On Friday (May 29th), the three major A-share indices all closed in the red. Huabao's Electronic ETF (515260), which aggregates core leaders in the electronics sector, followed the market in a consolidation and correction. Its intraday price plunged 3.91%, with a full-day turnover of 90.67 million yuan, showing a slight increase in volume compared to the previous session.
Data from the Shanghai Stock Exchange shows that Huabao's Electronic ETF (515260) has continuously attracted capital inflows over the past six trading days, amassing a total of 231 million yuan. This reflects capital's optimistic view on the future performance of the electronics sector and its active entry for positioning.
Regarding constituent stocks, PCB leaders Shennan Circuits and Shengyi Technology led gains, rising over 3%. Apple supply chain leaders Luxshare Precision, Lens Technology, and Huaqin Technology closed in positive territory against the market trend. The remaining 44 stocks all declined, with BOE A and Silan Microelectronics hitting the daily limit-down, and Empyrean Software falling nearly 11%, leading the declines and weighing on the index performance.
What happened? Why did the semiconductor sector experience a significant decline? On the news front, the reduction plans by the National Integrated Circuit Industry Investment Fund (Big Fund) are progressing, involving the reduction of holdings in multiple semiconductor stocks including SMIC and NSIG. Industry insiders point out that the Big Fund's reductions are routine market-driven exit behaviors, as its investments have defined exit cycles. However, the reduction news, coming during a sensitive period, was used by the market as a trigger for "selling high," prompting some short-term speculative funds to cash out collectively, dragging down the market performance.
On the other hand, whether PCB (Printed Circuit Board) can become the next "optical module" is gradually becoming a hot topic in the market. An important catalyst is Morgan Stanley's bill of materials (BOM) analysis for NVIDIA's next-generation Rubin rack. The value contribution from the PCB segment is notably significant, showing a 233% increase compared to the previous generation GB300. Guojin Securities believes this is not an ordinary engineering optimization but a fundamental leap in PCB's value positioning within the AI industry chain (from a "supporting component" to a "computing power foundation").
Regarding the Apple supply chain, Apple's price cuts have ignited the domestic smartphone market. The iPhone 17 series, with substantial subsidies, saw significantly lower prices, driving a consumption boom and achieving impressive sales of over 30 million units in a short period, with high-end models particularly favored by consumers. Simultaneously, Apple's first foldable screen phone has entered the mass production preparation phase and is expected to be officially released this autumn. With these two positive catalysts resonating, the consumer electronics industry's prosperity is expected to receive a boost, potentially ushering in new development opportunities for the entire supply chain.
Looking ahead, CITIC Securities is optimistic that "price increases + AI + autonomous control" could become a strong main theme for the electronics sector throughout the year. The electronics industry's prosperity is expected to continue, with AI remaining the biggest driving force. Overseas and domestic computing power are growing in resonance, reinforcing a firm bullish outlook on the overall future performance of the electronics sector.
Over a longer timeframe, the underlying index (Electronic 50 Index) of Huabao's Electronic ETF (515260) has accumulated a gain of 123.13% over the past year, outperforming peer indices like CSI Electronics (114.65%) and also surpassing major broad-based indices such as the ChiNext 50 (122.94%), the STAR 50 (80.43%), and the CSI 300 (27.52%).
Data statistics period: May 29, 2025, to May 29, 2026. The annual gains/losses for the Electronic 50 Index over the last five complete years are: 2021, 3.27%; 2022, -38.63%; 2023, 1.03%; 2024, 27.45%; 2025, 43.49%. The index's constituent stocks are adjusted according to its compilation rules, and its historical back-tested performance does not indicate future index performance.
[Embracing Tech Giants, Seizing Development Opportunities] Huabao's Electronic ETF (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 popular sectors like AI chips, automotive electronics, 5G, and printed circuit boards (PCB). Major holdings include Luxshare Precision, Cambricon, Industrial Fuels, SMIC, and others. Furthermore, this ETF is eligible for margin trading and short selling and is included in the Stock Connect programs, making it an efficient tool for one-stop allocation to core assets in the electronics sector.
Notably, the underlying index of Huabao's Electronic ETF (515260) covers popular technology themes. As of the end of April, the weightings for the Apple, NVIDIA, and Google supply chains were 47.34%, 28.56%, and 24.57% respectively. It is deeply tied to the growth and development of global tech giants and is poised to benefit from their industrial expansion and technological innovation.
*Institutional views reference sources: 1) Guojin Securities report "The Semiconductorization of PCB" published on May 10; 2) CITIC Securities report "Electronics Industry Q1 2026 Earnings Summary — Industry Prosperity Continues Upward, Firmly Bullish on Four Directions" published on May 7.
Risk Disclosure: Huabao Electronic ETF passively tracks the CSI Electronic 50 Index. The base date of this index is December 31, 2008, and it was published on July 22, 2009. The index constituent stocks are adjusted according to its compilation rules, and its historical back-tested performance does not indicate future 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 and do not 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 balanced (C3) and above investors. The appropriateness matching opinion should be based on the sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, 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 in this article do not constitute investment advice of any kind to readers, and no responsibility is assumed for any direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment should be approached with caution.
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