资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 每日经济新闻 8月27日下午，A股三大指数集体上涨，上证指数盘中上涨0.44%，通信、电子、计算机等板块涨幅靠前，美容护理、煤炭跌幅居前。芯片科技股大幅走强， 截至13点04，芯片ETF（159995.SZ）上涨4.76%，其成分股晶晨股份上涨12.88%，澜起科技上涨11.00%，瑞芯微上涨10.00%，寒武纪上涨7.60%，兆易创新 上涨6.87%。 消息方面，根据TrendForce预测，中国AI服务器市场中英伟达、AMD等外购芯片的占比将从2024年的63%下降至2025年的42%。同时，在国产AI芯片政策支 持下，智能芯片市场进入高速增长阶段，华为海思、寒武纪等本土芯片供应商的市场份额预计在2025年提升至40%。 平安证券研报指出，DeepSeek-V3.1的发布，将进一步推动我国国产大模型从"可用"到"好用"，加快我国国产大模型在应用端的落地普及。同时，Dee ...

8月27日上午，A股三大指数集体上涨，上证指数盘中上涨0.03%，通信、计算机、电子等板块涨幅靠 前，美容护理、煤炭跌幅居前。芯片科技股走强，截至9:37，芯片ETF（159995.SZ）上涨1.65%，其成 分股寒武纪上涨6.55%，瑞芯微上涨5.70%，格科微上涨4.74%，澜起科技上涨2.30%，晶晨股份上涨 2.12%。 消息方面，国务院印发《关于深入实施"人工智能+"行动的意见》。意见提出，强化智能算力统筹，支 持人工智能芯片攻坚创新与使能软件生态培育，加快超大规模智算集群技术突破和工程落地。优化国家 智算资源布局，完善全国一体化算力网，充分发挥"东数西算"国家枢纽作用，加大数、算、电、网等资 源协同。加强智能算力互联互通和供需匹配，创新智能算力基础设施运营模式，鼓励发展标准化、可扩 展的算力云服务，推动智能算力供给普惠易用、经济高效、绿色安全。 东方证券研报指出，国内AI大模型频频取得突破、国产AI芯片、国产交换芯片性能持续提升，我国AI 算力、AI应用、国产交换芯片有望得到持续发展，投资者们对我国AI发展的信心亦有望持续提升。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集 ...

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 每日经济新闻 8月27日上午，A股三大指数走势分化，上证指数盘中下跌0.06%，通信、计算机、医药生物等板块涨幅靠前，美容护理、煤炭跌幅居前。芯片科技股走强， 截至9点32，芯片ETF（159995.SZ）上涨0.44%，其成分股格科微上涨3.82%，瑞芯微上涨2.90%，晶晨股份上涨1.66%，寒武纪上涨1.58%，豪威集团上涨 1.12%。 消息方面，国务院印发《关于深入实施"人工智能+"行动的意见》。意见提出，强化智能算力统筹，支持人工智能芯片攻坚创新与使能软件生态培育，加快 超大规模智算集群技术突破和工程落地。优化国家智算资源布局，完善全国一体化算力网，充分发挥"东数西算"国家枢纽作用，加大数、算、电、网等资源 协同。加强智能算力互联互通和供需匹配，创新智能算力基础设施运营模式，鼓励发展标准化、可扩展的算力云服务，推动智能算力供给普惠易用、经济高 效、绿色安全。 东 ...

市场全天震荡调整，三大指数涨跌不一。沪深两市全天成交额2.68万亿，较上个交易日缩量4621亿。截 至收盘，沪指跌0.39%，深成指涨0.26%，创业板指跌0.75%，中证A500指数跌0.14%。个股涨多跌少， 全市场超2800只个股上涨。农业、游戏等概念板块涨幅居前，小金属、AI芯片、稀土永磁等概念板块 受压居前。 站在当前时点展望后市，短期未有明显利空，外资、新发基金、居民资金等股市资金可能加速流入，增 量趋势仍有一定延续性，沪市或将进一步挑战4000点。但预计涨幅不会持续陡峭，市场或将逐渐转入震 荡上行态势。同时，行业轮动速度加快，前期涨幅靠后的行业或将在市场小幅调整时表现相对占优。如 食品饮料、电力设备、养殖等板块，或将迎来补涨机会。短期建议投资者可参照均线等技术指标设置止 盈/止损点，没有大幅背离或者跌破预设的技术指标即可继续做多。 来源：智通财经 5月底以来官方持续指导头部30家企业围绕"降母猪、降体重、禁二育"等方向稳价格、限增产，并配合 环保核查和融资等手段落实政策引导。政策旨在通过源头调控稳定市场预期，减少投机性操作，促进行 业供需平衡和健康发展。随着7-8月猪价对CPI压力加大，以及前期 ...

