As of 10:56 on August 22, 2025, the SSE STAR Market Semiconductor Materials and Equipment Theme Index surged 4.41%. Component stocks such as ACM Research Shanghai hit the limit-up, SMIC rose 8.18%, Jingyi Equipment gained 7.89%, while Huafeng Test Control, Kingsemi, and others followed the upward trend. The Semiconductor ETF (588170) rose 4.12%, with the latest price at 1.19 yuan.
On the news front, DeepSeek officially launched DeepSeek-V3.1 on August 21. It is reported that DeepSeek-V3.1 ranks first among open-source large models due to its technological innovation in integrating thinking and non-thinking models. Additionally, this version uses the UE8M0FP8Scale parameter precision. DeepSeek officially stated that UE8M0FP8 is designed for the upcoming next-generation domestic chips.
CSC Financial pointed out that the DeepSeek model has been updated to V3.1, adding support for FP8 precision and domestic chips. This move is expected to accelerate the implementation of the domestic computing ecosystem. Tencent revealed during its earnings call that the company has diversified its supply channels for inference chips. Amid fluctuations in the international supply chain, domestic inference computing chips may provide support. Huawei’s Ascend chips have recently seen expanding applications in government, finance, and other industries, further demonstrating the growing market competitiveness of domestic chips.
CSC Financial believes that the user penetration rate of current AI large models remains relatively low, and the development of large models is still in its early to mid-stages. The industrial application cycle has just begun, and computing investments driven by large models are still in their infancy. Capital expenditures will increase alongside the growth of large model revenues, and the investment ceiling could be very high. Currently, both the North American and domestic chains in the computing infrastructure industry are worth watching.
Public information shows that the Semiconductor ETF (588170) and its feeder fund (Class A: 024417; Class C: 024418) track the SSE STAR Market Semiconductor Materials and Equipment Theme Index, encompassing hard-tech companies in semiconductor equipment (59%) and semiconductor materials (25%) on the STAR Market. The semiconductor equipment and materials industry is a critical area for domestic substitution, characterized by low domestic adoption rates and high ceilings for replacement. It benefits from the expansion of semiconductor demand driven by the AI revolution, waves of tech restructuring and mergers, and advancements in lithography machine technology.
