On Friday, July 24, A-shares experienced a pullback with reduced volume, while semiconductor equipment stocks bucked the trend to strengthen. The Electronic ETF Hwabao (515260), which aggregates popular concepts like memory chips and advanced packaging, saw its intraday gain hit 1.34% before retreating with the broader market, ultimately closing down 0.45%. Data shows the ETF attracted net inflows of 10.94 million yuan yesterday, suggesting some funds were positioning during the dip.
Among constituent stocks, advanced packaging concept stock Tongfu Microelectronics hit the daily limit intraday, closing sharply up 9.77%. Semiconductor equipment concept stocks Tuojing Technology and Changchuan Technology rose 6.46% and 4.21%, respectively. Digital chip design concept stocks Rockchip and Montage Technology both advanced over 3%. On the downside, PCB leader Shengyi Technology fell over 5%, while SYE, WUS Printed Circuit, and DSBJ dropped more than 3%, leading the declines and weighing on the index.
On the news front, Cxmt Corporation is set to officially list on the STAR Market on July 27. As one of the few domestic leaders in the memory IDM sector with mass production capabilities for DRAM independent R&D, its IPO proceeds are planned for capacity expansion and advanced process R&D. These plans are cascading down the industrial chain across all segments, including equipment, materials, packaging, testing, and distribution. From thin film deposition, etching, and CMP to inspection and testing equipment, several domestic top equipment manufacturers like NAURA Technology, Advanced Micro-Fabrication Equipment Inc., Tuojing Technology, and ACM Research have already entered Cxmt's supply chain, with some product categories achieving mass shipment.
Additionally, memory chip leader Longsys and memory interface leader Montage Technology are spearheading a wave of share buybacks. Amid market volatility, these listed companies are proactively conducting buybacks and increasing holdings, using real capital to convey firm confidence in their intrinsic value. This also injects strong momentum into maintaining capital market stability and protecting investors' legitimate rights and interests.
Hua An Securities believes that AI hardware is likely to retake the main uptrend and that the current moment may be the best entry point for the second half of the year. With emotions fully vented and catalytic events materializing, a rebound is expected to continue with considerable potential.
Huatai Securities points out that the AI industry in 2026 is transitioning from large model pre-training to the commercialization of AI Agents, pushing inference computing demand into an accelerated growth phase. It favors three main themes: ① The AI supply chain direction, where the domestic computing power closed loop is accelerating, with supernode interconnection and storage upgrades resonating, and the inflection point for inference demand is clear. On the AI edge side, new product cycles like foldable phones and AI glasses are approaching, offering structural innovation opportunities worth attention. ② The power and passive component direction, where AI power consumption is driving MLCCs, inductors, capacitors, and power semiconductors to see both volume and price increases, with the upcycle and import substitution resonating. ③ The autonomous control direction, where the localization process for upstream manufacturing, equipment, and components is accelerating, while the value of advanced packaging is systematically increasing.
Price Increases, AI, and Autonomous Control May Dominate the Electronics Sector This Year
The Electronic ETF Hwabao (515260) and its linked funds (Class A: 012550, Class C: 012551) passively track the Electronic 50 Index, with a focus on semiconductors, components, and consumer electronics. The ETF aggregates popular concepts including PCB (e.g., DSBJ), memory chips (e.g., Longsys), semiconductor equipment (e.g., ACM Research), advanced packaging (e.g., JCET Group), glass substrates (e.g., BOE Technology), semiconductor silicon wafers (NSIG), and MLCCs (e.g., Torch). Its heavyweight stocks include GigaDevice, Cambricon, NAURA Technology, and Luxshare Precision.
Data shows the underlying index of the Electronic ETF Hwabao (515260) is deeply tied to global tech leaders. As of the end of June, the weight of the Apple, Nvidia, and Google supply chains in the index was 31.00%, 25.55%, and 18.98%, respectively, positioning it to benefit from the industrial expansion and technological innovation of these tech giants.
As of the end of June, the Electronic ETF Hwabao (515260) had a scale of 1.109 billion yuan, making it the larger of the two ETFs tracking the same underlying index in the market.
*Institutional views and references: Source: Hua An Securities' "Electronics Industry Weekly Report: AI Hardware Leads, Best Layout Opportunity for H2" published on July 21; Huatai Securities' "AI Agent Accelerates Inference Computing and Storage Capacity Expansion, Autonomous Control Chain Localization Speeds Up" published on July 24.
ETF fee-related notes: The ETF does not charge sales service fees. Subscription and redemption agents may charge commissions at a standard rate of no more than 0.5%, which includes related fees charged by the stock exchange and registration institutions. On-exchange trading fees are subject to the actual charges of the securities company.
Risk disclaimer: The Electronic ETF Hwabao passively tracks the CSI Electronic 50 Index. The index base date is December 31, 2008, and it was launched on July 22, 2009. The constituent stocks of the index are adjusted according to the index compilation rules from time to time. Its back-tested historical performance does not indicate the future performance of the index. The individual stocks and index constituent stocks mentioned in this article are for display purposes only. Descriptions of individual stocks do not constitute investment advice of any form and do not represent the holdings or trading activities of any fund managed by the manager. The fund manager assesses the risk level of the Electronic ETF Hwabao as R3-Medium Risk, suitable for balanced (C3) and above investors. Please refer to the sales institution for an appropriate matching opinion. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors must be responsible for any investment decisions made independently. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any form to readers, nor shall they be held liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Please invest cautiously in funds.
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