Huaxia Fund Semiconductor Materials ETF, GF Fund Chip Equipment ETF, Huaan Fund Technology Innovation Chip ETF Fund, Guotai Fund Semiconductor Equipment ETF, Jiashi Fund Technology Innovation Chip ETF, Yifangda Fund Semiconductor Chip ETF, Rich Fund Chip Leader ETF, and CMB Fund Semiconductor Equipment ETF rose more than 1.5%.

On the news front, the Office of the People's Government of Shanghai Municipality issued "Several Opinions on Further Promoting the High-quality Development of Shanghai's Venture Capital." Among them, it was proposed to continuously increase support for key industries such as integrated circuits, biomedical, and artificial intelligence, which are the three leading industries.

From the perspective of industry fundamentals, the prosperity of the semiconductor industry is expected to improve in 2024-2025. According to the Semiconductor Industry Association (SEMI), global semiconductor equipment sales in 2024 are expected to increase by 3.4% year-on-year to 109 billion US dollars. It is also predicted that the industry will see even stronger growth in 2025, with sales expected to increase by 17% year-on-year to 128 billion US dollars. In addition, the 2024 Q2 financial report recently released by Taiwan Semiconductor, a major chip foundry, also confirms that the industry's prosperity continues to improve. TSMC's Q2 2024 achieved revenue of 20.82 billion US dollars, a year-on-year increase of 40.1%, and a gross margin of 53.2%, higher than the previously announced Q2 performance guidance, outperforming expectations (the Q2 original revenue guidance was 19.6-20.4 billion US dollars, and the gross margin is expected to be between 51% and 53%).

Recently, many domestic semiconductor equipment manufacturers have released their half-year performance forecasts for 2024, showing good growth momentum. For the first half of 2024, Naura Technology Group expects to achieve revenue of 11.41-13.14 billion yuan, a year-on-year increase of 35.4%-55.93%, and expects to achieve a net profit attributable to the parent company of 2.57-2.96 billion yuan, a year-on-year increase of 42.84%-64.51%; Huahai Qingke expects to achieve revenue of 1.45-1.52 billion yuan, a year-on-year increase of 17.46%-23.13%, and expects to achieve a net profit attributable to the parent company of 0.425-0.445 billion yuan, a year-on-year increase of 13.61%-18.95%; Jiangsu Changchuan Technology is expected to achieve a net profit attributable to the parent company of 33 million yuan to 36.5 million yuan for the first half of 2024, a significant year-on-year increase of 118.72%-141.92%; Hangzhou Changchuan Technology is expected to achieve a net profit attributable to the parent company of 0.2-0.23 billion yuan in the first half of 2024, a significant year-on-year increase of 876.62%-1023.12%.

From the perspective of public fund holdings, the market value of institutional holdings of the semiconductor sector in Q2 2024 accounted for 7.25%, an increase of 0.88% from the previous quarter.

Since 2024, on the one hand, international competition in the computing power field has gradually intensified, and technological autonomy and controllability have been mentioned in many major conferences, leading to a rapid increase in demand for domestic alternatives. On the other hand, the inventory of the semiconductor industry continues to be consumed, and some manufacturers' orders have rebounded, leading to structural opportunities in the sector.

From the perspective of institutional positions, in the digital IC sector, Gigadevice Semiconductor, Montage Technology and other companies have received significant institutional additions; in the analog IC sector, SG Micro Corp., Nanxin Semiconductor Technology and others have received significant institutional additions; in the IC manufacturing sector, Hua Hong Semiconductor has received significant institutional additions; in the IC packaging and testing sector, JCET Group Co., Ltd. has received significant institutional additions; in the semiconductor materials sector, Jiangsu Yoke Technology and other companies have received significant institutional additions.

For the semiconductor industry, Sinolink Securities believes that the development of the semiconductor industry is related to China's long-term economic interests. Currently, the fundamentals of the semiconductor industry have improved significantly, and valuations are still relatively low. Coupled with the wave of AI industrial revolution, it may become an important time node for future technological developments. In this context, high-quality semiconductor companies and cloud-based quality targets in the AI industry chain are worth attention.

Li Xiaoxing of Yin Hua Fund pointed out in the fund's Q2 report that global semiconductor demand is recovering, and AI brings the main increment, while other downstream segments are showing moderate signs of recovery. Under the background of domestic substitution entering the deep water area, and against the backdrop of the new round of capacity expansion at domestic leading wafer manufacturers, he is bullish about the investment opportunities brought about by advanced process breakthroughs in domestic equipment, materials, and components, and focused on domestic computing power chips.

Yang Ruiwen of Invesco expressed in the Q2 report that although we may not feel very good at the moment, many of our emerging industries are indeed rising, and the rudiments of the entire industry chain's advantages have appeared. Especially in our semiconductor industry, after five years of suppression, it is accelerating forward. The launch of Mate60 also proves that the light boat has passed the thousand mountains. However, skepticism still dominates the main tone in reality, and expectations are difficult to change in the short term. We can only rely on the advancement of reality to continuously change expectations.