Today (May 25), the PCB (Printed Circuit Board) and semiconductor sectors jointly advanced. The Electronic ETF Huabao (515260), which aggregates core leaders in the electronics sector, saw its intraday gain reach 2.46% and is currently up 1.07%, continuing to set a new historical high!
Amid the heated market activity, capital is actively entering to position. The Electronic ETF Huabao (515260) has continuously attracted funds over the past four trading days, with a total inflow of 34.73 million yuan!
Regarding constituent stocks, Cambricon Technologies Corporation Limited rose nearly 7%, refreshing its listing high. As of this report, it received nearly 2 billion yuan in net main fund inflows, topping the A-share capital attraction list. PCB leader Avary Holding secured two consecutive limit-up boards, refreshing its listing high. Unimicron Technology rose over 4%, and Shennan Circuits gained more than 3%. Semiconductor leaders ACM Research and Shengmei Shanghai rose over 7%, SMIC gained more than 5%, while GigaDevice and Unigroup Guoxin rose over 4%.
What are "second ignition" assets? Huabao Fund believes market preferences are shifting. Directions relying solely on valuation repair may see diminishing subsequent elasticity. Sectors where growth (G) and marginal changes in growth (ΔG) resonate, and which can consistently deliver on industry trends and profit improvement, will become the core theme for the next stage. Future allocation requires greater emphasis on "second ignition" assets—those possessing both industry trends and profit realization; both current prosperity and a slope of continued improvement in that prosperity.
Regarding specific investment directions, industry insiders are optimistic about the high-end PCB sector. It is anticipated that GB300 chip shipments will achieve further sequential improvement in Q2 this year. Additionally, the Rubin plan aims for small-batch production of AI servers in Q3. Processes like R&D, testing, and sample delivery before server mass production typically start one to two quarters in advance. This suggests that upstream high-end PCB manufacturers may begin receiving PCB orders related to Rubin architecture servers as early as Q2.
Firstly, from a demand volume perspective, on one hand, capital expenditures for AI infrastructure by global cloud computing giants continue to increase, providing core support for demand growth. On the other hand, the continuous emergence of new application scenarios is also expanding the demand boundary for PCBs, potentially further opening up growth space for PCB demand and making the industry's growth curve steeper.
Secondly, from a value perspective, the increase in PCB value is highly sustainable, driven primarily by technological iterations and the continuous application of new processes and materials. Each iteration in technology, process, or material is expected to significantly boost the PCB value per AI server. This sustained increase in value not only enhances the profit margins of related companies but also propels the entire PCB industry towards growth in both volume and price.
Looking ahead, CITIC Securities is optimistic that "price increases + AI + independent controllability" could become a strong theme for the electronics sector throughout the year. The electronics industry's prosperity is expected to continue, with AI remaining the primary driver. Overseas and domestic computing power are expected to grow in resonance. Expansion of advanced logic and memory production is likely to accelerate. There is firm confidence in the future performance of the overall electronics sector.
Over a longer period, the underlying index (Electronic 50 Index) of the Electronic ETF Huabao (515260) has gained 115.70% in the past year, outperforming peer indices like CSI Electronic (108.67%), as well as major broad-based indices such as the ChiNext 50 (105.76%), the STAR 50 (79.89%), and the CSI 300 (23.71%).
Data period: May 22, 2025 - May 22, 2026. The Electronic 50 Index's full-year performance for the past five years is: 2021, 3.27%; 2022, -38.63%; 2023, 1.03%; 2024, 27.45%; 2025, 43.49%. Index constituent composition is adjusted according to its compilation rules; its back-tested historical performance does not indicate future index performance.
[Embracing Tech Giants, Seizing Development Opportunities] The Electronic ETF Huabao (515260) and its feeder funds (Class A: 012550 / Class C: 012551) passively track the Electronic 50 Index, heavily weighting the semiconductor and consumer electronics industries. It aggregates hot industries like AI chips, automotive electronics, 5G, and PCBs. Its top holdings include Luxshare Precision, Cambricon Technologies Corporation Limited, Foxconn Industrial Internet, SMIC, among others. Additionally, this ETF is a margin trading and Stock Connect eligible security, serving as an efficient tool for one-click allocation to core assets in the electronics sector.
Risk Disclosure: The Electronic ETF Huabao passively tracks the CSI Electronic 50 Index. The index base date is December 31, 2008, and it was launched on July 22, 2009. Index constituent composition is adjusted according to its compilation rules; its back-tested historical performance does not indicate future index performance. Individual stocks and index constituents mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the manager. The fund manager assesses the risk rating of the Electronic ETF as R3-Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions are subject to the selling institutions. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers, and no responsibility is assumed 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 indicate its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.
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