Core Viewpoint - The Tianhong Sci-Tech Chip Design ETF (589070) has shown significant trading activity and growth, driven by strong performance in the semiconductor sector, particularly in domestic GPU companies and power semiconductor price increases. Group 1: ETF Performance - As of February 26, 2026, the Tianhong Sci-Tech Chip Design ETF (589070) had a turnover rate of 15.7%, with a transaction volume of 95.6682 million yuan, indicating active market trading [1] - Over the past two weeks, the ETF's scale increased by 12.6982 million yuan, with a growth of 14 million shares, reflecting substantial growth [2] - In the last 13 trading days, the ETF attracted a total inflow of 47.3619 million yuan [3] Group 2: Industry Highlights - Domestic GPU is a core area for semiconductor localization, with market share of domestic GPU design companies rising from 5% to 12% over the past three years, indicating significant replacement potential [4] - The National Big Fund Phase III is focusing on supporting high-end chip design, providing R&D funding and market resources for domestic GPU companies [4] - Increased demand for self-controlled computing power in sectors such as government, finance, and energy is expected to accelerate market share capture by domestic GPU companies, presenting excess return opportunities for the ETF [4] Group 3: Market Events - On February 25, domestic power semiconductor manufacturers collectively announced price increases, with companies like Xinjieneng raising MOSFET product prices by at least 10% due to rising costs of raw materials and manufacturing [5] - The power semiconductor industry is experiencing a collective price adjustment, with companies like Silan Micro and Huayi Technology also raising prices, indicating an improving supply-demand balance and ongoing industry growth [5] Group 4: Institutional Insights - Guolian Minsheng Securities noted that the storage industry chain is benefiting from increased AI demand, with Micron investing $50 billion to expand its Boise facility and build two new wafer fabs expected to start production in 2027 [6] - The price of HBM4 has increased significantly, with new generation HBM4 chips priced at $700 each, reflecting a 20-30% increase compared to HBM3E [6] - Lanke Technology successfully listed on the Hong Kong Stock Exchange, raising approximately 6.9 billion HKD, with plans to allocate about 70% of the funds for R&D in interconnect chips, focusing on AI server and cloud computing infrastructure opportunities [6]

Group 1 - The market is experiencing narrow fluctuations, with the chip design concept showing an increase. The Tianhong ETF (589070) tracking the chip design index rose by 2.52%, with a trading volume of 29.86 million yuan. Key stocks such as Chip Origin, Shengke Communication-U, Haiguang Information, and Canxin shares increased by over 5% [1] - The Tianhong ETF (589070) has seen a net inflow of 43.84 million yuan over the past five days, reaching a new high of 654 million yuan as of February 9, 2026 [1] - The Tianhong ETF (589070) focuses on companies listed in the chip design sector on the Sci-Tech Innovation Board, with over 95% of its index weight concentrated in digital and analog chip design industries, highlighting its focus on the core design segment of the semiconductor supply chain [1] Group 2 - According to a recent report by Counterpoint Research, the memory market has entered a "super bull market," with prices expected to achieve a record increase of 80%-90% quarter-on-quarter by the first quarter of 2026, driven mainly by general server DRAM [2] - The Semiconductor Industry Association projects a 25.6% year-on-year growth in global semiconductor sales by 2025, indicating that the industry is entering a high prosperity cycle [2] - Several semiconductor companies, including Infineon, have announced price increases for their products, leading to a price surge in various types of chips, including power semiconductors [2] - Guangfa Securities highlights that the Sci-Tech chip sector is one of the current strong trends with favorable odds, exhibiting moderate volatility and good investment value and trend sustainability within the industry [2]

