#基金是否值得投资#
Sometimes, the rising sector at the end of the month can play a role in "connecting the previous and the next" for the next month's market. Looking back at the last week of May, the semiconductor sector has such characteristics!
In the range of 2024.5.27-5.31, the Shanghai Composite Index fell slightly in the shock, but the semiconductor sector performed very well. For example, the Integrated Circuit ETF (159546) rose 6.01%, the Semiconductor ETF (512480) rose 5.39%, and the Chip 50 ETF (516920) rose 4.75%. Chip indices are broad-based and perform well, such as the Science and Technology Innovation Chip ETF (588200) rose 4.97%, and the Science and Technology Innovation Chip ETF Fund (588290) rose 4.95%.
The semiconductor sector, which has been silent for a long time, suddenly broke out last week is inseparable from the good news of the establishment of the third phase of the big fund!
The purpose of the establishment of the big fund, whose full name is the "National Integrated Circuit Industry Investment Fund", is to promote the development of national strategic industries, accelerate the adjustment and upgrading of industrial structure, and enhance the country's scientific and technological competitiveness. Judging from the investment direction of the first two phases, it is mainly the integrated circuit industry, including artificial intelligence chips, advanced semiconductor equipment, semiconductor materials and other fields. In this third issue, it is not ruled out that we will continue to overcome the "difficulties" and cover the research direction of AI applications.
After the establishment of the past two large funds, the CNI chip index has performed well, but the "trigger time" is different!
The first phase was established in September 2014, when the market was still in a volatile consolidation, and after a lapse of three months, the CNI chip and the Shanghai Composite Index made simultaneous efforts. In the first half of 2005, CNI chips rose by 68.09%, significantly outperforming the market; The second phase, established in October 2019, although the performance of the Shanghai Composite Index was average at that time, the core assets represented by Kweichow Moutai performed well in the first half of 2019. The semiconductor sector also experienced a wave of market in the first half of the year, and continued to exert force after the news was announced, with a cumulative increase of 71.8% in the range of 2019.11.1-2020.6.30.
It can be seen that the establishment of the previous two large funds has played a positive role in boosting confidence in the trend of the semiconductor sector, and has even become the theme of the volatile market!
The third phase of the fund, with a registered capital of 344 billion yuan, has a wider range of shareholders, including the Ministry of Finance and China Development Bank Capital, as well as the six major state-owned banks. Among them, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Bank of Communications, and Postal Savings Bank contributed a total of 114 billion yuan.
Today, the first trading day of June, micro-cap stocks fell sharply, and semiconductors continued to attack! As of May 31, 2024, the science and technology chip fell by 32.96%, and the CNI chip fell by 24.77%, both of which significantly underperformed the market. At present, the dividend and cyclical sectors are showing a seesaw effect, which has attracted everyone's attention. So, can the neglected semiconductor sector become the leader in June?
Before that, let's take a look at the difference between the dazzling chip indices in the market. Once the semiconductor market opens, which index is more likely to win?
According to the Commander's statistics, there are currently a total of 9 semiconductor-related ETFs. Below, let's combine the past two rounds of index market and backtest together to see which one performs better?
In the first half of 2015, the three indexes of CSI All-Index Semiconductor, China Semiconductor Chip and CNI Chip almost went hand in hand. From the perspective of the composition of the constituent stocks, these are relatively close, covering semiconductor chip materials, equipment, design, manufacturing, packaging and testing, and the upstream and downstream fields of the chip industry chain. Moreover, the top five heavy stocks are: SMIC, North Huachuang, Weir shares, Haiguang Information, and China Micro Corporation. The slight difference in the historical trend of the index is mainly due to the slight difference in the weight of individual shares.
In the 2019-2020 market, the chip industry led the way, followed by semiconductor materials and equipment and CNI chips. The CSI Chip Industry Index selects 50 listed companies whose business involves chip design, manufacturing, packaging and testing, as well as semiconductor materials, wafer production equipment, packaging and testing equipment and other materials or equipment for chips, which is almost the same as CNI chips.
The CSI Semiconductor Materials and Equipment Theme Index mainly selects listed companies involved in the field of semiconductor materials and equipment, with a total of 40 constituent stocks, including North Huachuang, China Micro Corporation, Shanghai Silicon Industry, Tuojing Technology, Jacques Technology, etc. Compared with the CNI chip and chip industry, the index focuses more on materials and equipment.
In addition, the CSI All-Index Integrated Circuit Index was established relatively late, covering all listed companies in the semiconductor industry, with a total of 63 at present. In the semiconductor sector last week, two ETFs led the way. The Science and Technology Innovation Chip Index is a selection of semiconductor industry stocks from the Science and Technology Innovation Board, with a total of 50 constituent stocks.
To sum up, the above semiconductor indices can firmly grasp the market, and the timing of intervention is more important. Under the growth of demand for AI artificial intelligence, semiconductor equipment and materials are expected to usher in an inventory inflection point, and now may be a good time to enter the market, so you may wish to use semiconductor funds.
Welcome to pay attention to the "SL Fund Circle", this number is "light" financial information, "heavy" base selection skills, and insist on using data to speak!
It's not easy to sort out the data, and it's hard to use your fingers to like and support. Please note that the content and opinions are for reference only, the past performance of the product is not indicative of the future, please read the legal documents carefully before purchasing. If you have any questions, please leave a message to discuss.