Market Performance - The Shanghai Composite Index decreased by 0.70%, the Shenzhen Component Index fell by 0.67%, and the ChiNext Index dropped by 0.96% [1] - Shipbuilding, aerospace, and semiconductors showed the highest gains, while small metals, photovoltaic equipment, and shipping ports collectively retreated [1] ETF Performance - The top five ETFs by increase were: - France CAC40 ETF (513080) up 3.11% - China-Korea Semiconductor ETF (513310) up 2.35% - Sci-Tech Semiconductor Equipment ETF (589020) up 2.32% - Sci-Tech Semiconductor ETF (588170) up 2.21% - Sci-Tech Semiconductor Equipment ETF (588710) up 2.14% [1] - The top five ETFs by decrease were: - Oil and Gas ETF (561760) down 3.63% - Oil ETF (561360) down 3.60% - Oil and Gas ETF (159309) down 3.58% - Oil and Gas ETF (561570) down 3.50% - Oil ETF (159697) down 3.30% [1] ETF Trading Volume - The top ten ETFs by trading volume included: - A500 ETF Fund (512050) with a volume of 9.776 billion - A500 ETF Huatai-PB (563360) with 7.270 billion - CSI A500 ETF (159338) with 5.846 billion - A500 ETF Southern (159352) with 5.665 billion - Gold ETF (518880) with 4.225 billion - A500 ETF E Fund (159361) with 3.106 billion - Hang Seng Technology ETF (513130) with 3.105 billion - Hong Kong Securities ETF E Fund (513090) with 2.785 billion - CSI 500 ETF (510500) with 2.601 billion - Hang Seng Technology Index ETF (513180) with 2.303 billion [2]

Group 1 - The global semiconductor industry is expected to experience a dual opportunity of high prosperity and structural upgrades, with revenue projected to exceed $1 trillion for the first time in 2026 according to SIA [1][4] - Longfei Advanced announced the completion of over 1 billion yuan in A+ round financing, focusing on the full industrial chain technology layout of silicon carbide power semiconductors to seize emerging global markets [1][4] - The demand for AI computing power is driving the prosperity of semiconductor equipment and storage sectors, with recommendations to focus on domestic semiconductor equipment and storage industry chain listed companies [1][4] Group 2 - The Science and Technology Innovation Semiconductor Equipment ETF (588710) has seen significant capital inflow, with 17 out of 25 trading days in 2026 recording inflows totaling 813 million yuan, surpassing the 199 million yuan net inflow for the entire year of 2025 [1][4] - The fund's scale and shares have increased to 1.796 billion yuan and 1.002 billion shares, representing growth of 103% and 76% respectively since the beginning of the year [1][4] - The index for the ETF, which focuses on semiconductor materials and equipment, has a weight of 84.8% in the semiconductor equipment and materials sector, providing stronger elasticity compared to other indices [2][5] Group 3 - The cumulative increase of the Science and Technology Innovation Semiconductor Materials Equipment Index since 2025 is 82.91%, outperforming the 78.55% increase of the CSI Semiconductor Materials Equipment Index during the same period [2][5] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong background in various ETF categories, including industry ETFs and broad-based indices [6]

Group 1 - The semiconductor industry is experiencing high prosperity, with South Korea's semiconductor exports in January 2026 showing a significant year-on-year increase of 102.7%, reaching $20.5 billion, marking the second-highest monthly record in history [1][3] - Demand for AI continues to grow faster than production capacity expansion, leading to price increases in consumer and niche storage segments, benefiting multiple links in the domestic storage industry chain this year [1][3] - The Kexin Semiconductor Equipment ETF (588710) has gained significant attention due to AI demand and price increases, achieving net inflows for three consecutive trading days, with its latest shares and scale reaching 994 million shares and 1.857 billion yuan respectively [1][3] Group 2 - The Kexin Semiconductor Equipment ETF (588710) and its connected funds are positioned at the intersection of the AI hardware wave and domestic substitution, with the semiconductor equipment and materials sector accounting for 84.8% of the underlying index [2][4] - Since 2025, the Kexin Semiconductor Materials and Equipment Index has seen a cumulative increase of 90.72%, outperforming the CSI Semiconductor Materials and Equipment Index, which increased by 84.30% during the same period [2][4] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with leading products in the market and a low-cost fee structure, which supports investors in cost-effective investments [2][4]

