（文章来源：每日经济新闻） 申万宏源证券指出，半导体材料方面，重点关注关键材料自主可控，关注国产替代、OLED两大方向。 成长领域重点关注半导体材料、面板材料、封装材料等关键环节的国产化进程。随着全球供应链重构及 技术升级，半导体产业链的自主可控需求持续提升，相关材料领域有望迎来发展机遇。此外，面板材料 中OLED技术的渗透率提升也将带动相关需求增长。整体来看，电子及半导体行业在技术突破和政策支 持下，长期成长性较为明确。 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。成分股具备高技术含量和成长性，体现了集成电路行业的整体发展趋势。 ...

Core Viewpoint - The integrated circuit ETF (159546) opened with a decline of 1.81%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.795 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 82.90% [1] - The fund's performance over the past month has decreased by 6.56% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) opened down 0.08% [1] - Cambricon (寒武纪) fell by 2.52% [1] - Haiguang Information (海光信息) decreased by 2.13% [1] - Lattice Technology (澜起科技) dropped by 2.97% [1] - GigaDevice (兆易创新) declined by 5.05% [1] - Haowei Group (豪威集团) fell by 1.18% [1] - Chipone (芯原股份) decreased by 2.10% [1] - JCET (长电科技) dropped by 1.15% [1] - Unisoc (紫光国微) fell by 1.81% [1] - Tongfu Microelectronics (通富微电) decreased by 2.47% [1]

（文章来源：每日经济新闻） 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，以反映集成电路产业相关上市公司 证券的整体表现。成分股具有高技术含量和成长性特征，代表了中国集成电路产业的发展水平与趋势。 该指数侧重于科技行业配置，能够较好地反映相关领域的市场表现。 11月6日早盘，集成电路ETF（159546）涨超3%。 平安证券指出，国产算力核心引擎和先进封装技术成为电子与半导体行业的重要发展方向。由于海外 CoWoS产能长期满载，国内算力公司供应链吃紧，为国产先进封装平台创造了客户导入与验证窗口。 在复杂国际环境下，实现算力产业链自主可控已成共识，高端封装国产化替代迫在眉睫。 ...

Core Viewpoint - The integrated circuit ETF (159546) opened with a decline of 2.02%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (159546) opened at 1.795 yuan [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 82.41% [1] - The fund has experienced a decline of 9.04% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - SMIC down 2.49% [1] - Cambricon down 3.33% [1] - Haiguang Information down 2.54% [1] - Lattice Semiconductor down 3.74% [1] - GigaDevice down 5.33% [1] - OmniVision down 2.07% [1] - Chipone down 1.41% [1] - JCET down 3.16% [1] - Unisoc down 2.46% [1] - Tongfu Microelectronics down 3.35% [1]

Semiconductor Industry Overview - In Q3 2025, the semiconductor industry achieved a revenue of 157.07 billion yuan, with a year-over-year (yoy) decrease of 1.5% [3] - The net profit for the same period was 17.77 billion yuan, reflecting a yoy increase of 56.9% [3] - The sales gross margin and net margin were 29.97% and 11.32%, respectively, with yoy increases of 3.60 percentage points and 4.10 percentage points [4] Digital Chip Design - The digital chip design sector reported a revenue of 52.64 billion yuan in Q3 2025, marking a yoy increase of 35.0% [9] - The net profit for this segment was 7.32 billion yuan, with a yoy increase of 93.5% [9] - Sales gross margin and net margin were 34.34% and 13.91%, respectively, with yoy increases of 0.61 percentage points and 4.20 percentage points [10] - Growth drivers include improved yield rates and capacity expansion in advanced semiconductor manufacturing, as well as significant demand from AI and rising storage prices [10] Semiconductor Equipment - The semiconductor equipment sector achieved a revenue of 28.77 billion yuan in Q3 2025, with a yoy increase of 41.5% [13] - The net profit for this segment was 4.79 billion yuan, reflecting a yoy increase of 29.9% [13] - Sales gross margin and net margin were 39.47% and 16.64%, respectively, with yoy decreases of 3.03 percentage points and 1.49 percentage points [14] - Growth drivers include ongoing capacity expansion in storage and process upgrades, alongside the development of domestic alternatives, leading to a robust fundamental outlook for equipment manufacturers [15]

