每经记者：杨建 每经编辑：智能写作 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 财通证券指出，集成电路先进封测行业市场空间广阔，正处于高速扩容期。全球封测行业规模预计将从 2024年的1014.7亿美元增至2029年的1349.0亿美元，其中先进封装占比将从40%提升至50%，成为核心 增长引擎。芯粒集成封装是增长最快的赛道，其全球市场规模年复合增长率预计达25.8%。数字经济与 人工智能的爆发式增长是关键驱动力，全球算力规模预计将以45%的年复合增长率持续扩张。在消费电 子领域，高端及AI手机渗透加速，带动WLCSP、FO等先进封装技术需求释放。目前我国集成电路产业 自给率仍较低，替代空间巨大。 每日经济新闻 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数 ...

Group 1 - The core viewpoint is that the technology sector is expected to outperform in the medium to long term, supported by strong market logic [2] - The profitability growth rate of the TMT (Technology, Media, Telecommunications) sector is currently leading compared to the overall A-share market, resembling historical patterns before previous technology market rallies in 2013, 2015, and 2020-2021 [2] - The expansion of capital expenditure cycles by global technology giants continues to provide momentum, positively impacting domestic related industries [2] - The global semiconductor industry has entered a new upward cycle since the end of 2023, which is still in its early stages, contributing to sustained expectations for the overall prosperity of the technology sector [2] - The Science and Technology Innovation Index ETF (国泰, 589630) tracks the Science and Technology Innovation Index (000680), which includes high-tech and strategic emerging industries, reflecting the overall performance of listed companies in the Science and Technology Innovation Board [2]

（文章来源：每日经济新闻） 华泰证券指出，AI应用需求落地下，先进制程、存储芯片供不应求，跨国半导体产业龙头建厂扩产需 求明确。考虑到26财年跨国半导体龙头资本开支维持乐观，全球洁净室建设需求旺盛，"建设力"扩张缓 慢下，洁净室订单有望量价齐升、利润率上修。洁净室作为场务基础设施环节，基本面有望率先出现积 极变化。半导体产业资本支出主要投向洁净室建设与半导体设备。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数覆盖科创板 97%的上市公司，成分股数量达560余只，涵盖电子、医药生物等硬科技领域。科创综指行业配置均 衡，旨在反映科创板整体表现，尤其注重科技创新企业的成长性和创新性。 ...

Group 1 - The current market should focus on the dual growth of "technology + cycles," with AI hardware, such as optical communication, showing a rising trend similar to the previous peak during 5G base station construction, driven by rapid structural demand for AI computing power expansion [1] - The core factor for the sustained strength of AI hardware is the marginal change in profit growth (ΔG), which currently does not show a significant turning point, suggesting that it is likely to continue following the broader valuation bull market [1] - The main players in the AI industry may shift, as AI applications are transitioning from "computing infrastructure" to "scenario realization," with a resurgence expected under the resonance of policy, demand, ecology, and capital [1] Group 2 - New themes emerging from the 14th Five-Year Plan, such as commercial aerospace and brain-computer interfaces, have the potential to become new mainlines in the market [1] - In the cyclical sector, industries benefiting from PPI improvement are expected to perform well, supported by price increase signals and anti-involution policies [1] - The Guotai Science and Technology Innovation Index ETF (589630) tracks the Science and Technology Innovation Index (000680), which saw a daily fluctuation of 20%, covering 97% of the listed companies on the Science and Technology Innovation Board, with over 560 constituent stocks in hard technology fields like electronics and biomedicine [1]

Group 1 - The core viewpoint of the article highlights the resilience of the technology sector, driven by liquidity easing, policy support, and high industry prosperity [1] - The AI hardware sector is benefiting from a global technology cycle, with marginal profit growth (ΔG) showing no signs of a turning point, indicating continued strength [1] - AI applications are transitioning from computational infrastructure to scenario realization, accelerating commercialization due to policy guidance, demand release, and increased capital investment [1] Group 2 - New themes emerging from the 14th Five-Year Plan, such as commercial aerospace and brain-computer interfaces, have the potential to become new mainlines in the industry [1] - The cyclical industries are performing actively due to improvements in PPI and supportive policies against internal competition, creating a dual growth pattern of technology and cyclical sectors [1] - The ChiNext Index ETF Guotai (589630) tracks the ChiNext Index (000680), which has a daily price fluctuation limit of 20% and covers approximately 97% of the market capitalization with over 500 constituent stocks [1]

