25日，三大股指维持窄幅震荡走势，科创50指数逆市大涨；港股弱势下探，两大股指均跌超1%，南 向资金大幅流入，净买入超200亿港元。 具体来看，三大股指盘中小幅下探，沪指失守3600点，深证成指、创业板指均走低。截至收盘，沪指跌 0.33%报3593.66点，深证成指跌0.22%报11168.14点，创业板指跌0.23%报2340.06点，科创50指数涨 2.07%，沪深北三市合计成交18185亿元，较此前一日减少约580亿元。 市场现明显分化，近日强势股大幅下挫，深水规院20%跌停，铁建重工跌近15%，中国能建逼近跌停；AI 应用概念逆市活跃，因赛集团、大恒科技、竞业达等涨停；半导体板块午后走高，市值超2800亿的寒武纪 大涨超12%，赛微微电、翱捷科技均涨超10%；光刻机概念崛起，张江高科涨停，茂莱光学涨超11%。 港股方面，截至收盘，华虹半导体涨超9%，中芯国际涨近5%；快手、哔哩哔哩跌超4%。 半导体板块拉升 半导体板块午后强势拉升，截至收盘，芯导科技涨超13%，赛微微电、寒武纪、翱捷科技等涨超10%，恒 玄科技涨近8%。 | 代码 | 名称 | � | 涨幅% | 现价 | 涨跌 | 买价 | 卖价 ...

Group 1 - The semiconductor sector experienced a decline today, with the semiconductor equipment ETF (159516) dropping over 1%. However, it has seen a net inflow of over 300 million yuan for four consecutive days, with its shares increasing by over 50% since the beginning of the year [1] - According to Zhongyuan Securities, global semiconductor sales are projected to grow by 19.8% year-on-year in May 2025, marking 19 consecutive months of year-on-year growth and a month-on-month increase of 3.5%. WSTS forecasts a year-on-year growth of 11.2% for global semiconductor sales in 2025 [1] - The demand for edge AI computing power is expected to rise due to the proliferation of AI large models and the increasing market share of AI smart glasses and AI smartphones. This will drive steady growth in the market demand for various semiconductor hardware, including high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [1] Group 2 - The traditional consumer electronics sector, including smartphones, PCs, and IoT, is showing signs of weak recovery, while domestic substitution remains a prevailing trend. Semiconductor companies with autonomous and controllable capabilities are likely to continue benefiting from these trends [1]

Investment Rating - The industry maintains a "Buy" rating [7][5][33] Core Viewpoints - The "Big and Beautiful" Act in the US increases tax credits for semiconductor manufacturers building new factories from 25% to 35%, which is expected to significantly lower expansion costs and encourage companies like TSMC, Intel, and Micron to accelerate their projects in the US [3][11][21] - The Philadelphia Semiconductor Index has shown a continued upward trend, supported by strong capital expenditures and positive long-term technology demand expectations, with a year-to-date increase of 12.46% as of July 3, 2025 [4][15] - The demand for AI-related hardware is expected to rise due to the proliferation of AI large models and devices like AI smart glasses and AI smartphones, driving steady growth in the market for high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [5][33] Summary by Sections Industry Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, suggesting a positive outlook for the sector [7][5][33] Market Overview - The semiconductor industry index experienced a decline of 1.18% from June 30 to July 4, 2025, while the broader market indices showed gains [10][13] - The semiconductor equipment sector led the performance among sub-sectors, while other sectors recorded declines [14] Key Legislative Developments - The "Big and Beautiful" Act was signed into law, which is expected to stimulate high-end manufacturing in the US and increase import tariffs on semiconductor manufacturing equipment and high-end chips [11][22] Company Recommendations - The report recommends focusing on companies such as Zhaoyi Innovation, Lanke Technology, Juchen Co., Shenkong Co., and Longxin Zhongke, which are expected to benefit from the ongoing trends in the semiconductor market [5][33]