科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数从科创板 市场中选取涉及芯片设计、制造、封装测试等全产业链环节的上市公司证券作为指数样本，聚焦半导体 材料、设备及设计等核心技术领域，反映科创板芯片相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 东海证券指出，近期外围政策或将加速中国AI模型训练进程。博通2025财年第四季度业绩超预期，AI 芯片销售额同比增长74%，预计下一季度保持高速增长。当前电子行业需求持续复苏，供给有效出清， 存储芯片价格上涨，国产化力度超预期。行业呈现结构性机会，包括AI算力、半导体设备、关键零部 件和存储涨价等领域。 12月16日，科创芯片ETF国泰（589100）回调超2%。 ...

科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数从科创板 市场中选取涉及半导体材料、设备、设计、制造与封装测试等全产业链环节的上市公司证券作为指数样 本，聚焦高端制造与科技创新领域，以反映中国芯片行业相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 兴业证券指出，2025年第三季度全球半导体市场规模达2080亿美元，首次突破2000亿美元大关，环比增 长15.8%，创2009年以来最高季度增速。AI浪潮带动算力需求爆发，服务器、AI芯片、光芯片、存储、 PCB等环节价值量显著提升，存储价格触底回升，封测环节稼动率逐步恢复。未来3年"先进工艺扩 产"将成为自主可控主线，国产设备在先进工艺突破与验证持续推进；CoWoS及HBM卡位AI产业趋势， 先进封装重要性凸显。消费电子领域，随着荣耀、OPPO折叠机铰链成功应用及苹果加大投入，3D打印 技术加速渗透，折叠机铰链、中框等零部件或开启应用元年。AI手机与硬件深度融合趋势明确，端侧 AI潜力巨大，耳机和眼镜有望成为AI Agent重要载体。全球折叠屏手机Q3出货量同比增长14%创历史新 高，高端市场渗透率持续 ...

上海证券指出，2025年全球晶圆代工产业营收有望同比增长22.1%，AI和电动汽车将成为2026年市 场最强劲的增长动力，出货量同比增幅预计分别达24%和14%。随着半导体供应链焦虑消退，客户库存 策略转向健康水平，紧急订单将推动2025年下半年晶圆代工市场表现超预期。AI HPC需求推动先进封 装技术发展，但CoWoS面临产能短缺、光罩尺寸限制及价格高昂等问题，部分云端服务业者开始转向 英特尔的EMIB技术。电子半导体行业2025年或迎来全面复苏，产业竞争格局加速出清修复，盈利周期 和相关公司利润有望持续复苏。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数聚焦 于覆盖半导体全产业链的科创板企业，选取涉及半导体材料、设备、设计、制造及封装测试等环节的上 市公司证券作为指 ...

Core Viewpoint - The electronic industry is experiencing a sustained recovery in demand, effective supply clearance, and rising prices for storage chips, with domestic production efforts exceeding expectations [1] Group 1: Industry Developments - Huawei has launched the Mate 80 series, featuring the HarmonyOS 6.0 operating system and the Kirin 9030 Pro chip, along with "Linglong Screen" display technology [1] - Alibaba has introduced the Quark AI glasses, which deeply integrate the Qianwen AI assistant and the Alibaba ecosystem, utilizing the Qualcomm AR1 flagship chip and the Hengxuan BES2800 chip to create an application ecosystem covering search, navigation, and payment scenarios [1] Group 2: Investment Opportunities - Structural opportunities in the industry are concentrated in areas such as AI computing power, AIOT, semiconductor equipment, key components, and rising storage prices [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which saw a daily fluctuation of 20%. This index selects listed companies from the Science and Technology Innovation Board that are involved in the entire chip industry chain, covering upstream materials and equipment, midstream design and manufacturing, and downstream packaging and testing, reflecting the overall performance of China's chip industry in technological innovation and high-end manufacturing [1]

（文章来源：每日经济新闻） 国投证券指出，电子和半导体行业呈现强劲发展态势。台积电计划在增建三座2纳米厂，以满足AI芯片 订单激增的需求，预计资本支出有望达到500亿美元，其中约70%用于先进制程的研发及扩产。半导体 设备国产化取得突破，上海芯上微装自主研发的首台350nm步进光刻机完成出厂调试，标志着我国在高 端半导体光刻设备领域实现关键突破。此外，谷歌正升级其AI芯片竞赛，Meta或从2027年开始采用谷 歌TPU，逐步摆脱对英伟达的依赖。消费电子领域，阿里夸克AI眼镜正式发布，采用全球量产最小的 AR光引擎，显示行业在微型化与高性能芯片集成方面持续创新。 科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅达20%，该指数从科创板 市场中选取涉及半导体材料、设备、设计、制造等全产业链环节的50家相关上市公司证券作为指数样 本，以反映中国芯片产业核心领域上市公司证券的整体表现。指数重点覆盖数字芯片设计、半导体设备 和集成电路制造等关键技术领域，全面展现国内芯片产业链的发展动态与长期潜力。 ...

