On the news front, NVIDIA CEO Jensen Huang stated in an interview: "China will win the artificial intelligence race." He attributed China's potential victory to a more favorable regulatory environment and lower energy costs. At the same time, he criticized Western approaches, labeling them as "cynicism" that hinders progress. He mentioned that new AI regulations in U.S. states could result in "50 new rules," which may stifle AI innovation and competition.

Kaiyuan Securities pointed out that the semiconductor industry exhibits a typical "long bull, short bear" characteristic, with an average mid-cycle of 4-5 years. Investors should pay attention to the pace of performance realization and valuation switching windows. Additionally, "technology first" is the main theme throughout this bull market, and the electronics semiconductor sector possesses three medium- to long-term advantages: relative profitability advantage, overseas correlation, and global cycle resonance.

The Guotai SSE STAR Chip ETF (589100) tracks the STAR Chip Index (000685), with single-day fluctuations exceeding 20%. This index selects listed company securities from the STAR Market involved in core segments such as chip design, manufacturing, and materials/equipment as index samples to reflect the overall performance of listed companies across the entire chip industry chain. The index is characterized by high-tech innovation, and its components cover 50 STAR Market-listed enterprises, which are significantly influenced by the semiconductor industry cycle.