科创板政策及行业动态一览： 科创板政策与行业动向： 科创板投资生态逐步完善。2020年9月28日，首批4只科创板50ETF成立，截至2025年9月26日，科创板 ETF数量已达到102只。今年以来，科创板ETF阵营扩容显著提速。今年以来共成立了61只科创板ETF， 助力科创板ETF数量快速突破百只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公 募创新布局步履不停，相关新品还在密集上报。（数据来源：上海证券交易所，截至2025.9.26） 9月26日，上交所上市委发布2025年第40次审议会议结果公告，摩尔线程首发上市获得通过。全功能 GPU企业摩尔线程的顺利过会体现出科创板支持"硬科技"的属性定位，也为更多深耕硬核科技的企业传 递了明确信号，推动金融与科技创新的深度融合迈向新阶段。值得关注的是，摩尔线程科创板IPO从受 理到过会，不足三个月。此时恰逢科创板深化改革"1+6"系列政策推出百日，这意味着新政所带来的市 场积极效应正在持续显现。（以上个股仅作示例，不作为投资建议） 解读： 科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力量。硬科技国产替代进入攻坚期，芯 片、创新药等领域技 ...

科创板政策及行业动态一览： l 科创板政策与行业动向： 科创板投资生态逐步完善。2020年9月28日，首批4只科创板50ETF成立，截至2025年9月26日，科创板 ETF数量已达到102只。今年以来，科创板ETF阵营扩容显著提速。今年以来共成立了61只科创板ETF， 助力科创板ETF数量快速突破百只，构建起"宽基+行业+策略"的全维度指数工具箱。从最新动向看，公 募创新布局步履不停，相关新品还在密集上报。（数据来源：上海证券交易所，截至2025.9.26） 9月26日，上交所上市委发布2025年第40次审议会议结果公告，摩尔线程首发上市获得通过。全功能 GPU企业摩尔线程的顺利过会体现出科创板支持"硬科技"的属性定位，也为更多深耕硬核科技的企业传 递了明确信号，推动金融与科技创新的深度融合迈向新阶段。值得关注的是，摩尔线程科创板IPO从受 理到过会，不足三个月。此时恰逢科创板深化改革"1+6"系列政策推出百日，这意味着新政所带来的市 场积极效应正在持续显现。（以上个股仅作示例，不作为投资建议） 解读： 科创板相关产品阵营持续扩容，成为支撑硬科技企业发展的重要力量。硬科技国产替代进入攻坚期，芯 片、创新药等领 ...

科创板政策及行业动态一览： l 科创板政策与行业动向： 解读： 政策持续优化融资环境，科创债扩容和ETF兴起为科技企业开辟低息融资渠道，缓解研发资金压力，尤 其利好中小型科创企业。硬科技国产替代进入攻坚期，芯片、创新药等领域技术突破验证国产替代逻 辑，政策+资本双驱动下，科创板硬科技企业投资价值持续凸显。 当前逆全球化加剧，自主可控需求迫切。科创板硬科技属性鲜明，主要聚焦于电子芯片、新兴软件和新 型信息技术服务、生物医药产业、智能制造装备产业等，映射了当前中国先进制造业的崛起。科创芯片 ETF基金（588290）、科创信息ETF（588260）、科创50ETF指数基金（588280）等硬科技方向值得长 期关注。 9月10日，科创板半导体设备及材料行业集体业绩说明会召开。20家公司参会，向投资者介绍上半年的 业务动向与后续的发展趋势。当前，本土半导体厂商竞争力快速提升，在前沿技术突破与全球市场份额 抢占上持续追赶，正逐步打破原有全球产业格局。行业趋势下，相关领域市场机会窗口已逐步打开，扩 产起量成为半导体材料公司的发展重点之一，相关厂商的后续发展值得期待。 科创板行情回顾及资金流向： 过去一周科创板整体上涨。科 ...

