格隆汇1月7日｜存储芯片板块已经成为开年以来最强风口，A股半导体设备板块延续涨势，芯源微、中 微公司、北方华创、拓荆科技纷纷创出历史新高，带动科创半导体ETF飙涨7%，三个交易日累计涨 16%。规模最大的科创50ETF上涨1%，昨日净流入15.46亿，居ETF市场第一。 消息面上： ①三星电子与SK海力士计划在2026年第一季度将服务器DRAM价格较2025年第四季度提升60%至70%， 且坚持采用季度合约而非长期协议，以灵活适应价格变动。 ②黄仁勋在周二演讲中强调了AI系统对内存和存储的需求，称"这是一个从未存在过的市场，而这个市 场很可能成为全球最大的存储市场。" ③继美光业绩大超预期后，三星将于周四发布业绩，市场预期Q4营业利润有望飙升160%，创七年新 高。 国金证券指出，在AI强劲需求带动下，2025年存储芯片价格大涨，其中DDR416Gb涨幅甚至高达1800%; 且2026年全年全球存储芯片预计仍将供不应求,有望持续涨价。 相关产品及截至发稿涨跌幅： 聚焦科创板的半导体国产替代设备+材料：科创半导体ETF(588170)，+7%，成份股涵盖中微公司（刻蚀 设备）、拓荆科技（薄膜沉积设备）、华海清科 ...

格隆汇1月6日｜开年以来全球芯片股迭创新高，今日半导体设备板块持续走强，金海通涨停，中微公 司、北方华创、华海清科涨幅居前，带动科创半导体ETF大涨4.17%，两个交易日累计上涨9%，芯片 ETF上涨1.71%，两日涨超6%。 消息面上： ①隔夜，半导体设备巨头阿斯麦续涨超5%，市值再创历史新高；台积电涨超3%，再创历史新高，市值 达1.7万亿美元。 ④黄仁勋在CES演讲上展示了英伟达新一代AI平台Rubin，包含六款新型芯片，推理算力是Blackwell的5 倍，已进入全面生产阶段。 海通国际指出，半导体在供需偏紧背景下陆续提价推动下，本周韩国、台湾及美股的半导体明显走强， 国产半导体自主可控方向资本运作节奏加快，昆仑芯提交上市申请、壁仞上市后大幅上涨，半导体主线 逐步确立。 相关产品及截至发稿涨跌幅： 聚焦科创板的半导体国产替代设备+材料：科创半导体ETF(588170)，+4.17%，成份股涵盖中微公司 （刻蚀设备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天 岳先进（碳化硅衬底）。 全市场规模最大的芯片行业ETF：芯片ETF(159995)，+1.71%，最新规模 ...

Core Insights - Moer Thread, known as the "first domestic GPU stock," saw a significant first-day listing increase of 468.78%, currently maintaining a rise of 425%, with a latest market capitalization of 280 billion yuan [1] - The market shows strong optimism towards the AI chip industry, as evidenced by the substantial market cap of Moer Thread exceeding 200 billion yuan, indicating a favorable outlook for domestic semiconductor chains and AI chips [1] - The demand for AI computing power is surging, leading to accelerated domestic semiconductor replacements, with forecasts suggesting a rapid expansion in GPU demand driven by the AI era [1] Industry Summary - According to Frost & Sullivan, the global GPU market is projected to grow at a CAGR of 24.5% from 2025 to 2029, with the Chinese market expected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan in 2029, reflecting a CAGR of 53.7% during the same period [1] - Domestic GPU manufacturers are anticipated to benefit significantly from this growth trend, as the market shifts towards local production and innovation in the semiconductor sector [1] Related Products and Market Performance - The largest chip industry ETF in the market, Chip ETF (159995), has seen a decline of 1.19%, with a total scale reaching 27.253 billion yuan, covering the entire chip industry chain [2] - The focus on semiconductor domestic replacement equipment and materials is represented by the Sci-Tech Innovation Board Semiconductor ETF (588170), which has decreased by 1%, including key stocks such as Zhongwei Company and Huahai Qingke [2]

Group 1 - The core viewpoint of the news highlights the significant market optimism surrounding the domestic GPU industry, particularly following the successful IPO of Moore Threads, which opened with a 468.78% increase and currently has a market capitalization of 280 billion yuan [1] - Moore Threads is recognized as the first domestic GPU company to achieve mass production of fully functional GPUs, with its S5000 computing card achieving 32 TFLOPS in FP32 precision, nearing NVIDIA's H20 at 44 TFLOPS [1] - The demand for AI computing power is surging, leading to accelerated domestic semiconductor replacements, with forecasts indicating a rapid expansion in GPU demand driven by the AI era [1] Group 2 - According to Frost & Sullivan, the global GPU market is expected to grow at a CAGR of 24.5% from 2025 to 2029, with the Chinese market projected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan in 2029, reflecting a CAGR of 53.7% [1] - The largest chip ETF in the market has seen a net subscription of 7 million units, indicating strong investor interest in the semiconductor sector [1] - The semiconductor industry ETFs, including the Sci-Tech Semiconductor ETF and the Chip ETF, have shown slight declines, with the latter covering a comprehensive range of leading companies in the chip industry [2]

