The Chip ETF (159995) is suitable for investors who favor computing power ETFs, chip ETFs, and technology ETFs to position for the next market wave. In the main narrative of this A-share market rally, the chip design segment (GPU/AI inference, storage controllers, analog/mixed-signal, etc.) was the first to have its story fully told. However, as chip manufacturers and advanced packaging expansion plans materialize, capital expenditure is truly occurring in "equipment and materials." These companies are more sensitive to industry prosperity, orders, and production line progress, typically following the sequence of "design heats up → production line expansion → equipment realization."
Recent information from various institutions and media confirms that equipment and materials targets are leading the staged rebound with more concentration and outstanding elasticity. Capital is not blind; it is betting on the complete industrial chain loop. If the design segment is booming, the manufacturing segment, especially the equipment sector, will inevitably follow, creating positive feedback. This is like building a house - first you need blueprints (design), then you need bricks and tools (equipment). Now, capital is shifting from "blueprints" to the "toolbox," presenting an excellent opportunity for ETFs tracking the entire chip industry chain.
The Chip ETF (159995) tracks the CSI Semiconductor Chip Index, primarily investing in listed companies across the semiconductor industry chain, including design, manufacturing, packaging and testing, and equipment segments. According to the latest disclosed holdings data (as of the end of June 2025), the fund's total asset scale has exceeded 25 billion yuan, with holdings in chip equipment manufacturing deserving attention.
Specifically, among the top ten holdings, SMIC accounts for 10.24% as a foundry giant representing the core of the manufacturing segment, but upstream equipment support is indispensable. Advanced Micro-Fabrication Equipment (AMEC) holds a 5.57% weight, specializing in semiconductor etching equipment as a leading domestic plasma etching machine supplier. Additionally, NAURA holds approximately 8.59%, with equipment product lines directly serving chip manufacturing processes, such as furnace tube equipment and PVD/CVD systems for wafer processing.
From a valuation perspective, chip equipment manufacturing stocks currently have lower price-to-earnings ratios compared to design stocks, offering higher safety margins. Taking AMEC as an example, it shows strong growth potential with expected revenue growth exceeding 30% in 2025, benefiting from downstream capacity expansion.
Furthermore, policy support continues to strengthen. The National IC Industry Investment Fund Phase III focuses on equipment and materials with funding exceeding 300 billion yuan, which will directly drive orders for related companies. Additionally, from a global trend perspective, as giants like TSMC and Samsung expand capacity, under the capital extension logic, the momentum from design stocks will inevitably spread to equipment stocks, driving the entire sector upward.
The Chip ETF (159995) features low fees (0.5% management fee), good liquidity, and active on-exchange trading, making it suitable for investors who favor computing power ETFs, chip ETFs, and technology ETFs to position for the next market wave.
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