Recently, #Why young people are reluctant to change their mobile phones #This topic rushed to the hot search and burst the circle of friends, and many netizens participated in the discussion.
Some said that "there has been no new machine for four years, there is no need", and some believe that "mobile phones are getting more and more expensive, and the most important thing is that there is no transformative innovation". To sum up, most of them belong to these two reasons: one is price, and the other is innovation.
Recently, when Xiaobian communicated with a fund manager who is considered to be mesozoic, he also revealed that when it is time to change the mobile phone, but considering that Apple's performance is good, it is more expensive and the function is not much changed, and the overall cost performance is not high; in addition, considering the increasingly fierce domestic core shortage tide, it is difficult to buy the desired mobile phone, and after careful consideration, it is still waiting.
Thinking about it carefully, last year, the iPhone 13 series was launched to show the phenomenon of "one machine is difficult to find". Not only that, a certain Huawei 5G mobile phone is also in the state of "sold out in one second", and it has continued to ferment for about half a year.
From a machine that is difficult to find to the young people's "wait and then change", behind this is actually a global important problem - "lack of core", why the global lack of core will cause mobile phones to be out of stock? How important are chips? Behind this is actually a rare investment opportunity.
A phone needs more than 100 chips
And
For a smart phone, the chip undertakes the functions of computing and storage, and the quality of the chip can even measure the strength of a mobile phone. A mobile phone needs many different kinds of chips, such as processor chips, power chips, memory chips, driver chips, audio chips, induction chips, RF chips, etc. - the number is as many as 100, and any chip cannot be purchased, which can cause the mobile phone to be unable to be produced.
At present, the three major chips in the mobile phone industry are processor chips, screen driver chips, and power charging chips, which also directly affect the entire mobile phone market. Especially under the wave of 5G, from the production equipment to the consumer terminal, there is a stronger demand for chips. A 5G phone requires about twice as many chips as a 4G phone, and the demand for RF chips has reached four times.
The "lack of cores" has really affected all walks of life, and Goldman Sachs' latest research report points out that as many as 169 industries around the world have been hit to some extent by chip shortages, including steel products, concrete production, air conditioning manufacturing, and even beer brewing, soap production and many other industries. Therefore, chips made of semiconductors are also known as the "card neck" industry.
"Catching up" in the semiconductor industry in mainland China
Since the global semiconductor industry entered the smartphone era from the PC era in 2010, the industry has ushered in a new round of rapid growth. In the decade from 2009 to 2018, the overall growth rate of the semiconductor industry in the mainland was 3.3 times the growth rate of the global semiconductor industry, but the lack of manufacturing capacity of the semiconductor industry chain also made the mainland the largest country in semiconductor imports, and it was urgent to accelerate the process of domestic replacement of semiconductors.
Since 2019, under the background of deepening global trade frictions, in order to improve the hard power and competition level of mainland science and technology, the willingness to domestic semiconductor localization has been comprehensively strengthened, which has also driven the rise of related industrial chains, and related companies have ushered in high growth.
The semiconductor industry chain involves many industries such as upstream, middle and downstream, which can be roughly summarized as upstream materials, midstream components, and downstream terminals.
Upstream materials are divided into semiconductor materials, semiconductor equipment, etc., as well as magnetic materials, metal materials, glass substrates, chemical products, etc., including lithography machines, thin films, oxidation and other integrated circuit (IC) manufacturing equipment, as well as dicing machines, placement machines, testing equipment and other packaging and testing equipment.
Midstream electronic components are divided into active components, passive components, display devices, electroacoustic devices, PCBs.
Downstream electronic terminals mainly include consumer electronics, communication equipment, automotive electronics, military electronics, etc., including smart phones, TWS headsets, smart watches, AIOT intelligence, new energy automobile industry, etc.
It seems that the semiconductor industry chain has involved many aspects of the industry, as a card neck link under the global complex trade competition pattern, semiconductors and their industrial chains have become the top priority affecting the overall development of the industry.
The upstream semiconductor field ushered in a good time to get on the train
There are many segments of the semiconductor industry, and with it more investment opportunities.
A number of national policies are strongly supported. Since a leading communication equipment company was sanctioned by the United States in 2016, the relevant ministries and commissions of the state and governments at all levels have issued a series of encouragement and support policies to support the development of the semiconductor industry, accelerating the deployment of the domestic semiconductor industry chain and localization substitution.
Supply and demand remain tense. In 2022, the imbalance between supply and demand and localization will be the two main lines, which may continue to boost the market size of the semiconductor industry. In addition, due to the impact of the epidemic, accidental disasters and global political factors, the interruption of the semiconductor industry chain has not yet fully recovered, coupled with the diversified expansion of downstream application fields, chip production capacity and semiconductor materials will continue to be in short supply this year. In the current situation of tight supply of the semiconductor industry chain, the production capacity of domestic semiconductor enterprises may continue to expand, accelerate the increase of market share, and is expected to enter a virtuous cycle of business development.
Valuations are at historic lows. Semiconductor Index (8841349. WI) currently has a PE of 46.2 times, well below the 82.87 times average of nearly a decade, and currently has a historically low valuation. (Source: wind, as of April 7, 2022)
But for ordinary people, the semiconductor industry is very obscure, and it is almost impossible to study thoroughly, so the market has launched a lot of fund products that invest in the semiconductor industry, including industry-themed funds and index funds. But the volatility is too great for the average investor to bear.
Xiaobian noted that Harvest Fund recently launched harvest CSI Semiconductor Index Enhanced Initiation Fund (Class A: 014854, Class C: 014855). Harvest CSI Semiconductor Index Enhanced Fund tracks the CSI Semiconductor Industry Index (931865. CSI), mainly focused on semiconductor materials and semiconductor equipment and semiconductor applications, focusing on the middle and upper reaches of the industrial chain, the top 10 weighted stocks cover the leading enterprises in the field of semiconductor materials and equipment, and the yield in the past 3 years has outperformed the other two semiconductor indexes.
It is worth noting that this is an enhanced fund, specifically for "stability". In terms of enhancement strategies, Harvest CSI Semiconductor Index Enhancement absorbs useful information into the portfolio model through various systematic methods, and strives for better and stable excess returns under the premise of risk control.
Interested partners can go to the official website of Harvest Fund for a detailed understanding.
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