Market Performance - The three major indices collectively declined, with the Shanghai Composite Index down 0.18%, the Shenzhen Component down 0.79%, and the ChiNext down 1.17% as of midday [1] - The total trading volume in the two markets reached 1.37 trillion [1] Sector Performance - Gaming stocks experienced a decline of 2.79%, with Jibite hitting the daily limit down, followed by significant drops in AI corpus, IPv6, Tencent Cloud, Nvidia concepts, under-screen cameras, and optical communication modules, all with declines exceeding 2% [3] - Wind power concept stocks showed strength, initially surging by 6% and closing up 4.49%, with Jixin Technology achieving two consecutive limit-ups and Weili Transmission hitting the daily limit up [3] - The semiconductor industry chain showed signs of recovery, with Saiwei Microelectronics hitting the daily limit up and reaching a historical high, while Unisplendour also touched the limit up [3] - The automotive sector was active, with Shuguang Co. hitting the daily limit up and Sailisi also reaching the limit up [3] Corporate News - Xiangcai Co. plans to absorb and merge with Dazhihui through a stock swap [3] - Samsung significantly raised NAND product prices this week, with DRAM products increasing by as much as 30% [3] - Starting from October 1, the U.S. will implement a new round of high tariffs on various imported products and impose a 100% tariff on patented and branded drugs [3] - The Henan Provincial Party Committee and Provincial Government decided to strategically restructure Henan Energy Group and China Pingmei Shenma Group [3]

半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （59%）、半导体材料（24%）占比靠前，充分聚焦半导体上游。 截至2025年9月26日10:48，上证科创板半导体材料设备主题指数强势上涨2.08%，成分股华海清科 上涨7.2%，京仪装备上涨4.86%，中微公司上涨4.83%，安集科技，拓荆科技等个股跟涨。科创半导体 ETF（588170）上涨2.03%，最新价报1.51元。（588170）规模方面，科创半导体ETF（588170）最新规 模达16.89亿元，创成立以来新高。份额方面，科创半导体ETF（588170）最新份额达11.45亿份，创成 立以来新高。从资金净流入方面来看，科创半导体ETF（588170）近7天获得连续资金净流入，最高单 日获得2.62亿元净流入，合计"吸金"8.58亿元，日均净流入达1.23亿元。 相关ETF：公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类： 024418）跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（59%）和半导体材料 （25%）细分领域的硬科技公司。半 ...

Group 1: Semiconductor Price Increases - The global semiconductor industry is experiencing a new wave of price increases, with TSMC's 2nm process prices rising at least 50% compared to the 3nm process, and the last generation 3nm CPU prices increasing by approximately 20% [1] - TSMC's latest 2nm process is set to begin mass production this quarter, but due to high capital expenditures, the company has no discount or negotiation strategy in place [1] - The flagship chips using the 2nm process are expected to have a unit price of around $280 [1] Group 2: Memory Chip Price Adjustments - Samsung has significantly raised prices for memory and flash products, with DRAM prices increasing by up to 30% and NAND flash prices rising by 5-10% due to supply constraints and surging demand from cloud enterprises [4] - Micron and SanDisk have also announced similar price increases, with Micron's prices rising by 20-30% and the company halting new orders [4] - The current price surge reflects the deep impact of AI applications on the semiconductor supply chain, with data center construction driving up storage procurement volumes [4] Group 3: Competitive Landscape - Apple has increased its reservation share for TSMC's 2nm capacity from nearly 50% to over 50%, contributing 22% of TSMC's revenue in 2024, amounting to $19.4 billion [2] - Qualcomm and MediaTek plan to launch their first 2nm chip products by the end of 2026, but Apple's capacity monopolization strategy may create supply constraints for these competitors [3] - This concentration of capacity allocation is likely to widen the technology gap between Apple and the Android ecosystem [3]

Group 1 - Semiconductor stocks continue their recent upward trend, with Huahong Semiconductor rising by 5.61% to HKD 66.8, China Electronics Huada Technology up by 2.5% to HKD 1.64, Jingmen Semiconductor increasing by 1.92% to HKD 0.53, and SMIC gaining 1.63% to HKD 78 [1] - Alibaba Group's CEO announced at the 2025 Hangzhou Yunqi Conference that the company is actively advancing an AI infrastructure investment of CNY 380 billion, with plans for further investments. By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022 [1] - Goldman Sachs highlighted that the long-term demand growth outlook for AI chips in China is becoming clearer, which will benefit leading domestic foundries like SMIC [1] Group 2 - Recent market news indicates that TSMC plans to increase prices for its 3nm and 2nm process nodes, with the 2nm process expected to rise by at least 50% compared to the 3nm process [1] - Samsung has significantly raised prices for memory and flash products, with DRAM prices increasing by up to 30% and NAND flash prices rising by 5%-10%. Major companies like Micron Technology and SanDisk have also announced similar price hikes [1]