Core Insights - The Tianhong Sci-Tech Chip Design ETF (589070) has seen a significant increase in trading activity, with a turnover of 13.99% and a transaction volume of 92.29 million yuan as of February 9, 2026, indicating a vibrant market engagement [1] - The ETF's latest scale reached 654 million yuan, marking a new high since its inception, with a notable increase of 28 million shares over the past week [1] - Goldman Sachs has warned of a severe shortage in the global memory chip market, predicting significant supply gaps in DRAM, NAND, and HBM categories for 2026-2027, despite declining demand in smartphones and PCs [1][2] Product Highlights - The Tianhong Sci-Tech Chip Design ETF focuses on the core area of chip design, benefiting from supportive policies and emerging investment opportunities driven by AI and other sectors [1] - The ETF tracks an index comprising 50 listed companies in the chip design field, with a high concentration of constituent stocks and a maximum daily price fluctuation of 20% [1] - The ongoing growth in upstream inference demand and the continuous rise of domestic alternatives enhance the value of this sector [1] Market Events - Goldman Sachs has significantly raised its forecast for DRAM supply shortages, now expecting a shortfall of 4.9% in 2026 and 2.5% in 2027, which is much higher than previous estimates [2] - The NAND market is also tightening, with expected shortages of 4.2% in 2026 and 2.1% in 2027, marking one of the largest shortages in the industry's history [2] - The total addressable market (TAM) for HBM has been revised upward by 8% and 9% for 2026 and 2027, respectively, reaching 54 billion USD and 75 billion USD [2] Institutional Perspectives - Huatai Securities reports that major tech companies like Microsoft, Meta, Google, and Amazon are expected to increase their capital expenditures by 48%-95% year-on-year by Q4 2025, with a significant portion directed towards CPU and GPU assets [3] - For 2026, these companies' median capital expenditure is projected to grow by 60%-97%, alongside a clear push for domestic alternatives, indicating strong and structural demand for AI chips favoring domestic design firms [3] - Cambricon, a leading domestic AI chip manufacturer, is expected to achieve revenues of 6-7 billion yuan in 2025, reflecting a year-on-year growth of 411%-496%, signaling a phase of scaling up in the domestic AI chip design sector [3]

Group 1 - The three major indices showed mixed performance, with the chip sector weakening, as indicated by the decline of the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index by 2.91% [1] - Among the index constituents, Guoxin Technology rose over 3%, while Shengke Communication and Canxin Co., Ltd. increased by over 1%, and Ruichuang Micro-Nano gained nearly 1% [1] - The Tianhong Sci-Tech Chip Design ETF (589070) recorded a trading volume of 32.177 million yuan, with a real-time discount rate of 0.13% [1] Group 2 - The Tianhong Sci-Tech Chip Design ETF has seen a net inflow of over 120 million yuan in the last five trading days, with a latest circulation size of 641 million yuan [1] - The ETF has a 20% price fluctuation space and closely tracks the Sci-Tech Innovation Board Chip Design Theme Index, which focuses on core chip design segments with nearly 95% industry content [1] - The index includes 50 leading enterprises in the chip sector on the Sci-Tech Innovation Board, indicating a high industry concentration and significant "chip content" [1] Group 3 - Intel's CEO announced the appointment of a new chief architect to advance GPU development, aiming to capitalize on the rapidly growing demand for AI data centers [2] - The surge in AI computing power demand is significantly increasing reliance on GPUs and storage chips, with a current shortage in storage chips posing the "biggest challenge" for AI development, expected to last until 2028 [2] - The simulation chip industry may experience changes in supply-demand dynamics, with advanced designs in digital chips, such as AI computing power and domestic CPUs, showing strong performance [2]

Group 1 - The market experienced a decline, particularly in the chip design sector, with the Tianhong ETF tracking the semiconductor design index dropping by 3.82% and a trading volume of 83.26 million yuan [1] - Key stocks in the sector, including Jucheng Co., Zhongwei Semiconductor, and others, saw declines exceeding 5% [1] - The Tianhong ETF closely follows the Shanghai Stock Exchange's semiconductor design theme index, which focuses on the midstream design segment of the semiconductor industry, with a high concentration of nearly 95% [1] Group 2 - The industry is witnessing a dual drive from inventory cycle reversal and deepening AI innovation cycle, with clear price increase expectations in the chip design segment [1] - Media reports indicate that MediaTek plans to adjust prices moderately, while Analog Devices will increase prices by 10%-15% starting February 1 [1] - The storage chip "super cycle" is ongoing, with Counterpoint Research predicting a price increase of 40%-50% in the first quarter [1] Group 3 - Dongwu Securities believes that Tesla's Optimus robot production ramp-up will drive demand for AI chips, with the AI 5 chip design completed for internal use [2] - Future growth may be limited by chip supply, highlighting the necessity of establishing proprietary wafer fabs, as chip design capability is crucial for the commercialization of humanoid robots [2] - Huachuang Securities notes significant resource investment in advancing NAND chip and controller design technology, driven by surging demand for data center storage chips [2]

