10月13日开盘，A股三大指数集体下跌，上证指数盘中下跌1.25%，发电设备、航天军工、贵金属 等板块涨幅靠前，石油化工、软饮料跌幅居前。芯片科技股直线拉升，截至9:40，芯片ETF（159995） 下跌0.66%，成分股华大九天上涨16.35%，晶合集成上涨4.53%，中芯国际上涨2.73%，沪硅产业上涨 2.24%，龙芯中科上涨1.71%。 华西证券表示，行业盛会的召开有助于中国半导体产业在全球新格局中找准定位、发挥优势、补齐 短板，提升中国半导体产业的全球竞争力与创新力，为我国半导体产业注入新动能。 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。 消息面，2025湾区半导体产业生态博览会，汇集半导体行业顶尖决策者，共同探讨行业未来发展方 向。国际第三代半导体创新创业大赛（又称中国创新创业大赛国际第三代半导体专业赛），聚焦第三代 半导体产业前沿技术与发展趋势，探讨半导体产业最新技术突破，推动长三角区域半导体产业协同 ...

指数层面，科创半导体材料设备指数9月10日以来涨幅超30%，远超同期大盘表现。资金流向更是印证了市场 热情，科创半导体ETF（588170）同期规模增长超20亿元——数字背后，资金正从"泛概念炒作"转向"硬技术 甄别"。 更深远的变化在应用端悄然发生。腾讯近日宣布已完成对海光、鲲鹏、飞腾、龙芯等主流国产芯片的全面适 配；阿里云、百度智能云等头部云厂商也相继扩大了国产算力的采购规模；字节跳动等互联网巨头同样在关键 业务中加速引入国产硬件方案。 这场集体转向，已然清晰地标示出国产芯片越过了"能用"的基准线，真正迈入了"好用"的实用阶段。这些大厂 对国产算力的坚定支持，如同投入水面的石子，激起的涟漪必将沿着半导体产业链层层向上扩散，最终惠及最 上游的设备与材料环节，滋养整个产业的根基。 显然，与去年"9·24行情"的普涨盛宴不同，本轮行情的底色源于产业逻辑的深刻嬗变。当周期红利退潮，技术 攻坚的底色终于浮现，国产替代的步子也迈得更为坚实。 1947年，贝尔实验室发明的晶体管，叩开了半导体时代大门。自此，一场跨越半个多世纪的科技长征浩荡启 程，人类以硅为纸、以创新为笔，在纳米尺度上重构世界的运行逻辑。 当资本市场的热 ...

Group 1 - The A-share market opened positively on October 9, with the Shanghai Composite Index rising by 0.4%, driven by gains in precious metals, base metals, and computer hardware sectors, while shipping and soft drinks sectors faced declines [1] - Chip technology stocks continued to perform strongly, with the Chip ETF (159995) increasing by 2.17%. Notable individual stock performances included Tongfu Microelectronics rising by 10.01%, Lattice Semiconductor by 4.65%, Beijing Junzheng by 4.48%, Zhaoyi Innovation by 4.08%, and Haiguang Information by 3.72% [1] Group 2 - On October 6, OpenAI and AMD announced a multi-billion dollar chip deal to jointly develop AI data centers based on AMD processors. This signifies a significant collaboration in the AI chip market [3] - Huaxin Securities indicated that a new era for domestic AI chips has begun, highlighting the complete integration of the domestic AI industry chain from advanced processes to model acceleration by major companies like ByteDance, Alibaba, and Tencent [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambricon, Jiangsu Changjiang Electronics Technology, and Northern Huachuang [3]

Market Performance - The three major indices collectively rose on September 29, with the Shanghai Composite Index up by 0.9%, the Shenzhen Component Index up by 2.05%, and the ChiNext Index up by 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,781 billion yuan, an increase of 120 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains, with sectors such as securities, batteries, non-ferrous metals, and steel leading the gains, while education, pork, coal, and chemical pharmaceuticals saw declines [1] ETF Performance - Major broad-based ETFs saw significant afternoon gains, with the A500 ETF (512050) rising by 1.39% [1] - AI-related ETFs performed well, with the Chip ETF (159995) and AI ETF (515070) both increasing by 1.14% [1] - The 5G Communication ETF (515050) rose by 2.34%, and the ChiNext AI ETF (159381) increased by 1.33%, indicating strong performance in the AI computing hardware supply chain [1] Sector Focus - Recent domestic policies and structural industry trends have garnered attention, with market funds gradually shifting from the computing power sector to other low-valuation growth sectors [1] - The market is expected to maintain a slow bull trend in the medium term, with structural growth sectors becoming key investment opportunities [1] - Key sectors to watch include new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals, which are expected to have concentrated catalytic events [1] Earnings Expectations - According to Industrial Securities, industries with upward revisions in profit expectations since September are primarily concentrated in technology, advanced manufacturing, cyclical, consumption, and finance [2] - The third quarter reports will serve as an important window to validate the economic cycle for strong sectors represented by technology and advanced manufacturing [2] - In the technology growth narrative, sectors such as AI, innovative pharmaceuticals, and new energy have seen trading congestion return to reasonable levels, suggesting a potential focus on growth trends [2]

