格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 7 日 星期五 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周四两市主要指数开盘后快速上涨，上证指数重回 4000 点，芯片板块涨幅居前。 | | | | | 两市成交额 2.05 万亿元，上涨放量。沪深 300 指数收 4693 点，涨 66 点，涨幅 1.43%； | | | | | 上证 50 指数收 3044 点，涨 36 点，涨幅 1.22%；中证 500 指数收 7345 点，涨 116 | | | | | 点，涨幅 1.61%；中证 1000 指数收 7551 点，涨 86 点，涨幅 1.17%。行业与主题 ETF | | | | | 中涨幅居前的是半导体设备 ETF、半导体产业 ETF、科创芯片 ETF、科创芯片设计 | | | | | ETF、科创信息技术 ETF，跌幅居前的是影视 ETF、旅游 E ...

*风险提示：股市有风险，入市需谨慎 通富微电：公司与AMD已形成"合资+合作"的强强联合模式，建立了紧密的战略合作伙伴关系，签订了 长期业务协议。 胜宏科技：公司主营高密度印制线路板业务，与AMD有合作。 *免责声明：文章内容仅供参考，不构成投资建议 据上证报报道，近日，超微半导体(AMD)执行长苏姿丰在在第三季财报的电话会议上透露，其Instinct MI308AI芯片已获得出口中国的许可证，但尚未计划将来自中国的收入计入第四季度财测。该芯片被认 为是英伟达H20芯片的强力竞争者。另外，Blackwell AI芯片能否获准在中国销售仍悬而未决，这使得 AMD在中国市场略占优势。 上证报援引研究机构观点称，AMD在AI领域的布局持续深化并取得显著进展。公司推出的Instinct Ml350系列加速器表现亮眼，具备行业领先的内存带宽与容量，并在关键训练与推理工作负载中展现出 与竞品持平甚至超越的性能，同时实现更低的成本与复杂度。MI355的导入速度比预期更快，在过去90 天获得了大量新客户的兴趣。MI355已于6月提前启动量产，预计在下半年实现大规模爬坡。AI芯片快 速发展，带动半导体设备等环节获得新机遇。 公 ...

Core Insights - The electronic sector experienced a significant net inflow of 20.381 billion yuan, leading among 31 primary industries in the Shenwan classification [1] - The electronic ETF (515260) saw a price increase of 3.3%, recovering its 5-day and 20-day moving averages [1] - Strong demand in the AI-PCB (Printed Circuit Board) sector resulted in notable stock price increases for companies like Dongshan Precision and Shenghong Technology [1][3] Market Performance - The electronic ETF (515260) reached a peak price increase of 3.45% during the trading day, closing at a 3.3% gain [1][2] - Key stocks in the electronic sector showed strong performance, with Dongshan Precision up 10%, and other semiconductor leaders like Cambrian and Haiguang Information also seeing significant gains [3] Industry Trends - The AI chip market in China is projected to grow from 142.537 billion yuan in 2024 to 1,336.792 billion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029 [4] - The demand for storage chips is expected to rise, with prices increasing by 50% due to negotiations between SK Hynix and Nvidia [3][4] - AMD's approval to export its AI chips to China is seen as a positive development for companies like Haiguang Information, which has been collaborating with AMD since 2016 [3] Investment Opportunities - The electronic ETF (515260) and its associated funds are positioned to benefit from trends in semiconductor, consumer electronics, and AI chip markets [5] - The electronic sector is anticipated to experience a value reshaping driven by AI demand, with expectations of rapid growth in the coming years [5]

Market Performance - The Shanghai Composite Index rose by 0.97% to 4007.76 points, with a total turnover of 930.3 billion yuan, while the Shenzhen Component Index increased by 1.73% to 13452.42 points, with a turnover of 1125 billion yuan [3] - The ChiNext Index saw a rise of 1.84%, closing at 3224.62 points [3] - The overall market saw over 2800 stocks increase, with a total trading volume exceeding 2 trillion yuan [1][2] Sector Highlights - The AI-related sectors, including computing power, transportation capacity, storage capacity, and electricity, experienced significant gains, driving technology stocks higher [1] - The semiconductor sector was particularly strong, with leading companies like Haiguang Information and Cambrian Technology seeing substantial increases, contributing to a more than 3% rise in the Sci-Tech Innovation 50 Index [1] - The phosphorus chemical sector also performed well, with companies like Qingshuiyuan and Chengxing Co. hitting the daily limit, supported by a 21.42% year-on-year increase in net profit for the sector in the first three quarters, totaling 3.005 billion yuan [2] Investment Trends - Main funds focused on semiconductor, components, and automotive parts sectors, with notable net inflows into stocks like Shenghong Technology and Haiguang Information [4] - Analysts suggest that while there are doubts about the sustainability of the AI boom, the long-term growth trajectory for technology remains a key area for investment [2][10] Industry Developments - A significant restructuring plan for polysilicon companies is in discussion, aiming to establish a fund of approximately 70 billion yuan to facilitate acquisitions [5] - The global first industrial 5G international standard has been officially released, marking a significant advancement in the integration of 5G technology in industrial applications [7]

