Recently, OpenAI's annualized revenue scale fell short of previous market expectations, triggering a pullback in US AI-related stocks overnight, which transmitted to the A-share AI hardware sector and put pressure on semiconductor stocks. However, short-term sentiment disruptions may not have altered the industrial trend of upstream materials and equipment, as price signals including the new pricing system launched by Japan's three photoresist giants and ASML's price hikes for parts supplied to Korean customers jointly indicate that the prosperity of semiconductor equipment and materials remains at a relatively high level. (Data source: Wind, as of 26/10/11)
Japan's three photoresist giants are raising prices, reinforcing the logic of domestic substitution for semiconductor materials. According to news reports, starting October 1, 2026, Japan's JSR, Tokyo Ohka Kogyo, and Shin-Etsu Chemical officially implemented a new pricing system. The base increase for all categories of photoresist is approximately 15%, with ArF series long-term agreements raised by 16%-22%, immersion ArF photoresist suitable for HBM seeing a maximum increase of 24%, and spot single orders rising by 32%-38%, while KrF photoresist increases range from 9%-20%. (Information source: Gelonghui - Multiple Japanese giants announced: global technology photoresist new pricing raised by 15% overall starting October 1 - 26/9/16)
This round of price increases is jointly driven by strong AI computing power demand, tight local production capacity in Japan, and the implementation of Japan's export control policies. Photoresist is a core material for chip pattern transfer in semiconductor manufacturing. With the continuous expansion of high-end memory chips such as HBM and 3D NAND, demand for high-end photoresist continues to rise. Price hikes by major Japanese manufacturers will directly raise raw material procurement costs for domestic wafer fabs, forcing the industry chain to accelerate domestic substitution. Currently, high-end products in China's photoresist industry chain are expected to enter a critical cycle of customer verification and capacity expansion.
Recently, ASML, the world's largest semiconductor equipment manufacturer, announced a comprehensive 10% price increase for parts supplied to Korean customers. Samsung Electronics and SK Hynix have accepted the plan, and the price hikes will officially take effect in January 2027. This may signal that pricing power in the semiconductor equipment supply chain is accelerating its shift toward equipment suppliers. The price increases cover all parts of EUV and DUV lithography machines, including regularly procured consumable components as well as core components that need replacement due to failures or performance degradation, involving optical systems, light sources, precision drive devices, and more. (Information source: Wall Street See - ASML parts prices raised across the board by 10%, Samsung and SK Hynix accept increases, semiconductor equipment cost pressure spreads - 26/10/10)
It is reported that Huatai-PineBridge STAR Semiconductor Equipment ETF (588710) closely tracks the STAR Semiconductor Materials and Equipment Index. This underlying index is highly focused on the upstream "materials + equipment" segment (combined industry weight of 89%), with a 54% exposure to the "memory chip" concept and 69% exposure to the "advanced packaging" concept, and is expected to benefit from memory expansion, wafer fab capital expenditure, and domestic substitution trends. Off-exchange investors can pay attention to its feeder funds (Class A 024974 / Class C 024975). (Concept exposure data source: iFind, China Securities Index Company; industry classification is based on Shenwan Level 3 industries; data source: Wind; all data above are as of 26/10/9; the industries and weights of index constituent stocks will change with index constituent adjustments and price fluctuations)
From a historical performance perspective, 100% STAR Market stock selection may give the underlying index of Huatai-PineBridge STAR Semiconductor Equipment ETF (588710) relatively strong elasticity characteristics. Wind data shows that over the past year, the STAR Semiconductor Materials and Equipment Index has cumulatively risen 72%, outperforming some mainstream A-share semiconductor thematic indices during the same period, such as the Semiconductor Materials and Equipment Theme Index (60%), the CSI All Share Semiconductor Index (16%), the STAR Chip Index (20%), and the Guozheng Chip Index (6%). (Data source: Wind, China Securities Index Company, as of 26/10/9; historical index performance does not represent future performance and does not constitute a guarantee of fund performance; investors should pay attention to index volatility risks)
Semiconductor equipment and materials belong to a high-elasticity sector. Investors need to pay attention to high valuation and trading volatility risks. Investors are advised to make rational judgments and invest prudently based on their own risk tolerance. The latest PE of the STAR Semiconductor Materials and Equipment Index is at the 91.73% historical level over the past five years. Data source: Wind, as of 26/10/9.
Huatai-PineBridge Fund is among the first batch of ETF managers in China, having deeply cultivated the index investment field for nearly 20 years and creating index tools for investors such as Huatai-PineBridge CSI 300 ETF (510300) and Huatai-PineBridge A500 ETF (563360), which feature transparent investment targets, convenient trading, and low fees. As of the end of June 2026, the company's ETFs had cumulatively generated over RMB 180.6 billion in profits for holders over the past two years.
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