近期，资金整体净流出的格局对整体市场形成了一定的上涨压力，叠加市场轮动节奏加快、缺乏短期重 大利好等因素，半导体板块整体震荡调整。不过，AI算力需求高景气、存储扩产、国产替代的叙事仍 旧较为明确，占据产业链关键环节的半导体设备环节或仍具备中长期投资价值。 另外，截至2026年1月29日，合计有93家半导体企业披露了业绩预告，其中，61家企业归母净利润预计 增长超过20%，占比超过六成，21家归母净利润预增超过100%。半导体产业或逐步迎来业绩兑现期， 对行业景气度形成进一步支撑。 在半导体板块的中长期配置视野下，市场资金仍逆势布局相关资产。Wind数据显示科创半导体设备ETF （588710）已连续两个交易日获资金净申购，同时2026年以来19个交易日中15个交易日获资金净流入， 合计金额达7.72亿元。 科创半导体设备ETF（588710）及其联接基金（A类024974/C类024975）卡位AI硬件浪潮和国产替代的 关键交汇点，其标的指数上证科创板半导体材料设备主题指数中"半导体设备+半导体材料"行业权重占 比达84.8%，同时区别于其他部分半导体主题指数沪深两市的选股范围，科创半导体材料设备指数100% ...

芯片龙头的靓丽业绩凸显出人工智能浪潮的深度，进一步提振了市场对半导体产业链发展的长期信心， 资金对这一高成长赛道的关注持续且深入。相关产品科创半导体设备ETF（588710）在今年以来的18个 交易日中有13日获资金净流入，区间累计"吸金"8.04亿元，大幅超越其2025年全年1.99亿元的资金净流 入水平，助推其规模和份额分别攀升至19.01亿元和9.72亿份。（数据来源：Wind、交易所，截至 26/1/28） 近期，"涨价"正成为贯穿半导体产业链的关键现象，这或为板块景气度提供了基本面支撑。其核心逻辑 在于供需双侧共振：需求侧，AI芯片对先进制程和先进封装的强劲需求，正引发从设计到制造、封测 的全产业链"涨价潮"， 行业盈利能力有望迎来修复契机；供给侧，以台积电为代表的全球龙头积极扩 充，有望直接拉动上游设备需求。在此背景下，位于产业链上游、扩产确定性高的半导体设备与核心材 料环节，有望成为半导体产业景气度传导的深度受益者。 科创半导体设备ETF（588710）及其联接基金（A类024974/C类024975）卡位AI硬件浪潮和国产替代的 关键交汇点，其标的指数上证科创板半导体材料设备主题指数中"半导体 ...

Group 1 - The semiconductor industry is experiencing a widespread price increase, with a chip design company announcing price adjustments for MCU and Nor flash products ranging from 15% to 50% due to severe supply-demand conditions and significant cost pressures [1] - Another chip company has announced price hikes for KGD products, with increases of 40% for 512Mb, 60% for 1Gb, and 80% for 2Gb products starting January 2026 [1] - The current price surge is primarily driven by the rapid growth in multimodal applications and enterprise-level storage demands in the AI era, which is expected to provide upstream equipment and material manufacturers with greater bargaining power [1] Group 2 - The Kexin Semiconductor Equipment ETF (588710) and its connected funds are positioned at the intersection of the AI hardware wave and domestic substitution, with the semiconductor equipment and materials sector accounting for 84.8% of the index [2] - The Kexin Semiconductor Materials and Equipment Index has achieved a cumulative increase of 97.96% since 2025, outperforming the 90.81% increase of the CSI Semiconductor Materials and Equipment Index during the same period [2] - The unique characteristic of the Kexin Semiconductor Materials and Equipment Index, which exclusively selects stocks from the Sci-Tech Innovation Board, may provide the index with stronger elasticity compared to other semiconductor theme indices [2]