Group 1 - The A-share market experienced a collective decline on September 26, with the Shanghai Composite Index dropping by 0.17%. Sectors such as power generation equipment, petrochemicals, and soft drinks saw gains, while the internet and computer hardware sectors faced declines [1] - The chip ETF (159995) showed activity, rising by 0.11% as of 10:32 AM. Notable gainers among its constituent stocks included Jinghe Integrated (up 12.44%), Unisoc (up 7.20%), Huahai Qingke (up 5.76%), and OmniVision (up 4.04%). Conversely, companies like Rockchip and Cambricon saw declines of -4.30% and -2.67%, respectively [1] - The Alibaba Cloud Summit held on September 24 introduced several advanced models, including the Qwen3-Max with 36 trillion tokens of pre-training data, the Qwen3-VL visual language model supporting 256K context, and the Qwen3-Omni multimodal model capable of processing text, images, audio, and video inputs with low latency of 234ms [1] - According to招商证券, the evolution of global trade patterns has elevated the importance of self-sufficiency in the semiconductor industry as a key strategic focus for China's industrial development. Continuous government support for this sector is expected to enhance the outlook for self-sufficiency amid the AI innovation cycle and tariff considerations, indicating a new upward cycle for the semiconductor industry [1] Group 2 - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [2]

Market Performance - On September 25, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.14% during the session [1] - The sectors that performed well included comprehensive, communication equipment, and computer hardware, while gas and engineering machinery sectors faced declines [1] Chip Sector Developments - The chip technology stocks continued to strengthen, with the Chip ETF (159995) rising by 0.81% as of 10:53 AM [1] - Notable individual stock performances included: - Jinghe Integrated rising by 13.17% - Jing Sheng Machinery increasing by 5.59% - Tongfu Microelectronics up by 4.85% - Changdian Technology rising by 3.71% - Haiguang Information increasing by 3.63% [1] Huawei's Chip Roadmap - At the 2025 Full Connection Conference, Huawei announced its Ascend chip roadmap for the next three years, including: - Launching the 950PR and 950DT in 2026 - Doubling specifications for the 960 in 2027, including a self-developed 4-bit solution - Upgrading the 970 in 2028 in terms of computing power and memory bandwidth, aiming to catch up with NVIDIA's Blackwell [1] Domestic AI Chip Advancements - Dongfang Securities reported that domestic AI chips are achieving breakthroughs, with the scale of super nodes continuously improving [1] - The performance of domestic AI chips and switching chips is on the rise, and the commercialization process is advancing [1] - Investor confidence in China's AI computing power development is expected to continue to grow [1] Chip ETF Overview - The Chip ETF (159995) tracks the National Chip Index, comprising 30 constituent stocks from the A-share chip industry, including leading companies in materials, equipment, design, manufacturing, packaging, and testing [1] - Notable constituent companies include SMIC, Cambricon, Changdian Technology, and Northern Huachuang [1] - The off-market linked funds for the ETF are A class: 008887 and C class: 008888 [1]

Core Viewpoint - The A-share market showed mixed performance on September 22, with the Shanghai Composite Index rising by 0.12%, driven by gains in sectors such as computer hardware, semiconductors, and electronic components, while the restaurant, tourism, and shipping sectors faced declines [1] Group 1: Market Performance - The Chip ETF (159995) increased by 2.06% as of 10:30 AM, with notable gains from component stocks such as: - Rockchip up by 6.72% - GigaDevice up by 6.37% - Haiguang Information up by 4.48% - Wingtech Technology up by 4.06% - Lattice Semiconductor up by 4.01% [1] Group 2: Company Developments - Huawei officially launched its computing power super nodes and clusters, having introduced the Ascend 910 CAI chip in Q1 2023, with plans to release the Ascend 950PR in Q1 2026, the Ascend 950DT in Q4 2026, the Ascend 960 in Q4 2027, and the Ascend 970 in Q4 2028 [1] - Huajin Securities highlighted Huawei's release of two reports, "Intelligent World 2035" and "Global Digital Intelligence Index 2025," predicting that general artificial intelligence will be the most transformative technological driver in the next decade, with total computing power expected to grow by up to 100,000 times by 2035 [1] Group 3: Industry Insights - There is a positive outlook on the entire domestic computing power chip industry chain, encompassing design, manufacturing, packaging, testing, and upstream equipment materials, with a recommendation to focus on the full industry chain of domestic chips [1]