Core Insights - The semiconductor and computing hardware sectors are experiencing significant gains, with companies like Industrial Fulian and Cambrian rising over 6% and 4% respectively, contributing to a 2.63% increase in the chip ETF and a 2% rise in the 5G communication ETF, with a total increase of 11% over the past three days [1] Market Dynamics - Wall Street dismisses the "zero-sum game" theory, suggesting that the AI chip market, valued in trillions, can accommodate multiple players, indicating potential for co-prosperity among chip giants like Google and NVIDIA [1] - Domestic GPU chip manufacturer Muxi Co. is accelerating its IPO process, set to officially launch on December 5, with its new C700 series products competing against NVIDIA's H100 [1] - The flash memory market is seeing a surge in demand for urgent orders, leading to continued price increases for most storage finished products in November [1] - Foxconn has committed to reinvesting $569 million in the U.S. to boost data server production, while Industrial Fulian has raised its share repurchase price limit to no more than 75.00 yuan per share [1] Industry Outlook - According to a report from China Galaxy Securities, the electronics industry is undergoing a critical transition driven by AI, with core opportunities concentrated in three main areas: semiconductor sector, consumer electronics, and component devices, projected through 2026 [1]

Group 1 - The A-share market saw a strong performance in semiconductor stocks, with notable gains including a 20% limit up for Purun Co., over 11% increase for Shenkong Co., and over 10% rise for Huahong Group, leading to a 3.82% and 3.7% increase in the Sci-Tech Semiconductor ETF and Chip ETF respectively [1] - The "14th Five-Year Plan" emphasizes significantly enhancing technological self-reliance and strength, aiming to "lead the development of new quality productivity" and explicitly stating the need to "seize the high ground in technological development" [1] - The Minister of Science and Technology, Yin Hejun, announced the acceleration of innovation in artificial intelligence and digital technologies, focusing on enhancing the supply of computing power, algorithms, and data through the comprehensive implementation of the "AI+" initiative [1] - The consumer electronics market is experiencing a surge in new product releases, driven by demand from AI, data centers, and terminal storage, leading to a continuous rise in the storage market, with major manufacturers like Samsung and SK Hynix announcing a 30% price increase for memory [1] - Google has made a breakthrough in quantum computing with the launch of the "Willow" chip [1] - Financial reports from Cambrian, TSMC, and ASML indicate that the semiconductor industry is still in an upward cycle, with AI being a significant growth driver for the sector [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) has seen a total net inflow of 3.13 billion yuan over the past 20 days, with constituent stocks covering domestic replacement equipment and materials, including companies like Zhongwei Co. (etching equipment), Tuojing Technology (thin film deposition equipment), and Huahai Qingke (CMP equipment) [2] - The largest chip industry ETF, Chip ETF (159995), has a current scale of 28.6 billion yuan, with a net inflow of 2.886 billion yuan over the past 20 days, covering the entire semiconductor industry chain including leading companies like SMIC, Cambrian, Changdian Technology, and Northern Huachuang [1]

Core Insights - The semiconductor sector is experiencing significant momentum, with the Shanghai Composite Index targeting 3900 points and the ChiNext Index rebounding strongly, driven by key players like Cambrian, North Huachuang, SMIC, and Haiguang Information reaching new highs [1] Group 1: Market Performance - The semiconductor ETF surged by 5.9%, while the largest chip ETF increased by 4.48%, reflecting strong investor interest in the sector [1] - The market saw a net inflow of 136 million in the Sci-Tech Semiconductor ETF, which rose by 5.9% after a previous increase of 3.6% [2] Group 2: Industry Catalysts - Recent developments include Alibaba and Baidu utilizing self-developed chips for AI model training, which has heightened market attention on the chip sector [1] - Alibaba's self-developed AI chip was featured on CCTV's "News Broadcast," reportedly matching key parameters of NVIDIA's H20 chip and surpassing the A800 chip [1] - Tencent announced the full opening of its AI capabilities, adapting to mainstream domestic chips [1] - Huawei's rotating chairman emphasized the importance of computing power for AI and revealed future plans for its Ascend chips [1] - The Federal Reserve's recent 25 basis point rate cut and China's strong performance in AI technology and biomedicine have attracted renewed interest from overseas investors [1] Group 3: Notable Products - The largest chip industry ETF, covering the entire semiconductor value chain, includes leading companies such as SMIC, Cambrian, Haiguang Information, North Huachuang, and Shengbang [1] - Key components of the Sci-Tech Semiconductor ETF include companies specializing in etching equipment, thin film deposition equipment, CMP equipment, 300mm silicon wafers, and silicon carbide substrates [2]