Core Viewpoint - The recent price increase in the semiconductor industry, led by TSMC, reflects the deep impact of the AI wave on the semiconductor supply chain, with rising demand for data center construction driving up memory procurement and enhancing the bargaining power of chip suppliers [1][5]. Group 1: TSMC's Price Increase - TSMC plans to raise prices for its 3nm and 2nm process nodes, with the 2nm process expected to see a price increase of at least 50% compared to the 3nm process, significantly exceeding market expectations [2][3]. - The 2nm process is set to begin mass production this quarter, but TSMC has no plans for discounts or negotiation strategies due to the high capital expenditure associated with advanced processes [2][4]. Group 2: Impact on Other Chip Manufacturers - Other major chip manufacturers, including Samsung, Micron Technology, and SanDisk, have also announced price increases, with DRAM prices rising by up to 30% and NAND flash prices increasing by 5% to 10% due to supply constraints and surging demand from cloud enterprises [5][6]. - Micron Technology's storage chip prices have increased by 20% to 30%, and the company has paused accepting new orders [6]. Group 3: Market Reaction - Following the price increase announcements, TSMC's ADR surged nearly 5% at the market open, reaching a historical high, while other semiconductor stocks, including Intel and Micron Technology, also saw significant gains [2][7]. - In the Asian trading session, shares of storage chip giants like Samsung and SK Hynix rose, reflecting the overall positive sentiment in the semiconductor sector [7].

芯片巨头突然掀起涨价潮。 受涨价消息刺激， 今晚美股开盘后 ，台积电ADR大幅飙涨，盘初一度暴涨近5%，创出历史新高，其他美股芯片股亦多数走强。有消息称，台积电正在计划对其3纳 米制程和2纳米制程的工艺节点进行涨价。另外，三星、美光科技和闪迪等大厂此前也宣布了涨价策略。 有分析人士指出，这轮芯片涨价潮反映出AI浪潮对半导体产业链的深度影响，数据中心大规模建设的需求持续推高存储器采购量，芯片供应商的议价能力显著增 强。 台积电暴涨 北京时间9月23日晚间，美股开盘后，台积电ADR直线拉升，一度暴涨近5%，截至22:50，涨幅为3.5%。美股其他芯片股亦多数走强，英特尔大涨超4%，美光科 技、安森美半导体涨超2%，博通、阿斯麦ADR、应用材料、德州仪器均涨超1%。 有消息称，台积电正在计划对其3纳米制程和2纳米制程的工艺节点进行涨价。产业链人士透露，由于研发成本高昂加上良率较竞争对手更高，台积电2纳米制程价 格相比3纳米或至少上涨50%。这一涨幅远超市场预期，反映出先进制程技术的稀缺性和高昂成本。 据业界消息，台积电2纳米制程将于本季度开始量产，但由于先进制程资本支出庞大，台积电暂无打折及议价策略。 这一定价策略 ...

来源：券商中国 芯片巨头突然掀起涨价潮。 受涨价消息刺激，今晚美股开盘后，台积电ADR大幅飙涨，盘初一度暴涨近5%，创出历史新高，其他 美股芯片股亦多数走强。有消息称，台积电正在计划对其3纳米制程和2纳米制程的工艺节点进行涨价。 另外，三星、美光科技和闪迪等大厂此前也宣布了涨价策略。 有分析人士指出，这轮芯片涨价潮反映出AI浪潮对半导体产业链的深度影响，数据中心大规模建设的 需求持续推高存储器采购量，芯片供应商的议价能力显著增强。 美股市场整体呈现窄幅震荡格局，三大指数涨跌不一，截至发稿，道指涨0.55%，纳指跌0.24%，标普 500指数微涨0.02%。 台积电暴涨 北京时间9月23日晚间，美股开盘后，台积电ADR直线拉升，一度暴涨近5%，截至22:50，涨幅为 3.5%。美股其他芯片股亦多数走强，英特尔大涨超4%，美光科技、安森美半导体涨超2%，博通、阿斯 麦ADR、应用材料、德州仪器均涨超1%。 有消息称，台积电正在计划对其3纳米制程和2纳米制程的工艺节点进行涨价。产业链人士透露，由于研 发成本高昂加上良率较竞争对手更高，台积电2纳米制程价格相比3纳米或至少上涨50%。这一涨幅远超 市场预期，反映出先进 ...

