On May 22nd, a fierce battle between bulls and bears unfolded, with the Sci-Tech Innovation Chip sector experiencing repeated intraday fluctuations before stabilizing and moving upward in the afternoon. The on-market price of the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190), which provides comprehensive exposure to the chip industry, is currently up 1.77%, having fallen over 1% earlier in the morning session. Tianyue Advanced, Yandong Micro rose over 7%, while Fengtiao Technology, Sitronix-W, and Shijia Photonics were also among the top gainers. Among the heavyweight leaders, Semiconductor Manufacturing International Corporation rose over 3%, Hygon Information rose 1.5%, and Cambricon Technologies fell slightly by 0.5%.
Yesterday, the Sci-Tech Innovation Chip sector surged before plunging, with the on-market price of the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190) tumbling 4.91%. However, Nvidia's robust earnings and the collective rally in the South Korean stock market jointly underscore the high-growth logic of the global chip industry. Companies across the upstream and downstream supply chain are poised to continue benefiting from the explosion in computing power and storage demand driven by the AI wave. Analysis suggests that the current market divergence is superficial, with a shift in market style being the underlying reality. The medium-term rebound trend remains intact, and the current consolidation is seen as a period of accumulation. Subsequently, capital is expected to continue focusing on high-growth sectors such as semiconductors and AI, though high-valuation themes may still face adjustment pressures. For trading strategies, short-term transactions should increase the frequency of tactical moves. It is advisable to avoid assets where profits are being taken at high levels and instead position in established main themes like semiconductors, advanced packaging, and AI equipment during pullbacks to capture structural opportunities. To position for the chip industry's "super cycle," high-beta instruments are a preferred choice. Public information indicates that the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190) and its feeder funds (Class A 021224, Class C 021225) passively track the SSE Sci-Tech Innovation Board Chip Index. While providing balanced allocation and comprehensive exposure across the chip industry chain, the fund maintains a weight exceeding 90% in core areas such as integrated circuits and semiconductor equipment, reflecting its high concentration in hard technology and strong offensive characteristics.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. ETF fee-related notes: When investors subscribe for or redeem fund shares, the subscription/redemption agent may charge a commission not exceeding 0.5%, which includes relevant fees levied by stock exchanges and registration institutions. Feeder fund fee-related notes: The front-end subscription fee rate for the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP ETF FEEDER FUND CLASS A is a flat fee of 1,000 RMB per transaction for subscription amounts of 2 million RMB or more, 0.2% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 0.5% for amounts below 1 million RMB. The redemption fee rate is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more. The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP ETF FEEDER FUND CLASS C does not charge a subscription fee. Its redemption fee rate is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more; a sales service fee of 0.2% applies. Risk Disclosure: The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND passively tracks the SSE Sci-Tech Innovation Board Chip Index. The base date for this index is December 31, 2019, and its release date is June 13, 2022. This product is issued and managed by Huabao Fund. Distributing institutions do not bear responsibility for the product's investment, redemption, and risk management. Investors should carefully read the Fund Contract, Prospectus, Fund Product Key Facts Statement, and other legal fund documents to understand the fund's risk-return profile and select a product suitable for their own risk tolerance. The fund manager assesses this fund's risk rating as R4 - Medium to High Risk, suitable for investors with a suitability rating of C4 or above. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Past fund performance does not indicate its future results. Funds carry risks, and investment requires caution! Sales institutions (including the fund manager's direct sales channels and other sales institutions) evaluate this fund's risk based on relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. Suitability opinions from different sales institutions may not necessarily be consistent, and the fund product risk rating results issued by fund sales institutions shall not be lower than the risk rating evaluation results made by the fund manager. The description of the fund's risk-return characteristics in the Fund Contract and its risk rating may differ due to different considerations. Investors should understand the fund's risk-return situation and, based on their own investment objectives, horizon, experience, and risk tolerance, prudently select fund products and bear the risks themselves. The China Securities Regulatory Commission's registration of this fund does not indicate its substantive judgment or guarantee of the fund's investment value, market prospects, or returns. Funds carry risks, and investment requires caution.
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