资料来源：wind 【下跌因素分析】 近日未出现人工智能领域的较大利空，今日下跌无基本面驱动，我们认为倾向于资金获利离场。从60日涨跌幅上看，通信ETF与创业板人工智能ETF分别上 涨94.65%、75.3%。今日大盘下行压力较大，算力板块作为前期大盘上行的核心主线，今日也受到较大影响。 | 代码 | 名称 | 60日涨跌幅 | | --- | --- | --- | | 515880 | 通信ETF | 94.65% | | 159388 | 创业板人工智能ETF国泰 | 75.30% | 资料来源：wind 消息面上，上海市经济信息化委发布《关于贯彻落实国家"人工智能+"行动 组织开展2025年度上海市"人工智能+"行动项目申报工作的通知》。其中提出， 聚焦落实国家"人工智能+"行动，以促进产业高质量发展为导向，推进人工智能与科学技术、产业发展、消费提质、民生福祉、治理能力等重点领域深入融 合，重点提升模型基础、语料服务、算力供给、行业公共服务等能力。 【后市展望】 估值层面，经历今日下跌之后，性价比越发突出。截至最新交易日9月2日，通信ETF标的指数PETTM为53.38x，位于上市以来72.19%分位 ...

从C919大飞机的碳纤维机身，到龙芯处理器的澎湃算力，从港珠澳大桥的跨海钢梁到北斗卫星的原子 钟，每一项大国重器技术的突破都诠释着核心技术自主可控的重要性。 自主可控不仅是产业安全的生命线，更是大国博弈的决胜点。面对技术的挑战，公募基金以其市场化、 专业化的价值发现和资源配置能力，精准引导资金活水浇灌国家战略产业的创新沃土，成为推动科技自 立自强的重要金融力量之一。 在这场科技自主可控攻坚战中，嘉实基金基于产业基本面深度研究，持续将投资力量布局于相关战略 性、关键性领域，积极担当时代赋予的责任。 半导体芯片：时代大背景下的"自主"命题 半导体芯片被誉为数字时代的"新基石"。其重要性已超越单一产业，成为数字经济发展、国防安全及产 业升级的底层支柱。 自主的基因，深植于中国半导体产业的成长血脉。从筚路蓝缕的初创年代，到2014年的《国家集成电路 产业发展推进纲要》与《中国制造2025》明确的重点领域技术路线图——中国半导体的发展战略始终着 眼于构建从芯片设计、制造，到封装测试，以及相关材料和装备的自主生态闭环。 安全是发展的前提，发展是安全的保障。嘉实基金洞察，制造业的核心命题聚焦于"发展、安全与低 碳"三大关键 ...

截至2025年8月22日 10:38，集成电路ETF(562820)上涨5.54%；成分股方面，海光信息涨超16%，盛科通 信-U涨近16%，寒武纪-U、杰华特、中芯国际等跟涨。 数据显示，截至2025年7月31日，中证全指集成电路全收益指数前十大权重股分别为中芯国际、寒武 纪、海光信息、豪威集团、澜起科技、兆易创新、长电科技、紫光国微、芯原股份、通富微电，前十大 权重股合计占比50.35%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 688981 | 中芯国际 | 7.86% | 9.96% | | 688041 | 海光信息 | 17.63% | 7.45% | | 688256 | 寒武纪 | 13.13% | 7.13% | | 603501 | 豪威集团 | 3.53% | 6.17% | | 688008 | 澜起科技 | 4.44% | 5.32% | | 603986 | 兆易创新 | 1.75% | 4.78% | | 600584 | 长电科技 | 4.10% | 2.74% | | 002049 | 紫光国微 | 1.9 ...

Market Overview - The market experienced fluctuations, with the Shanghai Composite Index losing and regaining the 3700-point mark, closing down 0.46% [1][4] - The total trading volume in the Shanghai and Shenzhen markets reached 2.28 trillion yuan, an increase of 128.3 billion yuan compared to the previous trading day [1] Macro Data Insights - In July 2025, new social financing (社融) amounted to 1.16 trillion yuan, significantly lower than the previous month's 4.20 trillion yuan, with a year-on-year increase of 389.3 billion yuan [4][5] - The year-on-year growth rate of social financing stock was 9.0%, up from 8.9% the previous month [4] - RMB loans decreased by 50 billion yuan, contrasting with an increase of 224 billion yuan in the previous month [4] Investment Climate - The market outlook has improved significantly after two years of pessimism, with external risks easing due to a 90-day extension of the US-China tariff "truce" [6] - Domestic policies aimed at stabilizing growth, such as subsidies and loan interest policies, are expected to support economic recovery [6] - The AI industry is gaining international competitiveness, and new consumption trends are emerging, indicating a potential shift in economic dynamics [6] Capital Market Activity - There has been a notable increase in market activity, with high-net-worth investors entering the market, including private equity and leveraged funds [8][11] - The average daily inflow of leveraged funds since July has been 5.5 billion yuan, with the current financing balance exceeding 2 trillion yuan, the highest since 2015 [8][11] Securities Industry Outlook - The increase in household savings, which rose from 93 trillion yuan at the end of 2020 to 162 trillion yuan by June 2025, provides a foundation for new capital entering the market [11] - Policies encouraging long-term capital to enter the market are expected to drive growth in the securities industry, with an estimated 500 billion yuan of new funds anticipated by 2025 [11][12] Semiconductor Sector Analysis - The semiconductor industry is positioned as a critical component of national industrial manufacturing, with significant growth potential driven by AI advancements [21] - The domestic GPU market is expanding, with Nvidia projected to generate 17.1 billion USD in revenue in mainland China in 2024, highlighting the importance of domestic semiconductor capabilities [20] - The valuation of the semiconductor sector is currently high, with the semiconductor index at a P/E ratio of 92.04x, indicating strong investor interest [20]