华金证券研报指出，随着DeepSeek-V3.1的发布，支持FP8精度，针对即将发布的下一代国产芯片设计， 头部国产模型对国产芯片的支持有望加速国产算力生态进一步完善。看好国产算力芯片的全产业链，从 设计、制造到封测测试以及上游的设备材料，建议关注国产芯片全产业链。 资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设 计、制造、封装和测试等龙头企业，其中包括中芯国际、寒武纪、长电科技、北方华创等。其场外联接 基金为，A类：008887；C类：008888。 消息方面，DeepSeek-V3.1正式发布，使用UE8M0FP8Scale的参数精度。UE8M0FP8Scale是针对即将发 布的下一代国产芯片设计，预计未来基于DeepSeek模型有望更多应用国产算力芯片。 8月25日下午，A股三大指数集体上涨，上证指数盘中上涨0.70%，房地产、有色金属、通信等板块涨幅 靠前，美容护理、纺织服饰跌幅居前。芯片科技股冲高后回落，截至13:09，芯片ETF（159995）上涨 1.75%，其成分股海光信息上涨11.75%，盛美上海上涨8.29%，寒武纪-U上涨4.81%，士 ...

一、ETF行业快讯 据上证报，今年以来，ETF市场持续火热，成为各路资金进行资产配置的重要通道。数据显示，截至8 月18日，全市场ETF总规模达4.8万亿元，其中股票ETF、跨境ETF、商品ETF和债券ETF的规模均较去 年底显著增长。多家公募基金表示，在经济稳步复苏、政策支持的背景下，ETF正从"交易工具"升级 为"财富管理基础设施"，成为"长钱长投"的重要载体。 二、今日行情速览 1.指数走势 统计A股与海外主要核心指数走势，今日（8月20日，下同）三大指数集体上涨，其中上证指数上涨 1.04%，收于3766.21点，日内最高3767.43点；深证成指上涨0.89%，收于11926.74点，日内最高 11926.74点；创业板指上涨0.23%，收于2607.65点，日内最高2608.0点。今日科创50、中证A500与北证 50走势排名靠前，日涨跌幅分别为3.23%、1.16%与1.16%；近5个交易日北证50、科创50与创业板指的 走势排名靠前，近5日涨跌幅分别为10.49%、6.54%与4.45%。 1.三大指数集体上涨，多只芯片板块ETF上涨 今日，三大指数集体上涨，上证综指上涨1.04%，深证成指上 ...

Group 1: Market Overview - On August 18, the Shanghai Composite Index reached a nearly ten-year high, with the total market capitalization of A-shares exceeding 100 trillion yuan, indicating a bullish sentiment in the market [1][3] - The securities company index has surged by 22.19% since the low point on June 23, reflecting strong investor confidence in the brokerage sector [1][3] Group 2: Fund Inflows - On August 18 alone, the brokerage sector attracted over 2.3 billion yuan in net inflows, with significant capital flowing into the Hong Kong Stock Connect non-bank index, totaling over 3.4 billion yuan in the past five days [1][5] - The total scale of stock ETFs in the market reached 3.97 trillion yuan as of August 18, with a net inflow of 2.69 billion yuan on that day, indicating a trend of increasing investments in ETFs [7] Group 3: ETF Performance - Specific ETFs saw substantial inflows, with the Huabao Fund's brokerage ETF receiving 1.143 billion yuan and the Guotai Fund's securities ETF attracting 1.101 billion yuan on August 18 [5][9] - The overall performance of ETFs indicates a strong interest from investors, with the top ten ETFs by net inflow showing significant capital movement towards sectors like finance and technology [9][10] Group 4: Sector Analysis - The current price-to-book (PB) ratio of the CSI All Share Securities Company Index is approximately 1.67, which is at a historical percentile of about 54.6%, suggesting room for growth compared to the 2.82 PB during the 2015 bull market [3] - Various industry-specific ETFs, including those focused on technology and healthcare, also experienced notable inflows, reflecting investor optimism in these sectors [8][11]

Group 1 - The core viewpoint of the report is to select converging constituent stocks for ETF allocation based on data as of July 31, 2025, and to regularly track the effectiveness of the allocation strategy [1] - The best converging stock for the Chip ETF (159995.SZ) at the end of July 2025 is Northern Huachuang (002371), which is also a weighted stock in the Chip ETF with a weight of 23.7% [2][7] - Northern Huachuang's bottom valuation at the beginning of 2025 was 5 times PS, and its stock price has remained below the expected fundamental value for 2027 since then [2][7] Group 2 - The earnings forecast for Northern Huachuang in 2025 is stable, with the closing price on August 14 being slightly above the expected fundamental value for 2026, indicating it is in the middle of the fundamental value range [8] - From July 31 to August 14, 2025, the average closing position was 57.16%, with a closing position of 50.09% on August 14 [8] - The allocation strategy based on Northern Huachuang's dynamic position achieved a Sharpe ratio slightly better than buy-and-hold, with a final return of 3.16% and a maximum drawdown of 0.97% during the period from August 1 to August 14, 2025 [2][8]