Market Performance - On September 19, the three major A-share indices collectively declined, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 0.04%, and the ChiNext Index down 0.16% [1] - The total trading volume in the Shanghai and Shenzhen markets was 23,494 billion yuan, a decrease of 8,172 billion yuan compared to the previous day, with over 3,400 stocks declining [1] Sector Performance - Energy metals, photolithography machines, education, tourism and hotels, coal, and engineering machinery sectors showed the highest gains, while humanoid robots, paper-making, innovative drugs, diversified finance, and liquid-cooled servers experienced the largest declines [1] ETF Performance - Major broad-based ETFs showed slight increases, with the A500 ETF (512050) rising by 0.09%. However, AI-related ETFs saw declines, with the chip ETF (159995) down 1.79% and the AI ETF (515070) down 1.06% [1] - The 5G communication ETF (515050) increased by 1.27%, and the ChiNext AI ETF (159381) rose by 0.43%, indicating strong performance in the AI computing hardware supply chain, including optical modules, PCBs, and servers [1] Foreign Investment Outlook - Foreign institutions remain optimistic about the A-share market, with Goldman Sachs maintaining an "overweight" rating and predicting an 8% upside for A-shares over the next 12 months [2] - The MSCI China and CSI 300 are currently trading at 13.5 times and 14.7 times their 12-month expected P/E ratios, respectively, which are below the historical bull market valuation limits of approximately 15-20 times [2] Market Drivers - A liquidity-driven bull market is unfolding in the Chinese stock market, with "reflation" expectations and the autonomous development of AI being key catalysts for this rally [2] - There is significant potential for incremental capital in the Chinese stock market moving forward [2] Sector Allocation - Short-term performance may favor small-cap and growth stocks due to liquidity boosts from potential Federal Reserve rate cuts. However, if domestic policies do not support this performance, attention should shift to sectors with fundamental support and U.S.-China mapping opportunities [2] - Key areas to focus on include technology-related sectors such as computing power, robotics, and supply chains, as well as sectors showing improved fundamentals like internet, tech hardware, consumer electronics, innovative drugs, non-ferrous metals, and non-bank financials [2]

Group 1 - The A-share market experienced fluctuations on September 19, with the Shanghai Composite Index rising by 0.11%, while sectors such as engineering machinery, aerospace and military, and power generation equipment saw significant gains. Conversely, multi-financial and automotive parts sectors faced declines [1] - The chip sector showed mixed performance, with the chip ETF (159995) increasing by 0.40%. Notable gainers included Lanke Technology (up 9.18%), Jing Sheng Machinery (up 4.57%), Beijing Junzheng (up 3.60%), and Longxin Technology (up 2.72%). However, companies like Wentai Technology and Ruixinwei reported declines of -3.14% and -2.96%, respectively [1] - Huawei announced its three-year development roadmap for the Ascend AI chip at the Shanghai Connect Conference on September 18, planning to launch four new products from 2026 to 2028, including the Ascend 950PR in Q1 2026, Ascend 950DT in Q4 2026, Ascend 960 in Q4 2027, and Ascend 970 in Q4 2028 [1] - Dongwu Securities noted that domestic advanced logic expansion is exceeding expectations, and a new iteration cycle in storage technology is anticipated next year. The high-end SoC testing machine market is broad, indicating ongoing breakthroughs in domestic production [1] Group 2 - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang. The associated off-market connection funds are A class: 008887 and C class: 008888 [2]

Group 1 - A-shares showed mixed performance on September 18, with the Shanghai Composite Index rising by 0.08%, driven by gains in sectors such as computer hardware, semiconductors, and motorcycles, while basic metals and diversified finance sectors faced declines [1] - The chip technology stocks performed strongly, with the chip ETF (159995) increasing by 3.12%, and notable individual stock performances included Haiguang Information up by 8.04%, Ruixin Micro up by 7.94%, and Longxin Zhongke up by 5.57% [1] - According to TrendForce, NAND Flash wafer prices are expected to rise by 10% to 15% in Q2 2025 due to tightening supply and recovering demand, while client SSD prices are projected to increase by 3% to 8% [3] Group 2 - Micron announced a halt in pricing for all DDR4, DDR5, LPDDR4, and LPDDR5 storage products, with expectations of price increases following a one-week suspension of quotes [3] - As the mobile season and enterprise demand increase in Q4 2025, the storage sector is anticipated to experience a new round of price hikes [3] - The chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across various segments such as materials, equipment, design, manufacturing, packaging, and testing [3]