Self-controllable consensus is gradually emerging, and the urgency of domestic semiconductor substitution is imminent
The semiconductor industry is showing a good development trend, with global and Chinese semiconductor sales increasing year-on-year for 8 consecutive months. In recent years, restrictions on China's advanced semiconductor core components have deepened, accelerating the demand for domestic substitution. Huafu Securities stated that the domestic wafer carrier market started late, with a huge market gap, and speeding up domestic substitution is imperative. The Semiconductor Equipment ETF (561980) is a passive index fund that tracks the CSI Semiconductor Index, which mainly focuses on upstream companies in the semiconductor equipment and materials industry chain. The development of the semiconductor industry has received high attention from the capital market and support from national policies
On August 8th, the two markets fluctuated narrowly, with the semiconductor sector leading the way on the market. The CSI Semiconductor Index focusing on the upstream industry chain rose by 1.76%. In terms of individual stocks, Linkage Technology, Zhongjing Technology, and Shengmei Shanghai rose by over 6%, Xinyuan Micro rose by 4%, and Tojing Technology, Huafeng Measurement and Control, and Zhongwei Corporation rose by over 3%.
In terms of ETFs, the semiconductor equipment ETF (561980) tracking this index surged before the midday break, fluctuated at a high level in the afternoon, and as of the time of writing, it rose by 1.74%. The upward trend continued to trade at a premium, indicating a possible ongoing capital layout.
According to SIA data, global and Chinese semiconductor sales have achieved year-on-year growth for 8 consecutive months, maintaining double-digit year-on-year growth since the beginning of this year. In 2Q24, global semiconductor sales reached $149.9 billion, an 18.3% year-on-year increase and a 6.5% quarter-on-quarter increase, marking three consecutive quarters of year-on-year growth. Some institutions believe that the upward trend in the semiconductor cycle may be sustained.
Huafu Securities stated that with the increasing restrictions on advanced semiconductor core components from overseas to China in recent years, consensus has been reached on the independent controllability of underlying technologies in the field of hard technology represented by the semiconductor industry. As the domestic wafer carrier market started relatively late and there is a huge market gap, it is urgent to accelerate the domestic substitution of high-end semiconductor wafer carrier products, which is pressing and cannot be delayed.
The semiconductor equipment ETF (561980) passively tracks the CSI Semiconductor Index, which mainly focuses on 40 upstream companies in the semiconductor equipment, materials, and other industries. The top ten constituent stocks include North Huachuang, Zhongwei Corporation, SMIC, Veeco, HGL, HHQC, Tojing Technology, and NDL, accounting for approximately 75% of the total, indicating a relatively high index concentration.
In terms of industry distribution, the index also focuses more on upstream equipment, materials, etc., with "semiconductor equipment + semiconductor materials" accounting for nearly 63%. From the perspective of the industrial chain, there is vast room for domestic substitution in the upstream semiconductor equipment and materials, which continues to receive high attention from the capital market and key support from national industrial policies.
