Influenced by the spillover effect of memory chip prices and renewed tightening of geopolitical tensions in the Middle East, China's A-share technology sector generally experienced a round of adjustments in today's early trading session. In contrast, the semiconductor sector showed resilient activity.
Taking a longer-term view, the semiconductor industry is currently in a critical cycle of technological innovation and industrial upgrading. The continuous evolution of various large AI models creates a rigid demand for computing power, providing strong support for industry chain prosperity. The rapid iteration of AI technology also fuels demand for higher-performance chips, prompting upstream and downstream companies to persistently push the boundaries of hardware performance. Against the backdrop of accelerated production expansion in semiconductor equipment and materials, along with the deepening of process transformations such as "substituting molybdenum for tungsten," the long-term value of the sector may warrant attention.
At the industry level, the semiconductor sector witnessed two significant catalysts this week. On June 24 local time, global memory leader Micron Technology released its Q3 FY2026 results, with profits and operational data exceeding market expectations, effectively validating the industry's robust activity in the memory track. On the same day, at the International High-Performance Computing Conference held in Hamburg, Germany, a domestically developed ParaStor F9000 all-flash storage system from a leading Chinese manufacturer achieved outstanding results, securing first place in both the production-type full-node and 10-node core benchmark rankings and setting new performance records. This potentially marks China's high-end storage hardware capabilities as having joined the global first tier.
Simultaneously, the process of domestic semiconductor localization and substitution is steadily accelerating. Two major recent IPOs have successfully passed review, becoming landmark events for independent industrial development: YueXin Semiconductor passed the Shenzhen Stock Exchange's ChiNext listing review on June 15, potentially injecting crucial capital momentum to alleviate supply chain bottlenecks for downstream design firms and improve the local industry chain. Suiyuan Technology also passed the Shanghai Stock Exchange's STAR Market IPO review. As a leading enterprise in the AI cloud semiconductor field, its business layout directly serves the goal of domestic computing power autonomy, committed to providing viable alternatives to overseas solutions.
Amid the resonance of industrial catalysts and market sentiment, the popular product—the Sci-Tech Innovation Semiconductor Equipment ETF Huatai-PineBridge (588710)—saw active trading. Its daily turnover has exceeded 6 billion yuan for three consecutive trading days, recording a high of 8.13 billion yuan yesterday, refreshing a near one-month high. Capital deployment intentions are similarly positive, with the product experiencing net capital inflows for six consecutive trading days, totaling 7.32 billion yuan in "capital attraction." This has helped push its latest fund size to a record high of 35.78 billion yuan since inception, highlighting its relatively prominent liquidity advantage.
Analysis points out that as domestic substitution and demand upgrade resonate, components represent a key breakthrough point. Semiconductor equipment components directly determine equipment performance and process yield. With the dual trends of rising equipment sector prosperity and component localization/substitution converging, domestic component manufacturers are facing a historic development opportunity.
The Sci-Tech Innovation Semiconductor Equipment ETF Huatai-PineBridge (588710) and its feeder funds (Class A 024974 / Class C 024975) are positioned to potentially benefit from the dual catalysts of the AI hardware wave and domestic substitution. Its underlying index, the SSE Sci-Tech Innovation Board Semiconductor Materials & Equipment Theme Index, has an 85% combined weight in the "Semiconductor Equipment + Semiconductor Materials" sectors. Furthermore, unlike some other semiconductor theme indices that select stocks from both Shanghai and Shenzhen markets, the Sci-Tech Innovation Semiconductor Materials & Equipment Index's characteristic of selecting 100% of its constituents from the STAR Market may endow it with stronger elasticity. Over the past year, the Sci-Tech Innovation Semiconductor Materials & Equipment Index has accumulated a gain of 246%, outperforming the 230% return of the CSI Semiconductor Materials & Equipment Theme Index over the same period.
As one of China's first ETF managers, Huatai-PineBridge Fund has been deeply engaged in the index investment field for over 19 years, creating transparent, convenient-to-trade, and low-cost index tool products for investors such as the Huatai-PineBridge CSI 300 ETF (510300) and the Huatai-PineBridge CSI A500 ETF (563360). As of the end of March 2026, the cumulative profit generated by the company's ETFs for holders over the past two years exceeded 223.4 billion yuan, making it one of only three public fund companies in the entire A-share market to achieve cumulative profits exceeding two hundred billion during the same period.
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