8月27日，集成电路ETF（159546）开盘涨0.47%，报1.714元。集成电路ETF（159546）重仓股方面，中 芯国际开盘涨1.26%，海光信息涨1.49%，寒武纪涨3.75%，豪威集团涨2.38%，澜起科技跌0.39%，兆易 创新涨0.95%，长电科技涨0.03%，紫光国微跌0.01%，芯原股份跌1.11%，瑞芯微涨2.30%。 集成电路ETF（159546）业绩比较基准为中证全指集成电路指数收益率，管理人为国泰基金管理有限公 司，基金经理为麻绎文，成立（2023-10-11）以来回报为70.46%，近一个月回报为24.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 ...

8月26日早盘，集成电路ETF（159546）深度回调超2%。 广发证券指出，近年AI等新技术的带领下，半导体行业呈现以下趋势：（1）汽车电子、新能源、 物联网、大数据和人工智能等领域新技术、新产品的渗透率提升和需求增长，成为半导体板块成长的重 要动力。（2）国产化持续推进，中美贸易摩擦凸显出半导体供应链安全和自主可控的重要性和紧迫 性，政府在产业政策、税收、人才培养等方面加大了对本土半导体制造的支持，国内晶圆制造及其配套 产业环节加速发展势在必行。此外，随着下游供给的缓解，国产芯片的供应将极大缓解，国产算力有望 迎来突破。 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半导体设 计、制造、封装测试及相关设备材料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。该指数聚焦科技创新和高成长性企业，旨在体现中国集成电路产业的发展水平 与未来趋势。 没有股票账户的投资者可关注国泰中证全指集成电路ETF发起联接C（020227），国泰中证全指集 成电路ETF发起联接A（020226）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨 ...

Group 1 - The semiconductor industry is experiencing growth driven by the increasing penetration and demand for new technologies and products in sectors such as automotive electronics, new energy, IoT, big data, and artificial intelligence [1] - The push for domestic production is intensifying, highlighted by the US-China trade friction, emphasizing the importance of supply chain security and self-sufficiency in the semiconductor sector. The government is enhancing support for local semiconductor manufacturing through policies, tax incentives, and talent development [1] - In July, the value added of the computer, communication, and other electronic equipment manufacturing industries increased by 10.2% year-on-year, indicating sustained high demand in the industry [1] Group 2 - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which primarily covers companies in the semiconductor and related industries, including chip design, manufacturing, and packaging testing, reflecting the overall performance of listed companies in the integrated circuit sector [1] - Investors without stock accounts can consider the Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link C (020227) and Guotai Zhongzheng All Index Integrated Circuit ETF Initiated Link A (020226) [1]

Group 1 - Apple is increasing investments in chip materials and servers through the American Manufacturing Plan (AMP), collaborating with multiple companies to build a domestic semiconductor supply chain in the U.S. However, the likelihood of traditional consumer electronics assembly returning is low, which may benefit China's electronics manufacturing industry [1] - CoWoP packaging technology is expected to replace traditional ABF substrates with lower costs and higher efficiency, driving demand for high-end PCBs [1] - BOE has surpassed Samsung Display to become the industry leader in foldable OLED screens, while TCL Technology's semiconductor display business saw a net profit increase of over 70% year-on-year in the first half of the year [1] Group 2 - The AI application market is rapidly developing, forming a four-tier structure, with mobile monthly active users reaching 680 million and the user base for plugin formats surpassing that of native apps [1] - The launch of GPT-5 marks a new leap in AI technology, showcasing breakthroughs in programming and creative writing, with a commercial strategy reflecting both inclusivity and ecological integration [1] - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in semiconductor design, manufacturing, packaging, testing, and related equipment materials, reflecting the overall performance of the semiconductor industry [1]

Core Viewpoint - The Integrated Circuit ETF (159546) opened with a slight decline of 0.21%, indicating a mixed performance in the semiconductor sector [1] Group 1: ETF Performance - The Integrated Circuit ETF (159546) opened at 1.446 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 45.49% [1] - The fund's return over the past month is reported at 12.16% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 0.51% [1] - Haiguang Information (海光信息) down 1.61% [1] - Cambrian (寒武纪) down 2.74% [1] - OmniVision (豪威集团) down 0.68% [1] - Lattice Semiconductor (澜起科技) up 1.15% [1] - GigaDevice (兆易创新) down 0.83% [1] - JCET (长电科技) down 0.43% [1] - Unisoc (紫光国微) down 0.16% [1] - Chipone (芯原股份) down 0.47% [1] - Rockchip (瑞芯微) down 0.89% [1]

Group 1 - The semiconductor industry is experiencing a comprehensive rebound driven by a combination of macro policy cycles, inventory cycles, and AI innovation cycles, leading to valuation expansion [1] - TSMC has raised its annual revenue growth forecast from 25% to 30%, indicating strong ongoing demand for AI and a moderate recovery in non-AI demand [1] - The U.S. AI action plan may further restrict semiconductor exports, accelerating the push for domestic manufacturing and self-sufficiency in equipment and materials [1] Group 2 - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which reflects the overall performance of listed companies involved in semiconductor design, manufacturing, packaging, testing, and related materials [2] - Investors without stock accounts can consider the Guotai CSI Integrated Circuit ETF Initiated Link C (020227) and A (020226) for exposure to the integrated circuit sector [2]