Group 1 - The semiconductor materials and equipment sector continues to adjust, but market interest remains high due to rapid growth in demand for high-end semiconductors driven by AI infrastructure [1][6] - TSMC's advanced 3nm process faces production bottlenecks, with capacity fully booked until 2027; Morgan Stanley predicts a 50% price increase for DDR4 in Q1 2026, indicating a potential "super cycle" in memory chips [1][6] - The Kweichow Moutai Semiconductor Equipment ETF (588710) has seen net inflows in 15 out of the last 20 trading days, totaling 855 million yuan, increasing its shares to 978 million and total assets to 1.87 billion yuan [1][6] Group 2 - The domestic semiconductor equipment sector benefits from accelerated domestic substitution, with the localization rate of semiconductor equipment steadily increasing since 2018 [1] - The Kweichow Moutai Semiconductor Equipment ETF (588710) and its linked funds are positioned at the intersection of the AI hardware wave and domestic substitution, with 84.8% of the index weight in semiconductor equipment and materials [1] - Since 2025, the Kweichow Moutai Semiconductor Materials and Equipment Index has increased by 95.21%, outperforming the CSI Semiconductor Materials and Equipment Index, which rose by 89.97% during the same period [1]

Group 1 - The core viewpoint of the articles highlights a positive outlook for the semiconductor materials and equipment sector, driven by AI infrastructure development and a cyclical recovery in the storage segment [1][2] - Morgan Stanley identifies three key trends: AI infrastructure as a growth engine, cyclical recovery in the storage sector, and advancements in wafer manufacturing and packaging technologies [1] - KeyBanc Capital Markets notes that the global demand for AI computing infrastructure and the "super cycle" in storage chips will likely benefit semiconductor equipment manufacturers [1] Group 2 - CITIC Securities points out that the storage chip market is experiencing a price increase due to surging AI demand and supply-side contractions, which may lead to significant performance growth for global storage industry companies [2] - The domestic semiconductor equipment and packaging sectors are expected to see investment opportunities as domestic production rates increase and capital expenditure cycles begin [2] - The Sci-Tech Innovation Semiconductor Equipment ETF (588710) has seen a cumulative inflow of 781 million yuan since 2026, reaching a historical high in both scale and share [1][2]

Group 1 - The semiconductor equipment and materials sector is expected to maintain high visibility in orders and performance due to the expansion and price increase of storage chips, along with the advancement of domestic substitution processes [1][5] - Year-to-date, ETFs focused on semiconductor equipment and materials have attracted over 16.5 billion yuan in capital, indicating strong market recognition and consensus [1][5] - The Kweichow Moutai Semiconductor Equipment ETF (588710) has seen net inflows for four consecutive trading days, reaching historical highs in both shares and scale, with 976 million shares and 1.889 billion yuan respectively [1][5] Group 2 - Micron Technology announced plans to acquire a wafer fabrication facility for 1.8 billion USD to expand its storage chip capacity, which is expected to support the long-term development logic of semiconductor equipment and materials [1][5] - The index for the Kweichow Moutai Semiconductor Equipment ETF has a weight of 84.8% in "semiconductor equipment + semiconductor materials," focusing exclusively on the STAR Market, which may enhance the index's technological quality [1][5] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in various index fields, including a series of dividend ETFs [1][5]

Core Viewpoint - TSMC's unexpected performance and capital expenditure plans validate the strong demand in the AI industry chain, driving a global semiconductor expansion trend, particularly in the upstream equipment and materials sectors, which are receiving positive market attention [1][4]. Group 1: Market Performance - The Kexin Semiconductor Equipment ETF (588710) has seen significant trading activity, with an average daily trading volume of 460 million yuan over three trading days (January 15-19, 2026), far exceeding the 95 million yuan average daily level in 2025 [5]. - Since the beginning of 2026, the Kexin Semiconductor Equipment ETF has accumulated 677 million yuan in new investments, leading to record highs in its shares and scale, which reached 930 million shares and 1.813 billion yuan respectively as of January 19, 2026 [5]. Group 2: Strategic Importance - Semiconductor equipment and materials are critical components of the semiconductor industry chain, with a relatively low level of domestic production capacity. The importance of these sectors is further enhanced by the push for self-sufficiency and increased domestic production rates [5]. - Recent technological breakthroughs, such as the successful launch of China's first series-type high-energy hydrogen ion implanter (POWER-750H), have boosted confidence in domestic production strategies [5]. Group 3: ETF Focus and Management - The Kexin Semiconductor Equipment ETF focuses on the "shovel sellers" segment of the semiconductor industry, with 84.8% of its index weight allocated to semiconductor equipment and materials [5]. - Unlike other semiconductor indices, the Kexin Semiconductor Materials and Equipment Index exclusively selects stocks from the STAR Market, which may enhance the technological quality of the index [5]. - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in various index categories, including broad-based and dividend-themed indices [5].