作为中国经济未来发展的战略指引，已发布的"十五五"规划建议全文强调，采取超常规措施，全链条推 动集成电路、工业母机、高端仪器、基础软件、先进材料、生物制造等重点领域关键核心技术攻关取得 决定性突破；明确推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信 等成为新的经济增长点；要求全面实施"人工智能+"行动，抢占人工智能产业应用制高点，全方位赋能 千行百业。相关表述将中国芯片产业成长空间强力推升到了"决定性突破"的新高度。千亿规模ETF大厂 ——华宝基金旗下重磅新品——科创芯片ETF华宝（589190）今日（1月27日）正式上市交易，该基金 跟踪上证科创板芯片指数，其标的指数由科创板50只业务涉及半导体材料和设备、芯片设计、芯片制 造、芯片封装和测试的硬科技公司构成成份股组合，将为投资者参与把握国产芯片产业链的"中国硬科 技核心资产"投资机遇提供又一重磅ETF工具。 全链布局国产芯片产业：重配"芯片设计+半导体材料与设备" 目前，以芯片产业为龙头的尖端硬科技领域，已成为大国角逐的核心战场。科创芯片ETF华宝 （589190）跟踪的标的指数为上证科创板芯片指数（000685.SH），该指数 ...

Core Viewpoint - Huawei is projected to lead the Chinese smartphone market in 2025 with a shipment of 46.7 million units, despite a slight decrease of 1.9% from 2024, primarily due to the decline of competitor Vivo [3][5]. Group 1: Huawei's Performance - Huawei's flagship Mate series and budget nova series are performing well, both equipped with self-developed Kirin semiconductors [6]. - The company has managed to recover from a decline in sales caused by U.S. sanctions that limited semiconductor procurement, leading to a drop in product performance since 2019 [1][6]. - The latest model, Mate 80, launched in November 2025, features enhanced performance and AI capabilities while being priced lower than its predecessor, aiming to increase the user base of the HarmonyOS [6]. Group 2: Competitor Analysis - Apple ranks second with a shipment of 46.2 million units, showing a growth of 4%, bolstered by strong sales of the iPhone 17 series launched in September 2025 [6]. - Vivo, which held the top position in 2024, saw a significant decline of 6.6%, resulting in a shipment of 46.1 million units in 2025 [3][5]. - Xiaomi and OPPO follow with shipments of 43.8 million and 43.4 million units, respectively, with Xiaomi experiencing a growth of 4.3% and OPPO a modest increase of 2.1% [5]. Group 3: Market Overview - The overall smartphone shipment in China for 2025 is projected to be 284.6 million units, a decrease of 0.6% year-on-year, marking the first decline in two years [6]. - Government incentives for trade-ins have had a positive impact, but some regions have exhausted their subsidy quotas, leading to a slowdown in demand [6]. - IDC forecasts a further decline in shipments to 278 million units in 2026, continuing the downward trend [6].

Core Viewpoint - The "14th Five-Year Plan" emphasizes extraordinary measures to drive breakthroughs in key technologies across various sectors, including integrated circuits and artificial intelligence, positioning China's chip industry for significant growth opportunities [1][14]. Industry Overview - The semiconductor industry is a core battleground for major powers, with the newly launched Huabao Science and Technology Chip ETF tracking the Shanghai Stock Exchange's Chip Index, which includes 50 companies involved in semiconductor materials, design, manufacturing, packaging, and testing [2][14]. - As of November 2025, the Shanghai Stock Exchange Chip Index has a significant focus on upstream and midstream sectors, with chip design and semiconductor materials and equipment accounting for 80.48% of the index [15][16]. Performance Metrics - The Shanghai Stock Exchange Chip Index has shown strong performance, with an annualized return of 17.43% from December 31, 2019, to November 30, 2025, outperforming similar indices [5][18]. - The index's maximum drawdown during the same period was -56.81%, which is better than other comparable indices [5][18]. Financial Highlights - The net profit of the index's constituent companies surged by 94.22% in the first three quarters of 2025, leading among similar indices [20]. - Research and development investment for these companies reached 119.7 billion yuan, with a research intensity of 11.22%, significantly higher than the overall A-share market level of 2.16% [20]. Key Holdings - The top three companies in the index by weight are Haiguang Information (10.86%), Cambricon (9.84%), and SMIC (8.87%), with the index capping individual stock weights at 10% [17][16].

