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。苹果AI Phone引领趋势，AI功能升级可能带动超级换机周期。AI浪潮驱动算力需求爆发，服务器、AI芯片、光 芯片、存储、PCB等环节价值量显著提升。SEMI预计2025年全球半导体设备销售额达1330亿美元，同 比增长13.7%，2026年进一步增至1450亿美元，主要受AI投资推动，尤其在尖端逻辑电路、存储及先进 封装领域。美光科技业绩超预期，DRAM短缺或持续至2026年后，存储价格触底回升，封测环节稼动率 逐步恢复，先进封装需求将随AI芯片增长而爆发。 （文章来源：每日经济新闻） 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中精选涉及半导体、软件 开发、计算机设备等信息技术主题的上市公司证券作为指数样本，以反映信息技术创新领域相关上市公 司证券的整体表现。该指数偏重大盘风格，成分股平均市值较高，行业配置上以半导体、软件开发及IT 服务为主。 ...

Core Insights - Global semiconductor sales are projected to reach $208.4 billion in Q3 2025, reflecting a quarter-on-quarter growth of 15.8%, driven by increased demand for memory and logic chips, particularly in the Asia-Pacific and Americas regions [1] - SanDisk's performance exceeded expectations, with NAND product demand outpacing supply, leading to a significant reduction in inventory turnover days, and a continued supply shortage anticipated until the end of 2026 [1] - The AI wave is driving a surge in computing power demand, significantly enhancing the value across various segments including servers, AI chips, optical chips, storage, and PCBs; advanced packaging is becoming increasingly important due to CoWoS and HBM technologies aligning with AI trends [1] Industry Trends - In the consumer electronics sector, 3D printing is rapidly penetrating applications such as foldable device hinges and frames, while edge AI is transforming headphones and glasses into AI agent carriers; the Apple AI Phone is expected to lead a replacement cycle [1] - Domestic equipment manufacturers are making continuous progress in advanced process breakthroughs and validations, with "advanced process expansion" set to be a key focus for self-sufficiency over the next three years [1] - There is a recovery trend in upstream sectors such as passive components, digital SoCs, RF, storage, and packaging; storage prices have bottomed out and packaging sector utilization rates are gradually increasing [1] ETF Insights - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), which selects listed companies involved in semiconductor material production, processing, and equipment manufacturing to reflect the overall performance of key upstream segments in the semiconductor industry [1]