Core Viewpoint - The semiconductor industry is experiencing a new wave of price increases driven by TSMC's pricing strategy for its 2nm process and rising prices from major memory chip manufacturers like Samsung and SK Hynix, leading to accelerated semiconductor inflation [3][4][6]. Group 1: TSMC's Pricing Strategy - TSMC's 2nm process pricing has increased by at least 50% compared to the 3nm process, with flagship chips potentially priced at $280 [3][4]. - The company maintains a strong pricing strategy due to high capital expenditures associated with advanced processes, despite achieving initial yield targets [4]. - Apple has increased its reservation share for TSMC's 2nm capacity from nearly 50% to over 50%, contributing 22% of TSMC's revenue in 2024, amounting to $19.4 billion [4][5]. Group 2: Memory Chip Price Increases - Samsung has raised prices for DRAM products by up to 30% and NAND flash prices by 5-10% due to supply constraints and surging demand from cloud enterprises [6]. - Micron and SanDisk have also announced similar price increases, with Micron's prices rising by 20-30% and halting new orders [6]. - The demand for memory and storage driven by AI data centers has led to extended delivery times from one month to over six months for various products [6][7]. Group 3: Impact of AI on Semiconductor Industry - The current price surge reflects the profound impact of AI applications on the semiconductor supply chain, with data center construction driving up memory procurement volumes [7].

Group 1 - The core viewpoint is that the semiconductor sector is experiencing a price surge, particularly in the storage market, with major companies like SanDisk and Micron raising prices, leading to significant increases in spot prices for certain DRAM products [1] - The Kexin 100 ETF fund (588220) has seen a 1.50% increase, with notable gains in stocks such as Juxin (688549) up 20.00%, Jingwei Hengrun (688326) up 7.08%, and Dongxin Co. (688110) up 7.06% [1] - As of September 16, the Kexin 100 ETF fund has a total scale of 6.22 billion, ranking first among its peers [1] Group 2 - The Kexin 100 ETF fund closely tracks the Shanghai Stock Exchange's Kexin 100 Index, which selects 100 securities with medium market capitalization and good liquidity from the Kexin board [2] - As of August 29, the top ten weighted stocks in the Kexin 100 Index account for 23.82% of the index, with leading companies including Dongxin Co. (688110) and Huahong Semiconductor (688347) [2]

Core Viewpoint - Beijing Junzheng has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] Group 1: Company Overview - Beijing Junzheng was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 39.98 billion as of September 15 [1] - The company operates a fabless model, providing computing, storage, and analog chips applicable in automotive electronics, industrial medical, AIoT, and smart security markets [1] - According to Frost & Sullivan, Beijing Junzheng holds a leading market position in niche DRAM, SRAM, NOR Flash, and IP-Cam SoC sectors based on 2024 revenue projections [1] Group 2: Product Development - The company is expanding its product line, with the new computing chip T33 already in production, targeting the H.265 security market, and T42 expected to launch in 2026 [1] - DRAM products based on 20nm/18nm/16nm processes are being sampled, along with automotive-grade LED drivers and interconnect chips [1] Group 3: Financial Performance - Beijing Junzheng's revenue for 2022, 2023, and 2024 was 5.412 billion, 4.531 billion, and 4.213 billion respectively, with net profits of 0.779 billion, 0.516 billion, and 0.364 billion [1] - In the first half of 2025, the company reported revenue of 2.249 billion and net profit of 0.203 billion, with computing chip revenue growing by 15.59% [2] - For Q2 2025, revenue was 1.189 billion, reflecting an 8.10% year-over-year increase and a 12.13% quarter-over-quarter increase, while net profit was 0.129 billion, up 17.22% year-over-year and 74.83% quarter-over-quarter [2] Group 4: Shareholder Activity - Prior to the IPO application, a major shareholder, Beijing Yitang Shengxin, reduced its stake by 0.999999% from July 18 to September 12, 2025, selling 4.8254 million shares [2] - The shareholder's stake decreased from 14.43% to 7.999991%, with a total reduction of approximately 21.9435 million shares over the past year [2] - Other shareholders, including Beijing Sihai Junxin and controlling shareholder Li Jie, also announced plans to reduce their holdings, totaling around 2.53 million shares [2]