Likes ReceivedThe high-growth cycle driven by AI remains unchanged; the correction presents a good opportunity to buy the dip. The Semiconductor Equipment ETF Wanjia (159327) is approaching the daily limit up during trading!
On July 21, storage chip stocks continued their recent adjustments, driving a rebound in Asia-Pacific stock markets today. The Korean Kospi index rose over 3%, the Nikkei 225 gained 1.74%, and all three major A-share indices rose collectively, with the ChiNext Index surging more than 3%. The semiconductor chip sector led the gains.
As of 11:06, the Vanke Semiconductor Equipment ETF (159327) surged 9.89%, approaching the daily limit up, with an intraday turnover rate exceeding 16% and trading volume reaching 347 million.
The Vanke Semiconductor Equipment ETF (159327) continues to attract capital inflows. As of the previous trading day, the fund had a net inflow of 18.0079 million yuan over the past week, 1.2 billion yuan over the past month, 843 million yuan over the past three months, 924 million yuan over the past six months, and 1.659 billion yuan over the past year.
As of the previous trading day, the Vanke Semiconductor Equipment ETF (159327) had a gain of 45.64% over the past three months and 153.29% over the past year, showing outstanding historical performance.
In terms of news, driven by AI-induced demand for semiconductors, the economy continues to be boosted. South Korea's exports maintained strong growth momentum in the first 20 days of July. According to data released by South Korean customs on Tuesday, export values adjusted for working days in the first 20 days of July surged 62.9% year-on-year, setting a record high for the same period in July throughout history. This increase has accelerated further from the 49.7% recorded in the same period last month.
Morgan Stanley believes that the recent pullback in storage stocks is an overreaction to "old negative factors." Latest channel research shows that the shortage of memory in data centers continues to intensify. Memory prices are expected to rise at least 25% quarter-on-quarter in the third quarter, higher than market expectations. The high prosperity cycle driven by AI remains unchanged, and the current pullback actually provides an opportunity to buy the dip.
On the demand side, Morgan Stanley points out that AI computing power expenditure growth exceeds 50%, far higher than the annual growth rate of 3% to 5% in the PC and smartphone markets. As the proportion of AI in overall demand continues to expand, this gap will become even more significant.
The manufacturing complexity of HBM4 will consume a large amount of capacity, and after the Rubin Ultra platform goes online next year, HBM memory capacity will double. At the same time, rack-mounted low-power DDR5 and enterprise storage demand are also robust. Regarding NAND, Morgan Stanley points out that industry capital expenditures continue to remain exceptionally restrained. Although they are expected to rise next year, it will not be enough to substantially expand supply.
Morgan Stanley points out that the core logic of this storage cycle is that memory is increasingly becoming one of the main bottlenecks in AI infrastructure construction, and this structural constraint is expected to last for several years.
The Vanke CSI Semiconductor Materials and Equipment Theme ETF (Exchange-traded name: Semiconductor Equipment ETF Vanke - 159327) closely tracks the Semiconductor Materials and Equipment Index. As of 11:05, among the weighted stocks of the Vanke Semiconductor Equipment ETF (159327), AMEC rose 10.95%, NAURA hit the daily limit up, Changchuan Technology rose 14.97%, Tuojing Technology rose 12.55%, Huahai Qingke rose 10%, Zhongke Feice rose 14.61%, Jiangfeng Electronics rose 10.3%, Huafeng Test Control rose 11.81%, Kingsemi rose 12.11%, and Shanghai Silicon Industry rose 4.03%.
The Vanke Semiconductor Equipment ETF (159327) focuses on core "chokepoint" links such as lithography, etching, thin film deposition, cleaning equipment, silicon wafers, and electronic special gases. It covers leading companies such as NAURA and AMEC, making it a pure "shovel seller" index fund.
The Vanke CSI Semiconductor Materials and Equipment Theme ETF (Exchange-traded name: Semiconductor Equipment ETF Vanke - 159327) closely tracks the CSI Semiconductor Materials and Equipment Theme Index. This index selects securities of 40 listed companies involved in semiconductor materials and equipment fields from the Shanghai and Shenzhen markets as index samples, reflecting the overall performance of securities of semiconductor materials and equipment listed companies in the Shanghai and Shenzhen markets. Off-exchange investors can also layout through feeder funds (Class A 023828, Class C 023829) to share the upward trend of the semiconductor industry's prosperity and the dividends of chip localization.
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