Group 1 - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, optical modules, storage, and PCBs [1] - 3D printing is set to accelerate penetration in the consumer electronics sector, with potential applications in precision components like foldable device hinges and watch/phone frames, marking the beginning of a new era for 3D printing in consumer electronics [1] - The reduction in training and inference costs is expected to foster the prosperity of AI applications, with significant potential for edge AI, particularly in devices like headphones and glasses [1] Group 2 - Amidst rising tensions between China and the US, China is vigorously promoting domestic production substitution, leading to a surge in orders for Korean 8-inch wafer foundries and a rapid increase in the global market share of domestic wafer foundry companies [1] - The next three years will see "advanced process expansion" as a key focus for self-sufficiency, with CoWoS and HBM positioning themselves in line with AI industry trends, highlighting the importance of advanced packaging [1] - OLED panel revenue is projected to grow by 2% year-on-year in Q1 2025, driven by increased shipments of AR glasses, automobiles, and smartwatches, while upstream sectors such as passive components, digital SoCs, RF, storage, and testing are showing signs of recovery [1]

相关机构表示，三星公开智能眼镜专利，看好端侧投资机会。三星近期公开的一项专利 （US20250208441A1）提出了一种集成柔性与刚性结构的智能眼镜音频方案。其核心设计思路是：通过 分区设计的框架和密封结构，在保证设备可随用户身体轮廓变形的同时，维持扬声器声学腔体的稳定 性，从而兼顾舒适度与音质。我们认为，产业链不断创新促进智能眼镜不断发展，有望带动智能眼镜销 量提升，看好端侧投资机会。 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。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 消电ETF（代码：561310）跟踪的是消费电子指数（代码：931494），该指数由中证指数有限公司编 制，从A股市场中选取涉及智能手机、家电、可穿戴设备等消费电子产品相关业务的上市公司证券作为 指数样本，以反映消费电子行业龙头企业证券的整体表现。该指数聚焦消费电子领域的核心产业链，涵 盖硬件制造、终端产品及配套服 ...

Group 1 - The electronic and semiconductor industry is currently experiencing a structural differentiation in supply and demand, with significant increases in pre-sale orders and reduced inventory pressure in the organic silicon sector, maintaining an operating rate of 70.9% and strong price support from manufacturers amid a price war [1] - In the semiconductor materials sector, OLED materials and electronic bulk gases are becoming key areas for domestic substitution due to continuous growth in demand, highlighting a focus on self-sufficiency [1] - Sub-industries driven by technological innovation, such as synthetic biology and adsorption resins, are benefiting from the expansion of innovative applications [1] Group 2 - The consumer electronics ETF tracks the consumer electronics index, which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the manufacturing and related services of consumer electronic products from the A-share market, covering areas such as smartphones, wearable devices, and home appliances [1] - The index constituents focus on companies with technological innovation capabilities and market competitiveness, aiming to comprehensively reflect the development dynamics of the consumer electronics industry and the overall performance of listed company securities [1] - Investors without stock accounts can consider the Guotai Zhongzheng Consumer Electronics Theme ETF Initiated Link A (014906) and Guotai Zhongzheng Consumer Electronics Theme ETF Initiated Link C (014907) [1]

没有股票账户的投资者可关注国泰中证消费电子主题ETF发起联接A（014906），国泰中证消费电子主 题ETF发起联接C（014907）。 注：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。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 广发证券指出，5月份制造业PMI环比上升0.5%至49.5%，高技术制造业PMI连续4个月高于荣枯线至 50.9%，显示电子、半导体等高端制造领域延续较好发展态势。半导体设备方面，近年AI等新技术推动 汽车电子、新能源、物联网等领域需求增长，成为半导体板块重要成长动力；同时中美贸易摩擦加速国 产化进程，国内晶圆制造及配套环节发展势在必行。固态电池、复合集流体等新技术兴起为锂电设备带 来增长点，2025年将成为固态电池商业化关键年，其成熟将带动设备全面更新及价值量成倍提升。 消电ETF（代码：561310）跟踪的是消费电子指数（代码：931494），该指数由中证指数有限公司编 制，从A股市场中选取涉及智能 ...

Group 1 - The core viewpoint is that EDA (Electronic Design Automation) is a crucial technological pillar for the entire integrated circuit process, characterized by high technology, talent, and ecological barriers, with the global market dominated by three major players: Synopsys, Cadence, and Siemens EDA, which together hold over 70% market share [1] - In response to the U.S. demand for these EDA companies to cut off core tools to China by May 2025, the acceleration of domestic alternatives is expected, with the domestic EDA market's localization rate increasing from 6.24% in 2018 to 11.48% in 2020, and a projected compound annual growth rate (CAGR) of over 14% from 2021 to 2025 [1] - Domestic EDA companies are driving growth through a dual approach of "self-research + mergers and acquisitions," with firms like Huada Jiutian and Kailun Electronics achieving breakthroughs in niche areas supporting 5nm/4nm processes [1] - Policy support and collaboration within the industry chain are facilitating the replacement of EDA tools, with technology evolving towards AI intelligence and cloud-based solutions, leading to continuous expansion of the industry scale [1] Group 2 - The Consumer Electronics ETF (code: 561310) tracks the Consumer Electronics Index (code: 931494), which is compiled by China Securities Index Co., Ltd., selecting listed companies in the A-share market that are involved in the manufacturing and services of consumer electronic products, covering industries such as smartphones, home appliances, and wearable devices [1] - The Consumer Electronics Index reflects the overall performance of the consumer electronics industry in the A-share market, demonstrating significant industry representativeness and growth characteristics [1]

