1月8日，科创芯片ETF国泰（589100）涨超2.5%，八部门：到2027年我国人工智能关键核心技术实 现安全可靠供给 消息面，工业和信息化部等八部门印发《"人工智能+制造"专项行动实施意见》，到2027年，我国 人工智能关键核心技术实现安全可靠供给，产业规模和赋能水平稳居世界前列。 科创芯片ETF国泰（589100）跟踪的是科创芯片指数（000685），单日涨跌幅限制达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。 （责任编辑：张晓波 ） 【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 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 ...

每日经济新闻 （责任编辑：张晓波 ） 【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 兴业证券指出，3D打印在消费电子领域加速渗透，折叠机铰链、手表/手机中框等场景有望开启应 用元年。AI训练和推理成本降低推动应用繁荣，端侧AI潜力巨大，耳机和眼镜或成为重要载体。2025 年Q3全球半导体市场规模达2080亿美元，环比增长15.8%，创2009年以来新高。未来3年"先进工艺扩 产"将成为自主可控主线，CoWoS及HBM卡位AI产业趋势，先进封装重要性凸显。存储价格触底回升， 封测环节稼动率逐渐回升，将受益AI芯片带动的先进封装需求。AI浪潮带动算力需求爆发，服务器、 AI芯片、光芯片、存储、PCB板等环节价值量大幅提升。 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、制造及封装测试等全产业链环节的上市公司证 ...

关注科创芯片ETF国泰（589100）投资机会，机构称晶圆代工需求或迎结构性增长。 【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 爱建证券指出，半导体设备领域薄膜沉积设备在前道工艺中价值量占比高（约22%），是晶圆扩产 核心设备之一，受新产线建设与既有产能扩充拉动，需求有望持续增长。全球300mm晶圆厂投资预计 2025年增长20%至1165亿美元。中国厂商加速布局，如拓荆科技拟募资提升PECVD等设备产能，微导 纳米的ALD与高端CVD产品已切入国产存储头部客户量产线，逻辑领域设备性能达国际先进水平。半 导体行业产能扩张背景下，薄膜沉积设备需求上行趋势明确。 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、设计与制造等全产业链环节的上市公司证券作为指数样本，聚 焦芯片行业核心领域。指数精选50家代表性企业，集中 ...

Core Insights - 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] - Nvidia reported a 62% year-on-year revenue growth and a 22% quarter-on-quarter increase, surpassing market expectations, with data center revenue growing by 66% driven by the promotion of GB300 [1] - Google launched Gemini 3, trained on Google TPU, showcasing advanced inference capabilities and outperforming previous benchmarks [1] - Current structural opportunities in the industry include AI computing power, AIOT, semiconductor equipment, key components, and rising storage prices [1] Industry and Company Summary - The Guotai ETF (589100) tracks the semiconductor index (000685), with a daily fluctuation of 20%, reflecting the overall performance of listed companies in the semiconductor sector on the Sci-Tech Innovation Board [1] - The index focuses on domestic substitution and high R&D investment companies, with a core emphasis on chip design and manufacturing, exhibiting high growth potential and market volatility characteristics [1]

Group 1 - MiniMax has launched a full-modal "all-in-one" solution that covers text, video, voice, and music, with its text model M2 achieving a cost-effective breakthrough in the "performance, speed, cost" triangle, with reasoning costs as low as $0.53 per million tokens, only 8% of Claude 4.5 Sonnet, while reasoning speed is nearly double that of the latter [1] - M2 ranks among the top tier in global authoritative evaluations, becoming the first Chinese model to top the global open-source large model rankings, marking a significant leap for Chinese AI technology from following to leading [1] - MiniMax's commitment to higher costs for a complete attention mechanism ensures the model's generation quality and stability in long context and complex logical reasoning scenarios, reflecting a long-term investment in foundational algorithm research and a pursuit of technical quality [1] Group 2 - The Guotai Chip ETF (589100) tracks the Chip Innovation Index (000685), with a daily fluctuation of 20%, selecting listed companies from the Sci-Tech Innovation Board that cover the entire chip industry chain, including upstream materials and equipment, midstream design and manufacturing, and downstream packaging and testing, to reflect 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] - AI is expected to drive data center storage demand from 600EB in 2020 to 2.4ZB by 2028, with applications like Sora2 significantly increasing storage consumption [1] Group 2 - The HBM4 is set to enter mass production in 2026, with innovations such as CBA architecture and HBF solutions enhancing performance [1] - On the supply side, original manufacturers are focusing on expanding HBM production, while capital expenditure for NAND Flash remains 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 accelerating profit release [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] - The index features a high degree of domestic substitution characteristics, with a high industry concentration, benefiting from policy support and the continuous growth of AI computing power demand [2]

