A-shares experienced a pullback on reduced volume today (July 24th), but semiconductor equipment stocks bucked the trend to rise. The E-Fund Electronics ETF (515260), which tracks key themes like storage chips and advanced packaging, touched an intraday high of 1.34% before retreating with the market, eventually closing down 0.45%. Data shows the ETF attracted net inflows of 10.94 million yuan yesterday, suggesting some investors are buying on dips.
Among constituent stocks, advanced packaging concept stock Tongfu Microelectronics Co., Ltd. hit a daily limit intraday before closing up 9.77%. Semiconductor equipment stocks Piotech Inc. and Changchuan Technology Co., Ltd. rose 6.46% and 4.21%, respectively. Digital chip design concept stocks Rockchip Electronics Co., Ltd. and Montage Technology Co., Ltd. both gained over 3%. On the downside, PCB leader Shengyi Technology Co., Ltd. fell over 5%, while Shengyi Electronics Co., Ltd., Shennan Circuits Co., Ltd., and Dongshan Precision Manufacturing Co., Ltd. dropped more than 3%, weighing on the index.
Cxmt Corporation is set to officially list on the STAR Market (科创板) on July 27th. As one of the few domestic memory IDM leaders with the capability for large-scale independent DRAM R&D and production, its IPO plan to raise funds for capacity expansion and advanced process R&D is expected to benefit the entire industry chain, including equipment, materials, packaging, testing, and distribution. From thin film deposition, etching, and CMP to inspection and testing equipment, multiple domestic top equipment manufacturers like Naura Technology Group Co., Ltd., Advanced Micro-Fabrication Equipment Inc., Piotech Inc., and ACM Research (Shanghai), Inc. have already entered Cxmt's supply chain, with some products achieving scaled shipments.
Additionally, storage chip leader Longsys Electronics Co., Ltd. and memory interface leader Montage Technology Co., Ltd. are leading a wave of share buybacks. Amid market volatility, listed companies are actively conducting buybacks and increasing holdings, using real capital to convey firm confidence in their intrinsic value, which also injects strong momentum into maintaining capital market stability and protecting investors' legitimate rights and interests.
Huaan Securities believes that AI hardware may return to being the main upward trend, potentially presenting the best opportunity to enter the market in the second half of the year. As emotions fully release and catalytic events land, a rebound is likely to be sustained with considerable magnitude.
Huatai Securities points out that the AI industry in 2026 is shifting from large model pre-training to the commercial deployment of AI Agents, driving inference computing demand into an accelerated growth phase. They see three main themes: ① The AI chain direction, with a domestic computing power closed loop accelerating, innovations in super-node interconnection and memory upgrades resonating, and a clear inflection point for inference demand. New product cycles for AI on the edge, like foldable phones and AI glasses, are approaching, offering structural innovation opportunities. ② The power and passive component direction, where AI power consumption drives MLCC, inductors, capacitors, and power semiconductors to see both volume and price increases, with a cycle of price hikes and import substitution synergizing. ③ The autonomous control direction, where the localization of upstream manufacturing, equipment, and components is accelerating, and the value of advanced packaging is systematically increasing.
Price Hikes, AI, and Autonomous Control May Drive the Electronics Sector Throughout the Year
The E-Fund Electronics ETF (515260) and its linked funds (Class A: 012550, Class C: 012551) passively track the CSI Electronics 50 Index. They focus on the semiconductor, component, and consumer electronics sectors, covering popular concepts like PCB (e.g., Dongshan Precision Manufacturing Co., Ltd.), storage chips (e.g., Longsys Electronics Co., Ltd.), semiconductor equipment (e.g., ACM Research (Shanghai), Inc.), advanced packaging (e.g., JCET Group Co., Ltd.), glass substrates (e.g., BOE Technology Group Co., Ltd.), and MLCC (e.g., Chaozhou Three-Circle Group Co., Ltd.). Major constituents include stocks like GigaDevice Semiconductor Inc., Cambricon Technologies Corporation Limited, Naura Technology Group Co., Ltd., and Luxshare Precision Industry Co., Ltd..
Data shows that as of the end of June, the underlying index of the E-Fund Electronics ETF (515260) is deeply tied to global tech leaders, with weightings of 31.00% for the Apple supply chain, 25.55% for NVIDIA, and 18.98% for Google, potentially benefiting from the expansion and technological innovation of these tech giants.
As of the end of June, the E-Fund Electronics ETF (515260) had a scale of 1.109 billion yuan, making it the larger of the two ETFs in the market tracking the same underlying index.
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