Group 1 - The core viewpoint of the article highlights that the reduction in AI inference costs is driving application prosperity, with significant potential for edge AI, particularly in devices like headphones and glasses [1] - The consumer-grade AR glasses, Thunderbird X3 Pro, equipped with full-color Micro-LED light engines, indicate a faster commercialization of display technology [1] - Financial reports from overseas companies show that AI inference has become a new growth engine, with data center business surging, leading to increased value in servers, optical modules, and other related sectors [1] Group 2 - Storage prices have bottomed out and are beginning to recover, while the utilization rate in the packaging and testing segment is gradually increasing [1] - Domestic equipment is making continuous breakthroughs in advanced processes, with the expansion of advanced processes becoming a key focus for self-control in the industry, particularly in CoWoS and HBM positioning within the AI industry trend [1] - The Consumer Electronics ETF (code: 561310) tracks the consumer electronics index (code: 931494), which includes listed companies involved in the manufacturing and sales of consumer electronics products, focusing on segments like smartphones, wearable devices, and smart home products [1]

天赐良基日报第641期一、今日基金新闻速览 1、信达澳亚基金魏庆孔转任首席市场官 5月8日，信达澳亚基金公告，魏庆孔于5月7日离任公司副总经理，转任公司首席市场官。(Via：每日经济新闻) 2、连锁药店赛道再获公募关注 据统计，今年4月底开始，易方达、广发、华夏、平安等多家头部基金公司频频调研各大连锁药店上市公司。值得关注的是，有非医药的A股基金经理甚至 将一半的重仓股席位都配置在连锁药店赛道。(Via：证券时报) 3、国泰基金调整旗下一只ETF最小申购赎回单位 5月9日，国泰基金公告，自5月12日起，调整旗下国泰中证消费电子主题交易型开放式指数证券投资基金(简称消电ETF)的最小申购赎回单位，将最小申购赎 回单位由100万份调整为200万份。(Via：每日经济新闻)二、知名基金经理最新动态 1、朱少醒加仓普源精电 4月29日数据显示，普源精电最新公布的前十大流通股东名单中，朱少醒的富国天惠成长混合基金首次现身，持股数量为156.96万股，为第四大流通股东。 基金2024年年报数据显示，该基金截至去年年末仅持有普源精电30.00万股。三、今日ETF行情点评 1、ETF行情复盘 市场全天震荡调整，截至收盘，沪指 ...

Group 1 - The global semiconductor industry is showing significant signs of recovery, driven by the demand for upgraded smart terminal products such as smartphones, personal computers, and wearable devices [1] - According to WSTS, global semiconductor sales are projected to reach $627.6 billion in 2024, representing a year-on-year growth of 19.1% [1] - The semiconductor market is expected to experience a slowdown in growth in 2025, but still achieve an increase of 11.2% [1] Group 2 - Leading companies in the chip sector have reported substantial revenue and profit growth, indicating a new growth cycle for the semiconductor industry [1] - The global semiconductor equipment sales are forecasted to reach $117.1 billion in 2024, a 10.16% increase from $106.3 billion in 2023, marking a historical high [1] - The domestic semiconductor equipment and component industry is anticipated to accelerate due to multiple favorable factors such as cyclical recovery, domestic substitution, and policy support [1] Group 3 - The AI wave is driving a surge in demand for computing power, significantly increasing the need for servers, AI chips, optical chips, storage, and PCB boards [2] - Investment opportunities in the semiconductor sector can be explored through various ETFs focused on semiconductor equipment and chips [2]

Group 1 - The core viewpoint is that the logic of domestic substitution in the semiconductor equipment sector is strengthening, which may boost the industry chain, as evidenced by the increase of over 1.7% in the consumer electronics ETF (561310) [1] - In the semiconductor equipment field, the clearance of low-end capacity allows for domestic DRAM to have more room for growth, while the high-end market is opening up pathways for domestic HBM breakthroughs [1] - March data on semiconductor equipment imports shows that thin film deposition, etching, and stripping equipment experienced both volume and price increases, indicating significant potential for domestic substitution [1] Group 2 - The global semiconductor market continues to grow, with February global semiconductor sales increasing by 20.73% year-on-year, driven primarily by advanced processes [1] - The consumer electronics ETF (code: 561310) tracks the consumer electronics index (code: 931494), which is compiled by China Securities Index Co., covering A-share listed companies related to the manufacturing, sales, and services of consumer electronics products [1] - The index focuses on leading companies in sectors such as smartphones, home appliances, and wearable devices, reflecting the overall performance of China's consumer electronics industry [1]