（原标题：寒武纪、海光信息涨超7%，半导体设备ETF、半导体产业ETF、科创芯片ETF涨超4%） 芯片股拉升，寒武纪、海光信息涨超7%，半导体设备ETF、半导体产业ETF、科创芯片ETF南方、科创芯片50ETF、科创芯片ETF富国涨超4%； 科创芯片ETF博时、科创芯片ETF、科创芯片ETF指数、半导体ETF、芯片ETF龙头、中韩半导体ETF、芯片ETF涨超3.5%。 海外主要大型云厂商正持续加大对人工智能基础设施的投资。谷歌于近期上调了2025财年资本支出指引，从此前的850亿美元增加至910-930亿美 元。Meta将其2025财年目标缩窄至700-720亿美元的区间高位。微软表示，虽然此前预期明年投资增速可能放缓，但目前看资本支出将继续扩张。 半导体设备ETF、半导体产业ETF跟踪中证半导体产业指数，标的指数前三大重仓行业覆盖半导体设备、半导体材料和集成电路设计领域，三大 行业集中占比超80%。成分股包含龙头设备厂商北方华创、中微公司；AI芯片设计龙头寒武纪、海光信息；材料厂商南大光电等。 科创芯片ETF紧密跟踪科创芯片指数，聚焦于半导体产业链核心环节。其成分股囊括了AI芯片、存储、制造、设备、材料等关 ...

Group 1 - A-shares and Hong Kong stocks showed strong performance, particularly in the semiconductor sector, with Haiguang Information rising over 10% and Cambrian Technology increasing by over 7% [1] - The surge in domestic chips is attributed to AMD's announcement of receiving export licenses for its Instinct MI308 AI chip to China, which is a strong competitor to NVIDIA's H20 chip [1] - Analysts believe that technology security remains a key theme amid geopolitical tensions, with AI and domestic substitution having long-term certainty [1] Group 2 - On November 6, over 14.2 billion yuan of main funds flowed into the electronics sector, making it the second-highest inflow among 31 Shenwan primary industries [2] - The electronic ETF (515260) saw an intraday increase of 3.15%, recovering both the 5-day and 20-day moving averages, indicating a potential positive trend reversal [2] - Key stocks in the sector included Dongshan Precision rising over 10%, Lens Technology increasing by over 8%, and several others like Cambrian Technology and Haiguang Information also showing significant gains [2] Group 3 - The electronic ETF (515260) and its linked funds passively track the electronic 50 index, focusing on semiconductor and consumer electronics industries, including AI chips and 5G [4] - The external environment is pushing China to achieve self-sufficiency in the semiconductor supply chain, with AI reshaping consumer electronics and enhancing user experience [4] - National policies and industry support are expected to drive the electronics sector's growth [4]

那么，国产芯片缘何再度爆发？分析人士认为，一方面，可能与一场电话会议有关。超微半导体( AMD) 执行长苏姿丰在在第三季财报的电话会议上透露，其Instinct MI308 AI芯片已获得出口中国的许 可证。而海光信息是非常重要的AMD概念股，两家公司的合作始于2016年。而海光信息的爆发，对芯 片板块的带动作用明显。另一方面，最近市场上也流传一些关于"数据中心建设与国产芯片"的信息，国 产替代逻辑显著增强。 海光大涨 大反攻来了！ 11月6日早上，A股和港股的表现明显强于外围。其中，芯片股的表现最为亮眼，海光信息一度大涨超 10%，成为沪指上涨最大的助力；寒武纪一度大涨超7%，是沪指上涨的第二大贡献来源。科创50指数 一度涨逾3%。 她强调，整体状况仍然瞬息万变，目前尚未有可以预见的确切订单，"这就是我们没有将任何MI308的 营收纳入第四季财测的原因。"Instinct MI308的具体规格尚未公布。业内推测，为符合美国出口管制要 求，参数很可能与英伟达H20相近。 不过，中国的国产替代也在快速推进当中。当地时间周三，英伟达CEO黄仁勋在英国《金融时报》举办 的AI未来峰会的间隙接受采访时称："中国将赢得 ...

那么，国产芯片缘何再度爆发？分析人士认为，一方面，可能与一场电话会议有关。超微半导体( AMD) 执行 长苏姿丰在在第三季财报的电话会议上透露，其Instinct MI308 AI芯片已获得出口中国的许可证。而海光信息 是非常重要的AMD概念股，两家公司的合作始于2016年。而海光信息的爆发，对芯片板块的带动作用明显。 另一方面，最近市场上也流传一些关于"数据中心建设与国产芯片"的信息，国产替代逻辑显著增强。 海光大涨 大反攻来了！ 11月6日早上，A股和港股的表现明显强于外围。其中，芯片股的表现最为亮眼，海光信息一度大涨超10%， 成为沪指上涨最大的助力；寒武纪一度大涨超7%，是沪指上涨的第二大贡献来源。科创50指数一度涨逾3%。 11月6日，5000亿巨头海光信息早盘一度大涨超10%。 该股的表现对于沪指和芯片股的带动作用非常明显。海光信息对于沪指上涨的贡献排在第一位，而排在第二位 的就是寒武纪。在AI泡沫化怀疑论越来越多的背景之下，上述两只股票带动芯片板块显著走强，芯片ETF大涨 近4%，科创板大涨超3%，市场人气明显复苏。 | 品种代码 | 品种名称 | 贡献点数 | 张唱第 | 昨夜营 | 参与计算 ...