集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从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，以反映集成电路行业相关上市公 司证券的整体表现。该指数成分股具有较高的技术含量和成长潜力，是科技风格配置的重要指标。 （文章来源：每日经济新闻） 国元证券表示，政策与资本双轮驱动，AI应用加速迈入商业闭环阶段。7月31日国务院常务会议审议通 过《关于深入实施"人工智能+"行动的意见》，提出加快推动AI在重点领域的规模化、商业化应用，明 确释放顶层政策信号，推动国内"算力—模型—应用"正向循环形成。海外方面，AI设计协作平台Figma 成功上市，首日市值对应PS达70倍，凸显市场对AI场景变现能力的强烈预期。 ...

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing at 3605.73 points, marking a new high for the year. The total trading volume for the day was 1.84 trillion yuan, a decrease of 19.9 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 1.21%, and the ChiNext Index gained 1.5% [1] Vaccine Industry - The vaccine ETF surged by 6.33% after a period of consolidation in the morning [2] - The vaccine industry is currently in a bottoming process, facing downward pressure due to high base effects, inventory destocking, and weak consumer demand. However, the long-term development path for the vaccine industry is becoming clearer, with increased innovation and accelerated approval for new vaccines driven by policy and research advancements. The demand for vaccines is expected to rise due to an aging population and increased health awareness, with the adult vaccine market gradually emerging and pet vaccines also developing [5] Military Industry - The military industry ETF rose by 1.82%, reflecting market recognition [6] - The military industry has shown a strong performance since April, driven by several factors including improved fundamentals, the upcoming grand military parade in September, and increasing geopolitical tensions. Global military spending is projected to reach approximately $2.7 trillion in 2024, a 9.4% increase from 2023, marking the highest growth rate since the Cold War. The military trade market is expected to expand, with China's military equipment showing strong competitiveness [8] Semiconductor Industry - The semiconductor sector saw gains, with various ETFs such as the semiconductor equipment ETF and integrated circuit ETF rising by 1.39% and 1.37% respectively [9][10] - The AI wave is injecting strong and sustained growth momentum into the semiconductor field, with TSMC expecting a nearly 30% revenue growth by 2025 driven by demand for AI semiconductors. The domestic semiconductor industry is also making significant progress in achieving full localization of manufacturing equipment, with the first fully domestic production line expected to begin trial production in the second half of 2025 [11][13] - The semiconductor industry is viewed as having strong investment value, with the potential for significant growth as the AI narrative strengthens and the overall valuation center in the A-share market rises. The semiconductor sector represents the highest level of industrial manufacturing in China, indicating substantial growth opportunities ahead [14]

ETF日报：后续若汇率压力得到缓解，降息空间有 望打开 3月25日，A股窄幅整理，科技股持续低迷，市场量能再度萎缩。上证指数收盘微跌报3369.98点， 深证成指跌0.43%，创业板指跌0.33%，北证50涨1.86%，科创50跌1.36%，万得全A跌0.37%，万得A500 持平，中证A500跌0.18%。A股成交1.29万亿，上日为1.47万亿。 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 年初至今，上证国企红利指数跌幅超4%，整体股息率从2024年底的4.94%提升至6.69%。关于红利 风格的调整，申万宏源研究指出，一方面，降息预期延迟以及股债跷跷板效应显现，10年期国债上行 16BP；另一方面，国产大模型取得突破，成长预期回归，在风险偏好上升阶段，红利板块面临资金分 流压力。 今日，红利国企ETF涨1.26%。后续来看，红利核心逻辑依旧稳固，调整后或已重回配置区间。海 外方面，根据联邦基金利率期货，市场维持6月降息的推断，至2025年底降息幅度由上周的65bp升至 71bp。国内方面，今年货币政策定调仍为适度宽松，2025年政府工作报告 ...