港股方面，在AI叙事回归+美联储降息下，港股本周继续强势上攻，恒生科技指数一举突破箱体震荡， BAT领涨大市，阿里市值重回3万亿，百度股价创近两年新高，互联网龙头股权重超80%的恒生互联网 ETF(513330)本周涨4.56%，本周涌入超3亿元抢筹。 格隆汇9月19日｜本周沪指再次迎来冲击3900点折戟而返的情形，本周下跌1.31%，在AI算力、新能源 等成长板块助力下，深证成指、创业板指本周分别涨1.14%、2.34%。 具体来看A股本周板块轮动： 周一，游戏、猪肉股、电池板块板块领涨； 周二，在特斯拉刺激下，机器人板块延续火热，银行、保险股飘绿； 周三，机器人、半导体、电池板块带动深成指、创业板指创阶段新高，但多只券商股尾盘出现大额压 单； 后续或值得关注的标的： "唯一双百"机器人主题ETF：机器人ETF(562500)，最新规模突破200亿元，年内净流入116.76亿元，权 重股包含汇川技术（工业机器人龙头）、绿的谐波（全球谐波减速器龙头）和石头科技（服务机器人龙 头）等。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，成份股涵盖中微公司（刻蚀设备）、拓荆 科技（薄膜沉积设备）、华 ...

格隆汇9月18日｜今日在半导体、算力板块的强势助攻下，沪指剑指3900点，创业板指强势翻红，寒武 纪盘中再次登上"股王"宝座，北方华创、中芯国际、海光信息盘中创新高，带动科创半导体ETF飙涨 5.9%，同类规模最大的芯片ETF涨4.48%。 近期芯片产业链的催化剂层不出穷： ①自有消息称阿里、百度用自研芯片训练AI模型后，芯片板块持续获得市场关注。 ②阿里自研AI芯片9月16日晚出现在央视《新闻联播》，据悉阿里旗下平头哥PPU芯片在部分重要参数 上比肩英伟达的H20芯片，并超过A800芯片。 ③腾讯宣布AI能力全面开放并全面适配主流国产芯片。 ④华为轮值董事长徐直军表示算力是人工智能的关键，透露了昇腾芯片的后续规划。 ⑤美联储9月降息25基点，中国在AI科技、生物医药等领域的卓越表现引发海外资金的重新关注。 值得关注的产品： 全市场规模最大的芯片行业ETF：芯片ETF(159995)，+4.48%，覆盖芯片设计、制造、封测、设备全产 业链，如中芯国际、寒武纪、海光信息、北方华创、圣邦股份等行业龙头股。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，+5.9%，昨日大涨3.6%的情况下吸引1. ...

Core Viewpoint - The market experienced a slight decline with major indices falling, but sectors like optical modules and optical communications showed strong performance, indicating ongoing investor interest in AI-related industries [1] Company Analysis - Tencent reported Q2 revenue of 184.5 billion RMB, a 15% year-over-year increase, driven by AI integration in vertical fields [1] - Meta achieved Q2 revenue of 47.516 billion USD, reflecting a 21.6% year-over-year growth, highlighting the robust performance of AI investments [1] - Domestic AI giants like Alibaba and Tencent are entering a phase of large-scale investment in AI computing power and applications, while overseas giants are also accelerating capital expenditures [1][2] Industry Analysis - The global semiconductor sales are projected to grow by 19.6% year-over-year by June 2025, marking 20 consecutive months of growth, with an expected market size of 700.9 billion USD, a 11.2% increase [2] - The current low penetration rate of large models indicates significant potential for user growth, with only 12.7% of the global internet population using ChatGPT as of July 2025 [2] - The AI boom is transitioning from technology validation to large-scale implementation, driven by the demand for both training and inference, leading to a virtuous cycle of AI application and infrastructure investment [2] Sector Performance - The sentiment in the optical module and PCB sectors has rebounded to the 90th percentile, indicating a strong market interest, while software and consumer electronics remain in the 50%-70% healthy range [3][4] - The gaming sector, benefiting from AI advancements in content generation and scene modeling, saw a 22% year-over-year increase in revenue for Q2 2025 [3] Investment Opportunities - The Huaxia AI ETF (159381) focuses on the communication and optical module sectors, with top holdings in leading companies benefiting from the surge in AI computing demand [5] - The Sci-Tech Semiconductor ETF (588170) targets the semiconductor materials and equipment sector, providing a vehicle for investors to capitalize on domestic replacement and AI development trends [5] - The Consumer Electronics ETF (159732) tracks the consumer electronics theme index, highlighting sectors with strong innovation potential supported by long-term policies [5]

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]