Market Performance - The market experienced a significant rally on October 29, with major indices opening high and continuing to rise throughout the day. The ChiNext Index surged nearly 3%, reaching a new high for the year, while the Shanghai Composite Index climbed back above 4000 points. The North Stock 50 Index increased by over 8% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.26 trillion yuan, an increase of 108.2 billion yuan compared to the previous trading day. By the end of the trading session, the Shanghai Composite Index rose by 0.7%, the Shenzhen Component Index increased by 1.95%, and the ChiNext Index gained 2.93% [1] Stock Performance - The distribution of stocks with consecutive gains on October 29 showed that "Shikong Technology" achieved a 100% advancement rate with 5 consecutive gains, driven by mergers and acquisitions and storage chips [2] - "Pingtan Development" from Fujian had a 50% advancement rate with 4 consecutive gains [2] - "Yasichuangneng," involved in robotics, had a 33% advancement rate with 3 consecutive gains [2]

Group 1 - The U.S. non-farm payroll data for July has increased expectations for interest rate cuts in September, leading to a rebound in the Hong Kong stock market [1] - The Federal Reserve is expected to lower interest rates by 25 basis points in each of the next four meetings, according to JPMorgan's updated forecast [1] - The establishment of the Xinjiang Railway Company with a registered capital of 95 billion yuan is anticipated to boost demand for cement by 40 million tons, benefiting various sectors including construction and machinery [2] Group 2 - The lithium carbonate supply side is facing a significant impact as the Jiangxi Jianxia Mine has confirmed a production halt with no short-term plans for resumption [3][6] - The production halt is expected to last over three months, leading to a monthly supply shortage of over 10,000 tons during the peak consumption season [7] - The annual surplus of lithium is projected to decrease from 171,000 tons to approximately 140,000 tons if the production halt extends into 2026, potentially leading to a tight balance in the lithium market [7] Group 3 - Smoore International has released a performance forecast for H1 2025, expecting a year-on-year adjusted net profit change of approximately -1.4% to +24.6% [4] - The company is actively diversifying its business, expanding into the fields of aerosol beauty and medical applications, with a focus on 2025 as a key year for its second growth curve [5] - Smoore's HNB product GloHilo has received positive feedback in Japan, and the company is leveraging its extensive patent portfolio to support its business transformation [4][5]

Group 1 - The report indicates that the market has shown resilience, with a rapid recovery that exceeded some investors' expectations, leading to increased confidence [3][14][15] - It is anticipated that market confidence will continue to rise, with the expectation that indices will reach new highs throughout the year, viewing short-term pullbacks as part of an upward trend [4][15] - The technology sector is identified as a key investment theme, with a strong belief that it will continue to lead economic growth, particularly through advancements in artificial intelligence [5][16] Group 2 - Short-term focus is recommended on strong sub-themes within the technology sector, including robotics, liquid cooling, military information technology, and commercial satellites, which are expected to see significant developments and events [6][17] - The report highlights the potential of AI applications, particularly following the release of GPT-5, which is expected to enhance user experience and narrow the gap with domestic models, indicating a growing market for AI applications [7][18] - Domestic computing power and advanced processes are emphasized as foundational for national development, with expectations of continued policy support and potential catalysts in the second half of the year [7][19]

Market Overview - On August 7, the market experienced fluctuations, with the Shanghai Composite Index reaching a new high for the year while the ChiNext Index adjusted [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.83 trillion yuan, an increase of 91.4 billion yuan compared to the previous trading day [1] Sector Performance - The rare earth permanent magnet concept stocks surged in the afternoon, with Ningbo Yunsheng hitting the daily limit [1] - The semiconductor sector showed strong performance, with over 20 stocks, including Fuman Micro, reaching the daily limit [1] - Medical device concept stocks initially rose sharply, with Lide Man hitting a 20% limit up [1] Index Changes - At the close, the Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 0.18%, and the ChiNext Index decreased by 0.68% [1] Recent Highs in Sectors - The chip sector recorded a significant increase, with a score of 57, up 14 points from the previous week [3][4] - The robotics concept also saw a rise, scoring 54, up 9 points [3][4] - The military industry sector scored 53, up 10 points [3][4] - The medical sector maintained a high score of 39, with a slight increase [3][4] - The chemical sector scored 24, up 41 points [3][4]