Group 1 - The report emphasizes that the current market is experiencing a liquidity-driven bull market, with the potential for a transition to a fundamental bull market by the end of the year, contingent on external factors such as global tariff resolutions and fiscal expansions in major economies [3][4][87] - The report identifies a significant performance gap between growth stocks, particularly in the ChiNext index, and value stocks, suggesting that the ChiNext index is currently undervalued and poised for further gains [2][31][50] - The report highlights the increasing inflow of southbound funds into Hong Kong stocks, particularly in the technology sector, indicating a shift in investor sentiment towards growth-oriented assets [12][32][44] Group 2 - The report outlines a "three-headed bull" market scenario, which includes a short-term liquidity bull market, a mid-term fundamental bull market, and a long-term transition from old to new economic drivers, suggesting a comprehensive market recovery [3][4][5] - The report notes that the current market environment is conducive to a structural shift towards "middle assets," which are expected to outperform as the economy stabilizes and earnings begin to recover [46][47][56] - The report indicates that the current valuation of the ChiNext index is at a historical low, with a price-to-earnings ratio of 33.89, suggesting a relative valuation advantage compared to other major indices [50][51][52]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The recent sharp decline of the Shanghai Composite Index after hitting 3700 points was due to some funds taking profits. However, the medium - term outlook remains optimistic as continuous capital inflows will drive the stock market upward. The trend of global non - US dollar asset allocation is deepening, with many central banks increasing their holdings of RMB and euro assets. RMB assets, especially RMB bonds, have become a preferred allocation for international investors. The view of investors towards the Chinese market has become more positive, while the Indian stock market has fallen out of favor [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the Shanghai Composite Index hit 3700 points and then tumbled. The trading volume of the two markets reached 2.15 trillion yuan, showing a rapid increase. Among the indices, the CSI 1000 Index closed at 6976 points, down 87 points (-1.24%); the CSI 500 Index closed at 6429 points, down 78 points (-1.20%); the SSE 50 Index closed at 2829 points, up 16 points (0.59%); the CSI 300 Index closed at 4173 points, down 3 points (-0.08%). In the industry and theme ETFs, chip - related ETFs led the gains, while aerospace - related ETFs led the losses. In the two - market sector indices, the sports, insurance, and semiconductor indices led the gains, while the ground military equipment, components, and energy metals indices led the losses. The settlement funds of CSI 300 and SSE 50 index stock index futures had net inflows of 1500 million and 700 million yuan respectively [1]. 3.2 Important Information - In July, non - banking financial institutions had a net increase of 2.14 trillion yuan in RMB deposits, while household RMB deposits decreased by 1.11 trillion yuan, indicating that household savings are flowing into the stock market at an accelerated pace. The National Data Bureau stated that China's digital infrastructure is world - leading in scale and technology, with 4.55 million 5G base stations and 226 million gigabit broadband users by the end of June, and the total computing power ranks second globally. According to a UBS survey, many central banks have been increasing their holdings of RMB and euro assets this year, deepening the global trend of non - US dollar asset allocation. The Indian stock market has fallen from the most favored Asian market to the least popular one among fund managers, while investors' view of the Chinese market has become more positive. The Tianmen government in Hubei Province offers rewards, subsidies, and free services worth up to 287,000 yuan for two - child families and 355,000 yuan for three - child families. The International Energy Agency reported that global oil supply is expanding significantly, and demand growth has slowed to less than half of that in 2023, leading to a serious imbalance in the market. The demand for Japanese five - year government bond auctions hit a record low since 2020, and the 10 - year government bond had no transactions for the first time in over two years. The Japanese CPI has exceeded the central bank's 2% target for over three years, and some central bank governors suggest a shift in inflation - monitoring indicators, which may pave the way for an interest - rate hike in October. Market investors are betting on a Fed rate cut through various means, and the probability of a Fed rate cut in September has risen to 100% [1][2]. 3.3 Market Logic - The recent sharp decline of the Shanghai Composite Index was due to some funds taking profits. The global trend of non - US dollar asset allocation is deepening, and RMB assets have become a preferred choice for international investors. The worst period of the economic cycle is passing, and the attractiveness of stock allocation has significantly increased as households shift from excessive savings to normal savings [2]. 3.4 Market Outlook - The short - term sharp decline of the Shanghai Composite Index at the 3700 - point mark does not affect the medium - term optimism. The continuous inflow of funds will drive the stock market upward. The Chinese humanoid robot industry is iterating products at an amazing speed, and its commercialization path is becoming clearer. The global financial asset re - allocation trend of "de - Americanization" is expected to accelerate the inflow of international funds into the A - share market [2]. 3.5 Trading Strategies - For stock index futures directional trading, the short - term volatility at the 3700 - point mark of the Shanghai Composite Index does not affect the medium - term upward trend. For stock index option trading, with continuous capital inflows, investors can consider buying out - of - the - money long - term call options on growth - oriented stock indices [2].