Group 1 - The electronic and semiconductor industry is currently in a global technology cycle, driven by AI, which has been ongoing for over 9 quarters, showing unprecedented structural depth and resilience in capital expenditure [1] - Communication equipment, such as optical communication, benefits from the expansion of AI computing power, data center growth, and the electronic upgrade of smart vehicles, leading to a structural increase in demand similar to the 5G base station construction period [1] - The semiconductor industry is experiencing strong growth driven by demand for GPUs and generative AI, with the cycle's length and intensity significantly surpassing historical levels [1] Group 2 - The core driving force in the industry is ΔG (marginal change in profit growth), with no significant inflection point observed yet, indicating that AI hardware is likely to maintain its strength under conditions of liquidity easing, policy support, and high industry prosperity [1] - There is a caution regarding the potential for growth rate adjustments due to high base effects, as well as opportunities for high-low switching within the technology sector (e.g., new themes like AI applications and commercial aerospace) [1] - The Guotai ETF (589630) tracks the Sci-Tech Innovation Index (000680), which has a daily price fluctuation limit of 20%, covering over 97% of listed companies on the Sci-Tech Innovation Board with more than 500 constituent stocks [1]

Group 1 - The recent ETF fund flows indicate a strong market interest in technology growth sectors such as robotics, industrial non-ferrous metals, and satellite communications, with commercial aerospace remaining a strong performer and potentially becoming a key theme for the spring market [1] - The comprehensive score of the Sci-Tech Innovation Index is 61.41 as of December 31, 2025, ranking it favorably among major broad-based indices, contributing to an optimistic outlook for technology growth indices due to the early start of the spring market effect [1] - The Guotai Sci-Tech Innovation Index ETF (589630) tracks the Sci-Tech Innovation Index (000680), which has a daily fluctuation of 20% and covers 97% of the listed companies on the Sci-Tech Innovation Board, with over 560 constituent stocks in hard technology sectors such as electronics and biomedicine [1] Group 2 - The industry allocation of the Sci-Tech Innovation Index is balanced, aiming to reflect the overall performance of the Sci-Tech Innovation Board, with a particular focus on the growth and innovation of technology enterprises [1]

Group 1 - The core viewpoint of the article highlights that the technology sector is expected to be a significant focus in the A-share market for 2025, with a projected annual increase of 43.57% in the technology index, outperforming the CSI 300 and other style indices [1] - Sub-sectors such as optical modules, aerospace technology, and AI computing power are anticipated to see annual growth rates exceeding 80%, although momentum has slowed in the fourth quarter [1] - The current technology sector remains resilient, supported by high market risk appetite, continuous capital inflow into high-elasticity technology themes, and favorable global liquidity conditions for high-valuation technology assets [1] Group 2 - The ETF tracking the Science and Technology Innovation Index (589630) has a daily price fluctuation limit of 20% and includes a wide range of companies listed on the Shanghai Stock Exchange's Science and Technology Innovation Board, covering large, medium, and small-cap stocks [1] - The index has a balanced industry distribution, primarily focusing on information technology, industrials, and healthcare, with an emphasis on hard technology, reflecting the overall performance of securities from companies listed on the Science and Technology Innovation Board [1] - Future investment strategies should prioritize sectors with strong logical frameworks, such as robotics, which benefits from both capital inflow and industrial catalysts, while caution is advised in the commercial aerospace sector due to potential overcrowding risks [1]

Group 1 - The central economic work conference emphasizes the importance of "deepening and expanding artificial intelligence" and "technological self-reliance," indicating that the logic of substitution in fields like commercial aerospace remains unchanged [1] - The technology sector is showing active performance, driven by the listing of "domestic GPU second stock" Muxi Co., which has boosted the performance of the communication and electronics sectors [1] - The policy's strong focus on domestic demand may further enhance market funds' attention to the consumer sector, potentially maintaining a balanced allocation in technology and consumption areas [1] Group 2 - The Guotai Science and Technology Innovation Index ETF (589630) tracks the Science and Technology Innovation Index (000680), achieving a daily fluctuation of 20%, covering 97% of the listed companies on the Science and Technology Innovation Board [1] - The index includes over 560 constituent stocks, encompassing hard technology fields such as electronics and biomedicine, reflecting a balanced industry allocation [1] - The Science and Technology Innovation Index aims to represent the overall performance of the Science and Technology Innovation Board, with a particular focus on the growth and innovation of technology-driven enterprises [1]

Group 1 - The central economic work conference has led to a noticeable boost in the technology sector, with a focus on structural adjustments in domestic demand, consumption, and "anti-involution" potentially bringing about market rotation in the medium to long term [1] - The technology sector, including robotics, nuclear power, small satellites, and rare earths, is expected to be a key direction for the spring market next year, with investors showing a strong optimistic attitude towards this sector [1] - The market may maintain volatility in the short term, but the technology sector could present structural opportunities due to policy support and capital inflows [1] Group 2 - The Guotai ETF (589630), which tracks the Sci-Tech Innovation Index (000680), experienced a daily fluctuation of 20%, covering 97% of the listed companies on the Sci-Tech Innovation Board with over 560 constituent stocks [1] - The Sci-Tech Innovation Index has a balanced industry allocation and aims to reflect the overall performance of the Sci-Tech Innovation Board, particularly focusing on the growth and innovation of technology enterprises [1]