Market Performance - As of July 31, the Shanghai Composite Index fell by 1.18% to close at 3573.21 points, the Shenzhen Component Index dropped by 1.73% to 11009.77 points, and the ChiNext Index decreased by 1.66% to 2328.31 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average down by 0.74%, the S&P 500 down by 0.37%, and the Nasdaq Composite down by 0.03% [1] - The Philadelphia Semiconductor Index fell by 3.10%, with notable declines in individual stocks such as Micron Technology down by 4.88%, ARM down by 13.44%, and NXP Semiconductors down by 3.25% [1] Industry News - Ankai Micro announced the launch of the AK1037 series low-power lock control SoC chip on August 1, 2025, featuring a built-in RISC-V core and high integration with low power consumption [2] - The smart lock system platform based on this chip has been completed and can be expanded to applications such as smart access control, attendance systems, home appliance control panels, and charging piles [2] - On July 31, Dongxin Co., Ltd. saw its stock price hit a 20% limit up, closing at 64.76 yuan per share, marking a historical high and a 2.78 times increase from the year's low, with a total market value of 28.64 billion yuan [2] - Dongxin Co. has recorded six consecutive days of gains, with a price increase of 68.95% over the last three trading days [2] - Dongwu Securities noted that domestic IC design companies are beginning to migrate inference cards to domestic supply chains, which are expected to benefit from the expansion of advanced logic in 2025 and a new iteration cycle in memory technology next year [2] Related ETFs - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Equipment Theme Index, which includes 59% semiconductor equipment and 25% semiconductor materials companies [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, characterized by low domestic substitution rates and high ceilings for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [3] - The Semiconductor Materials ETF (562590) and its linked funds focus on the upstream semiconductor sector, with significant allocations to semiconductor equipment (59%) and materials (24%) [3]

Group 1 - A-shares opened slightly lower on May 15, with the Shanghai Composite Index at 3398.43 points, down 0.16%, the Shenzhen Component Index at 10324.84 points, down 0.28%, and the ChiNext Index at 2076.04 points, down 0.34% [1] - The Ministry of Science and Technology and six other departments issued policies to accelerate the construction of a technology finance system to support high-level technological self-reliance, including the establishment of a "National Venture Capital Guidance Fund" [1] - The policies aim to guide long-term capital investment in hard technology and establish a "technology board" in the bond market to promote the high-quality development of technology innovation company bonds [1] Group 2 - Dongwu Securities anticipates rapid growth in China's technology bond market, with an expected increase in the diversity of issuing entities, particularly in high-tech industries [2] - The issuance period for technology bonds is expected to lengthen, aligning better with the long research and development cycles of technology companies [2] - The semiconductor industry is highlighted as a key area for domestic substitution, benefiting from the expansion of semiconductor demand driven by the artificial intelligence revolution [2]