%, 1.44%, and 1.37% respectively [1] - Dividend strategy ETFs saw slight increases, with Jianxin Fund's CSI 300 Dividend ETF and Dividend Low Volatility ETF rising by 0.62% and 0.57% respectively [1] Specific Sector Declines - The new energy sector faced substantial declines, with the energy storage battery ETF and photovoltaic ETF leading the drops at 5.07% and 4.96% respectively [1] - The consumer electronics sector also declined, with the consumer electronics ETF falling by 3.69% [1]

Market Performance - The market experienced fluctuations with all three major indices declining. The Shanghai Composite Index fell by 0.94%, the Shenzhen Component Index dropped by 2.70%, and the ChiNext Index decreased by 4.55% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.52 trillion yuan, a decrease of 137.6 billion yuan compared to the previous trading day [1] Semiconductor Sector - The semiconductor sector saw significant declines, with the Integrated Circuit ETF down by 7.05%, the Sci-Tech Chip ETF down by 6.67%, and the Chip ETF down by 6.02% [2] - The decline is attributed to adjustments in the financing and securities lending rates for certain stocks, such as SMIC and Bawen Storage, which were reduced to zero due to abnormal static P/E ratios [2][3] Growth Potential - The semiconductor sector is recognized for its growth potential, especially as it plays a crucial role in AI development. The sector's fundamentals have improved, leading to higher valuations [3] - The semiconductor sector ranks sixth among 125 secondary industries in terms of PETTM (Price Earnings to Time Market) at 122x, indicating relatively high valuations compared to other sectors [4][3] Recent Market Trends - From August 1 to October 9, the semiconductor sector recorded a cumulative increase of 48.84%, ranking fourth among 125 secondary industries [5] - Recent developments in the AI industry, including significant server procurement by major banks and telecom companies, indicate a stable progress for domestic computing capabilities [7] Future Outlook - The AI sector is expected to provide a long-term growth engine for the semiconductor industry, with China being the second-largest computing market globally [8] - The recent market decline is seen as a potential opportunity for investment, driven by liquidity and sentiment rather than fundamental factors [8]