Technology Sector - The secondary market is seeing leading gains in ETFs such as the AI ETF (159381), 5G Communication ETF (515050), and AI ETF (515070), indicating a shift towards a capital-driven phase in the technology sector, with increased volatility expected [1] - The China Computing Power Conference has announced policies to accelerate breakthroughs in key core technologies like GPU chips and expand the supply of basic common technologies, alongside the opening of overseas large models [1] - The technology sector is showing signs of reaching a phase of high points, with the potential for decreasing second derivatives, suggesting a rising probability of volatility, which can be managed through high-low switching strategies; software, consumer electronics, and gaming sectors remain in a healthy sentiment range [1] Overseas Liquidity Easing - Expectations of overseas interest rate cuts have led to significant gains in ETFs such as the Non-ferrous Metals ETF (516650), Hang Seng Internet ETF (513330), and Hang Seng Technology Index ETF (513180) [2] - At the Jackson Hole meeting, Powell indicated that inflationary pressures from tariffs may be temporary, while employment weakness is rising, suggesting a potential adjustment in monetary policy, which could pave the way for a new round of global interest rate cuts [2] - Following weak labor data in the U.S. since early August, Powell's dovish remarks provide a foundation for anticipated rate cuts in September, which may strengthen the non-ferrous metals sector and enhance its valuation recovery potential [2] - Hong Kong technology stocks, particularly those with high "AI content," are seen as undervalued, with rising expectations for a rebound in overall valuations as liquidity improves and regulatory policies support competition among platform enterprises [2]

Core Insights - The semiconductor industry chain experienced a significant surge, with the ChiNext 50 index rising by 5% and notable increases in various semiconductor stocks [1] - DeepSeek announced the release of DeepSeek-V3.1, which utilizes UE8M0FP8Scale parameters for the upcoming generation of domestic chips [1] - Nvidia has reportedly ordered a halt to the production of its H20 chips, indicating potential shifts in the semiconductor supply chain [1] - Tianfeng Securities maintains an optimistic outlook for global semiconductor growth, projecting continued expansion driven by AI through 2025 [1] - The ongoing push for domestic substitution is highlighted by increasing policy risks related to supply chain disruptions and restructuring [1] Industry Performance - The largest chip industry ETF, Chip ETF (159995), rose by 5.63%, covering the entire semiconductor industry chain including leading companies like SMIC, Cambricon, and Changdian Technology [1] - The Sci-Tech Innovation AI ETF (589010) increased by 4.62%, focusing on core sectors of the AI industry chain, particularly computing chips and smart hardware, with major holdings in Cambricon and other leading chip firms [2] - The Sci-Tech 50 ETF (588000) saw a rise of 4.88%, with significant weight in semiconductor manufacturing leaders such as SMIC and Cambricon [1]

Group 1: Market Overview - The market experienced a downward trend with all three major indices closing lower: Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.87%, and ChiNext Index down 1.08% [1] - Sectors such as insurance, glass fiber, and electric motors saw gains, while energy metals, aerospace, and electronic components faced declines [1] - Main capital inflows were observed in insurance, liquor, and electric motor sectors [1] Group 2: Semiconductor Industry - Tianfeng Securities reported optimistic growth trends in the global semiconductor market, driven by AI in 2025, with a strong performance expected in Q3 due to seasonal demand [1] - Dongwu Securities highlighted the resurgence of domestic CPU and GPU under self-control policies, with potential short-term opportunities arising from external news changes [1] - Related ETFs include Chip ETF (159995), Semiconductor Leaders ETF (159665), and others [1] Group 3: Gaming Industry - Wanlian Securities noted a stable improvement in China's gaming market in H1 2025, driven by evergreen products and favorable policies, leading to market growth [2] - Guosen Securities emphasized the bottoming trend in the media and gaming sectors, with a focus on product cycles and performance [2] - Related ETFs include Gaming ETF (516010), Gaming ETF (159869), and others [3] Group 4: Innovative Pharmaceuticals - The National Healthcare Security Administration announced the preliminary results for the 2025 "Medical Insurance Directory + Commercial Insurance Innovative Drug Directory," with 534 common names approved for medical insurance and 121 for commercial insurance [3] - Industrial sentiment for innovative drugs is rising, with expectations for more high-quality domestic innovative drugs to explore overseas opportunities [3] - Related ETFs include Hong Kong Stock Connect Innovative Drug ETF (159217), Hong Kong Innovative Drug Selected ETF (520690), and others [3]