Group 1: Semiconductor Market Overview - The global semiconductor market exhibited a "ice-fire resonance" pattern in the first half of 2025, with a market size reaching $57 billion in April, a year-on-year increase of 22.7% driven by storage and logic chips [1] - The Americas led the growth with a 25% increase, while China and the Asia-Pacific region benefited from an AI terminal penetration rate exceeding 18%, contributing to 35% of global incremental demand [1] - The optimistic growth trend in the semiconductor sector is expected to continue in 2025, driven by AI applications and ongoing domestic substitution efforts [1] Group 2: Investment Opportunities in ETFs - The Sci-Tech Chip ETF (588290) tracks the Sci-Tech Chip Index, covering semiconductor materials, design, manufacturing, packaging, and testing, with a one-year increase of 58.50% [2] - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion RMB, aims to alleviate current capacity bottlenecks in the semiconductor industry [2] - The domestic semiconductor equipment localization rate is currently below 25%, indicating significant room for growth in domestic substitution [2] Group 3: Technological Advancements and Market Dynamics - SMIC achieved an 85% yield milestone for its 14nm FinFET process, supporting the mass production of Cambricon's fifth-generation AI chips [3] - The DRAM/NAND price index has seen a month-on-month increase of over 5% for three consecutive months, indicating structural opportunities in the memory sector [3] - Companies like Jiangbo Long have captured over 15% of the enterprise SSD market in Alibaba Cloud data centers, reflecting competitive advancements [3] Group 4: Mergers and Acquisitions - The merger between Haiguang Information and Zhongke Shuguang, valued at over 300 billion RMB, represents the largest industry merger since the Sci-Tech Board's inception, creating a full-stack ecosystem from chip design to computing services [5] - The new entity's R&D investment will exceed 6 billion RMB, accounting for 27% of revenue, positioning it as the third-largest AI computing supplier globally [5] - The acquisition of EDA capabilities by Huada Jiutian and the integration of equipment firms like Beifang Huachuang are reshaping the industry landscape [5] Group 5: Digital Economy and Market Performance - The Digital Economy ETF (159658) tracks the CSI Digital Economy Theme Index, with a one-year increase of 44.04%, focusing on AI, semiconductors, and software sectors [7] - The digital economy can be categorized into digital industrialization and industrial digitalization, with performance metrics from TMT sectors and manufacturing automation tracking the industry's health [7]

Group 1 - The ETF market opened with mixed performance, with the Science and Technology Innovation ETF (300730) leading gains at 15.85% [1] - The A50 ETF by Jiashi increased by 7.98%, while the Telecommunications ETF (159507) rose by 7.49% [1] - Conversely, the S&P Biotechnology ETF (159502) experienced a decline of 1.49%, and the NASDAQ Biotechnology ETF (513290) fell by 1.46% [1] - The Innovation Drug ETF by Guotai also decreased by 1.46% [1]

Group 1: Policy and Industry Trends - The Shanghai Stock Exchange has initiated a series of promotional activities for the "1+6" policy of the Sci-Tech Innovation Board, aiming to enhance support for local economic development and technological innovation [1][2] - The introduction of the "1+6" policy has significantly boosted the confidence of equity investment institutions and technology entrepreneurs, promoting a virtuous cycle of "technology-industry-capital" [1][2] - Recent IPO approvals for several unprofitable companies and the first IPO under the fifth set of standards reflect the determination of the reforms and further stabilize market expectations [1][2] Group 2: Market Performance and Fund Flows - The overall performance of the Sci-Tech Innovation Board has seen a decline, with the Sci-Tech 50 Index dropping by 0.35% in the past week, while the biotech sector experienced significant gains [3][4] - The top five industries on the Sci-Tech Innovation Board, including electronics, biomedicine, computers, power equipment, and machinery, account for 87.2% of the total market capitalization [4] - ETFs tracking the Sci-Tech Innovation Board saw a net inflow of 3.36 billion yuan last week, although there has been a net outflow of 16.57 billion yuan since the beginning of the year [4] Group 3: Sector Insights - The new generation information technology sector is primarily focused on the electronic chip industry, with major tech companies investing heavily in AI infrastructure, indicating a surge in demand for computing power [5][6] - The high-end equipment manufacturing sector is expected to benefit from policy support aimed at enhancing the competitiveness of China's manufacturing industry, particularly in marine technology and intelligent vessels [6] - Recent policies in the pharmaceutical sector aim to support the high-quality development of innovative drugs, with a comprehensive support system being established for drug research, approval, and insurance coverage [7]

Group 1: Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly supported the development of hard technology enterprises since its launch in June 2019, with recent mergers and acquisitions indicating a trend towards accelerated industry consolidation [1] - As of now, there are 119 companies in the integrated circuit sector on the STAR Market, representing a substantial portion of the A-share listed companies in this category, covering the entire supply chain from chip design to packaging and testing [1] - The recent "Eight Measures" issued by the China Securities Regulatory Commission has led to unprecedented activity in mergers and acquisitions among integrated circuit companies on the STAR Market, showcasing new characteristics and directions in the M&A market [1] Group 2: Industry Trends - The current trend of de-globalization and the urgent need for self-sufficiency have heightened the necessity for the development of new productive forces, with the STAR Market focusing on core electronic industries, emerging software, and new information technology services [2] - The STAR Market's top five industries—electronics, biomedicine, power equipment, computers, and machinery—account for 87.2% of the total market capitalization, indicating a concentrated investment landscape [3] - The high-end equipment manufacturing sector is crucial for enhancing the overall competitiveness of China's manufacturing industry, with recent PMI data showing signs of recovery and potential for continued growth in exports [4] Group 3: Sector Performance - The innovative drug sector is experiencing significant advancements, with Chinese companies leading in ADC and dual-antibody research, as evidenced by their substantial presence at the ASCO conference [5] - The overall industry sentiment in the pharmaceutical sector is improving, driven by increased R&D investment and active clinical trials, alongside international collaborations and supportive policies [6] - The STAR Market's ETFs, such as the Sci-Tech Information ETF and Sci-Tech Chip ETF, represent long-term investment directions aligned with the new productive forces [2][7][8][9]