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[Analog Chip Breakout: Domestic Chip Substitution Gains Optimism] ⑴ The semiconductor industry saw a flurry of positive news on Monday, leading to a strong rally in the chip sector. Shengbang shares approached their 20cm daily limit, SiRuiPu surged over 15%, Nanochip surged over 11%, Shanghai Belling hit its 10cm daily limit, and Haiguang Information surged 9%. Trading volume for most stocks in the sector increased significantly compared to the previous day. Driven by this, the largest chip ETF in the market rose 2.55%, while the Science and Technology Innovation Semiconductor ETF rose nearly 2%. ⑵ On the news front, the Ministry of Commerce announced an anti-dumping investigation into 40nm and above general-purpose interface chips and gate driver chips originating in the United States, implicating international manufacturers such as Texas Instruments and Analog Devices. Last week, news broke that Alibaba and Baidu have begun using their own chips to train AI models, partially replacing Nvidia products. Last week, VeriSilicon announced that new orders from July 1 to September 11 reached a record high of 1.205 billion yuan, with AI computing power-related orders accounting for approximately 64%. ⑶ Institutional analysis pointed out that the surge in TSMC's sales in August confirmed the strong demand for AI chips, and the continued rise in demand for computing power for ultra-large-scale AI models has driven market growth. CITIC Construction Investment emphasized that the process of domestic semiconductor substitution will accelerate under the background of the technology war, and policy measures such as anti-dumping investigations will further create a favorable environment for local manufacturers. The performance of related ETFs that the market is concerned about are as follows: Chip ETF (159995) rose 2.55%, covering leaders in the entire industry chain such as SMIC and Shengbang Shares; Science and Technology Semiconductor ETF (588170), covering equipment and material companies such as China Micro Corporation and Shanghai Silicon Industry; Semiconductor Materials ETF (562590), including upstream manufacturers such as North Huachuang and Nanjing Optoelectronics, all rose.