Core Viewpoint - The semiconductor industry is experiencing growth driven by AI demand and domestic production, with significant investments in data centers and advanced manufacturing processes [1][2]. Group 1: Market Performance - Chip ETFs (512760) rose over 2.3%, while integrated circuit ETFs (159546) increased by more than 2.2%, highlighting a positive market trend in the semiconductor sector [1]. - Global smartphone shipments have seen consecutive growth for two quarters, indicating a recovery in upstream sectors such as passive components, digital SoC, RF, storage, and packaging testing [1]. Group 2: Industry Trends - The integration of 3D printing in consumer electronics is accelerating, with applications in foldable devices and wearables expected to mark a new era in consumer electronics [1]. - The reduction in AI training and inference costs is fostering application proliferation, with over a hundred AI-enabled devices like smartphones, computers, and glasses emerging as new economic growth points [1]. - Meta's investment of several hundred billion dollars in data centers to support AI development is expected to drive a surge in computing power demand, enhancing the value across servers, AI chips, optical chips, storage, and PCB sectors [1]. Group 3: Company Insights - TSMC is projected to maintain stable performance in Q2 2025, with advanced process expansion aligning with the trend of self-sufficiency, emphasizing the importance of advanced packaging technologies like CoWoS and HBM in the AI landscape [1]. - The semiconductor index (990001) tracked by chip ETF (512760) focuses on the semiconductor industry chain in the Chinese market, covering materials, equipment, design, manufacturing, and packaging testing, serving as a key indicator of the industry's development [1].

Group 1 - The semiconductor sector experienced a positive trend on July 24, with various ETFs showing gains: Semiconductor Equipment ETF (1.39%), Integrated Circuit ETF (1.37%), Chip ETF (1.30%), and Sci-Tech Chip ETF (0.90%) [1][2] - The U.S. government announced an AI action plan that may lead to deregulation in the AI sector, which is expected to boost demand for semiconductors, particularly in AI applications [2][6] - TSMC anticipates a strong demand for AI semiconductors, projecting a revenue growth rate of nearly 30% by 2025, driven by N3N5 and HPC platforms [2][6] Group 2 - The semiconductor materials and equipment index has a P/E ratio of 67.17x, indicating that while valuations are not at a low point, the narrative around AI has strengthened the growth potential of the semiconductor industry [6][7] - The GPU market in China has surpassed 100 billion yuan, with domestic manufacturers still relatively small, suggesting significant long-term growth potential [7] - The global AI upgrade has elevated the necessity for AI development in China, creating new opportunities for the semiconductor industry [7]

Group 1 - The domestic semiconductor backend testing equipment market has significant room for domestic production improvement, with the localization rate for storage testers expected to be only 8% by 2025 and around 9% for SOC testers by 2027 [1] - The rapid development of AI chips and HBM imposes higher requirements on testing processes, as AI chips utilize advanced processes and complex structures, leading to longer testing times and increased precision requirements [1] - The domestic testing equipment market size is projected to grow from 11.62 billion yuan in 2022 to 26.74 billion yuan by 2027, with a CAGR of 12.6%, where testing machines account for 61.9% of the market, with SOC and storage testers being the main segments [1] Group 2 - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in IC design, manufacturing, and packaging testing from the A-share market to reflect the overall performance of the Chinese integrated circuit industry [1] - The Chip ETF (512760) tracks the China Semiconductor Chip Index (990001), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in key segments of the semiconductor industry chain to reflect the overall performance of the semiconductor chip industry [2] - Investors without stock accounts can consider various fund options related to integrated circuits and semiconductor industries, including the Guotai Zhongzheng All Index Integrated Circuit ETF and the Guotai CES Semiconductor Chip Industry ETF [2]

Group 1 - The electronic and semiconductor industry is experiencing a multi-field upturn, with strong demand in the AI-PCB supply chain leading to full orders and production for several companies, primarily driven by structural demand for high-layer PCBs and M8 copper-clad laminates from AI servers and switches [1] - The semiconductor sector is seeing a continuous strengthening of self-controllable logic, with accelerated domestic production of equipment and materials, resulting in leading manufacturers increasing their market share in etching and thin film deposition processes [1] - The storage segment benefits from AI edge upgrades and replenishment demand, with significant domestic substitution space for niche DRAM products [1] Group 2 - The integrated circuit ETF tracks the integrated circuit index, which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in core areas of integrated circuit design, manufacturing, and packaging testing from the A-share market to reflect the overall performance of the semiconductor industry chain [1] - This index focuses heavily on the technology-intensive aspects of the integrated circuit industry, exhibiting significant industry concentration and technological content characteristics [1]