Sector Research Report: The third phase of the big fund was established, and the semiconductor sector rose at a low level

Jufeng Investment Advisor

2024-05-27 16:36Posted in Beijing Finance and Economics Creators

Author|Zhao Ling,Editor|Gu Jinfeng

Source: Jufeng Investment Advisory, Good Stock Application

semiconductor

On Monday, semiconductor-related sectors performed strongly, with Jingyi Equipment, Loongson Zhongke, Fuller, Nike Equipment, and Nike Equipment rising by more than 10%, Broadcom Integrated Daily Limit, Aisen Shares, Huafeng Measurement and Control, Jacques Technology, Siruipu and other stocks followed up.

On the news side, on May 24, the National Integrated Circuit Industry Investment Fund Phase III Co., Ltd. (hereinafter referred to as the "National Fund Phase III") was formally established, with a registered capital of 344 billion yuan, which is jointly held by 19 shareholders including the Ministry of Finance, China Development Bank Capital Co., Ltd., and Shanghai Guosheng (Group) Co., Ltd. This is another special investment fund set up by the Chinese government to support the development of the semiconductor industry, following the first phase of the National Fund in 2014 and the second phase of the National Fund in 2019. The establishment of the third phase of the National Fund demonstrates the great importance and strong support of the Chinese government for the development of the integrated circuit industry.

The establishment of the third phase of the large fund will bring substantial benefits to the upstream materials, equipment and other fields, and related enterprises are expected to benefit from the support of industrial policies and the trend of localization substitution of the industrial chain, ushering in a new round of development opportunities.

Regarding the investment direction of the third phase of the big fund, Huaxin Securities believes that in addition to continuing the support for semiconductor equipment and materials, the third phase of the big fund is more likely to list HBM and other high value-added DRAM chips as key investment objects.

Northeast Securities released a research report that the prosperity of the memory chip industry has entered an upward channel, and domestic manufacturers can be expected in the future. On the demand side, China's memory chip market is synchronized with the global market cycle, and the growth rate is higher than that of the global market. On the supply side, overseas manufacturers have been monopolized for a long time, and domestic manufacturers have gradually broken through. Leading enterprises in the fields of memory modules, niche storage, and memory interface chips have broad growth space.

Recommended focus tracking: Jacques Technology, Semiconductor ETF

Jacques Technology (002409): The company's precursor products are internationally leading in technology, and are mainly sold to leading semiconductor chip manufacturers at home and abroad, such as Samsung Electronics, Intel, TSMC, SK hynix, SMIC, Yangtze River Storage and Hefei Changxin. Other businesses: 1) Photoresist: Based on the advantages of panel photoresist technology, the company continues to develop semiconductor photoresist, and has now entered the stage of client test and introduction. As of the annual report, the construction progress of the photoresist project has reached 75%; 2) Silicon powder: Huafei Electronics, a subsidiary of Huafei Electronics, is the leading manufacturer of silicon powder in China, with technical reserves for high-value-added products such as low-α and MUF, and the 39,000-ton semiconductor packaging capacity under construction is benchmarked against Japanese manufacturers for domestic substitution, and the construction progress has reached 20% as of the annual report; 3) LNG plate: The company is the only plate manufacturer in China that has passed the French GTT certification, and has established strategic cooperative relations with shipyards such as Hudong and Jiangnan, and the company has sufficient orders in hand.

Semiconductor ETF (512480): Semiconductor ETF (512480) is an exchange-traded open-ended index securities investment fund (ETF) managed by Guolianan Fund Management Co., Ltd. It mainly tracks the CSI All-Index Semiconductor Products and Equipment Index, and the top 10 heavy stocks are mainly leading companies in the industry, such as SMIC, North Huachuang, Haiguang Information, Weir Shares, China Micro Corporation, GigaDevice, Unisplendour Guowei, Montage Technology, Changdian Technology, and Zhuosheng Micro. It can track and reflect the changes in the prosperity of the semiconductor industry.

(Author: Zhao Ling, Practicing Certificate: A0680615040001)

Disclaimer: The above content is for reference only and does not constitute specific operation advice, and you shall operate at your own risk and profit and loss

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