On the morning of December 18, 2023, the three major A-share indexes diverged, with the Shanghai Composite Index in a narrow range**, and the ChiNext Index and the Shenzhen Component Index falling intraday. The growth style of science and technology is differentiated, and the chip is active. As of 10:40, Loongson Zhongke rose 422%, customs information **302%, Cambrian, Tuojing Technology, SMIC, Huada Jiutian and so on all rose and turned red. Chip ETF (159995) bottomed out and rebounded intraday, and 8 of the last 10 trading days showed net subscription of funds, reflecting the optimism of funds in the direction of domestic substitution.
According to the data, the chip ETF (159995) tracks the CNI chip index, and the 30 constituent stocks gather leading enterprises in materials, equipment, design, manufacturing, packaging and testing in the A-share chip industry, including SMIC, Wingtech Technology, North Huachuang, etc. From a fundamental point of view, the semiconductor industry is currently showing cyclical growth, and this round of cycle has been downward for nearly 2 years. At present, the latest valuation price-to-book ratio of the CNI Chip Index is 407 times, less than more than 85% of the time in the past five years, and the valuation is cost-effective.
Tianfeng** said that the global semiconductor cycle may enter a round of upward cycle. Since 2008, the world has experienced four rounds of semiconductor industry cycles, and each round of the global semiconductor cycle bottoms out, which often indicates the clearing of the supply side. In the future, if the semiconductor cycle and technological innovation are superimposed, then the chip semiconductor cycle may enter a new round of upward cycle.
The content and data are for reference only and do not constitute investment advice. AI technology strategy is provided for Youlian Cloud.