Core Viewpoint - TSMC anticipates strong ongoing demand for AI, with a moderate recovery in non-AI markets, presenting opportunities for domestic storage manufacturers to experience both volume and price increases [1] Group 1: Semiconductor Industry - The demand for LCD TV panels is weakening, leading to price pressure in October, but domestic manufacturers have advantages in high-end capacity and customer structure [1] - Customer inventory levels in the semiconductor sector remain low, and anti-dumping investigations may accelerate the process of domestic substitution [1] Group 2: Investment Products - The Guotai ETF (589100) tracks the Sci-Tech Chip Index (000685), which has a daily price fluctuation limit of 20%, and includes 50 representative securities from the semiconductor industry chain, reflecting the overall performance and development trends of listed companies in China's semiconductor sector [1]

Core Viewpoint - The A-share market has entered a historic moment with the Shanghai Composite Index surpassing the 4000-point mark, indicating a shift in market dynamics where new productive forces are replacing traditional drivers as the main engine of growth [1][3]. Economic Factors - Since the beginning of 2023, there has been a recovery in consumption and a continuous rise in the manufacturing PMI, particularly in high-end equipment and electronic information sectors, which have significantly outperformed traditional industries, providing earnings support for the market [3]. - The liquidity easing signals from recent interest rate cuts and targeted support policies for technological innovation and high-end manufacturing have bolstered investor confidence [3]. - The influx of northbound capital has reached a three-year high, and the fundraising for public funds focused on technology themes has increased, contributing to a robust trading environment with daily transaction volumes exceeding 1 trillion [3]. Market Structure - Historical analysis shows that previous rallies at the 4000-point level relied heavily on traditional sectors like finance and real estate, while the current rally is primarily driven by the technology sector, which has contributed over half of the index's gains [4]. - The number of technology companies in the Shanghai Composite has increased fourfold since 2015, with their weight rising from less than 5% to 17%, indicating a fundamental shift from resource-driven growth to innovation-driven growth [4]. Future Outlook - The current market environment is supported by expectations of improved US-China relations, with technology leading the market rally, particularly in AI and semiconductor sectors [5]. - Short-term prospects remain positive due to ongoing policy benefits and liquidity support, while mid-term expectations suggest a gradual upward movement in market fundamentals [5]. - Investment opportunities are identified in high-growth sectors such as artificial intelligence and renewable energy, alongside defensive plays in undervalued sectors like cyclical and consumer stocks [5]. Investment Opportunities - High-growth opportunities include popular ETFs focused on artificial intelligence and technology, such as the Communication ETF (515880), the ChiNext AI ETF (159388), and the Sci-Tech Chip ETF (589100) [6]. - Defensive opportunities can be found in unique market ETFs like the Coal ETF (515220), Steel ETF (515210), and the still undervalued Aquaculture ETF (159865) [7].

Market Overview - The three major A-share indices collectively retreated today, with the Shanghai Composite Index falling below the 4000-point mark, closing down 0.73% at 3986.90 points [1] - The Shenzhen Component Index decreased by 1.16%, closing at 13532.13 points, while the ChiNext Index dropped 1.84% to 3263.02 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 242.17 billion, an increase of 165.6 billion compared to the previous day [1] Sector Performance - Most industry sectors experienced declines, with the energy and metals sectors showing significant gains, particularly in steel and battery industries [1] - The gaming, power equipment, electronic chemicals, coal, securities, pesticides, and electronic components sectors saw the largest declines [1] Economic and Policy Context - The U.S. Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, marking a three-year low and the second rate cut this year [1][3] - Fed Chairman Jerome Powell indicated that further rate cuts in December are not guaranteed, which has influenced market sentiment [3] Investment Opportunities - The copper futures market showed fluctuations, with the main contract closing at 87960 yuan/ton, down 90 yuan or 0.10% [3] - Citic Securities anticipates that copper and cobalt prices will continue to rise due to supply constraints, while lithium prices are expected to benefit from unexpected demand in energy storage [3] - The mining ETF tracking the non-ferrous metals index showed a strong performance, with a peak increase of 2.75% during the day [2] Historical Context and Future Outlook - The A-share market has entered a new valuation restructuring phase, with the Shanghai Composite Index breaking the 4000-point mark for the first time since October 28 [6] - The current market rally is driven by new productivity, shifting from traditional growth models reliant on financial and real estate sectors to technology-driven growth [7] - The technology sector has contributed significantly to the index's gains, with the number of tech companies in the index increasing fourfold compared to 2015 [7] - The easing of U.S.-China relations is seen as a foundational element for market recovery, with a focus on technology leading the market [8]

Core Insights - Rapid growth in AI inference demand is significantly increasing the usage of server storage chips, leading to higher prices for server storage and a corresponding rise in storage prices for mobile and PC devices in Q4 [1] - Factors such as recovery in downstream demand, reduction in consumer inventory levels, and the launch of new products are driving storage prices higher, potentially leading to a "super cycle" for storage chips [1] Industry Overview - The CFM flash memory market indicates that the demand for storage chips is on the rise due to AI applications, which is expected to impact pricing across various consumer electronics [1] - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which includes 50 representative securities from the semiconductor industry, reflecting the overall performance and development trends of listed companies in this sector [1]