The market consolidated on Friday (June 26th), with major A-share indices closing in negative territory. The Huabao Electronic ETF (515260), which encompasses hot concepts such as PCB and glass substrates, followed the market lower, with its on-market price closing down 2.93%. This marks the first pullback for the ETF after hitting a record high yesterday, potentially offering an opportunity for capital to position on dips. In fact, the ETF had previously attracted a net inflow of 1.49 billion yuan over five consecutive days.
Amidst the heated market conditions and active capital deployment, as of June 25th, the Huabao Electronic ETF (515260) reached a new scale of 10.45 billion yuan, marking its highest level since June 2021. Since the beginning of this year, its scale has increased by over 77%.
From a technical analysis perspective, after the MACD indicator formed a golden cross above the zero line, the fast line (DIF) has continued to run above the slow line (DEA). This is a signal of a continuing bullish trend, indicating that short-term market buying power remains dominant and the upward momentum for stock prices is still relatively strong.
Regarding constituent stocks, glass substrate concept stock Boe Technology Group Co.,Ltd. (BOE) rose over 3%, receiving net main fund inflows exceeding 3.6 billion yuan throughout the day, topping the A-share fund inflow chart. Semiconductor silicon wafer concept stock Shanghai Sinyang Semiconductor Materials Co., Ltd. and memory chip concept stock Bewinner Communications Co., Ltd. also gained over 4%, leading the gains. On the other hand, Apple supply chain leaders Luxshare Precision Industry Co., Ltd. and Foxconn Industrial Internet Co., Ltd. fell over 8%, leading the declines and weighing on the index performance.
On the news front, there has been a breakthrough in glass substrates. Boe Technology Group Co.,Ltd. (BOE)'s glass substrate packaging carrier board pilot line is expected to achieve fully automated equipment operation in the first half of 2026, with a designed capacity of 1,000 pieces per month. The company has successfully demonstrated the entire process flow, including TGV via formation, deep via copper filling, build-up, and wiring, and completed the development and sampling of large-size, high-layer-count (9-2-9, 20 layers) glass-based carrier boards in 2025.
Analysts point out that glass substrates are seen as the next-generation core material for advanced packaging, surpassing current silicon interposers and organic substrates. Against the backdrop of surging demand from AI computing chips (such as Ascend and Hygon) for high-frequency signals, high integration, and large-size packaging, coupled with domestic manufacturers facing patent barriers related to TSMC's silicon substrates, glass substrates have become a key window for China's advanced packaging industry to achieve differentiated breakthroughs. The industrialization of glass substrates and TGV technology is currently at a critical juncture, with AI computing demand providing strong momentum for its adoption.
On another front, Apple Inc. announced price increases for its MacBook and iPad products. Possibly affected by related news, Apple's stock price fell sharply by 6.12% overnight in the US market. On Friday, the performance of A-share Apple supply chain leaders was also impacted. Institutions believe the impact on the Apple supply chain shows a structural differentiation. Leaders in the supply chain have advantages in bargaining power, cost control, and economies of scale, making them more resilient.
Other analysis suggests that the current supply and demand for memory is in a tight balance. Major players in the Apple supply chain have greater stability in securing memory chip supply compared to smaller manufacturers, meaning the overall supply chain logic is less impaired. A deeper positive factor is that Apple's significant price hike validates the resilience of its end-demand. If shipment volumes can be maintained post-increase, it indicates the logic of an AI-driven replacement cycle remains intact, maintaining a positive outlook for core Apple supply chain targets.
Investing in Tech Giants to Seize Development Opportunities
The Huabao Electronic ETF (515260) and its feeder funds (Class A: 012550, Class C: 012551) passively track the Electronic 50 Index. It has significant exposure to the semiconductor and consumer electronics sectors, aggregating popular concepts such as PCB, MLCC, glass substrates, memory chips, and semiconductor equipment. Its top holdings include stocks like Luxshare Precision Industry Co., Ltd., Cambricon Technologies Corporation Limited, Foxconn Industrial Internet Co., Ltd., and Semiconductor Manufacturing International Corporation. Additionally, this ETF is eligible for margin trading and securities lending and is a Stock Connect security, making it an efficient tool for a one-stop investment in the core assets of the electronics sector.
Data shows that the underlying index of the Huabao Electronic ETF (515260) is deeply linked to global tech giants. As of the end of May, the weightings of the Apple, NVIDIA, and Google supply chains were approximately 49.34%, 28.50%, and 23.85% respectively, positioning it to potentially benefit from the industrial expansion and technological innovation of these major technology companies.
ETF-related fee information: The Electronic ETF does not charge a sales service fee. Subscription and redemption agents may charge a commission of up to 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. On-market trading fees are subject to the actual charges by securities firms.
Risk Disclosure: The Huabao Electronic ETF passively tracks the CSI Electronic 50 Index. The base date for this index is December 31, 2008, and it was published on July 22, 2009. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its back-tested historical performance does not indicate future index performance. Individual stocks and index constituents mentioned in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings information or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk level of the Electronic ETF as R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. Suitability matching opinions should be based on the selling institution. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of表述, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund does not guarantee its future results. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires caution.
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