集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从沪深市场中选取涉及设计、制 造、封装测试等环节的上市公司证券作为指数样本，以反映集成电路产业相关上市公司证券的整体表 现。该指数侧重于技术创新和高端制造，具有较强的行业特色和技术领先性。 （文章来源：每日经济新闻） 1月29日，集成电路ETF（159546）回调超3.2%，市场关注行业供需与价格动态。 德邦证券指出，硬科技方面，存储/逻辑芯片供给持续紧张，行业普遍价格上涨。受AI服务器需求持续 提升以及相关芯片利润较高的影响，AI服务器正在挤压其他应用的半导体供给。从存储芯片来看，服 务器Dram的涨价有望推动HBM、PCDram和LPDDR的价格；企业级SSD价格继续上涨，MLC NandFlash 供需失衡加剧。从逻辑芯片来看，受台积电、三星减产影响，全球8寸晶圆供给格局紧张。这反映了由 于AI服务器需求快速增长导致其他应用产能受到挤压的趋势。在此趋势以及国产替代的影响下，国内 晶圆代工、存储厂商、半导体设备/材料及IC设计厂商等半导体中上游都有望充分受益。另一方面，芯 片成本的提高对于消费级产品冲击较大，可能会导致终端产品价格上 ...

【市场表现】 市场冲高回落，沪深两市成交额2.6万亿，较上一个交易日缩量1771亿。截至收盘，沪指涨0.08%，深成 指涨0.7%，创业板指涨0.54%。今日半导体板块活跃，其中CPU更是受到市场追捧。集成电路ETF收涨 5.47%，芯片ETF收涨4.28%，科创芯片ETF收涨4.14%。 【上涨因素分析】 估值方面，目前半导体板块估值的历史分位通常在90%以上。但是，这一轮AI的科技革命级别比此前更 大，带来的远期空间增益也很有想象力。同时，许多赛道如GPU、存储都已经进入业绩兑现期，我们认 为估值仍有进一步上修空间。 集成电路ETF(159546)标的指数为集成电路指数，截至最新交易日标的指数PETTM为160.03x，位于上市 以来90.34%分位。集成电路ETF持仓中偏重芯片设计板块，半导体设备含量相对较小，弹性颇丰。展望 后市，模拟、CPU、GPU、存储等赛道景气有望持续改善，集成电路ETF具备较大弹性。 芯片ETF(512760)标的指数为中华半导体芯片指数，截至最新交易日标的指数PETTM为142.11x，位于 98.58%分位。芯片ETF精选半导体行业优质个股，从设计，到制造和半导体设备应有尽 ...

近日债市反弹持续，但仍未打破震荡区间，我们认为形成单边行情的合力不足。当前债市仍以机构行为 占主导，窄幅震荡行情为主，主要由于经济周期与货币政策两大因素，在近期均缺乏明确方向。经济周 期层面，新旧动能切换的宏大叙事主导市场情绪；货币政策层面保持中性表述，对强力刺激持谨慎态 度。我们认为，在债市维持震荡的状态下，配置思路的性价比或高于波段交易，或可关注更为稳健的配 置品种，如国债ETF（511010）、十年国债ETF（511260）。 今日A股全天震荡。上证综指微涨0.08%，报4116.94点，深证成指上涨0.70%，创业板指上涨0.54%，科 创综指上涨2.32%。沪深两市成交额约26007.01亿元，较前一个交易日缩量约1770.97亿元。板块层面， 科技、黄金板块领涨，集成电路、芯片、信创、有色等表现较好；金融、煤炭、交运等稳健板块居后。 风险偏好来看，今日风险偏好中性偏强。全市场3096只股票上涨、2197只股票下跌。风格层面，小盘强 于大盘，成长强于价值，双创强于主板。总体而言，今日风险偏好处于中性偏强状态。 黄金股票ETF（517400）大涨6.33%。受地缘局势影响，金价继续走高。截至21日15 ...