Group 1 - The three major indices opened higher on January 23, with the semiconductor sector showing slight gains, as the Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor design index rose by 0.13% [1] - Notable stocks in the semiconductor sector included Ruichuang Micro-Nano, which surged over 15%, along with Yutai Micro-U, Jiehuate, and Baiwei Storage, which also saw significant increases [1] - The Tianhong Sci-Tech Semiconductor Design ETF (589070) officially listed on the Shanghai Stock Exchange today, with a trading volume of 607 million shares, and it has a 20% price fluctuation limit [1] Group 2 - The Tianhong ETF closely tracks the Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor design index, focusing on core areas of chip design, with nearly 95% industry concentration and featuring 50 leading companies in the semiconductor field [1] - A breakthrough research achievement from Fudan University was published in Nature, introducing a multi-layer stacked architecture for large-scale integrated circuits within elastic polymer fibers, termed "fiber chips" [1] - According to CITIC Securities, by 2026, the development of computing power is expected to have high certainty, with super-node technology reaching a pivotal opportunity, and the competitiveness of domestic computing power manufacturers is anticipated to improve, presenting investment opportunities in domestic computing power chips and system-level manufacturers [1] Group 3 - Ping An Securities noted that the rapid growth of artificial intelligence is driving the fast expansion of high-performance computing (HPC), leading to strong demand for computing power, storage chips, and other peripheral chips [2] - The market for computing power chips, which are essential for AI infrastructure, is robust, and domestic manufacturers of computing power chips have considerable growth potential; the storage market is tight, with prices continuing to rise, benefiting related manufacturers [2] - Domestic wafer fabs, including those for logic and storage, are experiencing tight supply, indicating significant expansion potential for related wafer manufacturers [2]

Group 1 - The Tianhong STAR Market Chip Design ETF (code: 589070) was officially launched on January 5, 2023, aiming to track the performance of quality listed companies in the chip design sector on the STAR Market [1] - The fund selects securities from listed companies involved in chip design to reflect the overall performance of this sector [1] - The Chinese chip design industry is projected to grow significantly, with the number of companies increasing from 1,380 in 2017 to 3,901 by 2025, representing a compound annual growth rate (CAGR) of 14% [2] Group 2 - The sales revenue of Chinese chip design companies is expected to rise from 194.6 billion yuan in 2017 to 646 billion yuan in 2024, with a CAGR of 19%, outpacing the global semiconductor sales growth of 6% during the same period [2] - Dongwu Securities anticipates that leading domestic computing chip companies will enter a performance realization phase by 2026, particularly benefiting from the expansion of advanced GPU production capacity [2] - Donghai Securities highlights that the semiconductor industry is experiencing structural high growth, driven by demand from AI servers, smart wearables, and new energy vehicles, while supply constraints in storage chips are expected to persist [3]

Group 1 - The commercial aerospace concept has gained significant attention this week, with satellite ETFs leading the surge in performance [1] - The A-share market saw most major indices rise, with the ChiNext Index showing a notable increase of 1.86% over the week, while the Shanghai Composite Index returned above 3900 points [1] - The Shenzhen Component Index also experienced a weekly increase of 1.26% [1] Group 2 - The top-performing ETFs this week included the P Star ETF with an increase of 8.10%, the Industrial Nonferrous ETF rising by 7.97%, and the Engineering Machinery ETF up by 5.41% [2] - Other notable ETFs included the Satellite ETF, which increased by 5.37%, and the Nonferrous ETF, which rose by 5.34% [2] - Conversely, sectors such as innovative new energy, online consumption, and alcohol-related ETFs experienced significant declines [1] Group 3 - Next week, eight new ETFs are set to be issued, including the Sci-Tech Chip Design ETF and the Hong Kong Medical ETF [3] - Two ETFs are scheduled to be listed next week: the Bank ETF by Bosera Fund and the Hong Kong Technology ETF by Dongcai Fund [3][4]