On May 13th, domestic semiconductor stocks staged a dramatic intraday reversal. Following an overnight decline in U.S. chip stocks, with the Philadelphia Semiconductor Index falling over 3%, A-share chip stocks opened lower and corrected in the morning session. The intraday price of the Huabao Shanghai Sci-Tech Innovation Board Chip ETF (589190) initially fell over 3% before stabilizing and rebounding. The rally accelerated in the afternoon, with gains exceeding 3% at one point, setting a new all-time high. The ETF closed up 2.94%, with an intraday amplitude of 6.28%.
Semiconductor materials led the gains. Zhongchuan Special Gas surged for the second time in three trading sessions, while Tianyue Advanced gained over 12%. Both Huahai Qingke and Huafeng Test & Control rose over 6%, also reaching new historical highs. The iteration of AI servers, advanced packaging, and HBM technology is driving a surge in demand for silicon wafers and electronic special gases. Coupled with rising chemical raw material costs due to the Middle East energy crisis, the semiconductor materials sector is entering a phase of simultaneous volume and price increases across all categories.
Memory chips continued their strong performance. Montage Technology and Biwin Storage continued to refresh their historical highs, while East Semiconductor rose over 5%. Computing power chips maintained their upward momentum, with Cambricon Technologies gaining over 3% and VeriSilicon Microelectronics rising over 2%.
The AI wave is reshaping the global semiconductor industry landscape, accelerating a chip super-cycle driven by large models and intelligent agents. According to Precedence Research, the global AI chip market size in 2024 is approximately $73.2 billion and is projected to reach $336 billion by 2030, representing a compound annual growth rate (CAGR) of 28.9%. Domestically, Frost & Sullivan forecasts that China's AI chip market will surge from 142.5 billion yuan in 2024 to 13.4 trillion yuan, with a CAGR of 53.7% from 2025 to 2029, significantly higher than the global growth rate during the same period.
During this process, domestic chip companies are gradually entering a period of performance realization, with memory chips, AI chips, and semiconductor equipment showing particularly strong results. Cambricon Technologies reported year-over-year revenue growth of 159.56% and net profit attributable to shareholders growth of 185.04% for Q1. Hygon Information Technology's Q1 revenue exceeded 4 billion yuan. Biwin Storage achieved a Q1 net profit of 2.899 billion yuan, surpassing its full-year profit from the previous year, continuously validating the industry's high prosperity.
Regarding market rhythm, Guojin Securities noted that while the current market's "crowding" level, measured by the trading volume ratio of the top 5% of stocks to total volume, is indeed approaching the level seen before the market adjustment in late September 2025, there remains a significant gap compared to the forward P/E ratios of the technology sector at that time. This is because, following better-than-expected profits significantly digesting valuations and analysts raising long-term profit forecasts amid technological iteration, there are still "not expensive" segments within the current technology sector, primarily concentrated in application and chip manufacturing areas.
It is worth noting that during this market cycle, sci-tech innovation chip stocks have demonstrated strong upward momentum. Year-to-date, the SSE STAR Market Chip Index has surged 52.64%, performing relatively well among semiconductor chip indices.
Note: The SSE STAR Market Chip Index's performance over the last five full calendar years is as follows: +6.87% in 2021, -33.69% in 2022, +7.26% in 2023, +34.52% in 2024, and +61.33% in 2025. The index constituents are adjusted according to its compilation rules, and its past performance does not predict future results.
To position for the chip industry's "super-cycle," high-beta 20CM varieties are a preferred choice. Public information shows that the Huabao Shanghai Sci-Tech Innovation Board Chip ETF (589190) and its feeder funds (Class A: 021224, Class C: 021225) passively track the SSE STAR Market Chip Index. While providing balanced allocation and full-chain exposure to the chip industry, they maintain a weight exceeding 90% in core areas like integrated circuits and semiconductor equipment, characterized by high hard-tech content and strong technical barriers.
Data source: Shanghai & Shenzhen Stock Exchanges, etc. Institutional view source: Guojin Securities Strategy Weekly Report dated May 10, 2026, titled "Market Evolution and Diffusion Directions." ETF fee-related note: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission not exceeding 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. Feeder fund fee-related note: For Huabao SSE STAR Market Chip ETF Feeder Fund A, the front-end subscription fee is 1,000 yuan per transaction for subscription amounts of 2 million yuan or more, 0.2% for amounts between 1 million yuan and 2 million yuan, and 0.5% for amounts below 1 million yuan. The redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more. Huabao SSE STAR Market Chip ETF Feeder Fund C does not charge a subscription fee. Its redemption fee is 1.5% for holding periods under 7 days and 0% for holding periods of 7 days or more; the sales service fee is 0.2%. Risk Disclosure: The Huabao Shanghai Sci-Tech Innovation Board Chip ETF passively tracks the SSE STAR Market Chip Index. The index's base date is December 31, 2019, and its release date is June 13, 2022. This product is issued and managed by Huabao Fund. Selling agents do not bear responsibility for the product's investment, payment, or risk management. Investors should carefully read the Fund Contract, Prospectus, Fund Product Key Facts Statement, and other legal fund documents to understand the fund's risk-return characteristics and choose products suitable for their own risk tolerance. The fund manager's risk rating for this fund is R4 - Medium-High Risk, suitable for investors with a suitability rating of C4 or above. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Past fund performance does not indicate future results. Funds carry risks; investment requires caution. Selling institutions (including the fund manager's direct sales channels and other sales institutions) assess this fund's risk according to relevant laws and regulations. Investors should pay timely attention to the suitability opinions issued by the fund manager. Suitability opinions from various sales institutions may not necessarily be consistent, and the fund product risk rating results issued by fund sales institutions shall not be lower than the risk rating results made by the fund manager. The descriptions of the fund's risk-return characteristics in the fund contract and its risk rating may differ due to different considerations. Investors should understand the fund's risk-return profile and, considering their own investment objectives, horizon, experience, and risk tolerance, prudently select fund products and bear the risks themselves. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; investment requires caution.
MACD golden cross signals have formed, and these stocks are performing well.
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