Group 1 - The electronic industry is experiencing an "inflation" trend in the upstream sector, with AI driving a "cyclical and growth resonance" in the storage field [1] - There is a supply-demand imbalance and price increases in storage, certain passive components, and high-end CCL segments [1] - Enterprise storage prices are continuously rising due to increased demand for large-capacity servers, which is squeezing the supply in the consumer market and driving up storage prices [1] Group 2 - The demand for AI servers is rapidly expanding, with major global cloud service providers accelerating the procurement of NVIDIA GPU solutions and self-developed AI ASICs [1] - It is projected that capital expenditures of the eight major cloud service providers will exceed $420 billion in 2025 and may reach $520 billion in 2026 [1] Group 3 - 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 [1] - The index constituents possess high technological content and growth potential, effectively reflecting the development trends of the integrated circuit industry [1]

Core Viewpoint - The Integrated Circuit ETF (159546) opened at 1.930 yuan, experiencing a slight decline of 0.31% on October 31, 2023 [1] Group 1: ETF Performance - The performance of the Integrated Circuit ETF (159546) is benchmarked against the CSI All-Share Integrated Circuit Index return [1] - Since its establishment on October 11, 2023, the fund has achieved a return of 93.26%, while the return over the past month has been -3.63% [1] Group 2: Major Holdings - Key stocks within the Integrated Circuit ETF include: - SMIC (中芯国际) down 0.40% - Cambrian (寒武纪) down 0.99% - Haiguang Information (海光信息) down 0.08% - Lattice Technology (澜起科技) down 2.63% - GigaDevice (兆易创新) down 0.43% - Haowei Group (豪威集团) down 0.79% - Chipone (芯原股份) up 0.77% - JCET (长电科技) down 0.72% - Unisoc (紫光国微) down 0.15% - Tongfu Microelectronics (通富微电) down 2.06% [1]

Core Insights - The AI wave is driving a surge in demand for computing power, significantly increasing the value in sectors such as servers, AI chips, optical chips, storage, and PCB boards [1] - Micron Technology anticipates that the DRAM market will remain extremely tight until 2026, with an exacerbation of supply-demand imbalance [1] Industry Overview - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects publicly traded companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment [1] - The constituent stocks of the index possess high technological content and growth potential, effectively reflecting the development trends of China's integrated circuit industry [1]

Group 1 - The global semiconductor industry is expected to grow from $631 billion in 2024 to over $1 trillion by 2030, with a CAGR of approximately 8%, driven mainly by AI and HPC [1] - SEMI forecasts a 10% year-on-year increase in global WFE capital expenditure in 2026, accelerating from 6% in 2025, reflecting strong growth in advanced process logic and memory capital expenditures driven by AI [1] - Advanced packaging has become a hot topic in the industry, with Nvidia indicating that the number of transistors required for current AI chips far exceeds the single-chip limit, making advanced packaging technology crucial for overcoming computing power bottlenecks [1] Group 2 - The integrated circuit ETF (159546) tracks the integrated circuit index (932087), which primarily covers listed companies in semiconductor design, manufacturing, packaging testing, and related materials and equipment, selecting companies with high growth potential and strong technological innovation to reflect the overall performance and development trends of China's integrated circuit industry [1]

Group 1 - The core viewpoint is that the semiconductor industry in China is experiencing an upward trend, driven by domestic structural upgrades and accelerated self-sufficiency in the semiconductor supply chain [1] - The ongoing U.S.-China technology policy competition has become normalized, with diminishing marginal impacts from policy fluctuations [1] - Domestic wafer foundries are exceeding expectations in both quantity and quality, supporting the expansion of AI computing power demand [1] Group 2 - Stricter overseas restrictions on semiconductor equipment and materials are providing opportunities for the increase in market share of domestic supply chains [1] - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in IC design, manufacturing, packaging, testing, and related materials and equipment [1] - The constituent stocks of the index exhibit high technological content and growth potential, reflecting trends in technological innovation and high-end manufacturing in the sector [1]