存储芯片板块活跃，龙芯中科开盘即20CM涨停，海光信息大涨13%，带动集成电路ETF涨超5%，年内 涨超18%。 集成电路ETF跟踪中证全指集成电路指数，是布局全产业链芯片龙头的便捷工具，权重股包括寒武纪、 中芯国际、海光信息、兆易创新、澜起科技、豪威集团、紫光国微、长电科技、芯原股份、通富微电等 公司。 消息面上，韩国两大存储芯片巨头三星电子和SK海力士据报将继续削减NAND闪存产量，或加剧供应 短缺情况。据韩媒援引市场研究机构Omdia数据称，三星电子今年NAND晶圆产量将从去年的490万片 降至468万片，甚至低于2024年因盈利能力恶化而实施的减产水平。SK海力士的NAND产量也将从去年 约190万片降至今年的170万片。 此外，美光科技近日表示，过去一个季度内存芯片短缺的情况愈演愈 烈，并重申由于人工智能基础设施所需的高端半导体需求激增，这种短缺状况将持续到今年以后。 集邦咨询报告显示，全球8英寸晶圆供需正步入失衡期。受台积电、三星电子战略性削减产能影响， 2026年全球8英寸代工总产能将萎缩2.4%。而AI驱动的电源管理芯片(Power IC)等产品需求维持强劲， 正拉动行业平均产能利用率回升至9 ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 上证指数午盘涨0.16%，创业板指涨0.85%。沪深京三市半日成交额16458亿元，较上日缩量2196亿 元。算力硬件产业链走强，GPU、服务器方向领涨；锂矿、半导体、AI手机、稀土、人形机器人概念 股活跃。煤炭、零售、白酒、银行、电力板块走弱。 ETF方面，半导体板块全线领涨，嘉实基金集成电路ETF、国联安基金科创芯片设计ETF和国泰基 金集成电路ETF分别涨4.79%、4.31%和4.22%。信创板块表现活跃，信创ETF易方达、信创ETF广发分 别涨3.88%和3.62%。 顺周期板块回调，煤炭ETF跌1.85%，食品饮料板块走低，酒ETF和食品饮料ETF基金分别跌1.67% 和1.38%，港股通消费50ETF跌1.47%。 ...

（文章来源：每日经济新闻） 兴业证券指出，AI浪潮带动算力需求爆发，服务器、AI芯片、光芯片、存储、PCB板等环节价值量将 大幅提升。训练、推理成本的降低有望推动AI应用的繁荣。端侧AI潜力巨大，耳机和眼镜有望成为端 侧AI Agent的重要载体。持续看好以被动元件、数字SoC、射频、存储、封测、面板为代表的上游领域 的复苏趋势，其中存储价格触底回升，封测环节稼动率逐渐回升，未来也将受益于AI芯片带动的先进 封装需求爆发。未来3年，"先进工艺扩产"将成为自主可控主线，同时CoWoS及HBM卡位AI产业趋势， 先进封装重要性凸显。 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从沪深市场中选取涉及集成电路设 计、制造、封装测试及相关材料设备等业务的上市公司证券作为指数样本，以反映集成电路相关上市公 司证券的整体表现。 ...

Core Viewpoint - The electronic and semiconductor industry is currently performing outstandingly in the dual mainline market of technology and cycles, with the global semiconductor cycle showing over nine consecutive quarters of year-on-year positive growth since Q1 2023, demonstrating unprecedented structural depth and resilience in capital expenditure [1] Industry Summary - The current semiconductor cycle, driven by GPU and generative AI, surpasses previous cycles led by consumer electronics in both duration and intensity [1] - Communication equipment, such as optical communication, benefits from the expansion of AI computing power, data center growth, and the electronic upgrade of smart vehicles, showing a structural increase in demand similar to the 5G base station construction period of 2019-2020 [1] - The core driving factor in the industry is ΔG (marginal change in profit growth), with no significant turning point observed, indicating that the AI hardware sector is likely to maintain its strength in a favorable valuation environment [1] - The commercialization of AI applications is accelerating under the resonance of policy, demand, ecology, and capital, with improvements in domestic large model capabilities driving scenario realization, although caution is advised regarding the risk of growth rate shifts due to high base effects [1] Company Summary - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment to reflect the overall performance of the integrated circuit industry [1] - This index features high technical content and growth characteristics, effectively representing the development status of China's integrated circuit industry [1]

