The A-share market staged a V-shaped rebound today, with gains accelerating in the afternoon session. At the close, the Shanghai Composite Index rose 1.65% to 4,036.59 points, the Shenzhen Component Index gained 3.07%, the STAR Composite Index surged 6.68%, and the ChiNext Index advanced 4.49%. The total trading volume for A-shares reached 2.93 trillion yuan, expanding further from the previous session's 2.58 trillion yuan. Market performance diverged significantly across sectors, with the semiconductor industry chain leading the charge with a strong rally. In contrast, sectors like steel, coal, and food & beverage weakened. Over 2,400 stocks advanced while more than 2,800 declined.
Semiconductor Equipment ETF (159516) Hits Limit-Up
The Semiconductor Equipment ETF (159516) surged to its daily limit-up today.
On the news front, a leading domestic memory chip manufacturer released its prospectus and inquiry announcement, steadily advancing its IPO process, which significantly boosted market sentiment. Currently, a supply-demand gap in the memory market persists. Expectations for capacity expansion by domestic memory producers are clear, which is expected to continuously drive demand growth for upstream materials and equipment. From the perspective of industry chain dynamics, core semiconductor equipment such as etching, thin-film deposition, and CMP polishing are poised to benefit first. Demand for semiconductor materials like photoresists, targets, and electronic special gases will continue to be released. The upstream equipment and materials sector will directly benefit from the memory capacity expansion.
Semiconductor materials and equipment constitute the most fundamental upstream segment of the AI computing power industry chain. This positioning allows them to fully share in the demand growth driven by AI computing power industry expansion, while also benefiting from long-term structural opportunities arising from domestic substitution efforts. On the technological front, the increasing complexity of advanced manufacturing processes is steadily raising the value share of key process steps like etching and thin-film deposition. Furthermore, the development of advanced packaging technologies is generating new demand for supporting equipment and materials. With multiple positive factors converging, the sector's long-term investment value is prominent.
The Semiconductor Equipment ETF (159516) tracks the CSI Semiconductor Materials & Equipment Theme Index, precisely targeting the upstream 'pick-and-shovel' segment of the semiconductor industry chain. It has gained 152.11% year-to-date, with cumulative net capital inflows exceeding 16 billion yuan. While the long-term investment value of semiconductor materials and equipment is significant, investors should be mindful of short-term market volatility risks. Interested investors can maintain their focus on this ETF.
Computing Power Industry Chain Rallies Across the Board
The computing power industry chain rose sharply today, with the Chip ETF (512760), the Integrated Circuit ETF (159546), and the STAR Chip ETF (589100) all gaining over 9%.
Demand for AI computing power continues to expand, with both domestic and international technology firms still ramping up investments. Downstream capital expenditure (Capex) continues to grow at a high rate, with no clear inflection point signal yet, indicating relatively resilient fundamentals for the computing power industry chain. On the news front, several listed companies within the computing power chain have collectively pre-announced increased earnings for the first half of 2026, covering the entire chain from upstream chips to servers and computing power leasing. The industry's high prosperity is translating from market expectations into tangible performance, further validating the robust fundamentals of the computing power industry chain. The technology sector experienced a round of sentiment-driven correction in mid-to-late June. Currently, with clear positive earnings support, sector sentiment has notably recovered.
The world is currently in a large-scale construction cycle for AI computing power infrastructure. The scale of domestic intelligent computing center tenders continues to rise. The earnings-driven logic for the computing power industry chain is clear, and the industry's high prosperity is expected to continue. However, investors should remain vigilant about short-term volatility and fluctuation risks. Interested investors can continue to monitor ETFs focused on the core of domestic computing power, such as the Chip ETF (512760), the Integrated Circuit ETF (159546), and the STAR Chip ETF (589100), to seek suitable opportunities.
STAR Market Broad-Based ETF Series Delivers Strong Performance
The STAR Market broad-based ETF series performed notably well today.
The STAR 50 ETF (589360) surged 7.93%, leading among mainstream broad-based indices. The STAR 50 ETF focuses on large-cap, hard-tech leaders on the STAR Market. Its price movements are deeply linked to the semiconductor industry, allowing it to directly benefit from industrial trends such as AI industry expansion, semiconductor domestic substitution, and high-end manufacturing upgrades.
Beyond the STAR 50 ETF, the full series of STAR Market broad-based ETFs each have distinct characteristics, offering differentiated allocation value.
The STAR 100 ETF (588120), which focuses on mid-to-large-cap, high-growth, volatile stocks on the STAR Market, closed up 6.11% today. The STAR 100 ETF has a moderate industry concentration and a more balanced portfolio structure. When non-semiconductor sectors like innovative drugs or new energy become market leaders, it can chart an independent course, demonstrating differentiated upside potential. It is also positioned to benefit from future STAR Market reforms, such as tiered management and the expansion of the fifth set of listing standards, which may include emerging innovative enterprises in frontier fields like AI large models, commercial aerospace, and humanoid robots.
The STAR 200 ETF (589220) is positioned on small-cap, innovative potential stocks on the STAR Market, closing up 4.42% today. The STAR 200 ETF has a dispersed industry distribution, focusing on small and medium-sized innovative enterprises in the technology sector. Its overall R&D expenditure as a percentage of revenue is significantly higher than that of the STAR 50 constituents. It also stands to benefit from STAR Market reform dividends, helping investors gain early exposure to investment opportunities in frontier technology fields.
The STAR Composite Index ETF (589630), which covers the full spectrum of technology targets on the STAR Market, closed up 6.83% today. The STAR Composite Index ETF can fully reflect the overall performance of the entire STAR Market, incorporating a full spectrum of targets from mature sector leaders to high-potential growth companies. It allows investors to fully participate in the sector's growth红利 driven by industrial agglomeration and resource integration on the STAR Market.
The STAR Market broad-based ETF series products have varying styles. Interested investors can make flexible choices based on their own risk preferences and allocation needs.
Risk Disclosure
Investors should fully understand the differences between regular fund investment plans and savings methods like installment savings. Regular investment is a simple and easy-to-implement method that guides investors toward long-term investing and averaging investment costs. However, it does not eliminate the inherent risks of fund investing, cannot guarantee investors will obtain returns, and is not an equivalent substitute for savings. Whether equity ETFs, LOFs, or structured funds, they are all types of securities investment funds with relatively high expected risk and expected return levels. Their expected returns and risk levels are higher than those of hybrid funds, bond funds, and money market funds. Funds investing in STAR Market and ChiNext stocks will face specific risks arising from differences in investment targets, market systems, and trading rules. Investors are advised to take note. The presentation of short-term gains/losses for sectors/funds is provided solely as supplementary material for the analysis and viewpoints in this article, is for reference only, and does not constitute a guarantee of fund performance. Mention of individual stocks' short-term performance is for reference only, does not constitute stock recommendations, nor does it constitute a prediction or guarantee of fund performance. The above viewpoints are for reference only and do not constitute investment advice or promises. If you wish to purchase related fund products, please pay attention to relevant regulations on investor suitability management, complete a risk assessment in advance, and purchase fund products with a risk level matching your own risk tolerance based on the assessment. Funds carry risks, and investment requires caution.
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