Group 1 - The electronic and semiconductor industry is experiencing a sustained recovery in demand, with effective supply-side adjustments leading to an unexpected upward trend in memory chip prices. The domestic industry chain is increasingly focused on localization [1] - Nvidia's Q3 financial report shows a 66% year-on-year increase in data center revenue, primarily driven by the accelerated promotion of GB300, with Q4 revenue guidance reaching $65 billion, exceeding expectations [1] - Google's release of its self-developed TPU training model, Gemini 3, demonstrates significant advancements in multimodal reasoning capabilities, surpassing previous generations in multiple benchmark tests, highlighting technological breakthroughs in AI computing hardware [1] Group 2 - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which saw a daily fluctuation of 20%. This index selects listed companies from the Sci-Tech Innovation Board that cover the entire semiconductor industry chain, reflecting the overall performance of China's chip industry in terms of technological innovation and high-end manufacturing [1]

Core Viewpoint - The performance of various ETFs on November 28 shows mixed results, with some experiencing gains while others faced declines [1] Group 1: ETF Performance - The CSI 500 ETF by Bosera (159968) increased by 3.96% [1] - The Financial Technology ETF by Industrial Bank (563570) rose by 2.02% [1] - The 180 ESG ETF (510990) saw an increase of 1.85% [1] - The Chip ETF by Tianhong (159310) declined by 1.13% [1] - The Sci-Tech Chip ETF by Guotai (589100) also fell by 1.13% [1] - The Engineering Machinery ETF (159542) experienced a drop of 1.13% [1]

Group 1 - The overheating demand for AI has led to a structural supply-demand imbalance in the global storage chip market, with a particularly tight demand for DRAM from data centers [1] - Samsung Electronics has suspended DDR5 contract pricing, prompting SK Hynix and Micron to follow suit, resulting in a disruption in the supply chain and an increase in DDR5 spot prices [1] - The four major cloud service providers in the U.S. have raised their capital expenditures, driving demand for high-end storage chips, while manufacturers are shifting production capacity towards more profitable DDR5 and HBM products, but capacity expansion is constrained by high capital expenditures and complex processes, making it difficult to alleviate the supply-demand gap in the short term [1] Group 2 - Global smartphone revenue is expected to grow by 5% year-on-year in the third quarter of 2025, reaching a historical high, driven by a trend towards higher-end models that increase average selling prices [1] - The electronic semiconductor industry may experience a comprehensive recovery in 2025, with an accelerated clearing of the competitive landscape and a sustained recovery in the profit cycle [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), with a daily fluctuation of 20%, selecting listed companies from the chip industry chain in the STAR Market, covering upstream materials and equipment, midstream design and manufacturing, and downstream packaging and testing, reflecting the overall performance of China's chip industry in technological innovation and high-end manufacturing [1]

Group 1 - The storage industry has experienced three complete cycles since 2010, with the current upcycle driven by the explosion of demand from AI servers and multimodal applications, leading to a continuous expansion of the supply-demand gap [1] - Starting from March 2025, niche DRAM prices have begun to rise, with NAND Flash and DDR5 products seeing accelerated price increases in Q2 and Q3 of 2025, and some models experiencing month-on-month price increases of 40-100% in October [1] - On the demand side, AI has driven data center storage needs from 600EB in 2020 to 2.4ZB by 2028, with applications like Sora2 significantly increasing storage consumption [1] Group 2 - Technological advancements such as HBM4, which is expected to be mass-produced in 2026, along with innovations like CBA architecture and HBF solutions, are enhancing performance in the storage sector [1] - On the supply side, original manufacturers are focusing on expanding HBM production, while capital expenditures for NAND Flash remain low, indicating that new capacity in 2026 will still be insufficient to meet demand [1] - In Q3 2025, overseas manufacturers achieved record high revenues, while domestic module manufacturers are seeing accelerated profit releases, suggesting a positive outlook for the industry [1] Group 3 - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which has a daily fluctuation of up to 20%, reflecting the overall performance of listed companies in the semiconductor materials, equipment, design, and manufacturing sectors [2] - This index features a high degree of domestic substitution and is characterized by high industry concentration, benefiting from policy support and the ongoing growth in AI computing power demand [2]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index rising above 4000 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.06 trillion yuan, an increase of 182.9 billion yuan compared to the previous trading day. The Shanghai Index rose by 0.97%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 1.84% [1] Sector Performance - The computing power sector rebounded, with domestic computing power leading the gains. The Science and Technology Innovation Chip ETF rose by 4.73%, the Integrated Circuit ETF by 3.82%, the Chip ETF by 3.71%, and the Semiconductor Equipment ETF by 3.48% [2][3] AI and Storage Market Dynamics - Due to the AI demand, major overseas manufacturers are shifting their production capacity towards DDR5 and HBM, leading to a supply-demand mismatch and price increases for DDR4 and other products. From Q2 2025, mainstream storage product prices have been rising quarter-on-quarter, with NAND Flash prices also increasing. The price hikes are expected to continue due to sustained AI demand, potentially exacerbating the tight supply situation through 2026 [6][8] Electric Grid Sector Opportunities - The electric grid sector is poised for historical opportunities, driven by the increasing power demand from AI data centers. The U.S. is projected to face a power shortfall of approximately 73.2 GW from 2025 to 2030, which could rise to 201 GW if data center growth exceeds expectations. This situation may lead to new opportunities for domestic electric grid companies, particularly in the context of power exports [11][12]