Market Performance - The Shanghai Composite Index rose by 0.36%, the Shenzhen Component Index increased by 0.66%, the ChiNext Index gained 0.49%, and the North Stock 50 climbed by 0.99% [1] - The total market turnover reached 1.7392 trillion yuan, an increase of 62.5 billion yuan compared to the previous day [1] Sector Performance - The retail, dairy, and controllable nuclear fusion sectors were active, while the semiconductor sector experienced a decline [1] - In the ETF market, Hong Kong automotive stocks surged in the afternoon, with the Guangfa Fund Hong Kong Automotive ETF, Huaxia Fund Hong Kong Stock Connect Automotive ETF, and Huitianfu Fund Hong Kong Automotive ETF all rising over 3% [1] - The tourism sector showed strong performance, with the Huaxia Fund Tourism ETF and the Fuguo Fund Tourism ETF increasing by 3.08% and 2.98%, respectively [1] - Airline stocks continued their recent upward trend, with the Huatai Bairui Fund Aerospace ETF rising by 2.79% [1] - Oil stocks continued to decline, with the Guangfa Energy ETF and the Energy ETF falling by 0.94% and 0.76%, respectively [1] - The banking sector declined, with the China Securities Bank ETF dropping by 0.7% [1] - The semiconductor sector weakened, with the Chip Equipment ETF and the Integrated Circuit ETF decreasing by 0.6% and 0.55%, respectively [1]

Market Performance - The Shanghai Composite Index rose by 0.49% at midday, while the ChiNext Index increased by 0.56%, having once surged over 2% [1] - The consumer electronics and HBM concepts led the gains, while the OCS concept remained strong, and solid-state battery concepts performed well [1] - Real estate stocks showed signs of recovery after hitting a low [1] ETF Movements - Some cross-border ETFs strengthened, with E Fund's Brazil ETF and Harvest Fund's S&P Biotechnology ETF rising by 2.56% and 2.28% respectively [1] - The semiconductor sector led the gains, with Guotai Fund's Integrated Circuit ETF, Harvest Fund's Integrated Circuit ETF, and Huatai-PB Fund's China-Korea Semiconductor ETF increasing by 2.32%, 1.92%, and 1.83% respectively [1] - The AI hardware sector continued its upward trend, with Guotai Fund's Communication ETF rising by 1.88% [1] - The consumer electronics sector was active, with Guotai Fund's Consumer Electronics ETF increasing by 1.63% [1] Hong Kong Market Trends - The healthcare sector in Hong Kong declined, with the Hong Kong Healthcare ETF and Hong Kong Stock Connect Healthcare ETF falling by 1.66% and 1.31% respectively [1] - The film and television sector also saw a downturn, with the Film and Television ETF dropping by 1.3% [1] - The technology sector in Hong Kong experienced a decline, with the Hong Kong Stock Connect Internet ETF decreasing by 1% [1]

Group 1 - Semiconductor stocks experienced a significant rise in early trading, with Haiguang Information up over 6%, Cambrian-U and Zhaoyi Innovation up over 4%, and SMIC and Lattice Semiconductor up over 3% [1] - Related ETFs in the integrated circuit and semiconductor sectors rose by more than 2% [1] Group 2 - In October, global semiconductor demand continued to improve, with slight growth in PCs and tablets, rapid growth in TWS headphones, wearable devices, and smart home products, and high-speed growth in AI servers [2] - Despite a relatively ample short-term supply and high inventory levels, a downward trend in inventory has been observed, and overall price increases are expanding, indicating a favorable supply-demand balance expected to continue into November [2] - The ongoing significant investment in global AI computing power and persistent structural shortages in storage are expected to support the continued positive development of the semiconductor industry, alongside the acceleration of domestic semiconductor industry localization in China [2]